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Nigerian officials have warned there's little hope of finding alive around 500 people still missing after flash floods in Niger state. How are survivors coping?Mauritania's Sidi Ould-Tah elected as the new president of the African Development Bank. What was the voting process like?And we meet one photographer who has turned his lens on insects to tell a bigger storyPresenter: Richard Kagoe Producers: Sunita Nahar ,Yvette Twagiramariya and Nyasha Michelle in London. Blessing Aderogba in Lagos Technical Producer: Chris Ablakwa Senior Producer: Paul Bakibinga Editors : Andre Lombard and Alice Muthengi
Global fast-fashion retailer, Shein, has been accused of breaking EU law with manipulative sales tactics. We hear from the Director General of the European Consumer Organisation.In Africa, the search for the new president of its top financial institution is almost over. Who could be the new leader for the African Development Bank and what could that mean for the continent?Plus, Will Bain finds out why business leaders are rushing to apply for New Zealand's golden visas.
The US President Donald Trump, confronted South Africa's President Cyril Ramaphosa with false claims of white genocide and land seizures during a tense White House meeting. It was reminiscent of the US President's ambush of Ukrainian leader Volodymyr Zelenskiy earlier this year. At a time when diplomacy means everything, how did the South African President fare and what next for the US/South Africa relationship?Also, who will the next President of the African Development Bank be?And we find out more about the former Mauritanian president, Mohamed Ould Abdel Aziz, who has been jailed for 15 years.Presenter: Richard Kagoe Producers: Sunita Nahar, Bella Hassan and Tom Kavanagh Technical Producer: Francesca Dunne Senior Journalist: Karnie Sharp Editors: Andre Lombard and Alice Muthengi
In this episode, Loye and Fola discuss the upcoming African Development Bank election, Meta's legal challenges across the continent, and the rise of Ibrahim Traoré in Burkina Faso. They explore the implications of these events on the continent's future, highlighting the importance of intra-African trade, the challenges posed by external influences, and the need for accountability in leadership.Time stamps:01:09 The Upcoming African Development Bank elections14:50 Meta's legal troubles in Africa26:24 Who is Ibrahim Traoré?46:11 What in the Worldhttps://www.instagram.com/thebrief.xyz/
Africa has been uniquely impacted by the economic rollercoaster of 2025, with the African Development Bank warning that tariffs could send "shockwaves" through the dozens of nations impacted, reducing trade and raising debt. The ADB aims to reduce poverty and living conditions for Africans across the continent, and its President Akinwumi Adesina joins Christiane from Abidjan. Also on today's show: Author Daniel Kehlmann; journalist Karen Attiah Learn more about your ad choices. Visit podcastchoices.com/adchoices
Bongani Bingwa speaks with Africa Report Correspondent, Crystal Orderson discussing two major stories: First, African policymakers are meeting in Lomé, Togo, from May 12–14, 2025, at a High-Level Conference co-hosted by the African Union, African Development Bank, and the Togolese government to address Africa’s growing debt crisis. The summit aims to adopt the AU Lomé Declaration, which will lay out shared principles for managing public debt and coordinating creditor engagement across the continent. Second, a Kenyan court has sentenced four men including two Belgians, a Vietnamese, and a Kenyan to one year in prison or a $7,700 fine for attempting to smuggle thousands of live queen ants out of the country, a case shedding light on the niche but illegal global trade in exotic insects. 702 Breakfast with Bongani Bingwa is broadcast on 702, a Johannesburg based talk radio station. Bongani makes sense of the news, interviews the key newsmakers of the day, and holds those in power to account on your behalf. The team bring you all you need to know to start your day Thank you for listening to a podcast from 702 Breakfast with Bongani Bingwa Listen live on Primedia+ weekdays from 06:00 and 09:00 (SA Time) to Breakfast with Bongani Bingwa broadcast on 702: https://buff.ly/gk3y0Kj For more from the show go to https://buff.ly/36edSLV or find all the catch-up podcasts here https://buff.ly/zEcM35T Subscribe to the 702 Daily and Weekly Newsletters https://buff.ly/v5mfetc Follow us on social media: 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 See omnystudio.com/listener for privacy information.
Hi, and welcome to The Long View. I'm Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Arunma Oteh, currently of the University of Oxford Saïd Business School. Arunma is a former treasurer of the World Bank and also served in various leadership roles in the African Development Bank. In 2010, she became Director General of Nigeria Securities and Exchange Commission, and she led that apex regulator for several years following the global financial crisis. She writes about the experience in the recently published book All Hands on Deck: Unleash Prosperity Through World Class Capital Markets. Arunma is a graduate of the University of Nigeria, UNN Nsukka, and Harvard Business School.BackgroundBioAll Hands on Deck: Unleash Prosperity Through World Class Capital MarketsNigeria's “Iron Lady”“Nigeria's Iron Lady Takes on Fraudsters,” by Caroline Duffield, bbc.com, July 1, 2010.“Changing the World One Bond at a Time,” Rita Stankeviciute and Kathleen Manahan, worldbank.org, July 18, 2018.“Nigeria SEC Boss, Arunma Oteh, Fights Back,” YouTube video, March 15, 2012.OtherSecurities and Exchange Commission, NigeriaNigerian Exchange Group NGXFMDQ Group“A Tale of 2 Exchanges: As FMDQ Thrives NGX Plays Catch Up,” by Bala Augie, moneycentral.com, Oct. 2, 2021.
Chinese overseas development finance is unrecognizable from what it was just a few years ago. After suffering tens of billions of dollars in losses, Chinese lenders have moved to de-risk their lending to countries in Africa, Asia, and across the Global South. Instead of those once massive bilateral loans from the two main policy banks in Beijing, Chinese lending now encompasses a much more diverse array of actors, particularly in Africa. This new approach was on full display last month when Kenya closed a deal with a consortium of Chinese stakeholders to finance the extension of the Standard Gauge Railway from the current terminus in the Rift Valley to the Ugandan border. A third of the cost to build the new railway will be paid for by the Kenyan government, around another third will be comprised of a consortium of Chinese investors, and the rest will be financed with loans from the China Exim Bank. Yunan Chen, a research fellow at ODI Global in London, and Teal Emery, an adjunct lecturer at Johns Hopkins SAIS in Washington, D.C., join Eric & Cobus to discuss their new report, which breaks down the latest trends in Chinese development finance, and to explain why the deal in Kenya should serve as a case study for other African borrowers. Show Notes: ODI Global: Greener on the other side? — Mapping China's overseas co-financing and financial innovation by Yunnan Chen and Teal Emery ODI Global: China's creditor diversification in Africa: impacts and challenges of infrastructure debt-financing by Chinese commercial creditors by Yunnan Chen and Tianyi Wu South China Morning Post: After delay, new Chinese funding plan will help extend railway to Uganda, Kenya says by Jevans Nyabiage JOIN THE DISCUSSION: X: @ChinaGSProject | @eric_olander | @stadenesque Facebook: www.facebook.com/ChinaAfricaProject YouTube: www.youtube.com/@ChinaGlobalSouth Now on Bluesky! Follow CGSP at @chinagsproject.bsky.social FOLLOW CGSP IN FRENCH AND ARABIC: Français: www.projetafriquechine.com | @AfrikChine Arabic: عربي: www.alsin-alsharqalawsat.com | @SinSharqAwsat JOIN US ON PATREON! Become a CGSP Patreon member and get all sorts of cool stuff, including our Week in Review report, an invitation to join monthly Zoom calls with Eric & Cobus, and even an awesome new CGSP Podcast mug! www.patreon.com/chinaglobalsouth
Focus for the Infra Dig podcast turns once again to Africa – this time taking a look at the Mission 300 which has ambitious goals to electrify the continent. IJGlobal editorial director Angus Leslie Melville is joined by Naomi Wagura, a director at the Global Energy Alliance for People and Planet (GEAPP) and Nicole Poindexter, founder and chief executive of Energicity Corporation. Naomi and Nicole talk about Mission 300 – a joint initiative by the World Bank, African Development Bank and GEAPP – that has set itself a goal to mobilise unprecedented financing to connect 300 million people to electricity grids across Africa by 2030.
Ahead of the African Development Bank's presidential election in May, CGD's Karen Mathiasen and AfriCatalyst's Daouda Sembene interview three of the candidates – Amadou Hott, Samuel Munzele Maimbo, and Bajabulile Swazi Tshabalala – on their priorities for the Bank and their views on how to help steer countries through a volatile and uncertain time and achieve their development goals.
Audrey Brown, Host of Focus on Africa, speaks to Akinwumi Adesina, the President of the African Development Bank, as he reflects on the achievements and challenges of the past 10 years in office.In his two terms he's focused much of his time on advocacy, strategic positioning, and amplifying the continent's voice on the global stage. We hear about his ‘High Fives' framework, which includes getting power to the millions without electricity and improving the quality of life for African people. He also tells us about his vision, the challenges facing the continent and how he draws on his faith and his personal experiences in his work.The Interview brings you conversations with people shaping our world, from all over the world. The best interviews from the BBC. You can listen on the BBC World Service, Mondays and Wednesdays at 0700 GMT. Or you can listen to The Interview as a podcast, out twice a week on BBC Sounds, Apple, Spotify or wherever you get your podcasts.Presenter: Audrey Brown Producer: Clare Williamson and Gabriel May Editor: Sam BonhamGet in touch with us on email TheInterview@bbc.co.uk and use the hashtag #TheInterviewBBC on social media.
