Category: ECONOMY

Local Content in Oil & Gas: A Catalyst for Shared Growth in Namibia

Mr Mohammed

JOHANNESBURG, South Africa, July 2, 2024/ — In the oil and gas industry, local content refers to the development of local industries, workforce and resources to support the operations of international oil companies (IOC) within a country. For Namibia, fostering ‘Namibian Content’ can significantly enhance economic growth, social development and technological advancement. Leveraging Local Content to Drive Economic Growth Local content policies can be a catalyst for economic growth by ensuring that a significant portion of the industry’s value chain is retained within the country. By promoting the use of…

African Development Bank expands urban support program to six new cities

Mr Mohammed

TUNIS, Tunisia, June 26, 2024/ — The African Development Bank’s (www.AfDB.org) Urban and Municipal Development Fund (UMDF) (https://apo-opa.co/4exYmAh) has expanded its African Cities Program to cover six new cities across the continent. The expansion, approved by the Fund’s 13th Oversight Committee, will help bolster urban development and address critical challenges faced by rapidly growing African cities. The newly included cities are: Kolwezi, the Democratic Republic of Congo: mining town grappling with rapid urban growth and environmental issues. Grand Nokoué, Benin: an economic hub with over two million inhabitants. Buffalo City, South Africa:…

Africa Finance Corporation (AFC) invests in Africa’s largest copper complex, driving mineral beneficiation on the continent

Mr Mohammed

KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, is pleased to announce the closing of a US$150 million senior loan with Kamoa Copper to support the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo. The loan by AFC, who acted both as lender and arranger, aligns with the Corporation’s commitment to support the local beneficiation of Africa’s abundant mineral resources to unlock the continent’s economic prosperity. Kamoa-Kakula is a world-class, high-grade, low carbon-intensive,…

Afreximbank and Africa CDC pledge US$2 billion facility in support of Africa Health and Pharmaceutical Products Manufacturing

Mr Mohammed

PARIS, London, June 20, 2024/ — African Export-Import Bank (“Afreximbank” or “the Bank”) (www.Afreximbank.com) and the Africa Centers for Diseases Control and Prevention (Africa CDC) have renewed their partnership with a new cooperation agreement announced today on the sidelines of the Global Forum for Vaccine Sovereignty and Innovation in Paris, France. Through this collaboration, Afreximbank has committed a US$ 2 billion facility to the “Africa Health Security Investment Plan” to support the health product manufacturing ambition of the continent. This initiative will focus on the African Pooled Procurement Mechanism (APPM) and…

Africa’s Largest Hydroelectric Power Plant Surpasses Expected Electricity Generation: Contributes to 16% of East Africa’s Total Electricity Output

Mr Mohammed

The Ethiopian government has noted that Africa’s largest hydroelectric power plant has surpassed expected electricity output. The government disclosed that the Grand Ethiopian Renaissance Dam (GERD) has generated more than 2,700 gigawatt hours (GWh) of electricity during the past 10 months. The Ethiopian Electric Power (EEP) said the mega hydroelectric power plant has surpassed its initial planned power generation targets in the past 10 months of the current 2023/2024 Ethiopian fiscal year. Its fiscal year started on July 8, 2023. According to data from EEP, the dam has registered a 26 per…

Faced with the threat of regional disintegration in West Africa, resignation is not an option (By Dr Olakounlé Gilles Yabi)

Mr Mohammed

DAKAR, Senegal, June 13, 2024/ —  Dr Olakounlé Gilles Yabi, Founder and CEO of the citizen think tank WATHI (www.WATHI.org). In 2014, when I was working to launch the citizen think tank WATHI, I wrote the following in the concept note I proposed to dozens of friends interested in the present and future of West Africa: ‘West Africa is a very young region. The proportion of the population aged under 25 in each country of the region exceeds 60%. Demographic growth in West Africa will remain strong in the medium…

Backbase to release its 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024

Mr Mohammed

Marrakesh, May 27, 2024 — Backbase, the creator of the global leader in Engagement Banking Platform, is thrilled to announce the launch of the 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024. This report, produced in collaboration with the pan-African publication African Banker, has become a cornerstone in Africa’s financial news landscape, offering deep insights into the ongoing digital revolution within the banking sector across the continent. The 2024 edition of the report draws on comprehensive survey data from over 150 banks spanning 35 countries, providing…

African Development Bank proposes Annual Africa Media Prize to promote more balanced reporting of continent and its achievements

Mr Mohammed

Dr Akinwumi Adesina, the president of the African Development Bank Group during the recently held media leaders’ summit convened by the AllAfrica Media in Narobi,Kenya,in his Keynote address,announced the creation of an Annual Africa Media Prize to recognise and profile African journalists, correspondents and media houses that showcase Africa’s achievements and progress. Adesina said the African Development Bank would work with the AllAfrica Media organisation and African financial institutions to establish the prize as part of efforts to promote more positive reporting of developments on the continent. “Africa must shape…

UN Tourism Empowers Women Entrepreneurs and Charts Future of Tourism Investments at AIM Congress 2024

Mr Mohammed

Dubai, UAE, 9th May 2024: UN Tourism made a resounding impact at the AIM Congress 2024 with two insightful side events, focusing on empowering women entrepreneurs and navigating tourism investments in the Middle East. The 2024 AIM Congress took place at ADNEC in Abu Dhabi from May 7-9, 2024, acting as a convergence point for global leaders, international organizations, entrepreneurs from around the world. On May 8th, UN Tourism hosted a dynamic session centered on “Investing in Innovation and Enabling Women Entrepreneurs.” The event, spearheaded by Ms. Basmah Al-Mayman, Regional…

AIM Congress 2024: Ministers share insights and strategies to navigate challenges posed by economic volatility

Mr Mohammed

Abu Dhabi, 9th May, 2024 – The 2024 AIM Congress hosted an extraordinary event as global leaders convened for the Ministerial Roundtable on Investment under the Roundtables’ Track, held at ADNEC in Abu Dhabi from May 7 to 9. In a ministerial think tank, an elite group of distinguished ministers from around the world shared insights and strategies to navigate the challenges posed by economic volatility, geopolitics, and the looming global economic slowdown. HE Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized the significance of…