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(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
RegentAfrca Times gives humanitarian Awards to 3 persons, others

By Favour Nnabugwu
RegentAfrica Times has announced the winners of its 2023 Annual Awards #2023HumanitarianAwards, for three person present at the just concluded  2nd Lecture and Humanitarian Awards
The Awards were give to the living and posthumous.
The three person’s are Mr Jubril Ibrahim Adavise Founder of Positive Impact Humanitarian Inititive; Dr Funmi Morebise, Founder of EatRight Society and Mrs Saddatu Adamu founder of Secure D’ Future Initiative.
The Editor-in-Chief, of RegentAfrica Time, Mr Shola Akingboye said  “In accordance with our annual tradition, we are pleased to announce winners of this year’s awards after rigorous vetting that produced outstanding persons and institutions in different categories. It’s a list that inspires hope, in spite of our current challenges .
Akingboye said that journalism in Nigeria is doing a great job. He charged the awardees to continues in Humanitarian services to enhance the Nation’s economy.
The theme of this years annual lecture is on ” Enhancing professionalism Among the Security and agencies, Media & Voters for free, fair and Credible Polls.
Dr Saadatu Adamu, founder of Secure D’ Future Initiative posited that serious advocacy is needed for behaviour Modification to ensure free election violence.
Dr Funmi Morebise, Founder of EatRight Society asserted that Regent Africa times award will make her to do more, Because she has a lot of platforms program to enhance the capacity of the youths.
At the end of the event, Mr. Jubril Ibrahim Adavise Founder of Positive Impact Humanitarian Inititive, said over 150 people were given scholarship under his organization and he will continue to ensure the potential of Nigeria youths are birthed through various engagement of his scheme.
Patoma Admin by — February 16, 2023 in Metro 0
Abuja Online Publishers Forum(AOPF) congratulate Ajaero as NLC president, pledges partners in progress

CAPTION:

Newly elected President of the Nigerian Labour Congree, NLC and President of Abuja Online Publishers Forum, Mr Martins Odiete

 

 

By Favour Nnabugwu

 

 

Abuja Online Publishers, AOPF has congratulated the newly elected National President and Executives of the Nigeria Labour Congress, NLC on their emergence.

In a statement signed by the President Abuja Online Publishers Forum, AOPF, Mr Martins Odiete  and co-signed by the Secretary of the forum, Mr Shola Akingboye said the emergence unopposed by all stakeholders is a clear proof of the confidence in your sterling labour struggle credentials and the right choice to meet the yearnings of the labour movement in Nigeria.

AOPF is aware of your proven integrity, hardwork and pedigree as the voice of the voiceless and we look forward to a new vista of progress in Nigeria’s labour struggle under your watch.

“We look forward to a cordial relationship and pledge our commitment to building a formidable partnership with the new NLC leadership as you strive to take the labour movement to greater heights”..

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Patoma Admin by — February 15, 2023 in Metro 0
Faces @ as RegentAfrica Times gives out humanitarian Awards

RegentAfrica Times organised a 2nd Lecturer & Humanitarian Awards in collaboration with Nigerian Union of Journalists at National Human Rights Commission in Abuja. Awards were given to Dr Funmi Morebise, Mrs Saddatu Adamu and Mr Jubril Ibrahim Adavise

CAPTION

L- Mr Martins Odiete, Chairman of Abuja Online Publishers and organiser of the RegentAfrica Time, Sola Akingboye during the lecture in Abuja

Mr Jubril Ibrahim Adavise Founder of Positive Impact Humanitarian Inititive; Dr Funmi Morebise, Founder of EatRight Society and Mrs Saddatu Adamu founder of Secure D’ Future Initiative at the event today

Participants at the lecture event today

 

 

Patoma Admin by — February 14, 2023 in Business 0
RegentAfrica Times begins sensitisation ahead of 2023 elections…As Lecture holds tomorrow

 

.To Honour Humanitarians Champions and Fallen Heroes
By Favour Nnabugwu
The management of RegentAfrica Times newspapers  has begun it’s sensitasation programme as its 2nd annual public lecture and awards hold tomorrow.
The lecture organised in collaboration with the Nigerian Union of Journalists, FCT-Chapter, with support from the National Human Rights Commission (NHRC) theme: ‘2023 Enhacing Professionalism among security agencies, media and voters for free, fair & credible polls’
In a press statement signed by the Editor-in-Chief, RegentAfrica Times newspapers, Shola Akingboye, on Monday,  the media organization noted that the 2023 lecture focuses on addressing the key players in the coming elections: the Security Agencies, Media, and the Electorates, whose roles and conducts are expected to shape the much anticipated Nigeria general elections.
“Commenting in the event, Akingboye event focuses on tasking everyone on how to synergize for peaceful elections.
“We are joining the advocates for free, fair and credible polls with support from our major partners: the Nigerian Union of Journalists (NUJ-FCT), the National Human Rights Commission (NHRC), and the Africa Independent Television AIT”.
As a media organization, Akingboye  said, “we  must organize an event of this nature given the oath we swore to keep as a member of the fourth realm of the estate, saddled with the constitutional responsibility to inform and keep the public better informed on unfolding issues, especially as the 2023 Nigeria’s transition election approaches”
“However, the 2nd and the 2023 edition is strategic given the coming general elections and the need to engage critical stakeholders, hence the theme of the event and the February 14th date set aside for this year’s lecture.
 “The 2023 edition is designed to remind key players in the coming elections, the Security Agencies, the Media, the electorates, including election observers on the need to apply rules and operational ethics in discharging their duties while in the field for a peaceful and credible 2023 Nigerian polls.
“Meanwhile, the annual Humanitarian Awards segment is designed to honour individuals who are human rights promoters in their various capacities, including caregivers and humanitarian champions that live for others and the less-privileged, More deeply to our hearts in these categories of awards are the post-humours awards reserved for the fallen heroes who laid down their lives for the fatherland.
Relevant stakeholders expected at the event are invitees from the government quarters, the INEC, the legislative arm, the media, security agencies, NGOs, civil society organisations, including members of the diplomatic community in Nigeria, and the general public.
Patoma Admin by — February 13, 2023 in Business 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
AfDB”s AFAWA fund for women entrepreneurs hit $1bn

By Favour Nnabugwu

 

 

 

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative has reached a landmark $1 billion in approved funding designated for lending to African women entrepreneurs.

