World Bank

Nigeria tops remittances to Sub-Saharan Africa with $22bn- World Bank :: Bestnaira.com

    By Elizabeth Adegbesan The World Bank, yesterday, said that Nigerians living abroad (Diaspora) sent home $22 billion in 2017, the highest in the Sub-Saharan region, and the fifth highest in the world. This represents 10 percent increase when compared to the $19.64 billion sent home in 2016. The amount sent home by Nigerians in Diaspora represents the highest in the Sub-Saharan Africa region followed by Senegal and Ghana with $2.2 billion each for the year. The World Bank…

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World Bank staffing estimates based upon an error – Eskom – NEWS & ANALYSIS

Eskom’s RCA applications are not a revenue application based on future estimates Monday, 23 April 2018: Eskom today addressed North West stakeholders in Klerksdorp on its three regulatory clearing account (RCA) applications to the National Energy Regulator of South Africa (NERSA). Doing Eskom’s presentation during NERSA’s public hearings, Ms Hasha Tlhotlhalemaje, the company’s General Manager for Regulation explained from the outset that the RCA is a balancing mechanism between what was awarded by NERSA on the basis of a forecast (multi-year…

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Nigerian Govt, World Bank To Devise Funding Structure For Mini-Grid Projects

The Nigerian government and the World Bank are working out finance models to fund the growing mini-grid industry in Nigeria. The likely system being planned is a limited subsidy structure that will see mini-grid constructors paid for every connection, Development Finance reports. The Managing Director of the Rural Electrification Agency, Damilola Ogunbiyi, said private funding is needed to boost the off-grid industry: “The power sector in Nigeria should be driven by private funding, innovation, and technology, which can achieve [energy]…

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World Bank has a $13bn capital increase

JOHANNESBURG – The World Bank’s shareholders on Saturday endorsed a $13billion (R157bn) paid-in capital increase that will boost China’s shareholding, but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China. The multilateral lender said the plan would allow it to lift the group’s overall lending to nearly $80bn in fiscal 2019 from about $59bn last year and to an average of about $100bn annually to 2030. “We have more than doubled the capacity of the World…

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UN, World Bank Reports: Policy Breakthroughs on Sustaining Peace? – World

by Richard Ponzio United Nations Secretary-General António Guterres’ much anticipated Report on Peacebuilding and Sustaining Peace was released in late January, in the lead-up to the UN General Assembly High-Level Meeting on Peacebuilding and Sustaining Peace to be held this week in New York, in accordance with the General Assembly and Security Council “peacebuilding resolutions.” Breaking new ground conceptually, these resolutions focused on sustaining peace “at all stages of conflict and in all its dimensions” and on the imperative to…

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Africa: Economic Growth Must Benefits All – World Bank President

With global growth showing solid momentum, the challenge is to make it inclusive, World Bank Chief, Jim Yong Kim, has said last week. “The challenge now is to ensure that strong growth will translate into inclusive growth, so that the benefits of global economic integration are enjoyed by all members of society,” Kim said at the start 2018 Spring Meeting of the International Monetary Fund and the World Bank in Washington DC last week. He said: “the global economy is…

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Remittance payments hit record in 2017: World Bank

The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the United States, the World Bank said in a report. The bank estimates that officially recorded remittances to low- and middle-income countries reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016. They are expected to increase by about four percent this year. Remittance inflows improved in all…

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World Bank seals $13bn cash boost

The boost will be ­accompanied by internal steps “including operational changes and effectiveness reforms, loan pricing measures, and other policy steps,” the World Bank said in a statement after ­policy-makers met on Saturday in Washington. China will probably “gradually” end up borrowing less from the World Bank under the new system, which will charge higher rates of interest to wealthier countries, World Bank president Jim Yong Kim told reporters. He said the bank will increase annual lending to about $80bn…

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World Bank calls for innovation in energy sector

The World Bank has called for innovation in power generation to narrow the electricity gap that has continued to haunt Botswana and sub-Saharan Africa.World Bank chief economist Albert Zeufack said as Sub-Saharan Africa continue to experience electricity challenges, innovation and diversifying to sources such as solar, will go a long way in narrowing the energy gap. Speaking during a media teleconferencing from Washington DC this week, Zeufack said that, “access to electricity will lift productivity within and across sectors. African…

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World Bank shareholders approve historic capital increase

World Bank shareholders approved a “historic” increase in the bank’s lending capacity Saturday after the United States backed a reform package that curbs loans and charges more for higher-income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect of paying more for loans, but they agreed because of the overall increase in funds available. The agreement, which also increase shares and voting power to large emerging market…

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World Bank shareholders approve $13 bln capital increase

Washington:  World Bank shareholders approved a “historic” increase in the bank’s lending capacity Saturday after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect of paying more for loans, but they agreed because of the overall increase in funds available. The agreement, which also increase shares and voting power to large…

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India’s GDP Expected To Reach USD 5 Trillion By 2025, Says Indian Official To World Bank

India is poised to remain the fastest growing large economy in the world and its GDP is expected to reach USD 5 trillion by 2025 as the economic reforms adopted in the last few years have started to bear fruit, a top Indian official has told the World Bank. Giving an overview of the South Asian countries – Bhutan, Nepal, Bangladesh and Sri Lanka – Economic Affairs Secretary Subhash Chandra Garg said India continued to be a beacon of growth…

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World Bank okays $13 billion capital boost

The United States backs a reform package that curbs loans and charges more for higher income countries World Bank shareholders approved a “historic” increase in the bank’s lending capacity on Saturday after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank president Jim Yong-kim said neither China nor any middle income countries was happy about the prospect of paying more for loans, but they agreed because…

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World Bank recommends elimination of minimum wage, wrongful dismissal rules, and contractual worker protection

A draft of the World Bank’s annual flagship World Development Report says that its creditor-states (the poorest countries in the world) should eliminate their minimum wage rules, allow employers to fire workers without cause, and repeal laws limiting abusive employment contract terms. The bank argues that this is necessary to stop employers from simply investing in automation and eliminating workers altogether. The report does not contemplate the possibility that the world’s governments would just raise taxes on corporations and their…

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World Bank edges near capital boost as US drops objection | Money

File picture of World Bank President Jim Yong Kim. The World Bank won support from its member countries for a US$13 billion (RM50.6 billion) capital increase. — Reuters pic WASHINGTON, April 22 — The World Bank won support from its member countries for a US$13 billion (RM50.6 billion) capital increase, with the US dropping its objection as the lender imposes measures that would potentially reduce loans to China. The boost will be accompanied by internal steps “including operational changes and…

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118m Nigerian Adults Have No Bank Account – World Bank – Leadership Newspaper | Nigerian Bulletin

Recent data provided by the World Bank says 118 million Nigerians do not have bank accounts. The information was made available in the latest Global Findex Database report released on Thursday at the ongoing Spring meetings of the International Monetary Fund and World Bank in Washington DC. According … Read more via Leadership Newspaper – https://ift.tt/2HneLrn Get more: Nigeria Business News   Source link

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