The European Union has agreed to provide the Tanzanian government with TSh487bn ($205m) in budget support over the next four years ending in 2020. The money will be used to finance priority expenditure in the Second Five Year Development Plan, particularly in the agriculture, energy, health and industrial development sectors. The first tranche will be dispersed this year, as the two sides have managed to separate the grant from their long-running dispute over the proposed Economic Partnership Agreement (EPA).
THE African Development Bank (AfDB) has approved $450 million about (Rwf372 billion) trade finance facility for the African Export–Import Bank (Afreximbank). The facility consists of a three-year $150 million unfunded risk participation agreement and a four-year $300 million loan to support exporters. According to Dr George Elombi, the executive vice-president for corporate governance and legal services at Afreximbank, the composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of letters of credit and to support more trade through the provision of increased funding to financial institutions and corporate firms in Africa. The project is aligned with AfDB’s priority goals, including lighting up and powering Africa, and helping to feed and industrialise the continent.
Ensuring young people in rural areas can access financing and earn decent incomes is essential to stem migration to Europe and elsewhere, said Gilbert F. Houngbo, who began his term as the sixth President of the International Fund for Agricultural Development (IFAD) today. IFAD is a specialized United Nations agency and international financial institution, which invests in eradicating rural poverty and hunger in developing countries. Houngbo - who has extensive experience in political affairs, international development and financial management, including a term as Prime Minister of Togo - takes up the helm at a crucial time. Changing government priorities and numerous global emergencies, such as the 20 million people currently facing starvation in the Horn of Africa, threaten to divert funding away from long-term development.
Could the coming century belong to Africa instead of Asia? The idea of “Africa Rising” has taken off in recent years based on Africa’s fast-growing economies, young population, natural resource wealth, and expanding consumer class. Despite these advantages, Africa must grapple with a number of problems that could hinder its economic, political, and social progress. Its population is projected to double to 2.4 billion people by 2050, and could double again by 2100. Africa has the fastest urban population growth rate in the world, but its cities lack the basic infrastructure to adequately manage influxes of people. Security concerns, such as the threat of terrorism, also present significant risks to both northern and sub-Saharan Africa. In an increasingly interconnected world, these problems will not remain Africa’s alone.
Germany wants to use its G20 presidency to mobilize more assistance for Africa. But it has yet to work out a strategy which has been properly coordinated between government ministries and time is running out. Germany's development minister Gerd Müller (above, right) is a man with a mission he is impatient to fulfill. He recently attended the Berlin African Economic Forum, a conference convened by the German-African Business Association (Afrika-Verein der deutschen Wirtschaft) and the Westerwelle Foundation, which is named after the late German foreign minister, Guido Westerwelle.
Changing context and challenges, DEVCO announced that the EU’s Aid for Trade Strategy “is currently being revised to improve complementarity between trade and development policies and increase the effectiveness of Aid for Trade on least developed countries (LDCs) in particular”.[i] Aid for Trade (AfT) is part of Official Development Assistance (ODA) related to improving countries’ capacity to trade and comprises five categories.[ii] Given that Aid for Trade represents a third of the official development assistance of the EU and its Member States, the review offers an important opportunity to ensure that this public money is channelled not only towards economic sectors but also to areas where it could reduce inequality and improve the distribution of gains from trade.
The European Commission's Director-General for International Cooperation and Development, Stefano Manservisi, visited the Pacific region to strengthen coordination and cooperation on development policy. From 28 March to 3 April 2017, Director-General Manservisi visited Australia, New Zealand, Fiji, Vanuatu and New Caledonia. The visit began in Australia and New Zealand to strengthen an already close partnership with the two countries and to further coordination on development policy. He then travelled to Fiji, Vanuatu and New Caledonia to continue discussions with authorities and stakeholders and assess the impact of EU development assistance.
The European Union (EU) will provide 200 million euros for projects in the sectors of trade, energy and water supply in Angola over the next five years, said in Luanda the EU ambassador, Tomáš Uličný. At the celebration of the 60th anniversary of the Treaty of Rome, on Monday, the ambassador told Angolan news agency Angop that in addition to financial support in the mentioned sectors, over the next six months the EU will fund the training of technicians of the National Bank of Angola. “More than twenty Angolans will travel to Europe to receive training in banking and some European experts will come to Angola to pass on their knowledge so that the country can reach the European banking standard,” said the diplomat.
Azerbaijan Ministry of Foreign Affairs Spokesperson said that his nation is committed to lay strong foundation to bolster its overall bilateral and multilateral relations with Ethiopia. He made the remark during a recent exclusive interview with The Ethiopian Herald. Spokesperson Hikmet Hajiyev said Ethiopia and Azerbaijan have similar culture and civilization. "Ethiopia is one of the oldest birthplace of human civilization, art and development which made it akin with Azerbaijan." In-terms of strengthening bilateral ties, he noted that Azerbaijan has a strong will to have an increased experience sharing. For instance, Azerbaijan is keen on drawing best practices of Ethiopia in the areas of tourism, agriculture, mining industry and the like, he added.
Germany wants to establish fair trade with Africa as the latter has been victimized by the existing trade ties. The lately proposed 'Marshall Plan with Africa' is aimed at achieving trade balance between Africa and Europe, said a visiting Germany Economic Cooperation and Development Minister Gerd Müller. Addressing AU representatives and diplomatic corps yesterday, Müller said the 25-year plan also helps to re-position the EU's cooperation with Africa, and is intended to serve as a basis of discussion to restructure ties. With the new proposal, Germany needs to add a new and strategic dimension to the partnership with Africa.