Category: COVER

Securing Minnesota’s bid for Hosting World Expo 2027

MAU intensity’s Campaign as U.S.-Africa Leaders’ Summit hold

Mohammed Abu

The Minnesota Africans United (AU) delegation representing Diaspora Community groups from all 54 nations of Africa is in Washington for the entire week of activities related to the on-going U.S.-Africa Leaders’ Summit.

The move is intended to garner support for Minnesota as the host city for the World Expo 2027 event. The targeted audience are, African Heads of State, Foreign Ministers, Cabinet Members and other officials from the 49 African nations taking part in President Biden’s U.S. Africa Leaders’ Summit.

As of mid-week, meetings had taken place with leaders from Kenya, Democratic Republic of Congo, Cameroon, Liberia, Somalia, Ivory Coast, Ghana, Togo, Zambia, Guinea, Uganda, Sierra Leone, Rwanda, Malawi, Mali, and the United Arab Emirates.

These were contained in a Press Release issued by MAU in Minneapolis on Thursday.

MAU leaders and supporters, the release further said, are bringing a powerful message of support for Expo 2027 to national leaders from every region in Africa,

“We are working towards an Africa-wide consensus of support for Minnesota’s bid to host an international exposition under the theme of “Healthy People, Healthy Planet.

“We are making the case that by supporting Minnesota’s bid they can help create a powerful engine for advancing two-way trade and investment that can benefit both the Diaspora living in Minnesota and the people living on the continent of Africa.” Intimated Basil Ajuo, MAU’s President & Chief Executive Officer,

“Until now, we have primarily been meeting with senior African government officials in their embassies in Paris, in New York, and in national capitals. Having nearly all the Heads of State or their designated representative in Washington all at the same time has been an incredible opportunity to make the case for Expo 2027.

“We have built up a great deal of support for our bid and now we’re concentrating on turning that strong support into a continent-wide consensus for everyone to support Minnesota ’Ajuo disclosed adding, ‘This week, coming on the heels of a very successful lobbying blitz of African Ambassadors in Paris last month, gives the Minnesota’s bid the boost needed to propel us in the final six-months of this exciting campaign.”

Minnesota Africans United

Minnesota Africans United (MAU) is a coalition and statewide organization for all African immigrants’ communities in Minnesota. MAU supports Minnesota’s African Immigrant community with representation from 55 African countries. We act as a connection for the network of African immigrants in Minnesota, and for local African immigrant community organizations, and small businesses.

Website https://www.mnafricansunited.org/

Facebook https://www.facebook.com/MNAfricansUnited/

Twitter https://twitter.com/MNAfricans

Instagram https://www.instagram.com/mnafricansunited/

December 16, 2022

African Economic Conference 2022 urges development community to “walk the talk” on innovative solutions to fight climate change

Participants asserted that achieving net zero emissions—the crux of the three-day conference—can be accomplished if all stakeholders are robustly engaged

BALACLAVA, Mauritius, December 12, 2022/ — The 17th African Economic Conference ended on Sunday with a charge to the development community and governments to take decisive actions to address climate change.

The African Development Bank, United Nations Economic Community for Africa, and United Nations Development Programme, the conference hosts, called on participants to walk the talk by producing concrete solutions for climate-smart development on the continent.

Participants asserted that achieving net zero emissions—the crux of the three-day conference—can be accomplished if all stakeholders are robustly engaged, including providing the right environment for public-private partnerships.

“Africa is the region that is most vulnerable in the face of climate change,” said Mauritius’ Minister of Finance, Economic Planning and Development, Renganaden Padayachy. The scourge of climate change poses a threat to lives, he cautioned.

“And if we limit climate change, we will change lives,” he said at the closing of the three-day conference, which had an in-person attendance of over 350 delegates, with thousands more participating online. AEC 2022 provided a timely forum to discuss innovative solutions to support climate-smart development in Africa.

African Development Bank Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, Prof. Kevin Urama, stressed that Africa’s future will come from the innovation of young Africans.

Speaking directly to Africa’s youth, Urama said: “Your innovation, your knowledge, your power, use that so that we can do climate-smart development on the continent.” He noted that the conference produced rich lessons, including challenges, solutions, and what the private sector and government can do to leverage available skills and technology.

In a speech on her behalf, UNDP Assistant Administrator and Director of the Regional Bureau for Africa, Ahunna Eziakonwa, called for accelerated action.

