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Big boost for Senegal as World Bank sign deals to finance four key projects worth $495m

Published

3 years ago

April 13, 2022

The economic fortunes of impoverished West African country, Senegal, is set to take a monumental leap after the World Bank on Tuesday, signed deals to finance four key projects worth a total of $495 million.

The deals, according to the global banking institution, will help improve education, electricity, economic development and road access to rural areas in the country which is undergoing serious economic downturn.

The World Bank considers the West African nation with a population of16.7 million as a lower-middle-income country, with its economy hit hard by border closures during the pandemic that affected tourism and delayed oil and gas extractions, while job opportunities and industries are only concentrated in the capital, Dakar, and a few other cities.

World Bank Director for Senegal, Nathan Belete, who announced the deals, described them as record breaking.

“One of the projects to improve the quality of the education system will be awarded $100 million and will benefit over 600,000 students.

“Another $45 million will fund a project to help develop the economy of the impoverished southern Casamance region, focusing on rural areas and including the construction of infrastructure resistant to the impact of climate change.

“Another $150 million will be disbursed to improve electricity access across the country, connecting 200,000 households to the grid and improving power services in schools, health facilities, and small and medium enterprises.

“The fourth project, worth $200 million, will focus on developing better road links to rural food producing areas in the northern and central regions,” Belete said.

Related Topics:Economy Featured Senegal World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

18 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”