Category: ECONOMY

  • Africa Energy Expo 2024’s Dynamic Agenda Attracts High-Profile Speakers and Key Stakeholders Shaping the Continent’s Energy Landscape

    Africa Energy Expo 2024’s Dynamic Agenda Attracts High-Profile Speakers and Key Stakeholders Shaping the Continent’s Energy Landscape

    KIGALI, Rwanda, July 8, 2024/ — Informa Markets (www.InformaMarkets.com), organisers of the first edition of the Africa Energy Expo (AEE), have confirmed that government Ministers from three African countries will join the line-up of speakers at the landmark energy event, taking place from 4 to 6 November 2024 at the Kigali Convention Centre, Rwanda.

    Delegates can look forward to hearing from Rwandan Minister of Infrastructure, H.E. Hon. Dr. Jimmy Gasore; Malawian Minister of Energy, H.E. Hon. Ibrahim Matola; and Namibian Minister of Energy and Mines, H.E. Hon. Tom Alweendo. They join a stellar group of experts from across the continent for what promises to be three days of thought-provoking discussions and valuable insights aimed at reshaping how role-players navigate Africa’s evolving energy landscape.

    With two conference tracks (the Technical Seminar and the paid-for Leadership Summit) comprising over 40 sessions, delegates will have access to industry leaders’ unique perspectives on critical issues in the energy sector, as well as the opportunity to engage in by-invitation investment and hosted buyer programmes.

    “AEE 2024 is the ideal platform for engaging with energy sector stakeholders, emphasising youth involvement in the energy transition, and building lasting partnerships to promote sustainable energy in Africa. It will play a key role in accelerating Africa’s energy transition by facilitating dialogue, networking, and collaboration between governments and the private sector.

    We look forward to connecting with industry leaders, investors, and policymakers dedicated to advancing clean energy in Africa,” said Mohamed Alhaj, Founder and Managing Director, Terra Energy.

    The exclusive Africa Energy Leadership Summit aims to create partnerships and opportunities that will accelerate targeted interventions and achieve the objectives and pillars outlined in the Africa Power Vision to Action initiative (https://apo-opa.co/3XZVhTP), and by extension the Program for Infrastructure Development in Africa (PIDA) (https://apo-opa.co/4da8mhJ) for a just, fair, and equitable energy transition.

    Topics under discussion include universal electrification and a policy framework to leverage the African single electricity markets; financing energy access in Africa and mitigating the risks associated with energy infrastructure projects; the role of innovation in driving last-mile rural electrification with decentralised renewable energy; carbon market mechanisms to drive investment; green hydrogen; and gas-to-power infrastructure, amongst others.

    “AEE 2024 covers key touchpoints in Africa’s energy transition journey, bringing together stakeholders in the continent’s energy sector to share insights and experience, build and foster relationships, and lay the groundwork for much needed partnerships and investment,” said Ade Yesufu, Exhibition Director – Energy, Informa Markets.

    The Africa Energy Leadership Summit, a paid-only conference themed ‘Investments, integration, infrastructure, and governance to fuel the energy transition,’ brings together over 70 speakers and senior decision-makers engaged in closing the continent’s energy and power infrastructure gap, fostering partnerships and opportunities to accelerate targeted energy and power initiatives.

    The following speakers have also confirmed their attendance at AEE 2024:

    • Abdellatif Bardach, President, National Electricity Regulatory Authority (ANRE), Morocco
    • Armand M. Zingiro, CEO, Rwanda Energy Group
    • Audrey Joe-Ezigbo, Co-Founder and Deputy Managing Director, Falcon Corporation Limited
    • Ernest Sipho Mkhonta, Managing Director, Eswatini Electricity Company, Kingdom of Eswatini
    • Dr. Geoffrey Aori Mabea, Executive Secretary, Energy Regulators Association of East Africa
    • Eng. Gissima Nyamo-Hanga, Managing Director, Tanzania Electric Supply Company (Tanesco)
    • Kweku Awotwi, Chairman, United Bank for Africa (Ghana) Ltd.
    • Marlene Ngoyi, CEO, Fund for Export Development in Africa (FEDA)
    • Muyangwa Muyangwa, Director General, National Pension Scheme Authority (NAPSA), Zambia
    • Ing. Oscar Amonoo-Neizer, Executive Secretary, Energy Commission, Ghana
    • Pat Thaker, Editorial and Regional Director, MEA, The Economist Intelligence Unit
    • Eng. Stephen Dihwa, Executive Director, SAPP (Southern African Power Pool Coordination Centre)
    • Dr. Sydney Gata, Executive Chairman, ZESA Holdings
    • Eng. Victor Mapani, Managing Director, ZESCO – Zambia

    Other key features of AEE 2024 include:

    • over 150 exhibitors from five product sectors: renewable and clean energy, transmission and distribution, energy consumption and management, back-up generators and critical power, and smart solutions;
    • a Technical Seminar aimed at sharing cutting-edge innovations and technologies, and serving as a knowledge hub where delegates have the opportunity to learn and share industry best practices and scientific developments;
    • an Entrepreneurs Bootcamp that is open to entrepreneurs and youth, to develop essential business skills and knowledge, and build a network in the utilities sector; and
    • investor matchmaking, which is a meeting facilitation service supporting Africa’s PPP development, connecting equity investors with energy project companies in person at AEE 2024.

    Join more than 5,000 stakeholders, industry experts, and enthusiasts for the inaugural Africa Energy Expo 2024 and play a role in shaping the future of energy in Africa.

    Register for free as a visitor: https://apo-opa.co/4cy2wGN

    Book your delegate pass: https://apo-opa.co/4cy2wGN

    Visit the event website: www.Africa-EnergyExpo.com/

    Distributed by APO Group on behalf of Informa Markets: Energy.

    SOURCE
    Informa Markets: Energy

  • Africa- Leveraging Artificial Intelligence (AI) for Good Health: The New Frontier in Social Innovation to accelerate progress toward Sustainable Development Goal 3 (SDG 3)

    Africa- Leveraging Artificial Intelligence (AI) for Good Health: The New Frontier in Social Innovation to accelerate progress toward Sustainable Development Goal 3 (SDG 3)

    JOHANNESBURG, South Africa, July 2, 2024/ — In the evolving landscape of global health, digital innovation emerges as a beacon of hope, pushing the boundaries of what is possible in healthcare access, quality, and affordability.
    A recent white paper by the World Economic Forum, produced in collaboration with the Schwab Foundation for Social Entrepreneurship, EY, and Microsoft, sheds light on an exciting paradigm shift: the integration of Artificial Intelligence (AI) in social innovation, especially within healthcare.
    AI uptake has the potential to improve immunisation programmes, supply chains, referrals, diagnoses, drug safety, and overall health system efficiency.

    The report finds three primary impact areas where AI is making significant contributions:

    • Healthcare, with 25% of innovators using AI to advance access to health;
    • Environmental sustainability, with 20% of social innovators applying AI to tackle climate solutions; and
    • Economic empowerment, notably prevalent in lower-income countries where 80% of all initiatives aimed at enhancing livelihoods are based.

    Healthcare is by far the most prevalent impact domain that social innovators are addressing with AI. Corresponding to this, 1 in 4 Social innovators are deploying AI to advance Sustainable Development Goal 3, Good Health and Well-being. This is apparent across all geographies as innovators seek to adopt AI to address multiple challenges within the area of healthcare.

    Referenced in this report is BroadReach Group, a social impact organisation, that is using AI and machine learning to equip health care workers, leaders and institutions to better manage their scarce resources and drive better health outcomes for all. Vantage Health Technologies, a part of BroadReach Group is harnessing its work across continents in the following ways:

    • Using AI in Africa to support large HIV and TB programs by identifying gaps in resources and supporting decision making and targeted actions to address those gaps. This has allowed many districts particularly in South Africa, with the largest HIV population in the world to come close to achieving the UN goals of 95-95-95. The 95-95-95 HIV testing, treatment, and viral suppression targets aim to close gaps in HIV treatment coverage and outcomes in all sub-populations, age groups and geographic settings.
    • Vantage has provided program oversight to Tuberculosis (TB) programs in Africa by providing a single system to manage all key areas.  TB outcomes are difficult to manage without daily insight into performance data. Vantage integrated already existing feeds from the national health data system to drive active decision making and launch interventions to address performance, data quality and reporting compliance.
    • A leading non-governmental organisation in Nigeria that provides prevention, treatment and care services across HIV/AIDS, TB and Malaria uses AI and predictive analytics in Vantage to prevent missed appointments and bring patients back to care. The outputs are used to prioritise outreach to high-risk patients and monitor the effectiveness of interventions to proactively highlight areas needing attention.
    • In the US, Vantage is addressing Social Determinants of Health, by automating social care coordination for cancer patients. The early results have shown improved patient outcomes, improved equity and financial sustainability, while simultaneously reducing the administrative burden on the workforce.

    Dr. Ernest Darkoh, co-founder of BroadReach Group, says, “the fundamental issue in healthcare, whether you are in Sub-Saharan Africa, Western Europe, or the USA, is that demand outstrips supply in terms of health services, doctors, nurses, and medications.

    The healthcare sector is trying to deliver on an antiquated model of ‘sick care’ without real-time intelligence on disease patterns, who is being affected the most, or the adequacy of healthcare resources. We need to change this paradigm to be more effective by leveraging data and digital solutions to ensure we are always spending the next hour and the next dollar in the in the most impactful way possible.”

    Global Collaboration to Achieve Health Equity

    The report also shows that Africa is emerging, with leaders like South Africa, Nigeria and Kenya. Egypt and Kenya have developed national AI strategies. In other countries like Cameroon, individual social innovators are using AI to address healthcare challenges, such as developing low-cost diagnostic tools for malaria. The continent is also seeing AI applications in economic empowerment and various ML capabilities.

    Paul Bhuhi, Managing Director of Vantage shares, ‘’AI is becoming more accepted, with healthcare leaders seeing the promise of AI to drive real improvement in health access, quality, and affordability. Yet, the education gap between innovators and the policy makers inhibits AI adoption, In our experience Rwanda and Kenya are leading that push but more needs to be done.”

    An important lesson that BroadReach Group is applying is that learning healthcare lessons in one country can have a profound global impact through collaboration. By sharing best practices, innovations, and research findings, countries can collectively address common health challenges more effectively.

    Collaborative efforts enable the adaptation of successful strategies to different contexts, promoting universal health improvements and accelerating progress towards global health goals like SDG 3. This exchange of knowledge fosters a more interconnected and resilient global healthcare community, where advancements in one region benefit all.

    Dr. John Sargent, co-founder of BroadReach Group, says “an example of impact through collaboration is using our experience and learnings in Africa addressing health inequity and applying them to promote health equity in cancer care in the US. Our teams work across geographies and this collaboration has shown that we can more effectively and rapidly improve patient care because of this experience.

    Although every geography and market has its differences, many of the same core principles, critical lessons learned, and approaches apply, allowing us to rapidly adapt and implement solutions that have a real impact for populations in need while ensuring that the health system is using its resources in the most impactful way.”

    Embracing the Ethical Adoption of AI

    The next generation of ethical generative artificial intelligence (GenAI) provides new hope for more equitable healthcare, but advances in technology must never come at the cost of patient rights. AI systems should start with guardrails and ethics within their foundational design.

    Chris LeGrand, CEO of BroadReach Group emphasises, “regulatory frameworks for ethical use of AI in healthcare are still early stage but are progressing. The new Digital Trade Protocol recently adopted by African heads of state under the Africa Continental Trade Area (AfCTA) is an example of international bodies defining the desired digital landscape with rules based on common principles, including protecting personal data while promoting trusted, safe, ethical use of emerging technologies. Regulation is slowly evolving to create trust and confidence in the protection of health data.”

    Distributed by APO Group on behalf of BroadReach Group.
  • Local Content in Oil & Gas: A Catalyst for Shared Growth in Namibia

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

    JOHANNESBURG, South Africa, July 2, 2024/ — In the oil and gas industry, local content refers to the development of local industries, workforce and resources to support the operations of international oil companies (IOC) within a country. For Namibia, fostering ‘Namibian Content’ can significantly enhance economic growth, social development and technological advancement.

    Leveraging Local Content to Drive Economic Growth

    Local content policies can be a catalyst for economic growth by ensuring that a significant portion of the industry’s value chain is retained within the country. By promoting the use of local goods, services and labor, these policies can create a myriad of job opportunities for Namibians. This not only fosters employment but also stimulates the development of ancillary industries, such as manufacturing, logistics and services, which support the oil and gas sector.

    Local content also contributes to the diversification of Namibia’s economy. By developing industries related to the oil and gas sector, the country can reduce its reliance on oil revenues and build a more resilient economy.

    Additionally, local content promotes the development of skills and the transfer of knowledge to the local workforce. By involving Namibians in various aspects of the oil and gas industry, from exploration to production, they gain valuable expertise and experience.

    Such policies also promote increased local participation and ownership in the oil and gas industry, while driving various social development through mandated investments in community infrastructure, education, healthcare and other social programs, thereby improving the quality of life for Namibians. Meanwhile, local content policies can also spur technological advancement and innovation.
    When local firms are part of the industry’s supply chain, they are often required to meet international standards, which drives them to improve their technologies and processes. This can lead to a broader technological base in Namibia, benefiting other sectors of the economy as well.

    Successfully Implementing Local Content

    Successfully implementing local content policies requires various proactive measures. These include capacity building and investing in developing a skilled local workforce and capable local companies; streamlining regulatory processes to enhance compliance and boost investor confidence; and addressing bureaucratic challenges to ensure smoother operations for both international and local companies.

    Additionally, providing financial incentives and investment opportunities that empower local firms; adapting to market dynamics to encourage local companies to embrace the global nature of the oil and gas industry; and ensuring high quality and standards across the market.
    Continuous improvement and training programs can also help local products and services achieve the high standards required, boosting their reputation and competitiveness on the global stage. By concentrating on these key areas, local content policies can be successfully implemented, leading to sustainable growth, innovation and a thriving local industry.

    Lessons Learnt from Global Partners

    Lessons learnt from resource-rich nations across the world can strengthen Namibia’s local content implementation. Norway, for example, provides a prime example of how local content can lead to substantial skills development. The country’s local content regulations required IOCs to partner with Norwegian firms and train local employees.

    As a result, Norway developed a highly skilled workforce and a robust oil services industry, which now competes globally. The country has consistently maintained a high employment rate within the oil and gas sector, with approximately 250,000 jobs supported by the industry.

    In Angola, local content regulations have contributed to social development through initiatives like the Angolanization policy, which prioritizes hiring and training local citizens. The oil companies operating in Angola are required to invest in community projects, leading to improved healthcare facilities, schools and infrastructure in oil- producing regions.

    For example, investments in the health sector have led to the construction of over 100 health centers in the country. In Brazil, the implementation of local content requirements led to the growth of the domestic shipbuilding industry, creating over 30,000 jobs and reducing the country’s dependency on foreign vessels.
    Similarly, in Ghana, local content policies in the oil sector have resulted in increased employment, with over 7,000 direct jobs created since the inception of the policies, and the establishment of new businesses to service the industry.

    Additionally, Nigeria’s local content law has significantly increased local participation in the oil and gas industry. The Nigerian Content Development and Monitoring Board (NCDMB) has overseen the growth of indigenous oil companies and service providers, ensuring that a significant portion of the industry’s value is retained within Nigeria. The NCDMB’s efforts have resulted in an increase in local participation from 5% to over 30% in the past decade.

    Meanwhile, Malaysia’s approach to local content has facilitated economic diversification. The country’s Petronas-led initiatives ensured that local companies were integrated into the oil and gas supply chain, leading to the growth of Malaysia’s engineering and construction sectors. Today, these sectors contribute significantly to the national economy, with the oil and gas industry supporting over 200,000 jobs.

    Qatar has also implemented local content policies to ensure that its citizens benefit from the country’s substantial oil and gas wealth. The country’s Qatarization policy aims to increase the number of Qatari nationals employed in the energy sector to 50%.

    The United Arab Emirates (UAE) has also seen success with its local content initiatives. The In-Country Value (ICV) program, launched by Abu Dhabi National Oil Company, aims to support local businesses and create jobs for UAE nationals. The ICV program has driven over $20 billion back into the UAE economy and created thousands of jobs for Emiratis.

    As such, the benefits of local content in Namibia’s oil and gas sector are manifold. By focusing on economic growth, skills development, economic diversification, increased local participation, social development and technological advancement, Namibia can ensure that its oil and gas resources are a blessing for its population of three million.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber

  • African Development Bank expands urban support program to six new cities

    African Development Bank expands urban support program to six new cities

    TUNIS, Tunisia, June 26, 2024/ — The African Development Bank’s (www.AfDB.org) Urban and Municipal Development Fund (UMDF) (https://apo-opa.co/4exYmAh) has expanded its African Cities Program to cover six new cities across the continent. The expansion, approved by the Fund’s 13th Oversight Committee, will help bolster urban development and address critical challenges faced by rapidly growing African cities.

    The newly included cities are:

    • Kolwezi, the Democratic Republic of Congo: mining town grappling with rapid urban growth and environmental issues.
    • Grand Nokoué, Benin: an economic hub with over two million inhabitants.
    • Buffalo City, South Africa: a coastal city prioritizing climate resilience.
    • Joal, Senegal: A medium-sized city focusing on integrating environmental and social issues into economic development.
    • Juba, South Sudan: Prioritizing essential services for a growing, vulnerable population;
    • Nouakchott, Mauritania: Planning to combine projects on climate resilience, urban mobility, and sustainable energy.

    The Bank launched the UMDF in 2019 in response to growing demand from countries and cities for urban development support. It receives contributions from the Nordic Development Fund and the governments of Denmark, Spain, and Switzerland, as well as the Walloon Export and Foreign Investment Agency.

    The Fund provides financial and technical assistance to national and local governments for improving governance, planning, and to prepare investments in sustainable urban development for more climate resilient, resilient, liveable and productive cities, underpinning national socio-economic development and poverty reduction.

    UMDF will provide funding for each of the six cities over several months, including a detailed analysis of the strengths and vulnerabilities, especially regarding economic, social, climate, and gender issues. The goal is to identify transformative infrastructure projects that can attract public and private sector investments.

    The committee also reviewed the Fund’s progress and approved its 2024 work program, allocating over $4.7 million to identify and develop urban infrastructure projects and bring them to maturity.

    Mike Salawou, Director of the African Development Bank’s Infrastructure and Urban Development Department, committed to strengthening the Fund’s operational effectiveness and capacity to mobilize more funding and partnerships for greater impact.

    “The question of urban development is at the heart of the Bank’s new ten-year strategy for 2024-2033, of which the Urban and Municipal Development Fund is a strategic implementation mechanism,” he emphasized. The Bank ten-year strategy 2024-2025 (https://apo-opa.co/3L73NIF) includes data and research from publications (https://apo-opa.co/3XEbJbS) financed by the Fund and its partners.

    It is hoped that the Fund will act as a catalyst in boosting access of African municipalities to public and private finance, a priority defined by the President of the African Development Bank Group, Akinwumi Adesina, at the Africa Investment Forum (www.AfricaInvestmentForum.com) 2023 Market Days in Morocco.

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

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

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

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

    KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, is pleased to announce the closing of a US$150 million senior loan with Kamoa Copper to support the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo.

    The loan by AFC, who acted both as lender and arranger, aligns with the Corporation’s commitment to support the local beneficiation of Africa’s abundant mineral resources to unlock the continent’s economic prosperity.

    Kamoa-Kakula is a world-class, high-grade, low carbon-intensive, underground copper deposit situated on the western edge of the prolific Central African Copperbelt. It started production in July 2021 and is currently undergoing its third phase of expansion which consists of a 33% increase in copper production capacity, to over 600,000 tonnes per annum (tpa), and the construction of Africa’s largest copper smelter with a capacity of 500,000 tpa of 99% pure copper anodes.

    The expansion also includes restarting 178 megawatts (MW) of renewable hydroelectric generation capacity by refurbishing turbine #5 at the Inga II dam. Phase 3 is expected to be completed by the end of 2024, making Kamoa-Kakula Africa’s largest copper producer, as well as the third largest globally.

    Kamoa-Kakula is operated as a joint venture between Ivanhoe Mines, Zijin Mining and the Government of the Democratic Republic of Congo. The operation has consistently demonstrated exceptional operational performance and delivered expansions on-budget and ahead of schedule.

    In addition, its sustainable approach makes it a standout example of responsible mining on the African continent. 91% of its full-time employees are Congolese and over $600 million has been paid in taxes and royalties to the DRC since the start of operations.

    In 2023, Kamoa-Kakula was directly responsible for 4% of the country’s gross domestic product (GDP) and it is also one of the world’s lowest greenhouse gas emitters per tonne of copper produced, according to independent consultants Skarn Associates of London, England, and WSP Group of Montreal, Canada.

    “This is a key milestone in our mission to develop infrastructure ecosystems that help integrate economies and drive economic transformation in Africa,” said Samaila Zubairu, President and CEO of AFC. “Copper is one of the critical minerals for the global energy transition and this mine expansion will not only solidify Africa’s position in the global copper market but contribute to the continent’s path to net zero while creating employment opportunities and generating significant revenue for the DRC.”

    AFC’s involvement in the Kamoa-Kakula project highlights the Corporation’s critical role in catalysing infrastructure development that drives industrialisation and enhances the continent’s global competitiveness.

    In late 2023, Kamoa-Kakula became the first industrial user of the Lobito Atlantic Railway Corridor, a rail line that stretches from the DRC Copperbelt to the Atlantic port of Lobito, in Angola.

    AFC acted as financial adviser to the Trafigura, Mota-Engil and Vecturis consortium, which was granted a 30-year concession for railway services and logistics. The use of the Lobito Atlantic Railway Corridor is expected to significantly reduce the logistics costs and carbon emissions intensity of exporting mineral products from the DRC’s Copperbelt.

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

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

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

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

    PARIS, London, June 20, 2024/ — African Export-Import Bank (“Afreximbank” or “the Bank”) (www.Afreximbank.com) and the Africa Centers for Diseases Control and Prevention (Africa CDC) have renewed their partnership with a new cooperation agreement announced today on the sidelines of the Global Forum for Vaccine Sovereignty and Innovation in Paris, France.

    Through this collaboration, Afreximbank has committed a US$ 2 billion facility to the “Africa Health Security Investment Plan” to support the health product manufacturing ambition of the continent. This initiative will focus on the African Pooled Procurement Mechanism (APPM) and the Platform for Harmonized African Health Products Manufacturing (PHAHM).

    This initiative is pivotal in addressing Africa’s health investment challenges, promoting economic development, and strengthening health security across the continent. It also intends to complement GAVI’s innovative financing mechanism, the African Vaccine Manufacturing Accelerator (AVMA) (https://apo-opa.co/45uIR81) which is set to provide up to USD 2 billion financing to African manufacturers of health and pharmaceutical products over the next ten years.

    African pharmaceutical companies face severe impacts of the global health, security and economic challenges, yet they are the drivers of investments and technology advancements that the health sector needs. Low investor confidence, lack of appropriate infrastructure, trade related barriers, and regulatory challenges are some of the constraints to investment in Africa’s health sector. While funds might be available, many potential investments do not materialize due to financial and non-financial obstacles. Coordinated efforts at the continental level are essential to reverse this trend and align with the New Public Health Order (https://apo-opa.co/45wjnqW).

    Closing the investment gap will be crucial to achieving the African Union’s ambition of manufacturing 60% of vaccines needed locally by the year 2040 as well as implementing all other countermeasures necessary to ensure self-reliance especially during crises such as pandemics and outbreaks.

    While commenting on the signing, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said: “We are pleased to be part of yet another momentous event that will change the course of health security in Africa. This facility will help strengthen the manufacturing of health and pharmaceutical products in Africa through our comprehensive and existing interventions such as Project Preparation funding, Project and Trade Finance as well as Guarantees. Furthermore, we intend to put our full weight behind this facility with equity investments through our subsidiary FEDA – the Fund for Export Development into Africa.”

    “Today is a big day for African vaccine manufacturing as well as health products manufacturing in general, as we welcome these major investment announcements that will change the face of health products manufacturing in Africa for years to come. Protecting our future, means investing in our ability to achieve self-reliance on all health countermeasures; vital to accomplish our mission of safeguarding Africa’s health” said H.E. Dr. Jean Kaseya, Director General, Africa CDC.

    The “Africa Health Security Investment Plan” will allow Afreximbank to support and finance key health projects identified by the Africa CDC. The joint effort combines institutional and financial resources, financial tools such as equity and debt financing, guarantees, venture capital, capacity building, and risk-sharing to boost and attract more health investments in Africa.

    The ‘Africa Health Security Investment Plan’ is built on three key pillars:

    1. Technical Assistance and Advisory Services: A single-entry point for health project preparation and implementation, with capacity-building support from the Africa CDC.
    2. Investment Project Pipeline: A clear, forward-looking list of health investment projects in Africa, accessible through Afreximbank Project Portal.
    3. Regulatory and Normative Support: implementing programs to remove bottlenecks and create a conducive environment for trade and investment, guided by the Technical Steering Committee of Africa CDC- AfCFTA.

    The Africa Health Security Investment aims to tackle Africa’s health investment challenges, promote economic growth, and enhance health security across the continent.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contacts:
    For Africa CDC

    Margaret Edwin
    Director of Communication & Public Information Division
    Africa CDC
    Tel: +251 986 632 878
    Email: EdwinM@africacdc.org

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

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

    The Ethiopian government has noted that Africa’s largest hydroelectric power plant has surpassed expected electricity output.

    The government disclosed that the Grand Ethiopian Renaissance Dam (GERD) has generated more than 2,700 gigawatt hours (GWh) of electricity during the past 10 months.

    The Ethiopian Electric Power (EEP) said the mega hydroelectric power plant has surpassed its initial planned power generation targets in the past 10 months of the current 2023/2024 Ethiopian fiscal year. Its fiscal year started on July 8, 2023.

    According to data from EEP, the dam has registered a 26 per cent increase from the initial plan of 2,152.8 GWh. The increase in power output is attributed to the ability of the Grand Renaissance dam to store more water. This enables the two operational turbines of the power plant to function at full capacity.

    The Significance of Africa’s Largest Hydroelectric Power Plant, the Grand Ethiopian Renaissance Dam

    The feat achieved by Africa’s largest hydroelectric power plant is astounding as it reveals its significance. With the new milestone, the Grand Ethiopian Renaissance dam contributed about 16 per cent of the East African country’s total 16,900 GWh of electricity generated during the reported period from various power generating plants across the country.

