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  • Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Fareed Rahman

    Jan 01, 2024

    The expansion of the Brics bloc to include Saudi Arabia and the UAE is expected to offer new investment opportunities for the Arab world’s two largest economies while boosting the group’s influence globally, analysts said.

    Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

    “Expansion of the Brics multilateral bloc to include Saudi Arabia and UAE augurs extremely well amid ongoing geopolitical and economic challenges confronting the world economy,” Ullas Rao, assistant professor of finance at Edinburgh Business School of Heriot-Watt University in Dubai, said.

    “Both Saudi and the UAE as [among] the richest countries on per capita and home to the biggest sovereign wealth funds, create enormous growth opportunities through investments, trade and commerce.”

    Saudi Arabia and the UAE have continued to post economic growth despite global uncertainties including high interest rates, inflation and geopolitical tensions as they focus on diversifying their economies.

    Saudi Arabia’s economy, which grew by 8.7 per cent in 2022, the highest annual growth rate among the world’s 20 biggest economies, is expected to expand by 0.8 per cent in 2023, according to the International Monetary Fund.

    The kingdom is also focusing heavily on its non-oil economy as part of its Vision 2030 diversification agenda.

    Meanwhile, the UAE’s economy is expected to grow 3.4 per cent in 2023 with oil GDP growth projected at 0.7 per cent and non-oil GDP at 4.5 per cent, backed by a strong performance in tourism, real estate, construction, transport, manufacturing and a surge in capital expenditure, according to a recent report from the World Bank.

    The Arab world’s second largest economy is signing trade deals to strengthen its ties with countries around. It is working towards signing 26 comprehensive economic partnership agreements as it seeks to attract more investment and diversify its economy.

    “The image of Brics in the past was of a financially vulnerable group, beholden to the global political superpowers. The financial power of Saudi and the UAE as net exporters of capital to the rest of the world will substantially change that perception,” Gary Dugan, chief investment officer at Dalma Capital, said.

    “Also as a collective, we expect Saudi Arabia and the UAE to be afforded easier access to the growth markets of the Brics countries on favourable terms.”

    The addition of two major oil exporters to the group “will reinforce their bargaining power and influence in Opec+ while also offering the space for them to align their strategies with other Brics members”, Ehsan Khoman, head of ESG, commodities and emerging markets research at MUFG, said.

    Opec+, which has been playing a crucial role in balancing oil markets, includes some of the world’s biggest crude producers including Saudi Arabia, the UAE and Russia.

    China and India, two key members of Brics, are the second and third biggest consumers of oil in the world with strong energy ties to the Gulf countries.

    New world order?

    Meanwhile, the calls for the overhaul of the international monetary system and the development of an alternative currency to the US dollar are expected to grow as Brics expands, according to Mr Rao.

    “As the world navigates for an alternative to the US dollar, even if less relevant today, the emergence of Brics common currency can act as a major harbinger in diversifying risks away from the stronghold of the dollar,” he said.

    Brics is poised to assume greater influence as a powerful voice to the Global South, he added.

    Ayham Kamel, head of Mena at Eurasia Group, is also bullish about the bloc wielding more influence globally.

    “The prospect of Saudi Arabia, the UAE, Iran and Egypt joining Brics creates new mechanisms that forces a degree of political co-operation by all the countries,” he said.

    “The Arab countries are looking for improving their global geopolitical influence and appear committed to avoiding detachment from the West.”

    SOURCE

    The Nation Business

     

     

  • Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Report: Mohammed A.Abu

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Sunday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformation.

    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

     

     

     

     

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI

  • West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

    West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

    COTONOU, Benin, December 27, 2023/ — The West African Development Bank (BOAD) (https://www.BOAD.org/) is pleased to announce that the Arab Bank for Economic Development in Africa (BADEA) has joined its capital.

    Following a favorable opinion issued by the Bank’s Board of Directors, at its 139th meeting held on 20th December 2023 in Cotonou, the WAMU Council of Ministers met on 21st December 2023 and approved the participation of BADEA in BOAD’s capital. This opens up the second phase of the Bank’s capital increase process, the first phase of which was completed in December 2022 for an amount of XOF554.38 billion.

    As a reminder, the BOAD capital increase process, referred to as “Peninsula” project, is structured into two phases: a first phase involving the issue of shares reserved for the Bank’s current shareholders, and a second phase involving the issue of shares open to new shareholders, whose accession is subject to approval by the Council of Ministers, as provided for by BOAD’s Articles of Association.

