Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

WB launches $55b fund

WASHINGTON, Apr 25 – The World Bank on Saturday launched a $55 billion infrastructure investment program as part of efforts to help developing countries weather the worst global slump in decades.

It said two vehicles were being set up — its own Infrastructure Recovery and Assets (INFRA) and an Infrastructure Crisis Facility (ICF) run by the International Finance Corp, the World Bank\’s private sector arm.

"As developing countries are facing the trials of the global economic crisis, it is vitally important that economic stimulus packages in the developed world are accompanied by support to those that cannot afford multi-billion (dollar) bailouts," World Bank president Robert Zoellick said.

"A decline in infrastructure leaves weaker foundations for long-term economic growth that hits the poorest the hardest," Zoellick said in a statement.

Many developing countries have complained that while they did not cause the global financial crisis, they are among the worst hit and least able to fight the impact on their vulnerable economies.

On Saturday, Tanzania\’s finance minister, Mustafa Mkulo, said "the crisis is now threatening to wipe out all the (development) gains we have in the last 10 years," sentiments echoed by many others in Africa.

The INFRA and ICF programs will run for three years and mobilize 55 billion dollars to put into developing country infrastructure projects.

The World Bank said France would provide one billion euros (1.3 billion dollars) for the ICF and Germany 500 million euros.
 

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...