Fund Managers – The Commerce Africa https://thecommerceafrica.com African Reneissance Wed, 13 Dec 2023 17:59:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 We’ve mortgage plans for Nigerians in US, Canada, UK – FG https://thecommerceafrica.com/weve-mortgage-plans-for-nigerians-in-us-canada-uk-fg/ https://thecommerceafrica.com/weve-mortgage-plans-for-nigerians-in-us-canada-uk-fg/#respond Wed, 13 Dec 2023 17:59:30 +0000 https://thecommerceafrica.com/?p=15845 The Federal Government has disclosed that it has mortgage plans for Nigerians in the United States, Canada, and the United Kingdom.

The Minister of Housing and Urban Development, Arch. Ahmed Dangiwa disclosed this when he received the Chairman, Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, and some Management Staff in his office in Abuja on Wednesday.

He said the mortgage scheme for Nigerians in the United Kingdom, the United States of America, and Canada would be launched in February 2024.

Dangiwa stated this “ahead of the proposed launch in February 2024, of the Diaspora Mortgage Housing Scheme in the UK, USA and Canada.

He said, “The overall goal is to ensure that as our brothers and sisters sojourn abroad, they also have a decent shelter over here in Nigeria to call their home”.

Dangiwa added that the Federal Housing Authority was also committed to delivering on their tripartite mandate of a Diaspora City Project in partnership with NIDCOM, FHA and FCT.

“The project is situated at Maitama 2, with over 675 hectares of land,” he added.

Abike Dabiri-Erewa commended the Minister for his commitment, participation, and the launch of the Diaspora Mortgage Scheme during the Nigeria Diaspora Investment Summit.

She also said Nigerians in Diaspora are enthusiastic about both the Diaspora mortgage scheme and the upcoming Diaspora smart city in Kabusa, Maitama, FCT.

There are about 20 million Nigerians in the Diaspora, remitting an average of over $24 billion annually into the Nigerian economy.

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Naira drops to N956/$ as dollar supply falls by 46% https://thecommerceafrica.com/naira-drops-to-n956-as-dollar-supply-falls-by-46/ https://thecommerceafrica.com/naira-drops-to-n956-as-dollar-supply-falls-by-46/#respond Fri, 24 Nov 2023 13:15:50 +0000 https://thecommerceafrica.com/?p=15673 The naira fell, on Thursday, to N956/$ on the official Investor and Exporter forex window as dollar supply declined by 46.77 per cent.

This is a 13.78 per cent decline from the N840.53/$ the naira closed trading on Wednesday according to data from the FMDQ Securities Exchange. Also, the turnover of dollars traded in the market fell to $105.50m from $198.21m on Wednesday.

The naira began trading at N800.90/$ for the day before hitting a high of N1136/$ and N615/$ within the day. It eventually closed trading at N956.33/$.

The instability of the naira has persisted despite recent moves by the Central Bank to clear the backlog of foreign exchange forward contracts. The naira is one of the worst-performing currencies in the world, losing about 40 per cent of its value since June, the World Bank recently disclosed.

Recently, the Economic Intelligence Unit, the research and analysis division of the Economist Group, disclosed that the CBN does not have the required firepower to clear the backlog of foreign exchange orders. This is expected to continue to put pressure on the naira.

It stated, “In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved. High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”

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Nigerian North West State Governors visit African Development Bank to boost cooperation https://thecommerceafrica.com/nigerian-north-west-state-governors-visit-african-development-bank-to-boost-cooperation/ https://thecommerceafrica.com/nigerian-north-west-state-governors-visit-african-development-bank-to-boost-cooperation/#respond Sat, 18 Nov 2023 19:51:35 +0000 https://thecommerceafrica.com/?p=15648 Seven newly elected Nigerian State Governors visited the African Development Bank Group in Abidjan to strengthen cooperation and unlock the country’s vast agricultural potential.

The delegation, meeting with Bank President Dr Akinwumi Adesina, was led by Katsina State Governor Mallam Dikko Umar Radda, and included Governors Dr Nasiru Idris of Kebbi State, Alhaji Umar Namadi of Jigawa, Zamfara’s Dr Dauda Lawal, and Deputy Governors Aminu Abdussalam from Kano, Dr Hadiza Sabuwa Balarabe representing Kaduna, and Idris Mohammed Gobir of Sokoto.

