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AfDB To Double Climate Change Financing For Africa4 minutes read

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Dr Akinwumi Adesina, the Pre4sident of African Development Bank (AfDB), says the bank will double its climate finance for Africa to $25bn by 2025, with more than 50 per cent devoted to climate adaptation.

Adesina said this known at a virtual High-Level Launch of the Global Centre on Adaption (GCA) office in Africa on Tuesday.

According to the European Commission, climate adaptation means anticipating the adverse effects of climate change and taking appropriate action to prevent or minimise the damages, or taking advantage of opportunities.

Adesina said that the fund would address climate risks the continent faced to ensure the continent was not short-changed by the global climate finance.

“I am delighted with the launch today of the Global Center on Adaptation for Africa (GCA) hosted by the African Development Bank.

“The bank has committed to doubling its financing for climate to 25 billion dollars by 2025 with over 50 per cent devoted to climate adaptation.

“Africa must not be short-changed by global climate finance.”

He reiterated AfDB’s continued partnership with the GCA to mobilise more resources for climate adaptation and ensure access to finance is sustained in the continent.

He urged African leaders to collaborate their efforts toward the sustenance of the centre to ensure sustainable development in the continent.

Also speaking, Mr Ban Ki-moon, Co-Chair of the Board of GCA and 8th Secretary-General of the UN said the launch would accelerate adaptation in Africa.

Ban said the GCA would also promote sustainable development in line with international best practices.

“This is a historic moment to accelerate adaptation in Africa. Nowhere is the challenge of achieving sustainable development in the face of a changing climate more acute.

“Our new regional office will support regional and national adaptation efforts by emphasising and spreading existing best practices on the continent and ensuring their fully fledged integration into broader international adaptation efforts.”

He said that Africa had a large population of youths and urged partners to work together and “invest in young the people and maximise their potential”.

“We must learn to work together to find solutions,” he added.

Meanwhile, Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) urged partners to ensure that knowledge that could boost climate adaptation was shared.

“More than any other region, sub-Saharan Africa is vulnerable to the impact of climate change, which threatens lives and livelihoods and undermines economic growth.

“After the current crisis (COVID-19), boosting resilience is an urgent priority so it’s vital we share the knowledge and best practice that can help accelerate climate adaptation.”

Amina Mohammed, Deputy Secretary-General of the UN applauded the launch of the GCA Africa, which she noted would ensure a more resilient Africa.

“There is an urgent need to step up the support for people in Africa, and around the world affected by climate change.

“I welcome the GCA Africa as a crucial partner in delivering the elevated ambition and enhanced action that is needed to make this shift toward a resilient future.”

Mohammed reiterated the commitment and support of the UN toward the development of the continent.

President Ali Bongo Ondimba of Gabon and Chair of the African Adaptation Initiative (AAI) assured of the initiative’s partnership with the GCA toward the promotion of a resilient climate.

“The devastating effects of climate change, which include severe droughts, floods, reduced agricultural yields, sea-level rise, and other climate-related disasters are on the rise.

“The launch of GCA Africa is a bold and innovative initiative to galvanise the support needed to significantly scale up adaptation on the continent, identify gaps and connect regional partners to find solutions,” Ondimba said.

The GCA launch was hosted by the AfDB at its headquarters in Abidjan, Cote d’Ivoire and had several African leaders and international organisations’ leaders giving their support.

GCA Africa will work with partners across the continent to scale and accelerate adaptation action that protects African communities from the impacts of climate change.

The centre will focus on programmes and action, knowledge acceleration, capacity building and agenda-setting that respond to the acute challenges from the changing climate facing African countries.

The programmes include improving the food security of one billion people in Sub-Saharan Africa by 2030.

This will be done through a programme on rural well-being and food security, as well as projects to support communities through water for urban growth and resilience; using nature for more resilient infrastructure; adaptation finance and building youth leadership.

The GCA has its headquarters in the Netherlands and regional offices in China and Bangladesh.

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Uganda Establishes First Free Zone at Entebbe Airport

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The government of Uganda through the Uganda Free Zone Authority (UFZA) has finalised plans to establish the first public free zone at Entebbe International Airport. The free zone is projected to boost export-oriented investment in the country.

The project will be implemented by the National Enterprise Corporation (NEC) on a five acre piece of land acquired from the Uganda Civil Aviation Authority (UCAA) at the Entebbe International Airport premises.

Under the arrangement, the project targets sectors which include food processing, mineral processing, warehousing, storage and simple assembly, where all operators in the public free zone will process their products for onward export through Entebbe International Airport.

The development of the Public Free Zone projected to cost UGX 48billion will, on completion house seven production units and trade houses such as offices of the Uganda Free Zones Authority, Uganda Revenue Authority, and other government offices to promote enterprise. The Government of Uganda (GoU) has already awarded UGX 12.5 Billion for the first phase of the project.

Speaking at the site handover event, Hez Kimoomi Alinda, the Uganda Free Zones Authority Executive Director, said the project is expected to contribute cargo volumes, create hundreds of direct jobs and significantly improve Uganda’s exports.

