Browsing: World Bank

• The World Bank is leading Mission 300 Africa energy summit in Dar es Salaam.
• Currently, over 600 million people in Africa lack access to electricity.
• World Bank, IMF commit 30 million to the Mission goals

The World Bank Mission 300 energy summit has described Tanzania as a lighthouse and beacon for other African nations to follow when it comes to producing and distributing electricity to its people. The statement was made at the World Bank led Mission 300 Africa energy summit, which brings together Heads of State from all across the continent alongside development partners and private sector players.

The summit’s main goal is to commit key stakeholders to ambitious reforms and actions to expand access to reliable, affordable, and sustainable electricity to 300 million people in Africa by 2030. “300 million of 600 million is not a small number. It is an enormous task and in the past, …

• Tanzania aims to achieve universal access to electricity by 2030.
• The East African country will host Africa Heads of State Energy Compact Summit.
• Currently, over 90 per cent of villages in Tanzania are connected to electricity. 

Tanzania energy sector is making steady strides toward its ambitious goals, with the country reaffirming its commitment to achieving universal electricity access by 2030. This bold statement was made by Dr. Doto Biteko, the Deputy Prime Minister and Minister for Energy, who underscored the nation’s strategic focus on harnessing its surplus power generation to meet the energy needs of neighbouring countries.

Dr. Biteko highlighted the promising prospects of increased electricity production, particularly through key ongoing projects such as the Julius Nyerere Hydro Power Project (JNHPP), which is set to contribute 2,115MW to the national grid.

Reflecting on the discussions at the 9th Africa Energy Market Place meeting held in October, Dr. Biteko underscored that …

• The Africa Energy Summit, which is set for Jan 27-28, is part of the World Bank’s mission to light up the homes of 300 million people.
• Estimated 1,500 policymakers and leaders from around the world will converge to reshape the trajectory of Africa’s energy industry.
• The summit will examine and approve the Dar es Salaam Declaration, a statement embodying Africa’s collective vision for sustainable energy.

In a bold step toward transforming energy access across the continent, Tanzania will host the Africa Energy Summit on January 27–28 in Dar es Salaam. This industry event forms part of the World Bank’s Mission 300 initiative, an ambitious program aiming to provide electricity to 300 million people in Africa by 2030.

Backed by the African Development Bank Group (AfDB) and the World Bank Group, the summit promises to be a cornerstone in reshaping Africa’s energy industry. Bringing together over 1,500 high-profile executives from multilateral …

• Green building in Uganda is gaining traction with several standout projects showcasing sustainable design and construction.
• Uganda’s green building strategies are rooted in a few key principles, key among them, energy efficiency, biodiversity preservation and use of sustainable materials.
• Projections by the IFC show that investment in green buildings in emerging market cities will hit $24 trillion over the next 10 years.

Uganda is making a stab at establishing itself as a leader in green urbanization in East Africa, leveraging policies such as the Uganda Green Growth Development Strategy (UGGDS). This development blueprint aims to integrate key aspects of sustainability into urban planning through eco-friendly infrastructure, green energy, and resource efficiency.

Kampala, the capital city, is increasingly welcoming green projects with authorities embracing strategies that seek to minimize environmental impact while fostering urban resilience in the face of adverse effects of climate change.

Landmark green building projects

Green building in …

• Tackling poverty in Africa remains one of the primary goals of policymakers and institutions globally, including the World Bank.
• As the world’s economic powers focus on Africa for a share of its vast resources, the stars could be aligning for Africa to deal a body blow to the ghosts of poverty.
• One of the key cogs of this endeavor, however, is tapping on human capital and technology to drive change at scale, as advised by the UN.

One of the most vexing questions for policymakers internationally is how to make sustainable progress in tackling poverty in Africa. In this endeavor, which often draws in actors from across the globe, one thing remains clear: combating poverty in Africa requires empowering the continent and its people to make the most of its abundant resources.

With vast mineral resources and an increasingly educated and informed leadership and workforce, one wonders: Why is Africa …

• The World Bank is set to finance a new digital harmonization project across EAC member states.
• Currently, internet prices in the region range from $4.64 in Kenya to $21.06 in South Sudan.
• Integrated connectivity is poised to improve regional trade and boost integration efforts.

EAC internet prices vary greatly among East African countries even though the region boasts of being a single, integrated entity, the East African Community (EAC). The  region is, however, taking action to integrate its connectivity, in particular, lowering by seeking to cut present high internet connection fees and improving cyber security as well.

This ambitious goal is set to be achieved through a new World Bank-backed platform, Eastern Africa Regional Digital Integration Project (EARDIP). Funded by the World Bank, the EARDIP is an undertaking under the Intergovernmental Authority on Development (IGAD).

To achieve these two basic goals— lower internet and telecommunication fees and improved security— the …

• Kenya’s private sector enjoyed a much more stable business environment in April amid continued job creation in the market, with the country enjoying the lowest inflation in two years.
• Employment growth continues as the country’s economy remains on a growth trajectory.
• The headline PMI registered fractionally above the 50.0 neutral mark at 50.1 in April, up from 49.7 in March.

Kenya’s private sector enjoyed a much more stable business environment in April amid continued job creation in the market, with the country enjoying the lowest inflation in two years.

The latest Purchasing Managers’ Index by Stanbic Bank depicted broadly steady operating conditions across the sector during the month, as order book volumes and output levels have changed little since March.

The 12-month outlook continued to rebound sharply from February’s record low, and employment growth was maintained, as the country’s economy remained on a growth trajectory.

World Bank has projected Kenya’s …

• Africa’s food and agriculture market could reach $1 trillion in 2030 from $280 billion in 2023, with over $60 billion spent on food imports yearly.
• Access to credit poses a significant barrier to private sector investment in Africa’s agriculture sector
• Food and Agriculture Organization (FAO) highlights that around 30 to 40 per cent of food produced in Africa is lost before it reaches consumers.

Africa is a sleeping giant, at least from the agricultural sector. The region’s food and agriculture market could reach $1 trillion from $280 billion in 2023, with over $60 billion spent on food imports yearly.

The numbers in the latter are self-explanatory agriculture in Africa is not only a staple economic activity for most of the population but the region at large.

However, the sector is faced with both promising leads of growth but, at the same time, hurdles, including lack of proper funding leading to …

• Market size of Africa’s digital economy could reach $712 billion by 2050.
• In 2022 only 36 percent of the African population had access to broadband internet.
• Mobile Network Operators (MNOs) are streamlining adoption of 5G services.

Africa is on the verge of an economic revolution. From the north to the southern part of the Saharan desert, nations are striving to eliminate poverty and gain a strong foothold in global markets.

In the same vein, the continent is banking on the potential held by the digital economy. Reports ping the sector to higher standards, including a report from non-profit Endeavor predicting that the market size of Africa’s digital economy could reach $712 billion by 2050.

The growth is propelled by the massive engagement of the continent’s younger population, rising smartphone adoption and increasing internet penetration.

Read also: World Bank backs Smart Africa’s Digital Academy with $20M grant

Digital economy in

• There is a debt crisis in Africa as countries struggle to repay international loans. 
• According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
• According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.

At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024,  according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.

Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …