World Bank | CEO Business Africa

World Bank approves US$335m to scale up rural electrification in Tanzania

September 30, 2022September 30, 2022

TANZANIA – The World Bank approved additional financing of US$335 million to support Tanzania’s efforts to scale up grid extension and grid densification, following the country’s achievement as one of the fastest electricity access expansion rates in Sub-Saharan Africa over the past decade. The new International Development Association (IDA) credit to the Tanzania Rural Electrification Expansion Program (TREEP) will facilitate…

World Bank approves US$350M loan to support Morocco’s Blue Economy program

May 25, 2022May 25, 2022

MOROCCO – The World Bank has approved a US$350 million loan to support the Government of Morocco in the launching of its Blue Economy program. The program aims to improve job creation and economic growth, as well as the sustainability and resilience of natural resources and food security. The Blue Economy Program for Results (PforR) aims to develop institutional frameworks,…

World Bank to fund US$30B projects in Nigeria, other countries

May 20, 2022May 20, 2022

NIGERIA – The World Bank is set to disburse a total of US$30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The international financial institution, in a statement on the funding plan, noted that the financing will include US$12 billion funding for new…

World Bank pledges US$180M for irrigation in the face of drought in Morocco

March 23, 2022March 23, 2022

MOROCCO – World Bank has pledged US$180 million to enhance irrigation in the face of drought and strengthen water management in the agricultural sector. The pledge follows the presentation of the Resilience and Sustainability of Irrigation Water (REDI) project in January 2022. The loan will be validated by the end of March 2022. The funds are intended for the implementation…

World Bank approves US$150M to increase access to electricity services in Senegal

March 21, 2022March 21, 2022

SENEGAL – The World Bank’s Board of Executive Directors approved US$150 million from the International Development Association (IDA) to increase access to electricity services for households, enterprises, and critical public facilities in Senegal. The financing will be utilized under the Energy Access Scale-Up Project (PADAES) in the West African country. More than 1.5 million people will benefit directly from the…

World Bank approves US$750m DPO to accelerate Kenya’s recovery from COVID-19 crisis

March 18, 2022March 18, 2022

KENYA – World Bank has approved a US$750 million Development Policy Operation (DPO) to help accelerate Kenya’s ongoing inclusive and resilient recovery from the COVID-19 crisis. The DPO will help strengthen fiscal sustainability through reforms that contribute to greater transparency and the fight against corruption. The DPO is the second in a two-part series of development operations initiated in 2020…

Kyle Kelhofer appointed IFC’s senior regional representative of Sub- Sahara Africa

March 2, 2022March 2, 2022

AFRICA – Kyle Kelhofer has been appointed as the senior regional representative of 5 sub – Saharan countries by The International Finance Corporation (IFC). Kyle Kelhofer will oversee operations of IFC, the private sector arm of the World Bank, in Benin, Ghana, Liberia, Togo, and Sierra Leone. He succeeds Nigerian Ronke-Amoni Ogunsulire in this position and will be based in…

Tanzania, World Bank sign loan agreement to improve education and land administration

February 22, 2022February 22, 2022

TANZANIA – The government of Tanzania and the World Bank have signed two concessional loan agreements worth US$650 million for the improvement of education and land administration systems. According to Permanent Secretary in the ministry of Finance and Planning, Mr Emmanuel Tutuba, US$500 million will be spent on the ‘Boost Primary Student Learning Project,’ while the remaining amount will go…

World Bank approves US$40M package to support Liberia’s private sectors

February 15, 2022February 16, 2022

LIBERIA – The World Bank has approved a US$40 million financing package to improve the investment climate, expand sustainable access to finance, and increase the efficiency of trade in Liberia. The financing package(US$20 million grant and US$20 million credit) will go to Liberia Investment, Finance, and Trade (LIFT) project as the first World Bank backed-projects in generations to improve the…

IFC and World Bank to facilitate domestic carbon storage in Nigeria

February 11, 2022February 11, 2022

NIGERIA – The International Finance Corporation (IFC) and the World Bank have begun to work with the Government of Nigeria to develop a domestic market for carbon capture, utilization, and storage for industrial emissions. The initiative will produce a nationwide atlas of CO2 emissions sources and potential sites for underground sequestration. IFC will work with the government to identify the…