January 18 this year the World Bank (WB) lowered its growth perspective for the world economy.
Growth will stay around 2.5 percent in 2012 – in comparison to the initial estimate of 3.6 percent - and around 3.1 per cent in 2013 (3.6 per cent having been forecast initially, this year).
The growth rate in developed countries has been lowered to 1.4 per ent in 2012 and 2 percent in 2013, and growth for developing countries – affected by the European economic crisis – will stay at 5.4 percent this year and 6 percent next year.
Nonetheless, the WB says that Sub-Saharan Africa will be the only region in the world that will speed its growth in 2012, with a 5.3 percent rise in Gross National Product (GNP) compared to 4.9 percent in 2011.
The international lender says the region may very well experience a tough year, but in the medium and long run, growth will return and become strengthened in these countries.
The AfDB provides a US$1bn loan
Again on January 18 the African Development Bank (AfDB) stated that it had finalised a "binding" loan of US$1.2 bn on the international markets. The date of redemption has been set for March 15, 2017 with an interest rate of 1.125 percent.
Asian subscribers represent a 44 per cent majority. Financial banks Daiwa Capital Markets, Goldman Sachs, HSBC and JP Morgan have been the main characters in this operation.
The IMF at Cairo's bedside
Now that the legislative elections have taken place, the country is negotiating with the International Monetary Fund (IMF) for a loan amounting to US$3.2 billion to support its economy. According to the government, it is an emergency. State deficit is already at US$24 billion.
Among other pressing issues is a 30 per cent decrease in income in the tourism sector. Income in this all important Egyptian sector reached only US$8.8 billion in 2011, compared to US$ 12.5 billion dollars in 2010.
Whilst foreign investors remain reticent, tourists are being kept away by the incessant protests that have rocked the country since the beginning of the last year's Arab Spring that saw the demise of longtime president Hosni Mubarak.
Kepco signs a deal with Senegal
The statement was expected: South Korean Kepco has struck a deal with Senegal for the construction and exploitation of a 250MW carbon power plant in Sendou.
Already included in the Takkal plan, which aims at filling the country's power deficit, the power plant is expected to provide more than US$600 million.
The investment will be undertaken by Kepco and the Korean Development Bank. In return, the company will sell electricity to the country.
