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Speech Delivered by Dr. Akinwumi A Adesina President, African Development Bank Group At the Official Launch of the Investment in Digital and Creative Industries (I-DICE) – State House Conference Center, Abuja – Tuesday, 14 March 2023.

Your Excellency, Professor Yemi Osinbajo, Vice President of the Federal Republic of Nigeria,

Your Excellencies, State Governors,

Honourable Minister of Finance, Budget and National Planning, Zainab Ahmed

Honourable Minister of Industry, Trade, and Investment, Adeniyi Adebayo

Honourable Minister of Communications and Digital Economy, Isa Ali Pantami

Honourable Minister of Information and Culture, Lai Mohammed

Honourable Minister for Science, Technology and Innovation, Senator Adeleke Mamora

Your Excellencies, Ambassadors

The President of the Islamic Development Bank, Muhammed Al Jasser

The Chief Executive Officer of the Agence Francaise de Developpement, Remy Rioux,

The Chief Executive Officer of the Bank of Industry, Nigeria, Olukayode Pitan

Director Generals, Executive Secretaries, and heads of government agencies,

Young business leaders of Nigeria,

Youth entrepreneurs,

Distinguished ladies and gentlemen.

I am delighted to join you today for the official launch of the Investment in Digital and Creative Enterprises (I-DICE). I wish to commend the Federal Government for this initiative. The initiative is timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies.

I am very proud of the African Development Bank Group’s leading role in this initiative, which has the potential to generate millions of jobs for Nigeria’s youths. The urgency of leveraging the implementation of i-DICE for sustainable job creation, and economic transformation, is now.

With over 70% of Nigeria’s population under the age of 30, Nigeria has one of the greatest assets in the world. Some would call this a challenge to be managed. I call it an opportunity to be unleashed. It’s time to do things differently.

Yes, we gather to launch the initiative, but what we are really launching is more than this initiative. We are launching hope for the youth. We are launching platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are launching the creation of millions of jobs. We are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth.

What Nigeria does with its youthful population will determine the future of Nigeria. Its future in terms of first-rate education to make them competitive. Its future in terms of skills to fill jobs today and create jobs of tomorrow. Its future in turning its dynamic, talented, and entrepreneurial youths into revenue assets.

It is time to create youth-based wealth for Nigeria. Youth-based wealth will rapidly expand the creation of jobs, expand the fiscal space with new sources of taxes, and support a more inclusive Nigerian economy, now and well into the future.

That is why, shortly after I was elected President of the African Development Bank, we launched the Jobs for Youth in Africa strategy. We project that the program will create 25 million new jobs by 2026 that focus on practical and high-impact solutions.

We are making great strides.

From 2016 to 2021, the African Development Bank supported the creation of over 12 million jobs, 3.1 million of which were direct and nine million indirect. This has been made possible through our high employment impact operations and special initiatives in key sectors such as agriculture, infrastructure, energy, and financial sectors, as well as in the digital and creative industries.

Additionally, the Bank’s Coding for Employment program has provided onsite centres and digital training platforms that have equipped 23,200 youth from 45 countries with the skills needed to succeed in the digital job market.

We have invested $2 billion in 37 tech projects to improve national and regional broadband infrastructure, foster private investment, and support digital enterprises.

And the African Development Bank is currently designing and will soon roll out Youth Entrepreneurship Investment Banks, new financial institutions that will build robust financial ecosystems around the businesses of young people across Africa.

That is why we like I-DICE: it is visionary, sees the future and prepares Nigeria for it.

That future is here. Every aspect of life is being transformed digitally. Think of digital financial services for money transfers, payments, banking, and insurance.

Think of e-health with rapid growth of digital platforms that aggregate services of medical doctors, pharmacists, and diagnostic service providers.

Think of e-government for better and more accessible service delivery to citizens.

Think of education, with digital platforms that connect teachers, tutors, and delivers open digital curriculum for enhanced and easily accessible learning for students.

When you think digital, think global.

It is estimated that the size of digital global health will expand from $217 billion in 2022 to over $1 trillion by 2031, an incredible growth.

