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AfDB, ILX partner to scale up investments in Africa

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African Development Bank (AfDB) and ILX Management B.V. (ILX) have signed an agreement to scale up investments in the Bank Group’s regional member countries.

The bank, in a statement, said the partnership would also spur institutional investor capital mobilisation for Sustainable Development Goals (SDGs) and climate-focused private sector projects on the continent.

News reports that the signing ceremony occurred at ILX Management’s offices in the Netherlands capital Amsterdam.

ILX’s investors are the Dutch pension fund asset managers, APG Asset Management (on behalf of ABP and bpfBOUW) and Achmea Investment Management (on behalf of Pensioenfonds Vervoer).

Other Dutch and European pension fund participants in ILX successor funds are expected to join in the future.

ILX Fund I provides a scalable 1 billion dollars private credit investment strategy to be deployed across emerging and developing countries, co-financing with global Multilateral Development Banks (MDB) and other DFIs.

The statement said the cooperation arrangement would enable AfDB to mobilise financial resources from institutional investors to bridge the significant financing gap required to meet its High Five priorities.

It listed the priorities to include light up and power Africa, feed Africa, industrialise Africa, integrate Africa and improve the quality of life for the people of Africa.

“This partnership will allow the Bank and ILX to support non-sovereign operations in these key priority sectors. The High 5s are intrinsically linked to the SDGs.

“At the same time, the arrangement offers ILX Fund pension, fund participants the opportunity to benefit from the AfDB’s long-standing track record of successfully investing in key African economic sectors.

“All loan investments are SDG or climate finance-focussed while offering attractive risk-adjusted returns, combined with robust environmental, social and governance (ESG) safeguarding,’’ it said.

According to the statement, APG Asset Management, the Netherlands’ largest pension provider, and Achmea Investment Management have committed $1,050 million to Emerging Market private credit fund ILX Fund I.

It said the fund was to enable investment in four key economic sectors; energy access and clean energy; sustainable industry and infrastructure; inclusive finance and food security.

It said ILX invested in loan participations arranged by MDBs and other leading DFIs to support their SDG and climate-focused projects across emerging markets and developing economies.

It further said ILX received grant funding in its development phase from KfW, the German Development Bank, on behalf of the Federal Ministry of Economic Cooperation and Development (BMZ).

“The Netherlands’ Ministry of Foreign Affairs and the UK Foreign, Commonwealth and Development Office all strongly supported ILX’s role in mobilising large-scale pension fund capital for the leading MDBs and other DFIs

“This supports their SDG and climate-finance-related investments in emerging markets.

The Vice President and Chief Financial Officer of AfDB, Hassatou N’Sele, said: “We are very pleased to be partnering with ILX to mobilise institutional capital with a Sustainable Development Goals focus.

“ Our objectives are aligned, and the AfDB has a strong track record of structuring and financing projects with a strong development impact.”

Similarly, the Founder and CEO of ILX, Manfred Schepers,  said: “We are delighted to have established this strategic partnership.

“The launch of this partnership demonstrates AfDB’s strong commitment to engage actively with European pension funds as a key partner in its mobilisation effort and contribution to sustainable growth across the African continent.

“We look forward to a long-term partnership with AfDB on behalf of our pension fund investors, which are becoming key counterparts to finance SDG and climate-finance projects across the emerging markets.”

Meanwhile, Kitty van der Heijden, Director-General for International Cooperation, Dutch Ministry of Foreign Affairs, The Netherlands, also commended the partnership.

She said: “With this agreement, Dutch pension funds, ILX and AfDB will join hands to increase investments in the SDG and climate goals on the African continent.

“ A very welcome step, as the challenges in achieving the SDGs, and the need to integrate the global climate commitments in African countries’ development pathways, are more urgent than ever.”

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Shettima departs for 2024 US-Africa Business Summit in Dallas

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Vice-President Kashim Shettima is expected to depart Abuja for Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit.

The summit is organised by the Corporate Council on Africa.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said Shettima would join other political and business leaders across Africa, the USA and beyond for the summit.

According to him, the summit will feature high-level dialogues, networking business sessions and the plenary, all scheduled for the Kay Bailey Hutchison Convention Center in Dallas, Texas.

He said that the African leaders expected at the summit include, the President, Republic of Liberia; Joseph Boakai, President, Republic of Malawi; Lazarus Chakwera and the President, Republic of Angola, Joao Lourenço.