    The participation of BADEA in the Bank’s capital as a class B shareholder (non-regional shareholder) is part of this second phase, and involves an amount of US$30 million, or XOF18.47 billion. This stake is equivalent to 1.20% of BOAD’s subscribed share capital, giving this first-rate institution a seat on its Board of Directors.

    Established on 28th November 1973 and operational since March 1975, BADEA, with head office in Khartoum (Sudan), is a financial organization whose aim is to be a “world bank for Africans”, comprising 18 member countries including Saudi Arabia, Kuwait, Iraq, Libya, the United Arab Emirates and Qatar. It is rated Aa2 with a positive outlook by Moody’s.

    The two institutions are breaking new ground for their long-standing cooperation, which to date has been marked by the provision by BADEA of resources on preferential terms, and by the co-financing of several infrastructure projects in WAEMU countries, as well as the granting of subsidies to BOAD to support structuring projects.

    For President Serge Ekué, “BADEA’s participation as a new shareholder follows 10 years after the Kingdom of Morocco joined BOAD’s capital in 2013. This was the result of a series of discussions over the past two years. It is the translation of excellent relationships between both of our institutions, but also the result of a perfect common understanding between the President of BADEA, my dear friend and brother, Mr. Sidi Ould Tah, to whom I wish to pay a heartfelt tribute. My warmest congratulations to our respective technical teams”.

    Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

    Link to additional content: https://apo-opa.co/48zmTkq

    For further information, please contact:
    Communication and Public Relations Department

    Tel.: +228 22 23 25 65 / WhatsApp: +228 99 99 32 15
    Fax: +_228 22 23 24 38
    Email: boadsiege@boad.org

  • Weaving the Culinary Tapestry: A Journey through the African Diaspora

    Weaving the Culinary Tapestry: A Journey through the African Diaspora

    DUBAI, United Arab Emirates, December 28, 2023/ — Food is a unique storyteller, a cultural bridge and a carrier of traditions. As a result, the culinary traditions and rich tapestry of cuisines belonging to the global Black community have played a valuable role in contemporary culture.

    These traditions not only illustrate the inspiration, creativity and shared heritage of Black people, but also serve as a common thread that connects diverse cultures and geographies. From the shores of West Africa to the vibrant streets of the Caribbean, the flavors, techniques and dishes of the African diaspora have transcended borders, uniting people from across the globe. The Global Black Impact Summit (GBIS) — which unites and celebrates the achievements of the global Black community on February 27, 2024 in Dubai — will explore the influence of the African diaspora on a wide range of industries, such as the culinary arts.

    Africa: The Roots of Flavor
    An exploration into the culinary heritage of the global Black community begins with the roots of African cuisine. The continent’s diverse landscape and myriad cultures have given rise to a vast array of ingredients, cooking methods and flavors.

    In West Africa, staples like yams, okra, plantains and an array of vibrant spices are central to the local cuisine, with traditional local dishes including Jollof rice, Fufu – made from cassava root – and Egusi soup.

    In South Africa, the fusion dish Bobotie – a spiced minced meat bake with an egg-based topping – reflects the country’s historical influences, blending Dutch, Malay and Indian flavors. Central Africa contributes to this culinary tapestry with dishes like Saka-Saka in Congo, made from cassava leaves cooked with spices, and Poulet Nyembwe in Gabon, featuring chicken in a rich red palm nut sauce. These dishes highlight the use of local ingredients and establish the roots of traditional African cuisines across regions.

    The African Diaspora and a Fusion of Cultures
    Starting from the 16th century, the transatlantic slave trade facilitated the movement of millions of Africans to various parts of the world, including the Americas and the Caribbean. These journeys brought with them longstanding culinary traditions, which over time, evolved and adapted to the ingredients and resources found locally, while preserving the foundations of authentic cooking methods and flavors.

    In the Caribbean, the fusion of African, indigenous and European culinary traditions and techniques gave birth to Creole cuisine. Dishes like Gumbo — a hearty stew served over rice and Callaloo — a leafy green stew — showcase the rich melding of influences.