The size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050. Most of this growth is already being driven by four countries, Nigeria, South Africa, Kenya, and Egypt.

The expansion of the digital economy is driven by several factors including the rapid growth in the youth population, the ubiquitous nature of access to mobile phones especially smart phones, increasing investments in supportive digital infrastructure, and the spark in digital entrepreneurship and innovations during the economic challenges imposed by the Covid-19 pandemic.

These digital trends hold great promise to help create massive number of jobs. For example, estimates by Endeavor (2022) show that expanding digital infrastructure by 10% will lead to a 2.5% annual growth in GDP in Africa. Furthermore, expanding access to the internet in Africa from the current 33% to 75% can help create 44 million jobs, including 3 million jobs in online services by 2025.

We are already witnessing in Nigeria the power of digital technologies, tools, and platforms. Nigeria currently has 5 out of the 11 digital companies that have reached the status of unicorn with market valuation of $1 billion. Names that come to mind include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in the fintech space.

Nigeria’s poor and fragmented cargo transport system is getting transformed gradually, thanks to Kobo 360 a digital logistics platform launched by two young Nigerians, Obi Ozor, and Ife Oyedele. It is incredible that between 2018 and 2020 the Kobo360 platform has connected 50,000 trucks and truck drivers and helped to move freight worth $200 billion (Source: Endeavor, 2022).

The creative industry in Nigeria is growing rapidly, in line with similar trend in Africa. The creative industry in Africa generated over $14 billion in revenue annually between 2015 and 2018 and is projected to help create close to 3 million jobs by 2025. Nigeria has yet to fully tap into and unleash the power of its creative industry which still needs efforts to promote content creators, supportive infrastructure, and access to financing for the film, media, fashion, visual arts, tourism, hospitality, and entertainment industries.

The I-DICE program will help to fill some of these critical gaps by supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure, as well as expanding access to finance.

The African Development Bank is pleased to be a partner with the Federal Government of Nigeria on the $618 million I-DICE program. The African Development Bank is providing $170 million in financing to the program.

I am delighted that we have been able to mobilize additional co-financing of $217 million towards the program. I wish to thank our partners, the Agence Francaise de Developpement (AFD) that is providing $100 million; and the Islamic Development Bank that is providing $70 million. I also thank the Bank of Industry and the Federal Government of Nigeria for providing $45 million in counterpart funding. Through the independent fund managers for I-DICE, the program will raise an additional capital of between $131 million and $262 million.

The I-DICE program is set to be a real game changer.

It will help to create 6.1 million direct and indirect jobs and equip more than 175,000 young people with the technology and creative skills needed to drive innovation and foster entrepreneurship.

To start with, I-DICE will support 451 digital technology start-ups, 226 creative enterprises and 75 enterprise support organisations.

The benefits of the program to Nigeria’s economy are projected to be worth $6.4 billion.

Your Excellency, Ladies and Gentlemen,

I would like to express my profound appreciation for the Federal Government of Nigeria’s unwavering commitment to the I-DICE program. H.E. President Buhari’s personal endorsement of the Program in June 2022 is a great manifestation of the high political ownership of Nigeria’s innovation agenda.

I also highly commend the dynamic leadership of the Steering Committee of the Advisory Council on Innovation and Creativity chaired by H.E. Vice President Yemi Osinbajo that has spearheaded the design of I-DICE. The enactment of the Start-up Act in October 2022 provides a strong boost to the Federal Government of Nigeria’s efforts to enhance the enabling environment for the development of start-ups, as well as position Nigeria as Africa’s leading digital technology centre.

Thank you, Your Excellency Mr. Vice President, Professor Yemi Osinbajo for your exceptional leadership and foresight in shaping the design of the I-DICE Program. There are many things you will be remembered for, but I can tell you that nothing will be more than your unrelenting passion for the youth and your drive to ensure that you prepare them for the digital world. Thank for your outstanding leadership and service for our nation.

With the I-DICE, H.E. President Buhari, yourself, Mr. Vice President, and the Federal Government would leave behind a legacy for the future growth and dominance of Nigeria in the digital and creative industries, in Africa, and globally.

