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  • For a successful integration, Africa needs an operating system update (By Amadou Hott)

    For a successful integration, Africa needs an operating system update (By Amadou Hott)

    DAKAR, Senegal, February 19, 2025/ — Senegal’s official nominee for the position of President of the African Development Bank, Former Minister of Economy and planning, Senegal (www.AmadouHott.com).

    Ask any traveler about their experience moving across parts of Africa, and you will likely hear about familiar challenges: high costs, indirect routes, and unpredictable schedules that can make even the simplest journeys more complicated and costly.

    These travel hurdles highlight the immense opportunity to further strengthen Africa’s integration and unlock seamless connectivity across the continent.

    The potential is undeniable. According to the World Bank, the African Continental Free Trade Area (AfCFTA) stands to be the world’s largest free trade zone, encompassing 1.4 billion people and a combined GDP of 3.4 trillion USD. The African Development Bank projects that eliminating existing barriers could double intra-African trade within a decade from its current 15%; a figure that pales in comparison to Asia’s 60% and Europe’s 65%.

    Despite meaningful progress through the AfCFTA implementation led by regional economic communities, fulfilling this promise will require more efforts. Namely, Africa requires robust physical infrastructure and an operating system update to modernize institutional frameworks and encourage a new ecosystem of African-made goods and services.

    Africa’s integration challenge can be likened to building a cutting-edge computer system. Success first requires powerful hardware: the physical infrastructure forming the backbone. Currently, the continent faces an annual infrastructure financing gap between 130 and 170 billion USD to meet essential hardware requirements across transportation corridors, energy networks, and digital highways.

    While our international partners have historically played a crucial role In bridging this financing gap, the current geopolitical landscape demands a paradigm shift. Africa must take the lead in investing in its own hardware.

    The key lies in mobilizing African public and private capital first to build confidence among international partners and investors. Substantial capital can be generated within the continent through sovereign wealth funds, pension funds, high-net-worth individuals, and other sources.

    Development finance institutions like the African Development Bank must also play a transformative role by leveraging their expertise and credit ratings to channel this locally sourced capital into Africa’s development.

    The Alliance for Green Infrastructure in Africa (AGIA), launched by the African Development Bank in partnership with Africa50 and the African Union, exemplifies this approach, mobilizing project preparation and project development blended capital to build a 10 billion USD portfolio of green infrastructure projects with private sector participation from Africa and around the world. Regional energy integration, as highlighted by Mission 300 launched recently in Tanzania, is equally important.

    Beyond physical infrastructure, Africa’s integration requires modern software upgrades: the systems, policies, and institutional frameworks that power trade across borders. Digital solutions are key to enhancing business operations across borders and reducing trade barriers.

    While discussions often focus on physical infrastructure gaps, outdated manual processes frequently limit the effectiveness of existing assets. The Pan-African Payment and Settlement System (PAPSS) exemplifies this transformation, promising to save 5 billion USD annually by making cross-border payments simpler and more transparent.

    Moreover, pilot programs in East Africa have shown that applying blockchain technology to existing value chains could help reduce trade costs by 20%, enhance protection against fraud, and expand access to new markets for businesses across the continent.

    As African leaders convene at the AU Summit in Addis, we are at a pivotal time that requires action : the finalization of the Protocol on Digital Trade under the AfCFTA is a first step towards the bold transformation that we must operate. We must pursue economic transformation through infrastructure development and technology integration in our trade operations to evolve from a raw material exporter into an industrial and agricultural powerhouse.

    Beyond manufacturing value-added goods and value creation, our ability to integrate essential services -financial services, transport and logistics, education, and healthcare- will facilitate seamless business operations across borders. By positioning economic transformation at the heart of our integration agenda, Africa can advance up the value chain to generate wealth and create quality economic opportunities for all Africans, particularly our youth and women.

    With Africa’s youth population set to double by 2050, the urgency of this transformation cannot be overstated. By effectively mobilizing our own resources first, driving economic transformation, and building both the required software and hardware, we can successfully integrate Africa.

    This is Africa’s moment to move beyond being the world’s largest free trade area by membership to becoming its most dynamic and innovative economic powerhouse.
    Distributed by APO Group on behalf of Amadou Hott, Candidate for the Presidency of the African Development Bank Group.

    SOURCE

    Amadou Hott, Candidate for the Presidency of the African Development Bank Group

  • Islamic Finance Expands Africa’s Energy Investment Landscape, Strengthening Arab-African Cooperation

    Islamic Finance Expands Africa’s Energy Investment Landscape, Strengthening Arab-African Cooperation

    PARIS, France, February 17, 2025/ — Africa’s energy sector is seeing growing interest from Islamic financial institutions, as demonstrated by the recent $400 million Murabaha financing secured by Africa Finance Corporation (AFC).
    This transaction not only underscores the growing role of Islamic finance in Africa’s infrastructure development, but also highlights significant opportunities for deeper financial cooperation between Arab and African nations in the energy sector.

