China and the World Bank have formed an infrastructure firm with an initial Sh50 billion ($500 million) investment to help fund projects in Africa.

Kenya, Nigeria and 11 other countries have been listed under the Lower Middle-Income Countries by the United Nations Industrial Development Organisation (UNIDO) in a report submitted to the just concluded G20 Summit held in China.

The East African region has recorded the highest share of Foreign Direct Investment (FDI) across the continent, achieving 26.3 per cent of total projects with Kenya being among the region’s major beneficiaries.

The World Bank is raising its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter.