A high-level donor delegation that included the African Development Bank (www.AfDB.org) has expressed strong admiration for the Cabo Verde Tech Park during a recent visit, highlighting its rapid growth, full occupancy, and role in diversifying the country’s economy.

The delegation – which also included representatives of the European Union, World Bank, and the governments of Portugal, Luxembourg and Spain, collectively known as the Budget Support Group (GAO) – was particularly impressed by the Park’s vibrant startup ecosystem, fostered through regular events and seminars.

Construction was funded through an initial loan of €31.6 million from the African Development Bank Group. In July 2023 the Bank extended an additional €14 million loan, to make the Park more climate resilient and supportive of enterprise development, for a total of €45.59 million.

The delegation’s visit, part of a biannual meeting of the Budget Support Group, aimed to review the progress of the Park since it opened in November 2023, as well as ongoing expansion work, ahead of the formal opening scheduled for 2025. The Park has quickly established itself as a thriving technology hub, surpassing expectations in less than a year of operation. When completed, it will have the capacity to host over 1,000 innovators and employees.

Dr. Joseph Martial Ribeiro, the Bank Group’s Deputy Director General for the West Africa Region, said: “The African Development Bank is very proud to support the Cabo Verde Tech Park. This project demonstrates that well-designed initiatives which adopt an ecosystem approach by integrating critical elements of the digital economy, can achieve remarkable success, even in small island nations.”

Cabo Verde’s Director of Planning, Mr. Gilson Pina, lauded the African Development Bank for its support: “The support from the African Development Bank has been catalytic. The Bank Group believed in the government’s vision of becoming a technology hub, and I am glad that today everyone is here to witness the realisation of this vision.”

There are plans for the Technology Park to collaborate with international universities and corporations to extend soft skills training to 300 African youth over the next three years, to help prepare them for jobs created as part of the Fourth Industrial Revolution (http://apo-opa.co/4eSYSsQ).

It is expected to serve as a model for other African countries, showcasing how targeted investment in technology infrastructure can drive economic diversification and create opportunities for young talent.

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

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

The Arab Africa Trade Bridges (AATB) Program announces the successful conclusion of its 4th Board of Governors (BoG) Meetings, held alongside with the Tunisia Africa Business Meeting (TABM) from 2 July 2024, in Tunis, Tunisia. This event marks a milestone in advancing trade, economic cooperation, and regional integration between Africa and the Arab world.

The 11th Executive Committee Meeting which was held on 1st July featured high-level sessions focused on areas such as agricultural sustainability, food security and the economic empowerment of Arab and African nations. The meeting drew participation from key stakeholders and representatives of member institutions, including the African Export-Import Bank (Afreximbank), the Islamic Development Bank (IsDB), the International Islamic Trade Finance Corporation (ITFC), Islamic Corporation for Investment and Export Credit (ICIEC), Islamic for the Development of the Private Sector (ICD) and Arab Bank for Economic Development in Africa (BADEA).  

Mrs. Feryel Ouerghi Sebai, Minister of Economy and Planning, Tunisia, stressed the importance of the “Arab Africa Trade Bridges” program as a renewed mechanism to consolidate economic relations between Arab and African countries, highlighting the Tunisian government’s enthusiasm to contribute effectively and actively to any joint work aimed at further linking interests for the benefit of all member countries. The Minister indicated that Arab and African countries are rich in resources and capabilities that qualify them to establish economic, trade, and investment partnerships in many sectors, pointing out that the AATB Program is an effective mechanism in supporting economic cooperation between member states.

During his welcome remarks, Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank and Chairman of the AATB Executive Committee said, “In recent years, a new form of cooperation for mutual benefit has ushered in a new era in Arab-Africa economic relations. The AATB program has further expanded these relations and provided a platform for growing trade and investment relations between the two regions. With its focus on Trade, Investment, Insurance, and Infrastructure, the Program provides a platform for enhancing this expansion and deepening of relations.  This is particularly important in the context of the AfCFTA which has created an integrated market of 1.3 billion people with a combined GDP of over US$3.4 trillion”.

