The Bank’s support will build human resource capacity so that Cameroon has a critical mass of qualified personnel to work throughout the electricity sector value chain

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ABIDJAN, Ivory Coast, December 15, 2023/APO Group/ — 

The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a loan of EUR 74.25 million to Cameroon in Abidjan on 14 December 2023 to implement the first phase of the Electricity Sector Recovery Support Programme (PARSEC).

The programme will support the Cameroonian government to implement the reforms necessary in the energy sector in 2024 and 2025 so that, in the long term, the country can produce enough electricity to cover its national requirements of 5,000 megawatts and build a reserve to export energy to neighbouring countries, particularly Chad.

The programme will also benefit SME, which will see several constraints on the development of their activities, including the irregularity of the energy supply, removed

“This programme allows the African Development Bank to provide added value in its support for the recovery of the electricity sector in Cameroon. It also offers significant leverage effects through its connection to various recovery plans in the electricity sector. The various actions implemented in the context of high-level dialogue with the government are such that they will raise the Bank to the rank of a preferred partner to Cameroon,” said Serge N’Guessan, Director General for the Central Africa region and head of the African Development Bank’s Country Office in Cameroon.

Among other things, the reforms will enable Cameroon to reduce its commercial losses on electricity, improve revenue collection and deal more efficiently with energy flows in distribution, by migrating metering from a post-paid to a pre-paid mode and installing smart meters, including in public buildings. The programme will also help to develop and implement an information-education-communication plan aimed at the population, to publicize the new type of metering and introduce customers to pre-payment.

The Bank’s support will build human resource capacity so that Cameroon has a critical mass of qualified personnel to work throughout the electricity sector value chain, from production to knowledge distribution, with the aim of facilitating faster responses to technological, organizational, environmental, climate-related and financial needs in the sector.

The programme will also contribute to the development of a low-cost, integrated master plan to build planning capacity in the electricity sector, covering the whole of the electricity value chain in Cameroon and taking gender concerns into account.

The whole of the Cameroonian population will benefit from the programme, based on an improvement in quality of life. The programme will also benefit small and medium-sized enterprises (SME), which will see several constraints on the development of their activities, including the irregularity of the energy supply, removed. This will improve the business environment, allowing the Cameroonian economy to attract more national, regional and foreign capital.

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

SEC’s issuance of the license to Bamboo ensures oversight of the relationship with its sponsoring broker, Lambeth Capital

LAGOS, Nigeria, February 9, 2023/APO Group/ — 

Bamboo (https://InvestBamboo.com) Systems Technology Limited (“Bamboo”), Africa’s leading online brokerage firm, announced today that it has been granted a digital sub-broker license from Nigeria’s Securities & Exchange Commission (SEC), allowing the company to operate in the Nigerian capital market as well as include Nigerian securities on its platform.

The license will also enable Bamboo to deepen its relationships with financial service providers to offer its API services

SEC’s issuance of the license to Bamboo ensures oversight of the relationship with its sponsoring broker, Lambeth Capital, while also empowering it to enter into partnerships with multiple brokers to serve its clients. The license will also enable Bamboo to deepen its relationships with financial service providers to offer its API services.

Bamboo is focused on its commitment to best practices and allowing its retail investors the ability to trade local securities on the Nigerian Exchange Group.

In 2021, Bamboo began the rigorous application process for the SEC’s digital sub-broker license which was introduced that year. This included a thorough examination of its finances and governance process.

“We are thrilled to reach this important milestone and are fully committed to our obligations as a registered digital broker. Since the launch of Bamboo, we work every day to provide the best technology solutions, backed by industry best practices, to allow Nigerian retail investors to access an unprecedented number of digital securities to build long-term wealth. We are grateful for our collaboration with the SEC, which has shown its dedication to protect investors while allowing for innovation to flourish,” said Richmond Bassey, CEO and Co-founder of Bamboo.

Distributed by APO Group on behalf of Bamboo

GCA is an international organization that aims to accelerate action and support for adaptation solutions in partnership with the public and private sector

ABIDJAN, Ivory Coast, October 20, 2022/APO Group/ — 

The Global Center on Adaptation (GCA) (https://GCA.org/) signs its first cooperation agreement with the EMEA division of Invesco focused on an investment strategy in the climate adaptation space.  The agreement, expected to become fully operational at COP27, is specifically targeted at exploring a blended finance strategy that aims to increase adaptation investment in developing markets. The MoU was signed at the margins of the ongoing Finance in Commons Summit (https://bit.ly/3EWFNWV) organised by the African Development Bank and the European Investment Bank in Abidjan, Cote d’Ivoire.

Invesco is an independent investment management firm that offers a wide range of single-country, regional and global capabilities across primary equity, fixed income, and alternative asset classes, delivered through a diverse set of investment vehicles. Invesco is a signatory to the Task Force on Climate-related Financial Disclosure (TCFD), the Principles for Responsible Investment (PRI), Climate Action 100+ and CDP2 (score B in 2020); and has adopted the Network for Greening the Financial System’s (NGFS) scenarios to assess physical and transition risks across a broader range of asset classes.

Private sector investments currently make up less than 2% of climate adaptation spending

GCA is an international organization that aims to accelerate action and support for adaptation solutions in partnership with the public and private sector.

Speaking during the signing ceremony, Professor Patrick Verkooijen, CEO of the Global Center on Adaptation said: “Private sector investments currently make up less than 2% of climate adaptation spending. We hope through working closely with our partners at Invesco we will be able to unlock and mobilize more private capital to prepare for and respond to the physical impacts of climate change.”

Matthieu Grosclaude Chief Operating Officer EMEA at Invesco commented: “We are very pleased to be partnering with the GCA on this important initiative to accelerate climate adaptation finance. It aligns strongly with our strong investment capabilities in emerging markets and our continued focus on clients’ partnerships. We very much look forward to working together to build a climate resilient future.”

Distributed by APO Group on behalf of Global Center on Adaptation (GCA).