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African Development Bank and Côte d’Ivoire start Preliminary Discussions for 2023-2027 Strategy

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2 years ago

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African Development Bank

The discussions focused on the first version of the country diagnostic note, prepared by the Bank for Côte d’Ivoire, and the completion report of the Bank’s 2018-2022 Country Strategy Paper (CSP)

ABIDJAN, Ivory Coast, August 1, 2022/APO Group/ — 

The African Development Bank (www.AfDB.org) and the government of Côte d’Ivoire initiated a preliminary dialogue in Abidjan on July 18-22, 2022, to lay the foundations for the Bank’s strategy in Côte d’Ivoire over the next five years.

Led by the Bank’s Deputy Managing Director for West Africa, Joseph Ribeiro, the Bank’s delegation held weeklong discussions with various stakeholders and partners in Côte d’Ivoire, including senior government officials from the Prime Minister’s office, the Ministry of Planning and Development, Ministry of Economy and Finance, and technical departments of the main ministries concerned with the Bank’s work in Côte d’Ivoire. Technical and financial partners of Côte d’Ivoire also took part in the meetings, as did representatives of the Ivorian private sector and civil society.

The discussions focused on the first version of the country diagnostic note, prepared by the Bank for Côte d’Ivoire, and the completion report of the Bank’s 2018-2022 Country Strategy Paper (CSP) (https://bit.ly/3zg0B7e) for Côte d’Ivoire, which expires at the end of the year. The dialogue also included a performance review of the portfolio of projects financed by the Bank in Côte d’Ivoire during 2022. Lessons were learnt regarding cooperation between the Bank and Côte d’Ivoire, and a number of strategic and operational recommendations were formulated with a view to improving future projects.

“Côte d’Ivoire is a strategic partner of the Bank and this dialogue with government and other stakeholders has enabled a complete diagnosis of our actions in Côte d’Ivoire and identification of strategic directions for the future Country Strategy Paper, which will cover the period 2023-2027 and will be linked to priorities of the government’s National Development Plan for 2021-2025,” Ribeiro said.

“The Bank has successfully adjusted its interventions through the use of more appropriate tools and mechanisms, as shown by the Covid-19 Rapid Response Facility, which provided a cycle of general and sectoral support for the national budget, and the Emergency Food Production Programme, which provides FCFA 96 billion ($159.33 million) of budget support to deal with consequences of the crisis in Ukraine,” said the head of the office of the Minister of Planning and Development, Yéo Nahoua, who led the Ivorian delegation.

From right to left, Joseph Ribeiro, Deputy Managing Director of the Bank for West Africa, Yéo Nahoua, Chief of Staff to the Ivorian Minister of Planning and Development, Siélé Silué, Special Advisor to the Prime Minister with responsibility for projects co-financed by technical and financial partners

The Bank is ready to support Côte d’Ivoire in implementation of its National Development Plan and provide necessary resources in the priority sectors identified by the government

“I take this opportunity to thank the Bank authorities, on behalf of the Minister of Planning and Development, which acts as the Bank’s governor for Côte d’Ivoire, for their contribution to the resilience of our economy and for further improvement in the quality of our cooperation,” he added.

The Bank’s current Country Strategy Paper (CSP) for Côte d’Ivoire, which runs to the end of 2022, supports implementation of the Ivorian government’s National Development Plan for 2016-2020. The two pillars of the plan are: strengthening key infrastructure and governance for greater competitiveness and investment efficiency; and the development of agro-industrial value chains to promote inclusive and sustainable growth.

Achievements to date regarding the first pillar include progress in the transport and energy sectors. The Bank’s interventions have been instrumental in achieving a 3.4% increase in the extent of paved intercity roads and an 83% increase for urban highways, helping to lower domestic and international transport costs and to improve trade with neighbouring countries. In the energy sector, the Bank’s interventions helped to raise access to electricity by 8.6%, although failure to achieve the target of 20% shows that further efforts are required.

Participants of the Bank-government discussions noted that challenges remain for strengthening governance in sectors concerned with the first pillar, and that interventions are to be stepped up for improvement of the business climate and support to small and medium-sized enterprises.

Regarding the second pillar, the Bank’s operations have strengthened research management structures in the agricultural sector and improved productivity in several agricultural sectors (maize, rice, cassava and market gardening). But more work needs to be done to support the infrastructure of agricultural value chains, particularly agro-industrial processing of local products, which is a key element of the second pillar.

The Bank had a portfolio of 44 projects in progress at the end of June 2022 in Côte d’Ivoire, representing commitments of approximately FCFA 1,528 billion or $2.41 billion. The commitments are dominated by transport infrastructure (43.5%), followed by energy (23.6%), agriculture (19.4%), social (4.9%), governance (4.3%), finance (2.2%) and water and sanitation (2.1%). Total portfolio volume has quadrupled over five years, the disbursement level is 44% and the portfolio has an average age of 3.9 years. Portfolio performance is deemed satisfactory overall, with a rating of 3 on a scale of 1 to 4, but implementation challenges have included long execution times, partly related to the quality of project feasibility studies and extended response time. The discussions also focused on the share of non-performing projects, which now stands at 41% after falling below 30% at the end of 2021. The reasons for non-performing projects were noted. They include launch difficulties for new projects, implementation of timeframes beyond five years and low disbursement rates.

“The Bank is ready to support Côte d’Ivoire in implementation of its National Development Plan and to provide necessary resources in the priority sectors identified by the government. The discussions also focused on support for human capital and capacity building. We are ready to examine all this in discussions specifically focused on the Country Strategy Document for the period 2023-2027,” Ribeiro concluded.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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Ministers among hundreds of energy-sector leaders to attend AOW event

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1 day ago

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October 4, 2024

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Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

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Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

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October 4, 2024

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PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

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Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

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October 4, 2024

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Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

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