“We must be particularly mindful of the economic, societal, environmental, political, and security costs of green transitions. We must fully understand the trade-offs and opportunity costs on communities and families and avoid pathways that undermine development prospects and deepen inequalities,” Eziakonwa said.

She observed that climate finance is urgent and urged African governments to resolve the uncertainty around it. “Reaching net zero emissions must also mean reaching zero poverty,” Eziakonwa reiterated.

Deputy Executive Secretary and Chief Economist of the United Nations Economic Commission for Africa (ECA), Dr. Hanan Morsy, observed that addressing climate change should not be a choice but an imperative for Africa to achieve climate-smart development.

“As such, what we have developed and discussed here regarding climate-smart development is not just an event. This is a process,” she said and urged African countries to heed the analyses and recommendations presented at the conference.

The conference, held in Balaclava, Mauritius, brought together policymakers, climate experts, representatives of the private sector, academics and youth to develop an action plan to guide Africa as it navigates the threat of climate change.

AEC2022 was jointly organized by the African Development Bank, United Nations Economic Commission for Africa, and the United Nations Development Programme, in collaboration with the government of Mauritius. This year’s conference had the theme Supporting Climate-smart Development in Africa.

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

December 14, 2022

African Development Bank Group President appoints Senegal’s former Minister Amadou Hott as Special Envoy for the Alliance for Green Infrastructure in Africa

The Alliance will mobilize up to $500 million needed for a robust pipeline of bankable, greener projects

ABIDJAN, Ivory Coast, December 13, 2022/ — African Development Bank Group (http://www.AfDB.org) President Dr. Akinwumi Adesina has appointed Senegal’s former minister Amadou Hott, as his Special Envoy and global champion for the Alliance for Green Infrastructure in Africa (AGIA).

The African Development Bank, Africa Union and Africa50 launched the Alliance during COP27 last November with global partners: the African Union Development Agency, the African Sovereign Investors Forum, the European Investment Bank, the European Bank for Reconstruction and Development, the French Development Agency, the Rockefeller Foundation, the US Trade and Development Agency, the Global Center on Adaptation and the Private Infrastructure Development Group.

The Alliance will accelerate Africa’s transition to Net Zero by mobilizing, at scale and speed, investments needed to bridge the infrastructure gap for the continent’s low-carbon and climate-resilient development.

The Alliance will mobilize up to $500 million needed for a robust pipeline of bankable, greener projects. This is projected to generate up to $10 billion in investment opportunities from a combination of co-investments, co-financing, risk mitigation and blended finance.

Mr. Hott brings a wealth of experience in resource mobilization, public-private-partnerships, sustainable energy and infrastructure finance, and investment banking. He has strong relationships with African policymakers, development partners, strategic and institutional investors to mobilize significant capital for green infrastructure project development and financing in Africa.

Mr. Hott was until last September, Senegal’s minister for Economy, Planning and Cooperation. During his tenure, the country implemented landmark economic reforms, including the Economic and Social Resilience Plan and the reform of public-private partnerships.

Before joining government, Mr. Hott was African Development Bank Group’s Vice President for Power, Energy, Green Growth and Climate Change. During his tenure, the Bank Group significantly increased investments in renewable energy. In 2017, he helped the Bank Group allocate 100% of its power generation investments in renewable energies. Prior to joining the Bank Group, Mr. Hott served in structured finance, sovereign wealth fund management, and the development of integrated energy solutions in various major markets including New York, London, Dubai, and Lagos.

Amadou Hott holds an Associate degree in Applied Mathematics from Louis Pasteur University in Strasbourg, France, a bachelor’s degree in Economics, and a master’s degree in Financial Markets and Banking Management from Sorbonne University, Paris. In 2012, the World Economic Forum nominated him as a Young Global Leader.

Commenting on his appointment, Mr. Hott said: “I am honored to champion this great initiative under President Adesina’s visionary and impactful leadership. The Alliance will support Africa’s transition to Net Zero emissions. We need to frontload investments in infrastructure for Africa to meet the Sustainable Development Goals by 2030 and to develop the continent. I look forward to working with all regional and global stakeholders and partners to succeed in this new challenge.”

Dr. Adesina said: “I am delighted to have former Minister Amadou Hott as my Special Envoy to globally champion the Alliance and help mobilize significant resources and stakeholders for more green investments in Africa. He has a strong track record of mobilizing resources and multi-stakeholder engagement for key initiatives, particularly in green infrastructure.”

