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Yemen needs $70bn for reconstruction, development

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According to the Minister of local administration and chairman of the Higher Committee on Relief, it would be necessary about 70 billion dollars in order to support Yemen in development and reconstruction. Since the legitimate Government has reconquered about 80% of the Country, it is about to be organized a new meeting, which involves the Minister of Finance, al-Jadan, whose aim is to establish a new source of funding to provide the basic requirements of rice and wheat. Also the World Bank has given an effort to fund new projects of development and reconstruction in Yemen

Power Generation: Nigeria seeks $5.2 billion from World Bank

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Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation. The money is also meant to help the nation’s economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. According to Power, Works and Housing Minister, Babatunde Fashola, the bank’s political-risk insurer, the Multilateral Investment Guarantee Agency, could provide equity and debt of $1.4 billion for gas and solar power programs . Disbursements with the World Bank are being worked out to start from around June, July this year, Nigeria wants to see results. The Nigerian economy shrank 1.5 per cent last year, entering its first recession since 1991, occasioned by fall in oil prices and production and dollar shortages. According to the International Monetary Fund, IMF, however, the nation’s Gross domestic product could expand 0.8 per cent this year and 1.9 per cent in 2018.

Ministry of Public Health Ghassan Hasbani begins meetings in Washington.

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Minister of Public Health, Ghassan Hasbani, started his meeting on Thursday at the World Bank headquarters in Washington. He met with World Bank’s Vice President for the Middle East and North Africa (MENA), Hafez Ghanem. Minister Hasbani then met with a delegation of the committees concerned by the discussion of the projects, in presence of the World Bank’s task force, as well as relevant directors and representatives of donor countries. Hasbani shed lights on the project developed by the Lebanese Ministry of Public Health in cooperation with the World Bank to support the health sector in Lebanon.


Poverty reduction: World Bank to allocate 60 million euros to Togo.

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Makhtar Diop, Bank mondiale pour l’Afrique vice president visited Togo to sign an agreement with Lomé authorities for 39 M of CFA francs (60 milions of €). Arrived at Lomé,  Makhatar Diop was received by the tongolese Chief of State Faure Gnassingbé. Three differents financing agreements were signed, in the presence of togolese Minister of Economy and Finance. These agreements establish a significant increase of the envelope of the country, the World Bank had announced at the end of September its decision to multiply its financial support in Togo: a team of experts has identified new area of intervention in the country. The financiation agreement are intended for the realization of three projects, 17 billion will be dedicated to social nets and basic services, the second project concerns the employment of young people and the third is within the framework of the strengthening of the regional systems of supervision of the disease.

World Bank approves N756 million for 81 beneficiaries of Nigerian govt’s youth empowerment scheme

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The World Bank project has approved 756.3 million for disbursement to 81 young Nigerian innovators who partecipate in AVDD (Aso Villa Demo Day), one of the economic empowerment initiatives.The winners of the 2017 AVDD emerged from a national technological innovation competition held in Lagos, Port Harcourt and Abuja. The beneficiaries were drawn from Akwa Ibom, Bauchi, Delta, FCT, Kaduna, Lagos, Nasarawa, Osun, Oyo, the money obtained from the World Bank will be disboursed to them in two tranches. The Aso Villa Demo Day is an initiative of the Buhari presidency that targets young Nigerian entrepreneurs with innovative business models that could contribute to the growth of the economy. The idea behind the programme, is to support the presidency’s drive to celebrate and empower the technology start-ups who are providing innovative solutions in Nigeria.

Economic agenda dominates Al-Sisi’s first day in Washington.

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Economic meetings were at the top of the list of activities on President Abdel Fattah Al-Sisi’s first day in Washington. He met with the president of the World Bank, Jim Yong Kim, and executive directors of the General Electric (GE) conglomerate. The meeting with the head of the World Bank had been focused on the different challenges that Egypt need to front of to implement its economical reform, meanwhile he also approved his willingness to pursue the cooperation with Egypt. According to the meeting with the GE, Al-Sisi has expressed his willingness to pursue the cooperation between Egypt and US’ companies

World Bank approved $400 million loan for Turkey and Azerbaijan

The World Bank’s Board of Executive Directors today approved a $400 million loan for Turkey and a $400 million loan for Azerbaijan for the Trans-Anatolian Natural Gas Pipeline (TANAP) Project, according to WB website. “We are very pleased to be part of a coalition of partners supporting TANAP, a component of the transformational Southern Gas Corridor, which will bring natural gas from the Caspian Sea to Europe,” said Cyril Muller, World Bank Vice President for Europe and Central Asia. “TANAP will not only boost competitiveness and create economic opportunities for people in Azerbaijan and Turkey, it will also support regional trade, improve connectivity, and support energy security in Turkey and in Europe.”

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