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Category: AFRICA

  • Groups List 11 Economic Development Measures To Achieve Net Zero Emissions By 2060

    Groups List 11 Economic Development Measures To Achieve Net Zero Emissions By 2060

    The Society for Planet and Prosperity (SPP), GCA Capital Partners and Climate Advisers Network (Berlin) have listed 11 key measures for Nigeria to achieve net-zero emissions by 2060.

    Professor Chukwumerije Okereke, an internationally recorgnised scholar, stated this at a news conference on Monday, March 20, 2023, in Abuja.

    Okereke, who is Director, SPP, said that the 11 measures were adopted out of a long list of 35 measures identified in key policy documents across priority sectors: Agriculture, Forestry and Land Use, Industry and Housing, Oil & Gas, Power, Transport, Waste and Water.

    Okereke listed the top 11 measures to include: on- and Off-grid generation of renewable electricity, elimination of Diesel and Gasoline generators by 2030, and Planting of 300 million trees by 2030.

    Others included End gas flaring by 2030, reduce wood cooking and introduce clean cooking to 30 million households, Construction of 300,000 green home annually for 5 years, shift to Bus Rapid Transport with enforcement of emission standards.

    He also added Transition to properly designed engineered landfill with state-of-the-art gas collection, enhanced irrigation powered by renewable energy, increase energy efficiency by reducing transmission losses, and restoration of landscape scale and recharge of Lake Chad Basin.

    According to him, a rough calculation indicates that these measures could result in emission reduction of about 174.01 million metric tonnes of CO2 equivalent by 2030, similar to fossil emissions of Algeria or Iraq in 2021.

    The scholar said that the aim of the project was to present the steps and decisions in a format that is accessible to a wider public through communication materials that can stimulate and inform a wider public debate involving civil society, policymakers and more importantly, the National Council on Climate Change (NCCC) as it embarks on its full implementation of its mandate.

    “Taken together, the Top 11 measures are best-suited to private and blended types of investment, which is essential in the current circumstances and are expected to signal an observable shift in the course of decision making for massive economic and social development while putting Nigeria on the path of achieving her net-zero ambition by 2060,” Okereke said.

    He said that Nigeria at the brink of multiple climate crisis submitted an ambitious Nationally Determined Contributions (NDCs), presented its Energy Transition Plan and subsequently passed the Climate Change Act into law in 2021.

    He said that few months later, Nigeria launched its Long-Term Vision to 2050 (LTV2050) that is now expected to appraise the development of its Long-Term Low Emission Development Strategy.

    He added that the significance of these steps was to galvanise effective action towards meeting its commitment made at the COP26 in Glasgow to achieve net-zero target by 2060.

    Okereke said that the project embarked by SPP, and others analysed decisions and actions that, if taken in the next five years, would underpin a socio-economic transformation required to enable Nigeria to meet the government’s 2060 net-zero objective announced at COP26 in Glasgow.

    According to him, the context of the project with regards to benefits and successful implementation of each measure were assessed based on four criteria, listed to include:

    1. Economic diversification, (youth) job creation and poverty reduction;
    2. Security, social safeguards, and gender equality;
    3. Food security & public and environmental health; and,
    4. Sustainable and affordable power and transport to justify the diversity and sustainability of the measures.

    Source:(Centre for Climate Change & Dev.Blog News)

  • H.E. Amadou Allahoury Diallo grants Sarki Pro-Umar Tanko Audience in Niamey

    H.E. Amadou Allahoury Diallo grants Sarki Pro-Umar Tanko Audience in Niamey

    Report: Mohammed Abu

    The Special Ministerial Advisor to the H.E., President Bazoum and coordinator of the Agro-industrial Poles Programme, H.E. Mr. Amadou Allahoury Diallo, last week  granted Sarki Pro-Umar Tanko,the Bonkuano of the Greater Accra Zarma Community, Ghana audience  in Niamey.

    Welcoming Sarki Tanko, H.E., Mr. Diallo briefly  recounted his service at the Food and Agricultural Organization(FAO) in Ghana several decades ago.