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

Contact:
Chawki Chahed
Communication and External Relations Department
media@afdb.org

December 13, 2022

Saving the Amboseli Lion in Kenya from near Extinction

Maasai Olympics, et al, to the rescue

……As Six-fold increase in Lion Population established !!!

By: Mohammed Abu

Monitoring by Lion Guardians, a Conservation NGO has established that, there is a six-fold increase in the Amboseli lion population between 2004 and 2020, making it the fastest growing lion population on community-owned land in Africa, an astonishing turnaround following near extinction at the turn of the century.

The reduction in lion killing isn’t only due to the Maasai Olympics factor alone, but also, as the result of other programs by, Big Life and others including Lion Guardians, the Born Free Foundation, including building predator-proof livestock pens, paying compensation to herders whose livestock is killed by predators to deter retaliation, and increasing the financial benefits mostly from tourism that Maasai families receive from continuing to protect wildlife on their land

Research found 87% of warriors aware of the Maasai Olympics reported the event made them less interested in killing a lion and 91% said it made them more interested in lion conservation.

These were contained in a Press Release issued in Kimana, Kenya recently following the end of the 5^th Biennial Maasai Olympics designed to update the initiation practices of the Maasai Warriors as a substitute to the age-long traditional practice of killing lions to prove their prestige and to protect their livestock.

Thousands of spectators in traditional red cloaks and beaded jewellery the release disclosed, gathered to watch 160 young Maasai – 120 men and 40 women – compete in a series of events including spear and club throwing, standing Maasai high jump, and sprints.

Maasai elders and Big Life Foundation, a community conservation organization operating in the Amboseli landscape of southern Kenya, came up with the idea as a way to remove lion killing from the Maasai warrior culture, historically one of the key threats to lions in Amboseli.

The Maasai Olympics,it intimated, replicates traditional warrior skills in place of the initiation practice of hunting lions as a mark of manhood, strength, and prestige. Globally, lions have lost 94% of their range since the start of the 20th century. Today there are estimated to be 23,000 lions left: fewer than elephants, rhinos, or gorillas.

The initiative, it said, is now in its 10th year and was held at Kimana Sanctuary, a Maasai-owned wildlife reserve 200km (125 miles) south of the capital, Nairobi.

Benson Leyian, CEO of Big Life Foundation, said: “Lions and the Maasai have lived in an uneasy balance for generations. Many of our elders would have talked with pride of killing problem lions or to prove their strength. But with more livestock and more people, there was a risk that this culture would have wiped out lions in this landscape, which we could not let happen”..

The Maasai Olympics is about provoking discussion among the warrior generation, who are the future leaders in this ecosystem, that lion-killing is no longer culturally acceptable, and that conserving our environment is how to ensure a sustainable future for these warriors and their families. The Maasai Olympics was an idea from the elders that we helped bring to life and, with other predator protection programmes, it has been extremely successful.”

Beginning in August 2022, the four competing warrior villages of Eselenkei, Kuku, Mbirikani, and Rombo have engaged in local and regional competitions, culminating in today’s event. Coming in the midst of a ferocious drought driven by a series of failed rainy seasons, the global effects of the war in Ukraine that has spiked food costs, and the lingering impact of the COVID-19 pandemic, the event was a rare chance for people to celebrate.

Mbirikani village were overall winners, and were presented with a prize bull and trophies. Team captain Nickson Kupere said: “It’s been a very good day and we’re very excited that so many of our team won, and that overall we were the winners. We Maasai have been living with wildlife for such a long time but we often saw them as a threat. This competition has changed that, we see wildlife now like we see our cows, and it needs to be protected because it brings us benefits like tourists who come to spend their money here. We’re able to put our children through school.”

Joseph Lekato who successfully defended his title as javelin/spear throwing champion, said: “The Maasai Olympics has really helped change the way that warriors and all people here think about wildlife” adding,. “You won’t find anyone now in all Amboseliland who wants to kill a lion.”

The release while acknowledging the Maasai Olympic sponsors,National Geographic, the Disney Conservation Fund, Chester Zoo, Play for Nature, and Zoo Basel also thanked the project coordinator, Samuel Kaanki, and the volunteer teachers, sports officials, and coaches whose tireless work contributed to make the project a success..

