Category: ECONOMY

African Development Bank President Wins Obafemi Awolowo Leadership Prize

Mr Mohammed

ABIDJAN, Ivory Coast, December 21, 2023/ — The President of the African Development Bank Group (www.AfDB.org), Akinwumi Adesina, has been awarded the prestigious Obafemi Awolowo Prize for Leadership. The award which promotes the legacy and democratic ideals of the late Nigerian nationalist and federalist leader Chief Obafemi Awolowo, also “recognises and celebrates excellence in leadership.” The Foundation’s Executive Director, Ambassador Dr Tokunbo Awolowo-Dosumu said, “Dr Adesina was the unanimous choice of the Foundation’s Selection Committee, which described Adesina as possessing the attributes for the award to the highest degree.” According to…

African Development Bank approves $696.41 million of financing for Burundi and Tanzania to build 650 kilometers of rail infrastructure to develop the Central Corridor network

Mr Mohammed

ABIDJAN, Ivory Coast, December 13, 2023/ — The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved various financing structures valued at $696.41 million for Burundi and Tanzania to start Phase II of the Joint Tanzania-Burundi-DR Congo Standard Gauge Railway (SGR) Project. The Bank Group’s financing is intended to construct 651 kilometers on the Tanzania-Burundi railway line. The work will consist of the development of a single electrified standard gauge track. This will be subdivided into three lots: Tabora – Kigoma (411 km) and Uvinza – Malagarasi…

West Africa’s Energy Transition Offers $1T+ in Investment Opportunities

Mr Mohammed

PARIS, France, December 11, 2023/ — West Africa is home to a diverse landscape of energy players, from mature petroleum producers to emerging gas frontiers. For established markets, the energy transition requires decarbonizing and optimizing existing operations, while bringing renewable energy and carbon capture technologies to the forefront. Meanwhile, frontier markets are seeking to build sustainable energy mixes from the ground up, relying on integrated gas developments to fuel their transition. As a result, an array of partnership and investment opportunities are shaping the region, which European and global investors…

As Conference of the Parties (COP28) Wraps Up, We Must Remember, Aid to Africa Is (Still!) Not the Answer (By NJ Ayuk)

Mr Mohammed

JOHANNESBURG, South Africa, December 10, 2023/ — By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org). There was an era when Africa and Western pop music were closely linked. Western entertainers spearheaded a number of internationally renowned events to raise awareness about the plight of starving Africans and generate funds for famine relief. In December 1984, the supergroup Band Aid sang about feeding the world, asking “Do They Know it’s Christmas?” Within a year, the group had raised over USD9 million. Three months later, USA for Africa released “We Are the…

African Nations Must Reject Promises of Aid and Handouts to Abandon Their Oil and Gas As COP28 Wraps Up

Mr Mohammed

By NJ Ayuk, Executive Chairman, African Energy Chamber There was an era when Africa and Western pop music were closely linked. Western entertainers spearheaded a number of internationally renowned events to raise awareness about the plight of starving Africans and generate funds for famine relief. In December 1984, the supergroup Band Aid sang about feeding the world, asking “Do They Know it’s Christmas?” Within a year, the group had raised over USD9 million. Three months later, USA for Africa released “We Are the World” and banked USD44.5 million after one…

African Development Bank approves $66 million loan for equity enhancement of Tanzania Agricultural Development Bank

Mr Mohammed

ABIDJAN, Ivory Coast, December 10, 2023/ — The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved a $66 million loan to the government of Tanzania for additional equity in Tanzania Agricultural Development Bank (TADB). The financing will enable TADB to strengthen its capital and enhance the structure and effectiveness of financial and non-financial services it offers to entrepreneurs in the agriculture and related value chains. The Tanzania Agricultural Development Bank Phase II project will also receive $950,000 in technical assistance from the Affirmative Finance Action for Women in…

Amid rising corruption, most Africans say they risk retaliation if they speak up, new Afrobarometer Pan-Africa Profile reveals

Mr Mohammed

ACCRA, Ghana, December 10, 2023/ — A majority of Africans say that corruption in their country is rising, that their government is failing in its efforts to fight it, and that ordinary citizens risk retaliation if they report corruption to the authorities, Afrobarometer’s (www.Afrobarometer.org) latest Pan-Africa Profile (https://apo-opa.co/41k8N4i) reveals. Download document (1): https://apo-opa.co/3NmOey6 Download document (2): https://apo-opa.co/3RDm193 Released ahead of International Anti-Corruption Day (9 December), the Afrobarometer report is based on nationally representative surveys in 39 African countries. Findings show that among key public institutions, the police are most widely perceived as corrupt. In…

COP28: Who are the big name attendees?

Mr Mohammed

BY MARISHA SINGH NOVEMBER 30, 2023 Representatives of 197 countries who are ‘parties’ to the United Nations Framework Convention on Climate Change (UNFCCC) will participate at COP28 The United Nations’ Conference of Parties ’28’ (COP28) has begun in Dubai, UAE. The conference, starting on November 30 until December 12, will see heads of states, governments and representatives attend the event. From CEOs to presidents, from investors to monarchs, celebrities to climate activists and advocates, spiritual leaders to indigenous leaders, are among the 97,000 delegates who have registered to be in attendance…

COP28 UAE kicks off, as global climate action takes centre stage

Mr Mohammed

BY GULF BUSINESS NOVEMBER 30, 2023 Leaders must deliver in Dubai – the message is clear, said UN Climate Change executive secretary Simon Stiell on the eve of COP28 The United Nations Climate Change Conference COP28 opens today, with a strong call to speed up collective climate action. The conference takes place in the hottest year ever recorded in human history COP28 will run from November 30 to December 12 at Expo City Dubai, offers a global platform to agree on climate commitments and curb the worst impacts of climate change,…

Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

Mr Mohammed

30th November 2023, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE. In alignment with COP28, this roadmap underscores CIBAFI’s commitment, alongside other key infrastructure organizations, to enhance…