<p><iframe loading="lazy" src="https://www.youtube.com/embed/abiBSwpdXes" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The replenishment of the International Development Association resources, or IDA 21 highlights the key sectors in need of transformation to sustain economic growth in Africa. This special will focus on the unity and catalytic power of the IDA as the World Bank outlines coalitions with the African countries.</p>


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IDA 21 Africa Heads of State Summit 2024: Launch of the IDA Coalition

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<p>Amid multiple external shocks and the great challenge of the green energy transition, 19 African heads of state gathered for the World Bank&#8217;s International Development Association for Africa Heads of State Summit to identify key financing priorities for the continent. CNBC Africa brings key messaging from the summit and key outcomes that are rooted in transforming Africa for the better.</p>


IDA 21 Africa Heads of State Summit 2024: Opening Ceremony & Keynote Address

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<p>The use of Artificial Intelligence (AI) in education has seen an increase in recent years. The rapid development of this new technology is having a major impact on education. In this edition of Edtech Mondays we will talk about the applications and benefits of AI in the education sector, the necessary implementation frameworks, the policy support and also seek to hear from the end users on the impact AI has or would have.</p>


EdTech Monday: Artificial Intelligence in Education

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<p>AMA Medical Manufacturing has commissioned the construction of its OSD plant in Kaduna State, marking the second phase of the expansion of its facility. CNBC Africa brings you highlights of the ground-breaking ceremony in this special broadcast.</p>


Focus On: AMA Medical begins phase 2 construction of manufacturing OSD plant

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<p>At the Rwanda Economic Update edition 22 by the World Bank, experts discuss the crucial need to mobilize domestic savings for bolstering private sector growth, aiming to enhance Rwanda&#8217;s economic resilience and reduce reliance on external finance.</p>


Mobilizing Domestic Savings to Boost the Private Sector in Rwanda

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<p>As the internet becomes widely available to educational organizations, online education has exploded in growth and popularity with many educational leaders and policymakers now having access to more data than ever before. How can educational leaders and policymakers in Africa develop the organizational capacity to use the data they collect to improve outcomes for students, educators and the communities?</p>


EdTech Monday: Emerging Technologies in EdTech

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<p>With almost 100 million out-of-school children in sub-Saharan Africa, investing in education presents an opportunity to spur development, lifting a generation from poverty and social disparities. EdTech Mondays Africa explores the commitments that can be made &#8211; from educator capacity to infrastructure and technology, to usher in a new social contract through education.</p>


Ed-Tech Monday: Investment in Education for Transformative Learning

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<p>A 2022 report by Briter Bridges, estimates that there are over 500 EdTech start-ups operating across the continent, offering a diverse range of services from online tutoring and e-learning platforms to digital content creation and teacher training solutions. On this special edition of EdTech Monday, we review the season that has been through the lens of conversations and numerous activities held across the continent.</p>


EdTech in Africa: Reflections, Achievements and the Future


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-820x429.jpg" alt="" class="wp-image-427211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



<p>The future is bright for Côte d&#8217;Ivoire and there is a noticeable social and economic shift underway.</p>



<p>Economic growth in the West African country averaged a blistering 9% between 2012 and 2015, with 7% growth from 2016 to 2019. Despite the deleterious effects of the COVID-19 pandemic, average growth is expected to surge to 7.7% from 2021 to 2025. Private investment is expected to rise through mid-decade, accompanied by a significant drop in poverty. Through it all, infrastructure development is expected to play a key role in raising prosperity in the country.</p>



<p>But the widespread optimism across Côte d’Ivoire and Africa is dulled by the shadow of huge disparities across the rural-urban and northern-southern divides and ever-present climate change. Rural connectivity is critical to enhancing accessibility and reducing the divide. With an underdeveloped rail network, the road network carries most of the traffic in Côte d’Ivoire and is crucial not only for access to basic services but also to support access for agricultural products to the international markets and to support growth. At the same time, with Côte d&#8217;Ivoire’s high climate vulnerability means its &nbsp;road network often experiences extensive damage from heavy precipitation. Climate change threatens to widen the urban-rural infrastructure gap, with ramifications for the entire country’s development.</p>



