Browsing: Infrastructure Development

• President William Ruto of Kenya urges for reforms to the global financial system to provide Africa with access to long-term concessional finance and greater decision-making power.
• He highlights the critical need for investments in Africa’s infrastructure and clean energy projects to drive sustainable development and economic growth.
• The G7 Summit sought partnerships with African nations, aiming to bridge the continent’s infrastructure gap and support its development goals.

At the 50th G7 Summit held in Borgo Egnazia, Italy, President William Ruto of Kenya made a compelling case for the transformation of the global financial system to better serve Africa. Addressing an audience of world leaders, Ruto called for reforms that would grant the Global South, particularly Africa, access to long-term concessional finance and a greater voice in international decision-making processes.

“Reforming the multilateral global financial system is crucial for enabling Africa to access concessional, long-term, and agile finance,” Ruto emphasized. He …

• The African Development Bank has donated $20 million to Senegal to enhance food security and support small producers post-COVID through the PRESAN-PC project.
• Infrastructure development, including agricultural boreholes and solar-powered systems, aims to increase farm production and resilience to climate change.
• The project benefits vulnerable women and youth, includes contributions from various sources, and impacts 31,000 households across multiple Senegalese regions.

In an ambitious move to ensure food security and enhance the livelihoods of its small producers, Senegal has received a significant financial boost. On a notable day in March 2024, the African Development Bank Group allocated a $20 million donation to the nation for the Post-Covid Food and Nutrition Security Enhancement Project (PRESAN-PC).

The initiative aims to transform Senegal’s agricultural landscape, benefiting vulnerable women and young people through increased farm production and income.

African Development Bank’s $20 million donation to Senegal 

The African Development Bank’s generous donation comes from …

• AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing infrastructure projects aligned with Kenya’s growth plan. 
• Globally, infrastructure development is recognized as a critical pathway to any country’s economic take-off. 
• Kenya boasts one of the best infrastructure networks in the South of Sahara.  

Kenya’s infrastructure is set for a huge boost following a partnership between the Africa Finance Corporation and CPF Financial Services. The agreement signed during the opening of the ongoing Africa Climate Summit is aimed at increasing infrastructure investments in the East African nation. 

Under the new partnership AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing priority infrastructure projects that are aligned with Kenya’s development roadmap. The two organisations will leverage their combined technical expertise and access to domestic and global capital.

“African institutional investors are one of the single largest sources of investable capital and will play a catalytic role …

• President Yoweri Museveni is optimistic that Uganda’s oil revenue will finance mega roads, railways and other infrastructure projects.
• Uganda expects to ship the first consignment of oil in 2025.
• The government will hasten the acquisition of the right of way for the construction of Standard Gauge Railway. 

Uganda’s oil revenues will finance roads and railway among other key infrastructure projects to revamp the country’s productivity. 

Uganda has significant oil reserves, particularly in the Albertine Graben region, which is located in the western part of the country.

The country discovered commercially viable oil deposits in 2006, and since then, exploration and development activities have been ongoing. According to estimates, Uganda’s discovered oil reserves are around 6.5 billion barrels. These reserves consist of both crude oil and condensates.

There have been efforts to establish a legal and regulatory framework to govern the sector and ensure transparency, environmental sustainability, and equitable distribution …

• Angola has become Africa Trade Insurance Agency’s (ATI) 21^st member state by paying $25 million in capital subscription fees. 
• ATI’s gross exposure in Angola currently stands at $467 million.
• The membership was funded the Angolan National Treasury and proceeds from the landmark BITA water project. 

Oil-rich Angola has become the 21st African member state joining pan-African insurer, Africa Trade Insurance Agency (ATI) after paying $25 million in subscription fees. The deal will also see Angola become first Lusophone member country in the underwriter.

ATI was established in 2001 by seven Comesa countries and with technical and financial backing of the World Bank. The agency’s core mandate is to provide insurance against political and commercial risks. This is considered necessary in order to attract foreign direct investments across member states. 

Luanda’s membership was funded by the Angolan National Treasury resources and proceeds from the landmark BITA water project. BITA …

Therefore, investing in pro-poor development projects is one of the best ways to address poverty and the cost of living in Kenya. Economic empowerment of the various groups can improve families’ lives and address the country’s ever-rising poverty levels. Kenya desperately needs a solution to poverty and the cost of living. Therefore, actualizing socio-economic development could prove a viable approach.…

• South Africa is set to host Africa’s Green Economy Summit starting February 22, 2023, in Cape Town.  
• The summit is part of the E-Fest Cape Town that will culminate in the Formula E 2023 Cape Town E-Prix race in the same week on Saturday, 25 February 2023.
• Africa’s Green Economy Summit will bring together stakeholders deliberating investment prospects in the green economy. 

Cape Town is ready to host Africa’s Green Economy Summit that connects global capital and green economy projects starting February 22 to February 25, 2023.  

The summit is part of the E-Fest Cape Town that will culminate in the Formula E 2023 Cape Town E-Prix race in the same week on Saturday, 25 February 2023.

Speaking ahead of the conference, Western Cape Premier Alan Winde said there is huge potential in the Western Cape’s green economy.

 “The economy is bristling with opportunity even in the face of the …

Infrastructure development continues to be a vital driver of foreign direct investment (FDI) since logistics are so necessary for global business development, mainly e-commerce, which is now a significant generator of income and jobs at home and abroad.…

When talking about bilateral ties, the most common complaints are inadequate support systems – both from the state and financial institutions. Russian NGOs are also pushing for a diverse set of initiatives aimed at enhancing ties.
The Coordination Committee for Economic Cooperation with African countries, a business and policy NGO, established as far back as 2009, proposes that funds be availed to support Russian business and investment in Africa.
Senator Igor Morozov, Member of the Committee for Economy Policy of the Federation Council (Senate) and Chairman of the Coordination Committee on Economic Cooperation with Africa observes that conditions that are opening up for Russian business today are not the same as those for businessmen from France, the European Union, India or China.…

African countries cannot leapfrog their way into industrialization. Yes, there was a telecommunications jump largely bypassing landlines to mobile phones in the early 2000s, but internet penetration is still low at 36%. Other sectors of many African economies are stagnating. For instance, electricity is a foundational requirement for industry, manufacturing enterprises, for doing business, for running hospitals, schools, and for improving the quality of life at home. Yet over 600 million Africans still lack access to reliable and affordable electricity. This further depresses business productivity and generating their own power increases the operating expenses of companies. More broadly, the objectives of the landmark African Continental Free Trade Area to boost intra-African trade are severely hampered by the limited transportation options to facilitate the affordable and efficient movement of people, goods, and services from one country to another. The lack of adequate water and sanitation presents overwhelming and adverse health …