Connect with us

World

Review: Africa At The SPIEF’19

Published

on

By Kester Kenn Klomegah

Foreign Minister Sergey Lavrov has held series of diplomatic discussions with a number of high-level African delegations who attended the St Petersburg International Economic Forum (SPIEF) from June 6 to 8, reaffirmed Russia’s preparedness to strengthen cooperation in socio-economic spheres, provide the necessary military-technical logistics for enforcing stability and continue training specialists in Russian educational institutions.

Traditionally, SPIEF is a meeting platform for world business leaders, government officials, experts and media representatives to discuss and jointly search for solutions to the most pressing issues in the Russian and global economies.

The key theme of this year’s forum, Creating a Sustainable Development Agenda, included discussions on the current state of and prospects for the sustainable development of the global economy. The business programme comprised four themed blocks: The Global Economy in Search of a Balance; The Russian Economy: Achieving National Development Goals; Technologies Shaping the Future; and People First.

As planned, Sergey Lavrov held several separate bilateral meetings. He attended a trilateral meeting with the Foreign Minister Somalia. On June 6, held meetings with Kenyan Secretary for Foreign Affairs Monica Juma, Foreign Minister of Botswana, Unity Dow and Central African Republic Foreign Minister, Sylvie Baipo-Temon among others.

With Minister Unity Dow, referring to an agreement signed between the Government of the Russian Federation and the Government of the Republic of Botswana, on waiving visa requirements for citizens of the Russian Federation and of the Republic of Botswana, Lavrov said that the agreement would ensure frequent exchanges of peoples and business community members. He further said it would provide “more comfortable conditions for interacting with each other.”

During the meeting with Foreign Minister of the Central African Republic Sylvie Baipo-Temon, Lavrov stressed that Russia and CAR would be able to find more areas for trade and economic cooperation.

“We have long-standing friendly relations. This helps us to cooperate in a way that is beneficial for the development of and the efforts to normalise the situation in the Central African Republic,” he told CAR Foreign Minister.

“The meeting between Russian President Vladimir Putin and President of the Central African Republic Faustin-Archange Touadera in St Petersburg in May 2018 and my prior talks with President Touadera in Sochi in October 2017 have proven useful for the efforts to implement the fundamental agreements which have been reached. We will work to achieve this,” concluded Lavrov.

Adviser to the President of the Russian Federation, Anton Kobyakov, also met with Vice-President of the Republic of Cote d’Ivoire Daniel Kablan Duncan at the 2019 St. Petersburg International Economic Forum. Kobyakov noted that Russia attaches great importance to deepening cooperation with its African partners in trade and investment that includes the involvement of Russian companies in the implementation of projects in various sectors.

“In 2018, trade between the Russian Federation and Africa increased from US$17.4 billion to US$20.4 billion, domestic exports grew by 18.1%, and imports to Russia from the continent grew by 11.1%. Key Russian trading partners include such North African countries as Egypt, Algeria, Morocco, and Tunisia, as well as the Republic of South Africa, located on the other end of the continent. Egypt, Algeria, Morocco, Nigeria, and Tunisia accounted for the lion’s share of Russian exports in 2018, while South Africa, Morocco, Egypt, Côte d’Ivoire, and Tunisia dominated imports,” Kobyakov said.

Vice-President of the Republic of Côte d’Ivoire, Daniel Kablan Duncan, underlined the strengthening of bilateral relations between Russia and Côte d’Ivoire: “2017 marked a half-century since the establishment of diplomatic relations between our countries. We enjoy friendly relations that encompass many areas of interaction, including political dialogue, security, trade, economic and technical military ties, energy, and scientific, cultural, and cultural exchanges.”

Cote d’Ivoire is one of Russia’s largest trading partners in sub-Saharan Africa, and the beginning of 2019 has been marked by a significant increase in mutual trade. The outlook for cooperation in energy seems promising. The processing of agricultural products could also be included in a list of key areas of trade and investment cooperation with Russia.

