Category: Middle East/Asia

  • Can South Africa Win Its Case Against Israel?

    Can South Africa Win Its Case Against Israel?

    South Africa’s application to the International Court of Justice (ICJ) seeking to have the court declare Israel’s military assault on Gaza a genocide will be heard starting on Thursday in The Hague.

    Israel has called the allegations “baseless” and accused South Africa of “cooperating with a terrorist organization.”

    States including Turkey and Jordan have backed the case. Malaysia publicly offered South Africa its support. Malaysia’s Foreign Ministry described the proceedings as a “timely and tangible step towards legal accountability for Israel’s atrocities.”

    Israel finds it is having to defend itself against arguments based on a convention that was drawn up in part to prevent a repetition of the Holocaust, which killed 6 million Jews.

    The application asked the ICJ to take interim measures to immediately suspend Israel’s military operations in Gaza and “take all reasonable measures” to prevent genocide. In its 84-page brief, South Africa cites alleged incitement by top Israeli officials, including the defense minister, Yoav Gallant, who referred to Palestinians in Gaza as “human animals,” as well as Prime Minister Benjamin Netanyahu’s comparison of Palestinians to the biblical story of the Amalek nation, which God ordered the Israelites to destroy.

    Pretoria argues Israel’s military assault violates its obligations under the 1948 Genocide Convention, which defines genocide as “acts committed with intent to destroy, in whole or in part, a national, ethnical, racial, or religious group.”

    The application condemns Hamas’s killing of 1,200 Israelis and foreign citizens and hostage-taking of around 247 people on Oct. 7 but argues that no attack can justify the killing of more than 22,000 Palestinians, including over 7,000 children—the number of dead at the time it was written.

    Unlike previous cases at the International Criminal Court, which Israel has boycotted because it does not recognize that court’s authority, Israel has no choice but to appear in front of the ICJ as it is a signatory to the Genocide Convention and subject to the jurisdiction of the ICJ, the United Nations’ top legal body. Both sides are sending some of their best lawyers to The Hague. Pretoria is sending South African international law expert John Dugard, a former U.N. special rapporteur on human rights in the occupied Palestinian territories. Meanwhile, Israel will be represented at the ICJ by the British lawyer Malcolm Shaw, an expert on territorial disputes.

    Israel is also sending Aharon Barak, a retired Israeli Supreme Court president who is a Holocaust survivor and a fierce critic of the Netanyahu government’s judicial reform plan—which adds to his credibility in the eyes of Netanyahu’s critics.

    The application also raises possible reputational damage for the United States. As the International Crisis Group’s Brian Finucane argues “U.S. officials risk complicity if Israel uses U.S. support to commit war crimes.” The United States is increasingly isolated as one of the few countries that has stood resolutely behind Israel since the Oct. 7 Hamas attack and subsequent Israeli offensive in the Gaza Strip amid growing international criticism over the dire humanitarian crisis in Gaza.

    “We find this submission meritless, counterproductive, and completely without any basis in fact whatsoever,” White House National Security Council spokesperson John Kirby said last Wednesday.

    Israel and South Africa’s animosity has deep roots. After Israel was founded, the country’s leaders cultivated close ties with newly independent African states while often condemning apartheid in South Africa. However, relations with most African nations soured after the 1973 Arab-Israeli War, while Israel’s ties with South Africa grew stronger as it began to sell large quantities of arms to the apartheid regime. Israel became a key ally and defense partner for the white supremacist government during the 1970s and 1980s, even as other countries began to impose sanctions on Pretoria. In November, South Africa’s Parliament voted to suspend diplomatic ties with the country until a cease-fire agreement in Gaza is reached.

    The South African government, faced with domestic issues at home, has tried to assert itself as a moral beacon in the world, calling out the hypocrisy of the West over the war in Ukraine and campaigning for a multipolar global order where poorer nations have a voice.

