World Bank ditches Nairobi project

The World Bank has withdrawn financing from the Nairobi Toll Road (NTR) project in Kenya, citing non-compliance with certain procedures in planning, reports The Daily Nation.

“After completing a detailed review and due diligence on the project and its sponsors, including a compliance review conducted by external counsel, the World Bank found that the systems and approach to compliance procedures would not be commensurate with the circumstances of this project and the governance risks facing this sector,” says World Bank country director for Kenya Johannes Zutt.

The bank head says it will be up to the government to decide whether it will proceed with the NTR project without World Bank financing.

A new computer model for insurers in the US predicts that inland homeowners face higher risks than previously believed, while coastal residents could actually face lower risks, states AL.com.

The model by Risk Management Solutions will be released at the end of the month amid continuing debate about the effect the modelling has on policy costs.

Many factors are considered when a company quotes a premium on a homeowner's policy. But along the Gulf Coast, models showing large potential hurricane losses have a big influence on insurance costs, and even whether carriers are willing to write wind coverage.

The MD of the Monetary Authority of Singapore, Heng Swee Keat and the French ambassador to Singapore, Olivier Caron, have opened the Asian headquarters of EDHEC-Risk Institute, says Invest in Cote d'Azur.

Keat, whose institution performs central banking functions and controls the financial sector, unveiled new measurements in terms of risk governance within banks and insurance companies.

“These measures are underpinned by a requirement for knowledge, skills and expertise in terms of risk management at all levels of an organisation. Research and professional training help to improve knowledge and intelligence about risks in the financial industry," he explains.