Podcasts about african development bank afdb

The African Development Bank (AfDB) faces major challenges as US President Donald Trump plans to slash by half a billion dollars the US contribution to the AfDB's development fund, which offers low-priced financing to the continent's poor nations.

One of the key factors why African economies continue to grow is smart financing by lending institutions, such as the African Development Bank (AfDB). In this podcast, Josephine Mahachi speaks with Dr. Samuel Munzele Maimbo, Vice President for Budget, Performance Review, and Strategic Planning at the World Bank and a candidate vying to lead the African Development Bank (AfDB).

The Monetary Policy Committee decided on Thursday to cut policy rates by 225 basis points to 25% and 26% for overnight deposit and overnight lending rates respectively. The government is planning to replace many of the various fees charged by different entities with a single unified additional tax on net income, which aims to streamline the tax system and reduce the administrative burden on businesses. Saudi-owned agribusiness and Alkhorayef Group subsidiary Rakhaa for Agricultural Investment and Development is planning to list 30% of its shares on the EGX in a secondary offering in 2H 2025, Alkhorayef's Managing Director Abdullah Alkhorayef said.Chevron's Red Sea exit is now official, with statements from the US energy giant and the Oil Ministry confirming that it has withdrawn from its 45% stake in Red Sea Block 1, citing the lack of energy finds. The African Development Bank (AfDB) plans to funnel USD300 mn into Egypt's private sector this year, Planning and International Cooperation Minister Rania Al Mashat said.More than 115 companies in the pharmaceutical and building materials sectors have submitted applications to the Industrial Development Authority to obtain financing totaling more than EGP8.5 billion, as part of the first phase of the initiative to finance priority industrial sectors at a 15% interest rate, according to officials from the Federation of Egyptian Industries.An official at the Ministry of Agriculture said that Egypt will not need to import sugar starting next year, after local production reached record-highs.COMI announced that it will cut interest rates on its savings accounts and its certificates of deposits (CDs) by 225 bps, starting today. MASR AGM approved the distribution of cash dividends of EGP0.25/share (DY of 5.5%) to be distributed over two installments in May and October 2025.EGCH resumes operations at its ferrosilicon plant in Aswan, following a five-year hiatus. 

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025. Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell's local natural gas production by year-end.Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap. OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

*Key news articles for today*The government is planning on offering up stakes in its majority-owned Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) on the EGX during 1Q25. The sources expect the government to offer 20-25% stakes in each company, with the IPO's private placement focused on attracting major companies like the UAE's AD Ports and DP World. Kuwait renewed a USD2 bn Central Bank of Egypt deposit certificate due for repayment in April for another year. Egypt's non-oil exports rose to USD33.35 billion during 10M24, an increase of 12.2% compared to the same period last year. MPs approved 22 of the 44 articles in the draft cash-based subsidies bill to establish a Takaful and Karama fund to provide cash-based payments to those under the poverty line, funded by the state budget, private contributions, foreign grants and loans, and investments. The African Development Bank (AfDB) has approved a USD170 mn loan to fund local energy and infrastructure leader Hassan Allam Utilities and Saudi renewables giant ACWA Power's 1.1 GW wind farm in the Gulf of Suez, set to be the largest of its kind in the Middle East, according to a statement from AfDB. The loan would fund 16.0% of the entire USD1.1 bn project. The Prime Minister issued a decree setting the selling price of natural gas supplied for electricity generation at USD4 per million British thermal units, to electricity production companies affiliated with the Ministry of Electricity or other companies. The Prime Minister also issued a decree to pay the value of natural gas consumption in USD for free zone and economic zone projects. The House gave its final nod to five energy exploration bills authorizing the Oil Ministry to contract with local and international companies to explore for oil and gas across Egypt in the Mediterranean, in the Nile Delta, and in the Western Desert. Transport and Industry Minister Kamel El Wazir called on Mermec to establish a factory to localize the production of signalling and control systems for railways. Egyptian National Railways finalized an agreement with Spain's high-speed train manufacturer Talgo to supply seven new luxury sleeper trains, following the recent delivery of six similar models. A EUR200 mn loan to import sleep trains from the company was given the presidential thumbs up in August after being passed by the House in June. State-owned Holding Company for Roads and Bridges is looking to secure USD500 milliin worth of railway projects with the Iraqi government as a part of Iraq's plan to spend USD100 billion on infrastructure over three years.  MASR (FV: EGP8.11, OW) 1) aims to build two hotels in Taj City in 2025, 2) aims to invest EGP20.0 billion in construction work in 2025, 3) signed a contract with Majid Al Futtaim to open a Carrefour branch in Taj City, and 4) expects to start collecting rental income in 2027.Banking United Bank has concluded its retail and private offerings, with its retail offering that closed yesterday being oversubscribed 59x. CICH announces the completion of the issuance of securitization bonds for Al-Tawfeek Lease and Tamweel Mortgage Finance amounting to EGP1.5 and EGP1.8 billion; respectively.  FWRY (FV: EGP13.00, OW) announced that its fully owned subsidiary, Fawry MSME, BNPL's portfolio onboarded over 50,000 merchants to its service, facilitating 750k transactions with a total value of EGP2 bn. 

Electrifying 300M Africans by 2030! LIVE from the Concordia Annual Summit in New York City with Andy Herscowitz, CEO of the Mission 300 Accelerator. In this episode, Andy Herscowitz explains Mission 300, an initiative to provide access to electricity to 300 million Africans by 2030.Mission 300 is possible through the collective efforts of the World Bank Group, African Development Bank (AfDB), The Global Energy Alliance for People and Planet (GEAPP), The Rockefeller Foundation, and Sustainable Energy for All (SEforALL).Watch on YouTubeRead out Press ReleaseVisit our Website

Diana Games,  Chief Executive at Africa At Work discusses the UN Economic Commission for Africa Conference in Victoria Falls, which is set to address critical financial issues in Africa, including green economy financing, climate finance, debt, and illicit financial flows. President Mnangagwa's attendance adds significance, with the event showcasing the growth of conferences and tourism in Victoria Falls. The conference will also feature the launch of the Economic Report on Africa 2024, raising questions about its alignment with the positive outlook presented in a recent report by the African Development Bank (AfDB). The AfDB's 2024 Economic Outlook indicates that 11 of the world's fastest-growing economies are in Africa, driven by new oil and gas production. The continent's overall growth is predicted to exceed the global average, demonstrating resilience amid international conflicts and crises.See omnystudio.com/listener for privacy information.

The African Development Bank (AfDB) is forecasting an average inflation of 17.1% for Ghana in 2024. This would place the country in the 37th position out of 44 countries in Africa with the highest inflation.

Egypt has USD42.3 billion in foreign debt repayments in 2024, including interest payments.According to CBE data, Kuwait has rolled over a total of USD4 billion deposits. Also, the data shows a rollover of a USD1 billion UAE deposit.China-based chemicals manufacturer Befar Group could build a USD2 billion industrial complex for producing specialty chemicals in East Port Said under a letter of intent inked with the SCZone last week.Norwegian renewables developer Scatec will establish a 1-GW solar and 200-MWh battery storage project in Egypt, under an agreement signed with the Egyptian Electricity Holding Company (EEHC).Egypt will ink some USD270 million worth of projects aimed at slashing the industrial sector's carbon emissions, Environment Minister Yasmine Fouad said.The Ministry of Finance will request the expansion of the use of green sovereign financing in financing projects that reduce carbon emissions. Cabinet approved an MoU that will allow China Electric Power Equipment and Technology — a subsidiary of Chinese state-owned electric utility corporation State Grid — to begin its feasibility studies on a proposed 10-GW solar energy project.Five countries and the EU committed financing a combined USD420 million to the loss and damage fund, helping developing nations in their fight against climate change. Funds could start rolling out as soon as 1Q24.We upgraded our fair value for ORAS to EGP233.65/share up from EGP192.45/share, and maintain our Overweight recommendation for the stock.  ORAS is currently trading at FY24e P/E of 11.4x and EV/EBITDA of 3.2x. Net foreign banking system assets deficit amounted to USD27.12 billion in October, recording an increase of 1.2% on a monthly basis. FAIT (FV: EGP33.00, EW) 3Q23 consolidated bottom line recorded EGP863 million (+61% y/y, +12% q/q), bringing 9M23 bottom line to EGP3.9 billion (+48% y/y). We issued an Equalweight recommendation on FAIT on an updated FV of EGP33.00/share. The stock is currently trading at P/B24 of 0.8x and P/E23 of 8.1x.The African Development Bank (AfDB) has approved a USD148 million financial package for COMI, which will be used to on-lend its clients and strengthen its capital position. Naguib Sawiris is planning to invest at least USD120 million in a project that aims to replace motorcycles' and tuk-tuks' traditional combustion engines with electric motors. The plan will be carried out through the e-mobility startup BlueEV, under an investment agreement signed with OIH earlier this year.CCAP's TAQA is set to submit a binding offer to purchase an unspecified number of fuel stations from military-owned fuel retailer Wataniya after Taqa's board approved the decision on Wednesday. Several OPEC+ countries agreed on Thursday to make deeper voluntary supply cuts in a bid to stabilize the markets. Real estate developers are in discussion with the government over incentives for Egyptian expats and foreigners who opt to pay in foreign currency to purchase properties in Egypt from private-sector developers.AMIC released its report for October showing personal cars sales of 6,970 units (+14.7% YoY, -11.6% MoM).The head of Pharmaceutical Industry Chamber of the Federation of Egyptian Industries stated that Egypt released only 30% of raw materials needs for pharmaceutical companies this year and the remaining quantity accumulated in the ports was not entered due to the shortage of foreign currency. This led to a decline of 40% in production capacities of pharmaceutical factories and a shortage of medicines in the market by 30-40% in 2023, according to local media.

