Connect with us
Anglostratits

Business

African Economic Conference 2026 opens in Abidjan to explore pathways for a more influential Africa in a multipolar world

Published

2 months ago

on

African Development Bank

Key topics under discussion include strengthening the continent’s financial agency, developing domestic capital markets and addressing the impact of international tensions on African economies

ABIDJAN, Ivory Coast, July 12, 2026/APO Group/ –African countries must act collectively to shape their own future in an increasingly multipolar world. This was the central message at the opening of the 2026 African Economic Conference (AEC) in Abidjan, Côte d’Ivoire, hosted at the headquarters of the African Development Bank Group (www.AfDB.org) under the theme: “Strengthening Africa’s Geopolitical Agency and Trade Resilience in a Multipolar World.”

 

Jointly organized by the African Development Bank Group (AfDB), the United Nations Development Programme (UNDP) and the Organisation for Economic Co-operation and Development (OECD), this year’s conference brings together leading economists, researchers, policymakers and experts from regional and international development institutions from 10 to 12 July.

Souleymane Diarrassouba, Côte d’Ivoire’s Minister of Planning and Development and Governor of the Bank for Côte d’Ivoire, called for deeper reflection on Africa’s place amid shifting geopolitical dynamics.

“Africa can no longer be viewed merely as a reservoir of raw materials. We must be recognized as a key player in global supply chains, a hub for industrialization, and a force capable of defending its interests within international economic governance,” he said.

Urging participants to move from analysis to action, African Development Bank Group President Dr Sidi Ould Tah stressed the need for a new narrative centred on African agency and influence.

“For decades, discussions about Africa have focused on dependency, vulnerability and adaptation. Today, we must focus on autonomy, resilience, competitiveness and influence. Africa’s geopolitical autonomy will be measured by its ability to negotiate from a position of strength, shape the rules of the game, translate its collective interests into collective action and ultimately influence outcomes,” he said.

Dr Ould Tah added that this vision is fully aligned with the strategic framework he has outlined through the Four Cardinal Points and the New African Financing Architecture for Development (NAFAD).

Africa’s role is no longer to adapt to rules made by others, but to help define the rules of tomorrow

Against a backdrop of mounting global challenges, speakers emphasized the urgent need to redefine international rules and arrangements to strengthen Africa’s strategic position, enhance its economic resilience and enable the continent to seize opportunities emerging from a rapidly changing global order.

Echoing these remarks, Ahunna Eziakonwa, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Africa, underscored Africa’s growing role in shaping global governance.

“The world is being rewritten. Africa’s role is no longer to adapt to rules made by others, but to help define the rules of tomorrow. Geopolitical influence will not be granted to us; it must be earned through stronger institutions, deeper regional integration, resilient trade and the courage to act together. This conference is where ideas become strategic assets for Africa,” she said.

In a video address, OECD Secretary-General Mathias Cormann highlighted the changing global development financing landscape, arguing that development assistance must be used more effectively while leveraging broader sources of investment.

“For many partner countries, aid is no longer a reliable or growing source of financing. This reality should prompt reflection, but it should strengthen—not weaken—our resolve. We must preserve and prioritize official development assistance where it is most needed while mobilizing significantly larger volumes of development finance from all available sources,” OECD Director of International Development Cooperation, Pilar Garrido added.

The conference’s opening day featured in-depth discussions on industrialization, human capital development, transformation of the informal sector, women’s and youth employment, natural resource governance, digital transformation of public administration and the fight against corruption. Researchers presented their findings before panels of experts and decision-makers, fostering constructive dialogue between academia and public policymakers.

Over the course of the three-day event, participants are drawing on rigorous analysis and evidence-based research to identify practical solutions to Africa’s most pressing challenges. Key topics under discussion include strengthening the continent’s financial agency, developing domestic capital markets and addressing the impact of international tensions on African economies.

Since its inception in 2006, the African Economic Conference has established itself as one of the continent’s premier platforms for policy dialogue and development thinking. It promotes collaboration among researchers, government officials, development partners and private-sector actors to generate innovative solutions to Africa’s socio-economic challenges.

