first_img4 FebruaryThe World Bank is urging developed countries to start a fund to ensure that more resources are made available for African countries to develop the infrastructure they need to sustain economic growth.“Poorer countries need safety net programmes aligned with their ability to put them to good use,” World Bank president Robert Zoellick said in a speech delivered on his behalf at the African Union summit in Addis Ababa, Ethiopia this week.“We need to fund well-designed, efficient programmes that provide income support to the poorest, such as food-for-work, conditional cash transfers and school feeding programmes.”Zoellick said that such a fund would also provide finance for small businesses, that often had a hard time securing funding, even during normal times.Infrastructure investmentInfrastructure has long been identified as a key requirement for any region to realise economic growth, and Africa’s infrastructure needs to be developed to an adequate and efficient standard.The price tag is high however, with the United Nations estimating that more than US$52-billion a year in public and private investments is needed to close the continent’s infrastructure gap by 2010.World Bank Africa vice-president Obi Ezekwesili earlier predicted that growth rates in African economies could fall to half of what they have been in the past few years, as the global economic downturn could dry up important private sector investments that have propelled advances in growth.Ezekwesili pointed out that the African economy had been growing at a rate of 5.8% over the last decade, as compared to negative figures before then.Shielding poor nationsThe World Bank also plans to raise its Innovative Bridge Research and Development lending for developing country borrowers by US$100-billion over the next three years to shield poorer nations from the adverse effects of the global economic downturn.Of this amount, Zoellick said $42-billion would be channelled to African economies.He explained that the decision had been necessitated by a sharp drop in demand for African exports, which are expected to slump by a further two percent this year as the continent adjusts to the global crisis.Decline in foreign investmentIn his speech, Zoellick told African leaders to be ready for a continued decline in foreign direct investments, which were expected to fall by 1.5% on top of last year’s 2.1% drop.“The crisis had raised Africa’s economic challenges to a new height,” he said, adding that the slowdown would affect poverty eradication programmes as well as the Millennium Development Goals of the continent, which were already behind by more than seven years.“The most at risk are households in the poorest countries, where there is least access to safety nets and the greater danger of falling back into poverty,” he said.Employment, human crisisAccording to Zoellick, the financial crisis that grew into an economic crisis was now becoming an employment crisis, and in the coming months it could turn into a humanitarian crisis.“Many of you have already seen the danger signs on top of poverty, hunger and malnutrition we saw last year as a result of soaring food and fuel prices,” he said.Source: BuaNewslast_img read more

first_imgEl Nido residents told to vacate beach homes Don’t miss out on the latest news and information. Pablo had a game-high 19 points to lead the Lady Warriors while Jeanette Panaga and Elaine Kasilag had 11 points apiece.Kai Nepomuceno also finished in double figures with 10 points for Pocari.Iari Yongco and Dell Palomata combined for 16 points to lead the 3-2 Lady Jet Spikers.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next Lacson: SEA Games fund put in foundation like ‘Napoles case’ Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games LATEST STORIES View comments Trump strips away truth with hunky topless photo tweet Lady Warriors head coach Enrico De Guzman was pleased with how his team played its ground game despite watching the third set get extended.“My assessment for this game is I saw what I taught them in training,” said De Guzman in Filipino.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool stars“Our first balls were perfect and I really challenged the players to receive the services and not to always rely on the libero.”Pocari complemented its 45 scoring spikes with superb defense limiting the Lady Jet Spikers to just 27 points off spikes.center_img Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant Photo by Tristan Tamayo/INQUIRER.netPocari Sweat took sole possession of second place in the Premier Volleyball League Open Conference, sucking the air out of Philippine Air Force in three sets, 25-19, 25-20, 29-27, Wednesday at Filoil Flying V Centre.Myla Pablo closed the chapter for the Lady Warriors with a crippling crosscourt kill that gave Pocari its fifth win in six games and an automatic seat in the semifinals.ADVERTISEMENT MOST READ FEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ Three points away from 10k, Yap rues missed 3-pointer in ROS loss National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Robredo should’ve resigned as drug czar after lack of trust issue – Panelolast_img read more

first_imgThe last word in extravagant indulgenceHang over: Glass beads, metal ovals, gilded metal chain rows, ribbon with ostrich feathers? An unusual necklace from Christian Dior. Price on requestSea fare: De Grisogono pays an ornate tribute to the dolphin with this pretty bracelet in diamonds, white gold and sapphires. Price on requestBrace up: Make a subtle style statement at festive parties this season with this bracelet from Bvlgari’s Serpenti Collection. Price on requestRing it on: Boucheron, the Parisian jewellery house, brings yet another gem-studded accessory for that special finger. Price on requestChase the blue: This understated blue soft leather bag is from Louis Vuitton’s newest Monogram Empreinte line. Price on requestSpeed demon: Gucci and Riva present the stunning Aquariva, a super luxury yacht that was unveiled at the Cannes Boat Show last month. Price on requestGame for sports: These trendy timepieces from Burberry’s Autumn Winter Collection 2010 is for the sport in you. Price on requestCheer leaders: Chopard brings you some early Christmas gift ideas with these Very Chopard earrings and pendant. Price: CHF 7,700 for earrings; CHF 4,900 for pendantMetal finish: Our thumbs up to this chic carry-on trolley in gun metal from Gucci’s 2010-11 Luggage Collection. Price on requestPerfect ten: British designer Clive Christian celebrates 10 years of his reign in the world of perfume with a private collection of C perfumes. Available in 50 ml bottles. Price on requestSeconds thought: Adorned with 34 full-cut diamonds, this Omega watch with a shaded grey dial can be read in all light conditions. Price: Rs 5.29 lakhHouse proud: Own a piece of paradise with one of the Private Residences on sale from luxury resort Soneva Kiri in Thailand. Villas also available on rent; www.sixsenses.comadvertisementlast_img read more