Investment to support projects in food security, SME development, and sustainable infrastructure growth in Africa, within the framework of the Mattei Plan; Newly established collaborative platform GRaF to mobilise up to €750 million.

Italy’s National Promotional Institution Cassa Depositi e Prestiti (CDP) and the African Development Bank Group plan to jointly invest up to €400 million over five years, to boost the continent’s private sector growth through the newly established Growth and Resilience Platform for Africa (GRAf).

Under the new collaboration, both financial institutions will support the continent’s economic growth through targeted strategic projects, promote the exchange of information among stakeholders, and facilitate joint investment opportunities.

The new platform is expected to accelerate the implementation of new African private sector initiatives promoted by the private sector in and create a single access point for investment opportunities.

Each institution will contribute up to €200 million which will be channeled into Africa’s economy through private equity and venture capital funds operating in three main areas, namely food security, local SME growth and sustainable infrastructure. The Growth and Resilience Platform for Africa will mobilise an additional €350 million from other sources and bring the pool of investment capital to €750 million.

These collaborative investments allow future investors to gain new insights into the African private sector and share investment opportunities in funds operating on the continent. The platform is also expected to significantly contribute to job creation and improvements in the delivery of essential products and services across the continent.

The initiative, presented by Prime Minister Giorgia Meloni at the recent G7 summit in Borgo Egnazia, is part of the Mattei Plan for Africa, the Italian strategic initiative unveiled in 2022, to forge a new era of mutual partnership and sustainable development. The Plan will focus on energy cooperation, security and stability, and cultural and scientific exchanges.

According to Dario Scannapieco, CEO and General Manager of Cassa Depositi e Prestiti, “Through our renewed collaboration with the African Development Bank Group, we are establishing a significant new channel to mobilize up to €750 million for projects and initiatives that directly benefit Africa. This effort aligns with our government’s commitment through the Mattei Plan. The long-term development of our country is intrinsically linked to the growth of the African continent, particularly its private sector. We are confident that this new partnership will generate substantial opportunities for our businesses in strategic sectors such as agriculture, infrastructure, and manufacturing, where our country excels.”

The African Development Bank Group has the largest dedicated private equity and venture capital fund-of-Funds in Africa, with over US$1.36 billion committed to 74 private equity and venture capital funds.

Commending the partnership, African Development Bank Group president, Akinwumi Adesina said: “I am delighted with our partnership with the Government of Italy on the Mattei Plan by Prime Minister Giorgia Meloni. The partnership between the African Development Bank Group and Cassa Depositi e Prestiti will boost the achievement of the Mattei plan’s objectives in Africa through the scaling up of support to small and medium scale enterprises in Africa, to expand economic opportunities for women and youth, create jobs and reduce the drivers of migration. We will leverage this strategic partnership to scale up investment in Funds in Africa and give greater confidence to global and African institutional investors to also scale-up their investments.”

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

About Cassa Depositi e Prestiti:
CDP is the Italian National Promotional Institution and the Financial Institution for International Development Cooperation entrusted by the Italian State to foster the sustainable development of Italy and partner countries. CDP supports economic growth, social inclusiveness and ecological transition by investing in innovation, business competitiveness, infrastructures and local development. According to its 2022-2024 Strategic Plan it is expected to mobilize a total of 128 billion euro investments within 2024.

About the African Development Bank:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. 

For more information: www.AfDB.org

Nigerian financial institution Moneda Invest and the Namibia Investment Promotion and Development Board (http://apo-opa.co/4dkmjJH) conducted virtual training sessions in July 2024. Aimed at equipping Micro, Small and Medium Enterprises (MSMEs) in the oil and gas industry with critical knowledge and skills, the sessions covered essential topics, including an introduction to the oil and gas sector and contracting strategies like Engineering, Procurement and Construction Management.

