Latest news with #sustainableDevelopment
Zawya
a day ago
- Business
- Zawya
From Strategy to Action: African Development Bank and Google Explore Africa's Artificial Intelligence (AI) Future at the 2025 Annual Meetings
One side event at the African Development Bank Group's ( 2025 Annual Meetings unpacked the use of Artificial Intelligence (AI) as a powerful tool to advance inclusive and sustainable development across the African continent. Held under the theme: 'The AI Revolution: How Will AI Support the Delivery of the African Development Bank's 2024–2033 Ten-Year Strategy and the Transformation of African Economies?', the 90-minute session convened leading voices from across sectors. The event was co-hosted with Google AI Research. At the heart of the discussion was the question: What will it take for Africa to become AI-ready? which was the central theme of the high-level panel discussion as part of the event. In his opening remarks, Solomon Quaynor, Vice-President for Private Sector, Infrastructure&Industrialization of the African Development Bank underscored the critical role of digital transformation in shaping Africa's future: 'AI is not a luxury—it's a necessity for Africa's competitiveness, resilience, and long-term prosperity,' he said. Caroline Kende-Robb, Senior Director of Strategy and Operational Policies at the Bank, framed the conversation within the context of the Bank's 2024–2033 Ten-Year Strategy ( She stressed that 'Investing in youth and data infrastructure is no longer optional—these are the foundations upon which Africa must build its AI future.' Her remarks echoed the strategy's call to leapfrog development through innovation, anchored in African realities and driven by African talent. Following her intervention, Abdoulaye Diack, Program Manager at Google AI Research Africa, highlighted the transformative potential of AI to address structural challenges and unlock progress in agriculture, education, climate adaptation, and public health. Diack emphasized the importance of contextualizing AI for African environments, warning that 'without local data and inclusive models, Africa risks becoming a passive consumer rather than an active creator of AI solutions.' Ibrahim Kalil Konaté, Côte d'Ivoire's Minister of Digital Transition and Digitalization, advocated for regional coordination and harmonized policy frameworks to enable responsible, cross-border implementation of AI technologies. Robert Skjodt, Group CEO of Raxio Group, focused on the critical need for robust digital infrastructure—especially local data centers—to support the scale and speed required for Africa's AI ambitions. Ousmane Fall, Director of Private Sector Transaction Support at the Bank, called for the development of bankable, scalable digital infrastructure projects that can attract long-term investment. Moustapha Cissé, CEO of Kera Health Platforms, and a respected pioneer in African AI research, stressed the need for ethical frameworks and AI systems that reflect African social, cultural, and healthcare contexts. Muthoni Karubiu, Chief Operations Officer at Amini, concluded the panel with a call to enhance data sovereignty, especially in the context of agriculture and climate action, by ensuring access to localized and context-specific environmental data. Harnessing the power of AI for Africa's success A strong consensus emerged across the panel - for Africa to harness AI effectively, it must focus on three foundational pillars: - Human Capital: Equip the next generation with AI literacy and professional expertise. - Data Infrastructure: Build the digital backbone for connectivity, storage, and secure data exchange. - Localized Data: Train AI systems on African realities, including languages, culture, and societal needs. With Africa holding just 1.3% of global data storage capacity and lagging in digital readiness, speakers agreed that the continent is at a crossroads and must urgently make the choice to invest now, or risk falling further behind. As Africa moves forward in artificial intelligence, the African Development Bank reaffirms its commitment to shaping a digital future that is inclusive, sovereign, and anchored in shared prosperity. For more information or to revisit this session, click here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
a day ago
- Business
- Zawya
Global project finance drops 26% in 2024, hitting developing economies and SDG sectors