This is yet another milestone for the bank following an historic summit last week to tackle the escalating challenges of food security in Africa. The Dakar 2 Africa Food Summit, co-hosted by the Bank and the Government of Senegal, was attended by 34 heads of state and government, more than 70 ministers, farmers’ representatives from the private sector and development partners.

AFAWA was launched in 2015 in Dakar during the first Feed Africa conference (Dakar 1 Africa Food Summit).

Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development said: “I am incredibly proud of AFAWA’s financing achievement. AFAWA’s benchmark reminds us that when we invest to grow Africa’s food systems, we must also invest in Africa’s women agripreneurs.”

Women run the majority of Africa’s agricultural sector small and medium-sized enterprises (SMEs), yet they face significant barriers to accessing finance. Across the continent, African women entrepreneurs face an estimated $42 billion gender financing gap compared to men.

In the last two years, the Bank, through AFAWA, has multiplied the volume of investments toward women-owned small and medium enterprises sevenfold.

“By the end of December 2022, AFAWA-approved lending to women-led small and medium sized enterprises reached $1.051 billion. Of that, $135 million targets women in the agriculture sector,” said Malado Kaba, Director of the Bank’s Gender, Women and Civil Society Department.

“AFAWA’s approved lending reaches across 27 countries, and through 56 financial institutions. Already 4,115 women business owners have benefited from AFAWA financing instruments. This is just the beginning,” she added.

Already, financial barriers to African women ‘agripreneurs’ growing their businesses, are being addressed through AFAWA investment. AFAWA is working to boost the professional and financial capacities of over 200 women cooperatives in the staple crop food sector in Cote d’Ivoire.

This includes training and access to a digital platform connecting women producers to buyers of agricultural products like wholesalers, retailers and consumers across Cote d’Ivoire.

Furthermore, AFAWA is working with Ecobank on the “Financing Climate Resilient Agricultural Practices in Ghana” project. The project mobilized $20 million from the Green Climate Fund, and $5 million from Ecobank Ghana as co-financing, to fill the gap for working capital to farmers.

The AFAWA project aims to provide financing and technical support to 400 women-led, farmer-based associations and women-owned small and medium enterprises, to foster their agriculture productivity and strengthen their climate resilience practices.

To accelerate progress toward unlocking $5 billion in lending for women by 2026, AFAWA has established a Guarantee Mechanism (http://bit.ly/3DtOnuS) which de-risks the women’s market and increases the ability of financial institutions to lend to women business owners.

AFAWA also launched the Women Entrepreneurship Enablers program, which provides up to $250,000 for women’s business associations, incubators, accelerators, women-led cooperatives, and civil society organizations.

The program increases women SMEs readiness to access credit and scale their businesses. The program inducted its first cohort of 10 Enablers (http://bit.ly/3wFoVi8) in July 2022, who are expected to apply skills acquired in the Enablers program to reach more than 15,000 women-led micro and small enterprises. The second call for proposals to the program drew more than 1,200 applicants. The second cohort will be announced later this year.

“In 2023, we will continue to work closely with our partners to accelerate their ability to lend to women-led micro and small enterprises. Ensuring that the enabling environment is inclusive to enhance women’s ability to access financing will be critical. Thus, we will work closely with policymakers to ensure that the right reforms are in place to accelerate women-led small and medium enterprises’ financial access,” said Kaba

 

Patoma Admin by — February 7, 2023 in Banking & Finance 0
ICIEC, LEPC sign pact to facilitate corporation

By Favour Nnabugwu

 

 

 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) the insurance arm of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MoU) with the Libyan Export Promotion Center (LEPC) to facilitate cooperation between both parties in mutually agreed areas.

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohammed Ali Al-Deeb, Director General, of the LEPC.

The MoU between ICIEC and LEPC is a major step forward in providing export credit and investment insurance facilities to Libyan institutions and companies.

The MoU covers a broad range of activities, such as organizing introductory seminars for Islamic insurance, export credit and investment insurance; providing technical support to local insurers; introducing foreign investments into Libyans’ export projects; participating in related activities organized by other parties; exchanging information on exporters based in Libya looking for export credit insurance.

This partnership will help create an environment that encourages businesses to invest more confidently while expanding the scope of their operations abroad.

Commenting on the MoU Mr. Oussama Kaissi said “We are delighted to announce our new partnership with the Libyan Export Promotion Center! This agreement will increase and diversify Libyan exports, strengthening our efforts in export credit reinsurance. We believe this will provide much-needed support for businesses in Libya during these challenging times”.

The Libyan Export Promotion Center is a government entity affiliated with the Ministry of Economy and Trade, Libya. It was established with the aim of encouraging, developing and diversifying Libyan non-oil exports, spreading the culture of export among the parties related to its activity, and providing the necessary technical, administrative and financial support to Libyan and export institutions to facilitate the access of their products to global markets.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Signs Memorandum of Understanding (MoU) with the Libyan Export Promotion Center to Support Export Development

Patoma Admin by — February 7, 2023 in Banking & Finance 0