The conference also demonstrates how collaboration among development institutions—including the UNDP, OECD and African Development Bank—can add value by supporting evidence-based policy discussions that accelerate Africa’s development agenda.

The 2026 edition further hosts the annual meeting of the Global Network of Chief Economists of Development and Financing Institutions and will feature the launch of the African Chief Economists Network (ACE Network). In addition, graduates of the second cohort of the Public Finance Management Academy for Africa and the inaugural cohort of the Macroeconomic Policy Management Academy for Africa will receive their diplomas during a special ceremony.

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

Related Topics:
Continue Reading
Advertisement

Business

Afreximbank extends US$10-million facility to Azania Bank to support Small and Medium-sized Enterprises (SMEs) in Tanzania

Published

19 minutes ago

on

September 17, 2026

By

Afreximbank

Delivered under Afreximbank’s Export SME Development Programme (ESDP), the facility will enable Azania Bank to provide eligible SMEs with both working capital and medium-term financing to support business expansion, asset acquisition and pre- and post-export operations

DAR ES SALAAM, Tanzania, September 17, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has extended a US$10-million finance facility to Azania Bank of Tanzania (Azania Bank) to improve access to finance for Small and Medium-sized Enterprises (SMEs) across Tanzania’s export value chains and to strengthen their participation in regional and international trade

 




  

Delivered under Afreximbank’s Export SME Development Programme (ESDP), the facility will enable Azania Bank to provide eligible SMEs with both working capital and medium-term financing to support business expansion, asset acquisition and pre- and post-export operations. This is expected to boost productivity and enhance participation in regional and global value chains, while addressing persistent financing gaps that constrain SME growth and export development.

Azania Bank will on-lend the funds to eligible SMEs engaged in export-oriented activities across key sectors, including agriculture, manufacturing, trade, technology, logistics and value-added exports. The facility will enhance the bank’s ability to support the growing financing needs of SMEs and emerging businesses that play a vital role in Tanzania’s industrialisation and trade agenda.

The initiative is expected to support business growth, create employment opportunities, improve export readiness and strengthen Tanzania’s participation in regional value chains. It will also help SMEs leverage opportunities arising from the African Continental Free Trade Area (AfCFTA) by enhancing their capacity to participate effectively in cross-border trade and regional supply networks.

SMEs are the backbone of Africa’s productive economy and are critical to driving industrialisation

In addition to financing, Afreximbank will provide participating SMEs with structured business development support, including export readiness training, financial management advisory services, market linkage opportunities, digitalisation support and access to SME-focused knowledge and networking platforms. These interventions are designed to strengthen enterprise resilience, improve competitiveness and enable SMEs to scale sustainably.

Mrs. Oluranti Doherty, Managing Director, Export Development, Afreximbank commented: “SMEs are the backbone of Africa’s productive economy and are critical to driving industrialisation, value addition and trade-led growth. However, many businesses continue to face significant barriers to accessing the financing, market opportunities and technical support needed to scale and compete effectively”.

 

“Through the Export SME Development Programme, Afreximbank is partnering with financial institutions such as Azania Bank to provide not only financing, but also the capacity building and market access solutions required for SMEs to grow, export and integrate into regional and global value chains. We believe this partnership will contribute meaningfully to Tanzania’s export development objectives and help unlock new opportunities for local enterprises under the AfCFTA.”

Mr. Yahaya Mbanka, Director, Business Development, Azania Bank Plc, said: “This facility will strengthen our ability to provide Tanzanian SMEs with the financing they need to grow their businesses, invest in productive capacity and pursue export opportunities. Our partnership with Afreximbank will also enable us to offer support that responds more closely to the needs of businesses operating across Tanzania’s key value chains.”

The facility which supports Afreximbank’s mandate to promote trade, industrialisation and export development across Africa, also aligns with Tanzania’s priorities around domestic production, value addition, export diversification and regional trade integration.

Afreximbank’s 2025 Afreximbank Annual Trade Development Effectiveness Report (https://apo-opa.co/4hgL25z) (ATDER) shows that the Bank extended over US$960 million to more than 58,000 SMEs across Africa. The initiative which prioritized women- and youth-led enterprises among others, delivered trade finance facilities that empowered businesses to obtain the capital necessary to scale, engage in cross-border trade, and expand into new markets.