International project finance (IPF), a key financing mechanism for large-scale infrastructure and sustainable development projects, declined by 26 percent globally in 2024, continuing a steep downward trend that began the previous year, the UN Conference on Trade and Development (UNCTAD) said in its latest World Investment Report. The 2025 report, issued on Thursday, attributed the drop to tightening financial conditions, including rising interest rates, exchange rate volatility, and heightened investor risk aversion. These constraints have particularly impacted capital-intensive infrastructure projects in developing economies. IPF typically supports large-scale investments in utilities, transport, communications, and renewable energy - sectors closely tied to the Sustainable Development Goals (SDGs). The IPF downturn in 2024 led to a 9 percent drop in infrastructure project numbers. Announcements in renewable energy fell 12 percent, while projects in critical minerals dropped by nearly 50 percent. In extractive industries, financing constraints and environmental scrutiny have led to a more selective approach by sponsors and lenders. Several large mining and energy infrastructure projects in Africa and in Latin America have faced delays caused by environmental permitting. While most infrastructure-related sectors saw investment slowdowns, digital infrastructure was a notable exception. Project numbers rose by 4 percent, and broader digital sectors, including platforms and services, recorded a 17 percent increase in deals and a doubling of total value. This reflects sustained investor interest in digital transformation, even amid challenging financing conditions. Disproportionately affected UNCTAD highlighted that developing countries - especially low-income and frontier markets - were hit hardest with IPF deals falling by 23 per cent in 2024. This decline was driven by high debt levels, tighter financing conditions and growing investor caution, particularly in frontier and low-income markets. Developed economies experienced a continued decline, with IPF down 29 percent overall and by 35 percent in North America. In Least Developed Countries (LDCs), IPF values dropped by 74 percent, and deal numbers fell 41 percent significantly more pronounced than the global average. Malawi, Rwanda and Zambia emerged as outliers. IPF deals in LDCs (Landlocked LDCs) declined in both number (25 per cent) and value (40 per cent). The downturn was particularly severe in African LLDCs, where the value of total financing plummeted by 57 per cent to $3.8 billion. Small Island Developing States (SIDS) bucked the trend, with a 14% increase in IPF value to $5.3 billion in 2024 in only a small number of deals. Driving the increase in value was a $2 billion project supported by the International Finance Corporation in Jamaica, which will cover several PPPs across various infrastructure sectors. In terms of regions, in developing Asia, the number of IPF deals declined 27 percent, but total project value dropped a sharper 43 percent, indicating reduced investor appetite for large-ticket infrastructure. The region's decline was attributed to elevated capital costs and increased risk perceptions related to fiscal and political conditions. West Asia stood out as the only subregion to show growth in IPF, with a 5% increase in value to $78 billion. The rise was supported by strong infrastructure and energy activity in the United Arab Emirates, Saudi Arabia, and Iraq. [UNCTAD applies the UN's M49 statistical standard, in which the Middle East' is officially classified as Western Asia, which is included in Developing Asia region.] Africa presented a mixed picture. While project numbers fell 3 percent, total IPF value rose 15 percent, driven by a handful of major energy and transport deals, especially in Egypt. The country accounted for four of the region's seven major renewable energy projects in 2024, totalling about $17 billion. These included a $3.8 billion undersea transmission line, a $2.5 billion hybrid solar-wind plant, and a $2.2 billion onshore wind project. Other notable deals included green hydrogen projects in Egypt and Tunisia and two large wind and solar projects in Namibia. Morocco also attracted a green ammonia and synthetic fuel production project involving investors from China, France, and the U.S. Sectoral implications IPF in infrastructure sectors, including transport and utilities, experienced a sharp decline in 2024 as rising interest rates, inflationary pressures and tighter global financial conditions reduced the availability of long-term capital. The IPF downturn was most pronounced in SDG-aligned infrastructure sectors. Goals investment in: Infrastructure dropped by 35 percent Renewable energy fell by 31 percent Water and sanitation dropped 30 percent Agrifood systems fell by 19 percent The health sector was the only area with growth, with project values and numbers up by 20 percent, though the sector remains relatively small in overall financing terms (at $15 billion). Noting that value of IPF deals fell by more than 40 per cent between 2021 and 2024, UNCTAD warned that the slump threatens progress toward the SDGs, especially in goals-aligned sectors such as renewable energy, sustainable transport and critical infrastructure, where IPF provides the majority of external financing. It said the slump disproportionally affected LDCs, which rely more on international sources of finance for infrastructure projects. SDG-related investment in the LDCs dropped by almost 90 per cent in 2024. Ahead of the Fourth International Conference on Financing for Development in July, the Report called for stronger roles by governments, multilateral development banks, risk insurance providers, and institutional investors to revive IPF flows, particularly in high-impact sectors. (Writing by SA Kader; Editing by Anoop Menon) (
Associated Press
a day ago
- Business
- Associated Press
Hasetins to Construct $400 Million Rare Earth, Critical Metal Plant