South Africa has confirmed the signing of three new policy loan agreements - worth more than $1.8-billion - in support of the country's Just Energy Transition Investment Plan (JET-IP), the implementation plan for which was approved by Cabinet last week. The dollar- and euro-denominated loans are described as "concessional' and have been provided directly to the National Treasury for general budget expenditure purposes by the World Bank, Germany's Kreditanstalt für Wiederaufbau (KfW), and the African Development Bank (AfDB). The $1-billion, 15-year World Bank loan includes a five-year grace period and carries an interest rate based on the six-month Secured Overnight Financing Rate (SOFR), which currently stands at 5.32%, plus 0.95%. The current rate payable on a South African ten-year bond is about 10%. The $300-million, 12-year AfDB loan is priced at the six-month SOFR, plus 1.22%, with a two-year grace period. The 500-million, 12-year KfW loan, meanwhile, has been extended at a fixed 4.4% interest rate and also includes a three-year grace period. The National Treasury said the KfW and AfDB loans followed their partnership with the World Bank on the second Development Policy Operation to support South Africa's commitment to the just transition for a low-carbon and resilient economy. "The financing facilities from the three development institutions are in line with the National Treasury's funding strategy to diversify its funding mix for international borrowing and access concessional financing instruments offered by the development partners to support government's key reforms under climate change and the electricity sector. "These facilities also enable the National Treasury to raise funding at very affordable rates which help to reduce the government public debt," the National Treasury said in a statement. In November 2022, the French and German development banks, AFD and KfW respectively, extended 300-million apiece in support of the JET-IP; these were also extended in the form of policy loans to the National Treasury. The announcement of the latest JET-IP-linked loans follows a reaffirmation by the International Partners Group (IPG) of its support of South Africa's JET-IP. Initially comprising France, Germany, the UK, the US and the European Union, the IPG was expanded earlier this year to include Denmark and the Netherlands and the total financing commitment has also increased to $9.3-billion from $8.5-billion. The IPG also announced that the overall grant financing component had been increased to $713-million, representing a 116% increase from the amount committed at COP26 in 2021. The IPG also welcomed the progress that South Africa had made on its JET-IP implementation plan, which was approved by Cabinet at its most recent meeting. The plan will guide implementation of the far larger JET-IP, which was itself approved ahead of COP27 last year, and indicated that investment of about $99-billion will be required to support South Africa's transition to greater climate resilience over the coming five years. The JET-IP sets out investments that South Africa will need to make in electricity, new energy vehicles and green hydrogen to ensure its climate resilience in line with decarbonisation targets outlined in the Nationally Determined Contribution lodged with the United Nations.

South Africa has confirmed the signing of three new policy loan agreements - worth more than $1.8-billion - in support of the country's Just Energy Transition Investment Plan (JET-IP), the implementation plan for which was approved by Cabinet last week. The dollar- and euro-denominated loans are described as "concessional' and have been provided directly to the National Treasury for general budget expenditure purposes by the World Bank, Germany's Kreditanstalt für Wiederaufbau (KfW), and the African Development Bank (AfDB). The $1-billion, 15-year World Bank loan includes a five-year grace period and carries an interest rate based on the six-month Secured Overnight Financing Rate (SOFR), which currently stands at 5.32%, plus 0.95%. The current rate payable on a South African ten-year bond is about 10%. The $300-million, 12-year AfDB loan is priced at the six-month SOFR, plus 1.22%, with a two-year grace period. The 500-million, 12-year KfW loan, meanwhile, has been extended at a fixed 4.4% interest rate and also includes a three-year grace period. The National Treasury said the KfW and AfDB loans followed their partnership with the World Bank on the second Development Policy Operation to support South Africa's commitment to the just transition for a low-carbon and resilient economy. "The financing facilities from the three development institutions are in line with the National Treasury's funding strategy to diversify its funding mix for international borrowing and access concessional financing instruments offered by the development partners to support government's key reforms under climate change and the electricity sector. "These facilities also enable the National Treasury to raise funding at very affordable rates which help to reduce the government public debt," the National Treasury said in a statement. In November 2022, the French and German development banks, AFD and KfW respectively, extended 300-million apiece in support of the JET-IP; these were also extended in the form of policy loans to the National Treasury. The announcement of the latest JET-IP-linked loans follows a reaffirmation by the International Partners Group (IPG) of its support of South Africa's JET-IP. Initially comprising France, Germany, the UK, the US and the European Union, the IPG was expanded earlier this year to include Denmark and the Netherlands and the total financing commitment has also increased to $9.3-billion from $8.5-billion. The IPG also announced that the overall grant financing component had been increased to $713-million, representing a 116% increase from the amount committed at COP26 in 2021. The IPG also welcomed the progress that South Africa had made on its JET-IP implementation plan, which was approved by Cabinet at its most recent meeting. The plan will guide implementation of the far larger JET-IP, which was itself approved ahead of COP27 last year, and indicated that investment of about $99-billion will be required to support South Africa's transition to greater climate resilience over the coming five years. The JET-IP sets out investments that South Africa will need to make in electricity, new energy vehicles and green hydrogen to ensure its climate resilience in line with decarbonisation targets outlined in the Nationally Determined Contribution lodged with the United Nations.

Africa's economic landscape as the next frontier for global investments was on song for three days last week in Marrakech, Morocco, where the African Development Bank (AfDB) led by President Akinwumi Adesina of Nigeria, and its development partners successfully showcased the continent's value chains to international investors, attracting more than 1000 delegates to what is now globally recognised as a go-to annual event for serious financial deals closure, the Africa Investment Forum (AIF) Market Days. To underscore its now global attraction and success, this year's AIF's Market Days had no fewer than 80 Japanese companies including at least 50 business leaders, entrepreneurs and investors among the over 1000 delegates in attendanceThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

The crypto has gained roughly 122% this year and 134% in the last 12 months. development finance institutions (DFIs) led by the African Development Bank (AfDB) have partnered to finance $3-billion in a private sector-focused Alliance for Special Agro-Industrial Processing Zones (SAPZs) to bridge the critical financing gap in agriculture in Africa.

In 2015, Akinwumi Adesina was elected President of the African Development Bank (AfDB), and since then he's become a symbol of optimism across the continent. How did he become known as Africa's "optimist-in-chief"? In this edition of Business Daily, Dr Adesina tells Peter MacJob what has shaped him as an economist, his outlook for the continent and how Africa could determine the future of renewable energy and green minerals. He says the international financial architecture should be more inclusive and favourable towards African economies, and the global north should compensate the continent for the adverse impacts of climate change on Africa. (Picture: Dr Akinwunmi Adesina. Credit: Getty Images) Presented and produced by Peter MacJob