The president of the African Development Bank, Akinwumi Adesina, will soon be stepping down from the role after serving the maximum two terms. In an interview with podcast host Audrey Brown, he reflects on the achievements and challenges of the past 10 years in office.A new study reveals the pitfalls and barriers limiting women entrepreneurs from growing their businesses online - so how can these issues be addressed?And some of Britain's prestigious boarding schools are setting up campuses in Nigeria. Who will benefit?Presenter: Audrey Brown Producers: Sunita Nahar, Tom Kavanagh and Amie Liebowitz here in London. Frenny Jowie in Nairobi Senior Producer: Patricia Whitehorne Technical Producer: Jonny Hall Editors: Alice Muthengi and Andre Lombard
Depending on who you ask, AI is either going to save the world or end it. The technology’s capacity for data-crunching and problem-saving can help predict weather events, making it easier to optimize power grids, prepare for natural disasters, and maximize crop output. But artificial intelligence is also energy intensive – and easy to apply to ethically questionable ends. For all of these reasons, Priya Donti, professor of electrical engineering and AI at MIT, decided to found Climate Change AI, a group dedicated to applying AI to tackle climate problems. In this episode, which first ran in May of 2024, Donti tells Akshat Rathi about some of the projects the group is funding around the world, and what the democratization of AI would look like in practice. Explore further: Past episode about Microsoft’s rising AI emissions, and President Brad Smith’s claim that the AI will do more good than harm Past episode with African Development Bank president Akinwumi Adesina about climate innovation projects across the African continent Past episode with climate scientist and champion for developing countries Saleemul Huq Zero is a production of Bloomberg Green. This episode was produced by Mythili Rao. Special thanks this week to Kira Bindrim, Anna Mazarakis and Alicia Clanton. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.See omnystudio.com/listener for privacy information.
Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt, sharing technical expertise, and LNG trade cooperation, according to a Ministry statement.A high-level investment delegation has received preliminary approval to visit Iraq, unnamed sources said. The Holding Company for Food Industries intends to list a number of its subsidiaries on the EGX in the coming period.Oil producer Capricorn Energy said it has reached a preliminary agreement with the EGPC to improve gas pricing to increase production, under terms aimed at boosting investment and production, along with updated commercial terms.British company BP seeks to increase gas production in Egypt by approximately 160 million cubic feet per day, from two wells in the King Mariout and Fayoum concession areas in the deep waters of the Mediterranean Sea, in 2H25.A government official said that the Ministry of Petroleum expects to receive four shipments of imported LNG during April. President Abdel Fattah El-Sisi approved a USD131 million loan agreement from the African Development Bank to help finance the first phase of the Private Sector Development and Economic Diversification Support Program, as part of the state budget support, according to a report published in the Official Gazette.SWDY reported steady 4Q24 results with attributable earnings coming in at EGP4.2 billion (+106% YoY, -13% QoQ). FY24 attributable earnings surged to EGP17.5 billion (+73% YoY). SWDY board of directors proposed a cash dividend distribution of EGP1.00/share, implying a payout ratio of 12.3% and a dividend yield of 1.2%. SWDY is trading at FY25e P/E of 9.7x and EV/EBITDA of 5.5x.EGAL signed a 25-year USD-denominated corporate Power Purchase Agreement with Scatec for a 1.1 GW solar plant and 200MWh battery energy storage system in Naga Hammadi backed by a sovereign guarantee. Scatec targets to reach financial close and start construction within the next 12 months. We expect the new plant to save around 10-15% of the company's electricity cost which could contribute to increasing our FV by EGP20.00/share to EGP175.00/share. We remind you that electricity represents more than 40% of production costs and EGAL's gross margin shrinks by 2-3% for every EGP0.25/kWh increase in electricity tariff, according to our calculations.CIEB lowered its proposed 2024 dividend payout to EGP3.20/share, representing 50.2% of distributable profits, down from a previously planned EGP3.82/share, or 60% of distributable profits, according to a Board decision. The payout remains subject to the general assembly's approval.OLFI is to distribute cash dividends of EGP2.00/share for FY24 on 27 March 2025, for shareholders on record on 24 March 2025, implying a DY of 10.4%.EFID's BoD is considering the approval of doubling the company's capital to EGP280 million. The proposed capital increase of EGP140 million will be distributed on 700 million shares and financed through the company's retained earnings of FY23.
This week on The Sound Kitchen you'll hear the answer to the question about the “Mission 300” plan. You'll hear about the island Yap, and hear your fellow listener's thoughts on “The Listener's Corner” with Paul Myers. There's Ollia Horton's “Happy Moment”, and Erwan Rome's “Music from Erwan”, too – all that, as well as the new quiz and bonus questions, so click the “Play” button above and enjoy! Hello everyone! Welcome to The Sound Kitchen weekly podcast, published every Saturday – here on our website, or wherever you get your podcasts. You'll hear the winner's names announced and the week's quiz question, along with all the other ingredients you've grown accustomed to: your letters and essays, “On This Day”, quirky facts and news, interviews, and great music … so be sure and listen every week.The RFI English team is pleased to announce that Saleem Akhtar Chadhar, the president of the RFI Seven Stars Listening Club in District Chiniot, Pakistan, won the RFI / Planète Radio ePOP video contest, in the RFI Clubs category. Bravo Saleem! Mubarak ho!Erwan and I are busy cooking up special shows with your music requests, so get them in! Send your music requests to thesoundkitchen@rfi.fr Tell us why you like the piece of music, too – it makes it more interesting for us all!Facebook: Be sure to send your photos to thesoundkitchen@rfi.fr for the RFI English Listeners Forum banner!More tech news: Did you know we have a YouTube channel? Just go to YouTube and write “RFI English” in the search bar, and there we are! Be sure to subscribe to see all our videos.Would you like to learn French? RFI is here to help you!Our website “Le Français facile avec RFI” has news broadcasts in slow, simple French, as well as bilingual radio dramas (with real actors!) and exercises to practice what you have heard.Go to our website and get started! At the top of the page, click on “Test level”. According to your score, you'll be counselled to the best-suited activities for your level.Do not give up! As Lidwien van Dixhoorn, the head of “Le Français facile” service told me: “Bathe your ears in the sound of the language, and eventually, you'll get it.” She should know – Lidwien is Dutch and came to France hardly able to say “bonjour” and now she heads this key RFI department – so stick with it!Be sure you check out our wonderful podcasts!In addition to the news articles on our site, with in-depth analysis of current affairs in France and across the globe, we have several podcasts that will leave you hungry for more.There's Spotlight on France, Spotlight on Africa, The International Report, and of course, The Sound Kitchen. We also have an award-winning bilingual series – an old-time radio show, with actors (!) to help you learn French, called Les voisins du 12 bis. Remember, podcasts are radio, too! As you see, sound is still quite present in the RFI English service. Please keep checking our website for updates on the latest from our journalists. You never know what we'll surprise you with!To listen to our podcasts from your PC, go to our website; you'll see “Podcasts” at the top of the page. You can either listen directly or subscribe and receive them directly on your mobile phone.To listen to our podcasts from your mobile phone, slide through the tabs just under the lead article (the first tab is “Headline News”) until you see “Podcasts”, and choose your show. Teachers take note! I save postcards and stamps from all over the world to send to you for your students. If you would like stamps and postcards for your students, just write and let me know. The address is english.service@rfi.fr If you would like to donate stamps and postcards, feel free! Our address is listed below. Another idea for your students: Br. Gerald Muller, my beloved music teacher from St. Edward's University in Austin, Texas, has been writing books for young adults in his retirement – and they are free! There is a volume of biographies of painters and musicians called Gentle Giants, and an excellent biography of Dr. Martin Luther King, Jr., too. They are also a good way to help you improve your English - that's how I worked on my French, reading books that were meant for young readers – and I guarantee you, it's a good method for improving your language skills. To get Br. Gerald's free books, click here.Independent RFI English Clubs: Be sure to always include Audrey Iattoni (audrey.iattoni@rfi.fr) from our Listener Relations department in your RFI Club correspondence. Remember to copy me (thesoundkitchen@rfi.fr) when you write to her so that I know what is going on, too. N.B.: You do not need to send her your quiz answers! Email overload!This week's quiz: On 1 February, I asked you a question about our article “African nations set to light up the homes of 300 million people by 2030”.Nearly 600 million Africans live without access to electricity, which is higher than any other continent. The World Bank and the African Development Bank have a plan: Dubbed "Mission 300”, it's meant to connect half of those homes to power by 2030.You were to send in the names of four African countries that have committed to reform their electricity utility companies, push renewable energy integration, and raise targets to improve access to national electricity. The World Bank grant will only be available to countries once these reforms have been carried out.The answer is, to quote our article: “In Nigeria, an estimated 90 million people, 40 percent of the population, don't have access to electricity. The country, along with Senegal, Zambia and Tanzania is one of a dozen that committed as part of the Mission 300 Plan.”The other countries are Chad, Côte d'Ivoire, Mauritania, DRC, Niger, Liberia, Madagascar, and Malawi. In addition to the quiz question, there was the bonus question: “What item have you held on to as a remembrance of something?”Do you have a bonus question idea? Send it to us! The winners are: RFI English listener Radhakrishna Pillai from Kerala State, India. Radhakrishna is also this week's bonus question winner. Congratulations, Radhakrishna, on your double win !Also on the list of lucky winners this week are Ahsan Ejaz, a member of the RFI Fans Club in Sheikhupura, Pakistan, and Sharmin Sultana, a member of the Shetu RFI Listeners Club in Naogaon, Bangladesh. Rounding out the list are two RFI English listeners: Subhas Paul, a member of the RFI Students Radio Club in West Bengal, India, and Christian Ghibaudo from Tende, France.Congratulations, winners!Here's the music you heard on this week's programme: The “Vivace” from Serenade for Small Orchestra by Jean Françaix, performed by the Cleveland Orchestra conducted by Louis Lane; “Djourou”, performed by Ballaké Sissoko and Sona Jobarteh; “The Flight of the Bumblebee” by Nicolai Rimsky-Korsakov; “The Cakewalk” from Children's Corner by Claude Debussy, performed by the composer; “Happy” by Pharrell Williams, and “Baul Song” by Lalan, performed by Torap Ali Shah.Do you have a music request? Send it to thesoundkitchen@rfi.frThis week's question ... you must listen to the show to participate. After you've listened to the show, re-read our article “French president Macron set to brief EU leaders over details of Trump talks”, which will help you with the answer.You have until 24 March to enter this week's quiz; the winners will be announced on the 29 March podcast. When you enter be sure to send your postal address with your answer, and if you have one, your RFI Listeners Club membership number.Send your answers to:english.service@rfi.frorSusan OwensbyRFI – The Sound Kitchen80, rue Camille Desmoulins92130 Issy-les-MoulineauxFranceClick here to learn how to win a special Sound Kitchen prize.Click here to find out how you can become a member of the RFI Listeners Club, or form your own official RFI Club.