Together, let us use I-DICE to unleash an ecosystem that will drive the emergence of more dynamic and competitive youth entrepreneurs from Nigeria.

Let us unleash the wealth creating potential of the digital and creative industries.

Let us foster the emergence of a stronger Nigeria.

A Nigeria, built on the dynamism and creativity of its young people.

Let us bring the future of the youth into the present.

May God Bless Nigeria!

Patoma Admin by — March 15, 2023 in Banking & Finance 0
Nigeria to Launch the Investment in Digita, Creative Enterprises Program (i-DICE) today

By Favour Nnabugwu

 

 

 

Nigeria’s Vice President, Prof. Yemi Osinbajo, the President of the African Development Bank Dr. Akinwumi Adesina, and other partners will launch the Investment in Digital and Creative Enterprises (i-DICE) Program in Abuja on Tuesday, 14 March 2023.

The launch marks the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries. In addition to the leaders of government, corporations, and development finance institutions, the event will feature youth working in the digital technology and creative sectors, students, and investors.

i-DICE is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion, and music.

The program is part of the federal government of Nigeria’s efforts to build back better, greener, and more inclusively, and to create sustainable jobs for its surging youth population. It will consolidate the country’s position as Africa’s leading start-up investment destination and youth entrepreneurship hub.

i-DICE is co-financed by the African Development Bank, the Islamic Development Bank and Agence Française de Développement. The federal government of Nigeria is providing counterpart finance through the Bank of Industry, which also serves as the executing agency. A steering committee chaired by the vice president’s office will oversee the initiative in cooperation with a technical committee made up of business leaders, and government ministries, departments, and agencies.

The DICE Fund, a venture capital outfit to be created under the program, will draw additional funding from institutional and other private investors.

Patoma Admin by — March 14, 2023 in Banking & Finance 0
AfDB, Coalition for Dialogue on Africa, launch $5.9m project to stem illicit financial flows from

By Favour Nnabugwu

 

 

The African Development Bank and the Coalition for Dialogue on Africa (CoDA) have officially launched a three-year support project to improve regional coherent and coordinated response to illicit financial flows.

The project will help African stakeholders actively engaged in stemming such flows to improve domestic revenue mobilization in African countries.

The launch of the African Financial Integrity and Accountability Support Project (AFIAP) took place at the African Union headquarters on 7 March. The project aims to improve regional coordination of combating illicit financial flows and the oversight and accountability of public finances, for optimal revenue mobilization and management in African countries. It will support the coordinated implementation of recommendations of the High-Level Panel on Illicit Financial Flows(link is external) and the implementation of joint strategies and initiatives related to international taxation.

The grant will support CoDA in its role as the secretariat of both the AU High-Level Panel on IFFs, the Joint Secretariat of the Consortium to Stem IFFs from Africa, and the annual African Fiscal Policy Forum. The support will foster a coherent African response to illicit flows, in line with the AU Assembly Special Declaration on IFFs(link is external) passed in January, 2015, and will advance Africa’s continent-wide asset recovery agenda encapsulated in the Common African Position on Asset Recovery (CAPAR)(link is external) adopted in February 2020. This will be carried out by CoDA, the African Union Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs, Peace and Security Department, in collaboration with other national, regional and global actors.

The project targets selected African Development Bank member countries, with a particular emphasis on public sector capacities in low-income countries, to reinforce resilience via training, policy research and advocacy activities.

The Bank’s support is in line with the objectives of its Strategy for Economic Governance in Africa (2021 – 2025), its policy and strategic framework and action plan to prevent Illicit Financial Flows in Africa (2017 – 2021, extended to 2023), and “High Five objective that aims to “Improve the quality of life” for the people of Africa. It is consistent with ongoing similar support to regional organisations to stem illicit flows from the African continent..

The ceremony was witnessed by the Bank’s Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara, and the Executive Director of CoDA / HLP Secretariat, Souad Aden-Osman. Several other officials from the Secretariat, the African Union Commission and the Bank also attended the event.