    The strong demand for AFC’s facility, which attracted 11 Islamic financial institutions – including Abu Dhabi Islamic Bank, Al Rajhi Bank and Emirates Islamic Bank – signals growing appetite among Middle Eastern banks to engage in Africa’s development.

    The facility, upsized from an initial $300 million due to high investor interest, reinforces AFC’s strategy to diversify its funding base and aligns with broader efforts to expand energy investment partnerships between Arab and African countries.

    Islamic finance is emerging as a key source of funding for Africa’s energy sector, particularly for large-scale infrastructure projects. The Murabaha financing structure used in AFC’s deal aligns with Sharia principles, offering an attractive and ethical investment vehicle for Middle Eastern and North African financial institutions seeking exposure to African markets.

    This move complements AFC’s recent $500 million hybrid bond issuance and the corporation’s ongoing efforts to attract diverse capital sources, including potential Panda bonds in China.

    Opportunities for Arab Investment in Africa’s Energy Future

    The increasing participation of Islamic banks and financial institutions presents a strategic opportunity for Middle Eastern nations to play a larger role in Africa’s energy transition.

    Countries such as the UAE, Saudi Arabia and Qatar have well-capitalized financial institutions and sovereign wealth funds that can accelerate Africa’s energy infrastructure expansion, particularly in natural gas, renewables and power generation.

    Arab nations already have a growing footprint in Africa’s energy sector. The UAE’s Masdar has been investing in renewable projects across North and sub-Saharan Africa – committing $10 billion to deliver 10 GW of clean energy capacity in Africa by 2030 – while Saudi Arabia’s ACWA Power has been involved in developing solar and desalination projects across the continent.

    QatarEnergy has been actively advancing hydrocarbon exploration in Africa, expanding its interests in Namibia’s offshore Orange Basin, while ADNOC has strengthened its footprint by acquiring a 10% stake in the Area 4 concession of Mozambique’s Rovuma Basin.
    However, there remains significant untapped potential for Arab-African cooperation, particularly in financing LNG terminals, gas-to-power projects and oil and gas exploration. Countries like Egypt, Algeria and Libya, which straddle both regions, can serve as financial and logistical bridges between Middle Eastern investors and African energy markets.

    The Role of Energy-Focused Islamic Finance

    The AFC’s Murabaha financing comes at a time when global Islamic finance is experiencing sustained growth, with assets expected to see high single-digit expansion through 2025, according to S&P Global Ratings.

    This growth is supported by strong balance sheets, high profitability and increasing regulatory backing. The surge in Islamic finance presents a timely opportunity for African energy projects, which require significant capital investment to meet the continent’s growing energy demand.

    One of the major advantages of Islamic finance is its alignment with sustainable investment principles, making it particularly attractive for funding Africa’s energy transition.

    In addition to AFC’s investment in renewable energy ventures such as Xlinks’ renewable energy initiative and the expansion of Lekela Power’s 3 GW capacity target, Islamic financial institutions could extend their involvement to Africa’s gas sector, which is viewed as a transitional fuel to bridge the energy gap.

    Strengthening Arab-African Partnerships at IAE 2025

    The increasing role of Middle Eastern finance in Africa’s energy sector will be a critical focus at the upcoming Invest in African Energy (IAE) Forum in Paris this May.

    Serving as the premier African energy project showcase outside of the continent, IAE 2025 provides a space for African governments, investors and key financial players from the Middle East to explore new partnerships and drive investment in gas, LNG and broader energy infrastructure projects.
    By tapping into Islamic finance, African countries can secure critical capital to accelerate its energy development. At the same time, Arab nations stand to benefit from deeper economic integration with Africa, gaining access to new markets and resources. The AFC’s successful Murabaha financing serves as a strong indicator that the time is ripe for greater energy sector collaboration between Africa and the Middle East.

    IAE 2025 (http://apo-opa.co/4hC0kAA) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Distributed by APO Group on behalf of Energy Capital & Power.

    SOURCE

    Energy Capital & Power

  • Africa: The Islamic Development Bank Institute (IsDBI) and Mohammed bin Salman (MBS) College Announce Strategic Partnership to Deliver Entrepreneurial Leadership Programs

    Africa: The Islamic Development Bank Institute (IsDBI) and Mohammed bin Salman (MBS) College Announce Strategic Partnership to Deliver Entrepreneurial Leadership Programs

    The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) and Prince Mohammed bin Salman College of Business & Entrepreneurship (MBSC) have signed agreements to foster entrepreneurial skills and leadership excellence in IsDB Member Countries and Muslim Communities.

    This collaboration aims to launch two innovative programs: the Entrepreneurial Mindset Development Program and the Strategic Business Leadership Program. These programs integrate Islamic finance values and instruments to foster economic growth in Member Countries. The programs will be hosted by MBSC and delivered jointly by both institutions.

