IFC invests $32.5 mln in African cable project

(Reuters) - The World Bank's International Finance Corp. on Thursday said it was investing $32.5 million in a fiber-optic cable project that will provide Internet and international communication services for 21 African countries.

IFC, the private-sector arm of the World Bank that focuses on investing in emerging-market economies, said the cable project should improve telecommunications access for 250 million Africans and cut costs for individuals and businesses.


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Congo to cancel logging deals to protect forests

(Reuters) - Congo is ready to cancel more than half its timber contracts to protect the world's second biggest tropical forest but it wants more aid from foreign governments to help do so, the environment minister said.

Democratic Republic of Congo is carrying out a World Bank-sponsored review of 156 logging deals, most of them issued during the vast country's 1998-2003 civil war and a subsequent three-year transitional government.


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World Bank nominee Zoellick woos Africa on tour

(Reuters) - Robert Zoellick, U.S. President George W. Bush's nominee to run the World Bank, promised on Wednesday to partner the world's poorest continent as he began a two-week tour to rally support for his nomination.

Starting his tour in Ghana, Zoellick stressed his long association with Africa and his willingness to listen to and learn from a continent that has previously had to accept prescriptions for growth and development from multilateral institutions such as the World Bank.


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