Distributed by APO Group on behalf of Afreximbank.

 

 




 

Continue Reading

Business

Hong Kong’s 2026 Policy Address: A Strategic Vision for a Bright New Era

Published

7 hours ago

on

September 17, 2026

By

Hong Kong

HONG KONG SAR – Media OutReach Newswire – 16 September 2026 – Hong Kong’s Chief Executive, John Lee, today (September 16) announced his fifth Policy Address, putting forward a series of measures to create development opportunities and enhance the well-being of the people.

“This year marks the opening year of the National 15th Five-Year Plan. In the thick of accelerating global changes not seen in a century, the vibrant momentum driven by our country’s robust strength, enormous market and high-quality development presents Hong Kong with boundless opportunities. We will better develop our economy and boost social well-being, starting a bright new chapter for Hong Kong,” Mr Lee said.

 




  

Entitled “A Strategic Vision for a Bright New Era, Driving Reform and Boosting Development, Unleashing Opportunities and Enhancing Livelihood”, the Policy Address takes the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030) (Hong Kong’s First Five-Year Plan) as its blueprint, and proposes numerous key measures focusing on five major development opportunities to advance high-quality development.

To attract and retain high-calibre talent, the Hong Kong Special Administrative Region (HKSAR) Government will expedite the development of the Northern Metropolis University Town to strengthen the city’s position as an international education hub. The HKSAR Government will also increase the research postgraduate places by around 30 per cent and the quota for government scholarships by 200, and establish five new major academies for training international talent: the International Clinical Trial Academy, Maritime Academy, Hong Kong International Legal Talents Training Academy, Hong Kong Intellectual Property Academy and Hong Kong International Academy of Policing.

To promote industry development, the Policy Address proposes to accelerate development of an international gold trading market and to explore a proposal to provide tax concessions for qualifying activities within the gold and commodity trading ecosystem. The HKSAR Government will also announce details of the new Renminbi-denominated and physically settled gold futures contracts; explore the possibility of increasing the Exchange Fund’s gold holdings, and gradually transfer its physical gold holdings to designated vaults appointed by the Hong Kong Precious Metals Central Clearing Company Limited.

A number of policies are proposed to promote industry development, including introducing specialty insurance (e.g. commodity, commercial aerospace, etc.); injecting funding into the Artificial Intelligence Subsidy Scheme to support the development of the intelligent computing industry; accelerating the adoption of medical innovation and industry chain development to enable the public to benefit from better and newer drugs; and fostering a new economic landscape for the low-altitude and emerging industries, such as commercial aerospace.

The Government is developing six special industry parks, including the Loop Hong Kong Park, San Tin Technopole, Hung Shui Kiu Industry Park, Sandy Ridge Data Facility Cluster and Hung Shui Kiu/Ha Tsuen modern logistics cluster. Land is also earmarked for building an advanced construction industry park to increase investment opportunities for enterprises.

To attract enterprises to establish a foothold in Hong Kong, tax concessions will be granted on the basis of the value brought by enterprises, instead of solely considering the industry sector. The Government will introduce an amendment bill this year, providing preferential tax rates of 5 per cent, or half-rate, for selected enterprises operating in key sectors such as finance, advanced manufacturing, innovation and technology, as well as research and development, headquarters activities and logistics and supply chain management.

The HKSAR Government will fully support the work of the International Organization for Mediation headquartered in Hong Kong, and build a global capital of mediation. It will also drive the establishment of the International Institute for the Unification of Private Law in Hong Kong, support the Judiciary to advance the development of the International Commercial Court, and establish the “Strategy Committee on Intellectual Property Trading Development” to assist the Government in formulating strategies and support measures for the promotion of intellectual property trading.

Regarding international co-operation, two United Nations (UN) organisations, the centre of excellence on global advanced manufacturing and the Office on Drugs and Crime’s GlobE Network Asia Pacific Regional Bureau, will establish their presence in Hong Kong respectively. Elsewhere, the new WestK Performing Arts Centre, scheduled to open next year, will feature four performance venues built to the highest international theatre standards, while Asian and international sports associations will be encouraged to establish a presence in Hong Kong.

