Browsing: Miga

• 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 …

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (WBG), expressed its commitment to support vital development sectors in Egypt, which includes energy and transportation, as well as building on successful partnerships, especially Aswan’s Benban Solar Park project.

Aswan Benban Solar park is a photovoltaic power station with a total capacity of 1650 MWp which corresponds to an annual production of approximately 4TWh of power with the project taunted to prevent two million tonnnes of carbon dioxide emissions a year.

The Commitment by the world bank to support Egypt’s mega project came during a virtual

meeting held on Sunday between MIGA officials and Egypt’s Minister of International Cooperation Rania Al-Mashat to discuss strengthening partnerships with the private sector and developing the transportation and electricity sectors.

Among those who attended the meeting included high-level officials among them Merza Hassan, executive director of the World Bank Group; Ragui …

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 …