Besides bilateral meetings, there were other related business programmes where Africans participated. Support of the Russian export to African countries can grow twofold and reach the level of US$1 bln this year, Chief Executive of the Russian Export Insurance Company EXIAR, Nikita Gusakov informed the Russia-Africa plenary session at the St. Petersburg International Economic Forum (SPIEF).

“There is quite a lot of projects. We supported exports to Africa with an amount of US$0.5 bln last year. Regarding sectors, these are railways, pipeline infrastructure, everything linked to food security and fertilizer suppliers,” Gusakov said. There is no exact forecast of export support for Africa in 2019 but “the amount should be doubled at the least,” he added.

During the plenary session, the key speakers and participants agreed that 2019 should be a historic year in the development of Russian-African relations. The Summit of Heads of State in October should take place amidst record growth in Russian exports to Africa. The first event in the history of Russian-African relations to invite the heads of all African states along with the leaders of major sub-regional associations and organizations.

Russia is interested in new markets and international alliances more than ever before, while Africa has solidified its position as one of the centres of global economic growth in recent years.

In this context, the countries need to rethink the approaches, mechanisms, and tools to use for cooperation in order to take their relations to the next level as their significance grows in the new conditions of world politics and economics. What steps are needed to give a new impetus to bilateral economic relations? What are the key initiatives and competencies that can create a deeper strategic partnership between Russia and African states?

These are among the key questions on the meeting agenda for the upcoming Russia-Africa Summit planned for October in Sochi under the co-chairmanship of President of the Russian Federation Vladimir Putin and President of the Arab Republic of Egypt Abdel Fattah el-Sisi, Chairperson of the African Union. The first event in the history of Russian-African relations to invite the heads of all African states along with the leaders of major sub-regional associations and organizations. Kester Kenn Klomegah writes frequently about Russia, Africa and BRICS.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Continue Reading
1 Comment

1 Comment

  1. Pingback: YouTube Backlink

Leave a Reply

World

Why Africa is a Priority for Russia’s Rosatom

Published

on

Ryan Collyer Rosatom

By Kester Kenn Klomegah

After the first Russia-Africa summit held in Sochi, authorities have been moving to build on this new chapter of Russia’s relations with African countries.

As set in the joint declaration, the two sides have outlined comprehensive goals and tasks for the further development of Russia-Africa cooperation in significant areas including science and technology.

Business interest in Africa is steadily increasing and Russian companies, among them Rosatom, are ready to work with African partners.

It is largely acknowledged that energy (construction and repair of power generation facilities as well as in peaceful nuclear energy and the use of renewable energy sources) is an important area of the economic cooperation between Russia and Africa.

Ryan Collyer is the Chief Executive Officer (CEO) of Rosatom Sub-Saharan Africa, and his key responsibilities include overseeing, implementing and managing all Russian nuclear projects in the Sub-Sahara African region.

In this insightful and wide-ranging interview with Kester Kenn Klomegah in early April 2021, Ryan Collyer discusses efforts toward providing nuclear power, training of nuclear specialists, the main challenges and the future plans for Africa.

Here are the interview excerpts:

Even before the first Russia-Africa summit held in October 2019, several African countries have shown a keen interest in building nuclear power plants. What is the current situation (overview) moving from mere interest to realizing concrete results in Africa?

It is important to note that nuclear is not new to Africa and Africa is not new to nuclear. South Africa has successfully operated Safari 1 research reactor for over 55 years and Koeberg nuclear power plant for over three decades. At one point, South Africa was the second-largest exporter of the life-saving medical isotope, Molybdenum 99, in the world. There are also currently research reactors in the Democratic Republic of Congo, Nigeria, and Ghana.

Another source is the cooperation with the International Atomic Energy Agency. Thanks to that, many countries like Benin, Ethiopia, South Africa, Tanzania, Zambia, and others benefit from modern nuclear technologies applications in healthcare and agriculture. In Zambia, a cancer disease hospital received much-needed support, and now over 20,000 patients have been diagnosed and treated at the hospital. Benin’s soybean farmers could triple their income using the benefits of nuclear irradiation. In Tanzania, its island of Zanzibar became tsetse-free thanks to the Sterile Insect Technique (SIT).