Abdul expressed satisfaction with the project, noting that it is in line with the High-Level Panel’s mandate to promote a coordinated response of the Bank’s regional member countries in ensuring that policies and practices are mobilized in addressing financial crime, tax avoidance, money laundering. “In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilization and management,” Kamara said.

“CoDA welcomes this financial support of the AfDB. We are eager to work with the Bank in ensuring Phase II of the implementation of the Panel’s recommendations is well underway. This collaboration with the AfDB is highly useful in this regard and on behalf of its Board of Directors and the High-Level Panel on IFFs from Africa, CoDA is thankful to the President, Management and Board of the AfDB for their continued support”, Aden-Osman said.

Patoma Admin by — March 11, 2023 in Banking & Finance 0
Nigeria’s foreign trade rises 41% to N52.3 trn in 2022

Nigeria’s foreign trade rises 41% to N52.3 trn in 2022

By Favour Nnabugwu

 

Nigeria’s foreign trade rose year-on-year (YoY) by 41 percent to N52.3 trillion in 2022 from N36.9 trillion in 2021.

The National Bureau of Statistics, NBS, disclosed this today in its Fourth quarter 2023 (Q4’23) Foreign Trade in Goods report.

According to the NBS, total foreign trade in 2022 comprised of N25.6 trillion imports and N26.79 trillion exports.

However, foreign trade fell quarter-on-quarter (QoQ) by 4.9 percent to N11.9 trillion in Q4’22 from N12.2 trillion in Q3’22 due to a decline in import .

This resulted in a 143 percent rise in trade balance to N907.8 billion in Q4’22 from N409.3 billion in Q3’22.

NBS said:”In Q4’22, Nigeria’s total trade stood at ₦11.7 trillion of which total exports stood at ₦6.35 trillion and total imports amounted to ₦5.36 trillion.

“On an annual basis, total
trade was ₦52.38 trillion, total imports amounted to ₦25.59 trillion,and total exports were recorded at ₦26.79 trillion.

“Total exports increased in the fourth quarter by 7.2 percent and 10.3 percent when compared to the amount
recorded in Q3’22 (₦5.9 trillion) and the corresponding quarter in 2021
(₦5.76 trillion) respectively.

“Conversely, total imports declined by 15.5 percent in Q4’22 compared to the value recorded in Q3’22 (₦6.34 trillion) and fell by 9.7 percent when compared to the value recorded in the corresponding quarter of 2021 (₦5.94 trillion).

“The commodity with the largest export values in the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦4.9 trillion representing 77 percent, followed by ‘Natural gas, liquefied’ with ₦704.88 billion accounting for 11.08 percent, and ‘Urea, whether or not in aqueous solution’ with ₦160.56 billion or 2.52 percent of total exports.
“The commodities with the largest values of imported products were ‘Motor
Spirit Ordinary’(₦1.55 trillion), ‘Gas Oil’ (₦220.47 billion), and ‘Durum Wheat (Not in seeds)’ (₦187.96 billion). “

Patoma Admin by — March 10, 2023 in Foreign 0
800 Nigerians detained in Saudi Arabia over irregular documentation

By Favour Nnabugwu

 

 

 

No fewer than 800 Nigerians are destained in Saudi Arabia for different offences as the Nigerians in Diaspora Commission, NIDCOM warned Nigerians against traveling that country without proper documentation

In a statement released by NIDCOM revealed that the Kingdom of Saudi Arabia has about Eight Hundred (800) Nigerians arrested and detained for various offenses particularly Consular issues since the clamp down began in October, 2022.

The statement further stated that its attention has been drawn to a communication from the office of the Secretary to the Government of the Federation on Saudi Arabian authorities intensifying crackdown on undocumented foreigners in their country.

Going forward, the Kingdom of Saudi Arabia between October and December, 2022, intensified joint operations across the country targeted at ridding the Kingdom of undocumented irregular migrants.

In the letter to the Federal Government, the Saudi Arabian government noted that about Forty Five Thousand, Four Hundred and Fifty Eight (45,458) foreigners are in the country with offenses ranging from violation of residency rules, illegal border crossing attempts and irregular migrants for labor-related offenses.

NiDCOM says though the Nigerian Embassy in Saudi is intervening in this matter, it urges Nigerians to resist breaking the laws of other countries.