    Sarki Tanko while appreciating the warm reception accorded him, also disclosed to the H.E. Mr. Diallo, his personal extra  endeavors towards wooing other  potential   investors with interest in the government’s Agro-industrial Pole creation Programme.He also added, that  he would accordingly  update H.E., in event of any expression of interest on the part of any investor(s) to embark on an exploratory visit to Niamey.

    The government of Niger has since adopted various measures aimed at  unlocking  the full potential of the country’s huge agriculture potential to the benefit of the gross national economy.

    Under the  government’s   economic rebirth agenda, it is focused on  scaling up rain-fed dependent driven small holder production while also promoting  irrigation-fed commercial production and  agro-processing for exports.

    Sarki Tanko also mentioned to  H.E.Mr. Diallo, about his post UE-Niger Business Forum survey of some Nigerien rural communities in other to explore investment opportunities they also offer but often over looked by the average  investor.

     

  • “Treat Niger Chamber of Commerce as your Home”-Says H.E., Mr. Moussa Sidi Mohamed

    “Treat Niger Chamber of Commerce as your Home”-Says H.E., Mr. Moussa Sidi Mohamed

    …………As Ghanaian Company Representatives  Call on him in Niamey

    Report: Mohammed Abu

    The President of the Niger Chamber of Commerce, Agriculture, Industry & Handicrafts, Mr. Moussa Sidi Mohamed has asked diaspora Nigerien owned companies as well as all other Ghanaian companies with business interest in Niger, to treat the chamber as their home.

    Mr. Mohamed also advised them to seek from the chamber, expert advice relating to their new business set up in the country while also urging them not to hesitate to bring to the notice of the chamber if they happen to be encountering any difficulties during their business incorporation process.

    He said that the Nigeri government had taken pragmatic steps through various reforms aimed at reducing both cost and ease of doing business in Niger. Touching on gains so far made in this direction, Mr. Mohamed cited the World Bank worldwide ease of doing business 2020-2021 rankings that had put Niger in the position of 132 out of 190 countries with a score of 56.8 percent.

    Under the reforms, incorporation of a company he said, now takes a maximum of three working days and at the cost CFA17,500.00.

    Mr. Mohamed was speaking during a courtesy call on him by Ghanaian participants facilitated by Her Excellency, Hajia Salamatou Goga, the Nigerien Ambassador to Ghana, on the sidelines of a two-day Workshop (15th-16th March) on the UK Export Finance funding procedure, terms and conditions.

    The event was held to co-inside with the visit of its Executive Director for West Africa as well as, a UK Trade Mission to Niger that comprised Representatives of about twelve UK companies.

    Mr. Mohammed added that, Niger’s huge agriculture, substantial mineral deposits, tourism and handicrafts potential among others, offers diverse investment opportunities for investors and thus, Niger is welcoming investors with open hands.

    In a submission, Alhaj Abdul Aziz Adamu, the Managing Director of Global Haulage Ltd, Ghana, a Ghanaian company reputed for haulage of agro-products and general goods in Ghana and other parts of the West African sub-region, said they weren’t just into haulage of the commodities alone, but also into their trade as well including financing.

    The Group, Alhaj Adamu disclosed, was in Niger alongside their business partners to explore diverse areas of investment opportunities including information Technology(IT.)

    Earlier in a brief presentation on the Global Haulage Group during the workshop session, Maria Adamu-Zebo, Managing Director of the Federated Commodities Ltd, a member of the Group said that, aside haulage of commodities, the group was also into commodities trade via licensed cocoa buying and exports as well as banking and financing.

    Sarki Alhaj Pro-Umar Tanko, CEO of Tanko Forex Bureau Ltd, Ghana, who also doubles as the Chief of the Zarma Community in the Greater Accra region of Ghana on his part, underscored the need for investor circumspection while recounting losses incurred in the country by Ghana based diaspora Nigerien owned companies in the previous past.

    Sarki Pro-Umar Tanko said that aside forex trading operations, he was into investment in land property and development as well as trading in refined oil products.