Media Contacts

For interviews or any other questions, contact Mike Pflanz, Big Life Foundation’s Media Advisor, at media@biglife.org.

About

Big Life Foundation:

Straddling southern Kenya and northern Tanzania, The Big Life Foundation works to protect over 1.6 million acres in the Amboseli-Tsavo-Kilimanjaro ecosystem. Using innovative conservation strategies that can serve as models elsewhere and collaborating closely with local communities, partner NGOs, national parks, and government agencies, Big Life seeks to protect and sustain East Africa’s wildlife and natural habitats, including one of the world’s best-known elephant populations.

December 13, 2022
Positive Foreign Spillover Effects Needed in Africa’s SEZs Operations:EDITORIAL COMMENT

Africa’s decades long trailing behind the rest of the world in terms of industrialization is a thorny issue that has attracted comments from various development economists and experts.

In order to scale up industrialization efforts, they contend, Africa needs a well crafted and strategic 21st Century industrial policy. Increased investments in logistics, transportation and infrastructure which are non-negotiable they contend, must underpin the industrial policies of the various African countries.

On Special Economic Zones(SEZs) even though they admit can contribute to Africa’s economic development, but they are quick to caution, that foreign companies with investments in the Zones should have a positive spill-over effect on local companies through supply value chain linkages.

This, in their opinion, could help local companies to benefit from technology transfer, capacity building and for that matter, their growth needed to positively impact local economic development. The foreign and local joint ventures paradigm they highly recommend ought to be pursued seriously with reasonable support from the public sector.

Foreign Direct Investment(FDI) they argue, should be properly linked to the local companies and for that matter, the economies of the host African countries. Through this way, local African economies could benefit from the positive impact of the operations of foreign companies for shared gains and prosperity.

Without win-win approaches, they caution, African countries could be faced with the situation whereby incoming foreign companies continue to maximize gains and prosperity from their operations to the disadvantage of the gross national economies of the host countries..

Such a situation in their opinion, wouldn’t engender the much expected contribution of FDI to the growth and development of the economies African countries. More foreign direct inflows into African countries without proper linkages to their local economies, expert views say, wouldn’t necessarily lead to economic development.

Promoting and supporting domestic investments ought to be equally taken seriously within Africa’s 21st Century industrial development policy frameworks they also advocate.

That Africa has for decades been missing out in terms of heavy machinery and other industrial goods manufacturing and only confined mainly to raw material exports, is no understatement .The experts contend, Africa’s attention shouldn’t be too much focused on catching up with the rest of world in this area as the odds are not in favour of Africa in thus turbulent world.

Within Africa’s 21st Century industrial policy frameworks they recommend the continent must rather pay special attention to industry without smokestack as an area to employ for scaling up the continent’s industrialization ambitions. A well balanced and integrated heavy smoke manufacturing and industry without smokestack ,approach, is also recommended.

They recommend more involvement of local companies, in light industrial manufacturing through the SEZs and where foreign companies are also much involved . They also recommend Africa could also take due advantage of her competitive edge in agriculture/agribusiness, horticulture, and natural resources extraction in which Africa abounds. They are however quick to emphasize prudent, ecofriendly and sustainable natural resources exploitation in African countries and ensuring they don’t get trapped in the so-called resource curse.

In as much as we of the Ecoenvironews Africa magazine, wish to commend the AUC and all Free Zone Operators on the continent, we also would like to crave your indulgence to all times, be circumspect about points being raised by various development economists in Africa and around the globe.

Ecoenvironews Africa do take special note of the various insightful lectures on Africa’s industrialization and the underlying challenges by Prof John Page, Non-resident Senior Fellow – Global Economy and Development ,Africa Growth Initiative.

Africa’s most youthful continent status underpinned by an ever increasing high rate of youth unemployment should be a cause for concern to all and Africa must go all out to all use all available weapons to remedy the situation.

The Africa Continental Free Trade Area Agreement (AfCFTA) is a weapon Africa must hold on firmly and use it to the maximum advantage of the continent towards changing the narrative. Africa as continent has been abundantly favoured by nature and its people deserve.

Africa cannot afford to again underutilize this golden opportunity and for whatever reasons.

