Day: May 26, 2023

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Angola and Portugal discuss environment cooperation

Angola on Thursday in Lisbon requested greater sharing of experience with Portugal for the preservation of the environment.

The statement was made by Angola Environment Minister, Ana Paula de Carvalho, following a meeting with her Portuguese counterpart, José Duarte Cordeiro.

Ana Paula de Carvalho said she acknowledges that the country has “much to learn” from the Portuguese experience in terms of preserving the environment, having emphasised that Angola counts on Portugal’s help to meet the multiple challenges ahead.

The two sides decided to continue exchanging experience to deepen relations in terms of environmental protection.

The Angolan minister, who has been on a working mission to the European country since the 23rd of the current month at the invitation of José Duarte Cordeiro, visited several places in Portugal.

During her stay in Portugal, Ana Paula de Carvalho attended the presentation of the iREC Projects – Inovar a Reciclagem and Cascais Smart Pole, as well as a meeting to the Voluntary Carbon Market

Source: Angola Press News Agency (APNA)

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Angola, Italy strengthens historic relations – Overview

The historical, cultural, political, diplomatic relations between Angola and Italy constitute a strong foundation for both countries, and have been strengthened with the state visit by the Angolan President to the European country.

“We are here to seal the ties of friendship and cooperation with Italy,” the Angolan Head of State said at the end of the meeting with his Italian counterpart, Sergio Mattarella, on Wednesday, the first day of the visit.

Angolan President João Lourenço expressed the country’s availability to welcome the Italian businesspeople who want to invest in the country’s market.

During two-day visit of João Lourenço to Italy, started on Wednesday, the two States (Angola and Italy) signed several cooperation agreements, particularly in the areas of oil, transport, finance and health.

The main focus went to the agreement signed between Italian company Eni and Angola’s Sonangol, formalised in the presence of the Angolan head of State João Lourenço and the Italian Prime Minister Giorgia Meloni.

The Memorandum of Understanding aims to broaden areas of cooperation between the two companies, via studies in the area of agri-business value chain and other decarbonisation sectors.

At the Italian Parliament, João Lourenço met with the leader of the Senate, Ignacio La Russa, and with the president of that sovereign body, Lorenzo Fontana.

On Wednesday, President João Lourenço paid homage in Rome to the Unknown Soldier by laying a wreath at the monument known as “Altar of the Homeland”.

Still on Wednesday evening, João Lourenço was awarded by President Sergio Mattarella with the Order of Merit of the Italian Republic.

On the same occasion, the Angolan Head of State granted the Agostinho Neto Order to his counterpart Sergio Mattarella, as well as to the First Lady, Laura Mattarella.

On Thursday, the last day of the visit, the Angolan Head of State attended the Italy-Angola Economic Forum, organised by the business association Confindustria Assafrica in collaboration with the Private Investment and Export Promotion Agency (AIPEX).

At the meeting, the President of the Republic encouraged the Italian businessmen to invest in different branches of the Angolan economy and their participation in public investment projects.

Also on Thursday, the Angolan Head of State visited the Rome City Hall and the ENI Technological Centre.

This is an advanced centre for science and knowledge that has over 1,000 researchers, some of them Angolans.

More dynamic and diversified cooperation

Angola is Italy’s third sub-Saharan African commercial partner, after South Africa and Nigeria.

The Italian government has considered Angola a priority country for its cooperation strategy in sub-Saharan Africa since 1989.

The two countries formalised diplomatic and cooperation relations on 4 June, 1976 and on 3 August, 1977 signed the Technical Cooperation Agreement, as well as the Memorandum of Intent through which the Joint Commission was created.

Angola and Italy signed the first legal instrument, called the Air Transport Agreement, on April 10, 1976.

Source: Angola Press News Agency (APNA)

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Angola, Italy sign agreements in field of higher education

Angolan Minister of Foreign Affairs Téte António witnessed Friday in Rome the signing of an agreement between the Degli Studi Roma Tre University and the National Institute for Scholarship Management (INAGBE), and another with the Venâncio de Moura Diplomatic Academy.

The initiative is part of the two-day, the first State visit, of the President João Lourenço to Italy, whose results, he said, exceeded the expectations and reinforced the bases for new cooperation areas.

While leaving the Degli Studi Roma Tre University, where he witnessed the signing ceremonies, the minister told the press that the partnership with INAGBE has to do with sending Angolan students to the Italian institution, known for its deep research on social issues.

As for the agreement between the Italian university and the Venâncio de Moura Diplomatic Academy, Téte António stressed that the ambitions of Angola require the existence of diplomats capable in terms of analysis, understanding of phenomena and negotiation.

In the future, the Angolan side intends that the cooperation with the Italian university will move forward so that the referred training can also be done in Angola and benefit a larger number of students.

“The two agreements will remain the basis for developing cooperation with the Angolan government and with Angolan academic institutions,” said the rector for international relations at the Degli Studi Roma Tre University, Raffaele Marchetti.

The academician confirmed that one of the agreements makes it possible for Angolan students to attend the Degli Studi Roma Tre University, via scholarships.