    They tell the story of a resilient people who had to adapt and create new traditions, while preserving their roots. In the United States, African Americans developed Soul Food, a cuisine that celebrates their enduring connection to their African heritage. Dishes like collard greens, a flavorful leafy green dish, cornbread and fried chicken, stand apart from traditional African dishes. Yet they provide more than just sustenance; they serve as a celebration of cultural resilience, warmth, protection and identity.

    The influence of the African diaspora on global cuisine is undeniable. Dishes like Acarajé in Brazil – a stuffed fritter sold and eaten as street food – finds its roots in the Yoruba people from Nigeria, Benin and Togo, while Ackee and saltfish – Jamaica’s national dish – was initially brought to the Caribbean from Ghana and stems from the name for the Akyem people. These examples reflect how the diaspora has enriched culinary traditions around the world and are a testament to its enduring impact on food and culture.

    Pioneers and Innovators in the Culinary World

    Throughout history, pioneering Black chefs have broken barriers in the culinary world. In the US, renowned chefs like Edna Lewis and Patrick Clark paved the way for the next generation of Black chefs to innovate and shape the world of food. Chef Marcus Samuelsson, an Ethiopian-born Swedish-American, is renowned for his culinary empire that spans from Harlem to Sweden.

    Kwame Onwuachi, a Nigerian-American chef, has left his mark on the culinary scene with a background that includes training in the world’s top kitchens. Sheldon Simeon, a Filipino-Black chef, celebrates the fusion of two cultures by exploring the ancestral roots of Hawaiian cuisine.

    GBIS 2024 strives to recognize and celebrate the achievements of Black individuals across industries, with a view to creating a more diverse and inclusive professional landscape. Just as culinary traditions continue to evolve and innovate, the Summit aims to unleash the full potential of the global Black community and explore the vast array of traditions and heritage associated with the African diaspora.

    Distributed by APO Group on behalf of Energy Capital & Power.
    SOURCE
    Energy Capital & Power
  • African Development Bank President Wins Obafemi Awolowo Leadership Prize

    African Development Bank President Wins Obafemi Awolowo Leadership Prize

    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 Ambassador Awolowo-Dosunmu, “The attributes considered to have characterised Chief Awolowo’s excellent leadership, include integrity, credibility, discipline, courage, selflessness, accountability, tenacity of purpose, visionary and people-centred leadership.”

    The former Nigerian President, Goodluck Ebele Jonathan was one of several world leaders who nominated Adesina. “He epitomises and combines qualities of extraordinary leadership that are often rare to find: great visionary, incredible courage, the ability to take on huge and difficult challenges, extraordinary dedication and commitment to deliver programmes and policies that transform the lives of millions of people,” Jonathan said.

    Former British Prime Minister Tony Blair also praised Adesina’s leadership. “His contributions to the African continent and global leadership have been exceptional. Under his leadership the African Development Bank has delivered bold interventions to address some of the greatest challenges of our time,” he said.

    Another globally renowned figure, Ambassador Kenneth Quinn, President Emeritus of the World Food Prize Foundation, saluted Adesina’s commitment to food security: “President Adesina has traversed the African continent evangelising his profound vision to end childhood stunting through enhanced nutrition; uplifting smallholder farmers, the great majority of them women; providing critical financing for a broad array of infrastructure projects so critical to development and modernisation.”

    Former UN Secretary-General Ban Ki-moon and Global Center on Adaptation CEO Prof. Dr Patrick Verkooijen, jointly said, “We can think of no person more highly qualified or deserving of this prestigious award. Dr Adesina is forged in the same mould as Chief Obafemi Awolowo, a shining example of leadership.”

    Dr Akinwumi Adesina is the third recipient of the Award. Others include Nigerian writer and Nobel Laureate Wole Soyinka and the former South African President Thabo Mbeki.

    An award ceremony is scheduled for 6 March 2024, and will include keynote lecture by the honouree.

    The Obafemi Awolowo Foundation, founded in 1992, is a non-profit non-partisan organisation.

    • Press statement by the Chairman of the Selection Committee of the Ọbafẹmi Awolọwọ Prize for Leadership (https://apo-opa.co/3vg7Pd4)
    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact:
    Peter Burdin,
    Communication and External Relations
    media@afdb.org

    SOURCE
    African Development Bank Group (AfDB)

  • Burkina Faso: the African Development Bank supports training for design engineers at the Higher Institute of Electrical Engineering (ISGE)

    Burkina Faso: the African Development Bank supports training for design engineers at the Higher Institute of Electrical Engineering (ISGE)

    ABIDJAN, Ivory Coast, December 22, 2023/ — Twenty-four-year-old Josias Idani is looking forward to his career with confidence. Following his studies, which led to a design engineer diploma in June 2023, he now nurtures  his goal of expanding the company he formed with two classmates in November 2022. The first steps look promising.