On the back of the publication of the 2023 African Economic Outlook report by the African Development Bank (AfDB) in May 2023, Professor Kevin Chika Urama, Vice President and Chief Economist of the African Development Bank, and Mette Knudsen, the Executive Director who represents Ireland's constituency on the Board of the African Development Bank, are doing a tour of several of the AfDB's donor countries – including Denmark, Finland, Norway and Sweden. During their stop in Ireland, the IIEA hosted Prof Urama for a keynote address where he discusses the recently published 2023 African Economic Outlook, the work of the AfDB, and the wider economic challenges and opportunities facing Africa. Additionally, Ms Knudsen provides opening remarks at the event and an interactive Q&A session follows the keynote address where both distinguished guests share their unique insights. About the Speaker: Kevin Chika Urama is currently the Chief Economist and Vice-President for Economic Governance & Knowledge Management at the African Development Bank Group (AfDB). Prof Urama is an elected Fellow of the African Academy of Sciences (AAS); a Distinguished Professor of the University of Nigeria; an Extra-Ordinary Professor in the School of Public Leadership, Stellenbosch University, South Africa; an Adjunct Professor at the Sir Walter Murdoch School of Public Policy and International Affairs, Western Australia; and a Member of the Global Council on the UN Sustainable Development Goals (SDGs) for the term 2021-2023. Prior to joining the AfDB, Kevin Urama was the inaugural Managing Director of the Quantum Global Research Lab, Switzerland; Executive Director of the African Technology Policy Studies Network (ATPS); and Senior Research Fellow at the Macaulay Land Use Research Institute, Scotland. Kevin holds an MPhil and a PhD in Land Economy from the University of Cambridge, United Kingdom. Mette Knudsen is currently Executive Director in the Board of the African Development Bank in Abidjan, representing Denmark, Finland, India, Ireland, Norway, and Sweden. She has previously served as the Deputy Special Representative of the Secretary General for Political Affairs (DSRSG/P) in UNAMA, the UN mission in Afghanistan from 2021 to 2022. Before that she was Denmark's Ambassador to Afghanistan from 2020 to 2021 and was Denmark's Ambassador to Kenya, Somalia, Eritrea, and the Seychelles 2015-2020. Earlier in her career she has served as Danish Ambassador to Greece and Cyprus (2012-2015), Ethiopia, the African Union, and ECOWAS (2004-2007). She has been head of the Africa Department in the Danish Ministry of Foreign Affairs (2007-2012) and has also had postings in Zambia (2002-2004) and Tanzania (1995-1998).

Small and medium agricultural enterprises (agri-SMEs) are Africa's largest employer and economic engine—and the key to transforming food systems and improving food security for the continent. Yet three out of four agri-SMEs can't access formal bank financing, and are too large for microfinance, creating an estimated $100 billion gap in unmet demand for financing. How can donor governments, development finance institutions, African governments, and the private sector catalyze action to strengthen food value chains in Africa through innovative financing, and better support small and medium agricultural enterprises? The event is co-hosted with the United States Agency for International Development (USAID) and the Royal Norwegian Ministry of Foreign Affairs. This special Leadership Panel on strengthening food value chains was held September 18, 2023 at the World Economic Forum's New York headquarters. - Speakers: William Samoei Ruto, President of Kenya, Office of the President of Kenya; Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation; Samantha Power, Administrator, US Agency for International Development (USAID); Rebecca Enonchong, Founder and Chief Executive Officer, AppsTech;Janet L. Yellen, Secretary of the Treasury, US Department of the Treasury; Jacqueline Novogratz, Founder and Chief Executive Officer, Acumen; Børge Brende, President, World Economic Forum Geneva; Anne Beathe Tvinnereim, Minister of International Development, Norway Government; Akinwumi Ayodeji Adesina, President, African Development Bank (AfDB). Watch the session here: https://www.weforum.org/events/sustainable-development-impact-meetings-2023/sessions/leadership-panel-bridging-the-gap-financing-africas-agricultural-growth About the Sustainable Development Impact Meetings: https://www.weforum.org/events/sustainable-development-impact-meetings-2023

Small and medium agricultural enterprises (agri-SMEs) are Africa's largest employer and economic engine—and the key to transforming food systems and improving food security for the continent. Yet three out of four agri-SMEs can't access formal bank financing, and are too large for microfinance, creating an estimated $100 billion gap in unmet demand for financing. How can donor governments, development finance institutions, African governments, and the private sector catalyze action to strengthen food value chains in Africa through innovative financing, and better support small and medium agricultural enterprises? The event is co-hosted with the United States Agency for International Development (USAID) and the Royal Norwegian Ministry of Foreign Affairs. This special Leadership Panel on strengthening food value chains was held September 18, 2023 at the World Economic Forum's New York headquarters. - Speakers: William Samoei Ruto, President of Kenya, Office of the President of Kenya; Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation; Samantha Power, Administrator, US Agency for International Development (USAID); Rebecca Enonchong, Founder and Chief Executive Officer, AppsTech;Janet L. Yellen, Secretary of the Treasury, US Department of the Treasury; Jacqueline Novogratz, Founder and Chief Executive Officer, Acumen; Børge Brende, President, World Economic Forum Geneva; Anne Beathe Tvinnereim, Minister of International Development, Norway Government; Akinwumi Ayodeji Adesina, President, African Development Bank (AfDB). Watch the session here: https://www.weforum.org/events/sustainable-development-impact-meetings-2023/sessions/leadership-panel-bridging-the-gap-financing-africas-agricultural-growth About the Sustainable Development Impact Meetings: https://www.weforum.org/events/sustainable-development-impact-meetings-2023 Hosted on Acast. See acast.com/privacy for more information.

Small and medium agricultural enterprises (agri-SMEs) are Africa's largest employer and economic engine—and the key to transforming food systems and improving food security for the continent. Yet three out of four agri-SMEs can't access formal bank financing, and are too large for microfinance, creating an estimated $100 billion gap in unmet demand for financing. How can donor governments, development finance institutions, African governments, and the private sector catalyze action to strengthen food value chains in Africa through innovative financing, and better support small and medium agricultural enterprises? The event is co-hosted with the United States Agency for International Development (USAID) and the Royal Norwegian Ministry of Foreign Affairs. This special Leadership Panel on strengthening food value chains was held September 18, 2023 at the World Economic Forum's New York headquarters. - Speakers: William Samoei Ruto, President of Kenya, Office of the President of Kenya; Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation; Samantha Power, Administrator, US Agency for International Development (USAID); Rebecca Enonchong, Founder and Chief Executive Officer, AppsTech;Janet L. Yellen, Secretary of the Treasury, US Department of the Treasury; Jacqueline Novogratz, Founder and Chief Executive Officer, Acumen; Børge Brende, President, World Economic Forum Geneva; Anne Beathe Tvinnereim, Minister of International Development, Norway Government; Akinwumi Ayodeji Adesina, President, African Development Bank (AfDB). Watch the session here: https://www.weforum.org/events/sustainable-development-impact-meetings-2023/sessions/leadership-panel-bridging-the-gap-financing-africas-agricultural-growth About the Sustainable Development Impact Meetings: https://www.weforum.org/events/sustainable-development-impact-meetings-2023 Hosted on Acast. See acast.com/privacy for more information.

Ministry of Finance proposed a new set of taxes and fees on luxury products and services, with the intention to raise tax revenues for the next fiscal year. Tax changes that would reduce income tax for lower earners and raise tax for those on higher incomes received approval from the House Planning and Budget Committee on Thursday. Those would raise the personal income tax exemption threshold to EGP 36k from EGP 24k while introducing a new 27.5% higher rate of tax for people earning more than EGP 1 mn a year. House of Representatives will discuss amending some provisions of Law No. 182 of 2020 by canceling the tax exemption imposed on the returns of treasury bills and bonds or capital gains resulting from dealing in these financial instruments.The Finance Ministry expects to go ahead with its maiden USD 500 mn CNY-denominated bond issuance in 4Q 2023.The Suez Canal Economic Zone (SCZone) has signed agreements with a number of Chinese companies that could see more than USD 700 mn invested in projects within the Chinese-developed TEDA industrial zone in Ain Sokhna. The African Development Bank (AfDB) is lending EUR 110 mn for the third phase of the Gabal El Asfar water treatment plant, International Cooperation Minister said.The General Authority for Investment and Free Zones (GAFI) handed over two golden licenses to Beko Egypt for Home Appliances and Bosch Egypt for Home Appliances, bringing the total number of companies that obtained the golden license to 15 companies. MTIE is a key beneficiary through its retail outlets. Head of the Suez Canal Authority expected the increase in drought in the Panama Canal would have a significant positive impact on the activity of the Suez Canal, in the near future.GASC has negotiated more flexible payment plans with wheat suppliers, amid the FX crunch. Delayed payments will eventually catch up with the GASC, so this cannot extend for long.Cyprus wants to accelerate building a pipeline to Israel's natural gas fields under a plan that could see it become a key energy supplier, competing with Egypt over exporting LNG to Europe.The government will offer two global oil & gas exploration bids during 2H2023.According to local press, EFG is advising on finalizing the sale of Telecom Egypt's stake in Vodafone Egypt within the coming three months.AUTO (FV: EGP7.56, OW) released 1Q23 consolidated net profit recorded EGP108 mn, compared to EGP229 mn in 1Q22. The Auto segment recorded net losses of EGP80.5 mn. FX losses absorbed the biggest chunk of profitability by recording EGP264 mn. The financing business bottom line recorded EGP189 mn. Excluding the capital gain of 4Q22, net profit was down 12.1% QoQ. AUTO is currently trading at a FY23 P/E of 5.2x and an EV/EBITDA of 1.9x. A number of imported raw materials used in the pharma industry will be temporarily exempted from VAT under a decision issued by the Customs Authority on Thursday.A consortium of banks is currently negotiating with Ethydco to increase the US dollar-denominated loan interest. Meanwhile, the company is still in the process of negotiating with banks to reschedule its debts for four years.ORAS-Hassan Allam Consortium has started working on the third ring road in Libya, at an investment cost of USD1 billion. We upgraded ECAP FV to EGP18.75/share, with Overweight recommendation, factoring in FX rates, higher ASP, Expected recovery in volumes starting 2025, Better than previously expected margins, and higher net debt. ECAP is currently trading at 2023f P/E of 5.1x and EV/EBITDA of 2.8x.SCEM reported a consolidated net loss after minority of EGP58.5 million in 1Q23 shrinking from comparative quarter losses of EGP67.2 million. HRHO has officially rebranded to EFG Holding.  