Raffaele Marchetti considered the understanding an important step and said that at the university where he works there are already some Angolan students.

“The idea of the agreement is to offer the same possibility to other students,” he said, adding that the Degli Studi Roma Tre University is bilingual, “but most courses are done in English.”

As for the Angolan President’s visit to Italy, minister Téte António stressed the availability of the “Italian government to cooperate with Angola.

According to the Angolan top diplomat, the Italian government’s action placed Angola in a very high position among its trading partners.

Cooperation between the two countries covers various fields, with stress to the energy, agriculture, defence and transport sectors.

Source: Angola Press News Agency (APNA)

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Tunisia participates in 36th MENAFATF assembly

Tunisia took part through the Tunisian Financial Analysis Commission in the 36th General Assembly of the Middle East and North Africa Financial Action Task Force (MENAFATF), which was held on May 23, 24 and 25, 2023 in Manama (Bahrain) under the chairmanship of Mauritania.

The meeting was attended by experts in the field of combating money laundering, the financing of terrorism and the financing of weapons used in member countries of the Middle East and North Africa region, said a press release issued by the Commission and published on its official social media page.

In their mutual evaluation reports, the participants discussed the extent of the member countries’ commitment, the effectiveness of the systems for combating money laundering and the financing of terrorism, as well as examining the follow-up reports from the member countries and the measures taken by each State to overcome the difficulties and handicaps.

Several meetings of the working groups of the MENAFATF were held from May 20 to 22, 2023, in Manama, including meetings of the Mutual Evaluation Working Group and the Technical Aids and Applications Task Force, the Financial Intelligence Units Forum, the Risk Committee Meeting and the Counter-Terrorism Experts Forum.

Source: Agence Tunis Afrique Presse

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AfDB Group President expects negotiations between Tunisia and IMF to be completed soon

Negotiations between Tunisia and the International Monetary Fund (IMF) should be completed soon, said President of the African Development Bank (AfDB) Group, Akinwumi Adesina, in a statement to TAP, quoting Minister of Economy and Planning, Samir Saied, who confirmed this during their meeting on the sidelines of the AfDB’s annual meetings.

Answering a question from TAP at a press conference held on Friday at the close of the AfDB’s annual meetings (from May 22 to 26, 2023) in Sharm el-Sheikh, Egypt, Adesina expressed his hope that these negotiations would succeed in completing the financing process and examining other financing mechanisms for Tunisia.

He also reiterated the AfDB’s willingness to continue supporting Tunisia politically and economically, particularly in terms of developing projects in the agriculture, infrastructure and solar energy sectors.

According to the AfDB, Tunisia needs to conclude a “preliminary” agreement with the International Monetary Fund (IMF) in order to stabilise the macroeconomic framework, thereby restoring the sustainability of its public finances and sending “a positive signal to private investors and donors”.

The African Economic Outlook 2023 report, published by the African Development Bank on the sidelines of its annual meetings, stresses that the entry into force of the $1.9 billion loan agreement with the IMF “would make it possible to unlock concessional financing from other development partners”.

The AfDB has forecast average economic growth in Tunisia of 2.3% during the period 2023/2024 and a narrowing of Tunisia’s budget and current account deficits, due to the national reform programme launched in 2022, which aims to strengthen private investment, consolidate public finances and improve the performance of public enterprises.

Source: Agence Tunis Afrique Presse

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Cabinet meeting examines investment promotion bill, law on knowledge economy and revision of law on start-ups

Prime Minister Najla Boudin Friday chaired a cabinet meeting at the Kasbah government palace to examine a draft law on investment promotion, a draft law on the knowledge economy and a revision of the law on start-ups.

During the meeting, the main features and general guidelines of the proposed bills were presented, said a press release issued by the Prime Ministry on Friday evening.

The Prime Minister stressed the importance of the bills presented taking account of the specific features of the Tunisian economy, meeting the aspirations of young people, removing administrative obstacles to investment and making Tunisia a destination for the knowledge economy.

Source: Agence Tunis Afrique Presse

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AfDB: Investments increase to reach 8.2 billion dollars in 2022

In 2022, investments by the African Development Bank (AfDB) jumped by 37% over the levels recorded in 2021 to reach 8.2 billion dollars, according to the Bank’s Annual Review of Development Effectiveness (ARDE) for the year 2023.

The data, presented on Friday at a conference held in Sharm El-Sheikh (Egypt) on the sidelines of the 58th Annual Meeting of the Board of Governors of the AfDB Group, showed that 60% of the Bank’s financing went to investment loans, compared with 50% in 2021.

“The increase in investments reflects the gradual recovery to pre-COVID-19 levels,” the AfDB noted.

Investments in 2022 continued to be aligned with the Bank’s High 5 strategic priorities, namely feeding, lighting and powering Africa, industrialising and integrating the continent, and improving people’s quality of life.

The ARDE 2023 shows that 26% of all investments mobilised are aimed at industrialising Africa and 9% at lighting Africa and supplying it with energy.

The AfDB has devoted 25% of total investments to improving the quality of life of African populations and 22% to feeding Africa, especially as the number of people suffering from hunger and malnutrition has increased from 240 million in 2015 to 256 million in 2022.

