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Financial Sector

Getting the remittance system right for Africa?

Soheyla Mahmoudi's picture

The remittances sent home every year by the African Diaspora should create a doorway to still greater opportunities, and the key to this door is financial access. While remittances do impact the living standards of beneficiaries directly, the banks that pay out the remittances month after month should offer recipient families a basic financial package including savings accounts, payment services and small loans for microenterprise.  This should facilitate growth from current levels of remittances saved and invested.  Leveraging of remittances through financial inclusion is certain to increase their development potential.

How do we manage the environment without compromising efforts to reduce poverty?

Idah Z. Pswarayi-Riddihough's picture

I always say, environmental management is woven into something bigger, much bigger than simply saying “Let’s do some good, let’s not pollute.” For me, it’s a question of how we encourage the development boom underway in Africa today, while still keeping our eyes focused on environmental management.

Photo credit: Jonathan Ernst/World BankIn the World Bank’s Africa Region, we are working on the belief that we can find a way to support sustainable development that combines the least amount of environmental damage with the best desirable outcome possible.  Put simply, we can “green” growth and make it more inclusive. 

The way to do this is to weave environment into all development programs. We believe that development is key to reducing poverty and improving livelihoods in Africa.

For example, let’s say that you are planning to build a really big road going through a national park. This is an opportunity for all stakeholders, government officials, community members, donors, NGOs, and others to gather and ask themselves not just how this road will improve economic growth, but what is the future of this national park? Will this road provide poachers with new access to pristine woodlands and endangered wildlife?

In a new report, "Enhancing Competitiveness and Resilience in Africa", we lay out a new approach to environmental management that makes it the core of everything we do. This means that when we think about a project or program in any sector, we also think about how it will impact the environment.

Optimiste pour la Guinee

Phil Hay's picture

At a fishing enclave called Baie des Anges on Guinea Conakry's Atlantic coast, the country's development challenges are laid bare. In this make-shift settlement shrouded with blue tarpaulins and weighted down with stones and old tires, families battle the constant threat of flooding while they struggle to make a living from fish they smoke on cinder-block stoves. For the poor people of Guinea, better times can't come fast enough.

The statistics are tough to read. Here in Guinea, it rains for six months a year and yet drinking water is hard to find. The country has some of the world’s largest deposits of bauxite and iron ore, and still one in two people lives in grinding poverty. And it’s getting worse. The poverty rate has jumped from 53% of the population in 2007 to more than 55% in 2012. Blessed with some of Africa’s most significant agricultural and hydro-electric potential, few homes outside downtown Conakry have power at night unless they run generators; and food is often in short supply.

World Bank Vice President for Africa Makhtar Diop with women leaders in Guinea, ConakryI joined the World Bank’s Vice President for Africa, Makhtar Diop, on a recent trip to Guinea where he held development talks with the President, Professor Alpha Condé, the Prime Minister, Mohamed Said Fofana, Cabinet Ministers, and local business leaders. In his discussions Diop was optimistic about the country’s development future and its potential to tackle its energy shortages, boost its agriculture production, and use its rich mining resources to transform the economy and development prospects of some of Africa's poorest people.

Your thoughts on Brazil-Africa partnerships

Susana Carrillo's picture

Brazil and Sub Saharan Africa: Partnering for GrowthOn June 5, the World Bank will host an event focused on the ongoing relationship between Brazil and countries in Sub-Saharan Africa. The event will be web streamed. Panelists will discuss Brazil’s experiences in the areas of agriculture, social protection and vocational training, and ways in which African countries can benefit.

Ahead of the event, we’re seeking your questions and comments. Please read the recently launched report Bridging the Atlantic: Brazil and Sub-Saharan Africa Partnering for Growth. The report highlights these key points:

One Woman's Return from the Diaspora

Richard Cambridge's picture

I met Roselynd Laubhouet in 2004 when, as a recent graduate, she accepted an assignment as a Junior Professional Associate with the World Bank's Africa Region in Washington, D.C.  From day one, it was evident that Roselynd was special. Being an entrepreneur at heart, she was filled with dreams, aspirations, and a passion for her home country of Senegal (and her continent) that set her apart. 

When Roselynd and I reconnected in Abidjan last December, eight years after our first meeting, I was pleasantly surprised to learn that not only had she moved home to Senegal, but she had also started a successful international business. The journey from bureaucrat to entrepreneur was not easy, but it was clear that--having returned home--Roselynd was realizing her dreams.

I was curious to learn the secrets of her success, to understand the challenges facing returnees, and gather any advice for other Africans in the Diaspora considering a return.  Roselynd was kind enough to share her experiences with me in the hopes that other young women in the Diaspora might be inspired to follow in her footsteps.

Tanzania: Building bridges through education and small businesses

Jacques Morisset's picture

Stevan Lee, Senior World Bank Economist, is co-author of this post.

Attracted by the prospects of large unexploited natural gas reserves in the south of Tanzania, big players are in town. The British Gas Group has publicly announced that it may invest over US$35 billion in the next 25 years – 1.5 times Tanzania’s current GDP. Policymakers and donors are jockeying to position themselves and understand what is at stake.

Beyond “Beyond Aid” – Implications for DR Congo

Eustache Ouayoro's picture

It is hard, especially on the eve of only the second democratic elections in DR Congo, to find a topic about which a diverse group of distinguished Congolese agree. So, we expected little agreement when we brought together a diverse group of Congolese to contextualize the September 14, 2011 seminal speech of World Bank President Robert Zoellick at George Washington University on the theme “Beyond Aid.”

We were hoping to promote a public debate on policy choices and foster demand for good governance. We also aimed to set the foundation for the implementation of our Africa Strategy in this country. Participants included Congolese intellectuals; renowned politicians; parliamentarians; a respected cleric; renowned journalists; a lady who once ran for president; a key member of the current government; a prominent lawyer; and a women’s rights advocate.

Our guests dealt with the speech as if it had been written about DR Congo. The discussions went further. The talk could have been convened under the title “Beyond, Beyond Aid”.