<p>To support the country’s needs for connectivity and climate-resilient infrastructure, the <a href="https://www.aiib.org/en/index.html">Asian Infrastructure Investment Bank (AIIB)</a> signed a loan with the Republic of Côte d&#8217;Ivoire for EUR187.4 million (USD200 million) &nbsp;for the <a href="https://www.aiib.org/en/projects/details/2023/approved/Cote-d-Ivoire-Inclusive-Connectivity-and-Rural-Infrastructure-Project.html">Inclusive Connectivity and Rural Infrastructure Project</a>. The Government of Côte d&#8217;Ivoire and the World Bank are co-financing the Project.</p>



<p>The Project is a milestone: It marks AIIB&#8217;s inaugural infrastructure venture in both Côte d&#8217;Ivoire and Sub-Saharan Africa, enhancing its involvement on the continent.</p>



<p>“AIIB is actively intensifying its efforts as we recognize the significant potential for sustainable energy and connectivity infrastructure to support sustainable growth in our African members, while contributing to global climate mitigation efforts and increased connectivity between Africa and Asia,” said Suzanne Shaw, Infrastructure Sector Economist at AIIB.</p>



<p>AIIB to date&nbsp;has&nbsp;nine&nbsp;previous projects in Africa, in Côte d&#8217;Ivoire,&nbsp;Egypt and Rwanda. <a href="https://www.aiib.org/en/projects/list/year/All/member/Egypt/sector/All/financing_type/All/status/All">In Egypt</a>, AIIB has financed infrastructure projects in transport, water and energy sectors and&nbsp;supported an&nbsp;<a href="https://www.aiib.org/en/projects/details/2019/approved/Egypt-National-Bank-of-Egypt-On-Lending-Facility-for-Infrastructure.html">on-lending facility through the National Bank of Egypt</a> to on-lend to&nbsp;sub-projects in the infrastructure sector. <a href="https://www.aiib.org/en/projects/list/year/All/member/Rwanda/sector/All/financing_type/All/status/All">In Rwanda</a>, through the Crisis Recovery Facility, AIIB is financing an on-lending facility to support <em>small</em>&nbsp;and&nbsp;<em>medium</em>-sized&nbsp;<em>enterprises as part of pandemic recovery efforts. In 2022, </em>&nbsp;AIIB supported Côte d&#8217;Ivoire <a href="https://www.aiib.org/en/projects/details/2022/approved/Cote-d-Ivoire-Strengthening-of-Vaccination-and-Health-Systems-under-the-COVID-19-Strategic-Preparedness-and-Response-Project.html">to strengthen its vaccination and health systems through the same Facility</a>. &nbsp;<em></em></p>



<p>The Côte d&#8217;Ivoire Inclusive Connectivity and Rural Infrastructure Project addresses 11 underserved regions in the country’s north and involves upgrading and climate-proofing rural roads to improve access to schools, health services and rural markets. The Project will also develop climate-resilient infrastructure in the agri-logistics chain, a key component of economic activity in the northern regions which depend heavily on agriculture. Women, in particular, stand to benefit as they are disproportionately affected by the poor quality of roads and infrastructure, which limit their access to education, health care and active economic involvement.</p>



<p>Shaw notes that, “As a development partner, AIIB places high importance on aligning investments with the development priorities of its Members while adhering to the Bank’s commitment to sustainability.” &nbsp;</p>



<p>Through the Project, 7,000 kilometers of rural roads will be developed and 15,000 kilometers maintained, granting dependable all-weather access to around 3.67 million individuals . Together with the development of climate-resilient agri-logistics infrastructure, the Project will strengthen the economic activity and trade connectivity of the regions, creating stronger links with Asia.</p>



<p>The undertaking involves the country’s prime cotton and cashew-producing areas. Combined, these agricultural products represent about 50% of exports to Asia. The aim is to curtail post-harvest losses, decrease transportation costs and alleviate bottlenecks in transporting agricultural goods, notably with Asia. Noteworthy is Côte d&#8217;Ivoire&#8217;s consistent trade growth with Asia, averaging around 12% annually.</p>



<p>“Investments which enhance trade connectivity within and outside the African region facilitate international movement of goods, technology and people, which is crucial to remain competitive and achieve growth in the globalized world”, said Shaw.</p>