    The dam is expected to produce even more electrical power once fully functional. In April, the Office of National Coordination for the Construction of Gerd announced that the project construction had reached over 95 per cent.

    Currently, the dam is at 96.4% in construction as the final phases of its completion take shape. When the remaining 11 units installed on the dam start producing power, the country’s current generation capacity is expected to increase by 83 per cent.

    The State of Affairs Regarding the Completion of the Grand Renaissance Dam

    Once fully completed, Africa’s largest hydroelectric power plant will have a generating capacity of 5,150 megawatts. According to Ethiopian Electric Power, it will also have an annual energy output of 15,760 GWh.

    The Ethiopian government started to build the GERD on the Nile River in April 2011. Since then, the mega hydroelectric power project has been a major issue among the three Nile-bound countries of Ethiopia, Egypt, and Sudan.

    However, Ethiopia is adamant about constructing the dam as it believes that it will power its development and aspirations. The country expects the dam to propel it to attain a lower-middle income status soon. Meanwhile, Egypt and Sudan frequently express concern that the dam would affect their share of the river waters.

    Other Similar Projects Across the African Continent

    One of the significant projects that is also expected to revolutionize energy production in Africa is the Mega Batoka Hydropower Dam.

    Like Africa’s largest hydroelectric power plant, the Batoka hydropower dam is expected to be one of the largest. At the beginning of the year, The Zambezi River Authority (ZRA) was set to receive bids by April 2025, with the new potential developers expected by September of the same year.

    Zambia and Zimbabwe are planning to retender the Batoka Gorge hydropower project with an estimated value of $5bn and a capacity of 2.4 GW. The Batoka Gorge hydropower plant is planned for a site on the Zambezi River, 54km downstream from Victoria Falls, straddling the border between the two nations.

    SOURE

    CONSTRUCTION REVIEW 

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

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

    DAKAR, Senegal, June 13, 2024/ —  Dr Olakounlé Gilles Yabi, Founder and CEO of the citizen think tank WATHI (www.WATHI.org).

    In 2014, when I was working to launch the citizen think tank WATHI, I wrote the following in the concept note I proposed to dozens of friends interested in the present and future of West Africa:

    West Africa is a very young region. The proportion of the population aged under 25 in each country of the region exceeds 60%. Demographic growth in West Africa will remain strong in the medium term. The prospects outlined by the region demographic projections entail daunting security, economic and social challenges for countries whose states and economies are mostly weak. These demographic trends, together with the region’s abundant natural resources and the weakness of local production systems, are some of the reasons behind the renewed interest in African economies shown by old and new dominant players in the global economy. However, if the enthusiasm regarding West Africa’s economic promise is not tempered by an overall acknowledgment of the security and political threats the region is facing, the result will likely be further disillusionment’.

    One of the worst scenarios we could have imagined ten years ago

    Ten years after this diagnosis of the state of the region, the situation in West Africa in 2024 looks grimly like one of the worst-case scenarios we could have imagined back then. I’m among those who believe that we need to change the narrative about our part of the world, about Africa in general.

    However, the desire to highlight the positive developments in many areas, the extraordinary potential of our young people, should not distract us from a dispassionate observation of the reality of the moment. The only way we will be able to bring about the much-needed changes in political practices in the region is through a candid observation of the state of affairs in the region.

    West Africa is currently facing unprecedented level of security and political uncertainty. Burkina Faso, Mali, Niger and Nigeria are among the 10 countries most affected by terrorism in the world. This however is only a partial reflection of the spread of insecurity, the rivialization of violence and the overall worrisome consequences on social cohesion and the physical and mental health of millions of children who are growing up in a context of violence and without any educational or emotional support from their families.

    In four countries undergoing transition following coups d’état (Mali, Burkina Faso, Guinea and Niger), there is no regional institutional framework to set limits on military rulers who have no internal checks and balances. However, the restrictions on political freedoms and freedom of expression by those regimes, against a backdrop of growing economic difficulties for the population, are beginning to provoke protests and strikes, despite the high risks of repression and threat of imprisonment.

    In some other West African countries that are formally democratic and run by civilians, checks and balances exist only in theory, and in reality, there is little possibility of political alternation. In many countries presidents have taken the initiative to revise or change the constitution to evade term limit and remain in power indefinitely.

    The recent constitutional reform in Togo, a country that has not had a democratic transition for 57 years, provided another shocking example of a parody of democracy in West Africa. The content of the country’s supreme law, which abolishes presidential elections by universal suffrage, was not made public until after its enactment.

    And even in the few countries that are often held up as examples of political alternation through credible elections, with the possible exception of Cabo Verde, the general perception held by citizens is that resources and economic opportunities are monopolised by small circles of relatives, friends and political allies. Democracy and elections continue to unbearably accommodate high levels of corruption, mismanagement and embezzlement.

    An unprecedented crisis in regional integration

    The simultaneous announcement on 28 January 2024 by the governments in power in Bamako, Ouagadougou and Niamey to leave ECOWAS opened up an unprecedented crisis in the process of regional integration in West Africa. We have all become witness to the continued strained relationship between neighboring countries such as Benin and Niger, a distressing waste of time and energy at a moment when communities continue to be impoverished by restrictions on cross-border economic activities.

    The next few months will be decisive for the regional integration process. The decision of Burkina, Mali and Niger to leave ECOWAS enable military leaders in those three countries to free themselves from ECOWAS supervision of transition and related constraints.

