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New World Bank financing tools receive funding boost
New financial instruments designed to boost lending capacity and enable the World Bank Group (WBG) to take on more risk for shared global challenges have received a significant endorsement.
The World Bank Online Media Briefing Centre communicated this in a statement, a copy of which was obtained by the News Agency of Nigeria (NAN) on Saturday in Abuja.
The statement said 11 countries announced commitments on Friday for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund totaling 11 billion dollars.
“The WBG’s unique leveraging capability enables the resources pledged to hybrid capital and the Portfolio Guarantee Platform to be multiplied six to eight times over 10 years.
“Under certain conditions, the leverage amount could reach tenfold.
“The resources pledged today could provide up to 70 billion dollars in urgently needed funds, which can be deployed to address cross-border challenges and advance development goals.”
It said Belgium, France, Japan, and the U.S. pledged to the Portfolio Guarantee Platform, while Denmark, Germany, Italy, Latvia, the Netherlands, Norway, and the UK made commitments to hybrid capital.
“Japan is committed to providing the first contribution to the new Livable Planet Fund.”
The statement quoted Ajay Banga, WBG President, as saying, “We worked hard to develop these new financial instruments that boost our lending capacity, multiply donor funds, and ultimately allow us to improve the lives of more people.
“The generosity of these countries is both an endorsement of the progress we have made to reform the bank and a sign of their shared commitment to development globally.”
It quoted Vincent Van Peteghem, Deputy Prime Minister and Minister of Finance, Belgium, as saying that Belgium was delighted to provide a 70 million dollar Portfolio Guarantee to the World Bank’s Global Solutions Accelerator Platform.
“Belgium strongly supports the WBG’s new vision to create a world free of poverty on a livable planet.
“This contribution will help to expand the bank’s lending capacity to assist International Bank for Reconstruction and Development (IBRD) clients address global challenges.
“Such challenges include pandemic prevention and preparedness, including health system strengthening and climate change, as well as biodiversity.”
The statement quoted Andrew Mitchell, Deputy Foreign Secretary and Minister for Development and Africa, UK, as saying,
“If the world is serious about shifting the dial on poverty and climate change, we need to put our money where our mouth is; the World Bank’s efforts to mobilise extra funds do just that.
“Our pledge of 100 million pounds for hybrid capital, which will unlock one billion pounds of additional financing capacity over the next decade, will turbocharge our ability to tackle urgent global problems and deliver real impact.”
The statement said the WBG had implemented a series of reforms and developed innovative financial instruments as part of the Capital Adequacy Framework review, which was recommended by the G20 Expert Group.
It said the reforms include adjusting the loan-to-equity ratio to secure 40 billion dollars over 10 years from the IBRD’s balance sheet and increasing the bilateral guarantee limit by 10 billion dollars.
“Others are working to maximise callable capital benefits by publishing a detailed report for rating agencies to better assess its potential value and the bank’s financial capacity.
“Also introducing hybrid capital, giving shareholders and partners an opportunity to invest in bonds with special leveraging potential.”
The statement said another reform was developing the Portfolio Guarantee Platform which provided a shared approach to risk that would make the bank’s financing more widely available.
“Also, launching a Livable Planet Fund that enables governments’, philanthropies’ and other partners’ contributions to incentivise cooperation across borders and tackle shared challenges.”
The statement said the WBG had taken the additional steps to develop IBRD 50-year loans at no additional cost for borrowers.
It said the loans would be utilised for projects that provide cross-border benefits.
“Additionally, we created a system to reduce interest rates for projects that address global challenges, which will be partially funded through the Livable Planet Fund.”
News
Uzodinma assures Imo residents of uninterrupted power supply
Gov. Hope Uzodimma has assured residents of the 27 Local Government Areas of Imo will soon enjoy uninterrupted power supply.
Uzodimma, gave the assurance while signing two executive bills into law, a bill on electricity and another to amend Imo State Polytechnic Law No. 15 of 2012 to pave the way for the merger of campuses of the polytechnic.
The governor said that the Imo state Electricity law, would bring rapid development not only to rural communities but also to the urban centers.
“We are all living witnesses to the ordeal our people are going through in the power sector.
“There is absolutely limited or even no supply, businesses are dying everyday and people are losing everyday with unemployment market swelling everyday.
“I think it has come to a time that every sub-national government must rise and provide what will make life meaningful to her people.
“Electricity is as important as the food we eat everyday. It is the beginning of every development,” he stressed.
The governor, who noted that he took a comprehensive audit of the federal facilities in Imo and infrastructure meant to provide power, expressed concern over the abandoned Amaraku electricity project.
“The transmission and distribution infrastructure at the federal project at Egbema Power Plant initiated in 2006, has not been completed 18 years after.
“I have approached the Federal Government and requested that the project be transferred to Imo state and her development partners.
“I am happy to announce to you that President Bola Tinubu has approved the transfer of the project to Imo Government.
“I am also happy to announce that an agreement has been signed by Imo Government with a world class power company from Egypt with credibility to generate, transmit and distribute electricity in the state,” he stated.
He expressed confidence that power supply will improve in the state in the next 12 months.
Uzodimma further noted that an agreement had been signed with an Egyptian company, Afreximbank, Fidelity bank and Marriott Group to provide 200-room Imo Marriott Hotel in Owerri.
He said the state government only provided land in the Public Private Partnership (PPP) project which would be completed within 24 months.
The governor said the three projects would provide over 5,000 direct jobs for the people of the state.
He said the government has already entered into an agreement with an Egyptian firm, Elsewedy power generation, for the generation, transmission, and distribution of electricity to all parts of the state within the next eight months.
The governor also announced that apart from the fact that electricity is now on the concurrent list , the federal government has given approval and support for the ambitious project.
Speaking to an excited audience after signing the bill into law, Uzodimma said the ultimate goal of the project is to boost the economy of Imo state through industrialization.
According to him, with natural and human resources in the state, an uninterrupted power supply would be a filip to the industrialization policy of the administration.
On the bill for the amendment of the Imo Polytechnic law, the governor said, it was aimed at centralizing its operations as against the multi-campus arrangement.
He said: “It became necessary, given that of late, Imo now operates three state universities and there is no state in Nigeria with up to three universities.
“It has continued to over stretch our resources with the agony and risks of students going from one location to another at a time of insecurity.
“The need for a unified system became necessary to save government the resources, demands and inconveniences occasioned by the robust demands of supervision and monitoring.
“It will also allow for even and proper development of the campus so that students will graduate from an environment that really enable acquisition of knowledge and instill sense of pride in the graduating students,” Uzodimma said.
Earlier, the Speaker of the Imo House of Assembly, Mr Chike Olemgbe, while presenting the bills to the governor, said the executive bills passed legislative scrutiny and process.
Olemgbe said the timely presentation of the bill by the executive arm of the government to the State Assembly clearly shows Imo as a proactive government that yields to the yearnings of the people.
He assured the governor of the assembly’s collaboration to work with the executive arm as partners in progress to provide dividends of democracy and good governance to the people.
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Russian troops enter base housing U.S. military in Niger, U.S. – official
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Access Bank advocates innovative financing models to bridge healthcare gap
The Group Head, Commercial Banking Division, Access Bank Plc, Ralph Opara has said that the private sector is crucial in driving innovative financing models and strategic partnerships to bridge healthcare investment gap in Nigeria.
In a statement on Thursday in Lagos, Opara was quoted to have said this at the 2024 Medic West Africa event, organised by ABCHealth in collaboration with Informa Markets.
The event was a platform for stakeholders across industries to deliberate on the theme; “Healthcare Investments in Africa: Mobilising the Private Sector to Drive Healthcare Investments in Africa.”
It was aimed at charting a path through which corporates could leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.
The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.
Opara reaffirmed Access Bank’s commitment to fostering positive transformation in healthcare across Africa.
Speaking at the event, he said that, “The government can’t carry the burden of the health sector alone.
“Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”
Opara said collaborative effort between the public and private sectors was crucial and essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across Africa.
Some notable participants at the event included Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC and Odunayo Sanyo, Executive Director, MTN Foundation;
Others were Group Head, Health Finance, Sterling Bank, Ibironke Akinmade, and MD/CEO, Aliko Dangote Foundation, Zouera Youssoufou.
Demonstrating its commitment to partnership, Access Bank has partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP).
ADHFP’s primary aim is delivery of at least one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria.
So far, the initiative has resulted in over 180 PHCs adopted across the country.
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