Abuja, Nigeria--(Newsfile Corp. - June 19, 2025) - Hasetins Commodities, a leader in mineral processing and exploration, is proud to announce the construction of a 12,000 tons per annum state-of-the-art Rare Earth and Critical Metal Processing Plant in Nigeria. Hasetins currently has 6,000 tons per annum processing capacity across its facilities that adheres to OECD standards. This new plant will increase Hasetins production capacity to an impressive 18,000 tpa , enabling the company to meet the growing demand for critical metals in various industries. Rare earth metals play a pivotal role in modern technology, powering a variety of applications including electronics, renewable energy systems, electric vehicles, and defense technologies. The increased production capacity of Hasetins will not only help meet the escalating global demand for these essential materials but also contribute to the sustainable development of the country's resources. 'We are thrilled to embark on this new journey, which marks a significant milestone for Hasetins and underscores our commitment to sustainable resource management,' said Prince Jidayi, Managing Director of Hasetins Commodities. 'This facility will not only increase our processing capacity but will also accommodate the rising demand for feedstock from our mining sites and provide additional opportunities for artisanal miners in the area,' he added. The new processing plant will create numerous job opportunities in the region, supporting local communities and promoting social and economic growth. By empowering artisanal miners, Hasetins will enable these individuals to bring in additional feedstock, thereby fostering a more inclusive mining industry that benefits all stakeholders. The construction of this additional Rare Earth and Critical Metal Processing Plant signifies a decisive step towards a more sustainable future, enhancing Nigeria's position in the global market and contributing to advanced technologies that benefits the society. For further information about the project, please contact: Sophie Hansen Media Relations [email protected] To view the source version of this press release, please visit
Zawya
2 days ago
- Business
- Zawya
OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact
Highlights: Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania's development priorities. The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme 'A Transition That Empowers Our Tomorrow'. The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries. OPEC Fund President Abdulhamid Alkhalifa said: 'The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.' As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure. Deepening Country Partnerships for Long-term Impact New country-level agreements and cooperation frameworks include: A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years. A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund. A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country's development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector. Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector. Scaling up Private Sector Support The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa: In Côte d'Ivoire, a €30 million loan agreement with Coris Bank International Côte d'Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs). A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth. New Trade Finance Initiative At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies. Advancing global cooperation The Forum also featured new agreements to deepen multilateral cooperation: A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region. The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems. A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries. Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region's urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund's partner institution, the Arab Bank for Economic Development in Africa (BADEA). About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
Zawya
3 days ago
- Business
- Zawya
Oman's tourism sector attracts $6.7bln in investments
Muscat – The Ministry of Heritage and Tourism (MHT) has attracted investments worth RO2.59bn in the tourism sector during the period 2021–25, reinforcing Oman's goal of becoming a leading tourism destination in the region. Amira bint Iqbal al Lawati, Director General of Tourism Development at the ministry, said the investments are part of a national programme that aims to secure RO3bn in private sector funding for tourism by the end of 2025. As part of this strategy, the ministry has increased the signing of usufruct contracts for tourism-related land in different governorates, allowing long-term use by investors. These agreements are seen as a key tool to drive investment and improve the quality of tourism services across the sultanate. Amira noted that these efforts align with Oman's Tenth Five-Year Plan (2021–25) and wider sustainable development goals. From January 2024 to the end of May 2025, the ministry signed 45 usufruct contracts, including 14 this year alone. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
