By EA Trade Reporter

 

The World Bank has given additional US$ 22 million to help East African Community partner states enhance environmental management of the Lake Victoria basin.

The bank’s Board of Executive Directors says the additional financing for the Lake Victoria Environmental Management Project Phase II will contribute to collaborative management of the Lake Victoria Basin among the partner states and improve the environmental management of targeted pollution hotspots and sub-catchments in the Basin.

It says the additional financing will boost the number of beneficiaries to 450,000, roughly a 50 per cent increase in the number under the current project.

The amount that combined grant and credit supports implementation of expanded activities that scale up the project’s impact, which aims to tackle the environmental challenges of the Lake Victoria Basin over the long-term to improve the welfare of its inhabitants.

 

By Jim Yong Kim

Before I begin, I want to pause to remember the 147 students at Garissa University College in Kenya who were senselessly murdered just a few days ago. Schools are sacred grounds, and all who study there should be safe. Let us reflect for a moment.

Just 15 years into the new millennium, economic development in poor countries and emerging markets is at a critical crossroads. Much of the attention has been on the near horizon – concerns about the slow-moving global economy, uncertainties over the price of oil, and conflicts from the Ukraine to the Middle East to parts of Africa. But when we look at the longer term picture, we see that the decisions made this year will have an enormous impact on the lives of billions of people across the world for generations to come.

2015 is the most important year for global development in recent memory. In July, world leaders will gather in Addis Ababa to discuss how we’ll finance our development priorities in the years ahead. In September, world leaders will come together at the United Nations to establish the Sustainable Development Goals – a group of targets and goals set for 2030. And in December, world leaders again will gather in Paris to work out an agreement based on government commitments to lessen the severe short- and long-term risks of climate change.

 

“We must promote freer trade that provides greater access to markets for the poor and enables entrepreneurs in low- and middle-income countries to grow their businesses and create new jobs. Fourth, we must invest in health and education, especially for women and children. And finally, we must implement social safety nets and provide social insurance, including initiatives that protect against the impact of natural disasters and pandemics,” says Yo kim

 

By EA Trade Review Reporter

Kenya and Uganda are among the countries to benefit from $1.8 billion pledged to the countries in the Horn of Africa to boost economic development.

Leaders of key global and regional institutions who Monday begun an historic trip to the Horn of Africa pledged political support and new financial assistance for countries in the region.

They included UN Secretary-General Ban Ki-moon, the World Bank Group (WBG) President, Jim Yong Kim, as well as the President of the Islamic Development Bank Group and high level representatives of the African Union Commission, the European Union, the African Development Bank, and Intergovernmental Agency for Development (IGAD).

 

By EA Trade Review Reporter

African economies will continue to expand at a moderately rapid pace despite weaker than expected global growth and stable or declining commodity prices, says the World Bank.

In a new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects, the bank projects regional GDP growth to strengthen to 5.2 per cent yearly in 2015-16 from 4.6 per cent in 2014.

The report says significant public investment in infrastructure, increased agricultural production and expanding services in African retail, telecoms, transportation, and finance, are expected to continue to boost growth in the region.

This pick-up in growth is expected to occur in a context of lower commodity prices and lower foreign direct investment as a result of subdued global economic conditions.

 

By Betty Maina

As I write this, I am saddened. October is here and with it the end of a trade arrangement between Kenya and Europe that has lasted more than 30 years.

This was made possible under a trade deal extended to Kenya in the context of the preferential trade arrangement the EU extended to the African Caribbean Countries, first under four successive Lome Conventions (Lome I to IV– 1975 to 1999) and under the Cotonou Agreement trade regime (2000–2007).

Kenya, with other EAC countries, secured the continuation of duty-free market access to the European Union after initialing the Framework for Establishment of Economic Partnership Agreement (FEPA) in 2007.

 

By Fridah Nkibugah

The World Bank has warned that the three West African states worst affected by Ebola virus could plunge into an economic crisis if the epidemic is no contained.

An analysis of the Ebola epidemic by the bank released Wednesday finds that if the virus continues to surge in the three worst affected countries – Guinea, Liberia, and Sierra Leone, the economic impact could grow eight-fold, dealing a potentially catastrophic blow to the already fragile states.

However, the analysis finds that economic costs can be limited if swift national and international responses succeed in containing the epidemic and mitigating “aversion behavior” – a fear factor resulting from peoples’ concerns about contagion, which is fueling the economic impact.

 

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