The commission however appealed to Nigerian citizens that if they must travel, they should travel with proper documentation.

Patoma Admin by — February 20, 2023 in Foreign 0
18 Nigerian nurses in fake certificate scandal in the US

By Favour Nnabugwu

 

 

The Texas Board of Nursing has filed charges against 18 nurses from Nigeria residing in Texas, the United States for obtaining educational credentials through fraudulent means.

In a statement on its website, the Board published 23 names of persons indicted with fake certificates of which 18 of them were Nigerians. The board in its statement said an investigation carried out showed that the suspects were caught in a grand fraudulent diploma/transcript scheme. The board explained that the suspects procured fraudulent nursing credentials which they used to sit for the national nursing board exam. It added that the formal charges filed against the offenders are not a final disciplinary action, therefore, they are permitted to work pending the outcome of the charges.

The statement read

“The Board has filed Formal Charges against the following nurses for fraudulently obtaining educational credentials. The Board is authorized to file Formal Charges against a nurse if probable cause exists that the nurse has committed an act listed in Tex. Occ. Code §301.452(b) or that violates other law. See Tex. Occ. Code §301.458. Further, Formal Charges are publicly available. See Tex. Occ. Code §301.466(b).

Please note that Formal Charges are not a final disciplinary action, and a nurse is permitted to work, as a nurse, while Formal Charges are pending.”

The Nigerians indicted include Abiodun Yetunde Felicia; Adelakun Abiodun Aveez; Adelekan Joseph Adewale; Adeoye Vivien Temitope; Adewale Modinat Abidemi; Afolabi, Olufemi Toun; Afolabi Omowunmi F; Agbo Odumegwu Steve; Ajibade Charlot Omotayo, Akande Olabisi Christiana; Akhigbe Catherine; Akinrolabu, Folasade Margaret; Ako Esiri Rachael; Akpan Rosemary Moses; Alimi Bukola A; Ani Ndirika Justina; Aroh Nchekwube C.; and Ayodeji Sherifat Olubunmi.

Other non-Nigerian nurses named in the scandal are Abanda Jacob Atambili; Addai Agnes Fosuah; Anaaba Awingrug Musah; Anthony-Annor, and Spendilove; Asanga, Albert Nshanui.

“This list will be updated continuously as the Board receives additional information about the fraudulent diploma/transcript scheme,” the statement added.

Patoma Admin by — February 20, 2023 in Foreign 0
(AfDB), IsDB join forces to boost Africa’s health defense systems through the pharmaceutical industry

By Favour Nnabugwu

 

 

The African Development Bank Group and the Islamic Development Bank have signed a joint partnership action plan for the development of the pharmaceutical industry sector within their African member countries.

The plan offers a new framework for strengthened cooperation and mutual development priorities, with a strong emphasis on boosting the continent’s health defense systems.

The aide-memoire was signed on Thursday, at the headquarters of the Islamic Development Bank in Jeddah, Saudi Arabia, by Dr. Abdu Mukhtar, Director of Industrial and Trade Development for the African Development Bank and Islamic Development Bank, Director of the Economic and Social Infrastructure Department, Idrissa Dia.

The signing rounded out two days of presentations and deliberations on the institutions’ health strategies for Africa and the African Development Bank’s Pharmaceutical Action Plan (https://apo-opa.info/3Kdrv6Y). During the sessions, teams from both institutions discussed a joint pipeline of pharmaceutical projects proposed for co-financing, as well as potential collaboration in advocacy and knowledge creation for their member countries.

The Joint Action Plan enables both institutions to grow a shared pipeline of bankable projects around key complementary themes to which each institution would bring their comparative advantage. The plan covers lending to public and private sector projects and pharmaceutical development projects using a regional approach.

The institutions will also cooperate on the organization of a global Pharmaceutical Business Forum in May 2023 at the General Annual Meetings of the African

Development Bank. The event will bring together key pharmaceutical sector industry captains, including big pharma companies, continental, regional and governmental regulatory agencies, technology transfer entities. The gathering will deliberate on business opportunities, vaccine off-take agreements, pharmaceutical technology transfer agreements and project preparation resources, among other topics.

