Explaining the High Cost of Remittance to African Countries

The World Bank recently released a study report with findings that the cost of remitting cash to African nations is higher compared to other continents all over the world. The report indicates that for every 200 dollars sent to Africa, a charge of 12% as remittance fee is imposed. Inward and Outward Remittances Since the […]

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World Bank Appoints Mr. Felipe Jaramillo New Country Director for Kenya

Mr. Felipe Jaramillo has been appointed as the new World Bank Country Director for Eritrea, Kenya, Rwanda and Uganda, effective July 1, 2018. Under his leadership, the World Bank will continue supporting inclusive growth and poverty reduction through a wide array of financial products and technical assistance. Mr. Jaramillo will be overseeing an operational portfolio […]

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Hafez Ghanem Takes Over as World Bank’s Vice President for Africa

The World Bank has appointed Hafez Ghanem as the new World Bank Vice President for Africa, effective July 1. A development expert with over 30 years of experience, Ghanem will lead an active regional portfolio consisting of over 600 projects totaling more than $71 billion. Under Hafez Ghanem’s leadership, the World Bank says it will continue to […]

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World Bank Injects Ksh.5 Billion To Support Kenyan SMEs

In a major development, the World Bank has today announced that it has injected Ksh. 5 billion to support Kenya’s Small and Medium Enterprises (SMEs). The grant from the International Development Association (IDA) will see Kenya Industry and Entrepreneurship project (KIEP) benefit some 33,050 individuals and 2,393 firms and help them to increase scale innovation and productivity […]

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World Bank Approves Ksh.18 billion to Support Kenya’s Energy Sector

The World Bank has today approved Ksh.18 billion to support the energy sector in Kenya. The loan guarantee will be used to mobilize private sector financing to strengthen the financial position of Kenya Electricity Generation Company Limited (KenGen). According to the the project will supports KenGen in raising up to $300 million in long-term commercial […]

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Digital transformation of Service Economy can drive growth across Middle East and Africa says World Bank

Investment into digital transformation in the major Cities of the Middle East and North Africa region can unlock huge potential for the service economy to drive growth and job creation across the region, according to the World Bank. Rabah Arezki, Chief Economist for Middle East and North Africa Region (MNA) at the World Bank says […]

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Four African Economies among Most Improved in Removing Legal Barriers Against Women – World Bank

Despite daunting challenges, several economies in Sub-Saharan Africa are making progress in enacting laws that promote equality between men and women, this is according to the World Bank Group’s Women, Business and the Law 2018 report, released last week. However, women continue to face widespread legal barriers in Sub-Saharan Africa and other parts of the […]

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Report: Kenya Makes Significant Progress in Sustainable-Finance Reforms.

Kenya is one of 34 countries that have introduced banking reforms to expand sustainable lending, making emerging markets a major force in driving development and fighting climate change. This is according to the first comprehensive Global Progress Report of the Sustainable Banking Network, an IFC-supported organization of banking regulators and associations. Those 34 countries account for […]

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African business leaders to focus on scientific progress in partnership with the World Bank

Dr Álvaro Sobrinho, the prominent African businessman and Chairman of the Planet Earth Institute NGO , led the first meeting of the ‘Africa Business Champions for Science’ last month in London. The Africa Business Champions for Science is a new group of influential figures from industry with a passion for science, technology and innovation on […]

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World Bank launches crowdfunding support for Kenyan clean-tech startups

The World Bank’s Kenya Climate Innovation Centre (KCIC) has launched the first ever crowdfunding mentorship programme for entrepreneurs in East Africa; the four month programme teaching participants how to effectively leverage crowdfunding. Under the trial phase of the programme, KCIC has helped six clean-tech startups design and implement crowdfunding campaigns; with the organisation aiming to […]

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