    Dr. Sami Al-Suwailem, Acting Director General of IsDBI, and Dr. Zeger Degraeve, Dean of MBS College, signed the agreements during a ceremony at the IsDB Headquarters in Jeddah on 29 January 2025.

    The Entrepreneurial Mindset Development Program is designed to equip participants with the essential skills, knowledge, networks, values and training needed for successful entrepreneurial ventures.

    The Strategic Business Leadership Program aims to develop the key attributes of entrepreneurial success: personal attributes, including behavior, personality, and capabilities, as well as business attributes such as its structure, goals, and performance management.

    Both programs will include a series of interactive workshops, mentorship sessions, and real-world projects. Participants are expected to gain valuable insights into innovative thinking, business planning, and effective problem-solving.

    In his comments on this occasion, Dr. Sami Al-Suwailem said, “We are very excited about the partnership with the MBS College. As the knowledge beacon of the IsDB Group, we hope that the joint programs with MBSC will create a new breed of business leaders and entrepreneurs who successfully capitalize on the principles of Islamic finance to stimulate economic progress in their communities.

    Human capital is our greatest resource, and it is important that we equip our youth with the right tools and skills to face the emerging challenges of the future.”

    Dr. Zeger Degraeve, Dean of MBSC, said, “This partnership underscores MBSC’s dedication to fostering entrepreneurial leaders who can contribute to Saudi Arabia’s ambitious Vision 2030 and beyond. By integrating Islamic finance principles with practical business strategies, these programs will empower participants to address real-world challenges and drive sustainable economic and social value, both within the Kingdom and across IsDB Member Countries.”

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

    For more information about the two programs, please contact Yahya Rehman at yrehman@isdb.org.

  • Combating Africa,3rd World Debt Burden

    Combating Africa,3rd World Debt Burden

    Story: Mohammed A. Abu

    Mr. Sohaili Ahmed Zubairi, a globally renowned Islamic Banking and Finance(IBF) and Shariah Consultant, who is also a former Advisor to the Dubai Federal government on Islamic economy, has said that, the current age-old debt initiation system has completely failed.

    That is, in providing the economic relief to the people whose countries borrow money from development financial institutions (DFIs).

    This outdated method Mr. Sohail intimates, needs to be replaced by a disruptive approach with the help of technology which should work inversely than initiating debt and piling it up over the existing liabilities.

    Reasons

    “The borrowing by the Global South countries in US$ or any other foreign currency puts pressure on local currency, resulting in its depreciation which in turn increases the inflation.

    “Another factor is rampant corruption resulting in massive misuse of borrowed funds. A tiny percentage gets rich thanks to siphoning of funds for their own benefit and the people for whom the money was borrowed never get to see any value and get poorer.

    “Another downside element in keep on borrowing is that, since the borrowed funds were not deployed for any productive purpose, the interest becomes additional burden for which the country reduces subsidies if they were there, cuts the development and social budget and indulge in costly borrowing from local central and commercial banks, or goes back to same or another DFI organization to borrow more to be able to pay the interest on existing debt.

    “The 3rd major disadvantage of such foreign borrowing by poor countries is the repayment of principal amount for which new borrowing is sought from DFIs.

    “I have seen the countries borrowing from a different DFI to repay to an existing DFI. Each time a new borrowing request is made, the country’s credit rating goes down and it gets more and more difficult to get access to new money” laments Mr. Sohail adding, “So, nothing goes right for the hapless sovereign state”

    Mr. Sohail was speaking during an exclusive interview with your favourite, the Eco-Enviro News Africa magazine on how IBF could be leveraged for addressing the 3rd World debt overhung with particular reference to Africa. The continent was said to have recorded a public debt of USD1.8 trillion as of 2022, a 183 percent increase since 2010 which was much faster than the growth rate of its GDP.In 2021 with African governments said to have spent 4.8 percent of their GDP on debt servicing compared to 2.6 percent on health and education.

    Islamic Sovereign Bonds(Sukuk) to the Rescue?

    Contrary to populist view that Sovereign, Sukuk is the perfect panacea to 3rd World debt burden Mr. Sohail notes that, looking at sovereign Sukuk to solve the problem is being naïve since it makes no difference whether you issue conventional bond or Islamic Sukuk.

    This is because, Mr. Sohail notes, the legal opinion issued by the counsel representing the potential investors categorize the Sukuk as debt capital market instrument (DCM), same as bond, and not as the equity capital market (ECM) instrument. Same applies to local currency Sukuk which too goes to add to local currency debt.

    “It is incorrect to consider that by issuing Sukuk, you would not incur debt. There is no difference between bond and Sukuk when it comes to initiating the debt instrument. By issuing Sukuk, you reach the same result as when you issue bond.