A plan launched by the World Bank and the African Development Bank last year seeks to provide 300 million people in Sub-Saharan Africa with sustainable electricity by 2030. Dubbed Mission 300, there are doubts that this can be achieved in five years. To find out more, we're being joined by public sector policy analyst Paternus Niyegira and DW Correspondent Naomi Achieng, both based in Tanzania.
The ZENERGY Podcast: Climate Leadership, Finance and Technology
Welcome to The Zenergy Podcast! Today, Karan sits down with Andrew Herscowitz, CEO of the Mission 300 Accelerator established by the Rockefeller Catalytic Capital at the Rockefeller Foundation. They discuss Andrew's impressive career as well as how the M300 accelerator originated. Then, they look at what some of the biggest challenges to achieving electricity access for 300 million Africans by 2030 are and how they plan to address these challenges. Plus, they talk through blending renewable energy technologies with productive use appliances. Andrew shares how listening to those who are on the ground is key to being successful and gives his advice for those just starting out in their careers and hoping to progress in the international space. They also discuss how Andrew's team mediates between governments and the private sector when it comes to foreign investments as well as ways Andrew believes more private capital could be unleashed into the African markets. If you haven't subscribed to the podcast yet, be sure to do so, and follow us on all the socials. New episodes go out every Thursday. Listen to The Zenergy Podcast: Spotify: https://open.spotify.com/show/5HEZXoEfuDa548Ty81gBWN Apple Podcasts: https://podcasts.apple.com/us/podcast/the-zenergy-podcast-climate-leadership-finance/id1556215421 Follow The Zenergy Podcast on all the socials: X (Twitter): @TakharK2 Facebook: https://www.facebook.com/Znrg.org Instagram: @zen_rgy LinkedIn: ZNRG YouTube: ZNRG – The ZENERGY Podcast Connect with Andrew: https://www.rockefellerfoundation.org/initiatives/mission-300/ Timestamps: 0:00 - Intro 0:20 - Welcome 1:05 - Lightning round! Favorite time period, favorite song, etc. 6:40 - Original idea for M300 Accelerator 10:30 - Biggest challenges in getting electricity to remote areas 11:40 - How to help people overcome economic challenges 16:20 - How M300 supports the work of World Bank and the African Development Bank 20:20 - It is most important to work with the communities, and have people on the ground 22:50 - Renewable energy project in South Africa 24:10 - Wind farm project in Kenya 32:40 - Ways that more private sector money can be given to these markets 35:50 - Being the intermediary between the private and public sectors 40:30 - Advice and key takeaways 44:20 - Importance of listening and building partnerships with others Credits: Editing: Desta Wondirad, Wondir Studios
In this episode, Loye and Fola discuss the World Bank and African Development Bank's Mission 300, Nigeria becoming a partner nation to the BRICS and election-related violence in Mozambique.00:00 Introduction to African Politics and Business News01:05 World Bank's Mission 300: Electrifying Africa10:18 Nigeria Joins BRICS: Implications and Challenges21:40 Mozambique's Election Violence and Political Turmoilhttps://www.instagram.com/thebrief.xyz/
The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others. The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference interest rate.French shipping line CMA CGM will continue to avoid the Suez Canal and use the Cape of Good Hope passage despite the ceasefire in Gaza. The shipping giant sees the Gaza ceasefire as “a positive but fragile sign for the global shipping and logistics industry.”The Finance Ministry is providing EGP20 billion to EgyptAir Holding Company to help expand the state-owned airline's fleet and reduce its debts.Foreign investments in treasury bills worth about USD24 billion are maturing next March, according to media reports. These investments entered the market at the same time last year following the unification of the EGP rate, which raised foreign investments in Egyptian debt instruments to about USD33 billion by the end of March 2024.The Egyptian Stock Exchange is expected to receive new investments from private insurance funds - under the amendments made by the FRA. According to estimates by an official at the Authority, these investments will not be less than EGP6 - 7.5 billion and may reach between EGP18 - 22.5 billion at their maximum if they invest the ceiling of the 15% limit allowed in the rules.AMOC release 2Q24/25 financial indicators. Net profit dropped 27% YoY (-61% QoQ) to EGP180 million. During 1H24/25, net profit declined 3% YoY to EGP642 million. AMOC is currently trading at a FY24/25e PE of 4.6x and EV/EBITDA of 2.3x.The consortium of an engineering and construction company of SWDY was awarded a 500-650 MW combined cycle power plant project of a subsidiary of the Hungarian Electricity Co. (MVM). BP and the Metallurgical Industries Holding inked a five-year agreement to restart production in the Egyptian Anode Blocks Company after a two-year production hiatus. Sustainable Capital Africa has sold its entire 9.67% stake in CIRA for a total of EGP873.3 million. The transaction was executed at an average price of EGP15.5/share.Weekly Commodities Update
In this episode of IFC Audio Stories, we explore Mission 300, an ambitious initiative to connect 300 million people in Africa to clean, affordable, and reliable electricity by 2030. Led by the World Bank Group and the African Development Bank Group, this effort highlights the critical role of private sector innovation and investment in expand access to energy. Listen as Valérie Levkov, IFC Global Industry Director for Energy, Metals & Mining, and Sustainable Infrastructure Advisory, and Sarvesh Suri, IFC Regional Industry Director for Infrastructure & Natural Resources in Africa, share insights into the challenges and opportunities in delivering innovative solutions to connect millions of people across the continent.
Send us a text◆ How the bond market will drive CCMM to provide more climate tech cash ◆ Multilateral development bank hybrid capital — and may have found its niche◆ Covered bond market roars back to life but will it last?The CIF Capital Markets Mechanism (CCMM) priced its first bond this week. The issuer is raising money so that the Climate Investment Funds, created in 2008 as a channel for rich countries to finance the green transition in developing states, can do more lending through its Clean Technology Fund. We look into the issuer, its deal and where it fits in the SSA bond market.The first benchmark-sized publicly sold hybrid since the African Development Bank's deal from about a year ago also surfaced this week. The issuer was the African Finance Corporation. It is, like the AfDB, a multilateral development institution. But it has very different characteristics and these may give a clue as to where MDB hybrid capital deals will succeed in the future.Finally, covered bond issuance has lagged behind the pace of other parts of the bond market this year but that all changed this week. We examine what the hold up was, why issuers have finally come to the market now, and what could derail the revival.
In this episode, Edem and Jabu reflect on FIFA's unusual unopposed bidding process in awarding the 2030 and 2034 World Cups, Morocco co-hosting the 2030 World Cup with Spain and Portugal, the African Development Bank issuing a €650m loan to Morocco for World Cup transportation infrastructure development, and Saudi Arabia's successful 2034 World Cup bid with 15 new stadiums planned across four cities. ---------------
The United States is urging the Zimbabwe government to double down on reforms aimed at returning the country to the prosperity it once enjoyed. Columbus Mavhunga reports from Harare, Zimbabwe, where negotiations on clearing the country's $21 billion debt have begun with the African Development Bank
Welcome to The Doers Nepal Podcast – Nepal's No.1 Business Podcast, where we uncover the stories of leaders driving innovation and success across industries. In this episode, we are joined by Gavin Ryan, a globally renowned expert in Emerging Markets private equity. With over two decades of experience, Gavin shares how he achieved an impressive average return of 40%+ on private equity investments, putting him in the top quartile of fund managers. We delve into his journey managing multi-million-dollar funds, including ventures supported by George Soros and OPIC, and his experience advising global institutions like the Brunei Investment Authority and African Development Bank. Gavin also offers valuable insights into the evolving landscape of emerging markets and the principles behind sustainable investment success. Tune in for an engaging conversation filled with expertise, inspiration, and strategies to thrive in the world of private equity. Get Inspired, Be a Doer. Host: Anup Ghimire Guest: Gavin Ryan
The Hidden Economics of Remarkable Women is back for a very special seventh season. If you're a longtime listener, you'll know our show generally focuses on women from the global majority, or the global south. But this time, we wanted to cover the banks and institutions shaping global funding—particularly as the world faces an unprecedented amount of governmental debt. According to the International Monetary Fund (IMF), global public debt is expected to top $100 trillion by the end of this year, its highest level ever. Many countries are facing painful choices about how to spend fewer resources, including on programs critical to women and girls. We recorded most of our interviews at the IMF and World Bank annual meetings in late October, right before the U.S. presidential election. Here, financial leaders decide how to spend billions of dollars on top development priorities, such as poverty reduction, climate change, and gender equality. We'll try to answer some big questions this season: How are countries and multilateral institutions grappling with so much government debt? What are they doing to prepare for the new U.S. administration? And how is all this impacting the fight for gender equality? For the season premiere, we wanted to start by looking at what has worked in the past. We talk to two incredible women who have both been finance ministers and leaders at multilateral institutions about how they have advanced women and girls economically. Guests and organizations: Christine Lagarde, the president of the European Central Bank and the former head of the IMF Malado Kaba, the former head of gender at the African Development Bank and current managing director of Falémé Conseil First, host Reena Ninan speaks with Christine Lagarde, the president of the European Central Bank, the former head of the International Monetary Fund, and former finance minister of France. She is the first woman ever to hold any of these roles. Lagarde was also named by Forbes as the No. 2 most powerful woman in the world last year. Special thanks to our media partner for this season, the Atlantic Council. They hosted Lagarde at an event during the IMF and World Bank meetings right before our interview. Then, Reena interviews Malado Kaba, the former director of the Gender, Women, and Civil Society Department of the African Development Bank. She was also the first ever female finance and economy minister for the Republic of Guinea. Kaba is currently the managing director of Falémé Conseil, a consultancy firm focused on African economic growth. The Hidden Economics of Remarkable Women is a podcast from Foreign Policy, supported in part this season by the Gates Foundation, Northwestern University's Roberta Buffett Institute for Global Affairs, and the Atlantic Council. Learn more about your ad choices. Visit megaphone.fm/adchoices
Die ontwikkeling van die Baynes-hidro-elektriese projek vorder, met myne en energie-minister Tom Alweendo wat die implementeringsooreenkoms met Angola onderteken het. Alweendo het die belangrikheid van die projek uitgelig en die oorsprong daarvan in 1990's uitvoerbaarheidstudies opgemerk. Die Baynes-terrein is gekies vir die laer omgewings- en sosiale impak wat dit sal hê in vergelyking met Epupa. Ondersteun deur vennote soos die African Development Bank, sal bouwerk na verwagting in 2027 begin, na finansiële sluiting in 2026, wat 'n sleutelstap in streeksenergiesamewerking is. Alweendo het by die ondertekening oor die belangrikheid van die projek gepraat.
