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Sub-Saharan Africa growth outlook subject to external and domestic risks

LAGOS (Capital Markets in Africa) – The World Bank projected economic growth in Sub-Saharan Africa (SSA) to accelerate from 2.6% in 2017 to 3.1% in 2018, relative to a previous forecast of 3.2% for 2018, supported by higher oil and metals production and prices, improved agricultural activity, increasing domestic demand, supportive external financial market conditions, as well as a pick-up in investment. It expected growth in the SSA region to average 3.6% annually during the 2019-20 period on the…

Emerging Economies are at the forefront of Moving the World to a Climate-Resilient Clean Economy

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LAGOS (Capital Markets in Africa) – Emerging economies are increasingly taking the lead in shifting the world onto a cleaner development path, a senior World Bank official said on Wednesday, pointing to the role of China, India and Africa’s Ethiopia in pushing down the cost of producing solar power. John Roome, senior director for climate change at the World Bank, said India had evolved from a decade ago when it was seen as part of the…

Nigeria aims to present reform plan in Feb for $1 bln World Bank loan

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LAGOS (Capital Markets in Africa) – Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014, has been in talks with the Washington-based lender for a year to secure a…

Tanzania receives $305 million World Bank loan for Dar es Salaam port expansion

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania will receive a $305 million loan from the World Bank to expand its main port in its main commercial city Dar es Salaam, where congestion and inefficiencies are hampering ambitions to transform the east African nation into a regional transport hub. The port, whose main rival is the bigger but also congested port of Mombasa in Kenya, acts as a trade gateway for landlocked African states…

Sub-Saharan Africa 2017 Growth to accelerate by 2.9 Percent, World Bank Says

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LAGOS (Capital Markets in Africa) – Growth in Sub-Saharan Africa is estimated to have decelerated to 1.5 percent in 2016, the lowest level in over two decades, as commodity exporters adjust to low commodity prices. Regional GDP per capita contracted by 1.1 percent. South Africa and oil exporters account for most of the slowdown, while activity in non-resource intensive countries—agricultural exporters and commodity importers—generally remained robust. Commodity prices are expected to stabilize, but stay well…

World Bank units add $517 mln to Ghana oil, gas project financing

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ACCRA (Capital Markets in Africa) – The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy’s ENI SpA and upstream trader Vitol Ghana. The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the…

World Bank Commits $75 Billion for Globe’s Poorest Countries

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LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

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