December 11, 2022
Unveiling SEZs role in Africa’s Industrialization

USD2.6 billion Invested,60 million Jobs Created

…. As AU-AEZO Symposium ends in Abuja

Story: Mohammed Abu

The 5^th African Union Commission(AUC)Symposium on Special Economic Zones(SEZs) and the 7^th Annual Meeting of Africa Economic Zones Organization(AEZO) ended recently in the Nigerian capital of Abuja with an expression of interest by President Bukhari to collaborate with SEZs in Africa to benefit from the AfCfTA.

The Nigerian President also commended the AFZO for bringing Free Zone Operators in Africa together through the event which was held under the theme, “African Special Economic Zones: Engine for Resilience and Acceleration for Sustainable Industrial Development”

In his opening statement, secretary general of AEZO Ahmed Bennis, hailed the development of SEZs on the continent as drivers of economic development.

“Over the past five years, 60 million jobs have been created in agro-processing, industrial fields, and services and more than $2.6 billion has been invested in the development of SEZ projects in the continent,” he said.

In a recorded statement for the event, the president of the African Development Bank Group, Dr. Akinwumi Adesina, argued SEZ can help change that. “The role of SEZs is to accelerate sustainable industrial value chain development,” he said.

December 11, 2022
Gearing up for U.S.-Africa Leaders Summit

MAU Leads the charge in getting bid for Minnesota

………As Consular Corp briefing due in Chicago on Monday

By: Mohammed Abu

Minnesota Africans United will host a briefing for Chicago-based Consul Generals and Honorary Consuls on Monday, December 12th at the University Club in Chicago.

This will be an open meeting, with formal invitations to the Consular Corp and to other key leaders, according to an official MAU announcement.

Minnesota Africans United (MAU), the civil society organization representing Diaspora communities from the entire continent, has been crucial to the success of this bid.

MAU has built very good support for Minnesota’s bid by building strong, long-lasting relationships with African leaders through trade missions, webinars, conferences, hosting visiting delegations, and with direct lobbying of Foreign Ministers and Ambassadors, Cabinet Members, and Heads of State.

This briefing will be led by Basil Ajuo, President and CEO of Minnesota Africans United. At this briefing he will report on MAU recent delegations to lobby key decision-makers specifically, and he will discuss how Expo 2027 will benefit the African communities in Chicago.

Joining MAU President Ajuo for this briefing, will be Mark Ritchie, founder Minnesota USA Expo and co-author of the Minnesota’s official bid, entitled “Wellness and Wellbeing for All: Healthy People, Healthy Planet.” He will discuss the important role that Chicago has played over the last decade in this process, and how we can maximize potential benefits for our region.

Minnesota Africans United Minnesota’s bid to host the 2027 World’s Fair is in the final stage, with strong backing from all branches of the Federal Government and from public and private sector leaders throughout the nation.

Chicago has a central role in Expo 2027 – as the host city of nearly all Consulates covering our region, the location of many of our nation’s leading medical and health organizations and corporations, and as a major travel/ tourism hub.

Visitors and participants in Expo 2027 and related activities will travel around the U.S. and across the entire planet – often stopping by Chicago along the way. Heads of State will visit, as will many other key leaders.

The briefing is to provide important background information and an up-to-date assessment of where things stand going into President Biden’s Africa-U.S. Summit.

For more information, please contact Deanna Nord, founder and president of the Chicago-based Midwest Alliance of Health Innovations and Impact.

The Alliance has been one of the key supporters of Minnesota’s Expo bid, working to bring attention to the potential economic benefits for our entire region.

December 11, 2022
Joint OIC- EU technical workshop on “Gender Based Violence” (GBV)

Jeddah, 7 December 2022
Within the framework of its partnership and continues consultation and collaboration with the European Union (EU), the OIC General Secretariat along with the European External Action Service (EEAS), held today, Wed 7 2022 a virtual technical workshop on “Elimination of Gender-Based Violence”.

The workshop is organized in commemoration of the International Day for the Elimination of Violence against Women, which is observed on 25th of November each year, and also the UNiTE (UNITE to End Violence Against Women 16 days Campaign).

The workshop aimed to Exchange information on legal and policy framework and human rights instruments/mechanisms for protecting women’s rights and eliminating Sexual and Gender Based Violence; exchange efforts and activities of the EU and the OIC institutions in combating GBV and formulate concrete ideas and recommendations for enhancing the future cooperation between the EU and the OIC.