Bonds are considered safe investments but also a bit boring. Is that true, though?In the investing world, all the drama, for good or ill, is in the stock market. It's up, it's down, you get the picture. However, bonds also have an interesting story, and Benjamin Bailey is here to tell us about it.Benjamin Bailey is Vice President of Investments and Senior Fixed Income Manager at Praxis Mutual Funds, an underwriter of Faith & Finance.Introduction to Bonds and StocksBonds play a unique role in building a well-rounded investment portfolio compared to stocks. Stocks represent ownership in a company—owning a small piece of a business like Verizon or Lowe's. Investors typically buy stocks hoping for price appreciation, aiming to sell them for more than they paid. Bonds, however, function differently. When a large company needs significant funding, they may issue bonds to raise capital, allowing investors to “lend” the company money. In return, bondholders receive interest payments (often bi-annually) and get their initial investment back when the bond matures. Bonds may not offer the same potential for big gains as stocks, but they tend to provide more stability.Why Bonds Belong in a Diversified PortfolioBonds are often recommended as part of a diversified portfolio, especially as investors approach the time when they'll need to withdraw funds. If you're using a portfolio to fund your retirement or a significant life expense like college tuition, bonds help protect against sudden stock market dips. With time to weather market fluctuations, younger investors may not need as much exposure to bonds. Still, bonds add stability, allowing investors to rebalance effectively if stocks fall sharply.Individual Bonds vs. Bond FundsInvestors can choose between individual bonds and bond funds. While individual bonds can be appealing for their specific returns, they're less liquid, meaning buying and selling them is harder. Bond funds offer better liquidity and diversification, often containing hundreds of individual bonds. This way, if one bond in a fund doesn't perform well, it impacts only a small fraction of the portfolio, unlike holding a larger portion in individual bonds.High Yield Bonds: The Balance of Risk and RewardHigh-yield bonds offer higher potential returns than regular bonds but come with higher risk. While they're generally safer than stocks, they're riskier than average bonds. High-yield bonds can increase returns but should be balanced to avoid excessive risk in your bond allocation.Interest rates heavily impact bond performance. Bonds faced challenges during periods of rising interest rates. However, with higher starting yields now available, bond investments may provide better protection against downside risks moving forward. When considering bonds' role in your portfolio, it's helpful to focus on future potential rather than past performance.Faith-Based Investing and Impact BondsAn exciting development in the bond market is faith-based investing, where investments align with personal values. Faith-based bond funds screen out companies involved in industries like alcohol, tobacco, and gambling, allowing investors to support ethical practices. Praxis Mutual Funds, for example, offers “impact bonds” that fund positive social projects, such as social bonds issued by the African Development Bank to support initiatives like Power Africa.A bond portfolio can balance traditional bonds with impact bonds, allowing for both financial returns and social benefits. At Praxis, about 35% of the bond fund consists of impact bonds, which they feel is the appropriate level for diversification and positive impact.For those interested in learning more, Praxis Mutual Funds offers a range of resources, including their annual impact report. This is a great way to see how investments are actively making a difference. Visit PraxisMutualFunds.com to explore more about their equity and impact bond funds.On Today's Program, Rob Answers Listener Questions:I have a 16-year-old daughter who was awarded a $220,000 settlement. I'm concerned she will have full access to this money when she turns 18, and I don't think an 18-year-old should have that much money. What are my options to prevent her from accessing this money at 18?Resources Mentioned:Praxis Mutual FundsOpen Hands FinanceLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
Uachtarán na hÉireann, President Michael D. Higgins delivered the 2024 Kofi Annan Eminent Speakers' Lecture in a live online event from the State Reception Room in Áras an Uachtaráin. President Higgins was invited to deliver this year's lecture by the President of the African Development Bank, Dr Akinwumi Adesina. The lecture series was launched in 2006 and in 2018 was renamed in honour of the former Secretary-General of the United Nations, Kofi Annan. The lecture has been previously delivered by seven Nobel laureates, including winners of the Nobel Peace Prize, the Nobel Prize in Literature and the Nobel Memorial Prize in Economic Sciences, as well as by a number of Heads of State, Heads of Government, academics and heads of global institutions.
Among the major development initiatives under discussion at the United Nations this week in New York is an ambitious goal set out by the World Bank and the African Development Bank, which aims to get electricity to 300 million Africans by 2030. During the high-level week of the U.N. General Assembly, Devex caught up with Andrew Herscowitz, CEO of the M300 Accelerator, which aims to make these ambitions into reality. M300 is based at the Rockefeller Foundation and supported by the Global Energy Alliance for People and Planet, or GEAPP, and Sustainable Energy for All, two international organizations focused on bringing clean energy to everyone. Herscowitz is the former head of Power Africa, a previous energy initiative that, in its first decade, helped deliver new or improved electricity to nearly 200 million people in Africa. But he said the latest project was even more ambitious. In fact, he said, it was “probably the biggest thing that's happening in international development right now.” It needs “quantum leaps in a couple of different areas” for the accelerator to succeed in its goals, he said. But he told Devex that he was confident that he and his allies had the resources to make those leaps happen. Devex Senior Reporter Adva Saldinger sits down with Herscowitz to discuss more about M330 for a special episode of our weekly podcast series. Sign up to the Devex Newswire and our other newsletters: https://www.devex.com/account/newsletters
“Within just five years we lost almost 20 metres of the shoreline and it does not seem to be slowing with time.”Climate experts say up to 60% of Africa's coastal land could disappear within the next 50 years due to coastal erosion resulting from sea-level rise. In this episode of Africa Daily, Alan Kasujja discusses the impact of this on coastal communities, and what they need to do to avert the worst possible scenarios.He speaks to Saida Idris, a resident of Kipini village on the Kenyan coast where 10 kilometres of dry land have been lost to the sea and a thousand people forced to relocate over the last decade. Conservationist George Odera, who witnessed the changes as they unfolded in Kipini for over a decade, shares expert opinion. And International development consultant and former Principal Environmentalist at the African Development Bank, Dr Hany Shalaby, gives an overview of how coastal erosion is manifesting along the Mediterranean shorelines in North Africa and on the seven thousand kilometre-long West African coastline.
The Road Freight Association says Transnet's R18 billion loan from the African Development Bank is a move in the right direction. Website
Ursula von der Leyen re-elected as European Commission President +++ US President Biden contracts COVID-19 +++ South Africa: $1 billion loan for Transnet by African Development Bank
Stephen Sackur speaks to Akinwumi Adesina, President of the African Development Bank. He wants massive international financial backing to turn his continent into a global economic powerhouse. But amid chronic poverty, debt and climate threats, will Africa get the support it needs?
