Africa: The IMF Just Made the Case for Its Own Irrelevance

[ad_1] Washington DC — On Friday the 11th, the IMF announced policy changes that will save developing countries $1.2 billion per year. Despite the self-congratulations and fanfare, these reforms are only a tiny fraction of what campaigners had been asking for -- and an even smaller share of what the Global South needs. This month, the International Monetary Fund (IMF) had an opportunity to end one of its most reviled policies and lift billions of dollars of debt off the […]

October 23, 2024 2

Africa

Africa: How the World Bank and IMF Can Truly Drive a Clean Energy Transition

[ad_1] The financial institutions' current approaches to funding renewable energy projects are far too limited, rigid, and opaque. As ministers around the world gear up for annual meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), on 21-26 October in Washington DC, climate will be high on the agenda again. Many discussions will centre on climate finance, while the World Bank is set to replace its Climate Change Action Plan (CCAP) and implement a new Corporate Scorecard. […]

October 18, 2024 1

Africa

Africa: World Bank Slightly Cuts Growth Projections for Africa in 2024

[ad_1] The World Bank has revised the economic growth projection for Sub-Saharan Africa to 3 per cent from 3.4 per cent as earlier indicated in April, according to the latest Africa Pulse report. The slight cut is mainly attributed to large countries that continue to drag down growth in the region, most notably Sudan which saw a collapse of economic activity of 20 per cent in 2023 and is estimated to collapse by 15 per cent in 2024 as a […]

October 16, 2024

News

Nigeria: Customs, Bayelsa in Zenith Bank / NBBF League Final 8 Winning Start

[ad_1] The Final 8 of the Zenith Bank/NBBF Women's Premier Basketball League started yesterday at the Indoor Sports Hall of the National Stadium, Surulere, Lagos with Nigeria Customs Women Basketball team and Bayelsa Whales winning their opening game. Former champions Customs defeated Dolphins, 74-61 points while it ended 60-42 points in the game between Bayelsa Whales and Titans in favour of the Whales. Dolphins started the first quarter with a one point lead, leading the quarter 21-20 while Customs return […]

October 11, 2024

Africa

Africa: AfDB Appoints Nnenna Nwabufo As VP for Regional Development

[ad_1] The African Development Bank (AfDB) has named Nnenna Lily Nwabufo as Vice President for Regional Development, Integration, and Business Delivery, effective from October 4. Ms Nwabufo, a Nigerian with over 33 years of experience in financial management, budget planning, and regional operations, has held several senior roles at the bank since joining in 1991. Her career includes serving as Acting Vice President for Corporate Services in 2015 and, more recently, Director General for East Africa, where she oversaw operations […]

October 11, 2024 1

Africa

Africa: Hundreds of Local Malawians Quietly Leave World Bank Climate Project

[ad_1] Experts warn that payment problems and a lack of local ownership could undermine the effectiveness of a nationwide adaptation project. Local participants working on a World Bank funded climate change adaptation project in Malawi say they have not been paid for up to a year, leading many to drop out. This has contributed to experts' fears that adaptation programmes that are mismanaged and lack community ownership will lead to poor outcomes, leaving people vulnerable to climate impacts. The $128 […]

October 8, 2024 1

Africa

Africa: 8 Nigerian Banks Rank Among Africa’s Top 100

[ad_1] Nigerian banks have been ranked among Africa's top 100 banks in 2024, according to a report of the African Business Magazine. FBN Holdings, ranked at 15, is the first Nigerian bank, with capital of $1.9bn, closely followed by Access Bank (16th) and Zenith Bank (17th). Other Nigerian banks ranked by the magazine are United Bank of Africa (UBA) occupying 20th position of the table; Guaranty Trust Bank (GTB) 27; Ecobank 42; Union Bank 45 and FCMB taking 48th slot. […]

October 7, 2024

Africa

Africa: Five Maddening Facts About Climate Finance

[ad_1] New in-depth analysis finds that less than one-third of donors' commitments have actually been dispersed for climate projects. The injustices of climate change are well-known and keenly felt in Africa. The continent is responsible for just 4% of global carbon emissions yet experiences some of the worst impacts of the crisis. Climate change made the historic drought in East Africa, which left 20 million people hungry, 100 times more likely. It made the devastating damage wrought by Storm Daniel, […]

January 12, 2024 1