With an estimated 60 million people which is 28% of the country’s population, North West Nigeria is home to 10 million of the country’s 22 million heads of cattle. The zone has the highest incidence of poverty and food insecurity due to inadequate infrastructure, weak extension services, limited value addition and poor integration into domestic and regional markets.

Discussions in Abidjan focused on boosting food production, nutrition and security, as well as innovative ways to unleash the zone’s rich agriculture potential and fast-track the implementation of Special Agro-industrial Processing Zones (SAPZs).

Other priority areas included opportunities to leverage the African Development Bank’s renewable energy programmes including its $20 billion Desert-to-Power initiative that will deliver 10,000MW of solar energy to nearly 250 million people across the Sahel region.

Special Agro-Industrial Processing Zones are designed to promote increased productivity, value addition and market access through government-enabled and private sector-driven investments to develop strategic commodity value chains. The SAPZ program was launched in in Nigeria in October 2022.

Adesina said the Bank and its partners have targeted $1 billion in financing to expand the SAPZ program in Nigeria, to support up to 25 of the country’s 36 states. He urged the governors to collaboratively and promptly select agricultural hubs to host the schemes.

“These zones will benefit local farmers and create jobs throughout the value chains. They will provide unprecedented opportunities to transform commodities into high-value products, reduce waste and post-harvest losses, boost incomes, increase profits, and plough money back into your rural economies.”

Noting the zone’s endowments in livestock, particularly cattle, Adesina underscored the area’s potential for meat processing. “I would like us to have a substantive conversation about establishing beef processing zones in the North West zone.”

The Bank has financed several projects in the North West zone including the $85 million Zaria Water Supply and Sanitation Project, which provides water to 650,000 people and sanitation services to 350,000. Two of states from the zone, Kano and Kaduna, are part of Phase One of the SAPZ program.

The National Agriculture Growth Scheme (Agro-Pocket or NAGS) received $134 million in budget support funding under the Bank Group’s Africa Emergency Food Production Facility. The scheme targets increased wheat and rice production during the 2023 dry season and through the 2024 wet season in five states. The scheme will help reduce some of the country’s current $3 billion expenditure on wheat imports.

Governor Radda commended Adesina’s leadership of the African Development Bank and for serving as a good ambassador for Nigeria and Africa.

He said the North West governors decided to adopt a coordinated approach in collaborating with the Bank to implement agriculture and power projects that will drive the zone’s development and improve livelihoods. “We have commonalities in people, approaches, culture, tradition, topography, rainfall and climate,” he added.

Adesina applauded the zonal approach of the North West Governors, assuring them the Bank will offer to support the development of a regional strategy.

Governor Radda said the lack of irrigation infrastructure was among the key challenges in the zone, leading to low yields, post-harvest losses due to poor storage facilities, youth unemployment and underemployment, and fuelling insecurity.

Alhaji Umar Namadi of Jigawa State said his administration is prioritizing strategic partnerships that advance rural infrastructure, farm mechanization and climate-smart agriculture.

Representing Kaduna State, the Deputy Governor Dr Hadiza Sabuwa Balarabe said, “We are optimistic that the special agro-industrial processing zones will assist us in overcoming many challenges, just as it will propel us to achieve food self-sufficiency, job and wealth creation, and subsequently boost economic growth, especially the rural economy.”

According to Governor Dr Dauda Lawal, Zamfara state “is an agrarian economy. We have abundant lands for agriculture and have the largest dam in the country.” He said with sufficient water and land resources, the State can produce enough to feed Nigeria, particularly in rice and wheat.

Lawal said being home to the largest dam in the country and having significant mineral deposits including gold and lithium, Zamfara can make rapid gains in eradicating poverty and creating wealth for its population.

The Governor of Kebbi State Dr Nasiru Idris stressed the centrality of agriculture to the state’s fortunes. “Nearly 70% of our population is reliant on agriculture,” he said.

The state is prioritising the creation of economic opportunities for youth and women. He said Kebbi is dedicated to participating in the Desert-to-Power programme to revive moribund industries in the state.

The Deputy Governor of Kano State, Aminu Abdussalam, said the state is working to revamp more than 20 idle dams to drive economic activity, while the Deputy Governor of Sokoto State, Idris Mohammed Gobir said programmes to bolster beef and milk production, and improve higher education for youth, are priorities.

