Eritrea has an extensive coastline along the Red Sea but limited freshwater resources. Faced with erratic rainfall patterns that have left much of the country arid, Eritrea is rising to the challenge with determination, innovation, and a strong sense of self-reliance. Within just three years, Eritrea has harnessed its local engineering talent and rallied thousands of its citizens, including students from technical and vocational schools, to construct Msilam Dam.…

• AfDB’s Africa Climate Risk Insurance Facility for Adaptation will insulate the agricultural sector against losses. 
• The product will boost countries’ preparedness, adaptation, and resilience against flooding, drought, and famine.
• The facility will contribute to building the data needed for robust early warning systems across Africa.

In a world gripped by the urgent need to address climate change, Africa stands out as a continent that emits the least carbon yet bears the brunt of its consequences. The recently concluded Africa Climate Summit shed light on this paradox and ignited a crucial initiative by the African Development Bank: the ‘Africa Climate Risk Insurance Facility for Adaptation (ACRIFA).’

This insurance programme aims to introduce a disaster relief insurance system to shield African nations from the ravages of catastrophic weather-related events.

Insurance armor against climate crisis

Agriculture, the lifeblood of many African economies, finds itself in the crosshairs of climate change. ACRIFA’s mission …

• Masdar, UAE’s flagship renewable energy firm will work with Africa50 to identify, accelerate and scale clean energy projects across the continent.
• Ahead of COP28, Masdar will seek to unlock 10GW of clean energy projects for millions of people across Africa by 2030.
• The deal was struck on the sidelines of Africa Climate Summit held in Nairobi, Kenya.

Abu Dhabi Future Energy Company PJSC, known as Masdar, has joined hands with Africa50, the pan-African infrastructure investment platform, to propel the clean energy revolution across Africa, home to 1.3 billion people.

This collaboration, solidified by a memorandum of understanding (MoU) signed by Masdar CEO Mohamed Jameel Al Ramahi, and Alain Ebobissé, CEO of Africa50, is set to bridge the infrastructure funding gap and mobilize both public and private finance to fast-track and scale clean energy projects.

Africa’s journey to sustainable future

The alliance between Masdar and Africa50 brings together two powerhouses—one known …

• UK’s $18.86M investment  will support healthcare workers recruitment and retention efforts in Kenya, Nigeria, and Ghana.
• Financing is seen as a boost to achieving universal health coverage while bolstering global pandemic preparedness.
• The three countries were selected for the financing due to their evident need for workforce support.

In a significant move to address pressing healthcare workers’ challenges in Africa, the UK government has allocated $18.86 million in funding to boost healthcare staffing levels in Kenya, Nigeria, and Ghana.

This investment is geared towards supporting healthcare staff recruitment and retention efforts. Overall, the investment seeks to fortify these nations against global health crises.

UK Health Minister Will Quince, speaking on the importance of this funding, emphasized that it aims to enhance the performance of health systems in these countries. Quince added that the initiative will have a cascading effect on improving global pandemic preparedness and reducing health disparities.

Boosting global

• The first index which comes into effect immediately is the NSE 10 Index. This will monitor the performance of Safaricom, and lenders Co-op, Equity and KCB.
• It will also monitor KenGen, EABL, Kenya Re, Absa, Centum and NCBA Group stocks, which complete top ten listed firms. 
• The bourse has also unveiled the NSE-BI which is set to launch on October 1. The new index will focus on the bond market.

The Nairobi Securities Exchange (NSE) will track the performance of its top ten listed firms and monitor the bond market using two new market indices. The first index, which comes into effect immediately, is the NSE 10 Index. This will monitor the performance of the equities of telco Safaricom, and lenders Co-op Bank, Equity and KCB.

It will also monitor the equities of KenGen, EABL, Kenya Re, Absa, Centum and NCBA Group which complete the set of top …

• Oil-rich UAE will provide $4.5 billion, drawing contributions from both the public and private sectors.
• In Nairobi, the US has pledged an annual commitment of $3 billion to bolster climate adaptation initiatives.
• The European Commission unveiled a €1 billion ($1.07 billion) fund designed to de-risk green bonds and attract private investments in emerging markets.

The US and the United Arab Emirates (UAE) have stepped up their support for Africa’s climate action efforts with multi-billion-dollar pledges during the inaugural Africa Climate Summit in Nairobi.

The commitments come at a crucial time as Africa grapples with the severe impacts of industrial pollution, with 17 out of the 20 worst-affected countries calling the continent home.

US Unveils PREPARE: $3 Billion Annual Commitment

John Kerry, US Climate Envoy, unveiled President Joe Biden’s Emergency Plan for Adaptation and Resilience (PREPARE), signaling Washington’s strong commitment to climate adaptation across countries. Under PREPARE, the US has pledged …