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World Bank Pledges $200m To Repair Ukraine Energy Infrastructure

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The World Bank announced on Wednesday a grant of $200 million toward repairing Ukraine’s energy infrastructure, as officials from the war-torn country met with financial institution leaders in Washington.

Russia damaged more than 50 per cent of Ukraine’s power infrastructure in attacks on its neighbor over the autumn and winter months, the global lender said in a statement.

It noted that Ukraine’s East, where fighting was fiercest, had been particularly hard hit.

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The funds were provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, with a goal of up to $300 million in additional funding from partners “as the project expands its scope,” the Bank said.

READ ALSO: World Bank Names Ajay Banga As Sole Nominee For President

The project will target emergency repairs to electricity and heating infrastructure.

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Energy infrastructure has suffered $11 billion in damages over the last year and is one of the most critical areas where Ukraine needs urgent support,” said World Bank Managing Director of Operations, Anna Bjerde.

The World Bank has mobilised more than $23 billion in financing for Ukraine since Russia invaded in February last year, with $20 billion disbursed so far.

The announcement came just ahead of a roundtable on Ukraine at the headquarters of the International Monetary Fund, held during the crisis lender’s spring meetings.

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READ ALSO: FG Gets $800m World Bank Grant For Subsidy Palliatives

During the event, Ukrainian President Volodymyr Zelensky thanked partners via videolink for their support and urged further backing.

“By rebuilding what has been ruined, we defeat the goal of terror, we return the normal life,” he said in English, reiterating a call for Russian assets to be put towards Ukraine’s reconstruction.

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The IMF announced on March 31 that it had approved a $15.6 billion support package for Ukraine, forming the fund’s portion of a $115 billion overall support package comprised of debt relief, grants and loans by multilateral and bilateral institutions.

– ‘Victory of civility’ –

The IMF chief Kristalina Georgieva praised Ukraine’s resilience in the face of the invasion, saying at the meeting that the country’s repairs, economic activity and functioning government demonstrated “victory of civility over evil.”

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READ ALSO: worlNigeria’s Poverty Exceeds World Bank Projection, Bayelsa, Four Other States Lead

However, Ukraine will need an estimated $411 billion for recovery and reconstruction according to a recent study by the World Bank, the United Nations, the European Commission and Ukraine.

The sum is an increase on the $349 billion estimated in September and is likely to only grow as the conflict continues.

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The study estimated Ukraine will need $14 billion for critical expenditures in 2023.

Ukrainian Prime Minister Denys Shmygal, who attended the IMF meeting in person, urged allies to stump up the $11 billion still needed in financing.

This is a number one priority for my country to bring people a minimum level of social and humanitarian services,” Shmygal said.

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US Treasury Secretary Janet Yellen urged allies and partners to maintain economic support for Ukraine, praising Kyiv for anticorruption efforts in a country that has for years suffered endemic graft.

“Your commitment to making sure that international assistance is being used responsibly is essential,” she said.

AFP

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Benin Republic Presidency Breaks Silence On ‘Military Takeover’

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Benin Republic military
Military personnel in Benin on Sunday said they had ousted President Patrice Talon, but the Presidency said he was safe and the army was regaining control.

Talon, 67, a former businessman known as the “cotton king of Cotonou,” is due to hand over power in April next year after 10 years in office marked by strong economic growth and rising jihadist violence.

West Africa has seen several coups in recent years, including in Niger, Burkina Faso, Mali, Guinea, and most recently Guinea-Bissau.

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Early on Sunday, soldiers calling themselves the “Military Committee for Refoundation” (CMR) said on state television that they had met and decided that “Mr Patrice Talon is removed from office as president of the republic.”

READ ALSO:Guinea-Bissau Military Takeover Is ‘Ceremonial Coup’ – Jonathan

The signal was cut later in the morning.

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Shortly after the announcement, a source close to Talon told AFP the president was safe.

“This is a small group of people who only control the television. The regular army is regaining control. The city (Cotonou) and the country are completely secure,” they said.

“It’s just a matter of time before everything returns to normal. The clean-up is progressing well.”

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A military source confirmed the situation was “under control” and said the coup plotters had not taken Talon’s residence or the presidential offices.

READ ALSO:Coup: ECOWAS Suspends Guinea-Bissau

The French Embassy reported on X that “gunfire was reported at Camp Guezo” near the president’s official residence in the economic capital and urged French citizens to remain indoors.

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Benin has a history of coups and attempted coups.

Talon, who came to power in 2016, is due to end his second term in 2026, the constitutional maximum.

The main opposition party has been excluded from the race to succeed him, leaving the ruling party to compete against a so-called “moderate” opposition.

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Talon has been praised for driving economic development but is often accused of authoritarianism.

(AFP)

 

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JUST IN: Soldiers Announce Military Takeover Of Govt In Benin Republic

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A group of soldiers appeared on Benin’s state television on Sunday to announce the dissolution of the government in what is being described as an apparent coup, marking yet another power seizure in West Africa.

Identifying themselves as the Military Committee for Refoundation, the soldiers declared the removal of the president and all state institutions.

READ ALSO:Guinea-Bissau Military Takeover Is ‘Ceremonial Coup’ – Jonathan

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President Patrice Talon, who has been in office since 2016, was scheduled to leave office next April after the presidential election. His party’s preferred candidate, former Finance Minister Romuald Wadagni, had been widely viewed as the frontrunner. Opposition candidate Renaud Agbodjo was disqualified by the electoral commission on the grounds that he did not have “sufficient sponsors.”

The takeover comes a month after Benin’s legislature extended the presidential term from five to seven years while retaining the two-term limit.

(AFP)

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EU Fines Elon Musk’s X €120m For Violating Digital Content Rules

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Elon Musk’s social media platform, X, has been hit with a €120 million ($140 million) fine by European Union tech regulators for violating multiple provisions of the EU’s Digital Services Act (DSA).

This marks the first significant penalty imposed under this landmark legislation.

On Friday, the European Commission announced the fine, citing various violations by X, including misleading platform features and a lack of transparency in research practices.

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READ ALSO:Elon Musk Deletes Post Claiming Trump Was ‘In The Epstein Files’

Regulators pointed out that one of the violations involved the misleading design of the blue verification checkmark. This feature is now linked to subscription payments instead of identity validation, which the EU described as “deceptive and potentially harmful.”

The Commission also criticized X for not maintaining transparent advertising records and for restricting researchers’ access to publicly available data on the platform.

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This ruling is likely to heighten diplomatic tensions between Brussels and Washington. U.S. officials from the Trump administration had previously condemned Europe’s regulatory approach toward major tech companies, claiming that EU policies unfairly target American firms and restrict free expression.

READ ALSO:Elon Musk Joins ‘Cancel Netflix’ Campaign

However, the European Commission defended its stance, stating that enforcement under the DSA is not influenced by nationality. They emphasized that the legislation is designed to promote online accountability, protect users, and ensure transparency in digital operations—standards that are increasingly becoming global benchmarks.

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“The DSA does not discriminate by company origin,” the Commission argued, maintaining that the penalties reflect Europe’s commitment to protecting democratic values and responsible digital governance.

The fine marks a significant test case for the EU’s new regulatory regime and could set precedent for similar action against other platforms not in full compliance with the law.

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