To further accelerate its mission of supporting African MSMEs in the oil and gas sector, Moneda Invest has launched a $500 million capital fund, based in Cape Town, South Africa. Targeting a $250 million investment from African and Africa-interested investors, the fund is specifically designed to bridge the financing gap faced by African SMEs in the energy industry. By providing access to capital, Moneda aims to empower these businesses to scale their operations, create jobs, and contribute significantly to Africa’s energy development.

In line with its commitment to foster growth in African energy while supporting MSME participation in oil and gas, Moneda Invest has joined this year’s edition of the African Energy Week (AEW): Invest in African Energy conference – taking place from 4–8 November in Cape Town – as a partner. Moneda Invest’s participation at the conference aims to strengthen opportunities for MSMEs across the sector by fostering collaboration and engagement among industry stakeholders.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://apo-opa.co/4d7anvh for more information about this exciting event.

Investing in the energy value chain in Africa, Moneda offers technical and financial support to contractors who are looking to supply commodities, equipment or services across the energy and extractive industries. By 2025, the company aims to increase its operating fund size to $500 million, accelerate the volume of its transactions to $3 Billion while achieving an estimated social impact of $100 million over 5 years. Moneda also acquires industry data and information to support clients navigating the industry while supporting MSMEs in up-skilling – thus enabling them to compete in the industry.

In addition to technical and skills training, Moneda is providing financial support to help local businesses expand their operations and enhance their presence in both mature and emerging energy markets in Africa. During AEW 2022, Moneda signed a three-year partnership agreement with Namibia’s national oil company NAMCOR to collaborate on knowledge sharing, skills development and unlocking investment opportunities for MSMEs within the oil and gas sector. The agreement involved Moneda facilitating cooperation between Namibian MSMEs and experienced African energy companies. As part of the deal, Moneda committed to providing access to capital for ten Namibian companies in the hydrocarbons sector.  

As Namibia progresses with the development of its oil and gas discoveries – including French multinational TotalEnergies’ Venus-1X and Mangetti-1X wells, British multinational oil and gas company Shell’s Graff-1X, La Rona-1X, Jonker-1X and Lesedi-1X wells and Portuguese energy firm Galp’s Mopane-1X and 2X wells – the increased participation of local MSMEs will further strengthen the industry. At AEW: Invest in African Energy 2024, Moneda will provide an update on its activities within Namibia’s MSMEs and hydrocarbons sector, showcasing investment and partnership prospects for global investors.

Meanwhile, in Nigeria, Moneda has been instrumental in driving the growth of the oil and gas industry by facilitating the participation of indigenous companies by improving access to funding. Moneda works with various organizations such as the Nigerian Content Development and Monitoring Board and multilateral financial institution the African Export-Import Bank to provide Nigerian companies with capital and expertise. At AEW: Invest in African Energy 2024, Moneda will facilitate dialogue and collaborations between African oil and gas firms and international investors.

“Cooperation between public and private entities and international investors is vital to create a robust ecosystem for African MSMEs to contribute towards the development of the oil and gas industry. Moneda is dedicated to unlocking the potential of Africa’s MSMEs by providing the necessary capital and expertise to drive their growth.,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

The ECOWAS Centre for Gender Development (ECGD) and the Regional Agency for Agriculture and Food (RAAF) held their first working session on 25 July 2024 in Lome, Togo, to explore avenues for collaboration between the two institutions. This working session, which took place at the RAAF headquarters, marks an important step towards strengthening the mainstreaming of gender in development projects, particularly agricultural development projects in West Africa.

The meeting provided an opportunity to discuss possible areas of collaboration between the two organisations with a view to maximising synergies in their respective projects. The representatives of the two delegations, including their respective directors, explored points of synergy based on the current and future projects of the ECGD and the RAAF, with particular attention to be paid to projects for the empowerment of rural women and food and nutritional security.

Drawing on their comparative advantages, the ECGD and the RAAF have agreed to pool their resources and skills with a view to strengthening the impact of their initiatives on the ground and developing joint initiatives that integrate gender and youth issues.