    While it is easy for some analysts to dismiss South Africa’s case, any ruling could set legal precedents since Pretoria is basing its petition in part on Gambia’s proceedings against Myanmar in 2020, in which Gambia successfully argued as party to the Genocide Convention that it has an obligation to act to prevent genocide against the ethnic Rohingya population in Rakhine State and therefore had standing. Myanmar had tried to argue that Gambia was not an “injured” party and therefore could not bring a case.

    Since the war began, Israel has restricted the entry of medicine, water, and fuel to Gaza’s population of 2.3 million people, except for limited aid through Egypt that U.N. workers say falls far short of what’s needed with famine and disease around the corner.

    By not seeking a definitive ruling—but only provisional measures under Article 74 of the ICJ rules—the threshold of what South Africa has to prove is lowered. The court could decide it does have jurisdiction to proceed with the case as in The Gambia v. Myanmar. It could also choose to impose some of the interim measures requested by South Africa without making a decision that Israel’s conduct in Gaza amounts to genocide.

    Although ICJ orders are binding, they’ve not been enforceable. Russia has defied the court’s judgment to suspend military operations in Ukraine. Regardless of the ICJ’s eventual decision, Israel is becoming more isolated on the world stage.

    SOURCE
    Foreign Policy’s Africa Brief
  • Leveraging Islamic Finance for the benefit of UK businesses in Saudi Arabia

    Leveraging Islamic Finance for the benefit of UK businesses in Saudi Arabia

    Story: Mohammed A. Abu

    The UK Export Finance(UKEF) has guaranteed the country’s largest ever Murabaha facility for USD700.00 in a maiden landmark Middle Eastern deal signed by Qadiyya Investment Company supported by the Public Investment Fund of the Kingdom of Saudi Arabia, to finance the construction of the Six Flags City Theme Park in the country.

    The project, the financing of which is based on procuring goods and services from UK exporters, is being undertaken by a joint venture led by Bouygues Bâtiment International and Almabani General Contractors in a move that helps UK exporters gain wider access to the opportunities being created by PIF’s investment in large-scale infrastructure development.

    UKEF’s involvement has secured opportunities for UK exporters delivering key equipment and services to the project.

    Reinsurance Collaborating Parties

    UKEF was supported by reinsurance from the Dutch ECA Atradius Dutch State Business N.V., the Italian ECA SACE S.p.A., and the German ECA Euler-Hermes Aktiengesellschaft.

    Collaborating Banking Institutions  

    Crédit Agricole CIB acted as exclusive ECA Coordinating Bank, Structuring and Documentation Bank and Investment Agent, and, together with a syndicate of banks comprising HSBC and BNP Paribas, as Mandated Lead Arranger (MLA).

    These were contained in a Press Release issued by UKEF in London, Wednesday.

    The release quotes the UK Export Finance Chief Executive, Tim Reid to have said: “Saudi Arabia’s ‘Vision 2030’ is hugely ambitious, and UKEF is determined to ensure that British businesses can benefit from the enormous exporting opportunities it offers”.

    “This new landmark deal not only creates exciting business for UK suppliers, but demonstrates UKEF’s ability to unlock new sources of commercial finance to make transformative projects possible around the globe.”

    Oliver Christian, His Majesty’s Trade Commissioner for the Middle East and Pakistan, on his part said, “UK-Saudi Arabia bilateral trade stood at over £17bn last year, and our trading relationship goes from strength to strength. This is clearly demonstrated by today’s announcement that UK Export Finance has secured another strategic win by supporting this record-breaking Islamic financing deal – its largest ever Murabaha. This transaction will help UK exporters access even more of the valuable trading opportunities being created by Saudi investment in infrastructure and socio-economic transformation”

    Murâbaḥah which has since become the most common form of Islamic compliance trade financing facility is derived from the Arabic word, ribh, meaning profit, is originally a term of Islamic jurisprudence for a sales contract where the buyer and seller agree on the markup (profit) or “cost-plus” price for the item(s) being sold with deferred payment allowed for the goods.

    Murabaha financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary (e.g., the lending bank) retaining ownership of the item being sold until the loan is paid in full.