Fears of a US recession are causing investors to look again at emerging markets, with an intention to increase exposure in the coming 12 months.The African Development Bank (AfDB) has agreed to provide insurance coverage for USD 345 mn of Egypt's first USD 500 mn CNY-denominated bond issuance. The European Bank for Reconstruction and Development aims to provide EUR 1 billion in financing to the private sector in Egypt in 2023, up from EUR 737 million last year.The New and Renewable Energy Authority is still receiving new requests for investments in solar and wind energy projects in Egypt from Arab and foreign companies.The minister of Petroleum visited yesterday the new ammonium nitrate project (north Abu Qir) with an investment cost of USD 1.2 billion, in which ABUK holds a 45% stake and EGPC holds a 45% stake. The daily production capacity will be 1,200 tons of ammonia, 1,830 tons of nitric acid, and 2,400 tons of ammonium nitrate.MFPC issued a standalone 1Q23 bottom line of EGP3,928 million, compared to EGP181 million in 4Q22 and EGP2,037 million in 1Q22. MFPC is trading at 2023 consolidated multiples of EV/EBITDA of 2.9x and P/E of 5.9x. MICH issued the bottom-line indicators for April 2023 that reached EGP33 million, down 31% MoM but up 51% YoY. At 2023 annualized figures MICH is trading at a P/E of 3.1x.OLFI announced they will increase selling prices by an average of 3% starting next week, to compensate for the rise in costs.Star National Automotive, the Mercedes-Benz dealership owned by the state National Automotive Company (NATCO), will introduce five new models of Mercedes-Benz EVs to the local market in 3Q 2023, according to local media. Tunisian automotive cable manufacturer Coficab wants to spend an initial EUR 25 mn to build a factory in Egypt, to meet local demand and direct the remainder to export.HRHO's valU has partnered with proptech startup Partment to offer its users flexible payment plans up to 60 months. HRHO's aiBank has inked an agreement to acquire the National Bank of Greece- Egypt letters of guarantee portfolio. No value for the transaction. Egyptians can now set up bank accounts with no minimum deposit and without paying fees under new measures announced by the CBE yesterday designed to boost financial inclusion.  Weekly Commodities |            Last Price        WoW Change, %Brent, USD/bbl            75.6     1.9%Diesel-HSFO Spread, USD/ton          283.2   5.5%Aluminum Cash Price, USD/ton 2,290.0            3.1%Egypt Urea, USD/ton  366.5   0.0%Polyethylene, USD/ton           1,090.0            -0.9%Polypropylene, USD/ton         997.5   -1.0%Steel/Iron Ore Spreads, USD/ton       425.3   0.0%Egyptian Retail Cement, EGP/ton      1,880.0            0.0%Steam Coal FOB , USD/ton            162.3   -1.6%SMP, USD/MT            2,766.0            -0.8%

In this episode, Rita Kanya Mujuni hosts the spokesperson of Kampala City Council Authority (KCCA) to discuss the progress made on the Kampala City Roads Rehabilitation Project (KCRRP). This is a Shs1.1 trillion project funded by the African Development Bank (AfDB) aimed at improving over 200 kilometers of roads in Kampala. They also discuss the challenges that KCCA faced at the start of the project and how they have managed to overcome them. The episode also explores the benefits that Ugandans can expect once the project is completed, including the introduction of a car-free day as a way of improving the health of city dwellers. The discussion also touches on the state of roads in Kampala, beyond social media uproar, and what KCCA is doing to make the city more livable. Finally, the episode delves into the role that “cityzens” can play in supporting KCCA's transformational initiatives. The Ugandan podcast is an audio-visual production on informing, understanding and sharing on government programs so as to enhance citizen engagement in achieving the National Development Goals. We share facts, ideas and progress through dialogue so as to create positive impact. This podcast looks enhance a productive knowledgeable society and initiate conversation leading to mindset change and digital transformation. Connect with Ministry of ICT & National Guidance TW:⁠ www.twitter.com/MoICT_Ug⁠ FB: ⁠www.facebook.com/mictuganda⁠ IG: ⁠www.instagram.com/moict_ug⁠ YT: ⁠www.youtube.com/channel/UCnp5ryL6CT5QvB_IvItE8SA⁠ Website: https://ict.go.ug/

AfDB Climate and Environment Finance Manager Gareth Phillips discusses the state of climate finance in Africa and means of building the continent's resilience to climate shocks, highlighting the widest gaps and the most promising solutions. COP27, the major global climate change forum convened annually by the United Nations, ended on 18 November 2022, leaving a mixed feeling of satisfaction and disappointment among its diverse participants. An immense challenge for negotiators, for international climate finance bodies like the African Development Bank (AfDB), the Conference is a unique opportunity to network and secure the vital funds needed to save livelihoods and advance a carbon-neutral, climate-resilient future. Africa is the continent most in need of such support. With only 3.5-4% of total global climate finance coming to Africa – most of which is reserved for mitigation activities – there is more to be done to help African communities adapt to climate disruptions quickly and efficiently. From improving energy access, switching to renewables, managing waste and increasing recycling to establishing carbon-neutral infrastructure and building awareness of climate-friendly options and technologies, successful climate adaptation and mitigation require contributions from a wide network of actors, including the Post.

Development finance institution (DFI) the African Development Bank (AfDB) group has approved a R2.2-billion line of credit to the Development Bank of Southern Africa (DBSA) to expand its portfolio with strategic projects in energy, infrastructure and communications technology in the Southern Africa region and elsewhere in Africa. The DBSA is seeking to raise $1-billion (R19-billion) in funds over the next three years, to expand its portfolio and focus on clean and renewable energy, infrastructure, information and communications technology and social as well as women-owned projects in the Southern Africa Development Community region. The facility will provide long-term funding to the DBSA, augmenting internally generated funds, as well as loans from other DFIs and commercial lenders. The loan also advances three of the DBSA's High Five priorities, namely to industrialise Africa, improve the lives of Africans and light up Africa. The Southern Africa region has achieved relatively high levels of economic, financial and trade integration and cooperation. The DBSA's strategic priorities also align with those of the government of South Africa, including its National Development Plan and New Growth Path, in addition to the United Nation's Sustainable Development Goals and Nationally Determined Contributions under the Paris Agreement.

Development finance institution (DFI) the African Development Bank (AfDB) group has approved a R2.2-billion line of credit to the Development Bank of Southern Africa (DBSA) to expand its portfolio with strategic projects in energy, infrastructure and communications technology in the Southern Africa region and elsewhere in Africa. The DBSA is seeking to raise $1-billion (R19-billion) in funds over the next three years, to expand its portfolio and focus on clean and renewable energy, infrastructure, information and communications technology and social as well as women-owned projects in the Southern Africa Development Community region. The facility will provide long-term funding to the DBSA, augmenting internally generated funds, as well as loans from other DFIs and commercial lenders. The loan also advances three of the DBSA's High Five priorities, namely to industrialise Africa, improve the lives of Africans and light up Africa. The Southern Africa region has achieved relatively high levels of economic, financial and trade integration and cooperation. The DBSA's strategic priorities also align with those of the government of South Africa, including its National Development Plan and New Growth Path, in addition to the United Nation's Sustainable Development Goals and Nationally Determined Contributions under the Paris Agreement.