    He also disclosed that during a post UE-Niger Business Forum survey he conducted in some rural communities in Niger, it was established that those areas also offer some promising investments opportunities often overlooked by most investors.

    Sarki Tanko while also lauding Her Excellency, Hajia Salamatou Goga, the Nigeri Ambassador to Ghana for her hard work, also prayed the Nigeri authorities to grant her a longer tenure of office for the benefit of Niger-Ghana diplomatic, bilateral and business relations.

    Other Ghanaian companies present were, the New Modern World Company Ltd, led by its CEO, Hon Usman Inusah and other members of his management Team, Mutilai Trading Enterprise, Federated Commodities Ltd among others.

    In another development Her Excellency, the Nigerien Ambassador to Ghana also facilitated a meeting between representatives of six Ghanaian companies and His Excellency, President Mohamed Bazoum during which the Nigerien  Trade Minister, H.E., Alkache Alhada was also present.

    The Trade Minister underscored the importance of getting Ghanaian companies to participate in the UK Export Finance funding procedure Workshop. This, he said was borne out of the fact that, Ghanaian companies had decades long experience in doing business with the UK as well as, the UK Export Finance mode of funding. Thus, their presence at the event as high level economic operators in Ghana was good for synergy and value addition to the event.

    His Excellency, President Bazoum on his part assured the Ghanaian companies of government security protection in the country for investors, a guarantee of their investments, lower company incorporation cost and ease of doing business.

    His Excellency further assured them of tax and duty exemption on their imported equipment relating to their various fields of business operation and with particular reference to agriculture machinery.

     

  • President Ramkalawan attends the first ‘Oath of Allegiance’ ceremony for applicants that have acquired Seychellois citizenship

    President Ramkalawan attends the first ‘Oath of Allegiance’ ceremony for applicants that have acquired Seychellois citizenship

    10 March 2023 | Legal Affairs

    The President of the Republic, Mr. Wavel Ramkalawan witnessed the swearing-in of nine persons with Swiss, Kenyan, Irish, British, Malagasy, Thai, Italian, Ghanaian, and German nationalities who met all criteria and are eligible for Seychellois citizenship. The special event took place this morning at the Seychelles National Museums in Victoria.

    The ceremony, which is the first of its kind, is one whereby the new citizens took their Oath of Allegiance in public. This follows the Cabinet decision taken last year concerning the amendments of the Citizenship Act 2013 (Cap 30), to increase transparency to the citizenship status of those that have satisfied the criteria established and have opted to start a new life as a citizen of Seychelles.

    In his remarks, President Ramkalawan expressed his satisfaction with the way that this procedure for the request of citizenship for either naturalization or registration has been undertaken with all transparency and accountability.

    During the ceremony, the citizenship certificates were handed out as well as Seychelles flags. It was also marked by the reading of the Preamble of the Constitution of Seychelles.

    Following the ceremony today, details of the persons (including photographs) of those who have conferred with citizenship status, will be published in the Gazette and local newspapers within a specific timeframe.

    Also present to witness the ceremony, was the Attorney General, Mr. Frank Ally, PS for Immigration & Civil Status and Chairman of Citizenship and Eligibility Committee, Mr. Alain Volcere, Chief Immigration Officer of Immigration & Civil Status, Mrs. Erica Dufresnne, Principal Immigration Officer of Immigration & Civil Status, Mr. Mervin Elizabeth, members of the Citizenship and Eligibility Committee, the Arch Deacon Father Danny Elizabeth and Ms. Laura Ah-time, among other invited guests.

    Source:(State House News, Seychelles)

  • Enhancing Quality of Service Delivery in Ghana

    Enhancing Quality of Service Delivery in Ghana

    ECG to Embark on Capacity Building for Electrical Contractors

    Report: Mohammed Abu

    The Electric Company of Ghana (ECG) is set to embark on mandatory capacity building training for all local electrical contractors in the country.