AfDB President, Akinwumi Adesina, said that the Bank had provided 1.3 million people with access to electricity and improved transport connectivity by building or rehabilitating 833 kilometres of roads.

He went on to say that 12.3 million people have gained access to new or improved water and sanitation services, and more than 4 million people have benefited from AfDB operations in the private sector.

Published annually since 2011, the Development Effectiveness Annual Review assesses the Bank’s support for sustainable development in African countries. In particular, it verifies contributions to the Bank’s “High 5” strategic priority areas, which are driving Africa’s transformation.

The 58th Annual Meetings of the African Development Bank (AfDB) on the theme “Mobilising Private Sector Financing for Climate and Green Growth in Africa” is held from May 22 to 26, 2023, in Sharm El-Sheikh, Egypt.

Some 4,000 participants, representing 81 countries, including a number of African heads of state (from Egypt, the Comoros Islands and Zimbabwe), as well as representatives of the Bank’s member governments.

Source: Agence Tunis Afrique Presse

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58th Annual Meeting of Board of Governors of African Development Bank Group closes

The 58th Annual Meeting of the Board of Governors of the African Development Bank (AfDB) Group held from May 22-26 in Sharm el-Sheikh, Egypt, on the theme ” Mobilising Private Sector Financing for Climate and Green Growth in Africa” in the presence of 4,000 participants representing 81 countries was closed.

At the closing ceremony on Friday, AfDB President Akinwumi Adesina stressed the need for coordination between the various players in the field of development to ensure that the different funding programmes and development strategies complemented each other.

The objective, he added, was to align with the objectives of Agenda 2063 and to give priority to overall socio-economic development, democratic governance and security and peace in the region.

The AfDB President described the renewal of the resources of the African Development Fund (ADF) as “exceptional” by participating countries and donors, with approximately 8.9 billion dollars, including 8.5 billion dollars in core funding for the fund and 429 million dollars for climate, which will strengthen the capacity of the AfDB Group to meet the financing needs of African countries, particularly in the aftermath of the pandemic.

The 58th Annual Meeting of the Board of Governors of the AfDB Group was an opportunity to reflect on ways to mobilise more solid private investment, which Africa needs to achieve its urgent objectives in terms of climate change adaptation and mitigation.

The AfDB President said that the renewal of the resources of the African Development Fund (ADF) was considered “exceptional” by the participating countries and donors, with approximately 8.9 billion dollars, including 8.5 billion dollars in core funding for the fund and 429 million dollars for climate, which will strengthen the capacities of the AfDB Group to meet the financing needs of African countries, particularly in the aftermath of the pandemic.

At the close of the 58th Annual Meeting of the Board of Governors of the African Development Bank (AfDB) Group and the 49th Annual Meeting of the African Development Fund, held in Sharm el-Sheikh, Egypt, from 22 to 26 May 2023, African finance, planning and economic development ministers on Friday called for reforms to the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) system to strengthen the global financial safety net and provide more liquidity to developing countries.

During these meetings, the AfDB focused on ways of mobilising private investment and encouraging the private sector to direct its projects towards green projects with a view to combating climate change, adapting to it and alleviating its impacts.

Central bank governors representing 54 African states and 27 non-regional countries and members of the Bank held a high-level dialogue with AfDB President Akinwumi Adesina to discuss the transformation of the current international financial structure and ways to seize this situation to regularise the leading role of multilateral development institutions.

In the same context, the AfDB has published its annual report on the African Economic Outlook for 2023, which forecasts growth in the North African region at 4.6% in 2023, compared with 4.1% in 2022.

The report also forecasts that Tunisia’s gross domestic product (GDP) growth rate will reach 2.3% over the period 2023-2024.

The next Annual Meetings will be held in Nairobi, Kenya, from May 27 to 31, 2024.

Source: Agence Tunis Afrique Presse

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Tunisia: estimated climate finance need over 2020-30 stands at $24.4 billion (AfDB)

Estimated climate finance need over 2020-30 is $24.4 billion (TND 75 billion), with adaptation costs estimated at $4.2 billion, mitigation costs at $14.4 billion, and losses and damages at $5.0 billion, the African Development Bank (AfDB) said in its African Economic Outlook 2023.

There is a promising range of options for engaging the private sector: capital markets (green bonds and the carbon market), outcome-based financing that can be used as a catalyst for mixed (public-private) financing instruments, Islamic financing, and expatriate-friendly financial products designed to turn remittances into green investment, the bank added.

But private sector participation in climate finance has barely gotten off the ground. Barriers include a lack of transparency surrounding the profitability of green projects, difficulties evaluating and pricing risks, investment horizons that can be extremely long, and challenges in quantifying profits.

“New regulatory frameworks and government incentives will be key to channeling private finance into green growth,” the document reads.

Tunisia’s 1,300 kilometer coastline supports over two-thirds of the country’s 12 million inhabitants. Natural capital has enormous potential for various forms of green energy, from solar and wind power to ecotourism and organic farming. The country also has large and, for the most part, underexploited phosphate and hydrocarbon deposits.

Source: Agence Tunis Afrique Presse

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