Dr. Abdirahman Duale Beileh is a Somali economist, professor, politician, philanthropist, poet, and well acclaimed song writer. In August 2022, Dr. Beileh finished his term as Somalia's Minister of Finance, having served for the past five years. Previously, he was Minister of Foreign Affairs and International Cooperation from 2014 to 2015. Dr. Beileh has been a driving force behind the reestablishment of the Somali state, and the country's return to the international scene. We start our conversation with memories from Dr. Beileh's childhood home outside the city of Hargeisa. An opportunity to study and work abroad in the United Arab Emirates and the United States drove him to question the situation in his native Somalia, eventually leading him to pursue a 30-year career at the African Development Bank (AfDB). We then discuss Somalia's transition from a failed state to one where elections and a peaceful transition of power recently took place. We explore what went right and the remaining challenges for the future. Dr. Beileh shares his experience of working with the International Monetary Fund (IMF), the World Bank, and other partners on issues such as debt relief and the process of building from scratch an international coalition to support Somalia. He passionately talks about the challenges of instilling a “tax-payer mentality” in a country where most people only experience of taxation as extortion by the violent extremist group Al-Shabaab, as well as the urgent need to finance the security sector. He further shares his experience of collaborating with the finance ministers of Somalia's Federal Member States (FMS) and outlines his approach to building trust with citizens, federal member state governments, and international partners. And his toolkit is wide-ranging, from transparent communication to music and poetry. Finally, Dr. Beileh sets out a compelling 10-year vision for a Somalia: a country that is self-sufficient in food production, where the link between floods and famine is broken through good governance, and where young people can earn a quality education and pursue their dreams. Mihaela Carstei, Paul M. Bisca, and Johan Bjurman Bergman co-host F-World: The Fragility Podcast. Twitter: https://twitter.com/fworldpodcastInstagram: https://www.instagram.com/fworldpodcast/Website: https://f-world.orgMusic: "Tornado" by Wintergatan . Many thanks to Wintergartan for allowing us to use their wonderful music! This track can be downloaded for free at www.wintergatan.net.EPISODE RESOURCES:Songs by Minister Beilehhttps://www.youtube.com/watch?list=RDNI1Fbh2HnF8&v=NI1Fbh2HnF8&feature=emb_rel_endhttps://fb.watch/c-r_vmUL6X/International Monetary Fund (2022) “IMF Executive Board Completes the Second and Third Reviews of the Extended Credit Facility for Somalia”, IMF, Washington https://www.imf.org/en/News/Articles/2022/06/20/pr22215-somalia-imf-executive-board-completes-second-and-third-reviews-of-ecfRaballand, G. and J. Knebelman (2021) “Domestic Resource Mobilisation in Somalia”, The World Bank, Washington, D.C. https://documents1.worldbank.org/curated/en/121391596804622057/pdf/Domestic-Resource-Mobilization-in-Somalia.pdfAbshir, S. et al. (2020) “Tax and the State in Somalia”, Rift Valley Institute Briefing Paper, Rift Valley Institute 2020. https://riftvalley.net/sites/default/files/publication-documents/Tax%20and%20the%20State%20in%20Somalia%20by%20Sagal%20Abshir%2C%20Khalif%20Abdirahman%20and%20Hannah%20Stogdon%20-%20RVI%20%282020%29.pdfWorld Bank. (2017). “Somalia - Security and Justice Sector Public Expenditure Review” World Bank Group, Washington, D.C. : http://documents.worldbank.org/curated/en/644671486531571103/Somalia-Security-and-justice-sector-public-expenditure-reviewHiraal Institute (2020), “A Losing Game: Countering Al-Shabab's Financial System”, Hiraal Institute, Mogadishu, Somalia. https://hiraalinstitute.org/wp-content/uploads/2020/10/A-Losing-Game.pdfKeating, M., Abshir, S., (2018), “The Politics of Security in Somalia” NYU Center on International Cooperation, New York. https://cic.nyu.edu/publications/politics-security-somaliaIntegrated Food Security Phase Classification (IPC), (2022) “Somalia Updated IPC and Famine Risk Analysis Technical Release 4th June 2022”, IPC, Nairobi. https://fsnau.org/downloads/Somalia-Updated-IPC-and-Famine-Risk-Analysis-Technical-Release-4-Jun-2022.pdfIntergovernmental Authority on Development (IGAD) https://igad.intHorn of Africa Initiative https://hoainitiative.org TIMESTAMPS:00:00:00 Introduction00:01:41 Growing up in Somalia and early travels shaping the man00:09:36 Somalia's transition – success and challenges00:15:54 Being Minister of Finance in Somalia – Prioritizing spending and raising revenue00:22:00 Transparency and managing compounding crises 00:30:26 Financing security sector reform (SSR)00:35:25 Collaboration between the federal government and the member states of Somalia00:42:32 The State vs. Al Shabaab – governance in competition with violent extremism00:48:46 Exiting fragility – can Somalia find a path?00:51:57 Work-ethic and Dr. Beileh's approach to fragility00:58:46 Values & culture – fostering the right approach to economic growth01:03:41 Regional collaboration in the Horn of Africa 01:09:04 Working with international institutions – from blind-spots to trust01:12:58 Oil & gas in Somalia - avoiding the resource curse 01:16:44 A vision for Somalia in 10 years 01:23:51 Wrap-up

In his address to the IIEA, Dr Adesina discusses the role of the African Development Bank (AfDB) in supporting stability, growth and sustainable development on the African continent. He explores some of the opportunities and challenges which the AfDB presently faces, including food security, debt sustainability, climate change, and the financing gap. Dr Adesina highlights that such challenges can be overcome through enhanced crisis preparedness, the development of quality healthcare systems and infrastructure projects to strengthen the continent's resilience. About the Speaker: Often described as “Africa's Optimist-in-Chief”, African Development Bank Group President Dr Akinwumi A. Adesina is widely lauded for his visionary leadership and passion for Africa's transformation. Dr Adesina was first elected President of the African Development Bank Group in 2015 and was unanimously re-elected for a second five-year term in 2020. A former Nigerian Minister for Agriculture, in 2017, Dr Adesina was conferred with the World Food Prize, also known as the “Nobel Prize for Agriculture”. With Dr Adesina at the helm, the African Development Bank Group achieved the highest capital increase since its establishment in 1964 and responded boldly and swiftly to the COVID-19 pandemic. Ireland joined the African Development Fund and the African Development Bank in 2020.

The African Development Bank (AfDB) is seeking to increase resources for member countries for more productive projects on the African continent to improve livelihoods. To this end, President of the AfDB Group, Dr. Akinwumi Adesina, is seeking approval from the board and partners of the bank to raise some $33 billion in order to support more initiatives of member countries.

President Nana Addo Dankwa Akufo-Addo has said at the African Development Bank (AfDB) meeting in Accra on Tuesday May 24 that since February, prices of staple food commodities have surged drastically.

In this episode, Ms Marita Obare interviews Millicent Omukaga, Advisor to the AFDB President on Women Empowerment and Affirmative Finance as they discuss: Africa's untapped She Economy case studies of how financial sector (including AfDB programs) has helped unlock value for women on the continent learnings from her experience Dr. Millicent Omukaga is a 2022 Top Woman to Watch in Banking and Finance by Angaza Awards. Dr. Millicent Omukaga is a policy advisor in development programming and finance with expertise in investment projects and portfolio management and market development for rural and agricultural communities across Africa. In her current position at African Development Bank (AfDB), she guides on financial inclusion through policy engagements at corporate and country levels, and provides technical assistance through access to finance and markets programmes targeting women entrepreneurs across the Continent. Some of her recent achievements include contribution to the establishment of the Bank's 10-year Gender Equality Trust Fund, which is the first thematic fund on gender in the Bank Group's history; $250M Risk Share Mechanism; and $25m Technical Assistance project. Podcast Host: Ms. Marita Obare, Co-founder Ngazi, an on-transit advertising platform for small businesses in Kenya. Guest: Dr. Millicent Omukaga - Office of the President Advisor – Women Empowerment and Affirmative Finance, African Development Bank Group, Côte d'Ivoire Production: Rawlins Hamisi

In this episode, Ms Marita Obare interviews Millicent Omukaga, Advisor to the AFDB President on Women Empowerment and Affirmative Finance as they discuss: Africa's untapped She Economy case studies of how financial sector (including AfDB programs) has helped unlock value for women on the continent learnings from her experience Dr. Millicent Omukaga is a 2022 Top Woman to Watch in Banking and Finance by Angaza Awards. Dr. Millicent Omukaga is a policy advisor in development programming and finance with expertise in investment projects and portfolio management and market development for rural and agricultural communities across Africa. In her current position at African Development Bank (AfDB), she guides on financial inclusion through policy engagements at corporate and country levels, and provides technical assistance through access to finance and markets programmes targeting women entrepreneurs across the Continent. Some of her recent achievements include contribution to the establishment of the Bank's 10-year Gender Equality Trust Fund, which is the first thematic fund on gender in the Bank Group's history; $250M Risk Share Mechanism; and $25m Technical Assistance project. Podcast Host: Ms. Marita Obare, Co-founder Ngazi, an on-transit advertising platform for small businesses in Kenya. Guest: Dr. Millicent Omukaga - Office of the President Advisor – Women Empowerment and Affirmative Finance, African Development Bank Group, Côte d'Ivoire Production: Rawlins Hamisi