Many other African countries are already working on joining the atomic club in one form or another, whether it be the construction of a Nuclear Power Plant or a research reactor or the development of nuclear infrastructure or the training of professional personnel. In this undertaking, Russia is a trusted partner for many. We have signed intergovernmental agreements in the peaceful use of atomic energy with Algeria (2014), Ghana (2015), Egypt (2015), Ethiopia (2019), the Republic of Congo (2019), Nigeria (2012, 2016), Rwanda (2018), South Africa (2004), Sudan (2017), Tunisia (2016), Uganda (2019) and Zambia (2016). Memoranda of Understanding (MOUs) were signed with Kenya in 2016 and Morocco in 2017.

How would you estimate the potential nuclear energy requirements in Africa? How is that compared to other alternative power sources such as solar and hydro-power?

Today, 600 million people in sub-Saharan Africa (one-out-of-two people) do not have access to electricity. Any significant change is not forthcoming, according to the International Energy Agency (IEA). Estimations show that 530 million people (one-out-of-three people) will remain without electricity in 2030. As GDP growth and urbanization in Africa escalate, the power demand will increase exponentially. Today the electricity demand in Africa is 700 terawatt-hours (TWh), with the North African economies and South Africa accounting for over 70% of the total.

According to the IEA estimate scenarios, by 2040, the electricity demand will more than double in the Stated Policies Scenario to over 1600 TWh. It may reach 2300 TWh in the Africa Case Scenario. It is undeniable that Africa needs vast amounts of sustainable energy to transform societies, grow economies, and reduce the global carbon footprint.

No single source of electricity can provide these amounts and considerably lower greenhouse emissions. A healthy mix of several intermittent and baseload options can satisfy these criteria and allow for the economy and society’s prosperity. The top-5 performers in the Energy Trilemma Index by World Energy Council have a combination of both nuclear and renewable resources to balance all three dimensions: equity, security, and environmental sustainability, thus enabling their prosperity and competitiveness. For example, Switzerland has over 30% nuclear, Sweden roughly 40% nuclear, Finland – 18%, and France – over 70% nuclear.

Apart from energy poverty, nuclear can solve other continent problems, from low industrialization to advances in science, healthcare, and agriculture, thus propelling the continent towards the African Union’s Agenda 2063 Master plan, which envisions Africa’s transformation into the global powerhouse of the future. So, we are advocating a diverse energy mix that utilizes all available resources, including renewables and nuclear, to ensure climate resilience and environmental safety, social equity, and supply security.

Can you discuss concretely the planned nuclear projects in South Africa, Zambia and Egypt? Say why these have still not taken off as planned, the necessary agreements have been signed though?

Our plans for projects in Egypt and Zambia are proceeding at the pace acceptable for both parties. In Egypt, we plan to commission four power units with VVER-1200 type reactors with a capacity of 1200 MW each by 2028. We will also supply nuclear fuel throughout the entire NPP life cycle (60 years), provide training services, and carry out maintenance and repairs within ten years after each unit’s start. With our initial agreement signed in 2015, and necessary infrastructure still being put in place, the El Dabaa project is firmly underway.

Our project in Zambia, Center for Nuclear Science and Technology, is implemented in several stages, starting with a Multipurpose Irradiation Center. Once the Center is built, a training complex within it will contribute to building capacity in nuclear technology by providing opportunities for training students of different degrees from Bachelor to PhD and carrying out advanced experiments and research that provides a new level of practical competencies. With Zambia being new to nuclear, the installation of infrastructure is the key priority at the moment.

As for South Africa, we maintain a cordial working relationship with crucial nuclear industry bodies and are monitoring their ambitions to add 2500MW of new nuclear to the grid very closely, but we are not currently engaged in any active nuclear projects. The initial 9600MW nuclear new build program in South Africa was halted in 2017 as a result of internal procedural issues of the country. It is important to note that the 9600MW program did not make it past the Request for Information (RFI) stage, and Rosatom was only one of many vendors interested to bid for the project.  The program was then downsized to 2500MW and restarted in 2020 as the country grapples with power shortages due to an ageing coal-fired fleet.