“Today, Hong Kong is at a critical juncture in advancing from stability to prosperity. We are fully aware that formulating a comprehensive, strategic roadmap is integral to our long-term development. The Government has been persistent in mapping our way by driving development through reform. The primary goal of our policies is to enable economic development that can benefit the people of Hong Kong, and meet their aspirations for a better life,” Mr Lee said.
 




 

Continue Reading

Business

Hong Kong’s First Five-Year Plan sets out long-term vision for development

Published

8 hours ago

on

September 17, 2026

By

Hong Kong

HONG KONG SAR – Media OutReach Newswire – 16 September 2026 – Hong Kong’s Chief Executive, John Lee, today (September 16) announced the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030). This inaugural Five-Year Plan for Hong Kong is of monumental significance, which aims to enhance the city’s all-round strategic development in the medium- to long-term. Priority initiatives include upholding and enhancing the executive-led system, improving the efficacy of governance and proactively aligning Hong Kong with national development strategies in order to fully grasp the opportunities for growth and prosperity.
 




 

“Not only is it an action agenda for Hong Kong to better capitalise on the aggregate advantages arising from national and international opportunities, but also a pathway for continuously enhancing social well-being. By formulating the Five-Year Plan, it shall shed light on Hong Kong’s directions of development, optimise resource allocation, enhance social expectation certainty, and better protect social well-being as well as the interests of investors across the world. Hong Kong will become a more attractive, vibrant and opportunity-rich world city,” Mr Lee said.

Hong Kong will continue to boost economic growth led by “four centres and one hub”, namely its status as an international financial centre, international trade centre, international maritime centre and international aviation hub, while expediting the city’s development into an international innovation and technology (I&T) centre. Hong Kong will also become an international hub for high-calibre talent, attracting global capital, talent, and financial enterprises.

Hong Kong will continue to leverage its advantages as an international city. With the unique edge as a common law jurisdiction under the principle of “one country, two systems”, Hong Kong will deepen its development into a centre for international legal and dispute resolution services, including a global capital of mediation and hub for high-calibre legal talent. Hong Kong will develop a regional intellectual property trading centre, an East-meets-West centre for international cultural exchange, a centre for major international sports events and a core demonstration zone for multi-destination tourism.

A pleasant, vibrant and innovative Northern Metropolis will be developed through an approach that is planning-oriented, infrastructure-led, industry-driven, and people-oriented. Development objectives revolve around the Northern Metropolis University Town, I&T, industry, and providing an environment suitable for living, work, and travel.

Hong Kong will continue to participate in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in terms of both “hard” and “soft” connectivity. This includes taking forward infrastructure plans, such as cross-boundary railway projects, while also enhancing alignment rules and mechanisms within the GBA. To achieve “connectivity of hearts” among the residents of Guangdong, Hong Kong and Macao, Hong Kong will advance collaboration in areas such as health care, elderly care, environmental protection, sports, culture and tourism, establishing the GBA as an international first-class bay area with global influence. At the same time, Hong Kong actively participates in the work of international organisations, and fully participates in the high-quality co-operation under the Belt and Road Initiative, so as to create an international collaboration network.

The Five-Year Plan sets out clearly the strategic direction in livelihood-related areas such as education, youth and women’s development, a harmonious and inclusive society, health care, housing, strengthened support for the disadvantaged groups, labour protection, elderly care, green transformation. This will strengthen the sense of fulfilment, happiness, and security in the community, enabling people to benefit from the high-quality development of the country and the city.

“The Government will stay committed to the ‘people-oriented’ ethos, strive relentlessly to enhance social well-being, and sustain economic development, so as to build a Hong Kong that is more open, more inclusive, more liberal, more prosperous and safer,” Mr Lee concluded.

For the full document of Hong Kong’s First Five-Year Plan and related information, please visit the dedicated website (www.hk5yplan.gov.hk).
 




 

Continue Reading

Trending