Across the continent, the African Development Bank has committed $853 million to develop 24 Special Agro-Industrial Processing Zones in 11 countries. This investment has attracted $661 million in co-financing from Bank Group partners. The Nigeria SAPZs are the continent’s largest and most ambitious, in terms of scope and size.

The Bank’s Executive Director for Nigeria, Samson Oyebode Oyetunde, urged the governors to urgently develop agribusiness development plans to benefit from the current global attention to agriculture and food production.

The meeting featured presentations on the SAPZs, the Technologies for African Agricultural Transformation (TAAT) programme and the Desert-to-Power initiative.

At the recently held Africa Investment Forum Market Days event in Marrakech, the African Development Bank, Afreximbank, the Islamic Development Bank, Arise Integrated Industrial Platforms and other partners launched the Alliance for Special Agro-Industrial Processing Zones with an initial investment commitment of $3 billion to transform Africa’s rural areas into zones of prosperity.

The African Development Bank Group remains resolute and committed to supporting the Nigerian Government to mitigate the impacts of the high food and energy prices prevailing in the country,” Adesina said. He explained, “Food price inflation stands today at 33%, and it accounts for 65% of the consumer price index. By providing the North West—whose development is critical for Nigeria—with affordable renewable energy that will power our planned Special Agro-Industrial Processing Zones, we would have gone a long way in taming inflation in Nigeria.”

The African Development Bank Group has invested more than $10 billion in Nigeria since it started operations in the country in 1971. Its active portfolio in Nigeria includes 48 operations worth $4.4 billion.

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Accounting Icon, Pa Akintola Williams, Passes Away At 104 https://thecommerceafrica.com/accounting-icon-pa-akintola-williams-passes-away-at-104/ https://thecommerceafrica.com/accounting-icon-pa-akintola-williams-passes-away-at-104/#respond Mon, 11 Sep 2023 14:51:30 +0000 https://thecommerceafrica.com/?p=15076 The doyen of the accounting profession, Pa Akintola Williams, has passed away at the age of 104 years The foremost accountant celebrated. his 104th birthday on August 9.

Pa Williams is reputedly the first Sub-Saharan African to become a chartered accountant after he passed the qualifying examination of the Institute of Chartered Accountants of England and Wales (ICAEW) in 1949.

The icon played a leading role in the development of the accountancy profession in the country by facilitating the establishment of the Association of Accountants in Nigeria, which metamorphosed into the Institute of Chartered Accountants of Nigeria (ICAN).

He went on to become a founding member of ICAN and was also involved in establishing the Nigerian Stock Exchange, now the Nigerian Exchange Group.

A seasoned administrator, Williams was an outstanding accountant, management consultant and serial entrepreneur in his active working days.

After his early education in Nigeria, Williams obtained a Bachelor of Commerce Degree (majoring in Banking and Finance) from the University of London in 1946 before he qualified as a Chartered Accountant in England.

He worked with the Inland Revenue as an assessment officer from 1950 to 1952, when he left the civil service and founded Akintola Williams & Co., the first indigenous firm of chartered accountants in Africa (now Deloitte & Touche Nigeria).

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Allow Multilateral Development Banks(MDBs) use Special Drawing Rights-Adesina urges IMF https://thecommerceafrica.com/allow-multilateral-development-banksmdbs-use-special-drawing-rights-adesina-urges-imf/ https://thecommerceafrica.com/allow-multilateral-development-banksmdbs-use-special-drawing-rights-adesina-urges-imf/#respond Sat, 24 Jun 2023 16:15:37 +0000 https://thecommerceafrica.com/?p=14329

The President of African Development Bank (AfDB),Dr Akinwumi Adesina has called on the International Monetary Fund((IMF) to grant permission to Multilateral Development Banks(MDBs) to use its Special Drawing Rights to meet the financing deficit of vulnerable jurisdictions.

Speaking on a panel at the Summit for a New Global Financing Pact, African Development Bank President Akinwumi Adesina reiterated the case for multilateral development banks (MDBs) to be allowed to use the International Monetary Fund’s #SpecialDrawingRights.

Adesina said MDBs could leverage an allocation of $200 billion and turn this into a trillion dollars. “The MDBs are leveraging machines. They can leverage the SDRs by three to four times. So that leverage is very important to have,” he remarked.

IMF Managing Director Kristalina Georgieva, who also participated in the panel, announced that her institution had reached its target of making $100 billion in special drawing rights available for vulnerable countries.