    “This is unfortunate that Sukuk is considered DCM although it is markedly different from bond in that former is asset based instrument whereas the latter is clean borrowing. It is a condition that the return to the Sukuk investors is generated by the Sukuk asset whereby there is no such condition in bond which pays interest irrespective of the application of bond proceeds.

    “Moreover, the Sukuk investors become pro-rata undivided owner of the Sukuk asset and thus are exposed to diminution in the value of their investment upon the Sukuk asset incurring any damage or total loss.

    “Another aspect is that all African countries are situated in Global South and most of them have no country rating. Those who are rated have junk grade and will not find any international institutional investor for their Sukuk. Even if they are lucky to attract some investors, due to non-investor grade rating (or junk rating) they will be demanded very high pricing.

    “This is the capital market norm that any investment made by an institutional investor or a bank must be cleared by their board of directors. The board only approves investor-grade instrument for investment, starting with AAA and ending at Baa3 (Moodys), BBB- (S&P and Fitch).

    On what is his expert recommendation for African countries struggling to make the ends meet, Mr. Sohail said, he will strongly recommend that instead of over focusing on foreign direct investment which is a far cry, they must pay attention to deepen their domestic capital market.

    “Here, they could consider issuing local currency Sukuk with entry threshold kept low to mop up the liquidity from grass root level. The household in any country have great potential to contribute but are never given importance.

    “The local currency retail Sukuk shall also reduce the dependence of public and private sector on to the banking industry which in turn shall be able to divert funds towards projects of national development.

    “Also, the demand and supply equilibrium shall come into play since thriving local currency capital market would force the banks to reduce the rates at which they lend money.

    “A thriving example is Malaysia where the domestic capital market is so strong that the country hardly issues a foreign instrument” he added.

    Islamic Asset Tokenization Option to Sukuk

    On what sharia compliant option other than sukuk would he recommend, for debt ridden 3rd World countries struggling with the never ending debt spiral Mr. Sohail said, the disruptive approach, or otherwise termed as Islamic Asset Tokenization.

    The Islamic asset tokenization, he says, could be used for any Sharia compliant asset, be it immovable or movable.

    In simple terms, Mr. Sohail explains, the asset tokenization means fractionalization of the ownership of an asset in bite size tokens e.g. Ghanaian Cedi 100/- per token and the sale of tokens through blockchain. “Following shall be the benefits of such transaction”

    • It would not be classified as DCM but ECM, hence, there shall be no increase in the sovereign debt. To the contrary, the tokenization funding can be diverted to retire the debt, starting from most expensive borrowing.
    • Instead of relying on foreign assistance, the country shall stimulate its own domestic capital market and mobilize local resources to do large fund-raising by selling tokens to public. The amount shall then be first diverted to eliminate local currency debt followed by FC borrowing.
    • The small size of tokens shall enable the state to mop up the liquidity from grass root level which has never been done.
    • The Sharia compliant assets for the purpose of tokenization may include the government owned real estate whether rented or self-use, monetization of future road toll, airport, sea-port, fleet of planes, railway, road transport, or any other Sharia compliant asset.
    • Enormous amount of funding has gone into making these large hard-core assets and the annual revenue generated from them stretches the recovery period to over a decade. The tokenization shall enable the release of massive liquidity which can be prudently utilized to reduce debt which in turn shall curtail debt servicing, thus sparing the funds for public service causes, which hitherto were assigned to payment of interest.
    • If the private sector also follows the course and resorts to tokenization, there shall be less dependence on banking sector which shall indirectly result in diversion of spared funds to the developmental projects undertaken by the state at lower pricing.
    • A government-owned or supported digital platform shall be needed for higher credibility. Several tokens can be traded at the platform at one time similar to various shares traded at a bourse.
    • The investors can offload the tokens at any time third party buyers from within the country or the overseas diaspora

    . Future Projections     

    Citibank anticipates tokenization to grow by a factor of 80x to reach $4T by 2030 whereas BCG puts it at $16T by 2030. Deloitte estimates 10% of global GDP to be tokenized by 2027 and JP Morgan states that tokenization is the killer of traditional finance.

    On what is his expert opinion with regards to the clarion call made by Africa’s Islamic finance advocates and enthusiasts on governments of African countries to adopt Islamic finance as an alternative financial system, he notes as follows:

    “Adoption of Islamic finance by the African states will offer an alternate financial system with the parameters embedded in honesty, fairness, justice, sharing and caring besides no hidden fine print.

    “The Islamic financing principles are God made and not man made, hence they are free from exploitation, greed, dishonesty, misrepresentation, deceit and cruelty. To the contrary, man-made systems is heavily protective of the lender and harsh to the borrower.

    “The reason for such cruelty is that the conventional system treats money as commodity which creates rigidity since money is on both sides i.e. lending and the repayment.

    “To the contrary, the Islamic principles treat the money simply as a medium of exchange and not the commodity hence the money is only on one side and the on the other side you will find good, assets and services.

