Adesina congratulated the government of Zambia for reaching an agreement with its bilateral creditors under the G20 Common Framework on debt treatment

LUSAKA, Zambia, July 20, 2023/APO Group/ — 

African Development Bank Group (www.AfDB.org) President Dr Akinwumi Adesina has completed a two-day official visit to Zambia where he met with President Hakainde Hichilema to discuss further support for the country as it emerges from a successful $6.3 billion debt restructuring for bilateral debtors, concluded with bilateral debtors under the G20 Common Framework on debt treatment.

President Hichilema noted that while his government had made a significant achievement on official creditor debt, more work needs to be done to tackle debt owed to local and external commercial creditors including Eurobond holders. “We have lost a lot of time under the ‘python of debt’. We want to now unlock growth and prosperity for our people,” said President Hichilema.

Adesina congratulated the government of Zambia for reaching an agreement with its bilateral creditors under the G20 Common Framework on debt treatment. The agreement puts Zambia back on the path for economic recovery and sustainable debt management.

“You have created a sense of hope in the country and confidence in the economy, paving the way for investments to return and accelerate the drive to achieve prosperity for the country,” Adesina told President Hichilema during the meeting on Tuesday at State House in the capital Lusaka.

The Bank chief outlined several measures including an initial up to $150 million in budget support for consideration for approval by its board of directors; and several other investment projects in key sectors of the economy, including agriculture, energy, and transport. He said the Bank will immediately make available to Zambia the full services of the Africa Legal Support Facility (ALSF) to support Zambia efforts to renegotiate the terms and conditions of debt with private external creditors. The ALSF, established in 2008, has assisted several countries in creditor engagement and negotiations related to debt restructuring and relief.

Adesina said, “The starting point is to now make sure the debt treatment works and that Zambia does not again return to a debt crisis.” The Bank chief offered Zambia a raft of technical and advisory support from the Bank, including support for public financial management; public debt management; public investment management; strengthened procurement rules and systems, public-private partnerships, and domestic resource mobilization.

In addition to the planned $150 million in budget support, Adesina said the Bank will help Zambia to access another $168 million per year from the non-concessional window of the Bank.

The starting point is to now make sure the debt treatment works and that Zambia does not again return to a debt crisis

The Bank will also support Zambia to access regional financing window of the ADF to finance large transformative infrastructure, including energy, road and rail transport connections with Mozambique, Angola and the Democratic Republic of Congo.

The Bank will provide support to reform Zambia’s farm input support program to be more efficient, transparent and delivered by the private sector, using biometric registration of farmers and use of electronic vouchers to deliver support directly to farmers.

The Bank will also provide support for the establishment of Special Agro-Industrial Processing Zones and a Youth Entrepreneurship Investment Bank to build new financial ecosystems around the businesses of the youth and create jobs. Adesina urged the government to optimize on its debt used for infrastructure by considering ‘asset recycling’ which would involve selling its assets to the private sector to free up liquidity for investment in new infrastructure projects.

The African Development Bank currently has 25 active projects with total financing of $1.02 billion.

The Bank chief also met with private sector leaders, including the chief executive officers of the financial industry in Zambia, and called on them to take advantage of these opportunities to invest more in the country.

President Hichilema thanked Adesina for his “tremendous work for the African Development Bank and Africa.” Your leadership has raised the bar in terms of the Bank’s status and performance,” he said.

Adesina was accompanied by the Vice President for Regional Development, Integration and Business Delivery, Marie-Laure Akin Olugbade, the Vice President for Agriculture, Human and Social Development Dr Beth Dunford, the Director General for Southern Africa Leila Mokaddem, Director of Agriculture and Agro-Industry Martin Fregene, Director of Water and Sanitation Osward Chanda, and the Bank’s Country Manager for Zambia, Raubil Olaniyi Durowoju.

On his part, President Hichilema was accompanied by Minister for Science and Technology and acting Finance Minister Felix Mutati as well as Central Bank Governor Denny Kalyalya.

Adesina praised President Hichilema for his “drive, passion and resolute approach to debt resolution and restructuring for the country,” and added, “Zambia is back. Zambia is bankable; and you, Mr President, you are bankable. You can count on the African Development Bank’s support all the way.”

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).