    “We specialize in energy audits. Since we started the business, we have worked for the local office of a maritime transport company and an international NGO. They’re small steps, but it’s a good start,” says the delighted young man.

    Josias Idani can rely on the solid training he received over five years at the Higher Institute of Electrical Engineering (ISGE) in Ouagadougou, the capital of Burkina Faso.

    Created in 2003 at the instigation of the country’s Chamber of Commerce and Industry in partnership with the Higher School of Engineers in Electrical Engineering (ESIGELEC) in Rouen (France), the institute is managed jointly by 17 businesses and public-sector institutions interested in electrical energy and its use. It specializes in industrial electricity and renewable energies, IT and telecommunications networks, and industrial maintenance. For several years, it only trained senior technicians (two years of post-secondary education) and works engineers (with three years).
    In 2016, in response to the needs expressed by businesses, it created a “design engineer”  program (five years of post-secondary education), with two options — “electrical systems engineering” and “digital systems engineering”.

    “The mining boom in Burkina Faso encouraged us in our plans because meant people with these skills were highly sought after. Some mining companies were even poaching engineers from other firms,” explains ISGE’s Director General, Innocent Compaoré.

    Two laboratories at the ISGE funded by the African Development Bank Group

    This strategy received a warm reception at the African Development Bank, which donated 555 million CFA francs (approximately EUR 845,000) to support two laboratories at the ISGE as part of the capacity-building component of the Northern Spine Project. “This support was aimed at training people in electrical engineering, so that they could ensure the long-term viability of structures and the sustainability of the project. More generally, it is perfectly aligned with the importance that the African Development Bank places on skills development and young people’s employability,” comments Daniel Ndoye, head of the Bank’s Country Office in Burkina.

    The first laboratory, which was for electrical systems, has been operating since 2019.  It has 15 workstations and prepares students to design, programme and repair a variety of installations, including lifts, traffic lights, solar-powered water pumps, wind energy systems and industrial production lines. “We have latest-generation teaching materials ranging from industrial automation to renewable energies and industrial processes. A few years ago, you had to go to the Maghreb or Europe to access training of this kind,” says Innocent Compaoré.

    The quality of the facilities decided Christine Naba to enrol at the ISGE. “The training is excellent. Thanks to the available equipment, there is a lot of practical work allowing students to move from theory to practice so you don’t feel at a loss when you do a placement in a business. I did mine at the Burkina National Electricity Company and in firms specializing in industrial electricity and renewable energy. We also did modules on entrepreneurship and leadership that prepare you to set up a business,” she explains. She also points out her current pre-recruitment placement in a firm specializing in rural electrification and designing power networks.

    Josias Idani is also satisfied. “I’m excited about the energy mix, which involves optimizing a site’s production by using several energy sources to lower its energy bill as far as possible. I now feel capable of doing that for an administrative building.”

    If the opportunity of a job in a business operating in the sector came up, he would only take it to build up his address book to advance his plans as a business owner.

    The second laboratory funded by the African Development Bank was inaugurated on 27 October 2023, coinciding with the commemoration of the ISGE’s 20th anniversary. It has 22 workstations that will help significantly modernize the training process for electrical engineering students.

    The African Development Bank’s support is helping to forge a stronger reputation for the ISGE, which can now welcome students from several African countries, bring foreign teachers on board and award qualifications recognized by the African and Malagasy Council for Higher Education (CAMES), which brings together 19 French- and Portuguese-speaking African countries.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    SOURCE
    African Development Bank Group (AfDB)

  • Desert to Power Initiative: African Development Fund approves nearly $303 million for Mauritania-Mali electricity interconnection project

    Desert to Power Initiative: African Development Fund approves nearly $303 million for Mauritania-Mali electricity interconnection project

    ABIDJAN, Ivory Coast, December 19, 2023/ — The Board of Directors of the African Development Fund, the concessional window of the African Development Bank Group (https://apo-opa.co/3trS2Yo) (http://www.AfDB.org), has approved a $302.9 million loan co-financing for a multinational power project that will connect 100,000 households across Mauritania and Mali.