    Introduction of IBF by first time Countries

    “Any African country willing to roll out Islamic finance must make its banking, taxation and legal system accommodative to Islamic finance. This requires review of existing statutes and making changes wherever deemed necessary.

    “The reason why the changes need to be made is that as opposed to conventional finance where ‘one size fits all’ i.e. all clients’ needs are met through interest based lending, the Islamic finance is comprised of sale contracts and investment contracts.

    “Introducing Islamic finance without amending the laws may incur double VAT or GST, hence making the transaction unattractive due to overloading of levies at both ends” adds Mr. Sohail.

    On what is his comments on Ghana’s President John Dramani Mahama’s recent announcement that the country plans to introduce Islamic banking instruments, Mr. Sohail notes,

    “It is a great development and exhibits strong political commitment. The top-down approach is always effective for any new initiative. I would hope that the president makes it clear that the Islamic finance is ethical finance and therefore, open to all citizens of Ghana irrespective of religious affiliations.

    What is Islamic Finance?

    Islamic finance is just another financial system with the difference that it is based on trading and investment and derives profit from such transactions rather than lending money and earn interest.

    Another feature of Islamic finance is that its principles are ‘cast in stone’ and have not changed since 7th century AD when Prophet Mohammed (peace be upon him) had perfected them before passing away.

    These principles are based on morals and ethics embedded in Quranic teachings which is the last word of God Almighty to humans and has been preserved in the sense that not a single letter has been replaced, changed or amended.

    This is possible since God has Himself guaranteed protection of the entire Quranic text. Many efforts have been done to alter the glorious Quran but all have failed since the text is guaranteed by no one else but the author of Quran – God Almighty.

    In Quran, God instructed Muslims to obey Him and obey Prophet Mohammed (pbuh) in order to achieve impeccable belief (Iman). Hence, the first source of guidance is the holy book Quran, followed by the Sunnah – sayings, actions and traditions of Prophet Mohammed (pbuh) and the approvals he granted to sayings or actions carried out by his companions – men and women.

    Since all Islamic financing and investment contracts were finalized by Prophet Mohammed (pbuh) in his lifetime, they became the cornerstone of Islamic finance without any compromise on their principles. Thus, a Murabaha contract is currently executed in the same sequence and manner as it was carried out during the life of Prophet Mohammed (pbuh).

    There is a saying that the only constant in this world is the change, meaning nothing is constant. Islamic financing principles have proved the saying wrong since there has been no change in the Islamic contracts during last 14 centuries and they will continue to remain steadfast in the future as well.

    I have observed this phenomenon several times since I joined Islamic banking in 2001 that pressure was brought on by the market forces on to the Sharia scholars to allow some changes to Islamic contracts to match with conventional financial system but no scholar could accommodate even a minor change since that would have tantamount to going against Quran and Sunnah.

    Even if a scholar tried a minor change, the other scholars did not agree to it. The peer pressure work as a good check and balance measure in Islamic finance.

     

     

     

     

     

     

     

  • Ghana’s 2025 Presidential Inauguration in Pictures

    Ghana’s 2025 Presidential Inauguration in Pictures

  • Africa Investment Forum 2024: Turning Continent’s Potential into Bankable Opportunities

    Africa Investment Forum 2024: Turning Continent’s Potential into Bankable Opportunities

    RABAT, Morocco, December 6, 2024/ —

    • $15 billion in deals already originated
    • Private capital in Africa will be more attractive than other emerging markets in five years’ time
    • Africa has the lowest infrastructure default rates in the world—Moody’s Analytics

    The Africa Investment Forum kicked off its 2024 Market Days in Rabat, Morocco, with leaders highlighting the continent’s bankability and readiness for investment.

    In her welcoming remarks, Morocco’s Minister of Economy and Finance Nadia Fettah Alaoui told more than 1,000 delegates that this year’s Forum was a critical moment for creating a prosperous Africa: “The long-awaited rise of our continent rests on securing financing and we must act collectively to achieve this”.

    She further emphasized: “I’m deeply convinced that the Africa Investment Forum 2024 will be a privileged opportunity to enrich our common reflection, explore innovative solutions to persistent challenges, while strengthening the strong partnerships to make our aspirations a reality.”

    The president of the African Development Bank Group, Dr. Akinwumi Adesina, chairman of the Africa Investment Forum, said capital must be deployed to meet opportunities. “I am fully convinced that the accelerated development of Africa requires greater mobilization of private capital.”

    Under the theme “Leveraging innovative partnerships to scale up (http://apo-opa.co/4iyOYOS),” this year’s Market Days event brings together over 500 business leaders and SMEs to discuss why Africa, with 39% of the world’s population under the age of 20 and a market of 2.5 billion consumers by 2050, is the place to invest today and in the future.

    Adesina announced that $15 billion in deals have already been originated this year, with 41 boardrooms ready for follow-up discussions on diverse African investment opportunities spanning mining, water and sanitation, food and agriculture, renewable energy and transportation and seaports.