<p>According to Shaw, the Project will also support capacity building of private sector entities to position them to play a larger role in long term road infrastructure development and maintenance, to continue the works and remain active beyond the life of the project.</p>



<p>In addition to the Project’s connectivity benefits, it is also considered ‘green infrastructure’. All key thoroughfares within the Project regions will be made resilient against climate-related challenges. Notably, 51% of the loan, roughly USD102 million, is dedicated to climate adaptation financing.</p>



<p>Furthermore, the Project includes measures to mitigate the effects of climate change through nature-based solutions in road infrastructure development, such as tree planting, while incorporating climate resilience into road safety, road asset management, and road maintenance planning and execution. The initiative demonstrates AIIB&#8217;s&nbsp; commitment to advancing sustainable practices and aiding Members in fulfilling their Paris Agreement pledges.</p>



<p>“Connectivity and green infrastructure are important pillars for achieving sustainable economic growth in Africa,” said Shaw. “Enhancing energy access, increasing low-carbon energy-related infrastructure, and fostering e-mobility, are key&nbsp; green infrastructure areas with significant potential&nbsp; to build sustainable growth in Africa. Investments in these areas can deliver local environmental improvements and/or contribute to climate action, supporting development with sustainability at its core.”</p>



<p>Through its work in Côte d&#8217;Ivoire, AIIB seeks to further explore <a href="https://www.aiib.org/en/about-aiib/who-we-are/infrastructure-for-tomorrow/connectivity-and-regional-cooperation/index.html">connectivity</a> and <a href="https://www.aiib.org/en/about-aiib/who-we-are/infrastructure-for-tomorrow/green-infrastructure/index.html">green infrastructure</a> needs in the emerging economies of Africa. AIIB also hopes &nbsp;its participation in infrastructure financing in Africa can serve to attract private-sector interest in infrastructure investments in the region.</p>



<p>Under the theme “Sustainable Growth in a Challenging World”, AIIB is holding its <a href="https://bit.ly/3Ed0cFu">first Annual Meeting in Africa on September 25-26, 2023</a>, in the Egyptian city of Sharm El Sheikh. Registration to attend in-person will be closed at 11:59 p.m., September 10, 2023 (GMT+8). AIIB’s Annual Meeting program provides a rich variety of engaging sessions that explore the latest trends and issues relevant to sustainable growth and infrastructure connectivity.</p>



<p>“Our cooperation across various fronts in Africa is in its nascent stages,” said Konstantin Limitovskiy, Vice President of Investment Operations at AIIB. “Our team expects to build strong relationships with infrastructure players in Côte d&#8217;Ivoire and Africa and explore new opportunities in the sector to expand connectivity and resilience en route to a cleaner, greener and sustainable planet. Exciting opportunities abound. Our work has only just begun.”</p>


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AIIB Expands Investment in Africa with First Sub-Saharan Infrastructure Project


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg" alt="" class="wp-image-419915" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters in Washington, D.C., U.S., on Tuesday, April 19, 2022. The International Monetary Fund (IMF) slashed its world growth forecast by the most since the early months of the Covid-19 pandemic, and projected even faster inflation, after Russia invaded Ukraine and China renewed virus lockdowns. Photographer: Al Drago/Bloomberg via Getty Images</figcaption></figure>



<p>KINSHASA, May 16 (Reuters) &#8211; The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.</p>



<p>The suspension will affect more than 600,000 beneficiaries, including victims of sexual violence, the World Bank told Congo&#8217;s finance minister last week in a letter seen by Reuters. A World Bank spokesperson confirmed its authenticity.</p>



<p>The letter also said that the bank was still waiting for documentation on the status of $91 million which had already been advanced for the projects out of the total $1.04 billion.</p>



<p>On May 4, Congolese President Felix Tshisekedi dissolved the structure, the &#8220;Social Fund of the Democratic Republic of Congo&#8221;, by presidential order and created another public fund.</p>



<p>The change was due to &#8220;the evolution of the legal framework governing public institutions,&#8221; according to his statement.</p>



<p>In the letter dated May 12, the World Bank&#8217;s director of operations for the country, Albert Zeufack, said the institution had found out about the decision in the press.</p>