    The Mauritania-Mali 225kV Electricity Interconnection and Solar Power Plant Development Project form part of the Desert to Power (https://apo-opa.co/3ROS5H3) Initiative. The funds comprise $269.6 million for Mauritania and $33.3 million for Mali. Other partners, including climate funds, will contribute to the project cost, which is estimated at $888 million.

    The Mauritania-Mali 225kV electricity interconnection project, combined with the development of solar power plants, represents a strategic investment to support rapid solar energy production and guarantee universal access to electricity in the two Sahel countries.

    The project will establish a high-voltage electrical interconnection over 1,373 kilometres, with a 600 megawatt (MW) transfer capacity between the two countries; build a 50 MW solar power plant in Kiffa, Mauritania, linked to the interconnection, and connect 100,000 new households (80,000 in Mauritania and 20,000 in Mali) to the power grid in the areas crossed by the cable. The project will also create opportunities for young people and women to establish agricultural and service businesses.

    This project forms part of the regional roadmap approved by the countries that will benefit from the Desert to Power Initiative. It is the first section of the trans-Sahel spine aimed at linking Mauritania to Chad via Mali, Burkina Faso and Niger. The interconnection will enable the development of new renewable power plants, whose production will be more closely integrated into interconnected grids. Commissioning it will facilitate access to a high-quality, low-carbon electricity supply at an affordable price.

    Malinne Blomberg, the Bank Group’s Deputy Director General for North Africa and head of the Bank’s Country Office in Mauritania commended the Malian and Mauritanian governments for  supporting the Bank in the project’s preparation.

    Blomberg said: “This is an inclusive, sustainable project that translates into reality our policy of supporting the development of green infrastructure in Africa. It will also have an impact on promoting both the private sector and trade, and creating job opportunities.”

    Adalbert Nshimyumuremyi, head of the Bank’s Country Office in Mali, said the approval represents the Bank’s commitment to supporting African countries’ development. “Permanent access to a high-quality electricity supply at an affordable cost will strengthen the resilience of populations in the beneficiary areas,” he said, adding that the project will be implemented in Mali’s Kayes region and will benefit 500,000 inhabitants, including 20,000 households in the 50 areas that will be connected to the grid.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact:
    Romaric Ollo Hien,
    Communication and External Relations Department,
    media@afdb.org

  • Overfishing off West Africa hits livelihoods, fuelling emigration

    Overfishing off West Africa hits livelihoods, fuelling emigration

    This article was originally published on China Dialogue under the Creative Commons BY NC ND licence.

    But a number of factors are depleting fish stocks, causing economic hardship and thus fuelling irregular migration to Europe. These include an influx of foreign trawlers in the region’s waters, lopsided fisheries agreements with foreign governments, weak laws and poor law enforcement.

    Experts say these issues can be overcome. They believe West African countries should: work together as a bloc to ensure it can strike fairer fisheries deals; invest in monitoring and surveillance to deter illegal fishing; and implement policies that better protect the marine ecosystem on which fish stocks depend.

    What is happening?

    Between 2017 and 2023, more than 900,000 migrants arrived irregularly in Europe by sea and land through Italy, Spain, Greece, Malta and Cyprus, according to the UN’s International Organization for Migration (IOM). An estimated 26% of these came from West and Central Africa.

    The journey is treacherous. Many who set out do not make it to Europe and are forced to return home. Others perish.

    Between January and March this year, 532 people went missing as they attempted to cross the Atlantic Ocean and Mediterranean Sea, the IOM report notes, with disappearances mainly linked to drowning, dehydration or hypothermia.

    In 2021, Nuha Njie tried to leave Gunjur, a coastal town in The Gambia, on a fishing boat bound for Morocco, from where he hoped to get to Europe. He is now back in Gunjur selling fish.

    “Before my unsuccessful journey, I requested for rental shop near the landing site to sell fish,” he tells China Dialogue. “I struggled to get one.” Njie explains that such a facility would have created job opportunities for other youths, as shop assistants or suppliers of fish. Njie adds: “I am not aware of any government loans or assistance to access fishing tools such as boats, which would have encouraged us to stay here and work.”