To what extent, the use of nuclear power safe and secured for Africa? What technical precautions (measures) can you suggest for ensuring nuclear security?

A nuclear power program is a complex undertaking that requires meticulous planning, preparation, and investment in time, institutions, and human resources. The development of such a program does not happen overnight and can take several years to implement. All countries, which embark on the path towards the peaceful use of nuclear technologies, do so by adopting the IAEA Milestone Approach framework. This approach provides newcomer countries with well-structured guidance and a clear to-do list, which gives them a clear understanding of how to safely and effectively implement and manage their civil nuclear program. This approach includes necessary policy and legal framework, human capital development, installation of management and regulatory bodies, implementation of safeguards, and educating the public.

Since many of our partners are relatively new to the technology, we are able to provide full support to them on their path towards achieving their national nuclear energy programs, this at all of its stages of the project and in full accordance with IAEA regulations.

Do you also envisage transferring technology by training local specialists and how does this currently look like, how many specialists per year undergoing training in Russia?

The ultimate goal in our projects is to help our partners gain independence in terms of human capital. Still, it will need at least a decade of education and training of many young people and professionals.

As part of our commitment, we assist our partner countries with training local personnel via a government-sponsored bursary program by the Russian Ministry of Science and Higher Education. Since 2010, hundreds of students from Algeria, Ghana, Egypt, Zambia, Kenya, Nigeria, Tanzania, Uganda, Ethiopia, and South Africa have been receiving nuclear and related education at leading Russian educational institutions. Currently, over 1500 students from Sub-Saharan Africa study in Russia under bachelor, master and post-doc programs, 256 students are on nuclear and related programs.

Another aspect is short-term training for professionals – managers and specialists in nuclear. The topics of training range from nuclear energy, technology management and technical regulations to safety features of Russian designs in nuclear.

In your view, why many African countries opting for renewable energy? Is nuclear power affordable for Africa? With this trend, what is Rosatom’s plan for future cooperation with African countries?

Currently, renewables show the fastest-growing curve in meeting this demand with the solar potential of 10 TW, the hydro of 350 GW, the wind of 110 GW, and the geothermal energy sources of 15 GW. Many are easy to install and demand little in terms of investment.

However, the critical question regarding these sources is reliability. US Energy Department estimates show that nuclear power plants produce maximum power over 93% of the time during the year. That’s about 1.5 to 2 times more than natural gas and coal units and 2.5 to 3.5 times more reliable than wind and solar plants. To replace a nuclear power plant, one would need two coal or three to four renewable plants of the same size to generate the same amount of electricity onto the grid.

Another critical question is the cost. Most of the funds are needed during the construction period. Building a large-scale nuclear reactor takes thousands of workers, massive amounts of steel and concrete, thousands of components, and several systems to provide electricity, cooling, ventilation, information, control and communication. However, apart from a reliable source of electricity throughout several decades (from 40 to 60 years minimum), the International Energy Agency (IEA) estimates that the construction of new NPPs is competitive compared to other green energy sources like wind and solar. It is also worth noting such an economic advantage of nuclear power as the electricity cost’s stability and predictability.

Our experience shows substantial dividends for any country that joins the international nuclear community. We are talking about thousands of new jobs, quantum leaps in R&D, and the creation of entirely new sectors of the economy. According to our estimates, US$1 invested in nuclear power plants under the Rosatom project brings in US$ 1.9 to local suppliers, US$4.3 for the country’s GDP, and US$1.4 to the Treasury as tax revenues.

We have recently calculated even more specific data based on El Dabaa nuclear power station. During the construction period, the NPP project will increase the country’s GDP by over US$4 billion or 1%, bring around US$570 million as tax revenue, and employ over 70% of local personnel. Apart from the NPP itself, Egypt will have a new seaport, several roads, and schools constructed. After the start of operations, over 19% of the population or 20 million people will have access to electricity, and the NPP will prevent over 14 million tons of CO2 emissions annually.

In general, I would like to say that while the capital cost for nuclear energy may be higher, the reliable energy that it produces over its lifespan is very affordable. Beyond this, the inclusion of nuclear energy into the energy mix itself gives a powerful qualitative impetus for the economy, the establishment of high-technology-based industries and, as a result, the growth of export potential and quality of life.