<p>&#8220;Before being able to continue to commit the project funds, the government and the World Bank should agree on transitional measures… in order to ensure that the funds are used for the intended purposes,&#8221; he said in the letter.</p>



<p>A spokesperson for Congo&#8217;s finance ministry said he was waiting for the go-ahead from the presidency before he could comment.</p>



<p>Presidential spokesperson Tina Salama denied any suspension of funding and said there would be transitional management of the fund. &#8220;I think arrangements have been made,&#8221; she said. She did not respond to questions about the $91 million.</p>



<p>One of the fund&#8217;s beneficiaries was the Panzi Foundation led by Denis Mukwege, a Congolese gynaecologist who won the 2018 Nobel Peace Prize for his work with victims of sexual violence.</p>



<p>&#8220;It&#8217;s a catastrophe for the victims,&#8221; Mukwege told Reuters. He said he had been warned a few days before that expenses incurred on his programme would stop being reimbursed. A programme coordinator said that he had had to turn victims away.</p>



<p>The abrupt decision to change the financing structure was an example of poor governance, said Valery Madianga, the director of a Congolese organisation specialising in public finance auditing.</p>



<p>&#8220;How can it be … that a public service, which signed a $1 billion programme contract with the World Bank, has been dissolved or has changed its social purpose without the latter being aware of it?&#8221; he said.</p>



<p>Four of Congo&#8217;s main opposition politicians wrote to the leaders of the International Monetary Fund, the World Bank and the African Development Bank last week asking them to conduct an audit of their funds in Congo, saying they suspected misuse. (Additional reporting by Stanis Bujakera and Ange Kasongo; Editing by Nellie Peyton, Alessandra Prentice and Nick Macfie)</p>


IMF And World Bank Headquarters During Virtual Spring Meetings

World Bank suspends $1 bln worth of project funding in Congo


<p>WASHINGTON (Reuters) &#8211; World Bank President David Malpass on Wednesday suggested that Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global&nbsp;recession.</p>



<p>Malpass told an event hosted by the U.S. Chamber of Commerce that Germany‘s economy, the world’s fourth-largest, has already slowed substantially&nbsp;due to higher energy prices, and said&nbsp;reduced production of&nbsp;fertilizer could worsen conditions elsewhere. </p>



<p>“As we look at the global GDP … it’s hard right now to see how we avoid a&nbsp;recession,” Malpass said.&nbsp;He gave no specific forecast.</p>



<p>He said the economies of Ukraine and Russia were both expected to see a significant contraction, while Europe, China and the United States were seeing slower growth.</p>



<p>Developing countries were being hit even harder given shortfalls of fertilizer and food stocks and energy supplies, he said.</p>



<p>“The idea of energy prices doubling is enough to trigger a&nbsp;recession&nbsp;by itself,” he said.</p>



<p>In China, he said the relatively sharp slowdown in growth was based on the COVID-19 pandemic, inflation and the pre-existing real estate crisis the country had been facing.</p>



<p>The World Bank last month had already cut its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia’s invasion of Ukraine.</p>



<p>Malpass gave no details on when a global&nbsp;recession&nbsp;could begin. </p>



<p></p>


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World Bank’s Malpass says war in Ukraine may trigger global recession￼

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<p>According to the latest World Bank Rwanda Economic Update, private infrastructure financing will have to increase sharply from its current share of about one-third of the total infrastructure commitments, if the country is to achieve her development goals. CNBC Africa spoke with the Country Manager of World Bank Group Rwanda, Rolande Pryce, for more.</p>


World Bank’s Pryce on how Rwanda can attract more private sector investment to fund infrastructure development

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<p>South Africa is dealing with an unemployment rate of 33per cent, with the youth accounting for about 60per cent of unemployed people. Last week, the World Bank released a report on South Africa, with a focus on jobs &#038; how we can build back better in this regard. And one of the key points that the bank made is that young entrepreneurs are one of South Africa’s best hopes of solving the jobs crisis. Joining CNBC Africa to discuss what we can do to develop this space is Matsi Modise, Vice Chairperson at SiMODiSA; Sumarie Roodt, Chairperson at Silicon Cape &#038; Vusi Thembekwayo, CEO at MyGrowthFund Venture Partners.</p>