With memories still fresh from the first Cold War, leaders in Africa, Asia, and across the Global South have repeatedly said they do not want any part of a second Great Power rivalry. But as tensions between the U.S. and China steadily deteriorate, the pressure on these smaller, non-aligned countries is going to surge. The geopolitical dynamics are changing very fast. Jane Perlez, a renowned Pulitzer Prize-winning journalist who spent more than thirty years reporting for The New York Times as a foreign correspondent, laid out the challenges in a new eight-part podcast series on the burgeoning U.S.-China strategic competition. Jane joins Eric & Cobus from Sydney to share her insights on where this competition is going and what impact she thinks it will have on developing countries. SHOW NOTES: Listen to Face-Off: The U.S. vs. China hosted by Jane Perlez: https://tinyurl.com/22kkfpu8 JOIN THE DISCUSSION: X: @ChinaGSProject | @stadenesque | @eric_olander | @janeperlez Facebook: www.facebook.com/ChinaAfricaProject YouTube: www.youtube.com/@ChinaGlobalSouth FOLLOW CAP IN FRENCH AND ARABIC: Français: www.projetafriquechine.com | @AfrikChine Arabic: عربي: www.alsin-alsharqalawsat.com | @SinSharqAwsat JOIN US ON PATREON! Become a CAP Patreon member and get all sorts of cool stuff, including our Week in Review report, an invitation to join monthly Zoom calls with Eric & Cobus, and even an awesome new CAP Podcast mug! www.patreon.com/chinaglobalsouth
Depending on who you ask, AI is either going to save the world or end it. The technology's capacity for data-crunching and problem-saving can help predict weather events, making it easier to optimize power grids, prepare for natural disasters and maximize crop output. But artificial intelligence is also energy intensive – and easy to apply to ethically questionable ends. For all of these reasons, Priya Donti, professor of electrical engineering and AI at MIT, decided to found Climate Change AI, a group dedicated to applying AI to tackle climate problems. Donti tells Akshat Rathi about some of the projects the group is funding around the world, and what the democratization of AI would look like in practice. Explore further: Past episode about Microsoft's rising AI emissions, and President Brad Smith's claim that the AI will do more good than harm Past episode with African Development Bank president Akinwumi Adesina about climate innovation projects across the African continent Past episode with climate scientist and champion for developing countries Saleemul Huq Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Kira Bindrim, Anna Mazarakis and Alicia Clanton. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.See omnystudio.com/listener for privacy information.
Africa's wrestling with a $1.2tn debt, while global interest rates are at a 40-year high. This week's African Development Bank summit is focusing on this debt crisis. What solutions are on the horizon, and how are businesses coping? Elsewhere, Sam Fenwick is looking at the global cost of shipping containers. They are on the rise again this month causing European retailers to order now to make sure stuff arrives in time for Christmas.The latest business and finance news from around the world, on the BBC.
Landbou en water-minister Calle Schlettwein sê as waterlewering geprivatiseer word, sal moontlik net ryk mense water hê. Hy het tydens 'n paneelbespreking by die Wêreld Waterforum in Bali gepraat. Die bespreking is deur die African Development Bank en African Water Facility gereël, met die tema “innoverende finansiering en hulpbronmobilisering vir klimaatbestande water- en sanitasiebeleggings”. Schlettwein beklemtoon dat dit nie wys is om watervoorsieningsdienste te privatiseer nie, weens moontlike hoë koste wat na verbruikers oorgedra kan word. Dit sal beteken dat armer nie water sal kan bekostig nie.
RMB is committed to investing in growth on the African continent, and they will be sharing their deep insights through the Africa Focus series on 702, hosted by Crystal Orderson. This week's focus is on sustainable finance and why it is important for Africa, as well as the role of the African Development Bank in assisting African governments in accessing sustainable finance.See omnystudio.com/listener for privacy information.
The privatization program in postwar Sierra Leone was supposedly advanced by international financial institutions – the World Bank, IMF, African Development Bank – as a multi-sectoral development strategy aimed at reducing poverty and corruption, and improving economic growth and quality of governance and service delivery in the small West African country. Since 2005, this World Bank and IMF supported privatization agenda has been called different names by successive regimes in Sierra Leone. Inaugurated by Tejan Kabbah as a "poverty reduction strategy", it was renamed “agenda for change and prosperity” by Ernest Koroma, and now rebranded as a “new direction and medium-term development plan” by Julius Maada Bio. However, its unfulfilled promise remained the same and included the supply of reliable electricity, the creation of value-added agricultural productivity, developing a national transportation network, and sustainable human development through efficient social service delivery. Twenty years later, this IMF/World Bank privatization agenda in Sierra Leone has produced, and still produces, the reverse of its pronounced objectives. Today in Sierra Leone, more than 90% of the population live in absolute poverty, with expenditures below US$1 a day, according to the IMF. With rising youth unemployment, high infant and maternal mortality rates, poor growth performance, lack of income and access to basic social services, and excessive debt overhangs, the country's development prospects still remain grim. Consequently, instead of advancing economic growth and reducing poverty, Sierra Leone's privatization program has heightened political corruption and led to intensified multinational exploitation. At the heart of this development nightmare is the hidden competition between British financed corporations and United States-backed companies for control of non-transparent service-related contracts and corruptly awarded critical infrastructure projects. In this episode, we discuss how the British Commonwealth Development Corporation (CDC) and the United States Development Finance Corporation (DFC) used shell companies registered and operating out of British Virgin Islands, Mauritius, Zambia, Lebanon, Turkey, United Arab Emirates, South Africa, Kenya, and elsewhere to impose manufactured debts on Sierra Leone between 2013 and 2023 with the promise of providing reliable electricity that is still unavailable to Sierra Leonean citizens. We highlight how Ernest Bai Koroma and Julius Maada Bio enabled these corrupt energy agreements in the last 15 years, and how various energy and finance ministers of both the All Peoples Congress (APC) and Sierra Leone Peoples Party (SLPP) served as agents for British financed companies and United States-backed corporations in the corrupt use of the privatization program to facilitate state corruption and multinational exploitation. Thus, we use the ruthless competition between the Commonwealth Development Corporation (CDC) and United States Development Finance Corporation (DFC) over the multimillion dollars non-transparent Western Area Power Generation Project loan agreements involving Blue Flare (BVI), TCQ Power Ltd, CEC Africa Investments Ltd (CECA), Milele Energy, the World Bank, African Development Bank, and other financial institutions to further illustrate how the privatization of social service delivery in Sierra Leone is corruptly enriching multinational companies and the local political elites, while increasing the sovereign debt crisis and worsening living standards for regular citizens. Hence, the current political and economic crisis in Sierra Leone, including the rigged June 2023 elections, skyrocketing taxes, and ongoing human rights violations, are directly linked to the unscrupulous competition between British companies and American financed corporations to exploit Sierra Leone's privatization of social service delivery. This episode is part of the VOICE FROM EXILE commentary series of the Africanist Press.
Hear from Daniel Wagner, CEO of Country Risk Solutions, about the complexities of the global geopolitical risk landscape. In these volatile and uncertain times, identifying, measuring and managing geopolitical risk is a daunting task. Everywhere we turn, geopolitical struggles are grabbing headlines, whether we're talking about, for example, the Israel-Hamas and Russia-Ukraine wars, U.S.-China strategic relations, or Red Sea hostilities. These multi-layered events are having a huge impact across the risk management spectrum, affecting everything from market risk to supply-chain risk to credit risk, cyber risk and liquidity risk. Complicating matters further, they are idiosyncratic and very difficult to predict. Keeping all this in mind, there are certainly still steps that financial risk managers can take to better measure and mitigate geopolitical threats. Our guest speaker, Daniel Wagner, is the perfect person to shed light on today's complex geopolitical environment and to peer into the future. Links From Today's Discussion: GARP Benchmarking Initiative (GBI)® Speaker's Bio Daniel Wagner, founder and CEO, Country Risk Solutions Daniel has more than three decades of experience assessing cross-border risk. He is an authority on political risk insurance and analysis and has worked for some of the world's most respected and best-known companies, including AIG, GE, the African Development Bank, the Asian Development Bank, and the World Bank Group. Until the end of 2023, he was Adaptation Finance Lead and Technical Advisor on Private Capital Mobilization for COP28 in Abu Dhabi. Prior to that, he was Senior Investment Officer for Guarantees and Syndications at the Asian Infrastructure Investment Bank in Beijing and Abu Dhabi. Daniel has published 10 books – Decision-Making in the Polycrisis Era, The Chinese Epiphany, The Chinese Vortex, The America-China Divide, China Vision, AI Supremacy, Virtual Terror, Global Risk Agility and Decision-Making, Managing Country Risk, and Political Risk Insurance Guide – as well as more than 700 articles on current affairs and risk management. He is a regular contributor to such publications as the South China Morning Post, Sunday Guardian, Diplomatic Courier and Fair Observer, among many others. Please see www.countryrisksolutions.com for a full listing of his publications and media interviews.
In the fifth episode, Nancy Jacklin delves into the realm of multilateral banks that have a regional orientation, known as Regional Development Banks (RDBs). Although there are over 30 RDBs worldwide, this podcast will spotlight just three of these banks: the InterAmerican Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development. The guest for this session will be Nancy Lee, currently Director for Sustainable Development at the Center for Global Development and a former senior policy official in the US Government and in the IADB, experienced in development issues. The discussion will highlight how these RDBs often mirror the operational model and objectives of the World Bank but also how each has its unique character.