    They were also able to make this announcement because they knew that the short-term political and economic cost would be limited. As a matter of fact, they did not withdraw from the West African Economic and Monetary Union (WAEMU), which brings together eight countries that share a common currency, the CFA franc (seven countries that were once colonies of France and have been joined by Guinea Bissau in 1997).

    Membership of WAEMU allows these countries to retain most of the benefits of regional integration within this sub-area of ECOWAS. In addition, leaving WAEMU is more difficult and requires prior preparations than exiting ECOWAS.

    The political cost of leaving ECOWAS was also limited because the military leaders were aware of the degraded image of the regional organisation among a large part of West African population, not only in the Sahel. ECOWAS’ management of the coup d’état in Niger dealt a blow to the regional organization’s perception among West African public opinion.

    The political and symbolic impact offered an unhoped-for opportunity for the military leaders to portray themselves as the victims of a plot by their own regional organisation to launch a military intervention in one of its own member states.

    A regional organisation always reflects the political will, capacities and dynamics of its member states

    Many West Africans reduce ECOWAS to the Conference of Heads of State and Government, which takes decisions on political and security issues at ordinary and extraordinary summits. All the other dimensions of integration that are the subject of the daily work of the Commission, other bodies and specialised agencies, are simply not known or poorly known.

    The vast majority of young people in urban and rural areas have no precise knowledge of the history of regional integration, of the major stages in the construction of ECOWAS since 1975, of the benefits of regional integration for the people, of ECOWAS’s decisive diplomatic and military interventions in countries in armed conflict in the 1990s and 2000s.

    Few citizens of West African countries can mention the names and missions of ECOWAS’s two specialised agencies. Few are aware of the existence and crucial role of the Court of Justice, which can be seized by any citizen of a member country even before domestic remedies have been exhausted.

    This court is a great tool for the promotion and protection of human rights in West Africa. However, it has consistently been undermined by the same member states which created it and who often do not abide by its rulings. The region is therefore paying the price for what has not been done in terms of education, the inclusion of regional integration issues in curricula and overall communication on regional integration.

    There is a great deal of confusion between what is the responsibility of the Member States and what is that of ECOWAS. Many people are fiercely critical of ECOWAS because they expect it to be a substitute for states, a means of freeing themselves from their weaknesses, their dysfunctions and sometimes the lack of legitimacy of their leaders.

    It is not ECOWAS that chooses the Heads of State of the member countries, but the latter then form the college of ultimate political decision-makers of the organisation.

    This is true of all regional organisations worldwide. Regional organisations cannot work miracles in the absence of impetus, strong will and capacity for action on the part of the member countries, or at least a core group of influential countries among them.

    A regional organisation always depends on its member states, which can give or refrain from giving the organisation the means to act and the freedom it needs to implement its integration agenda.

    It must be acknowledged that some very unfortunate decisions have been taken by the ECOWAS Conference of Heads of State and Government in recent years. It is also necessary to recognise the structural shortcomings, while welcoming the many achievements of ECOWAS over the past 49 years and the immensity of the ground covered.

    If the record had been better in terms of regional infrastructure, for example if ECOWAS had been able to lead and ensure the effective implementation of a regional rail network programme, if the record had been better in terms of the harmonisation of sectoral policies and the promotion of regional integration in education systems, the political cost to each Member State of leaving the Community would have been much higher. And that rubicon would have been much harder to cross even for authorities who have seized power by force.

    What is at stake is the West Africa we want for our children

    Alongside discreet diplomatic efforts, a public campaign is needed to explain why ECOWAS is an essential, crucial institution for the future of West Africa. The ECOWAS Commission must speak directly to the people. The organisation should explain the raison d’être of the additional protocol on democracy and good governance. It should also explain the reasoning behind the broadening over the years of its missions and objectives, beyond economic integration.

    Those who criticise ECOWAS for straying from its original economic mission, for violating the sovereignty of states by interfering in internal political issues, are either ignoring the rational evolution of the organisation’s rules and regulations in responding to armed conflicts and violent political crises, or are acting in bad faith.

    We must, however, accept a debate with all these voices acting in good faith or not. We need to explain how the promotion of the rule of law in the region is not just a dream of westernised elites who are out of touch with reality, and how it is the only way to protect all citizens of West African countries from arbitrariness.

    More than ever, West Africa needs a strong ECOWAS that focuses on clear priorities. We need an ECOWAS that develops its capacity for strategic thinking by capitalising on the region’s human resources, including the diaspora.

    We need an ECOWAS that helps to protect the region from the potentially devastating consequences of battles for influence between powers on West African soil. As we all know, without perhaps realising the magnitude of the threat, this battle is also being waged in cyberspace, where opinions and certainties are spouted all day long via social media, in order to suppress any hindsight, critical thinking or attachment to facts in people’s minds.

    We need an ECOWAS that gives young people reasons to dream. We need to create and maintain a desire for integration. We also need the demographic, economic and military powerhouse of the region to act as a driving force.

    We need a committed Nigeria and a core of personalities in each of the countries in the region who are genuinely committed to the integration project. Let me reiterate: no regional organisation exists without its member countries and without the social, political, economic and cultural forces that shape the development of each of these countries.

    What will be at stake in the coming months is the shape and the type of West African region we want for our youth, our children for decades to come. The choice before us is that of continuing belief in the possibility of making West Africa a region of collective progress and freedom, where fundamental rights are protected or resignation.

