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Browsing: Africa
It is a sad day for Africa and Mozambique as Total SE the French energy company seal its $20 billion liquified natural gas (LNG) project in the security risk country rich in natural gas reserves, according to information from Total.
“Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, Total confirms the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation leads Total, as operator of Mozambique LNG project, to declare force majeure,” Total statement reads in part.
Mozambique as one of the few countries with natural gas reserves has been ravaged by frequent attacks executed by Islamic insurgents in Cabo Delgado province.
READ:Mozambique gas: Amid conflict, harmony gazes at Tanzania
Various media sources, including Aljazeera, reported that the project has been stopped indefinitely due to an escalation of violence in the areas with LNG projects.
“The …
In Sub Saharan Africa, growth is expected to rebound by 2.3 per cent in 2021 and 3.1 percent in 2022 from a 2.0 percent contraction in 2020 according to a report by World Bank.
The report is dubbed “Covid-19 and the future of work in Africa: Emerging trends in digital technology adoption” by the World Bank.
Rebound in private consumption, industry and services will be supported by continued growth in the agriculture sector, rise in commodity prices due to rising demand for commodities.
This recovery may however be affected by delayed access to covid-19 vaccines and the resurgence of the pandemic.
Private consumption and business investment spending are likely to be affected by restrictions in case of a second wave before vaccines become widely available.
In 2022, growth is expected to rise to 4.1 percent as vaccines rollouts increases across the region, therefore, providing a stronger boost to consumer and …
In 2021, it is estimated that 39 million Africans could fall into extreme poverty while in 2020 about 30 million Africans were pushed into extreme poverty as a result of the pandemic, African Development Bank said in its report.
In its African Economic Outlook 2021 report, African Development Bank said that the most affected people are those with lower levels of education, working in informal jobs and those with fewer assets.
According to the report, in order to lift the newly extreme poor to the $1.90 per day poverty line, the monetary cost is estimated at $4.5 billion in 2021 which is about $90.7 million on average per country.
The report noted that women and households headed by females could represent a large proportion of the newly poor. It also said that inequality will increase to the vulnerable groups such as women, youths and low skilled informal workers as they …
Sounding a note of optimism at the European Union-Africa Green Investment Forum on Friday, African Development Bank (www.AfDB.org) President Dr. Akinwumi A. Adesina reminded global audiences of the continent’s vast opportunities for green growth.
“Africa is a huge market offering incredible opportunities. The recovery pathway offers enormous opportunities. Recovery must be green and build climate resilience. Recovery must boost green investments,” Adesina said in a keynote address.
The hybrid forum was convened by Portugal and the European Investment Bank to mobilize private and public capital towards the green transition in Africa. The high-level event brought together leading government and business figures, international and development financial institutions, civil society and academia.
Adesina identified energy, agriculture and infrastructure as key areas of investment potential for a post-Covid-19 recovery in Africa. With abundant solar, wind, hydro and geothermal energy resources, Africa’s energy transition alone presents a $100 billion per year investment opportunity, …
The Government of Rwanda will in March 2022 host the inaugural IUCN (www.IUCN.org) Africa Protected Areas Congress (APAC) to discuss conservation of the continent’s protected areas. This comes after the relaunch of APAC in Kigali, Rwanda on 20th April 2021.
The congress which will be held from 7th – 12th March 2022 will be convened by the Government of Rwanda, the International Union for Conservation of Nature – World Commission on Protected Areas (IUCN-WCPA) and the African Wildlife Foundation (AWF) (www.AWF.org) in collaboration with partners.
Speaking at the relaunch event, the Chief Guest Dr. Jeanne d’Arc Mujawamariya, the Minister of Environment – Republic of Rwanda said: “Having been an IUCN Member since 2016, Rwanda is very proud to take up the global conservation leadership mantle and become the first African country to host the African Protected Area Congress. The Government of Rwanda recognizes the role of
If someone were to put me on the spot and ask me to name an environmentalist group, I’d probably blurt out the first thing that comes to mind, Greenpeace. There are obvious reasons for this: Greenpeace has been around for more than 50 years, and it has done a masterful job of bringing environmental concerns to the world’s attention and keeping them there. The group has a strong track record when it comes to advocacy and awareness, and it has a global reach. It’s truly one of the most visible non-governmental organizations (NGOs) in the world.
And that’s why I see it as significant that Greenpeace’s African division has come out swinging for a major new oil pipeline slated for construction in Uganda and Tanzania. Let me explain what I mean.
What’s at Stake
On April 14, Greenpeace issued a statement expressing dismay about the signing of a new agreement
African leaders assembled at a global meeting to discuss the status of local pharmaceutical manufacturing on the continent, underscored the need to increase local production of vaccines and therapeutics to achieve greater public-health security.
“The production of vaccines and access to vaccines is an absolute priority,” Cyril Ramaphosa, President of South Africa, said Monday in opening remarks at the start of the two-day virtual meeting, convened by the African Union.
The meeting was attended by several African heads of state, health, finance, and trade ministers from across the continent, as well as officials from global financial institutions, foundations, pharmaceutical manufacturers, business leaders, and the general public. The African Development Bank was represented by Solomon Quaynor, Vice President Private Sector, Infrastructure, and Industrialization.
Although Africa consumes approximately one-quarter of global vaccines by volume, it manufactures less than 1% of its routine vaccines, with almost no outbreak vaccine manufacturing in place. The
Africa has boasted promising prospects for investors looking to invest in the continent’s untapped sectors and industries, attractive growth opportunities and an improving business environment.
Venture Capital in Africa has seen significant growth in recent years and as the entrepreneurial space on the continent matures it remains optimistic. In addition, once the African Continental Free Trade Area is fully implemented it will significantly shape the path of Venture Capital and Private Equity.
According to a report by the African Private Equity and Venture Capital Association (AVCA), the trends that will drive Private Equity and Venture Capital in Africa are in sectors such as Health Care, renewable energy, Agriculture and ICT and Digitalisation.
Health Care Sector
In the years leading to 2020, the health care sector in Africa was already experiencing significant growth and attracting private equity investments.
In 2020 H1, the health care sector accounted for the largest share …
Until 2019 Africa and china had an eccentric lending experience. This includes the lending spree featuring more than $10 billion a year from 2012 to 2017, higher than $1 billion in 2001, sadly China lending to Sub-saharan Africa has fallen short due to serious defaulting fears.
A detailed study executed by John Hopkins University’s China-Africa Research Initiative pointed out that, debt sustainability concerns have triggered lending to the African government to drop by 30 per cent in 2019.
China—the world top industrial economy has been a close lender to Africa—the world’s top raw material producer and fastest-growing economy over the past decade.
On the side of the fence, according to China’s 2021 White Paper on International Development Cooperation published in January, China has steadily increased the scale and further expanded the scope of its foreign aid, giving high priority to the least developed countries in Africa (Global Times).
Several media …