Nkwocha said other African leaders that would grace the summit are the President, Republic of Botswana, Mokgweetsi E. K. Masisi, President, Republic of Cabo Verde, José Maria Neves, and the Deputy Prime Minister, Kingdom of Lesotho, Nthomeng Majara.

He said besides the summit’s plenary, Shettima would speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

” He (Shettima) is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses.

” Additionally, the Vice-President will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

” He is also expected to attend other meetings and engagements on the sideline of the summit.”

Nkwocha said that Vice-President Shettima is expected back in the country at the end of his engagements in the US.

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Israeli to close Al Jazeera’s operations in the country – PM Netanyahu

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Prime Minister Benjamin Netanyahu said his Cabinet has unanimously voted to close broadcaster Al Jazeera’s operations in Israel.

The move came after Israeli lawmakers recently approved a new media law widely referred to as the “Al Jazeera law” that gives the government powers to ban foreign broadcasters if they are deemed a risk to state security.

Netanyahu announced the Cabinet decision in a post on X, formerly Twitter, in which he called Al Jazeera “the hate channel.”

Israeli Communications Minister Shlomo Karhi said on Sunday that he had signed the closure order and that it would be implemented immediately.

According to Israeli reports, this means that offices in Israel could be closed, broadcasting equipment confiscated, the station removed from cable and satellite television channels and its website blocked.

The Israeli government had accused Al Jazeera, which is based in the Gulf emirate of Qatar and has a wide reach in the Arab world, of biased reporting on the ongoing war against Hamas militants in the Gaza Strip.

Al Jazeera has reported extensively on the catastrophic situation in the Palestinian territory and shown images of death and destruction that are rarely seen on Israeli television stations.

The channel also regularly shows videos of attacks on Israeli soldiers by Hamas’ military arm, the Qassam Brigades.

The channel has rejected allegations of bias and, in the past, accused Netanyahu of spreading “new lies and inflammatory slanders” against the network.

Al Jazeera has also accused the Israeli military of deliberately targeting journalists on several occasions.

Netanyahu has accused Al Jazeera of “damaging Israel’s security, actively participating in the massacre on October 7 and inciting against Israeli soldiers.”

Al-Jazeera was founded in 1996 and is headquartered in Doha. It was one of the first Arab TV stations to publish critical reports on the region and quickly gained popularity.

The Israeli government’s efforts to ban Al Jazeera have drawn criticism from some of the country’s most prominent allies, including the United States and Germany.

The U.S. State Department expressed irritation of the decision and reiterated support for the free press all over the world.

A German Foreign Office spokesman also criticised the so-called Al Jazeera law last month: “A free and diverse press landscape is the cornerstone of a liberal democracy.”

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OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future

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The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas U.S. to discuss sustainable energy solutions for Africa’s future.

Mr Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in Lagos.

Nwanze said that PETAN’s Nigerian pavilion at OTC 2024 would be hosted under the theme, “Sustainable Energy Solutions for Africa’s Future”.

He said that the conference would have more than 200 hours of multidisciplinary discussions and networking events, including a wide range of topics, suited for every participant.

PETAN scribe, however, called for stakeholders’ participation at the 2024 OTC, holding between May 6 and May 9 at the NRG Park, Houston, Texas, US.

According to him, PETAN has been responsible for hosting stakeholders at the OTC for many years.

“The association is calling on government agencies, stakeholders, oil and gas companies, and Nigerian investors to participate at the Nigerian pavilion at the prestigious event in Houston, U.S.

“Participation in the Nigerian pavilion shall deliver a unique opportunity for exhibitors and delegates to interact with global professionals

“As they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector,” he aded.

Nwanze said: “It allows organisations to engage with world leaders, CEOs, and government officials from around the world, with the chance to create and develop business relationships.

“And also tap into emerging regions vital to offshore development and obtaining recognition necessary for growth and visibility to thousands across the globe.

“Showcase your company’s capabilities to over 1,000 delegates and over 250 companies in the industry.

“Promote products and services to operators and contractors in the local region.

“Gain access to the latest industry news and access to networking opportunities with professional contacts from across the world.

“Network with the upstream, midstream, and downstream organisations and high-profile government officials and key decision-makers in the industry.

“Build and establish new leads as well as entrench a global presence in the industry.

“Get familiar with competitors’ capabilities to stay ahead in the industry,” the statement read.

The OTC 2024 expects over 31,000 energy professionals as attendees, 45 technical sessions, 450 presentations and over 1,300 exhibitors drawn from different countries, including Nigeria.

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