     

     

     

     

     

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

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

    Fareed Rahman

    Jan 01, 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    New world order?

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

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

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

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

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

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

    SOURCE

    The Nation Business

     

     

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

    Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Report: Mohammed A.Abu

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

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

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

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

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

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

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

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

     

     

     

     

     

     

     

     

     

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

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

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

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

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

     

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

     

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

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

     

     

     

     

     

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

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

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

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

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

     

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

     

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

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

  • South Africa: African Development Bank approves $1 billion guarantee from the United Kingdom to support SA’s Just Energy Transition

    South Africa: African Development Bank approves $1 billion guarantee from the United Kingdom to support SA’s Just Energy Transition

    ABIDJAN, Ivory Coast, December 10, 2023/ — The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $1 billion guarantee program in collaboration with the UK Foreign Commonwealth and Development Office (FCDO), which will allow the Bank to increase its lending capacity in support of South Africa’s Just Energy Transition (JET).

    Developed in close collaboration with the government of the Republic of South Africa, the program will support projects aligned with South Africa’s JET investment plan, such as transmission and grid-balancing storage, renewable energy generation, energy efficiency, rehabilitation of municipal electricity delivery, green hydrogen, new electric vehicles. It also includes projects addressing the “just” dimension, notably in the Province of Mpumalanga, in the north-eastern part of the country, bordering Swaziland and Mozambique.

    The approval, coming during COP28, where ramping-up climate finance is an issue, is timely and topical. African Development Bank Vice President for Power, Energy, Climate and Green Growth, Dr. Kevin Kariuki observed: “this is another innovative operation that reaffirms AfDB’s leadership in crafting financial solutions to increase access to climate finance for Africa’s low carbon development and net zero ambitions.”

    Melinda Bohannon, Foreign Commonwealth and Development Office Director General of Humanitarian and Development stated,” FCDO remains committed to the Just Energy Transition Partnership with South Africa, which supports green growth and jobs, improves energy security, and helps South Africa achieve its carbon reduction ambitions as set out in its National Determined Contribution.

    This guarantee will unlock funds for projects within the remit of South Africa’s recently released Just Energy Transition implementation plan. This comes alongside the recently significantly increased grant offer from the International Partners Group, and we are using some of those grants to help develop an investment project pipeline”.

    Mmakgoshi Lekhethe, Deputy-Director General for Asset and Liability Management in South Africa’s National Treasury commented, “We are pleased with the approval by the AfDB Board of the guarantee framework that will increase South Africa’s access to funding from the Bank by $1 billion.

    This marks an important partnership between our government, the UK and AfDB to enhance our ability to implement South Africa’s just energy transition in a way that is just and socially responsible.

    We look forward to working closely with the AfDB on the preparation and financing of a pipeline of programs and projects under our just transition priority areas, including those identified in the JET Implementation Plan. As a development bank with vast experience in just transition in the continent, the AfDB is an ideal partner for us on this important initiative”.

    Max Ndiaye, Director of Syndications, Co-financing and Client Solutions, noted previous collaboration between the Bank and FCDO, and applauded this transaction as further demonstration of the Bank’s continued efforts to heed the G20 recommendations on capital adequacy that call for increased collaboration and additional shareholder support for the balance sheet optimization of MDBs.

    “By enabling the Bank to increase its lending capacity, this landmark guarantee agreement will greatly support South Africa’s Just Energy Transition,” noted African Development Bank Director General for Southern Africa, Leila Mokaddem. “The African Development Bank remains committed to accompanying South Africa on this important journey,” she added.

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

    Link to Images: https://apo-opa.co/4afJ94I

    Contact:
    Amba Mpoke-Bigg
    Communication and External Relations Department
    email: media@afdb.org

    Technical contact:
    Max Ndiaye
    Director of Syndications
    Co-financing and Client Solutions

  • Youth-led African enterprises awarded $800,000 at Conference of the Parties (COP28) for climate solutions

    Youth-led African enterprises awarded $800,000 at Conference of the Parties (COP28) for climate solutions

    DUBAI, United Arab Emirates, December 5, 2023/ — Eight dynamic African young women-led businesses emerged as winners of the 2023 YouthAdapt challenge. Each business will receive grant funding of up to $100,000.