In this episode Matthew and Cindy look at how standards support the digital transformation of developing countries.Cindy speaks to Torbjörn Fredriksson of the UN Conference on Trade and Development (UNCTAD) and Nick Williams of the African Development Bank (AfDB). Torbjorn and Nick share the story about a new partnership between BSI, UNCTAD and AfDB forged through the eTrade for all initiative. The initiative is focused on leveraging the value of international standards to address the barriers to digital transformation. They also discuss a new standards-based digitalization toolkit - a key recommendation of a recent BSI Whitepaper on digital transformation - and UNCTAD's upcoming ecommerce week. unctad.org/eweek2022In this episode there's also news of a new series – Standards in 10 Minutes.@standardsshow@thestandardsshow education@bsigroup.com

Listen to the Sun. March 27, 2022 special edition of the Pan-African Journal: Worldwide Radio Broadcast hosted by Abayomi Azikiwe, editor of the Pan-African News Wire. The episode features our regular PANW report with dispatches on the announcement by the Lugansk People's Republic (LPR) leader that the area wants to hold a referendum on merging with Russia; Sudanese armed opposition groups have differed over the military coup which occured on Oct. 25; the East African Community (EAC) is poised to received $8.7 billion in investments from the African Development Bank (AfDB); and an African mask from Gabon has sold for $4.2 million at an art auction in Paris. In the second hour we feature a panel discussion held over Kenyan television analyzing the position of South Africa regarding the war in Ukraine. Finally, we conclude our month-long focus on Women's History with a rare archived audio file of an Aug. 1972 radio panel examining the role of women in the struggle against repression in the United States.

Rorshok's weekly ten-minute update of stuff happening in Malawi. First up, 326,400 doses of the AstraZeneca vaccine arrived in the country through Kamuzu International Airport this week. They were bought by Germany and France through the Covax facility. Malawi's tourism efforts received a bit of good news this week. It was announced the country had secured 800,000 US dollars, which is about 660 million Kwacha, from the African Development Bank (AfDB) to help propel growth of the Tourism Sector in the country. And finally, the Malawi Police Service (MPS) is reminding revellers heading for the much anticipated Sand Music Festival in Mangochi to be security-conscious. The annual festival will run from Friday the 1st through to Sunday the 3rd of October 2021 at Sunbird Nkopola Lodge in the lakeshore district.This year's Sand Music Festival has performances from international artists such as Makhadzi from South Africa, Mr P of the P-Square from Nigeria and Morgan Heritage from Jamaica. The festival is known as one that celebrates culture using music and art. These stories and more in this week's update. That's it for this week, thanks for tuning in. If you like the show, share it and subscribe for more! We want to know where you are listening from, so drop us a line at brand new dedicated email at malawi@rorshok.com and let us know what city or town you're in! You can also find us on Instagram at RorshokMalawi. Ti-wo-nana! 

Botswana: Botswana received support from the African Development Bank (AfDB) in the form of a US$137m loan to support its economic recovery efforts See omnystudio.com/listener for privacy information.

Renewable energy and energy efficiency specialist who has developed, managed, coordinated, and executed renewable energy and energy efficiency projects in both the developed and developing countries sponsored by United Nations (UN), African Development Bank (AfDB), Korean Energy Agency (KEA), Korean Energy Technology Evaluation and Planning (KETEP), Natural Resource Canada (NRCan) and the Institute for Global Climate Change & Energy (IGCCE), Kyungpook National University.

Nigerian Government has commenced the process that will pump the technology, entertainment and creative sectors with over N240 billion in financing and investment set to take off by the end of the year.A presidential source says that the financing, which is a $500 million loan to be sourced from the African Development Bank (AfDB), could harness the potential in Nigeria’s creative and technology industries.The plan was to collaborate with the AfDB and other financial partners to set up the $500 million fund in support of the Nigeria Innovation Programme.Osinbajo’s media aide, Mr Laolu Akande, says that it was public knowledge that the vice president had spoken publicly about the $500m facilities.Akande stated that the plan to get the funding is an outcome of the Technology and Creativity Working Group set up a few years ago with members drawn from the private and public sectors.

The Lekki Concession Company (LCC) on Thursday appealed to leaders of demonstrator planning a rally at its destroyed Admiralty Circle Toll Plaza to be slow to go to war and to try settling things peacefully. A group has threatened to hold a fresh protest at the gate to begin by 7.am on Saturday, February 13, 2021.Speaking at a news conference at its head office, LCC Managing Director, Yomi Omomuwasan, explained that the firm had refrained from commenting since the event of October 20, 2020, because it realised that “tempers were high, and truth had become a major casualty.”Omomuwasan said: “To set the records straight, LCC never prevented the protesting Nigerian youths from occupying our plaza before the unfortunate incident of Tuesday, October 20, 2020, even as we incurred huge losses from the forced closure of the facility by the protesters who chose to make our facility their protest ground.“It was in a bid to halt further losses, especially given our subsisting financial commitments to local and foreign lenders, including the African Development Bank (AfDB), that we approached the Lagos Judicial Panel of Inquiry for permission to repossess our facilities.”He added that the LCC requested the Toll gate's return to evaluate the damage, process insurance claims, and rebuild the burnt facilities before the commencement of operations to continue to fulfil its loan repayment and other financial obligations.“We want to place on record that we cooperated fully with the Panel and made a strong representation through our lawyers concerning the return of our assets, a request the Panel graciously granted on Saturday, February 6, 2021.“We are distressed by the reactions the decision of the Panel has elicited from some members of the public and their resolve to again forcefully take over the already destroyed Plaza on Saturday 13, January 2021.Omomuwasan, who appealed to well-meaning Nigerians from across the divide to sheath their swords and give peace a chance, said the LCC is “also a victim of the unfortunate circumstance, as assets worth over N2.5 billion were burnt.”Omomuwasan noted that not returning to full operations within the shortest possible time would result in loss of jobs for the LCC's over 500 direct staff and thousands of others across its business value chain.“We appeal to the leaders of the protest movement to cooperate with us as we gradually restore and commence operations. To every sored heart and scared body, we at LCC ask for divine comfort and speedy healing. As we grieve together, let us find warmth in the embrace of one another with a common resolve to rebuild a better Lagos upon the ashes of our yesterday,” he saidOmomuwasan disclosed that despite the tolls not being operational since October 2020, LCC has continued to render essential services including free 24/7 emergency assistance, and vehicle breakdown and recovery services to all road users.

The Global Water Partnership Southern Africa (GWPSA) and the Development Bank of Southern Africa (DBSA) have signed a memorandum of understanding (MoU) that seeks to promote investment and collaboration for water and sanitation projects in the Southern Africa region. The MoU was signed by Tanzanian President Jakaya Kikwete, in his capacity as chairperson of the GWPSA and Africa Coordination Unit. The agreement was also signed by DBSA infrastructure delivery group executive Chuene Ramphele, during a ceremony held in Pretoria on November 11. The event was attended by Common Market for Eastern and Southern Africa secretary general Chileshe Kapwepwe, African Union Development Agency CEO Dr Ibrahim Mayaki and, virtually, by African Development Bank (AfDB) water security and sanitation manager Osward Chanda. The MoU between the GWPSA and DBSA will support the Southern African Development Community (SADC) Regional Water Fund, which is hosted by DBSA on behalf of the region’s SADC Secretariat, in its objective to strengthen project implementation in the SADC water sector and support member States to access finance and develop water infrastructure. “There is an urgent need to accelerate water infrastructure investment on the continent, which is lagging behind the growing economic and social needs. The AfDB estimates that $64-billion in water infrastructure investment is required annually to meet the 2025 Africa water vision of water security for all; the actual figure invested stands between $10-billion and $19-billion a year,” said Kikwete. Ramphele commented that, as part of their partnership, the SADC Water Fund and the GWPSA would develop and implement the GWP-SADC Water Fund Regional Water Investment Programme, which will scale up and accelerate preparation, financing and implementation of priority transboundary and regional cross-border projects in the region focusing on three interrelated areas. These areas are climate resilience hydrological and informational systems for water; resilient cities and water utilities; and cross-border water supply and sanitation services in regional development corridors including fostering a water-energy-food nexus and regional corridor approach and gender transformation. The investment programme will be aligned to the Africa Water Investment Programme (AIP), which was introduced with the goal of transforming and improving the investment outlook for water security and sustainable sanitation for a prosperous, peaceful and equitable Africa. The AIP seeks to leverage $30-billion in gender transformative, climate resilient water and sanitation projects by 2030, and create five-million indirect and direct jobs in vulnerable communities. Implementation of the AIP is sustained through the AIP Water Climate Development and Gender Transformation programme, which seeks to mobilise partnerships and implement gender transformative investments in water and climate development. Implementation of this support programme was initiated in 2020 in five pilot countries − Benin, Cameroon, Uganda, Tunisia and Zambia across five transboundary basins, being the North-West Sahara Aquifer System, Volta Basin, Lake Chad Basin, Kagera/Lake Victoria Basin and Zambezi River Basin. The AIP is also supported through catalysing commitment and leadership for coordinated climate-resilient water investments, and through accelerated project preparation, finance and implementation of regional and transboundary water investments. The DBSA follows a strategic partnerships approach which seeks to design and establish various water sector programmes both in the SADC region and the broader continent in order to fund and implement water-related initiatives and programmes.