Addressing the gathering, Eng. Hani Salem Sonbol, CEO, ITFC and Acting CEO ICD, and Secretary General of AATB Program said, “The cultural and economic ties between African and Arab regions have been impacted in recent decades for various reasons. However, we have seen many initiatives aiming to strengthen and revive the special interest that has characterized the relations between both regions for centuries. I am calling on all countries to take advantage of the benefits and activities offered by the AATB Program. To enable the AATB Program to play its role effectively, we must provide the Program and its general secretariat with the necessary resources and support, including transforming the program into a regional institution.”

In line with the AATB Program’s commitment to fostering sustainable economic growth and resilience in both regions, the event provided the platform for stakeholders to strengthen partnerships through the signing of several agreements including:

Letter of Intent for Egypt’s Membership Renewal in the AATB Program: Which aims to boost Egypt’s exports, support various economic sectors, and implement a comprehensive work plan.

Agreement to Support the Development of the Common African Agro-Parks (CAAPs) Programme: Between ITFC, Afreximbank, and the Forum for Agricultural Research in Africa (FARA), aimed at providing institutional support for the CAAPs Programme from 2024 to 2026. This initiative is designed to enhance agricultural productivity and sustainability in Africa, focusing on creating agro-industrial parks that serve as hubs for innovation, technology transfer, and economic development.

In addition, a Memorandum of Cooperation (MoC) between the Tunisian Agency for Technical Cooperation (ATCT) and ITFC: aimed at developing and supporting technical capacities and skills development in ITFC member countries. The cooperation covers areas such as implementing projects to support technical capacities, selecting Tunisian experts for technical assistance missions, and organizing training courses, workshops, and seminars in Tunisia.

A highlight of the event was a panel discussion on “Bridging the Gap to Support Food Security”. In 2023 Arab-Africa Trade Bridges Program established a US$1.5 billion Food Security Programme to address pressing food security challenges in the Arab and African region with the aim of enhancing agricultural productivity, ensuring sustainable food systems, and improving the livelihoods of communities across Arab and African countries.

The AATB Program focuses on trade, investment, insurance, and infrastructure to enhance economic cooperation. Planned initiatives include expanding programs, addressing challenges like climate change and food security, and promoting collaboration among member countries. The program will also enhance capacity-building efforts, improve access to financing for SMEs, and encourage innovation and technology transfer through strategic partnerships and global initiatives.

Distributed by APO Group on behalf of Afreximbank.

Contact us:   
Twitter: @aatb_program 
Facebook: @aatbprogram  
E-mail: aatb@itfc-idb.org

About the Arab-Africa Trade Bridges (AATB) Program :
The AATB Program is a multi-donor, multi-country, and multi-organizations program supported by the African Export-Import Bank (Afreximbank), Arab Bank for Economic Development in Africa (BADEA), Islamic Development Bank, the International Islamic Trade Finance Corporation (ITFC) The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and The Islamic Corporation for the Development of the Private Sector (ICD).  The Program aims to promote and increase trade and investment flows between African and Arab OIC member countries; provide and support trade finance and export credit insurance and enhance existing capacity-building tools relating to trade. The Program specifically focuses on supporting the key sectors of agriculture and related industries including textiles; the health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material, and technology.  

At a regional meeting held in Dar es Salaam, women leaders from the African Women Leaders Network (AWLN) and gender equality stakeholders called for actionable steps to increase financing for gender equality across the Sub-Saharan African region, emphasizing the need for policies and practices that promote accountability, inclusivity, and sustainable economic development for everyone

The meeting, organized by the AWLN youth pillar in Tanzania and UN Women, alongside the Government of the United Republic of Tanzania through support from the Bill and Melinda Gates Foundation and the Embassy of Ireland in Tanzania, aimed to assess progress, solidify commitments, and harness the collective power of women’s rights organizations and young people to accelerate implementation of pledges made at the 2021 Generation Equality Forum.

“Generation Equality has enabled discussions on feminist funding approaches and the exploration of new funding opportunities,” said Joyce Mends-Cole, Executive Director for the African Women Leaders Network in her remarks, highlighting the aspiration for the meeting to elevate the voices of women leaders across the continent to generate new energy and action to achieve gender equality.

Over 200 participants, including representatives from government, women’s rights groups, climate activists, young feminists, disability advocates, private sector organizations and AWLN chapters across Africa attended the meeting, placing the spotlight on the urgent need for increased investment in gender equality as a critical accelerator for achieving the Sustainable Development Goals.

Addressing the financing gap for gender equality in Sub-Saharan Africa

The 2023 UN Women UN DESA Gender Snapshot report paints a sobering picture for Sub-Saharan Africa; showing that by 2030, 221 million women and girls might still be living on less than $2.15 a day; and half of the women in the region might still be grappling with food insecurity.

UN Women Tanzania Representative a.i., Peterson Magoola, emphasized in his opening remarks that these statistics are a reminder that the journey to gender equality is far from over.

“We continue to need sustained investment and collaborative efforts within and across nations to develop robust frameworks and innovative financing strategies,” Mr. Magoola said. “Additionally, we must enhance and strengthen policies, planning, and budgeting processes at all levels to ensure greater accountability and effective service delivery that reaches women and girls.”

Emphasizing the gap in gender financing, AWLN Tanzania Co-chair, Rebeca Gyumi, stated that only 1.9 percent of all funding for gender equality reaches women and girls.

“These numbers must change, and change fast, if we are to make any meaningful progress toward gender equality,” said Ms. Gyumi, adding that to ensure accountability on Generation Equality commitments, there is a need to ensure that tracking and reporting systems are clear and accessible for those working at the grassroots level.

The Executive Director for the African Women Leaders Network, Joyce Mends-Cole, said that Generation Equality provides an instrumental platform to highlight the extensive and chronic financing gap for gender equality, both globally and in our region.

“Generation Equality has enabled discussions on feminist funding approaches and the exploration of new funding opportunities. I hope today’s event will serve to generate new energy and action to achieve gender equality through intensified investment and accountability, elevating the voices of women leaders across the continent in support of this important cause.”

Beyond the midpoint – Tanzania’s progress in advancing Generation Equality commitments

As a GEF Global Champion and co-leader of the Generation Equality Action Coalition on Economic Justice and Rights, Tanzania has made commitments under four action areas, focusing on increasing investments in gender-responsive public and private quality care services, expanding opportunities for decent work, enhancing access to productive resources, and implementing gender-responsive macroeconomic plans, budget reforms, and stimulus packages to significantly reduce the proportion of women living in poverty.

Speaking at the event, Angellah Kairuki, Minister for Natural Resources and Tourism and Chair of the Generation Equality Forum National Advisory Committee, shed light on the significant progress the country has made in fulfilling its Generation Equality commitments to advance women’s economic justice and rights, from establishing a national advisory committee and a national Generation Equality programme and action plan, with multiple stakeholders contributing to results.

“In efforts to bridge the financial inclusion gap, for example, Tanzania recognized the need for innovative and transformative financing mechanisms, such as gender bonds, with one bank, led by a woman leader and member of the Generation Equality committee introducing the first gender bond in Sub-Saharan Africa,” said Minister Kairuki.

Highlighting progress across various sectors, Riziki Pembe Juma, Zanzibar Minister for Community Development, Gender, Elders and Children, outlined achievements the country has made since 2021 in education, energy, finance, water, health, agriculture, and entrepreneurship, as well as in strengthening policy frameworks and coordination mechanisms to support Tanzania’s Generation Equality efforts.

“The Government of Tanzania has appointed and trained 234 Focal Persons specifically to oversee the implementation of the Tanzania Generation Equality strategy. This ensures the program benefits women, men, girls, boys, and other vulnerable groups from the national level to village levels. These Focal Persons are available in all sector ministries, regions, and local government authorities,” said Minister Juma.

Charting the course forward to realize lasting change for women and girls

A Communiqué issued at the meeting emphasized the importance of collective action and financial commitments to achieve gender equality, with key recommendations focused on promoting gender-responsive budgeting, advocating for progressive tax policies, ensuring greater transparency in budget allocations for gender equality initiatives, and integrating climate change considerations into gender equality efforts.

The Communiqué further reinforced the necessity for long-term solutions including early childhood education initiatives that promote gender equality, fostering collaboration between men and women in gender equality efforts, and continued investment in financial inclusion programs for women and girls.

The inter-generational dialogue marked a critical step forward in advancing the Generation Equality agenda in the Sub-Saharan Africa region, ensuring the voices of women, and particularly young women continue to play a vital role in driving accountability towards a more equitable future for all.

