Browsing: Miga

MIGA

World Bank-backed MIGA and insurer ATIDI in deal to scale FDI flows in Africa

Africa
  • The pair have entered into their second, three-year agreement to scale and replicate successful Foreign Direct Investment partnership models.
  • Agreement will set up mechanism to measure progress and results as well as joint marketing initiatives to strengthen cooperation and explore new investment opportunities.
  • Both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.

MIGA, the Multilateral Investment Guarantee Agency, has teamed up with African Trade and Investment Development Insurance (ATIDI), an insurance services provider, to accelerate the flow of foreign direct investments across Africa. As a key branch of the World Bank Group, MIGA specializes in offering guarantees, and this partnership aims to boost investor confidence throughout the continent.

The pair’s three-year partnership will be the second agreement between them aimed at maximizing development impact across economies in Africa, a continent that is grappling with a myriad of …

The World Bank IMF

Inside Kenya’s high-stakes game with World Bank and IMF loans

Banking
  • World Bank foresees $12 billion in support for Kenya between 2023 and 2026.
  • This financing is subject to approval as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls.
  • The World Bank said it is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030.

Kenya stands to benefit from up to $12 billion in financing from the World Bank over the next three years, as indicated by the global lender, ensuring continued support for the debt-saddled country.

This is subject to approval, the World Bank noted on Monday, as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls. The World Bank stated that it is fully committed to supporting Kenya in its journey to become an…

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After dropping Barclays tag, Absa digs in big money to hold on Africa

After dropping Barclays tag, Absa digs in big money to hold on Africa

Banking

Barclays Bank Kenya has successfully changed its name to Absa Bank Kenya marking an end to centuries of the domination of the banking sector by British banks. This follows the acquisition of Barclays Plc operations in Africa in 2017 by Absa Bank of South Africa in restructuring by the London-based lender.

These are some of the changes experienced in several countries across Africa as the Absa brand cements its presence in the continent, a market that was firmly held by Barclays brand for almost a century. Similar changes have happened in Ghana, Botswana, Seychelles and Tanzania.

With these changes, the bank is knocking doors in one of the biggest global lenders, the Multi Investment Guarantee Agency (MIGA) with an aim of creating a broader investment base for individual banks in several African countries.

Different Central Banks in the region require commercial banks to have a minimal investment base to enable …