    They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative (https://apo-opa.co/49ZU0zH) has provided more than $5 million to 33 young entrepreneurs from 19 African nations.

    Jointly organised by the African Development Bank Group and the Global Center on Adaptation (https://GCA.org), supported by the Africa Climate Change Fund (https://ACCF.AfDB.org), YouthADAPT is an annual competition for young entrepreneurs leading micro-, small- and medium-sized enterprises in Africa with innovative climate change adaptation solutions.

    This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, Internet of Things, quantum computing, additive manufacturing, blockchain, and fifth-generation wireless for climate adaptation.

    Speaking at the ceremony held on the side lines of COP28 in Dubai, President of the African Development Bank, Dr Akinwumi Adesina emphasised the importance of harnessing youth ideas and creativity to enhance livelihoods and national prosperity.

    Adesina said: “The Jobs for Youth in Africa and the Skills Employability initiatives at the Bank stand as a testament to our commitment to create 25 million jobs for our youth, ensuring that 250 million individuals find their path to the labour market. The Youth ADAPT initiative is a pledge to invest in the youth and shape a thriving future.”

    Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, stressed the need to nurture Africa’s youth talent. “Young people hold the key to unlocking Africa’s economic potential. Through initiatives like the YouthADAPT awards, we provide opportunities for training and jobs to retain African talents at home.”

    During a panel discussion, Cheryl Urban, Canada’s Assistant Deputy Minister for Sub-Saharan Africa, spoke about the critical role of development finance institutions can play. “The African Development Bank’s YouthADAPT program provides crucial support in scaling up youth-led climate businesses and innovations in Africa. Canada is proud of being a contributor to the initiative.”

    Dr Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human, and Social Development, stressed the importance of supporting entrepreneurs tackling climate change. She also emphasised the need to remove barriers to finance, particularly for women.

    The African Union Youth Envoy, Chido Cleopatra Mpemba, underscored the need to foster effective information-sharing mechanisms across regions.

    Lucy Wangari, one of this year’s award recipients from Onion Doctor, a firm specialized in monitoring onion growth, said the award would motivate her to do more. “It serves as a significant driver in scaling (our) innovative solution to boost local onion production by 20% and transform the onion value chain into a lucrative employment source for farmers in Kenya’s arid and semi-arid Lands.”

    Past winners shared experiences about how the grant empowered their ventures. Fela Akinse, CEO of Salubata—a business converting plastic waste into affordable footwear, emphasised how the grant is propelling their business expansion and innovation of clean technologies, and helping them to generate global impact.

    The winning ventures, led by women from across Africa, focus on sectors affected by climate change: agriculture, energy efficiency, disaster risk management, water resources, and biodiversity conservation.

    Full list of winners:

    • Deborah Nzarubara, ETS Grencom, Democratic Republic of Congo: Leveraging big data, ETS Grencom provides real-time weather data, bolstering agricultural productivity and supporting pollinating bees for sustainable farming practices.
    • Mirriam Chapi, Chapi Core Tech (https://ChapiCoreTech.com), Zambia: Through the EaseOn Track app, Chapi Core Tech has empowered over 5,000 women farmers, facilitating clean energy adoption and enhancing agricultural output.
    • Eddah Wanjiru, Arinifu Technologies (https://Arinifu.com), Kenya: The Smart Brooder & Kuku Smart innovation utilise Internet of Things technology, offering poultry solutions and operational insights, benefitting Kenya’s farming community.
    • Fatoumata Diaby, Jeune Agro-Innovatour (https://Jaimmali.org), Mali: Jeune Agro-Innovatour’s E-Compost software transforms invasive water hyacinth into premium compost, championing sustainable agricultural practices.
    • Beth Koigi, Majik Water Technologies (https://MajikWater.co), Kenya: Majik Water Technologies pioneers atmospheric water harvesting, providing vital water resources to drought-stricken farming communities in Kenya.
    • Lucy Wangari, Onion Doctor Limited (https://OnionDoctor.co.ke), Kenya: Using the Internet of Things and machine learning, Onion Doctor Limited monitors onion crops, optimising sustainability and profitability for Kenyan farmers.
    • Daniella Ushindi Viruvuswagha, ETS Chemchem Agro (https://ChemchemAgro.com), DRC: Their ApiConnect app employs Machine Learning for strategic beehive placement, significantly boosting honey production in the Democratic Republic of Congo.
    • Stephanie Meltus, Green Eden Farms (https://GreenEden.com.ng), Nigeria: Green Eden Farms utilise Scaregrow technology to offer real-time insights, enhancing productivity and resilience in Nigerian agriculture.

    More details about the YouthAdapt competition and awards are available here (https://apo-opa.co/49ZU0zH).

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).
    Contacts:
    African Development Bank:
    Joash Moitui
    Africa Adaptation Acceleration Program
    media@afdb.orgAfrica Climate Change Fund:
    Rita Effah
    Coordinator
    r.effah@afdb.org

    Global Center on Adaptation:
    Alex Gee
    Head of Communications
    alex.gee@gca.com

  • Strengthening African Islands States’ Climate Resilience: President Ramkalawan chairs the AISCC Ministerial Dialogue at COP28

    Strengthening African Islands States’ Climate Resilience: President Ramkalawan chairs the AISCC Ministerial Dialogue at COP28

    04th December 2023

    In the midst of the bustling COP28 in Dubai, a significant event unfolded at the Seychelles Pavilion—the Ministerial Dialogue of the African Union Commission (AUC) in partnership with the African Islands States Climate Commission (AISCC). Seychelles as the Chair of this commission organized this gathering to enhance collaboration among African Island nations and chart a strategic course to amplify the visibility and communication efforts of the AISCC.

    President of the Republic of Seychelles and Chair of the AISCC, His Excellency President Wavel Ramkalawan, reiterated Seychelles’ dedication to leading the commission. He underscored the necessity of reinforcing exchanges to amplify the voices of African Island States at the level of the African Union Commission, Regional Economic Communities, and Regional Organizations. President Wavel Ramkalawan concluded his statement by commending the work of the AISCC and highlighting the importance of extending this platform for the younger generation, ensuring continuity in addressing climate challenges.

    Minister Flavien Joubert set the tone for the dialogue with a warm welcome to Ministers, National Focal Points, and Partners from Cabo Verde, Comoros, Equatorial New Guinea, Guinea Bissau, Madagascar, Mauritius, Sao Tome and Principe, and the United Republic of Tanzania. He articulated the primary objective of the meeting which is to provide a platform for direct exchange with the Chair since the official launch in 2020 in Addis Ababa.

    Minister Joubert emphasized the importance of fostering direct communication and collaboration to address the unique challenges faced by African island States. He acknowledged the need for strategic direction and cooperation to propel the AISCC’s mission forward.

    Expressing gratitude, Minister Joubert extended thanks to partners such as 4C Maroc, the United Nations Economic Commission for Africa (UNECA), and the Indian Ocean Commission (IOC) for their support in operationalizing the AISCC. This collaboration underscores the shared commitment to climate resilience in African island nations.

    To summarize the event, Ms. Gina Bonne, the Focal Point of the Indian Ocean Commission, provided a brief presentation of a progress report, outlining key achievements. She offered valuable insights into the next steps for developing the AISCC’s mandate and strategies for mobilizing funding.

    One key proposal discussed was the development of a Memorandum of Understanding (MoU), a soft instrument with no financial implications for states. This MoU would serve as a foundational document for states to collaborate on climate change matters. Importantly, it was clarified that the MoU would not replace or supersede existing arrangements that states may have with other regional organizations or the African Union Commission.

    Ms. Bonne also shed light on the communication plan, emphasizing the importance of ensuring the visibility of AISCC. Effective communication is seen as crucial for garnering support, both regionally and internationally, and for raising awareness about the challenges faced by African island States in the context of climate change.