    The latter is undesirable because it implies accepting that our region is deeply fragmented, that each country becomes inward looking and focuses on what it perceives as its strictly national interests. It would mean accepting the real and very high risk of a return, almost everywhere, to autocratic regimes where leaders are accountable to no one.

    We have already experienced this in the past in a majority of countries in the region and on the African continent. It was not a resounding success. Resignation is therefore not an option.

    This article is a modified and expanded version of Gilles Yabi’s speech at a public event organised by the ECOWAS observation mission at the United Nations to mark the regional organisation’s 49th anniversary, New York, 7 June 2024.

    Distributed by APO Group on behalf of West Africa Think Tank (WATHI).

    For media enquiries:
    Please contact:
    Ms Hadidjette Kangouline
    Communication Officer
    hadji.kangouline@wathi.org

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

    Marrakesh, May 27, 2024 — Backbase, the creator of the global leader in Engagement Banking Platform, is thrilled to announce the launch of the 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024.

    This report, produced in collaboration with the pan-African publication African Banker, has become a cornerstone in Africa’s financial news landscape, offering deep insights into the ongoing digital revolution within the banking sector across the continent.

    The 2024 edition of the report draws on comprehensive survey data from over 150 banks spanning 35 countries, providing an in-depth analysis of current digital banking trends, key innovations, and the progress of digital transformation. This release underscores Backbase’s commitment to fostering technological advancements and driving financial inclusion in Africa.

    These are the key highlights of the 2024 Report:

    • Digital Innovation: A detailed examination of the latest technological trends reshaping the African banking ecosystem, with a significant focus on Artificial Intelligence and cybersecurity.

    • Financial Inclusion: Analysis of strategies implemented by African banks to enhance financial inclusion, particularly through mobile wallets and super apps.

    • Resilience in Adversity: Insights into how African banks are navigating the challenging macro-economic environment while maintaining a strong commitment to digitization.

    Backbase will also be a key participant in the Future of Finance Summit at GITEX Africa 2024. Backbase will participate alongside partner organisations Seven and OneTech. Highlighting the evolving digital landscape, Backbase will join a panel discussion titled “It’s a Bird! It’s a Plane! It’s a… Super App?” Super apps are becoming central to consumer convenience and financial empowerment, with digital wallets and mobile money leading this transformation.

    Africa, with its rapid smartphone adoption, is poised for a significant shift towards these embedded financial solutions.

    Heidi Custers, Digital Transformation Director, Africa at Backbase, will address the audience during the panel discussion. “Africa has always been at the forefront of mobile payments innovation. Our participation in GITEX Africa 2024 with our African partners and the release of our latest report underscores our commitment to advancing digital banking across the continent,” said Ms Custers.

    Event Details: GITEX Africa 2024, the continent’s largest tech and start-up show, will be held from May 29 to 31, 2024, in Marrakesh, Morocco. The event, under the High Patronage of His Majesty King Mohammed VI, is hosted by the Digital Development Agency (ADD) and the Moroccan Ministry of Digital Transition and Administration Reform.

    Visit Backbase at booth number 20B-20 in the Digital Finance Hall #20, where we will showcase the latest innovations in digital finance.

    For more information on GITEX Africa 2024 and the Future of Finance Summit, visit www.gitexafrica.com

    Distributed by IC Media on behalf of GITEX Africa 2024

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

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

    Dr Akinwumi Adesina, the president of the African Development Bank Group during the recently held media leaders’ summit convened by the AllAfrica Media in Narobi,Kenya,in his Keynote address,announced the creation of an Annual Africa Media Prize to recognise and profile African journalists, correspondents and media houses that showcase Africa’s achievements and progress.

    Adesina said the African Development Bank would work with the AllAfrica Media organisation and African financial institutions to establish the prize as part of efforts to promote more positive reporting of developments on the continent.

    “Africa must shape its own narrative, and not depend on what others think about it or the perspectives they prefer to share about it, its achievements, and opportunities… Positive stories of African investment opportunities need to be well showcased, as they unfortunately do not get sufficient coverage, if any at all, in western media,” Dr Adesina declared.

    He also proposed that the African Development Bank, Africa Import-Export Bank, and all regional financial institutions pool resources to support the emergence of a globally respected African media company that will position the news of Africa to the world.

    The summit on the theme of “Re-engineering African Media in Times of Critical Transformation” brought  together over 300 African media owners and operators, government officials, corporate leaders, academics, civil society champions, and development partners to discuss the business of media and the critical role it must play in shaping Africa’s future.

    “The media has a critically important role, by being fair, objective, inquisitive, investigative yes, but also by being a catalyst for development, and promoting positive news about tangible African accomplishments, achievements, and developments,” he said in his address.

    Dr Adesina also called on development institutions in Africa to set up a joint repository of verified and standardised stories, videos and content that will make it easier to aggregate and write stories on what is being achieved in Africa.

    He also pledged that the African Development Bank, working with partners and the African financial institutions would also help establish the African Journalists’ and Correspondents’ Fellowships to help build and strengthen the capacities of journalists and correspondents working in Africa.

    “Together let us continue to promote Africa. I call on you as leaders of the media, become the vuvuzelas for Africa! Tell Africa’s positive stories,” he urged his audience of media executives from across the continent.

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

    Download images here: https://apo-opa.co/4bc07AO

    Contact:
    Jonathan Clayton
    Communication and External Relations Department
    media@afdb.org