Key De­vel­op­ment and Fi­nance Up­dates

Financial Nigeria Magazine - - Contents -

U.S., Togo to co-host 2017 AGOA Fo­rum in Lome

The United States and Togo have an­nounced they would co-host the African Growth and Op­por­tu­nity Act (AGOA) Fo­rum in Lome, Togo. The law, which en­hances mar­ket ac­cess to the U.S. for qual­i­fy­ing sub-Sa­ha­ran African coun­tries, man­dates an an­nual spe­cial fo­rum be con­vened to dis­cuss is­sues re­lat­ing to im­ple­men­ta­tion of the law and eco­nomic co­op­er­a­tion.

The theme of this year's fo­rum, to be held on Au­gust 8-10, is: The U.S. and Africa: Part­ner­ing for Pros­per­ity through Trade. The fo­rum will bring to­gether se­nior gov­ern­ment of­fi­cials from the U.S. and 38 SSA coun­tries to dis­cuss ways to boost eco­nomic co­op­er­a­tion and trade. Re­gional eco­nomic com­mu­ni­ties will also be rep­re­sented.

The 2017 AGOA Fo­rum will ex­plore how coun­tries can con­tinue to max­i­mize the ben­e­fits of AGOA in a rapidly-chang­ing eco­nomic land­scape.

AGOA has been the cor­ner­stone of the U.S. gov­ern­ment's trade pol­icy with SSA since 2000, al­low­ing over 6,000 prod­ucts from Africa, in­clud­ing petroleum, cloth­ing and other in­dus­trial and agri­cul­tural prod­ucts into the U.S. duty- and quotafree.

AfDB con­venes ECOWAS Green In­vest­ment Round­table

The African De­vel­op­ment Bank (AfDB) in con­junc­tion with United Na­tions Frame­work Con­ven­tion on Cli­mate Change (UNFCCC) and West African De­vel­op­ment Bank (BOAD) con­vened the ECOWAS Green In­vest­ment Round­table last month at the AfDB Head­quar­ters in Abid­jan, Cote d'Ivoire. The round­table was de­signed to launch ini­tia­tives to pro­mote pri­vate sec­tor fi­nance and in­vest­ment op­por­tu­ni­ties in the West African en­ergy sec­tor.

The meet­ing fo­cused on catalysing green in­vest­ments to meet the ob­jec­tives of the Paris Agree­ment and Sus­tain­able De­vel­op­ment Goals (SDGs). Par­tic­i­pants – in­clud­ing rep­re­sen­ta­tives from UNFCCC, ECOWAS Cen­tre for Re­new­able En­ergy and En­ergy Ef­fi­ciency (ECREEE), BOAD, and Guar­an­tCo – sug­gested in­no­va­tive in­stru­ments that would play a ma­jor role in the mo­bil­i­sa­tion of fi­nan­cial re­sources. Ex­am­ples of such in­stru­ments in­clude green debt, green bonds and de-risk­ing fi­nan­cial in­stru­ments like the AfDB Coguar­an­tee plat­form, the BOAD Green Bond pro­gramme etc.

Ghana re­ceives $85.7mn fi­nanc­ing to im­prove education, wa­ter and san­i­ta­tion

The World Bank has ap­proved $85.7 mil­lion for Ghana's Sec­ondary Education Im­prove­ment Project (SEIP) and the Sus­tain­able Ru­ral Wa­ter and San­i­ta­tion Project (SRWSP). The fi­nanc­ing, an­nounced last month, was ap­proved un­der the In­ter­na­tional De­vel­op­ment As­so­ci­a­tion (IDA), which pro­vides grants and low to zero-in­ter­est loans for projects and pro­grammes to boost eco­nomic growth, re­duce poverty, and im­prove lives in poor coun­tries.

The SEIP re­ceived ad­di­tional fi­nanc­ing of $40 mil­lion to sup­port low-per­form­ing schools in the 100 dis­tricts. It also pro­vides bur­saries (for­merly schol­ar­ships) for needy stu­dents and has rolled out ac­tiv­i­ties to im­prove qual­ity of teach­ing and learn­ing in ben­e­fi­ciary schools. The SRWSP re­ceived ad­di­tional fi­nanc­ing of $45.7 mil­lion for con­struc­tion of 20,000 house­hold toi­lets in ad­di­tion to the cur­rent 22,000, and as­sist ad­di­tional com­mu­ni­ties to be open defe­ca­tion-free. The project will also fi­nance wa­ter sup­ply sys­tems.

The lat­est fund­ing brings to­tal sup­port for SEIP and SRWSP to $196 mil­lion and $120.7 mil­lion, re­spec­tively.

Nige­ria's Eco­nomic Re­cov­ery and Growth Plan re­ceives $961mn World Bank sup­port

The Eco­nomic Re­cov­ery and Growth Plan (ERGP) 2017-2020, the Nige­rian gov­ern­ment's medium-term eco­nomic plan, has re­ceived World Bank sup­port by way of two op­er­a­tions sup­port. The Bet­ter Education Ser­vice De­liv­ery for All (BESDA) Pro­gramme-for-Re­sults and Kaduna State Eco­nomic Trans­for­ma­tion Pro­gram­me­for-Re­sults re­ceived a to­tal of $961 mil­lion last month.

Ac­cord­ing to the bank, the BESDA is a $611 mil­lion credit aim­ing to bring out-of­school chil­dren into the class­room, im­prove lit­er­acy, and strengthen ac­count­abil­ity in ba­sic education. Kaduna State's pro­gramme is a $350 mil­lion credit fo­cused on en­hanc­ing pri­vate sec­tor in­vest­ment.

The World Bank said both op­er­a­tions im­ple­ment re­sults-based fi­nanc­ing, whereby dis­burse­ment of funds is linked to the achieve­ment of tan­gi­ble, ver­i­fi­able re­sults. For in­stance, about 13.2 mil­lion school-age chil­dren were out of school in 2013, the over­whelm­ing ma­jor­ity of them were in the north with the num­ber of girls dis­pro­por­tion­ately higher than boys. BESDA aims to re­duce the num­ber of outof-school chil­dren by roughly one third by 2022.

Re­mit­tance flows to de­vel­op­ing coun­tries reaches $445bn in 2016

Re­mit­tance flows from mi­grants rose by 51% over the past decade from $296 bil­lion in 2007 to $445 bil­lion in 2016, ac­cord­ing to a new re­port by the In­ter­na­tional Fund for Agri­cul­tural De­vel­op­ment (IFAD).

The re­port – ti­tled Send­ing Money Home:

Con­tribut­ing to SDGs, One Fam­ily at a Time – at­tributes the sharp rise in re­mit­tance flows over the past decade to Asia, which has wit­nessed an 87% in­crease in re­mit­tances.

The re­port, re­leased last month, says more than 200 mil­lion mi­grant work­ers are now sup­port­ing an es­ti­mated 800 mil­lion fam­ily mem­bers glob­ally.

To­tal mi­grant worker earn­ings are es­ti­mated to be $3 tril­lion an­nu­ally, out of which ap­prox­i­mately 85% re­mains in the host coun­tries.

Kaduna State Gover­nor Nasir El-Ru­fai

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