Angolan President João Lourenço returned from a three-day visit to China loaded with goodies. He secured an upgrade in diplomatic ties, promises of new investment and, most importantly, a major reduction in monthly debt payments. Lourenço's success in China comes as Luanda is also luring massive engagement from the U.S., prompting some observers to suggest that Angola now joins a select group of middle-power states like Vietnam that are strategically benefitting from the rivalry between Washington and Beijing. Also, Eric, Cobus & Geraud discuss Chinese infrastructure spending in the DRC and whether China will benefit after the U.S. was expelled from Niger this week. JOIN THE DISCUSSION: X: @ChinaGSProject | @stadenesque | @eric_olander | @christiangeraud Facebook: www.facebook.com/ChinaAfricaProject YouTube: www.youtube.com/@ChinaGlobalSouth FOLLOW CAP IN FRENCH AND ARABIC: Français: www.projetafriquechine.com | @AfrikChine Arabic: عربي: www.alsin-alsharqalawsat.com | @SinSharqAwsat JOIN US ON PATREON! Become a CAP Patreon member and get all sorts of cool stuff, including our Week in Review report, an invitation to join monthly Zoom calls with Eric & Cobus, and even an awesome new CAP Podcast mug! www.patreon.com/chinaglobalsouth
ffinlo Costain (8point9.com) and Phil Carson catch up on the week's land use news - and meet forestry expert, Andrew Heald. News items they discuss: Highland estate to generate biodiversity credits with SLR and RePlanet https://8point9.com/highland-estate-to-generate-biodiversity-credits-with-slr-and-replanet/ How will BNG affect the UK biodiversity credit market? Max Bodmer, RePlanet https://8point9.com/how-will-bng-affect-the-uk-biodiversity-credit-market-max-bodmer-replanet/ Call for “radical rethink” to reap benefits of UK organic market for farmers https://8point9.com/call-for-radical-rethink-to-reap-benefits-of-uk-organic-market-for-farmers/ 40 projects to benefit from £25 million funding for natural flood management https://8point9.com/40-projects-to-benefit-from-25-million-funding-for-natural-flood-management/ African Development Bank policies “undermining biodiversity” https://8point9.com/african-development-bank-policies-undermining-biodiversity/ “China and Brazil can lead harmonised criteria” for green agriculture https://8point9.com/china-and-brazil-can-lead-harmonised-criteria-for-green-agriculture/ SPECIAL GUEST Is the UK facing a timber crisis? https://8point9.com/is-the-uk-facing-a-timber-crisis/ Wood-based construction can reduce emissions and store carbon long-term https://8point9.com/wood-based-construction-can-reduce-emissions-and-store-carbon-long-term/ LONGER CONVO - Liberal Democrats promise £1bn extra for English farmers https://8point9.com/liberal-democrats-promise-1bn-extra-for-english-farmers/ Prime Minister “needs to map a realistic future for farmers” https://8point9.com/prime-minister-needs-to-map-a-realistic-future-for-farmers/ Welsh Government says “We are listening” https://8point9.com/welsh-government-says-we-are-listening/ AND Embrace the canopy – Wales' Sustainable Farm Scheme https://8point9.com/embrace-the-canopy-wales-sustainable-farm-scheme/ --- Send in a voice message: https://podcasters.spotify.com/pod/show/farmgate/message
It's a common story across the continent. A student graduates from university. They celebrate the end of their hard work with proud family members. But when they start job hunting they find they face fierce competition for a small number of jobs. The International Labour Organization say one in five African youth were not in employment, education, or training in 2021. But a similar proportion of Africa's working-age population are starting new businesses - the highest rate of any region in the world, according to the African Development Bank. So is entrepreneurship the answer to low job creation? Alan Kasujja has been looking at this issue with a budding entrepreneur who is about to graduate and a university professor who has witnessed trends in graduate employment.
“In procurement, we have a perception of the world we're in, and we put boundaries around ourselves. But we have to explore beyond those boundaries and think about what we can do that will be different and better.” - Stephen Ashcroft A seismic shift is underway in procurement. Teams are adapting to a rapidly changing global business landscape and new technological realities. The best procurement leaders will take advantage of this transformational period to develop new strategies, tactics, and tools that will elevate their impact and position procurement as an invaluable partner for the business. In this episode, Philip Ideson goes one-on-one for a second time with global procurement thought leader, entrepreneur, and influencer Stephen Ashcroft, founder of the innovative new procurement professional development program Map & Territory. Steve, the former Head of Procurement for the African Development Bank, shares the greatest lessons he learned from his procurement experience in over 40 countries. They discuss: The 3 most valuable skills every procurement leader needs to succeed today Where procurement is most underrated, and how to turn that around How a different approach to professional development and community building, like Map & Territory, can help procurement rise and adapt to new global realities Links: Subscribe to This Week in Procurement Stephen Ashcroft on LinkedIn Setting the Standard for Procurement Across Africa w/ Steve Ashcroft Map & Territory: A Procurement Leadership Program
Further conversations from this year's summit.COP28 was the largest climate talks to date, with global industry leaders, governments,analysts, journalists and climate activists converging on Dubai for the summit.The Energy Gang's schedule was packed, and host Ed Crooks was joined by manyinteresting and influential people from the world of energy across 6 full days. In this episode, we bring you three new conversations that we couldn't fit into the regular schedule.Kevin Kariuki is the Vice President for power, energy, climate and green growth at the African Development Bank. Laetitia De Marez is the Senior Program Director of the Climate Finance Access Network run by the thinktank RMI. Together they discuss ways to increaseinvestment in cutting emissions and adapting to the impacts of climate change.Also, Ed explores a technology for reducing emissions with Mark Davis, the Chief Executiveof Capterio, which works on solutions to stop gas being wasted by being burned off in flares.For our full COP28 coverage check out our other episodes and find out more atwoodmac.com/podcastsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This summer, the African Development Bank released its annual report stating that the continent needs between $230 billion to $250 billion annually to meet its climate goals. Africa's climate has warmed faster than the rest of the world since pre-industrial times. That makes it extremely vulnerable to climate change driven catastrophes that hinder economic growth and highlights the need for climate action through sustainable development. So how are Africa's leaders addressing the climate crisis? And how are countries across the continent approaching sustainable development? This week we're re-running host Bill Loveless' conversation with Destenie Nock about the climate and energy needs of African nations. Destenie is an assistant professor at Carnegie Mellon University where she teaches civil and environmental engineering as well as engineering and public policy. She is currently a visiting faculty member at Columbia University. Destenie is the director of the Energy, Equity, and Sustainability (EES) Group, where she leads a team of researchers at the intersection of social justice, energy analysis, and systems modeling. She has conducted extensive research on energy poverty in Africa. This conversation was originally recorded in November 2022 during COP27 in Egypt, where Destenie participated in a panel on putting decarbonization strategies into practice. Bill and Destenie discussed how this is playing out across different parts of Africa, including specific examples of what sustainable development could look like across the continent.
With the coup leaders in Niger refusing demands to hand power back to the elected government, the West African regional block ECOWAS is considering options including a military invasion of the country. ECOWAS is due to hold an extraordinary summit in Nigeria on Thursday to discuss its next move. Plus, we speak to the reporter behind a new BBC investigation into the 'spiritual healers' sexually abusing women in Morocco and Sudan. And we hear about what the African Development Bank is doing to improve access to clean water and sanitation on the continent.
The U.S. dollar's status as the global reserve currency is diminishing, which reduces the power that U.S. leaders have over the global economic system. In this episode, hear highlights from recent Congressional testimony during which financial elites examine the current status of the global financial system and what Congress is being told to do to address perceived threats to it (and to their own power). Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd276-the-demise-of-dollar-dominance Background Sources Recommended Congressional Dish Episodes CD269: NDAA 2023/Plan Ecuador CD230: Pacific Deterrence Initiative CD195: Yemen CD187: Combating China CD102: The World Trade Organization: COOL? International Monetary Fund “IMF Financial Activities List 2023.” Updated June 21, 2023. International Monetary Fund. “Weekly Report on Key Financial Statistics.” June 9, 2023. International Monetary Fund. “IMF Lending.” Updated December 2022. International Monetary Fund. Argentina “Argentina: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding” October 17, 2018. International Monetary Fund. “Argentina Policy Memorandum.” January 11, 1999. International Monetary Fund. Ecuador “Ecuador—Supplementary Letter of Intent.” March 13, 2003. International Monetary Fund. Smaller Banks within the World Trade System International Finance Corporation China “Members and Observers.” World Trade Organization. “ China and the WTO.” World Trade Organization. “From ‘China Shock' to deglobalisation shock: China's WTO accession and US economic engagement 20 years on.” Stephen Kirchner. January 24, 2022. United States Studies Centre. “The China Reckoning: How Beijing Defied American Expectations.” Kurt M. Campbell and Ely Ratner. February 13, 2018. Foreign Affairs. The World Bank “Who can borrow from the World Bank?” December 10, 2020. Bretton Woods Observer. “Domination of the United States on the World Bank.” Eric Toussaint. April 2, 2020. Committee for the Abolition of Illegitimate Debt. “Why Is the World Bank Still Lending to China?” Yukon Huang. January 15, 2020. Carnegie Endowment for International Peace. Congressional Stock Trade Tracking Quiver Quantitative Unusual Whales US Abuse of Sanctions “The Other Counteroffensive to Save Ukraine.” Lawrence Summers et. al. June 15, 2023. Foreign Affairs. Allies Pivoting “Europe must resist pressure to become ‘America's followers,' says Macron.” Jamil Anderlini and Clea Caulcutt. April 9, 2023. Politico. “US State Dept backs latest raft of Saudi, UAE, Jordan arms sales.” February 2, 2022. Al Jazeera. Witnesses Mark Rosen on Linkedin Daniel F. Runde on Linkedin “Membership Roster.” Accessed June 24, 2023. Council on Foreign Relations. Tyler Goodspeed on Linkedin Carla Norrlof - “Board of Directors.” Atlantic Council. Daniel McDowell bio Marshall Billingslea on Linkedin Audio Sources Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency June 7, 2023 House Financial Services Committee Watch on YouTube Witnesses: Dr. Tyler Goodspeed, Kleinheinz Fellow, Hoover Institution at Stanford University Dr. Michael Faulkender, Dean's Professor of Finance, Robert H. Smith School of Business at University of Maryland Dr. Daniel McDowell, Associate Professor, Maxwell School of Citizenship & Public Affairs at Syracuse University Marshall Billingslea, Senior Fellow, Hudson Institute Dr. Carla Norrlöf, Senior Fellow, The Atlantic Council and Professor, University of Toronto Clips 34:05 Dr. Tyler Goodspeed: In 2022, as the Ranking Member highlighted, 88% of all foreign exchange transactions by value involved the United States Dollar, a figure that has been roughly constant since 1989, which is testament to the substantial path dependence in international currency usage due to large positive network externalities. As the Ranking Member also highlighted, 59% of all official foreign exchange reserves were held in US dollars, which is down from a figure of 71.5% in 2001. By comparison 31% of all foreign exchange transactions by value involve the Euro, which is the second most commonly transacted currency, which accounted for 20% of official foreign exchange reserves. 