President Muhammadu Buhari on Thursday received the President of the African Development Bank (AfDB), Dr Akinwumi Adesina in the Presidential Villa, praising him for his performance and successful re-election. The President especially commended Dr Adesina for supporting Africa in general and Nigeria in particular, especially in terms of addressing infrastructural deficits. --- This episode is sponsored by · Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA Support this podcast: https://anchor.fm/newscast-africa/support

The African Development Bank (AfDB) on Wednesday said it has approved a roughly 5 billion rand ($300 million) loan to the South African government to help it fight the COVID-19 pandemic and support its budget.Africa’s most industrialised economy was in recession even before COVID-19 started ravaging its economy. Forecasts are now for gross domestic product to shrink by at least 7% this year, and a budget deficit of around 15% of GDP.The country has recorded the most coronavirus infections in Africa, with more than 380,000 cases.The AfDB in a statement said that the loan was to protect lives and promote access to essential medical equipment, to protect livelihoods by preserving jobs, and to support companies in the formal and informal economy.Learn more about your ad choices. Visit megaphone.fm/adchoices

The African Development Bank (AfDB) on Tuesday said Africa is expected to partially rebound next year from a pandemic-induced economic slump, but it could still lose nearly a quarter of a trillion dollars in economic output in 2020 and 2021. African economies, however, have not been immune to the pandemic’s global shockwaves, with oil exporters such as Algeria, Angola, Libya and Nigeria on track to witness the continent’s sharpest declines in economic output. The AfDB forecasts a 3.4% contraction in gross domestic product in 2020 - compared with a pre-pandemic projection by the Abidjan-based bank of growth of 3.9%. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Muhammadu Buhari has assured Dr. Akinwumi Adesina of Nigeria’s support in his bid to seek a second term in office as the President of the African Development Bank (AfDB). The President gave the assurance on Tuesday through his Special Adviser on Media and Publicity, Femi Adesina, while hosting the AfDB President on a courtesy visit. President Buhari said he will remain consistent with Dr. Akinwumi because no one has faulted the step he took on behalf of Nigeria. The President pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Dr Adesina is elected for a second term based on the record of his achievements during his first term. The African Union had already endorsed the incumbent AfDB President as the sole candidate for the continent, but some other stakeholders have held the opinion that Dr. Adesina should be re-investigated over some allegations, and rendered ineligible to run. Learn more about your ad choices. Visit megaphone.fm/adchoices

Did you know that according to a report by African Development Bank (AfDB), Africa at present spends a huge sum of $35 billion yearly on food imports, a situation which has been projected to rise to $110 billion by 2050. Sadly technologies to achieve Africa's green revolution exist but are mostly just sitting on the shelves. ”https://thenationonlineng.net/impact-of-covid-19-on-agriculture-volume-4/Moroccan-Norweigan designer Anwar Bougroug launched his eponymous unisex label a little over four years ago with a focus on traditional Moroccan handcraft. His creations went on to capture the attention of prestigious publications, securing him a spot on Forbes Africa's 30 under 30 class of 2020. Today, the designer is launching a new initiative called Bougroug Youth Mentorship Program, which will help move the African fashion industry further into the future by nurturing emerging labels from the continent amid the coronavirus pandemic.   https://www.facebook.com/bougrougofficial/posts/do-you-have-a-burning-desire-to-work-in-the-world-of-fashion-do-you-love-clothin/3127718350611715/ Zimbabweans are now food insecure, while international aid agencies say up to 45 million people face hunger in southern Africa due to climate-induced food shortages. The government has promised a food grant of $2.4 billion Zimbabwe dollars ($96 million) targeting 1 million people for six months, without saying where it would get the money. https://www.indcatholicnews.com/news/38635Mutuma, who grows basil, mint, thyme, chives and rosemary. Travel restrictions around the world have crippled business for Kenya's herb farmers, who export most of their produce. Mutuma, for example, sometimes sends 99% of a harvest overseas. https://www.jambofresh.co.ke/index.php/our-products/item/1-chivesA new weather forecasting system in Africa allows meteorologists to track approaching storms in real time, potentially saving lives from climate-related disasters, scientists said on Monday. https://af.reuters.com/article/kenyaNews/idAFL8N2CX6PX  Using Interactive Voice Response (IVR) platform, Solidaridad, an international civil society organization, is increasing access to agronomic and other production support information by farmers and communities that produce cocoa, oil palm and other food staples. https://www.ghanaweb.com/GhanaHomePage/business/Coronavirus-Solidaridad-deploys-digital-tools-to-help-Ghanaian-African-farmers-955441 South Africa is drawing up plans to protect the country's water supply from contamination if mass coronavirus burials become a necessity. Accessing land that is environmentally safe for mass graves is a long process, say environmental experts, warning that if the country's death toll spikes current cemetery space won't suffice. https://www.linktv.org/coronavirus-worldwide/south-africa-prepares-to-protect-groundwater-from-coronavirus-mass-graves via: https://www.linkedin.com/in/michaelonyango/Morocco Sting by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/4082-morocco-stingLicense: http://creativecomm

The finance minister, Zainab Ahmed said Nigeria has requested a total of $6.9 billion from the International Monetary Fund (IMF), World Bank and African Development Bank (AfDB) to combat the impact of the novel coronavirus pandemic,Zainab Ahmed said at a news conference in the capital, Abuja, that Nigeria requested $3.4 billion from the IMF, $2.5 billion from the World Bank and $1 billion from the AfDB.Ahmed said Nigeria was one of several African countries seeking the suspension of debt-servicing obligations for 2020 and 2021 from multilateral lenders. She said the IMF support would not be tied to a formal programme and would not come with conditions attached since it was money Nigeria had already contributed to the Fund.--- Support this podcast: https://anchor.fm/newscast-africa/support

The finance minister, Zainab Ahmed said Nigeria has requested a total of $6.9 billion from the International Monetary Fund (IMF), World Bank and African Development Bank (AfDB) to combat the impact of the novel coronavirus pandemic, Zainab Ahmed said at a news conference in the capital, Abuja, that Nigeria requested $3.4 billion from the IMF, $2.5 billion from the World Bank and $1 billion from the AfDB. Ahmed said Nigeria was one of several African countries seeking the suspension of debt-servicing obligations for 2020 and 2021 from multilateral lenders. She said the IMF support would not be tied to a formal programme and would not come with conditions attached since it was money Nigeria had already contributed to the Fund. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week's Speaker Series podcast, we are joined by Rt. Hon. Andrew Mitchell, who was recently re-elected to the British House of Commons. Mitchell is a fellow at Cambridge University; a Visiting Fellow at Harvard University; and a Honorary Professor in School of Social Sciences for the University of Birmingham. Mitchell sat down with CID Student Ambassador Mark Conmy to discuss the Causes and Consequences of Brexit. ABOUT THE TALK Brexit has caused the most significant upheaval in British politics for decades. Its ramifications are being felt far beyond Britain’s shores. What caused the UK to advance down this route? How will it all end? CID’s Visiting Fellow Andrew Mitchell—re-elected to the House of Commons in Britain last month—answers these questions. ABOUT THE SPEAKER Andrew Mitchell was Secretary of State for International Development in the British Government from May 2010 until he became Government Chief Whip in September 2012. He was appointed to the Privy Council in 2010. Prior to joining the cabinet in 2010, he also held numerous junior positions in Government (1992-1997) and in opposition (2003-2010). He has been the Member of Parliament for Sutton Coldfield since 2001. He was a member of the National Security Council in Britain and a Governor of the World Bank between 2010 and 2012. Andrew is a Senior Adviser to Investec (since 2013) and Ernst & Young (since 2016). In 2017 he was appointed as a Senior Adviser to the African Development Bank (AfDB). Previously he served in the Army (Royal Tank Regiment) as a UN Peacekeeper before joining the international Investment Bank, Lazard where he worked on and off for 30 years. He was a Director of Lazard Asia and Lazard India as well as of Lazard London. He is a fellow at Cambridge University; a Visiting Fellow at Harvard University; and a Honorary Professor in School of Social Sciences for the University of Birmingham.