From the OIC side, the workshop witnessed the participation of IPHRC, SESRIC, IsDB and the WDO who presented their respective efforts and initiatives in women empowerment in general and in combating violence against women in particular.

From the EU side, Ms. Brigit Loeser, Head of Division MENA.1 Regional European External Action Service delivered the opening remarks and highlighted the great importance of this workshop that comes within the continuous dialogue and consultation between the OIC and the EU since 2015.

In her statement Ms. Brigit Loeser also emphasized on the importance to have more in depth cooperation between the OIC and the EU in multilateral fora and identify possible projects to be jointly implemented and also to exchange statistics and data and share best practices.

The OIC opening statement of the Assistant Secretary General of Humanitarian, Cultural and Social Affairs, that was delivered on his behalf by Dr. Abdul Fallilat Ajoke, the Director of Social and Family Affairs highlighted the great importance that the OIC gives to the role of women in developing societies in the Member States, especially to eliminating all type of violence they may encounter and hinder them from acquiring their rights to live safely and contribute effectively to the development of their societies.

The EU representatives also provided broad information on efforts and activities on Sexual and Gender Based Violence addressing different aspects and target groups (i.e. government to improve the legislative framework and CSOs for projects at community level especially concerning Muslim minorities and refugees women and those under occupation.

This workshop is considered the first of its kind with the EU on the topic of GBV and it should be a start for more effective collaboration between the OIC and the EU on elimination of GBV and women empowerment in general.

Source: OIC

December 7, 2022

Mano River Union launches scheme to build inclusive business ecosystems

OPINION PIECE

By Charleine MBUYI LUSAMBA & Hoda Tarek)

Sierra Leone’s Minister of Gender and Children’s Affairs, Manty Tarawalli, commended the African Development Bank for what she said was a “well-thought” initiative to support women’s economic empowerment

ABIDJAN, Ivory Coast, December 7, 2022/ — By Charleine MBUYI LUSAMBA, Task Manager & Hoda Tarek, Gender and Development Expert

On 21 October 2022, the African Development Bank and the Mano River Union Secretariat hosted an event to launch the Project to Build Inclusive Business Ecosystems for Stabilization and Transformation in the Mano River Union (BI-BEST) in Freetown, Sierra Leone.

Launching the $4.25 million project, Sierra Leone’s Minister of Gender and Children’s Affairs, Manty Tarawalli, commended the African Development Bank for what she said was a “well-thought” initiative to support women’s economic empowerment.

She said the project would empower women cross-border traders and foster economic development and regional integration within the Mano River Union.

Minister Tarawalli noted that the project was timely as it would help Liberia and Sierra Leone in their efforts to mitigate the impact of the current global economic challenges on their people.

Isata Kamara, Deputy Minister of Trade and Industry of Sierra Leone and a representative of the Ministry of Gender and Social Protection of Liberia, attended the event. Other participants included representatives of development partners, joint border security units, the Mano River Women’s Peace Network and women cross-border traders.

BI-BEST is expected to positively impact nearly 1500 women traders at two borders points — Koindu-Foya in Liberia and Jendema-Bo Waterside in Sierra Leone. The project will run through 2025 and provides women cross-border traders with gender-responsive capacity building, finance access, and assistance to connect to more profitable markets. Accordignly, at least 1200 women traders expected to report new or improved opportunities to increase their income and enhance the quality of their jobs.

The project will also strengthen the institutional capacity of the Mano River Union Secretariat and business support organizations to better empower women traders to foster resilient economies and peaceful communities.

Mano River Union Secretary General Ambassador Medina Wesseh and the African Development Bank’s Country Manager for Sierra Leone, Halima Hashi, recognized the Bank’s convening power to build strong partnerships and fund initiatives on the nexus between gender equality, resilience building, and entrepreneurship development.

Hashi emphasized the need to minimize delays during the implementation phase to ensure maximum benefits to women. “Project delays lead to increased costs and delayed benefits to the target group,” she said.

The BI-BEST project is managed by the Gender and Women’s Empowerment Division of the African Development Bank.

Click here (https://bit.ly/3FaeYNn) to read more about the project.

