Browsing: World Bank

Kenyans in the diaspora sent home $4.19 billion in 2023 as remittance inflows to the East African country hit an…

Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.

Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.

In 2023, Kenya’s economy experienced real GDP growth, surging from 4.8% in 2022 to an estimated 5 per cent. Kenya’s…

World Bank foresees $12 billion in support for Kenya between 2023 and 2026. This financing is subject to approval as…

High protection and heavy import dependency have left industries in Africa poorly prepared for international competition. The tendency of many…

Kenya seeks to attract $10 billion in Foreign Direct Investments (FDI) in the next four years despite dwindling inflows over…

The International Monetary Fund (IMF) has committed an additional $938 million to Kenya as part of a strategy to stabilise the country’s economy.

Global climate negotiators have reached a framework for climate financing to deal with loss and damage in the run-up to the COP28 in Dubai.

South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.

South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.

Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies hit a new record of $60.7 billion in 2022. The amount was 46 per cent higher than the 2019 levels, a new joint report by the lenders shows.

In terms of usage, $38.0 billion, or 63 per cent, went into projects helping mitigate the rising threat of climate change. Another $22.7 billion, or 37 per cent, went into supporting climate change adaptation initiatives. Overall, the portfolio of private finance mobilised in the period stood at $16.9 billion, the report said.