Kenya seeks emergency funds from World Bank

Kenya requested emergency funds from the World Bank as it sought to cushion the impact of the Iran war, which is already squeezing African economies.

The continent — which is still heavily reliant on oil and gas — imports the majority of its fuels, and soaring costs have already hammered regional economies. A jet fuel supply crunch has pushed some carriers to consider mass flight cancellations, and experts fear the hit could be devastating for regional carriers.

“The majority of African airlines won’t be able to survive” the crunch, Aliko Dangote, Africa’s richest man and the owner of the continent’s biggest refinery, said at Semafor World Economy.