US, Germany, UK target Africa for increased trade at African Private Equity and Venture Capital Association conference - AFDB
Investor and trade interest in Africa remains strong despite challenges around Covid-19, senior officials from the United States, Germany and the United Kingdom said at the recently concluded annual conference of the African Private Equity and Venture Capital Association.
Representatives of the three nations spoke during a panel session held as part of the conference, held 20-21 April, 2021. The virtual event highlighted some of the recent regulatory and policy changes affecting private equity in Africa. It also discussed the impact of international public policy on trade and foreign direct investment in Africa’s private sector.
The panel consisted of UK Trade Commissioner for Africa, Emma Wade-Smith; David Marchick, Chief Operating Officer of the US International Development Finance Corporation; Tania Rodiger-Vorwerk, Germany’s Director of Private Sector, Trade, Employment and Digital Technologies; and Nigerian Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo. The discussion was moderated by Abdu Mukhtar, Director of the Industrial and Trade Department at the African Development Bank.
Marchick said the US was committed to supporting Africa’s production capacity, particularly when it comes to vaccines. The latter has become a burning issue in light of the Covid-19 pandemic.
“We average somewhere between $4 billion to $5 billion of investment a year. We want to increase that. Somewhere a little north of 20% of our allocation has been going to Africa, which we want to increase. So, if you take $5 billion a year, and 20% of that, that is a billion. I would like to see that substantially increased in the next few years in climate, in health, in technology and in infrastructure,” Marchick said.
Wade-Smith said Africa was definitely on the UK’s radar. “We are working really closely with governments to create that enabling environment, spotting whether there might be regulations that need updating or implementing more concretely and regularly, and I am really working with investment promotion agencies across the continent to help to create the right projects in the right way that will inspire those investors to come flooding back into Africa,” she said.
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International Day for Biological Diversity, celebrated each year on 22 May, is an opportunity to not only acknowledge the crucial role healthy biodiversity plays in the survival of the planet but also to assess the nature crisis. With the theme ‘From Agreement to Action: Build Back Biodiversity,’ this year’s Day follows the historic adoption of the Kunming-Montreal Global Biodiversity Framework by 196 nations at the 15th meeting of the Conference of the Parties in Montreal, Canada, in December 2022.
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The Board of Directors of the Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF) has announced the appointment of Eliane Ubalijoro as Director General of CIFOR-ICRAF and Director General of ICRAF. Ms. Ubalijoro is the first African woman to hold the position of Director General of a CGIAR research centre and Director General of two centres in the 60-year history of the CGIAR.
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As of 30 April 2023, 44 per cent of the assessed contributions for the year 2023 had been paid to the CMS Trust Fund, which amounts to €1,426,924. The total unpaid contributions as of 30 April 2023 amount to € 3,506,882 (€ 1,779,787 for 2023 and € 1,727,095 for prior years).
Climate change is already posing a threat to the development of the poorest countries and its impacts will make it far more difficult for them to achieve progress in future. So climate action and development policy are bound up closely with each other. Without external support, developing countries and emerging economies are often not able to afford the measures needed to achieve their national mitigation targets and to adapt to the consequences of climate change.
The GEF’s adaptation support for Least Developed Countries (LDCs) is delivered through the Least Developed Countries Fund (LDCF). The LDCF is the only multilateral fund that focuses exclusively on the unique climate adaptation challenges of LDCs and is embraced by LDCs as their own. The fund has a strong track record of supporting LDCs to address adaptation priorities over more than two decades. It delivers targeted support to the world’s most vulnerable countries, and their people and ecosystems.