34:50 Dr. Tyler Goodspeed: The fact that 90% of all foreign exchange transactions continue to involve the United States dollar, and that global central banks continue to hold almost 60% of their foreign exchange reserves in US dollars confers net economic benefits on the United States economy. First, foreign demand for reserves of US dollars raises demand for dollar denominated securities, in particular United States Treasury's. This effectively lowers the cost of borrowing for US households, US companies, and federal, state and local governments. It also means that on average, the United States earns more on its investments in foreign assets than we have to pay on foreign investments in the United States, which allows the United States to import more goods and services than we export. Second, foreign demand for large reserves of US dollars and dollar denominated assets raises the value of the dollar and a stronger dollar benefits us consumers and businesses that are net importers of goods and services from abroad. Third, large reserve holdings of US currency abroad in effect constitutes an interest free loan to the United States worth about $10 to $20 billion per year. Fourth, the denomination of the majority of international transactions in US dollars likely modestly lowers the exchange rate risks faced by US companies. Fifth, the given the volume of foreign US dollar holdings and dollar denominated debt, monetary policy actions by foreign central banks generally have a smaller impact on financial conditions in the United States than actions by the United States Central Bank have on financial conditions in other countries. 36:40 Dr. Tyler Goodspeed: However, the benefits of the US dollar's global reserve status are not without costs. The lower interest rates in the United States benefit US borrowers, especially the federal government. They also lower returns to US savers. In addition, though a stronger dollar benefits US consumers and businesses that net import goods and services from abroad, it does also disadvantage US firms that export goods and services abroad as well as firms that compete against imported goods and services. Furthermore, the perception of the US dollar as a safe haven asset means that demand for the dollar tends to increase in response to adverse macroeconomic events that are global in nature. As a result, the competitiveness of US exporters and US firms that compete against imported goods and services are likely to face an increased competitive disadvantage at times of elevated global macroeconomic stress. 37:35 Dr. Tyler Goodspeed: However, despite these costs, studies generally find that the economic benefits of the dollar's prominent global status outweigh the costs, providing a modest net benefit to the United States economy. This does not include the substantial benefit to which the chairman referred of the United States dollar's centrality in global transactions, allowing the United States to utilize financial sanction tools when appropriate in support of national security objectives. 44:50 Dr. Daniel McDowell: With little more than the stroke of the President's pen or through an Act of Congress, the US government can use financial sanctions to impose enormous economic costs on targeted foreign actors, be they individuals, firms, or state institutions, by freezing their dollar assets or cutting them off from access to the banks through which those dollars flow. The consequences for individual targets, known as specially designated nationals or SDNs, are severe, significantly impairing targets capacity to participate in international trade, investment, debt repayment, and depriving them of access to their wealth. Over the last two decades, the United States has used the tool of financial sanctions with increasing frequency. For example, in the year 2000, just four foreign governments were directly targeted under a US Treasury Country Program overseen by the Office of Foreign Assets Control (OFAC). Today that number is greater than 20, and if we include penalties from secondary sanctions the list gets even longer. The more that the United States has reached for financial sanctions, the more it has made adversaries and foreign capitals aware of the strategic vulnerability that stems from dependence on the dollar. Some governments have responded by implementing anti-dollar policies measures that are designed to reduce an economy's reliance on the US currency for investment in cross-border transactions. But these measures sometimes fail to achieve their goals. Others have produced modest levels of de-dollarization. Notable examples here include Russian steps to cut its dollar reserves and reduce the use of the dollar and trade settlement in the years leading up to its full scale invasion of Ukraine, or China's ongoing efforts to build its own international payments network based on the Yuan, efforts that have taken on a new sense of urgency as Beijing has become more aware of its own strategic vulnerabilities from Dollar dependence. 47:05 Dr. Daniel McDowell: The United States should reconsider the use of so-called symbolic financial sanctions. That is, if the main objective of a tranche of sanctions is to signal to the world or to a domestic audience that Washington disapproves of a foreign government's policy choices, other measures that can send a similar signal but do not politicize the dollar system ought to be considered first. Second, the use of financial sanctions against issuers of potential rival currencies in particular, China and its Yuan should face a higher bar of scrutiny. Even a small targeted sanctions program provides information to our adversaries about their vulnerabilities, and gives them time to prepare for a future event when a broad US sanctions program may be called upon as part of a major security crisis, when such measures will be most needed. Finally, whenever possible, US financial sanctions should be coordinated with our allies in Europe and Asia, who should feel as if they are key stakeholders in the dollar system and not vassals to it. Such coordinated efforts will prevent our friends from seeking to conduct business with U.S. adversaries outside of the dollar system and send a message to the whole world that moving activities into secondary currencies, like the Euro or the Yen, is not a safe haven. 48:35 Marshall Billingslea: I'll say at the outset that I agree with you and others that to paraphrase Mark Twain, reports of the dollar's demise have been greatly exaggerated. That said, we need to remind ourselves that in the 16th century the Spanish silver dollar was the dominant currency, in the 17th century it was Dutch florins, in the 18th century it was the pound sterling. The link between a nation's currency and its role as the relatively dominant political actor on the world stage is pretty clear. And that is why people like Lula from Brazil, Putin and Xi all aspire to undercut the role of the dollar as the global reserve currency. 50:00 Marshall Billingslea: If we look at what Russia did in the run-up to its further invasion of Ukraine, they began dumping ownership of treasury bonds in 2018. In that year, they plummeted from $96 billion and holdings down to $15 billion and they also started buying large amounts of gold. China is now, as the Ranking Member has observed, embarking on its own its own gold buying spree. I haven't seen the data for May, but April marked the sixth straight month of Chinese expansion in its gold holdings, and I'm not sure I believe the official figures. We have to recall that China is the dominant gold mining player around the world and half of those gold mining companies are state-owned. So the actual size of China's war chest when it comes to gold reserves may be far higher. In fact, I suspect inevitably far higher than official numbers suggest. Last year China also started dumping its treasuries. 2022 marked the largest or second largest decrease on record, with a drop of about $174 billion, and China stood at the lowest level since 2010. In terms of its holdings, though, this past March they did reverse course. This bears close watching because a sell-off may be a strong indicator of planned aggression. 51:20 Marshall Billingslea: The sheer size of the Chinese economy dwarfs what we've been contending with in the form of Iran, Russia, and so on. And one of the first things that the Biden administration did in the wake of Russia's attack was start sanctioning Russian banks and de-SWIFTing them. That's one thing when you're going after an economy smaller than the size of Texas; it's quite another when you consider that out of the 100 largest banks in the world, China has 20, and all four of the top four are Chinese banks. And that is why many within the Treasury contended when I was there, and they will contend to this day, that these Chinese banks are simply too big to sanction. I don't agree that we can allow that to stand but I do believe we have to start taking very swift action to put us in a situation where we could take punitive measures on these banks if necessary. 54:10 Dr. Carla Norrlöf: I will note that the Dollar's dominance is not quite as strong amongst private actors and private markets as it is with governments. In private transactions, it averages about 45% of the world's total. That includes FX transactions, but also things like issuance of international debt, securities, and cross-border banking. 54:55 Dr. Carla Norrlöf: The Chinese Yuan poses no immediate threat to dollar dominance. It accounts for roughly 3% of overall reserves. So far China has been successful in promoting the Yuan with its trade partners, but the Yuan is scarcely used by countries outside trade with China. China is a potential long term challenger due to its active pursuit of trade and investment relationships. If the Yuan is increasingly used by third countries, it will pose a greater threat to the dollar. 55:30 Dr. Carla Norrlöf: And in addition to these external threats, there is also a domestic threat. Flirting with the possibility of a voluntary default puts dollar dominance at risk. What should the US do to maintain dominance, to curb the domestic threat? Congress should consider creating an alternative mechanism for resolving political differences on government spending and its consequences. 56:00 Dr. Carla Norrlöf: To rein in external threats the United States should, whenever possible, implement multilateral sanctions in support of broadly endorsed goals to shore up the liberal international order. This is likely to limit dollar backlash. 59:40 Marshall Billingslea: The thing I do worry -- I come back to this fact that they've been buying a lot of gold -- that one of the things that they could do, which would be very concerning, if they wind up having larger reserves of gold than we believe, is they could start issuing Yuan or gold denominated, gold-backed Yuan contracts and that would further their ambition for introducing the Yuan onto the world stage. 1:05:00 Marshall Billingslea: China considers the actual composition of its foreign exchange reserves to be a state secret. So they don't publish and they they view it as a criminal offense to try to obtain that information in terms of the balance of how much is gold, how much Dollar or Euro denominated. But the numbers I've seen suggest that still at this moment, about 50% to 60% of their Foreign Exchange reserves are still in Dollars or Euros, which means that they are at high risk of sanctions; we can affect them. The problem is that that war chest that they've built up is enormous. It's more than $3 trillion that they have in Foreign Exchange reserves. Compare that with what Russia had at the onset of its assault, which was around $680 billion, of which we managed to freeze overseas half of it, but Russia is still keeping its economy going despite the Biden administration sanctions. So imagine how they're going to be able to continue with that sizable war kitty in Beijing if they do decide to go after the Taiwanese. 