    “The theme of this Africa Investment Forum is leveraging at scale. It’s about how to make things happen at scale for Africa,” Adesina said. “Africa doesn’t have time for Mickey Mouse investments, we need investment at scale. We must make room for capital to be deployed to meet opportunities in Africa. At the Africa Investment Forum, this is the driving principle that brought us together as founding members.”

    The forum is an initiative of nine development finance institutions—the African Development Bank, Africa50, Afreximbank, the Development Bank of Southern Africa, the Islamic Development Bank, the European Investment Bank, Trade and Development Bank the Africa Finance Corporation, and the Arab Bank for Economic Development in Africa.

    A prime example of the collaborative partnership by the Forum’s founding partners is the Lobito Corridor in Angola, a $10 billion infrastructure project featuring rail, road, bridges, telecommunications, energy, and agribusiness developments. Key project partners include the African Development Bank which committed about $500 million, Africa Finance Corporation, serving as overall Project Developer and the Development Bank of Southern Africa which leads the first project phase.

    The corridor will create thousands of jobs and facilitate regional integration across Angola, Democratic Republic of Congo, and Zambia. The United States (http://apo-opa.co/4fRM5qx) and the European Commission are among global partners who signed a Memorandum of Understanding (http://apo-opa.co/3ZFi8Ex) in October 2023 to mobilise resources for the Lobito Corridor.

    Highlighting Africa’s mineral potential, he noted that the continent possesses 90% of the world’s platinum, 95% of its chromium, and two-thirds of global cobalt.

    “With 30% of the world’s lithium Africa is a key part of the Electric Vehicle market. This $7 trillion market will grow to $59 trillion by 2050. With strategic investment, Africa can become a great energy hub for the world,” he added.

    Citing an Asset Managers’ survey, Adesina revealed that 85% of managers expect to increase private capital allocation to Africa, while 52% anticipate Africa’s private capital becoming more attractive in the next five years.

    “Our focus is on a triple mandate, to advance high-impact projects to bankability, raise capital and accelerate the closure of deals. By focusing on investment facilitation for Africa, the Africa Investment Forum has become the premier investment platform for Africa,” Adesina said.

    Since its inception in 2018, the Africa Investment Forum has generated $180 billion of investor interests and closed transactions worth $30 billion.

    During a panel discussion, representatives of the founding partners shared practical cases of projects their respective institutions have engaged in through partnership with private entities and governments.

    With three days of market days now underway in Rabat, Adesina’s rallying cry resonates:

    “Africa is bankable – let the deals begin!”

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

    Media contact:
    Peter Burdin
    Communication and External Relations Department
    media@afdb.org

  • Launch of World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) 2025 to Advance the Country’s Shift Towards Next-Generation Industries and High-Value Manufacturing

    Launch of World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) 2025 to Advance the Country’s Shift Towards Next-Generation Industries and High-Value Manufacturing

    CASABLANCA, Morocco, November 25, 2024/ — KAOUN International (www.KAOUN-int.com/), Organizer of GITEX, Launches WAM Morocco 2025 with Commitment and Unified Support from Morocco’s Ministry of Industry and Trade, CGEM, and AMDIE; WAM Morocco 2025 Will Spotlight Advanced Manufacturing, Sustainable Practices, Next-Gen Logistics, and AI Innovation to Accelerate Industrial Growth.

    The World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) will debut in Casablanca, with unified support to catalyse Morocco’s thriving manufacturing economy towards next-generation industries.

    Endorsed by the Moroccan Ministry of Industry and Trade and in partnership with key partners, namely the General Confederation of Moroccan Enterprises (CGEM) and the Moroccan Investment and Export Development Agency (AMDIE), WAM Morocco aims to expand the nation’s industrial base, foster new sectors, and drive capacity building for sustainable growth.

    Taking place from 28–30 October 2025 at the Foire Internationale de Casablanca (FIC), WAM Morocco is organised by KAOUN International, the force behind GITEX GLOBAL, the world’s largest and most influential tech and AI show, and GITEX Africa in Morocco – the continent’s largest tech and start-up event.

    Morocco’s robust manufacturing and logistics base in the automotive and aerospace sectors, boosted by initiatives such as the Fez Smart Factory and $600 million National Port Strategy 2030 (http://apo-opa.co/4eQs4iG), has drawn substantial international investment.

    Morocco has become the largest non-European automotive exporter to Europe. In addition, it has a significant presence in the aerospace sector, with exports totalling $2.2 billion and serving major clients such as Boeing and Airbus. Recent advancements in manufacturing and logistics have strengthened Morocco’s foundation, positioning the nation in the global spotlight as it prepares to host WAM Morocco successfully.

    H.E. Ryad Mezzour, Morocco’s Minister of Industry and Trade, expressed his support, stating: “WAM Morocco represents a significant milestone in Morocco’s journey to becoming one of the foremost hubs for advanced manufacturing in Africa and the world.