Cocobod Ghana has received a $600 million syndicated loan facility from the African Development Bank (AfDB) and Credit Suisse Group AG to finance its productivity programs. The signing ceremony took place on the sidelines of the 2nd Edition of the Africa Investment Forum yesterday in Johannesburg, South Africa, a ceremony witnessed by the President, Nana Addo Dankwa Akufo-Addo. It would be recalled that, in 2017, discussions first took place between President Akufo-Addo, and Dr. Akinwunmi Adesina, President of the African Development Bank, regarding the urgent need for the transformation of Ghana's cocoa sector. These discussions and subsequent follow-up meetings culminated in Tuesday's signing ceremony, which will ensure that COCOBOD implements production, warehousing, and processing interventions, with the aim of boosting farmers' incomes, and adding value to Ghana's cocoa beans. In delivering this facility, the African Development Bank has acted as the mandated, lead arranger with a tranche of $250 million, and Credit Suisse arranging the commercial tranche of up to $350 million, with ICBC acting as joint underwriter. In his remarks, President Akufo-Addo thanked the African Development Bank and Credit Suisse for their support for Ghana's bid to enhance her infrastructure in the cocoa industry. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

The President of African Development Bank (AfDB), Akinwunmi Adesina has been nominated for a second term by President Muhammadu Buhari ahead of the bank’s election scheduled to hold in 2020. This was disclosed at an award ceremony organized by the Hallmark of Labour Foundation yesterday where Adesina clinched the Emeka Anyaoku lifetime achievement award. Elated by the development, Adesina took to the stage to share how the dream began. He noted that the opportunity first began under former President Goodluck Jonathan’s tenure where he was made to serve as Minister of Agriculture. Reeling out a list of his achievements in his first term, Adesina noted that 16 million people had been provided access to electricity. With these achievements, Adesina announced his intentions to contest for a second term in office. He hoped it would complete the work he started at the bank. He also pledged his support to work hard to fast track the development of the African continent with the support of donors.--- Support this podcast: https://anchor.fm/newscast-africa/support --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Mima Nedelcovych is the Founder and CEO of AfricaGlobal Partners and was recently named President Emeritus and Senior Advisor of the Initiative for Global Development (IGD). Prior to taking up his position at IGD, he was a Partner at the Schaffer Global Group (SGG) and was the lead Partner in the establishment of the Markala Sugar Project in Mali, serving as the Chairman of the Société Sucrière de Markala. Dr. Nedelcovych served in the Administration of President George Bush from 1989 to 1993 as the U.S. Executive Director to the African Development Bank (AfDB) in Abidjan, Cote d’Ivoire. At the beginning of his career he served in the US Government as Peace Corps Country Director in Gabon, as Special Assistant to the Assistant Administrator for Africa at USAID, and as Special Projects Officer at the US Trade and Development Agency. Dr. Nedelcovych is on the Board of Directors of the Niger Delta Partnership Initiative (NDPI) and is a Founder and former Board Director of the Corporate Council on Africa as well as a Member of the inaugural US EXIM Bank’s Sub-Saharan Africa Advisory Committee.

Kenya to Launch Its First Locally Made Satellite Into Space, South African products are still banned in Rwanda after listeriosis and The African Development Bank (AfDB) has said Africa needs about $170 billion annually to meet its infrastructure requirement. Victor Kgomoesoana, author of "Africa Is Open For Business" looks at this week's top African economic stories with Elvis Preslin

The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa's $170 billion infrastructure investment gap. Nigeria's External Reserves are steadily heading towards the $50 billion mark. About N658.56 billion was received by the Federal Government of Nigeria from oil and non-oil sectors, according to the Central Bank of Nigeria (CBN) Economic report. --- Send in a voice message: https://anchor.fm/africabusinessnews/message Support this podcast: https://anchor.fm/africabusinessnews/support

The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa's $170 billion infrastructure investment gap.Nigeria's External Reserves are steadily heading towards the $50 billion mark.About N658.56 billion was received by the Federal Government of Nigeria from oil and non-oil sectors, according to the Central Bank of Nigeria (CBN) Economic report.--- Send in a voice message: https://anchor.fm/africabusinessnews/messageSupport this podcast: https://anchor.fm/africabusinessnews/support --- Send in a voice message: https://anchor.fm/africabusinessnews/message Support this podcast: https://anchor.fm/africabusinessnews/support

The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa's $170 billion infrastructure investment gap. Nigeria's External Reserves are steadily heading towards the $50 billion mark. About N658.56 billion was received by the Federal Government of Nigeria from oil and non-oil sectors, according to the Central Bank of Nigeria (CBN) Economic report. Become a supporter of this podcast: https://anchor.fm/africa-podcast-network/support

The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa’s $170 billion infrastructure investment gap. Nigeria’s External Reserves are steadily heading towards the $50 billion mark. About N658.56 billion was received by the Federal Government of Nigeria from oil and non-oil sectors, according to the Central Bank of Nigeria (CBN) Economic report. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/africanperspective/support

The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa’s $170 billion infrastructure investment gap. Nigeria’s External Reserves are steadily heading towards the $50 billion mark. About N658.56 billion was received by the Federal Government of Nigeria from oil and non-oil sectors, according to the Central Bank of Nigeria (CBN) Economic report. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this episode Stephen looks into Japan's first attempt to try to get into African politics and try to put a dent in China's growing oversees empire.In August 2017, Japanese Prime Minister Shinzo Abe told African leaders on Saturday that his country will commit $30 billion in public and private support for infrastructure development, education and healthcare expansion in the continent.The announcement of the Asia Africa Growth Corridor (AAGC), made by Prime Minister Narendra Modi during the African Development Bank (AfDB) meet in Gandhinagar in May, came days after China hosted with great pomp the first One Belt One Road (OBOR) summit in Beijing. The venture is expected to get further impetus in September during the visit of Japanese Prime Minister Shinzo Abe.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/thats-all-i-have-to-say-about-that/support

In this episode Stephen looks into Japan's first attempt to try to get into African politics and try to put a dent in China's growing oversees empire.In August 2017, Japanese Prime Minister Shinzo Abe told African leaders on Saturday that his country will commit $30 billion in public and private support for infrastructure development, education and healthcare expansion in the continent.The announcement of the Asia Africa Growth Corridor (AAGC), made by Prime Minister Narendra Modi during the African Development Bank (AfDB) meet in Gandhinagar in May, came days after China hosted with great pomp the first One Belt One Road (OBOR) summit in Beijing. The venture is expected to get further impetus in September during the visit of Japanese Prime Minister Shinzo Abe.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/thats-all-i-have-to-say-about-that/support

This episode brought our expert guest Ntal Alimasi to discuss ways Congolese and its government could engage in creating mechanisms for accountability and strong governance. Ntal Alimasi is a Capacity Development and Governance Consultant, and has worked with academia, the private sector, government and international organizations, including AFRICARE, A.L. Nellum & Associates, Catholic Relief Services, Save the Children, Christian Children Fund, the International Youth Foundation, USIP, USAID, the US Department of State, the World Bank, and the African Development Bank (AfDB). Alimasi has worked with senior government officials as well as CSOs in Africa, Europe, the Caribbean, and USA. He lectures on Governance in Africa at the US Department of State’s Foreign Service Institute. He has worked in Belgium, Benin, Burkina Faso, Burundi, Central African Republic, Cameroon, Chad, Congo-Brazzaville, DRCongo, France, Gabon, The Gambia, Guinea, Haiti, Kenya, Mali, Niger, Rwanda, Senegal, Togo, Tunisia, and the USA. He provided technical assistance to the International Youth Foundation and its research team on the challenges and opportunities for Congolese youth. Currently President of NAACUS (National Association of African Catholics in the US), Alimasi coordinated the AGOA 2012 CSOs Forum rapporteurs team, and delivered the Civil Society Network’s Communiqué at the AGOA 2012 U.S.-Sub-Saharan Africa Trade and Economic Cooperation Ministerial Forum. Alimasi is a PhD candidate in International and Development Education at the University of Pittsburgh, and holds two master degrees, respectively in Community Economic Development and in Education. He speaks English, French, Swahili, Lingala, Kikongo, Kinyarwanda, Kirundi, and Mashi.