    Problems persist. Industrial trawlers will sometimes damage or destroy the fishing nets placed in the waters by local fishers, Njie explains. Though often accidental, this damage “affects the catches and subsequently, the market always runs out of [fish] stocks.” Often, this also leads to clashes between artisanal fishers and industrial trawlers.

    man sitting on and mending fishing net
    Small-scale local fishers in West Africa often face competition from foreign industrial trawlers. This has led to mass migration amongst fishers searching for better economic prospects. (Image: Mustapha Manneh / China Dialogue Ocean)

    Njie further accuses trawlers of violating regulations by fishing during a six-month “closed period” in the winter established by the government to allow fish to breed. He explains that Chinese fishmeal factories, often supplied by Senegalese boats, do sometimes operate during this period. “It is unfortunate that The Gambian government does not enforce the closed season as it should.”

    The Gambia’s Fisheries Regulations, last updated in 2008, state that no trawlers can fish within 12 nautical miles of the coast. However, unlike Guinea Bissau’s and Senegal’s, they do not indicate what fine should be given for particular offences. Often, this translates to trawlers receiving minimal penalties, or even going scot-free by bribing government officials.

    Despite the regulations in Senegal, Siaka Fai, a fisher from Missira village, in the country’s northern Fatick region, says fisheries agreements – and the industrial trawlers that come as a result – are compromising marine resources. “Our government has signed these fishing agreements and issued licences to other trawlers to operate on our waters… They have the bigger capacity, and we even compete with them around the areas we can access,” Fai notes. “As a result, small-scale fishers would [return] with very minimal catch, which is frustrating.”

    Why are people leaving?

    Illegal fishing has led to the loss of more than 300,000 artisanal – or traditional – fishing jobs in West Africa, according to the International Collective in Support of Fishworkers (ICSF). As a result, these people are forced to find work in another sector or to look abroad for it.

    The Covid-19 pandemic has exacerbated conditions driving irregular migration. A UN report on extreme poverty in West Africa, published in January 2022, revealed that “nearly 25 million people are unable to meet their basic food needs, which is 34% higher than in 2020.”

    There is historical precedent for this. In 2005 and 2006, fish stocks in Senegal collapsed, and close to 36,000 West Africans – mostly from Senegal and Mauritania – fled to the Canary Islands in an attempt to enter Europe, according to a report by the Global Initiative against Transnational Organised Crime.

    Many of the irregular migrants from The Gambia and Senegal that China Dialogue spoke to – and their families – say that seeking greener pastures in Europe is their main motivation for leaving.

    Like Njie, Wuyeh Sanyang left Gunjur in 2021, on a boat believed to be carrying more than 100 young Gambians, according to his family. He has not been heard from since.

    “Before he left, he kept talking about the hardship the family is going through,” his mother Sariba Ceesay, 68, says of her son’s motivations. “All I do is pray for us to reunite.

    “The saddest thing for me is I have no knowledge of whether he is alive or dead.”

    Bad deals for West African nations

    The fisheries sector has provided hope to Gambians over the years, especially to youths looking for work. But this hope has faded recently as regional governments signed new fishing agreements with industrial fishing operators.

    Nine of out of ten fishing vessels legally operating in Gambian waters are foreign-owned, according to the Ministry of Fisheries and Water Resources’ website. There are currently five facilities for turning fish into fishmeal and fish oil that are licensed to operate in the small country.

    In October 2018, The Gambia signed a six-year fisheries agreement with the European Union (EU) giving the bloc’s vessels the right to catch up to 3,300 tonnes of tuna and 750 tonnes of hake per year in Gambian waters. The EU paid 550,000 euros per year for the privilege.

    people throwing ice onto large display of fish
    Workers throw ice on fresh catch at the Tanji fish landing site off the coast of The Gambia (Image: Regina Lam)

    Speaking to local press in 2019, environmental scientist Abdoukarim Sanneh said that even though the EU’s agreement with The Gambia also covers cooperation to fight illegal, unreported and unregulated (IUU) fishing, it still amounted to “trade injustice”. The agreement and fishing licences pose a major threat to local, artisanal fishers, he added.

    It is a similar story in Senegal, where fisheries contribute to more than 3% of GDP, according to a Food and Agriculture Organisation (FAO) report. Most beneficiaries are artisanal fishers and processors, with 53,000 direct jobs, and over half a million that are reliant on fisheries. The report notes that overfishing, pollution and climate change pose the biggest threats to the sector’s job market.