“Having the policies, the money and an active women’s movement does not guarantee Generation Equality,” said Mmabatho Ramagoshi, Chair of AWLN South Africa, “We need to have the right accountability mechanisms in place so that we do not meet again in 2030 and have the same excuses.”

Distributed by APO Group on behalf of UN Women – Africa.

African intergovernmental organization the African Petroleum Producers’ Organization (APPO) has selected Abuja, Nigeria to host the headquarters of the newly established Africa Energy Bank (AEB). Jointly established by APPO and multilateral development finance institution the African Export-Import Bank (Afreximbank), the AEB aims to address the funding challenges faced by Africa’s oil and gas industry amid the global energy transition. As a supranational institution, it will provide funds for African energy projects, including emerging oil and gas projects across the continent.

A strong advocate for development of oil and gas in Africa, the African Energy Chamber (AEC) – serving as the voice of the African energy sector – congratulates Nigeria on this significant achievement, expressing its full support for the decision. This move will not only strengthen Nigeria’s role in the African energy landscape but will streamline funding for African projects, placing the continent on track for widespread industrialization and economic growth.

Nigeria’s selection followed a meticulous review process, with the decision made during the 45th Extraordinary Session of the APPO Ministerial Council – held virtually on July 4, 2024 and chaired by the Minister of Hydrocarbons of the Republic of the Congo Bruno Jean Richard Itoua. Following a review by the AEB Headquarters Ministerial Selection Committee, the committee evaluated criteria including socio-economic factors, safety, security and accessibility. The thorough selection process underscores the careful consideration given to Nigeria’s capabilities and strategic importance.

Committed to supporting the AEB, Nigeria’s Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri assured the Council that Nigeria will provide the necessary facilities for the bank’s timely and effective establishment. Nigeria has been a long-standing producer and innovator of oil and gas projects on the continent. With an initial share capital of $5 billion, the bank will focus on financing energy projects across the continent, encompassing both fossil fuels and renewable energy sources. Following the bank’s announcement in November 2023, Afreximbank expressed that the bank will partner with over 700 banks in Africa to chart a profitable pathway for the African energy sector.

Nigeria has continued to advance its energy sector with notable projects and initiatives. The country is expanding its LNG capacity, with ongoing investments in the Nigeria LNG Train 7 project. Last month, integrated energy solutions provider Tetracore commissioned phase one of its Compressed Natural Gas facility in Nigeria, which is expected to have a capacity of 3.1 million standard cubic feet per day (MMscf/d), with plans to expand capacity to 6.2 MMscf/d in the future. This initiative is set to increase gas availability along the nation’s Western-Southern corridor.

Additionally, state-owned Nigerian National Petroleum Corporation (NNPC) recently signed a Project Development Agreement with marine LNG infrastructure developer Golar LNG to deploy an FLNG facility offshore Niger Delta. The facility will produce LNG, LPG and condensate and is expected to have a capacity of 400-500 MMscf/d, demonstrating Nigeria’s ability to attract investments in the gas sector, which is a vital component for diversifying its energy mix and achieving energy security. Multinational energy corporation TotalEnergies and the NNPC also reached a $550 million FID for the development of the Ubeta gas field. Included in this development is the construction of a 5 MW solar plant and electrification of the drilling rig to mitigate the development’s carbon footprint. The decision for these companies to invest in Nigeria’s energy sector is a testament to its attractive socio-economic factors, its secure investment environment and its commitment to developing large-scale oil, gas and clean energy projects.

The establishment of the AEB in Nigeria is especially appealing given the recent financial support from international institutions. Last month, the World Bank approved a $2.25 billion package to assist Nigeria in improving its oil revenue management, ensuring fiscal sustainability, cultivating economic growth and enhancing public services. This financial endorsement enhances investor confidence and signals strong international support for Nigeria’s economic development.

“The selection of Nigeria to host the AEB is a great milestone for the bank. This also challenges Nigeria to be able to live up to its true meaning in getting its own home-based energy industry to work. Massive energy reserves available in the country will only support the bank and help drive it. There is also an amazing amount of talent in- and outside of the country, which will be instrumental in driving a world-class institution that will be operated in the same way that every western and Asian financial institution is operated. We at the chamber welcome this milestone and hope that the robust initiatives that are being taken to drive this bank will only serve to benefit the continent,” states NJ Ayuk Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.