    In conclusion, the Ministerial Dialogue at COP28 served as a pivotal moment for the AISCC, reinforcing its commitment to climate resilience in African island nations. The discussions and proposals put forth during this dialogue set the stage for enhanced collaboration, strategic planning, and increased visibility on the global stage, all contributing to a more sustainable and resilient future for the African Islands.

    SOURCE

    State House News Alert

  • African Development Bank with other multinational development banks commits to boost collaboration on climate and development

    African Development Bank with other multinational development banks commits to boost collaboration on climate and development

    DUBAI, United Arab Emirates, December 3, 2023/ — Multilateral development banks attending the 2023 UN Climate Change Conference (COP 28) today affirmed their commitment to a concerted, global action, including increasing co-financing and private sector engagement to address climate change, felt acutely in Africa.

    Despite contributing the least to global warming and having the lowest emissions, Africa faces existential risks due to catastrophic impact of climate change. Perennial droughts in the Horn of Africa and recent devastating floods in Libya, Malawi, Mozambique, Zimbabwe and other parts of the continent have claimed thousands of lives, destroyed infrastructure, washed away hundreds of hectares of food crops and threatened to push millions of people into extreme poverty.

    In a joint statement released in Dubai, United Arab Emirates, the banks committed to collaborating on “socially inclusive, gender-responsive and nature positive climate and development actions,” leveraging their unique expertise and networks.

    Signatories to the statement include the African Development Bank Group, European Investment Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group.

    For impact, the MDBs will collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities.

    They also committed to support countries’ adaptation and disaster risk management efforts through the MDBs’ Early Warning for All initiative, which promotes accessible and inclusive early warning systems for all by 2027. MDBs will launch a Long-term Strategies Program to help countries and subnational entities to formulate long-term, low-emission development strategies and other long-term climate strategies.

    The banks also expressed support for various sectors including water, health and gender, committing to identify and expand financing for gender-responsive solutions for governments and businesses.

    According to a joint MDB report (https://apo-opa.co/414XDA4) launched in October, climate finance by Multilateral Development Banks for low-income and middle-income economies reached a new record of $60.7 billion in 2022, up 46 percent compared to 2019. About $38.0 billion, or 63% of the amount went into climate change mitigation finance, and $22.7 billion or 37%, supported climate change adaptation. Private finance stood at $16.9 billion.

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

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

    SOURCE
    African Development Bank Group (AfDB)

  • Conference of Parties (COP28): Global and African partners pledge $175m to the Alliance for Green Infrastructure in Africa (AGIA)

    Conference of Parties (COP28): Global and African partners pledge $175m to the Alliance for Green Infrastructure in Africa (AGIA)

    DUBAI, United Arab Emirates, December 3, 2023/ — In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the continent.

    The new pledges will also advance AGIA towards its first close of $500 million of early-stage project preparation and development blended capital. The Alliance is a partnership of the African Union Commission, the African Development Bank, Africa50 and other partners. It works to unlock up to $10 billion private capital for green infrastructure projects and to galvanise global action to accelerate Africa’s just and equitable transition to Net-Zero.

    Among the signatories of the memorandum of intent were representatives of the African Development Bank, Africa50, France, Germany, Japan, the Arab Bank for Economic Development in Africa (BADEA), Banque Ouest-Africaine de Développement (BOAD), Proparco and the Three Cairns Foundation.

    The Union of the Comoros President and Chairperson of the African Union Azali Assoumani, Madagascar’s President Andry Rajoelina and African Union Commission Chairperson Moussa Faki Mahamat witnessed the signing ceremony.

    Germany’s Minister for Economic Cooperation and Development, Mrs Svenja Schulze, said, “Germany is very pleased to join the launch of the Alliance for Green Infrastructure in Africa. We congratulate the African Development Bank on this important Africa-led initiative and want to highlight AGIA’s commitment to the 1.5°C target and its dedication to accelerate Net-Zero emissions in Africa.”

    She added, “Today marks an important step towards our shared goal of a just and equitable green transition in Africa. Supporting the commitment towards green infrastructure, we are planning to contribute up to €26 million to AGIA starting in 2024.”

    Tomoyoshi Yahagi, Japan’s Deputy Vice-Minister of Finance, said, “As part of the pledge made by Prime Minister Fumio Kishida yesterday, Japan will provide US$10 million to AGIA to support Africa in undergoing a just and equitable transition to Net-Zero and achieving the 1.5°C pathway. We encourage other donors to contribute to this important initiative.”

    Emmanuel Moulin, Director General of the French Treasury, said, “By addressing the gap in funding green infrastructure project preparation and development, AGIA will play an instrumental role in Africa’s transition to Net-Zero. Directing concessional resources to such an initiative is in line with France’s vision and solidarity policy for sustainable investment in Africa. This is why we have supported AGIA since inception and we are glad that the Summit on a New Global Financing Pact further raised momentum for the initiative. We are therefore delighted to announce a contribution of €20 million to AGIA and we hope that our contribution will catalyse more private and concessional resources.”

    African Development Bank Group President Dr Akinwumi Adesina said: “We need private sector financing at scale to tackle climate change and fill Africa’s huge infrastructure gap in a sustainable and climate-resilient manner. By working together and pooling our resources together through AGIA, we are committed to accelerating these efforts. The Bank Group plans to contribute up to $40 million, after approval from its Board of Directors.”

    Sidi Ould Tah, President of BADEA said, “We have pledged $40 million to support AGIA. We are glad to be part of this vital partnership, aiming at enabling transformational green infrastructure projects in Africa, and accelerating the continent’s transition to Net-Zero in a sustainable manner.”

    Alain Ebobissé, Africa50 CEO, said: “AGIA is set to become Africa’s largest fund focused on project development, which is a critical component to scale up the delivery of bankable green projects and help the continent achieve its climate goals. This initial fundraising round which includes strong African and international organisations is a great sign of investor confidence in AGIA. We are pleased to be part of this landmark initiative.”

    Serge Ekué, President of BOAD: “As part of our 2021–2025 Djoliba strategic plan, we have committed that about 25% of our new financing will be aimed at strengthening the resilience of our member countries to climate change. Our interest in AGIA reflects this ambition and will be in line with our strategic approach of mobilising increased climate resources in our region.”

    Françoise Lombard, CEO of Proparco said his company alongside the French government, “is proud to support AGIA, an initiative aiming to unlock Africa’s potential for green infrastructure by targeting one of its main constraints: the lack of existing bankable projects in this area. The innovative blended structure of the initiative will allow AGIA to mobilise and channel public and private resources towards project preparation and development, the riskier stages of any infrastructure project. In addition, With AGIA, we are one step closer to bridging the infrastructure gap in Africa and one-step further towards Net-Zero.”

    Mark Gallogly, cofounder of the Three Cairns Foundation, said, “We support AGIA’s mission to catalyse economic development and green infrastructure in Africa. More risk-tolerant, early-stage equity is essential to increase the number of clean energy and climate-related projects across the continent. We commend Africa50 for leading this initiative.”

    AGIA was launched a year ago at COP27 in Sharm El Sheikh, Egypt, by the African Union Commission, the African Development Bank, and Africa50 and other partners.

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

    Media contact:
    African Development Bank:
    Chawki Chahed
    media@afdb.org

    Africa50:
    Nana Boakye-Yiadom
    n.boakyeyiadom@africa50.com

    SOURCE
    African Development Bank Group (AfDB)

  • Nigeria Launches Long Term Low Emission Development Strategy At COP28

    Nigeria Launches Long Term Low Emission Development Strategy At COP28

    Nigeria has achieved what looks like another major milestone in her effort to achieve a net zero carbon economy by 2060 by launching its Long-Term Low Emission Development Strategy on Friday, December 1, 2023, at COP28 in Dubai, UAE.