    The fisheries industry accounts for 10.2% of Senegal’s exports, and generated US$400 million in revenue in 2021, found a report jointly published by the US Department of Agriculture and the Global Agricultural Information Network in 2022.

    Yet, like The Gambia, Senegal also has a fisheries agreement with the EU, signed in 2014, which allowed up to 38 EU boats to fish in Senegalese waters in return for a 8.69 million euro payment by the EU. The main agreement expired in 2019, but Senegal and the EU have since extended it with a new protocol. Other foreign-owned industrial trawlers also fish on Senegal’s waters.

    ‘Double whammy – no fish and no dollars!’

    In a 2019 paper, researchers analysed the EU’s so-called sustainable fishing agreements and identified the damage the deals are causing to West African nations. Its authors followed up with an article noting that other countries, including China and Russia, are also part of the picture.

    These patterns of exploitation exacerbate socio-economic inequalities, driving many people to despair and emigration

    Aliou Ba, interim senior oceans campaign manager for Greenpeace Africa

    Rashid Sumaila, a professor at the University of British Columbia who writes on sustainable fishing, says that West Africa gets a raw deal in these agreements, as its countries receive payments amounting to a small fraction of what their marine resources are worth. “The fishing communities in West Africa lose their fish without seeing any of the fees collected,” Suamila notes. “Thus, they end up with a double whammy – no fish and no dollars!”

    For Aliou Ba, interim senior oceans campaign manager for Greenpeace Africa, the main threat to the ocean and communities in West Africa is the unsustainable exploitation of marine and terrestrial resources, often facilitated by unfair agreements, neo-colonial practices and IUU fishing.

    “These patterns of exploitation exacerbate socio-economic inequalities, driving many people to despair and emigration,” Ba says. “And Europe’s [border policies] make this situation terribly dangerous.”

    West African nations lose an estimated $9.4 billion per year due to IUU fishing, according to a 2022 report by the Financial Transparency Coalition.

    What are the solutions?

    Ba highlights that “too many” young Africans have disappeared while emigrating in search of better lives. It is “high time for national authorities to invest in monitoring and surveillance of the oceans, and develop sustainable development policies capable of creating hope and lasting jobs,” he says.

    To incentivise businesses in the sector to spur local employment, “fisheries need massive investment, including subsidies to help local fishers with boats and storage facilities,” says Gambian migration specialist Bubacarr Singhateh.

    He adds there is a need for policies that protect the marine ecosystem through sustainable fishing and guarantee that perpetrators of fisheries crimes – such as fishing within a protected area and the illegal use of large nets – pay damages, to ensure proper restitution for those affected.

    West African governments have begun to develop robust fisheries policies intended to ensure a future for local fishers.

    The Gambia’s most recent fisheries and aquaculture policy, published in 2018, sets as a major objective the sustainable development and management of industrial fisheries with the “full participation” of Gambians. It also seeks to develop Gambians’ capacities so they fill at least 30% of all skilled labour positions onboard fishing vessels, and to create jobs from “onshore value-addition activities”, which includes fish smoking and other kinds of processing.

    Senegal, too, has various progressive policies, including its recent Agreement on Port State Measures, facilitated by FAO, which is the first binding international agreement to specifically target IUU fishing.

    However, for these policies to be truly successful, governments must stop signing agreements that threaten to jeopardise fish stocks in the region, such as the EU deal, which contributes to overfishing and overexploitation of local fish species. They must also clamp down on Chinese trawlers operating in The Gambia, Senegal, and Guinea Bissau, which currently do so to an extent that compromises sustainable fishing principles.

    This year, an Amnesty International report detailed the devastating impact of overfishing on Sanyang, a coastal village in The Gambia, in which it identified foreign-owned industrial trawlers and fishmeal factories as particularly damaging in how they dissolve local livelihoods, create food insecurity and perpetrate human rights abuses.

    In an article accompanying the report, Samira Daoud, Amnesty’s regional director for West and Central Africa, said: “The Gambian authorities must urgently take all necessary steps to hold them to account and protect the human rights of affected communities, including their economic and social rights.”

    When West African nations enter into fishing deals with other countries, Sumaila suggests that, in order to ensure they are fair, “they need to work collaboratively as a unit, just like the Pacific Island States do. This will increase the region’s bargaining power, making it receive a fair share of the value of resources.”