    Aimed at improving the skills and knowledge of electrical contractors so as to enhance the quality of service delivery, the training which date will soon be communicated, would cover a wide range of topics.

    They include, power overhead line construction, underground cable construction, operation and maintenance of substation equipment, ECG Construction standards, safety and health policies.

    These were contained in a Press Release issued in Accra, Thursday, by Mr. Awal Sakib Mohammed, President of the Ghana Electrical Contractors Association(GECA).

    The ECG, the release said, is very particular about ensuring that its power distribution Infrastructure, is designed to standards and poses no danger to its technical staff and contractors.

    Electrical contractors it added, therefore have to stay abreast with the latest advancement in the field and ensure they are working within the regulations and providing safe installation.

    The Press Release further added that while the leadership of the Ghana Electrical Contractors Association implores membership to prepare themselves for the program, it is also sounding a warning that, members who would exempt themselves would not be allowed to work on the ECG distribution network.

     

  • A Just Transition: Making Energy Poverty History with an Energy Mix Hits #1 Bestseller on Amazon

    A Just Transition: Making Energy Poverty History with an Energy Mix Hits #1 Bestseller on Amazon

    NJ Ayuk’s most recent publication, A Just Transition: Making Energy Poverty History with an Energy Mix, has debuted as a #1 bestseller on Amazon’s US store

    JOHANNESBURG, South Africa, March 9, 2023/ — Following its release on Wednesday 8 March, NJ Ayuk’s most recent publication, A Just Transition: Making Energy Poverty History with an Energy Mix, has debuted as the #1 bestselling book on Amazon’s U.S. store, a testament to its significance in the current energy transition climate. Representing an in-depth analysis of Africa’s energy sector and the threat an immediate transition to renewables poses on the continent’s ability to develop, reaching bestseller status speaks to the value the book holds.

    The release of the book follows years of research and analysis, as well as meetings with prominent stakeholders, with the end product shedding light on the sobering reality that is unfolding in Africa. The bestselling publication reaffirms what African stakeholders believe is the right way to transition to a cleaner energy future. Rather than abandon the very resources that serve as the solution to developing, industrializing and electrifying the continent, the book brings attention to a different approach: an African approach.

    By providing key insight into the disastrous impacts transitioning away from oil and gas will have on the continent, the book offers a drill-focused approach, essentially defending the continent’s right to develop and utilize its oil and gas resources. By drawing attention to the need to end resource nationalism as well as critical role large-scale oil and gas developments such as the East African Crude Oil Pipeline, Mozambique’s three sizeable Liquefied Natural Gas (LNG) developments and South Africa’s natural gas projects, to name a few, will play in alleviating energy poverty while increasing the supply of clean energy, the book makes a strong case for what Africa needs to develop and mitigate climate change.

    At a time when African countries have aligned their policies to attract more investment into upcoming oil and gas developments, world leaders continue to call for the end of oil and gas utilization. For Africa, developing oil and gas is no longer an interesting prospect, but rather, it has turned into a critical solution for developing economies. Across the continent projects continue to take off. These include Senegal and Mauritania’s Greater Tortue Ahemyim development; Nigeria’s floating LNG train; Uganda’s Lake Albert development; Namibia’s trifecta of oil discoveries and many more. If these projects were to end, what chance does the continent have to make energy poverty history?

    Rather than place oil and gas stakeholders against environmentalists, a trend which continues to be done by world leaders, the book posits a collaborative approach to addressing dual challenges of energy poverty and climate change in Africa, making clear the value of cooperation among energy players and environmentalists alike. Rather than picking sides, Ayuk takes on a new approach to the climate debate, introducing the concept of integration and cooperation above opposition.

    Additionally, the book makes clear the need for an energy mix-approach. For Africa, adopting an energy mix represents the only and best method of making energy poverty history while addressing climate change concerns. In addition to over 125 billion barrels of crude oil reserves and 620 trillion cubic feet of natural gas, Africa holds significant renewable energy potential, and energy stakeholders are already working towards capitalizing on these resources. In this area, the book identifies a particularly interesting and highly lucrative space: green hydrogen. While global markets begin to turn their attention to global hydrogen, Africa’s untapped renewable energy resources and position as a future green hydrogen hub have made it a top investment destination, however capital remains slow in this area.