“The African Development Bank Group places considerable importance on partnerships in its contributions to sustainable development in Africa. Through partnership we can go further, we can increase development effectiveness, we can leverage our complementarities and harness our synergies,” said Solomon Quaynor, Vice President of Infrastructure, Private Sector and Industrialization.

In addition to defining a joint action plan, Anasse Aissami, IsDB Director General, Country Programs, encouraged the participants to expedite implementation of the respective pharmaceutical programs with focus on increasing local production and regulatory support. Amer Bukvic,

Acting Director General, Global Practices and Partnerships, seconded his remarks, adding that: “we will solidly establish and operationalize the health and pharmaceutical collaboration, and we will work hard to enhance the technical cooperation”.

In 2017, heads of the two institutions signed a co-financing Memorandum of Understanding to scale up co-financing activities over the period 2018-2020. A sum of $2 billion was earmarked for co-financing, equally split between the two institutions. The MoU was extended to December 2023 in order to intensify co-financing across strategic sectors such as infrastructure development; human development; private sector development and investment promotion.

“There is room to extend our partnership under the umbrella of the existing MoU to our priority sectors,” Desire Vencatachellum, Director, Financial Mobilization and Partnerships for the African Development Bank noted during the meetings.

Following the signing, Dia, highlighted the need to increase cooperation across all human development sectors and initiatives, given the strong strategic and operational alignment between the IsDB and the African Development Bank across the health, pharmaceutical, education, water and sanitation sectors.

The African Development Bank’s Pharmaceutical Action Plan is well aligned with IsDB’s strategy in the pharma sector. We will work collaboratively and with other partners to achieve results in this sector, which is critical to Africa’s development,” Mukhtar said.

Dr. Ammar Abdo, Human Development Manager indicated that the IsDB-AfDB health industrialization initiative is a deep dive exercise between the two sisters’ institutions on strategic and operational health matters.”

Also present, Martha Phiri, Director of Human Development Department noted the alignment of the Health Infrastructure Strategy of the African Development Bank with IsDB’s plans. “The respective health teams will explore a joint pipeline in line with this pharmaceutical collaboration pipeline,” she said.

The teams will continue to meet monthly to review progress and share insights on proposed common projects. They also announced that they would hold a review meeting before December 2023 to assess the progress of sovereign and non-sovereign projects.

Patoma Admin by — February 19, 2023 in Banking & Finance 0
AfDB appoints Ahmed Rashad Attout as Acting Director of the Financial Sector Development Department

By Favour Nnabugwu

 

 

 

The African Development Bank has appointed Ahmed Rashad Attout as Acting Director, Financial Sector Development Department, effective 1st December 2022.

A seasoned and results-oriented banker, Attout, an Egyptian citizen, has over 23 years of banking experience in Africa and the Middle East and is currently the Manager of the Capital Markets Development Division. He has a special focus on capital markets, sovereign and corporate finance.

As a key member of the Financial Sector Development team responsible for the establishment of client facing capital market operations within the Bank, Attout has been directly involved in the delivery and execution of key capital markets funded and unfunded operations of more than $4.5 billion in over 35 African countries.

He has led several sovereign and non- sovereign capital markets transactions and has been involved in the origination and structuring of different liquidity and mortgage refinancing schemes to assist the continent address its housing challenges.

African Development Bank Group president Dr. Akinwumi Adesina said: “I am delighted to appoint Mr. Ahmed Rashad Attout as Acting Director, Financial Sector Development Department. Ahmed is an experienced and recognized expert in the development of the African Financial Sector. He will continue to provide leadership to the financial sector team, and support the Bank flagship operations, and transformative Agenda in Africa”.

Patoma Admin by — February 12, 2023 in Banking & Finance 0
World Bank releases $1.78 bn to Turkey hunt for recovery, reconstruction after eathquakes

By Favour Nnabugwu

 

 

The World Bank has announced $1.78 billion assistance for Turkey s recovery and reconstruction after a massive earthquakes.