Reference: Rosatom offers integrated clean energy solutions across the nuclear supply chain and beyond. With 70 years of experience, the company is the world leader in high-performance solutions for all kinds of nuclear power plants. It also works in the segments of wind generation, nuclear medicine, energy storage and others. Products and services of the nuclear industry enterprises are supplied to over 50 countries around the world.

Continue Reading

World

World Bank to Finance COVID-19 Vaccines for 40 Developing Countries

Published

on

World Bank

By Adedapo Adesanya

The World Bank will commit $2 billion in financing for COVID-19 vaccines in about 40 developing countries by the end of April in order to close the disparity in vaccination rates across the world.

This was disclosed by the World Bank Managing Director of Operations, Mr Axel van Trotsenburg, at a forum on Friday.

According to the multilateral lender, the $2 billion is part of a larger pool of $12 billion that the financial organisation has made available overall for vaccine development, distribution and production in low-and middle-income countries.

World Bank President, Mr David Malpass, in separate remarks, noted that that the bank expects this to expand to $4 billion worth of commitments in 50 countries by mid-year.

This followed complaints raised by public health officials at the forum, which warned that a race between the coronavirus and the vaccines meant to stop it could be lost if the pace of vaccinations in the developing world did not pick up.

This was echoed by the Director-General of the World Health Organization (WHO), Dr Tedros Adhanom Ghebreyesus, who said that existing vaccines could be rendered ineffective if the virus continues to spread and mutate.

“Even those countries who have high coverage of vaccines will not be secure because the new variants that may not be stopped by the vaccines we have, will invade the countries that may have even 100% coverage in a few months,” he said.

The WHO Head called for more political will to boost production of COVID-19 vaccines and share supplies, including through stalled intellectual property waiver on vaccines through the World Trade Organisation (WTO).

Dr Ghebreyesus explained that the WTO’s Trade-Related Aspects of Intellectual Property or TRIPS waiver was the “elephant in the room” holding back vaccine production.

He added that it was meant for emergencies such as the coronavirus pandemic.

Countries had requested a waiver from certain provisions of the multilateral agreement so that more countries get equitable access to vaccines.

Amid rising COVID-19 cases, a waiver on certain provisions of the agreement is expected to help more countries, especially middle- and low-income nations to access vaccines.

However, countries have been divided on the issue, with some developed nations opposing it.

Continue Reading

World

Queen Elizabeth II’s Husband Prince Philip Dies at 99

Published

on

prince philip

By Adedapo Adesanya

The husband of Queen Elizabeth II of Great Britain, Prince Phillip, has died at the age of 99, a statement from Buckingham Palace has revealed.

Prince Philip was the longest-serving royal consort in British history after getting married to Princess Elizabeth in 1947, five years before she became the Queen.

The Palace announced the death of the late monarch via its official Twitter handle today. He was said to have passed away peacefully this morning at Windsor Castle.

“The Royal Family join with people around the world in mourning his loss. Further announcements will be made in due course.

“It is with deep sorrow that Her Majesty The Queen announces the death of her beloved husband, His Royal Highness Prince Philip, Duke of Edinburgh,” the statement said.

Fears over the health of the Duke of Edinburgh, as he was formally known, had been heightened after he recently spent a month in hospital for treatment.

He left the hospital on March 16 following what was described as a successful procedure for a pre-existing condition and treatment for an unspecified infection.

He was first admitted on February 16 on the advice of his doctor after he complained of feeling unwell.

Philip had returned to Windsor Castle, west of London, where he had been isolating with the queen, Britain’s longest-serving monarch, since the start of the coronavirus pandemic last year.

He was due to turn 100 in June.

The news of his death saw television channels interrupt regular programmes and start special coverage marking his life.

The BBC announced his death and played the national anthem, God Save the Queen.

Prince Philip had increasingly struggled with his health in recent years and had retired from public life.

The Greek-born former naval officer was then treated for a blocked coronary artery and had a stent fitted.

Condolences

The Prime Minister of the United Kingdom, Mr Boris Johnson, said he inspired the lives of countless young people.