Opening the summit on Thursday, United Nations chief António Guterres said many African nations were spending more on debt repayments than on much-needed #health care. He called for greater access to liquidity for developing countries through the IMF’s Special Drawing Rights.

Special Drawing Rights (SDR) is an international reserve created by the IMF to supplement the official reserves of its member countries. The SDR is not a currency.It is a potential claim on the freely usable currencies of IMF members.As such, SDRs c an provide a country with liquidity.

Source:AfDB

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Africa Investment Forum: Adesina calls for new paradigm https://thecommerceafrica.com/africa-investment-foru-m-adesina-calls-for-new-paradigm/ https://thecommerceafrica.com/africa-investment-foru-m-adesina-calls-for-new-paradigm/#respond Wed, 21 Jun 2023 14:43:25 +0000 https://thecommerceafrica.com/?p=14268 African Development Bank Group president Akinwumi Adesina called for new ways of preparing and de-risking projects to mobilise private sector investment for sustainable development.

“We need new ways of aggregation to prepare the projects, to de-risk the projects and lower the transaction cost for those deploying capital,” he said.

Adesina joined other global development financiers at the 2023 OPEC Fund for International Development Forum in Vienna, #Austria. Heads of development banks present pledged a strong commitment to remodel investments to support green projects at scale.

The African Development Bank chief cited the Africa Investment Forum as a leading platform aggregating bankable projects to reduce fragmentation and make it easier to attract institutional investments.

“It [the Africa Investment Forum] has become today the premier investment platform to do anything on investment in Africa, and in the last four years, we have been able to leverage about $142 billion of investment interest into #energy, water and sanitation, #infrastructure and transport corridors,” Adesina

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Babalola urges Tinubu to seek debt forgiveness for Nigeria https://thecommerceafrica.com/babalola-urges-tinubu-to-seek-debt-forgiveness-for-nigeria/ https://thecommerceafrica.com/babalola-urges-tinubu-to-seek-debt-forgiveness-for-nigeria/#respond Sun, 21 May 2023 22:55:34 +0000 https://thecommerceafrica.com/?p=13698 Foremost lawyer Chief Afe Babalola has asked the incoming administration of Asiwaju Bola Ahmed Tinubu to prioritise debt forgiveness for Nigeria from creditors countries and multilateral financial institutions.

Babalola said forgiveness or cancellation would relieve Nigeria of humongous foreign debts, adding that lion share of the country’s resources were being used to service debt obligations.

The legal luminary spoke on Sunday in Ado-Ekiti, the state capital at the sideline of a lecture titled: “Smart Infrastructure: Catalyst for sustainable development” by Professor of Intelligent Infrastructure System, Prof Bamidele Adebisi.

Babalola, who lamented the country’s debt profile, expressed sadness that the debt incurred were not channeled appropriately but were spent on questionable priorities.

He attributed the ballooning debt profile to lack of discipline and inefficiency of government spending, urging incoming administration to cut expenditures and undertake reform that would scale down governance cost as well as ease fiscal burden

The elder statesman said that the debt being owed by the country was capable of undermining the prospects of Tinubu in bringing the desired changes that the Nigerians have been constantly yearning for.

He admonished the president-elect to take a cue from ex- President Olusegun Obasanjo who spent first two years of his administration globetrotting to seek forgiveness for the country’s debt from its lenders.

This, he, said would relieve the country from using over 90% of its revenue from servicing debt and the funds would be deployed for execution of infrastructural projects.

The Nation

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Fuel Subsidy: Buhari Writes Senate, Requests $800m World Bank Loan https://thecommerceafrica.com/fuel-subsidy-buhari-writes-senate-requests-800m-world-bank-loan/ https://thecommerceafrica.com/fuel-subsidy-buhari-writes-senate-requests-800m-world-bank-loan/#respond Wed, 10 May 2023 17:13:54 +0000 https://thecommerceafrica.com/?p=13525 President Muhammadu Buhari has sent a letter to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal.

This follows the Federal Government’s April announcement of an $800 million World Bank grant targeting 50 million vulnerable Nigerians or 10 million households, as part of its subsidy palliatives measures.

According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the disbursement of the grant is in light of the planned subsidy removal in June 2023.

Ahmed underscored that engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration, to drive the palliative program, which includes the need for buses among various considerations.