The Bank gave the fund to help relief and recovery efforts following devastating earthquakes and aftershocks in Türkiye that have already resulted in massive loss of life, injuries, and very significant damages in and around southeastern Türkiye.

The World Bank has also commenced a rapid damage assessment to estimate the magnitude of the disaster and identify priority areas for recovery and reconstruction support, building on its extensive experience in disaster risk management from around the world.

“On behalf of the World Bank Group, we express our deepest condolences to the people of Türkiye and Syria for the great loss you have suffered as a result of the devastating earthquakes,” said World Bank Group President David Malpass. “We are providing immediate assistance and preparing a rapid assessment of the urgent and massive needs on the ground. This will identify priority areas for the country’s recovery and reconstruction as we prepare operations to support those needs.”

Immediate assistance of $780 million is offered via Contingent Emergency Response Components (CERCs) from two existing projects in Türkiye – the Türkiye Earthquake, Floods and Wildfires Emergency Reconstruction Project (TEFWER) and the Climate and Disaster Resilient Cities Project. CERCs help recipient countries quickly access project funds for emergency response, as is needed now in Türkiye.

The assistance will be used for rebuilding basic infrastructure at the municipal level.
Türkiye’s immediate and future needs are immense and span the whole range from relief to reconstruction,” said Humberto Lopez, World Bank Country Director for Türkiye.

The World Bank in Türkiye

The World Bank’s deep and productive partnership with Türkiye dates back to 1950. In recent years, the Bank has become a leading partner in disaster risk management, urban development, and energy efficiency in the country. The Bank has implemented the Istanbul Seismic Risk Mitigation and Emergency Preparedness Project; the Safe Schools Project financed by the Facility for Refugees in Türkiye; and the Disaster Risk Management in Schools Project, among others.

Projects under implementation include the Seismic Resilience and Energy Efficiency in Public Buildings Project to improve earthquake resilience and energy efficiency of public buildings. The World Bank’s Türkiye program currently stands at 30 active lending operations worth $9 billion.

The World Bank and Disaster Risk Management

Disasters hurt the poor and vulnerable the most. Over the past decade, the World Bank has emerged as the global leader in disaster risk management, supporting client countries to assess exposure to hazards and address disaster risks.

Mainstreaming disaster risk management into development planning can reverse the current trend of rising disasters, from natural and human-made causes. Furthermore, when countries rebuild stronger, faster, and more inclusively after disasters, they can reduce the impact on people’s livelihoods and well-being by as much as 31%.

Patoma Admin by — February 10, 2023 in Banking & Finance 0
Ireland, Austria join donors of Africa Climate Change Fund with €2m, €1 m contribution

By Favour Nnabugwu

 

 

 

Ireland and Austria have joined the African Development Bank’s Africa Climate Change Fund (ACCF) with contributions of €2 million and €1 million, respectively, to support the Fund’s work.

The ACCF is a multi-donor trust fund that backs the African Development Bank Group’s target of tripling its climate financing and advancing Africa’s climate resilience.

Harald Waiglein, Director General at Austria’s Federal Ministry of Finance, expressed his country’s commitment to tackling climate change with a strong focus on adaptation.

In a letter to the Bank, Waiglein said, “the Federal Ministry of Finance of Austria decided to contribute to the ACCF to support activities of the Africa NDC Hub, including the development and update of Nationally Determined Contributions and Long-Term Climate Strategies of African countries.”

“We consider these strategies essential to combat climate change and further sustainable development,” he added.

Sean Fleming, Ireland’s Minister for International Development and the Diaspora, said, “Ireland is committed to supporting communities across Africa to deal with the impacts of climate change.”
with contributions from the governments of Flanders, Belgium, and Italy. The current value of the trust fund is $28.8 million.

Since its inception, the Fund has approved 27 grants worth $16.89 million and completed seven projects that have helped build capacity to access international climate finance in over 26 African countries. ACCF projects have also enabled countries to mobilize climate finance and implement small-scale adaptation strategies to enhance climate resilience.

The ACCF supports projects through competitive calls for proposals and a demand-driven window. These new funds will be channeled via these windows

Patoma Admin by — February 8, 2023 in Foreign 0