How to make entrepreneurship a viable option in SA’s recovery

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<p>The World Bank’s recent economic assessment has shown that Kenya is at a stage in its demographic transition with the largest age cohort about to enter the working age. Yet, Covid-19 has complicated the job market in Kenya. World Bank Senior Economist, Ramya Sundaram spoke to CNBC Africa for more.</p>


Kenya’s growing labour force and the jobs challenge

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<p>The World Bank says South Africa&#8217;s growth could reach 4.1 per cent this year, rebounding from a record crash this year. But could it grow faster? The bank&#8217;s Lead Economist for South Africa Wolfgang Fengler joins CNBC Africa for more.</p>


World Bank: SA needs to embrace entrepreneurship to drive post-COVID-19 recovery

World Bank: Why SA should embrace entrepreneurship to drive post-COVID-19 recovery

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<p>As countries in Africa grapple with the impact of the COVID-19 pandemic, the Presidency of Cote d’Ivoire and the World Bank plan to host a high-level meeting this week where 21 African presidents are expected to attend. The focus of the meeting will be the importance of an ambitious 20th replenishment of the International Development Association. Abdourahmane Cisse, Secretary General of the Presidency of Cote d’Ivoire joins CNBC Africa for more.</p>


African leaders unite to support IDA20 replenishment

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<p>It’s the first day in the second half of the year. In the first quarter, Nigeria’s economy recorded a slow growth of 0.51 per cent. Today, a crucial meeting by OPEC and its allies is currently underway to decide the next phase of their production policy. Damilola Akinbami, Head of Research at the Financial Derivatives Company joins CNBC Africa for more.</p>


World Bank

IDA 21 Africa Heads of State Summit 2024: Launch of the IDA Coalition

IDA 21 Africa Heads of State Summit 2024: Opening Ceremony & Keynote Address

EdTech Monday: Artificial Intelligence in Education

Focus On: AMA Medical begins phase 2 construction of manufacturing OSD plant

Mobilizing Domestic Savings to Boost the Private Sector in Rwanda

EdTech Monday: Emerging Technologies in EdTech

Ed-Tech Monday: Investment in Education for Transformative Learning

EdTech in Africa: Reflections, Achievements and the Future

AIIB Expands Investment in Africa with First Sub-Saharan Infrastructure Project

World Bank suspends $1 bln worth of project funding in Congo

World Bank’s Malpass says war in Ukraine may trigger global recession

World Bank’s Pryce on how Rwanda can attract more private sector investment to fund infrastructure development

How to make entrepreneurship a viable option in SA’s recovery

Kenya’s growing labour force and the jobs challenge

World Bank: Why SA should embrace entrepreneurship to drive post-COVID-19 recovery

African leaders unite to support IDA20 replenishment

What will drive Nigeria’s economy in the second-half of 2021?

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World Bank

IDA 21 Africa Heads of State Summit 2024: Launch of the IDA Coalition

IDA 21 Africa Heads of State Summit 2024: Opening Ceremony & Keynote Address

EdTech Monday: Artificial Intelligence in Education

Focus On: AMA Medical begins phase 2 construction of manufacturing OSD plant

Mobilizing Domestic Savings to Boost the Private Sector in Rwanda

EdTech Monday: Emerging Technologies in EdTech

Ed-Tech Monday: Investment in Education for Transformative Learning

EdTech in Africa: Reflections, Achievements and the Future

AIIB Expands Investment in Africa with First Sub-Saharan Infrastructure Project

World Bank suspends $1 bln worth of project funding in Congo

World Bank’s Malpass says war in Ukraine may trigger global recession￼

World Bank’s Pryce on how Rwanda can attract more private sector investment to fund infrastructure development

How to make entrepreneurship a viable option in SA’s recovery

Kenya’s growing labour force and the jobs challenge

World Bank: Why SA should embrace entrepreneurship to drive post-COVID-19 recovery

African leaders unite to support IDA20 replenishment

What will drive Nigeria’s economy in the second-half of 2021?

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World Bank’s Malpass says war in Ukraine may trigger global recession