    The event, which was graced by dignitaries and delegates from different countries around the world, was held at the African Pavilion in the Blue Zone and was moderated by Professor Chukwumerije Okereke, Director of the Centre for Climate Change and Development, AEFUNAI, and Dr Eugene Itua, Executive Director of the Natural Eco Capital, the organisation that coordinated and led the development of the LT-LEDS, which was started under the supervision of the Department of Climate Change, Federal Ministry of the Environment, and concluded under the auspices of the National Council on Climate Change (NCCC).

    Director General of the NCCC, Dr Salisu Dahiru, who was temporarily represented by Ms Halima- Bwa-Bari, stated that Nigeria was proud to launch the LT-LEDS, which is guaranteed to support sustainable development and climate resilient economy for the nation.

    Minister for Aviation and Aerospace, Festus Keyamo (SAN), who represented the Minister for Environment, Balarabe Abbas Lawal, said that the LTS was an important milestone in Nigeria’s effort to implement the country’s net-zero pledge made at COP26 in Glasgow. He said that Nigeria was committed to pursue the transition from a fossil fuel dependent economy to a low carbon future in keeping with the global trend and the Paris Agreement and urged international development partners to support the implementation of the LT-LEDS.

    Global Director of the NDC Partnership, Mr. Pablo Vieria, said that Nigeria should be very proud of accomplishment. He stated that by developing the LTS, Nigeria is joining a distinguished group of countries that are exhibiting leadership in developing a clear strategy to decarbonise their economies in response to global climate change. He urged the country to take the next step in adopting the LT-LEDS and pledged the NDC Partnership’s cooperation in this regard.

    Head Climate and Nature at the French Development Agency (AFD), Ms Mathide Bord-Laurans, congratulated Nigeria on launching the LT-LEDS. She said that AFD was delighted to have provided support to the Centre for Climate Change and Development, Alex Ekwueme Federal University under the Nigeria Deep Decarbonisation Project (DDP), which enabled the Centre to lead the creation of scenarios and the modelling work that went into the development of the LT-LEDS. She pledged that the Bank would stand firmly by Nigeria and support investments that are geared towards the implementation of the LT-LEDS.

    Mr. Richard Baron, Executive Director of the 2050 Pathways Platform, expressed his joy at having assisted Nigeria in the design of the LT-LEDS and the precursor document, the Long-Term Vision (LTV 2050) which was also developed by Natural Eco Capital for Nigeria and submitted to the UNFCCC in 2021, served as the initial first step to the LT-LEDS.

    He stated that the LT-LEDS was developed in collaboration with a wide spectrum of stakeholders, making it a truly national document of which Nigeria could be proud.

    He expressed his delight that the modelling work for the LT-LEDS was done by Nigerian academics at the CCCD-AEFUNAI, led by Professor Chukwumerije Okereke, and praised the collaboration between the Nigeria Deep Decarbonisation Project, the 2050 Pathways, the National Council on Climate Change, and Natural Eco Capital, with Dr Eugene Itua as the National Coordinator, which resulted in the creation of a high-quality document.

    In his closing remarks, the Director General of the NCCC, who had now arrived at the event in person, stated that while the launch of the LT-LEDS was a significant milestone, he would like to see all hands on deck to ensure that the document does not sit on the shelf but that the many projects identified in the documents are translated into practical investment. He stated that the two important next steps are the creation of an LT-LEDS Implementation Plan and the mobilisation of capital from domestic and internal sources to implement the LT-LEDS.

    Miss Chioma Amudi, Desk Officer at the NCCC, noted that translating the LT-LEDS into investments would require finance, effective stakeholder engagement, and adequate institutions, among other key factors.

    Terseer Ugbor, Deputy Chairman, House Committee on Environment of the Federal House of Representatives, pledged the support of the national parliament in implementing the LT-LEDS.

    By Gboyega Olurufemi, Senior Climate Change Analyst and Fellow at the Centre for Climate Change and Development, Alex Ekwueme Federal University, Ndufu-Alike, Nigeria

    First published in environewsnigeria.com