‘Nonchalant Attitude’

In light of the World Bank loan request, a non-governmental organisation, the Civil Society Legislative Advocacy Centre (CISLAC) on Friday lamented what he described as the nonchalant attitude displayed by the Buhari administration towards the country’s crippling debt crisis.

The Executive Director of CISLAC, Auwal Musa-Rafsanjani, queried the Federal Government over the loan request, adding that borrowing to fund post-fuel subsidy removal palliatives is strange.

He wondered “if the fuel subsidy removal process has been suspended as announced by the Minister of Finance after the NEC meeting at the end of April, then the government should return the borrowed money because what are we taking the loan for?”

Rafsanjani argued that fears of the country getting another $800 million loan from the World Bank sends waves of worries in the minds of Nigerians as Nigeria’s revenue collection in 2022 stood at N10 trillion, with a debt of about N77 trillion.

No Subsidy Removal?

The National Economic Council (NEC) on April 27 suspended the planned removal of subsidy on petroleum products by the end of the Buhari administration.

The NEC comprises the 36 state governors, the Governor of the Central Bank of Nigeria (CBN), and other co-opted government officials.

The finance minister, who announced the decision, stated that the council concluded in its recently concluded meeting that it was not a favourable time for the action.

According to her, the NEC deliberated on the matter and resolved that it cannot be removed for now.

She added that it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.

Channels TV

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13 electricity companies risk disconnection from national grid over payment failures- FG https://thecommerceafrica.com/13-electricity-companies-risk-disconnection-from-national-grid-over-payment-failures-fg/ https://thecommerceafrica.com/13-electricity-companies-risk-disconnection-from-national-grid-over-payment-failures-fg/#respond Thu, 04 May 2023 15:13:56 +0000 https://thecommerceafrica.com/?p=13402 The Federal Government through the Transmission Company of Nigeria (TCN) will disconnect 13 electricity companies from the national grid.

Punch reports that the disconnection plan is because of the failure of the affected companies to make remittances of ancillary services bills. As a result of the planned disconnection, electricity consumers being served by the affected companies may experience blackouts.

The notice of disconnection has been served to the affected electricity companies. The affected electricity companies include:

  • Abuja Electricity Distribution Company
  • Benin Electricity Distribution Company
  • Enugu Electricity Distribution Company
  • Ibadan Electricity Distribution Company
  • Ikeja Electric
  • Jos Electricity Distribution Company
  • Kaduna Electric
  • Kano Electricity Distribution Company
  • Port Harcourt Electricity Distribution Company
  • APL Electric Company Aba
  • Ajaokuta Steel Company- a special electricity customer.

Meanwhile, the defaulting electricity generating companies are Niger Delta Power Holding Company plants and Paras Energy.

TCN request

The Transmission Company of Nigeria has advised the defaulters to comply with the provisions of the Market Rules with respect to payment of their outstanding invoices, posting of adequate bank guarantees, and forwarding of their active Power Purchase Agreements as the case may be, to the Market Operator.

Data from the National Bureau of Statistics (NBS) had showed that revenue collected by distribution companies (DisCos) in Q3 2022 stood at N202.62 billion from N188.41 billion in Q2 2022, showing a rise of 7.54%. On a year-on-year basis, revenue generated rose by 5.56% from N191.95 billion in Q3 2021.

Also, revenue collected by DisCos in Q4 2022 stood at N232.32 billion, compared to N202.62 billion in Q3 2022. On a year-on-year basis, revenue collected rose by 16.02% from N200.23 billion in Q4 2021.

It is important to note that all DisCos recorded higher revenues in the fourth quarter of 2022. However, Kano, Port Harcourt, Yola, Kaduna, and Jos DisCos recorded a minimal rise in revenues during the period highlighted.

  • According to the report, the number of electricity customers in Nigeria increased from 10,937,488 in the third quarter to 11,058,265 in the fourth quarter.

It was reported that the Ibadan Electricity Distribution Company Managing Director/CEO, Kingsley Achife said the company is unable to meet its financial obligations to the electricity value chain due to poor payment and huge outstanding bills from customers.

Punch

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Ajay Banga Selected 14th President of the World Bank https://thecommerceafrica.com/ajay-banga-selected-14th-president-of-the-world-bank/ https://thecommerceafrica.com/ajay-banga-selected-14th-president-of-the-world-bank/#respond Wed, 03 May 2023 18:17:29 +0000 https://thecommerceafrica.com/?p=13369  Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.

Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.  Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.

The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.

The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

World Bank

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