    As such, the book introduces a key solution to raising the funds needed to develop this sector: oil and gas. If Africa immediately transitions away from these resources, how will the continent finance its future? The book points to this very notion, emphasizing that a Western idea of the energy transition will do more harm than good in Africa: that a rushed transition will be even more disastrous; and that relying on foreign aid, rather than developing resources, will cause long-term harm, preventing any meaningful economic progress from taking place.

    There is still time to secure your copy of A Just Transition: Making Energy Poverty History with an Energy Mix. Purchase your copy on Amazon at https://apo-opa.info/3ynv5Ev

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber
  • United Arab Emirates (UAE)-Africa Partnerships to be Solidified at Invest in African Energy Dubai Edition

    United Arab Emirates (UAE)-Africa Partnerships to be Solidified at Invest in African Energy Dubai Edition

    The Dubai leg of the Invest in African Energy roadshow offers UAE investors the chance to connect with African opportunities, while African executives the chance to connect to international financial markets with Dubai as a trade center

    JOHANNESBURG, South Africa, March 9, 2023/ — The next leg of the African Energy Chamber’s (http://www.EnergyChamber.org) Invest in African Energy roadshow is drawing near, bringing with it new opportunities for UAE investors and project developers to tap into emerging energy markets in Africa. Taking place on March 30 at the Ritz-Carlton, International Financial Center in Dubai – a trade center within easy reach of major international financial capitals – the edition is set to unlock a new era of economic ties between the Middle East and Africa, propelled by unique networking opportunities and facilitated investment meetings.

    Recently, the dynamics between Middle Eastern investors and Africa have shifted dramatically, with UAE energy players in particular moving to establish deeper, longer-term and mutually beneficial commitments with African countries. For UAE stakeholders, Africa offers a wealth of opportunities whereby investing in the continent will advance goals of diversification, energy and food security as well as bilateral trade. As a region heavily dependent on oil and gas, investing in African energy markets will enable the UAE to not only advance its own development agenda but accelerate Africa’s overall socioeconomic progress, driving electrification, infrastructure development and industrialization all on the back of strengthened bilateral ties.

    Meanwhile, for Africa, the UAE has long-been an important investment partner, with the country representing the fourth-largest investor into the continent globally. Between January 2016 and July 2021 alone, the UAE invested approximately $1.2 billion into sub-Saharan Africa, and with an agenda to increase these investments multi-fold, the UAE is set to play an increasingly important role in unlocking resource monetization and development in Africa. At a time when Africa is pursuing widespread energy expansion on the back of 125 billion barrels of largely untapped oil reserves, 620 trillion cubic feet of gas and unparalleled renewable energy resources, increased UAE investment across key segments of the African energy sector will help unlock a new era of resource maximization, and by proxy, long-term and sustainable economic growth.

    On the gas front, a critical industry for both Africa and the global energy sector at large, UAE expertise across this field will help advance the continent’s gas agenda, ensuring investments translate into large-scale projects that are highly rewarding, impactful across regional economies and reap tangible benefits for local populations. By leveraging the UAE’s experience as a major oil and gas producer, Africa can unlock the full potential of its burgeoning gas sector with projects such as Mozambique’s three-fold Liquefied Natural Gas (LNG) projects; Senegal and Mauritania’s Greater Tortue Ahmeyim LNG development; the Nigeria Floating LNG project; and many more leading the way.

    However, the UAE’s role in Africa transcends direct investments, with the Emirates offering the continent the unique opportunity to tap into international markets, and specifically, financial capitals. Having been positioned as a trade center within easy reach of global markets, Dubai is well-connected to both global markets as well as emerging markets seeking investment and capital partners. As such, the Invest in African Energy Dubai edition will leverage this position to strengthen UAE-Africa connections and enable African stakeholders to tap into global financial markets.