    Being part of this event highlights our nation’s commitment to innovation, economic resilience, and industrial leadership. By bringing together global and local expertise, we are creating an environment where high-tech innovation and sustainable practices can thrive, propelling our country and the continent towards a prosperous, technology-driven future.”

    The organiser of WAM Morocco and GITEX Africa, Trixie LohMirmand, CEO of KAOUN International, added: “WAM Morocco is a strategic and powerful manoeuvre for Morocco, accelerating the country’s, and the continent’s, prominence in high-tech industries and unlocking unparalleled access to global technological capabilities.

    This event will create powerful competitive advantages for the Moroccan and African ecosystems. By bringing together the best in innovation, investment, and collaboration, WAM Morocco is set to ignite Africa’s next wave of industrial revolution, paving the way for African nations to lead high-speed growth on the global stage.”

    Event Highlights and Strategic Objectives

    WAM Morocco is set to advance and support Morocco’s vision of becoming a sustainable, globally competitive manufacturing hub by showcasing cutting-edge manufacturing and next-generation technologies in AI, quantum computing, 3D printing, blockchain, and mixed reality.

    WAM Morocco shall feature a range of specialised events, including WAP (World Advanced Packing, Printing, and Plastic Technologies), WARM (World Advanced Rubber & Metal Industrial Technologies), and WASIM (World Advanced Sustainable Manufacturing), each dedicated to driving innovation and excellence in their respective fields.

    Built on Morocco’s industrial success, WAM Morocco aims to accelerate its position as a leader in advanced manufacturing by leveraging AI, deep tech, and sustainable practices. The event will foster public-private partnerships, attract foreign investment, and support local capacity-building, creating a lasting economic impact and strengthening Morocco’s role as a high-tech, sustainable manufacturing powerhouse in Africa.

    Chakib Alj, President of the Confederation of Moroccan Enterprises (CGEM), voiced support for the momentum driving Morocco’s industrial transformation, emphasising the importance of public-private collaboration: “This gathering is more than an event—it’s a vital platform for Moroccan businesses, particularly SMEs, to engage on the world stage, connect with leading international innovators, and form partnerships that will accelerate our industrial progress. By uniting our start-ups and industry leaders with global pioneers, we’re laying the groundwork for sustained growth, competitiveness, and economic resilience. We support this significant initiative and look forward to the long-term economic impact it will bring to Morocco and Africa as a whole.”

    For more information, please visit WAM Morocco’s official website.

    Distributed by APO Group on behalf of KAOUN International.
  • Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    GABORONE, Botswana, November 25, 2024/ — Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s President, Duma Boko, stressed at the opening of the 2024 African Economic Conference in Gaborone.

    “Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He also called on African countries to strengthen democracy and uphold the rule of law.

    The three-day conference, with the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty,” has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities. Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the event seeks actionable solutions for Africa’s economic growth.

    President Boko underscored that transparency, accountability, and respect for the rule of law are critical in attracting foreign investment and fostering sustainable growth. “Africa is at a crossroads,”  he said. “We must confront the obstacles facing our citizens and leverage our collective strengths to secure a prosperous future amidst a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tightening monetary policies.”

    He also underscored Africa’s unique endowments, including its abundant natural resources and youthful population, which could drive transformative growth if governments prioritise education, skills development, and value addition for raw materials.

    Addressing Africa’s Economic and Social Challenges

    The United Nations Under-Secretary-General and Executive Secretary of ECA, Claver Gatete, said Africa faced several pressing issues, including climate change, unsustainable debt, and systemic global inequalities. The  global financial system is failing to serve Africa adequately and needs to be urgently reformed, he said.

    Gatete highlighted that the continent’s annual losses from climate disasters alone are as high as $440 billion, while the financing gap to achieve the Sustainable Development Goals in Africa has surged to $1.3 trillion annually. At the same time, Africa’s external debt surpassed $1 trillion in 2023, with unsustainable interest payments restricting development financing.

    “The human cost is equally staggering. Nearly 476 million Africans live in poverty today, with 149 million falling into this bracket recently due to cascading climate and economic shocks,” Gatete said.

    Regional reforms and integration are critical

    President Boko encouraged African nations to leverage the African Continental Free Trade Area to transform the continent’s economic landscape through increased investment, job creation, and industrialisation.

    “We must not allow the uncertainties of today to deter us from the opportunities of tomorrow,” he told participants.

    Chief Economist and Vice-President of the African Development Bank Prof. Kevin Urama,  urged African countries to adopt innovative, homegrown solutions tailored to its unique challenges. He advocated for strengthened fiscal policies and more resilient resource mobilization to address debt challenges.

    Innovative Financial Solutions for Growth

    UNDP Africa Bureau Director Ahunna Eziakonwa called for innovative and sustainable financial solutions to reduce borrowing costs and address credit rating biases, which cost the continent $76 billion annually.