Speaking at Downing Street, Mr Johnson said, “He helped to steer the Royal Family and the monarchy so that it remains an institution indisputably vital to the balance and happiness of our national life.”

The British PM noted that he received the news of the duke’s death “with great sadness”.

“Prince Philip earned the affection of generations here in the United Kingdom, across the Commonwealth, and around the world,” he further said.

Scotland’s First Minister, Mrs Nicola Sturgeon, said she was saddened by the death of the Duke.

She tweeted: “I send my personal and deepest condolences – and those of @scotgov and the people of Scotland – to Her Majesty The Queen and her family.”

Prince Philip and the Queen had four children, eight grandchildren and 10 great-grandchildren.

Their first son, the Prince of Wales, Prince Charles, was born in 1948, followed by his sister, Princess Royal, Princess Anne, in 1950, the Duke of York, Prince Andrew, in 1960 and the Earl of Wessex, Prince Edward, in 1964.

Continue Reading

World

Towards the Second Russia-Africa Summit

Published

on

Russia-Africa Summit

By Kester Kenn Klomegah

Following the instruction of the Russian President on the preparation of the second Russia-Africa Summit in 2022, a working meeting between an Adviser to the President of the Russian Federation and the Association of Economic Cooperation with the African States (AECAS), the Secretariat of the Russia-Africa Partnership Forum and the Roscongress Foundation was held in Moscow.

Among the participants of the meeting were Adviser to the President of the Russian Federation Anton Kobyakov, Ambassador-at-Large of the Ministry of Foreign Affairs and Head of the Secretariat of the Russia-Africa Partnership Forum Oleg Ozerov, Chairman of the Board, Chief Executive Officer of the Roscongress Foundation, Head of the Coordination Council for Russia-Africa Partnership Forum Alexander Stuglev and Head of AECAS Alexander Saltanov.

They discussed the prospects for further development of relationships with African countries in accordance with the decisions of the first Russia-Africa Summit that was held in Sochi in October 2019, as well as the key aspects of preparation for the next top-level Russian-African meeting in 2022, including the need to establish efficient information cooperation with African countries.

Adviser to the President was presented with the interim results of the work done by the Secretariat that was created in 2020 for coordination and preparation of events within the Russia-Africa format, as well as advances made by AECAS, the establishment of which is an important achievement on the way to efficient and fruitful preparation for subsequent events of the Russian-African track.

The day before Russian President Vladimir Putin informed the participants of the International Inter-Party Conference Russia-Africa: Reviving Traditions about the preparation for the second Russia-Africa Summit in a telegram and noted that the first Summit «gave a strong momentum to the development of friendly relationships between our country and countries of the African continent.»

Russian Minister of Foreign Affairs Sergey Lavrov, who took part in the Inter-Party Conference, said that the Summit is already being prepared and filled with meaningful content, and roadmaps of Russian-African economic, scientific and humanitarian cooperation are to be drafted in the near future.

The Minister also noted that African issues are supposed to be included in the programme of the upcoming St. Petersburg International Economic Forum. These topics will be further discussed at the next meeting of foreign ministers of Russia and the African Union trio that is scheduled for 2021.

Continue Reading

Economy

Economic Outlook: IMF Projects 6.0% Growth in 2021

Published

on

$188trn global debt IMF Chief

By Adedapo Adesanya

The International Monetary Fund (IMF) has reviewed its World Economic Outlook (WEO) to 6.0 per cent this year after the contraction of 3.3 per cent in 2020 amid the COVID-19 pandemic.

According to the Bretton Wood Institution on Tuesday, accelerated vaccinations and a flood of government spending, especially in the United States, have boosted the outlook for the global economy, but more must be done to prevent permanent scars.

The IMF said governments had spent $16 trillion in their attempts to mitigate the economic damage caused by the virus and that without the unprecedented policy response the global economy would have contracted by 10 per cent last year.

The WEO warned that the recovery would be uneven, with faster progress in rich countries further advanced with their vaccine programmes and with the financial firepower to pay for stimulus packages. Inequality would increase both between and within countries, it stated.

