Browsing: AfDB

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  • Rwanda will receive two loans amounting to $180 million from the African Development Bank 
  • The funds will support a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions
  • It entails the construction of over 1,000 km of medium voltage and 3,300 km of low voltage lines to boost last-mile access
  • The project is expected to connect 77,470 households to the electricity network for the first time and connect 75 schools, eight health centres and 65 administration centres

Rwanda will receive two loans amounting to $180 million from the African Development Bank (AfDB) to co-finance a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions.

In a statement seen by The Exchange Africa, the AfDB said the new funding follows the approval for $84.2 million made in May 2021 for the same project.

According to the lender, …

www.theexchange.africa
  • African Development Fund has approved $5.5 million technical assistance grant to support projects Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan
  • The East Africa Regional Energy Project will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group
  • It will develop technical studies for regional solar parks and associated battery storage near regional energy inter-connectors, high-voltage cables that connect the electricity systems of neighbouring countries

The African Development Fund has approved a $5.5 million technical assistance grant to begin the roll-out of the flagship Desert to Power initiative in the Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan.

Dubbed the East Africa Regional Energy Project, it will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group.

The project will …

Critics allege investment in East Africa oil exploration is not sound investment and endangers the environment. www.theexchange.africa

As would be expected, Total rebutted the claims. Its first move was to make public the related project social and environmental studies and issue a statement in which it pledged transparency.

The company admits that; “The projects for the development of the oil and gas resources of the Lake Albert region and the cross-border pipeline are situated in a sensitive social and environmental context that requires special measures for the environment and the rights of the local communities.”

In a follow-up statement, the investors maintained that; “All the partners are committed to implementing these projects in an exemplary manner and taking into highest consideration the biodiversity and environmental stakes as well as the local communities’ rights and within the stringent environmental and social performance standards of the International Finance Corporation.”…

AfDB has committed $164 million to promote decentralized renewable energy across six African countries. www.theexchange.africa

Over the course of the next six years, LEAF is expected to deploy financing options, credit enhancement instruments and technical assistance in partnership with the private sector; including local banks.

As we approach the 2030 deadline of the SDGs, we must unfortunately acknowledge the disturbing truth, we are far from meeting the goal’s sustainable growth targets. The latest Sustainable Development Goal (SDG) 7 tracking report warns that close to 600 million Africans still lack access to electricity and this reality is only worsened by the Covid-19 crisis.

In his comments about the LEAF program, the Bank’s Vice President in charge of Power, Energy, Climate Change and Green Growth, Dr. Kevin Kariuki, notes: “The African Development Bank is delighted to partner with the Green Climate Fund on the Leveraging Energy Access Finance Framework, which will not only accelerate access to electricity based on decentralized renewable energy solutions, hence reducing the respective …

Exports in Africa

UNCTAD argued that in the fourth quarter of 2021, all major trading economies saw imports and exports rise well above pre-pandemic levels of 2019.  Moreover, the report pointed out that trade in goods increased more strongly in developing countries than in developed ones. 

It is essential to realize that Africa has more to tap into the intra-African trade, standing at around $21.9 billion, according to UNCTAD. 

Further, exports of developing countries were about 30 per cent higher than during the same period in 2020, compared with 15 per cent for wealthier nations. 

The UNCTAD report argued that growth spiked in commodity-exporting regions as commodity prices increased. …

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African Union Heads of State (www.theexchange.africa)
  • Top five priorities for the African Union 
  • Building Nutrition and Food Security top African Union Agenda
  • Africa requires an equitable representation at the United Nations

The Assembly of African Union Heads of State and Government held its 35th Ordinary Session early February this year and listed the continent's top five priorities. The Assembly meeting saw the handover of the rotating leadership of the Union from H.E. President Antoine Tshisekedi of the Democratic Republic of Congo who was Chairperson in 2021, to President Macky Sall of Senegal.

The Heads of State and Government launched the African Union Theme of the Year 2022 as Year of Nutrition: “Strengthening resilience in nutrition and food security on the African continent: Strengthening agro food systems, health and social protection systems for the acceleration of human, social and economic capital development”.

Five priorities were listed: Resilience to Covid-19 and Africa manufacture of vaccines, action against

Financial Times CC

Climate change in Africa costs a lot, and climate extremes hit the region hardest. Between 2014 and 2018, roughly $5 per year, a person was the adaptation funding to each African – standing on less than $5.5 billion per year (World Economic Forum).

It is more than fair to say without financial support, climate change will probably push Africa’s impoverishment to a whole new level, as millions of Africa might be into extreme poverty by 2030.

The latter proves Africa to be at a relatively disadvantageous position as it contributes the least to global emissions and climate change. Yet, it receives minor financial support towards adaption.

READ: COP26 All Talk, No Walk

The previous 26TH United Nations (UN) Climate Change Conference of the Parties (COP26), dubbed “the world’s best last chance”, provided the global stage with failure.

Despite promising to double funding, high-income countries (and high global emitters) failed …

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  • World Bank forecast Africa’s economy to grow by 3.6 per cent in 2022
  • Circular economy stand to improve job creation and the industrial sector in Africa
  • Africa Agenda 2063 could be achieved swiftly by circular economy models

The circular economy is a bankable business model for Africa. It enables the realization of sustainable development in Africa, said African Development Bank’s climate change and green growth department Officer-in-charge AL-Hamndou Dorsouma, according to information from African Development Bank.

Africa’s economy could be revitalized by strategic circular economic models, especially during these recovery times, when Africa is struggling to rebuild its economy hurt by the pandemic.

The circular economy brings an airtight system, solution and framework that utilizes all economic and industrial operations to bring sustainable services and products to the market that maintain the highest value over time – to eliminate waste, reduce energy consumption and increase the durability of products.

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samia

While in France, President Samia attended the One Ocean Summit in Brest. The three-day summit discusses ocean safety and actions against the threats to the ocean. Among other things, initiatives launched at the summit aim to protect the marine ecosystem and develop sustainable fisheries.

The initiatives seek to fight pollution particularly from plastics as well as to respond to the impacts of climate change and to advocate for improved governance of oceans.

This State Visit follows last year’s visit to Tanzania by French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, who visited the East African economic hub in October  2021.…

Zanzibari women along the shores of the Indian Ocean. www.theexchange.africa

Detailing on the source of the funding and its uses, the president said the US$100 million  (over TShs230 billion) is from the International Monetary Fund (IMF) as a loan to Tanzania, and another US$100 million is for the Isles.

“The IMF fund will be directed to health, education, water and power sectors, as well as economically empowering wananchi (citizens/the public),” local media quoted President Mwinyi.

The president went ahead and gave a very detailed explanation of the planned use of the funding detailing each sector and the allocated amount and then he got to the part about funding to support businesses.…

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