    “The Invest in African Energy Dubai edition represents a not-to-be missed event. On the back of a series of successful roadshows that preceded it, the Dubai event will focus on the opportunities for UAE investors and project developers in Africa. Africa’s energy sector offers stakeholders a wealth of opportunities covering every segment of the energy value chain, and levering already-strong relations and economic ties established between the UAE and African countries, the Dubai event will create new opportunities for deals and bilateral connections, ensuring UAE stakeholders capitalize on Africa’s energy prospects in a way that is mutually beneficial and on a long-term basis,” states NJ Ayuk, Executive Chairman of the AEC, adding that, “If you are a UAE energy players looking at expanding your presence across the African continent, or an investors looking at reaping high returns on investment in global markets, the Invest in African Energy Dubai edition is the place to be. We look forward to seeing you all in Dubai at the end of this month.”

    The Dubai Invest in African Energy roadshow offers UAE players the chance to connect with a suite of high-level African stakeholders, providing a suitable platform where discussions can commence regarding UAE-Africa relations and new deals to be signed that will advance both the UAE and Africa’s objectives. Representing a form of prelude to the continent’s premier event for the oil and gas sector, African Energy Week (AEW) 2023, the event will kickstart discussions that will translate into tangible deals during the AEW conference. Don’t miss this important event.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber
  • Seychelles calls for the adoption of the MVI

    Seychelles calls for the adoption of the MVI

    Tuesday 07th March, Doha, Qatar: The President of the Republic of Seychelles, Mr Wavel Ramkalawan has called for the adoption of a Multidimensional Vulnerability Index (MVI) for Small Island Developing States (SIDS) and vulnerable countries to be accepted within the United Nations framework and beyond, as well as by international financial institutions.
    The President was speaking this afternoon at the High-level side event under the theme “Achieving a fair and complete measurement of vulnerability: perspectives from the Small Islands Developing States (SIDS) and Least Developed Countries (LDCs) on the vulnerability index”, convened by the Organisation Internationale de la Francophonie (OIF) and the Commonwealth in the margin of the 5th United Nations Conference on the Least Developed Countries (LDC5).President Ramkalawan spoke about the vulnerabilities of the Small Island Developing States, and underscored the acute challenges affecting SIDS.

    “In such a volatile and unpredictable climate, what future lies ahead for our islands without the recognition of its vulnerabilities? It is imperative, therefore, that we usher in a new assessment architecture. One which can truly address the needs of SIDS and LDCS in a comprehensive manner. To go beyond GDP per capita as a measurement of development and access to concessionary financing for development needs. We need an index that takes into consideration the intrinsic complexities that data on income, on its own, cannot fully reveal. This demands that we identify a fairer way to measure a country’s susceptibility to external shocks. It demands a more pragmatic methodology of assessment” said the President.

    “The argument we are pushing forward is that the MVI should be universally applicable within the United Nations system and beyond, including international financial institutions. What we are saying is: no country should be penalised for making progress in its development journey. The opportunities extended, or considerations given, to some developing countries should be available to all developing countries, irrespective of income status.”

    The Head of State thanked the OIF and the Commonwealth for their continued support and commitment, one that he described as important in the advocacy and implementation of the MVI.

    “We are here to make a case for due and appropriate consideration to be given to SIDS. Both the Organisation Internationale de la Francophonie and the Commonwealth are sensitive to and supportive of our arguments. Their support and commitment are vital to own efforts towards securing the universal adoption of a MVI. Thank you to the OIF and Commonwealth for organising this event, and a special thanks to Madame Mushikiwabo and The Rt Honourable Baroness Scotland for your continued support and advocacy!”

    “Let us all continue to advocate for enduring solutions towards greater resilience for SIDS, and other developing countries,” he concluded.

    Members of the High-level panel included:
    Moderator: Mr. Patrick GUILLAUMONT, Foundation for Studies and Research on International Development (FERDI) Keynote speakers:
    • H.E. Mrs. Louise MUSHIKIWABO, Secretary-General of La Francophonie
    • The Rt. Hon. Patricia SCOTLAND, Secretary-General of the Commonwealth
    • H.E. Mr. Wavel RAMKALAWAN, President of the Republic Seychelles
    • H.E. Mrs. Chrysoula ZACHAROPOULOU, Secretary of State to the Minister for Europe and Foreign Affairs of France, in charge of Development, La Francophonie and International Partnerships
    • Hon. Mr. Lejone MPOTJOANE, Minister of Foreign Affairs and International Relations of the Kingdom of Lesotho
    • H.E. Mr. Dhoihir DHOULKAMAL, Minister of Foreign Affairs and International Cooperation, in charge of the Diaspora and Francophonie
    Source:(State House News, Seychelles)
  • African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies
    ABIDJAN, Ivory Coast, March 8, 2023/ — The African Development Bank (http://www.AfDB.org), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched an AUD 50 million 15-year Kangaroo Green Bond due March 2038. The new issuance was arranged by RBC Capital Markets and sold to a single Japanese investor, Taiju Life Insurance Company.

    This is the African Development Bank’s sophomore green bond in the Australian dollar market since the inaugural 15-year Kangaroo green bond was issued in 2016, and marks an extension of the Bank’s existing Kangaroo curve.

    The funds raised through this green bond transaction will support the Bank’s efforts in the areas of climate change mitigation and adaptation. The bond proceeds will finance eligible green projects, including forestry conservation projects, aimed at supporting the transition to green growth in Africa in accordance with the AfDB Green Bond Framework.

    Despite renewed global efforts toward climate change evidenced by the new and ambitious climate targets established at the 27th Conference of the Parties (COP27) through the United Nations Framework Convention on Climate Change (UNFCCC), Africa requires particular attention and a more targeted response.

    Africa, with its unique biodiversity and ecosystems, including savannas, mountains, plateaus, deserts, and its variety of organisms and plants, is threatened by climate change unlike any other region. As a result, the transition to green growth in Africa has become even more important and urgent.

    Japan’s announcement of the “Africa Green Growth Initiative” to promote and attract investments into sustainable green growth in Africa, is ample evidence of its recognition of the need for this transition. The announcement was made at the 8th Tokyo International Conference on African Development (TICAD8) in August 2022.

    In order to promote sustainable development in Africa, the Bank’s Ten-Year Strategy focuses on two overarching objectives: to promote inclusive growth and to support African countries transition to green growth. The Bank has contributed to improving the lives in Africa by providing better access to water, energy and food, enabling sustainable use of natural resources, and promoting innovations, employment and economic growth.

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies, following on from a successful SEK 1.5 billion 5-year Green Bond issued in the Swedish krone market in January.

    Bond Terms Summary:

    Issuer African Development Bank
    Rating Aaa/AAA/AAA/AAA (All Stable)
    Issue Amount AUD 50 million
    Trade Date 22 February 2023
    Settlement Date 8 March 2023
    Maturity Date 8 March 2038
    Coupon 5.000%
    ISIN AU3CB0297273
    Arranger RBC Capital Markets

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

     

  • Seychelles and Slovenia set to strengthen bilateral cooperation

    Seychelles and Slovenia set to strengthen bilateral cooperation

    Monday 6th March Doha, Qatar: On the margins of the 5th United Nations Conference on the Least Developed Countries being held in Doha, Qatar  President Wavel Ramkalawan held bilateral talks with the President of the Republic of Slovenia Mrs. Nataša Pirc Musar.

    Since the establishment of Diplomatic relations between Seychelles and Slovenia on 21st October 1992, collaboration between the two countries has been limited. During discussions the Heads of State agreed that there is greater scope to enhance and diversify this relationship. Both expressed the wish to strengthen the friendly ties between Slovenia and Seychelles for the mutual benefit of both nations.The two Heads of State, discussed matters of common interest such as the continuous advocacy in addressing climate change issues, education and training, exchange of expertise and capacity building as well as strengthening cooperation in the domain of tourism.

    Source:(State House News,Seychelles)