The two parties also agreed on the importance of training rural women in modern agricultural techniques and financial management in order to make them more self-sufficient. The collaborative projects should also help to support the sustainable development of rural communities, encourage the promotion of local products in school and community food programmes, and enhance the value of women’s work in agricultural value chains.

At the end of the discussions, the two organisations pledged to continue their discussions with a view to defining further the form that this collaboration, which they so earnestly desire, could take. This more in-depth discussion will make it possible to initiate, as soon as possible, concrete projects that commit and involve both organisations.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

The supreme court of Ghana on July 24, 2024, upheld a colonial-era law that criminalizes adult consensual same-sex conduct, contrary to Ghana’s human rights obligations, Human Rights Watch said today. The judgment comes at a time when the country is engulfed in a debate over a dangerous anti-LGBT law which would take persecution of sexual and gender minorities and their allies even further.

“Ghana’s supreme court unfortunately upheld the British colonial legacy of criminalizing so-called ‘unnatural sex,’” said Rasha Younes, interim lesbian, gay, bisexual, and transgender (LGBT) rights director at Human Rights Watch. “The law had been challenged on the grounds that it violated the constitutionally protected rights to privacy and personal liberties, rights that everyone has under international law as well, and regardless of their sexual orientation.”

Ghana’s constitution ensures respect for human dignity, protection of personal liberty, and the right to privacy for all. Yet, violence against LGBT people is prevalent, and persecution has escalated in recent years with debates about the bill.

Prince Obiri-Korang, a law lecturer at the University of Ghana, initiated the suit to overturn the law. Under section 104(1)(b) of Ghana’s Criminal Offences Act 1960 (Act 29), inherited from the British colonial law, “whoever has unnatural carnal knowledge[…]of a person sixteen years or older, with his consent, is guilty of a misdemeanor.” Unnatural carnal knowledge is defined in section 104(1)(2) as “sexual intercourse with a person in an unnatural manner or with an animal.” According to the supreme court judges, “unnatural manner” also includes the use of sex toys.

With this ruling, the court has expanded the interpretation of Section 104(1)(b), apparently adopting language from the anti-LGBT Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, 2021, which specifically prohibits a person, in clause four, from engaging in any acts that undermine the proper human sexual rights and Ghanaian family values.

In 2017, while Human Rights Watch was researching the impact of this law, Jones Blantari, chief superintendent of Ghana’s police force, told Human Rights Watch, “the term unnatural carnal knowledge is vague, does not have any clear meaning in law, creates difficulties in consistent interpretation and its application is used to target LGBT people.”

The bill carries heavier criminal penalties for same-sex activities, increasing the maximum penalty from three years to five years in prison, and expands the possibility of extending criminal charges against anyone who identifies as LGBT, queer, pansexual, and any other non-conventional gender identity as well as allies to these communities. It would also punish anyone providing support, funding, or public advocacy for sexual and gender minorities rights.

Members of parliament introduced the bill in 2021. In addition to expanding the possibility of criminal charges against those advocating for LGBT rights, the bill allows for criminal charges against anyone who uses  social media platforms to produce, publish, or disseminate content promoting activities prohibited by the bill.

Significant figures in Ghana publicly opposed the bill, including the Roman Catholic Cardinal of Ghana Peter Turkson, and a former member of parliament and major political party chair Samia Nkrumah.Nkrumah urged the president to veto the anti-LGBT bill, calling it “brutal, harsh, and unjust.” Nkrumah’s father, the late Kwame Nkrumah, is a key figure in African and Ghanaian history. In the 1950s and 1960s, he led the independence movement and served as the country’s first president and prime minister.

Ghana’s parliament passed the draconian bill in February 2024, and it remains with President Nana Akufo Addo, awaiting his signature.

“Ghana’s supreme court missed its opportunity to rid the country of its alien legacy of egregious colonial-era laws,” Younes said. “The court’s failure to uphold basic rights for LGBT people only further emphasizes why the president should veto the new bill.”

Distributed by APO Group on behalf of Human Rights Watch (HRW).