1:09:00 Dr. Tyler Goodspeed: Short term I think the risk is that we continue to see diversification away from the dollar, PRC continuing to push other countries to use trade inverse invoicing and Renminbi, that they continue to promote the offshore Renminbi market, that they continue to promote or force bilateral clearing. Longer term, I think the bigger risk is that foreign investors no longer perceive the United States federal government debt to be as safe and risk free as it is today perceived. 1:41:20 Dr. Daniel McDowell: The demonstration of US control over the actual flow of dollars, of communication, absolutely provides information to adversaries to prepare for events where they may face similar circumstances. And so I think what we're seeing is China, we're seeing Russia, we're seeing other countries try to create alternative payments networks. Russia has its own SPFS payment messaging system. It's quite small. It was launched in 2014, not coincidentally, after the initial round of sanctions targeting Russia. In terms of CIPS, China's cross border payments network, Belarus announced it was having banks join immediately following the 2022 sanctions. So what I'm saying is there's a pattern between when the United States mobilizes control over the pipes and the messaging of cross-border payments and adversaries looking for alternatives. It doesn't mean they're using them, but they're getting plugged into the system as at least sort of a rainy day option in the event of a future targeting. 1:45:35 Dr. Daniel McDowell: I look at China not just as a typical country, because I think they're an alternative service provider. Most countries fall into alternative service users; they're looking for an alternative to the dollar. China, you could perhaps put Europe in this as well, are the only two sort of economic BLOCs capable, I think, of constructing an attractive enough cross-border payments network that could attract those alternative service users that are looking for that network. And so that's why I think again, with China, there should be a higher bar of scrutiny. 2:02:20 Dr. Tyler Goodspeed: As deficits mount and as the debt burden rises above 100%, I think the Congressional Budget Office has it ending the budget window at about 119% of our economy, then we will probably observe an acceleration of diversification away from the dollar as a hedge. Again, I don't see another single currency displacing the dollar as the major international currency or as the major reserve currency, but continued diversification. International Financial Institutions in an Era of Great Power Competition May 25, 2023 House Financial Services Committee Watch on YouTube Witnesses: Jesse M. Schreger, Associate Professor of Business, Columbia Business School Mark Rosen, Partner, Advection Growth Capital and former Acting Executive Director, International Monetary Fund (IMF) Daniel F. Runde, Senior Vice President, Center for Strategic & International Studies(CSIS) Rich Powell, Chief Executive Officer, ClearPath & ClearPath Action Daouda Sembene, Distinguished Nonresident Fellow, CGD and CEO, AfriCatalyst Clips 39:55 Mark Rosen: The IMF is the global lender of last resort to countries that are in economic distress. IMF borrowers usually have a balance of payments problem, are running out of foreign exchange reserves, and so cannot meet their obligations. The IMF negotiates a set of economic policies with the borrower in government to alleviate the crisis, and, conditional on the government implementing the agreed policies, provides a loan in tranches, normally over a three year period. 41:00 Mark Rosen: The biggest challenge the IMF faces today is China which, as we've heard, has lent vast sums to emerging market and low income countries in a non-transparent and irresponsible manner. Many IMF members are now struggling to repay China. 42:05 Mark Rosen: The United States is the largest shareholder in the IMF and has veto power over certain key decisions and it's critical that the US continues to maintain its ownership of more than 15% which enables it to have this veto power. 42:20 Mark Rosen: China for some time, has been pressing for an increased quota share at the IMF. However, given its irresponsible lending, and then willingness to provide debt relief to developing countries, this is not the time to reward China with increased ownership at the Fund. Two other issues I'd like to focus on are anti-corruption and the catalytic role of the private sector in the work of the IMF. Corruption is a severe problem for many emerging market countries, which do not have strong institutions that can confront and root out corruption. The IMF is certainly doing a much better job than it did historically on anti-corruption, but I believe it's critical that it continues to make anti corruption laws and policies front and center in the conditions of its lending programs, as well as a focus of its technical assistance. Only by reducing corruption will many of these countries be able to attract the vast amount of private sector investment which is potentially available and remains the ultimate key to reducing poverty. Establishing a rule of law, including laws to protect private property is key to unlocking this investment. And it should be a focus of the IMF and World Bank to encourage these countries to improve the rule of law and to fight corruption. If they do that, emerging market countries can attract private capital and grow rapidly as many countries that have followed that path have already done so successfully. 44:45 Daniel Runde: Multilateral development banks, MDBs, under US and Western leadership are one way that we can respond with something. The United States built and strengthened the MDB system. MDBs provide money, advice, data and convening power to help developing countries solve problems. If the US exerts its influence over these institutions, they are forced multipliers of a US-led global system. If we disregard our leadership role, then other actors, including China, can exert influence over them. The World Bank Group is a series of institutions: it lends money to national governments, it has a private sector arm, and has an insurance arm. There are a series of other regional development bank's including the InterAmerican Development Bank, the Asian Development Bank -- Taiwan is a member of the Asian Development Bank -- the African Development Bank and the EBRD, the European Bank for Reconstruction Development Bank, focused mainly on countries that used to be behind the Iron Curtain. The United States has been instrumental in creating the majority of these institutions and remains the largest, or one of the largest, shareholders of every afformentioned MDB. Since the founding of these institutions, the US has used its shareholding power to shape the policies and activities of MDBs in indirect support of American foreign policy. 47:10 Daniel Runde: What role does China play in the MDBs? They're a shareholder. China continues to borrow from the World Bank and the Asian Development Bank. That is crazy. That needs to stop. China is a shareholder. Also, Chinese firms can bid on MDB projects. China wins a lot of in terms of dollar value, a lot of the dollar value of World Bank contracts. Something to take a look at. 47:35 Daniel Runde: How does the Belt and Road figure into the MDBs? You all have heard of the Belt and Road. Infrastructure is now a strategic issue. China's Belt and Road Initiative is a combination of construction and financing projects for roads, airports, and energy around the world. Unfortunately for us, BRI is an ambitious project that speaks to the hopes of China's friends and potential friends. To counter the BRI, the US needs a positive alternative that says more than, "Don't work with China." Right? That's not a strategy. We've got to have an alternative. 1:12:50 Rep. Andy Barr (R-KY): How do we end China's eligibility to borrow from the World Bank? Daniel Runde: The Asian Development Bank has said they're going to end their eligibility by 2025. We should absolutely hold them to that. There is a temptation for the World Bank and the Asian Development Bank to continue to loan for a couple of reasons. One is they say, "Well, this is a window into how we can understand China better." There's lots of other ways to understand China better. And or this is a way for us to -- for a bunch of lending reasons that they do it. You all have the power of the purse, you have an ability, I think you should have blunted conversations with the administration about this. I suspect it's an open door, but it's going to require, I think, some pushing from Congress. I would encourage this committee to push the administration on ending lending to China. 1:14:30 Jesse Schreger: So fundamentally right now, the Renminbi is not yet positioned to compete with the US dollar for a number of reasons. First and foremost, the reason that the dollar plays the role it does in the international financial system is it provides the global safe asset. You're confident, except for the upcoming debt ceiling, that you will always be paid back if you own US dollars. That's fundamentally what you know. When you contemplate investing in China and holding Chinese Renminbi as reserves, you're not necessarily sure that you're gonna be able to turn that piece of paper into the goods and services that you need or intervening in FX markets. 1:21:15 Jesse Schreger: First and foremost, what China is trying to do is essentially convince countries around the world that the Renminbi is an alternative asset to invoice your trade and to invest in. And so on the investment side, they've been working very hard to actually allow in foreign capital, encouraging foreign central banks to hold Renminbi denominated bonds as their reserves. And on the trade side, they're encouraging firms to invoice, basically price their goods, in Renminbi. There's a few areas in which they've had challenges there. So first, we actually don't know who are holding most of these Renminbi denominated assets. What you can see is after the US sanctioned Russia back in 2014, it was the Russian Central Bank that effectively announced they were moving out of US dollar denominated assets and into Renminbi, so they did that publicly. And so China has effectively been trying to attract foreign capital of that form and a lot of the reasons for that is that China finds itself vulnerable in the dollar-based financial system. And so what I would say the fundamental area in which the United States can assure the dominance of the dollar is making everyone understand that US Treasuries are the world's safe asset that there is no state of the world in which the United States can or will default. 2:03:25 Jesse Schreger: I think the real way in which people start being able to issue and borrow in Renminbi is when people start thinking in terms of the goods that they need to buy and consume are in Renminbi. Fundamentally, most countries around the world, if they issue a bond in Renminbi, the calculation they have to do is then "okay, I'm going to take my renminbi and convert it into US dollars to buy the thing in which I need." And so while actions in the US financial system are certainly going to affect other countries decisions to borrow in Renminbi, the kind of underlying challenges in Chinese financial markets and fundamentally the lack of goods priced and sold in Renminbi are going to continue to hold back kind of a growth of this market for a while. And in particular, the fact that many countries are reluctant to try to raise money inside of China's liquid onshore capital markets for, effectively, fear of capital controls. If you've raised renminbi in China, you can't get that out and to your projects the way you can if you raise money in the US in dollars. 2:14:55 Daniel Runde: The business model of the World Bank is they lend money to richer countries with a pretty good credit rating and then they cross subsidize that by lending to poor countries with a poor credit rating. My view is, China can finance its own development, we should stop this practice. I think the Asian Development Bank has sort of gotten the memo, but the World Bank has not fully gotten the memo and they'll give you kind of World Bank-y answers to this sort of thing. We got to stop it. Rep. Zach Nunn (R-IA): Mr. Runde, I could not agree with you more. And you highlighted earlier, you know, by 2025, China should graduate from this program. I'd offer that 25 is two years too late. We can start funneling them off that now. Daniel Runde: I agree, sir. Rep. Zach Nunn (R-IA): I think you're in the right spot. Thank you. Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer Cover photo Eric Prouzet on Unsplash
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