    “We must take steps to ensure that Africa’s abundant resources finance its growth,” said  Ms. Eziakonwa, adding that, “Africa’s money must work for Africa’s people. We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere.”

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

    For interviews and media inquiries, please contact:
    UNDP
    Eve Sabbagh
    Strategic Communications Specialist
    eve.sabbagh@undp.org

    African Development Bank
    Emeka Anuforo
    Communication and External Relations
    media@afdb.org

    ECA
    Sophia Denekew
    Media Relations
    denekews.uneca@un.org

    SOURCE
    African Development Bank Group (AfDB)

  • Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai, United Arab Emirates, 20 November 2024: The real estate market in Dubai

    continues to grow at an exponential rate, driven by increasing demand as an investment

    destination, relaxing land ownership regulations, the increasing inflow of expats to the

    Emirate and convenient payment plans offered by developers.

    Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024

    achieved an unmatched milestone, with a total value of almost AED 141.9 billion ($38.7

    billion). This surpasses the previous record of AED 124.07 billion ($33.8 billion) set in the

    second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales

    amount ever attained. This strong performance record is a 30.1% value increase YoY, with

    first-sale properties taking the helm.

    The sustained demand for real estate in Dubai, especially from domestic and international

    investors, is demonstrated by this upsurge in activity which has been a consistent trend in

    the post-pandemic market. 50,423 sales transactions in the third quarter represented a

    16.6% increase QoQ and a 37.9% YoY increase in volume of sales.

    The apartment segment continued to lead the way, with 77% of all transactions in Q3

    recording an impressive 39,054 sales transactions valued at around AED 70.5 billion ($19.2

    billion). This number is a staggering 43.9% increase in volume compared to the same

    quarter in the previous year. Villa sales took the second spot with a substantial contribution

    of 8,156 units, sold for over AED 39.2 billion ($10.7 billion), demonstrating an increase of

    16.6% YoY and 18.4% over the Q2.

    Sales of land plots surged, AED 29.9 billion ($8.1 billion) recorded from 2,102 transactions,

    indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter.

    A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector,

    which also did strongly, recording 1,112 sales valued at almost AED 2.3 billion ($626 million).

    Palm Jumeirah continues to hold its position in the luxury property market, with an apartment

    in the neighbourhood selling for an astounding AED 275 million ($75 million) in Q3, making it

    the most expensive single property sold.

    Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai

    in Q3 2024.

    1. JVC: 4,467 transactions valued at roughly AED 5.33 billion ($1.45 billion)
    2. Dubai South: 2,910 transactions valued at AED 8.25 billion ($2.25 billion)
    3. Wadi Al Safa 5 (AED 5.3 billion, $1.44 billion)
    4. Business Bay (AED 7.22 billion, $1.96 billion)
    5. Dubai Hills Estate (AED 7.38 billion, $2.01 billion)

    Overall, the larger portion of transactions, 31%, were houses priced between AED 1-2

    million ($272,000 and $544,000). Twenty-nine percent of properties were below AED 1

    million ($272,000), while 18% were between AED 2-3 million ($544,000 and $816,000). The

    trajectory for higher-valued properties continued, with 14% of all sales were for residences

    valued between AED 3-5 million ($816,000 and $1.36 million), and 8% were for properties

    priced beyond AED 5 million ($1.36 million).

    In light of the staggering growth in Dubai’s real estate market, the 21 st edition of IPS

    Congress, the leading international property sales event in the middle east, ramps up to

    bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With

    an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45

    countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering

    collaboration with the private sector and international firms aligning with Dubai’s Real Estate

    Strategy 2033.

    Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest

    trends across the real estate sector; IPS Future Cities: Focusing on the development of

    sustainable urban environments; IPS Proptech Startups: Exploring technological

    innovations in the real estate space; IPS Design: Celebrating creativity in architectural

    aesthetics, and IPS Service: Elevating property management and hospitality standards.

    For more information about the exhibition, please visit: www.ipscongress.com

  • How Would a New BRICS Currency Affect the US Dollar? (Updated 2024)

    How Would a New BRICS Currency Affect the US Dollar? (Updated 2024)

    By:,First Published,July 8,2024

    The BRICS nations are interested in creating a new currency to compete with the US dollar, and recently announced plans for a blockchain-based payment system. Learn about the developments thus far and how investors can prepare for the possibility.

    The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

    The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023 one-fifth of oil trades were reportedly made using non-US dollar currencies.

    Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the United States and global economies.

    It’s still too early to predict when a BRICS currency will be released, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

    Why do the BRICS nations want to create a new currency?

    The BRICS nations have a slew of reasons for wanting to set up a new currency. Recent global financial challenges and aggressive US foreign policies have prompted the BRICS countries to explore the possibility. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

    When will a BRICS currency be released? There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length. During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a “new global reserve currency,” and are ready to work openly with all fair trade partners.