Africa

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Africa Powered By Docstoc
					Africa
Antonio Guerrero
Global Finance; Jul/Aug 2010; 24, 7; Docstoc
pg. 14




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Description: The African Development Bank (AfDB), which plans to increase its capital base to $100 billion, launched a $600 million fund to strengthen African banks. AfDB surpassed the World Bank as Africa's largest multilateral lender in 2009. Meanwhile, Kenya will increase its budget deficit to 6.8% of GDP for fiscal year 2010-2011, which begins in July. According to finance minister Uhuru Kenyatta, government expenditures will increase 10%, to $12.4 billion. While analysts say the move will force Kenya to increase borrowing, Kenyatta says the government will contain the growth in public sector debt.
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