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

SOURCE
African Development Bank Group (AfDB)

December 7, 2022

Africa Finance Corporation (AFC) Expands Asian Capital Market Footprint with US$160 Million Kimchi Loan Facility Led by Mizuho and Shinhan Bank

The successful closure of the 3-year Kimchi loan facility is a positive indication of Korea’s and more broadly Asia’s growing interest in infrastructure investment opportunities in Africa

LAGOS, Nigeria, December 7, 2022/ — Africa Finance Corporation (https://www.AfricaFC.org/), the leading infrastructure solutions provider in Africa, is expanding its footprint in Asian capital markets, today announcing the successful closure of a US$160 million Kimchi Term Loan Facility with Mizuho Bank, Ltd. and Shinhan Bank as Bookrunners and Mandate Lead Arrangers (BMLAs). This facility follows the successful execution of the Corporation’s inaugural US$140 million Kimchi loan facility in 2019, its first foray into the Korean debt market. This year, AFC has made several strides in diversifying its funding sources, which include a EUR 100 million loan from the Italian Development Finance Institution-CDP, a US$100 million loan facility from the Korea Development Bank (KDB) and, most recently, a US$389 million dual currency Samurai term loan facility. These milestone transactions are a testament to AFC’s deep expertise, strong credit profile and stellar reputation in global capital markets.

The successful closure of the 3-year Kimchi loan facility is a positive indication of Korea’s and more broadly Asia’s growing interest in infrastructure investment opportunities in Africa. Last year, Korea pledged US$600 million in financing under the Korea-Africa Energy Investment Framework (KAEIF), moving the country’s focus on the continent from aid to trade and investment. Nigeria, AFC’s host country, was recently declared as Korea’s largest trading partner in Africa by the Korea-Africa Foundation.

Banji Fehintola, Senior Director & Treasurer of AFC, commented: “We are pleased to have successfully executed on our second Kimchi loan facility, expanding our footprint in Korea and Asian capital markets at large. Today’s announcement serves as a validation of AFC’s strong market access, the strength of our credit profile and our well-established investor engagement programme. We continue to seek strong partnerships with credible institutions across the globe to provide capital for the urgently needed infrastructure required to sustainably transform African economies and change the lives of its people for good.”

Proceeds from the new facility will be used for refinancing and general corporate purposes in accordance with AFC’s Establishment Agreement and Charter.

Mizuho Bank has been in close partnership with AFC for some time, with both institutions signing an MOU earlier this year to collaborate on driving sustainable economic growth in Africa and Asia. Mizuho also supported AFC’s Samurai loan facility last month as a Bookrunner and Mandated Lead Arranger (BMLA) and Joint Co-ordinator. Shinhan Bank, a repeat lender on the Corporation’s Kimchi facility, has also proven to be a strong partner for AFC in executing its funding strategy.

Stewart Wakeman, Managing Director & Head of Sub Sahara Africa at Mizuho commented: “We are delighted to be involved in this landmark transaction for AFC. Our close partnership with AFC combined with Mizuho’s commitment to connect Asian investors to African markets led to the successful execution of this milestone transaction. Over & above this, we are extremely proud to have played a role in this transaction to support AFC in their role towards Africa’s development. “

Mr Sang Hyun Woo, EMEA Regional Head of Shinhan Bank, commented: “We are absolutely delighted with the result. We delivered another successful execution of AFC’s ‘Kimchi’ facility together with our partner bank, Mizuho. Shinhan Bank arranged the first ever ‘Kimchi’ syndicated facility for one of African multilateral development banks (‘MDBs’) in 2018 and subsequently, Shinhan was mandated and arranged the first ‘Kimchi’ syndicated loan for AFC in 2019. From these successful stories, we have strong appetite to grow our business in the region. Shinhan will continue to look for opportunities in Africa through enhancing relationship with AFC,”

Other participating financial institutions on the new Kimchi facility include Taipei Fubon Commercial Bank Ltd, Hua Nan Commercial Bank Ltd, Taiwan Cooperative Bank, The Export-Import Bank of the Republic of China, Industrial Bank of Korea and Kexim Bank Limited.

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

Gavin Serkin
New Markets Media & Intelligence
Telephone: +44 20 3478 9710
Email: gserkin@newmarkets.media

About Africa Finance Corporation (AFC):
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 36 countries across Africa since inception.

www.AfricaFC.org

SOURCE
Africa Finance Corporation (AFC)

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

December 7, 2022

Category: COVER

Ecoenvironews Africa do take special note of the various insightful lectures on Africa’s industrialization and the underlying challenges by Prof John Page, Non-resident Senior Fellow – Global Economy and Development ,Africa Growth Initiative.