“On completion, the project will support increased production quality assurance and value addition to commodities that are widely produced by the masses to improve household incomes, create employment and eliminate poverty as well as improve the value of Uganda’s exports,” he said.

Alinda was speaking while handing over the site for the construction of the Entebbe International Airport Free Zone at which he said they had acquired five acres from the Uganda Civil Aviation Authority for the development and contracted National Enterprise Corporation, the commercial arm of the UPDF for the construction.

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Somali Petroleum Authority Appoints Independent Directors

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The Somali Petroleum Authority (SPA) has announced the appointment of six Independent Directors to its Board, each representing a Member State and one Independent Director representing the Federal Government – following the approval of the Prime Minister and the Council of Ministers.

The announcement follows the appointment of Ibrahim Hussein as Chairman and Chief Executive of the SPA, representing the Federal Government, and is in line with the provisions of the Petroleum Law.

The Board will oversee all the SPA’s activities to ensure that it develops a sustainable and competitive industry in the interests of all Somali people, in keeping with its mandate.

The newly appointed Board Members to the SPA are Asha Osman Ahmed, Vice Chair and Board Member representing Banadir Regional Authority;
Ibrahim Ahmed Layte, Board Member representing Hirshabelle State;
Abdulkadir Aden Mohamud, Board Member representing Galmudug State;
Ibrahim Abdulkadir Mohamed, Board Member representing South West State; Ahmed Haji Abdi, Board Member representing Jubaland State;
Abdihafid Ali Dirir, Board Member representing Somaliland State; and
Mahad Mohamed Sh. Hassan, Board member representing the Federal Government.

There are nine positions on the Board of the SPA representing seven Members States and two representing the Federal Government. The Board focuses on the SPA’s long-term objectives and priorities to be one of the world’s leading petroleum authorities, promoting the development of a sustainable oil and gas industry. Specifically, the Board will ensure that the regulatory and fiscal regime being developed will apply the principles of equality, openness, accountability, transparency and non-discrimination in the interests of all the Somali people. The Board is committed to upholding the highest standards of health and safety for people in all activities relating to the exploration of petroleum in Somalia, as well as maintaining world-class environmental standards. Moreover, the Board will work to maintain sound risk management, internal control systems and reviews on the efficacy of these annually.

In June 2019, The Ministry of Petroleum and Mineral Resources announced details of the Petroleum Ownership Management and Revenue Sharing Agreement between the Federal Government and its Member States, which delivers by far the highest percentage of potential revenues from the industry to non-Federal institutions of any comparable agreement. The structure of the Board, with seven of its nine members representing the Member States, will underpin the SPA’s commitment to develop the petroleum industry in the interests of all the Somali people.

Commenting on the appointment Ibrahim Hussein, Chairman and Chief Executive, said: “We are very excited to welcome new colleagues onto the Board of the newly established SPA, as together we work to develop the country’s petroleum industry. The structure of our Board will ensure that all the Member States are able to help shape the development of the industry in the interests of the whole country. The SPA is committed to rigorous standards of corporate governance in order to achieve our goal of attracting international investment to maximize the economic recovery of the country’s oil and gas reserves. This will enable Member States to significantly increase investment in education, transport, agriculture and healthcare infrastructure.”

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Anonymous Didn’t Hack Our Website – First Bank

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Anonymous, an online network known for launching cyberattacks against government institutions, has reportedly hacked the website of First Bank of Nigeria Limited.

But the financial institution has denied the hack.

A visit to the bank’s website at 01:30pm showed that it had been brought down completely.

In a string of tweets, Anonymous confirmed bringing down the bank’s website while alleging that the bank deducted money from the accounts of customers who are in support of the #EndSARS campaign.

Anonymous also accused the bank of instructing its staff not to join the #EndSARS campaign.

It stated, “Now #ENDSARSOPPRESSION Official website of First Banks Nigeria has been taken #Offline. You remove money from users because they support #EndSARS.

“We #Anonymous have taken-down your website in support of #EndSARS

“You will pay for your actions. you should have expected us!

“Enjoy your server taken down. no money is gone.”

Anonymous, however, said it would restore the website after it “keep it down for some time”.

However, First Bank said the website was never brought down in the first place.

The bank said, “Our attention has been drawn to the tweet making the rounds on social media on shutting down the FirstBank website following a false tweet that the Bank prevented staff from joining the ongoing protests in the country.

“As the largest banking institution in Nigeria, it is not unlikely that we may be seen as a target in circumstances such as these. This is rather unfortunate as we believe far-reaching reform is necessary and we have said as much on a number of occasions across our platforms.

“In the process of change, some pain will be borne by all and some anger may well be misdirected. We understand this as a part of the process of the struggle.

“”We have a large staff strength and an even larger customer base who may be affected by any disruption and this would be a pity as a number are also contributing in many ways to ensure that voices are heard and required action is taken.

“We have been consistent in our message on the need to end all brutality and carry out necessary reforms. We will continue to lend our voice accordingly.”

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