The IMF warned against withdrawing government support too soon and urged policymakers to safeguard the recovery through policies to support firms, including ensuring the adequate supply of credit and workers with wage support and retraining.

Of the advanced countries, the United States has recorded the biggest improvement in its prospects, with the IMF raising its growth forecasts by 1.3 points to 6.4 per cent in 2021 and 1.0 points to 3.5 per cent in 2022.

The United Kingdom is expected to grow by 5.3 per cent in 2021 and by 5.1 per cent in 2022 – an upward revision of 0.8 and 0.1 percentage points respectively since January.

Meanwhile, China’s economy, one of few that grew last year, will expand 8.4 per cent in 2021, the IMF said.

The Euro Area too will see GDP expand 4.4 per cent, slightly better than the prior forecast.

Speaking on the report, Ms Gita Gopinath, the IMF’s economic counsellor, said in a blog: “It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and millions remain unemployed.

“Yet, even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increasingly visible. Thanks to the ingenuity of the scientific community hundreds of millions of people are being vaccinated and this is expected to power recoveries in many countries later this year.”

Ms Gopinath said swift action had prevented a repeat of the financial meltdown of 2008 and as a result, medium-term losses – output that will never be recovered – would be smaller at about 3 per cent of global GDP.

Unlike after the 2008 crisis, it would be emerging markets and low-income countries that could be expected to suffer greater scarring given their limited ability to stimulate their economies.

Despite becoming more optimistic about growth prospects, she said the future presented daunting challenges.

“The pandemic is yet to be defeated and virus cases are accelerating in many countries. Recoveries are also diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliant on tourism do less well.”

The IMF calculates that an additional 95 million people expected to have entered the ranks of the extreme poor in 2020, and there are 80 million more undernourished than before.

The lender noted that cooperation to ensure widespread vaccinations across the world to address the “deeply iniquitous” vaccine access where rich countries are scooping up the bulk of the supply.

IMF also called for resources to help children who have fallen behind in their education during the pandemic.

Continue Reading

World

AfDB Approves €145m Loan for Egypt’s Railway

Published

on

Investment to Egypt

By Adedapo Adesanya

The African Development Bank (AfDB) has approved the loan of €145 million to finance reliability and performance upgrades to the country’s rail system under the Egypt National Railways Modernization Project (ENRMP).

The funding will be used to enhance operational safety and to increase network capacity on national rail lines.

Speaking on this, the country’s Minister of International Cooperation, Dr Rania Al-Mashat said, “Safe, accessible, convenient and green transport systems will be crucial to achieving sustainable development.

“The improvement and expansion of Egypt’s rail system through the ENRMP allows for active mobility and enables the urban and rural development through an inter-modal linked system.

“Technology and innovation, and a robust commitment to public transport will all be vital components of building back better.”

Rail transport is central to Egypt’s economy and competitiveness and rail passenger and freight traffic are expected to increase to 15 per cent and 10 per cent respectively by 2029 as a result of the bank’s loan and other investments in the project. Currently, 8 per cent of passenger traffic and 6 per cent of freight traffic respectively move by rail.

The planned upgrades are expected to benefit low-income Egyptians which are about 40 per cent of the population and rely on trains as an affordable mode of transport.  However, increasing train freight is projected to have a positive impact on greenhouse gas emissions.

The Government of Egypt has committed significant investment to upgrade the country’s railway infrastructure through rail renewals, modernization of signalling and the purchase of new rolling stock.

Under the ENRMP a state-of-the-art, cost-effective train protection system will be installed on 950 km of train line along the busy routes connecting Alexandria in the north to Negh Hammadi in the south, and Port Said in the east.

On the part of the AfDB, Mrs Malinne Blomberg, the Bank’s Deputy Director-General for the North Africa region said, “The newly approved project will enhance the multimodal transportation environment in Egypt, and the efficient movement of people, services and goods.

“This operation is fully aligned with the Bank’s strategy for interventions in Egypt, contributing to sustained and inclusive economic growth, and more specifically, developing infrastructure that supports the expansion of the private sector and job creation,” she added.

Continue Reading

The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: