Africa
BoI secures €100m for climate-friendly investments
The Managing Director/Chief Executive, Bank of Industry (BoI), Mr. Olukayode Pitan, on Monday said the bank has accessed a €100 million (about N42.20 billion) line of credit under the Transforming Financial Systems for Climate (TFSC) programme in collaboration with the Green Climate Fund (GCF).
He said the funding would be channelled towards financing investments that contribute to mitigation and adaptation measures to climate change and promoting low-emission transition in Nigeria.
Pitan, who spoke at the second regional roundtable on ‘Creating World Class Sustainable Development Financial Institutions through Embracing Holistic Sustainability,’ also disclosed that the BoI had also accessed the $600 million Global Environment Fund (GEF)/ Resource Efficiency and Cleaner Production (RECP) credit guarantee scheme that would support the development finance institution in financing the procurement of plant and machinery for projects to promote industrial energy efficiency.
He said since the Sustainable Development Goals (SDGs) were launched, there had been concerted efforts globally, to ensure that sustainability is advertised and sold to the world, not for profit, but to ensure active and unwavering commitment from all stakeholders in the global ecosystem.
The BoI MD, further explained that one of the primary drivers of the developmental strategy at the development finance institution was to accelerate the industrialisation of the Nigerian economy by providing financial and business support services to environmentally-friendly and sustainable projects across key sectors of the economy.
He said the bank had set up a full-fledged environmental and social governance team in 2019, which manages its sustainability strategy and activities.
He recalled that in 2013, the bank set up a group that supports renewable energy projects, noting that through this structure, it went into partnership with UNIDO, funded and commissioned six mini-grid power solutions to provide solar energy to six rural communities across the six geo-political zones.
He explained that for over eight years since the projects were commissioned, the benefitting communities have been enjoying a 24-hour uninterrupted green power supply.
He said BoI had also integrated the Environmental and Social Management System (ESMS) framework into its end-to-end credit appraisal, approval, disbursement, and credit monitoring activities, adding that the bank last year commenced the registration processes toward obtaining the Sustainability Standards and Certification Initiative (SSCI) accreditation.
He said, “In our continued effort to build a sustainable institution, the bank concluded a
€1 billion syndicated loan transaction in August 2022, which brought the total funds that we have raised from the international financial markets since 2018 to about $5 billion.
“This will enable us to deepen our impact in key growth and emerging sectors of the economy, given the critical role that they play in national socio-economic development.
“The assessment of our sustainability status contributed to the success of the deal; from credit ratings to active compliance with best practices.
“Through our strategic partnership with the French Development Agency (AFD), we have also accessed a €100m line of credit under the Transforming Financial Systems for Climate (TFSC) programme of the agency, in collaboration with the Green Climate Fund (GCF).
“This fund shall be channelled towards financing investments that contribute mitigation and adaptation measures to climate change, toward promoting low-emission transition in Nigeria.
“In addition to the above, we also have access to the $600 Million Global Environment Fund (GEF)/ Resource Efficiency and Cleaner Production (RECP) credit guarantee scheme that would support us in financing the procurement of plant and machinery for projects that would promote industrial energy efficiency.”
Africa
Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso
Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso
Human Rights Watch (HRW) revealed on Wednesday that jihadist groups in Burkina Faso have intensified attacks on civilians, particularly targeting those accused of collaborating with government forces or refusing to join their ranks.
The conflict, fueled by insurgents linked to al-Qaeda and ISIS, has plagued the West African nation for nearly a decade, spilling over from neighbouring Mali.
Under military leader Ibrahim Traore, Burkina Faso has recruited thousands of civilian volunteers, known as VDPs, to assist in the fight. However, this move has provoked increasingly violent reprisals from jihadist factions, leading to tragic consequences for local communities.
HRW documented seven attacks between February and June, resulting in the deaths of at least 128 civilians.
These assaults, including a massacre in a Catholic church and strikes on displaced persons camps, were attributed to al-Qaeda affiliate Jama’a Nusrat ul-Islam wa al-Muslimin (JNIM) and ISIS-linked Islamic State in the Greater Sahara (ISGS).
Witnesses claimed some attacks were motivated by civilians’ involvement with government forces.
“We are between a rock and a hard place,” a 56-year-old villager lamented, describing the dire situation faced by many.
HRW’s report also highlighted that some villagers were killed after being forced by authorities to return to areas previously overtaken by jihadists.
In response, Burkina Faso’s justice minister dismissed HRW’s claims of slow prosecutions, asserting that human rights violations by insurgents are being investigated.
The junta, which came to power following a coup in 2022, faces growing criticism for its handling of the crisis, with analysts noting a further deterioration in security under Traore’s leadership.
Despite Traore’s promises to restore stability, the conflict shows no signs of abating, with HRW citing the recent massacre in Barsalogho, where hundreds were killed, as one of the deadliest incidents in the country’s history.
Africa
Tunisian court jails opposition leader, bans him from presidential elections
A Tunisian court sentenced opposition party leader Lotfi Mraihi, a potential presidential election candidate, to eight months in prison on a charge of vote buying, his lawyer said on Friday.
The court also banned Mraihi, leader of the Republican Union Party and one of the most prominent critics of President Kais Saied, from running in presidential elections for life, his lawyer Omar Ismail said.
Mraihi will appeal the sentence, Ismail added.
Opposition parties, many of whose leaders are in prison, have accused Saied’s government of exerting pressure on the judiciary to crack down on his rivals in the 2024 elections and pave the way for him to win a second term.
Elected president in 2019, Saied has not officially announced his candidacy for the vote expected to be held on Oct. 6.
Still, it is widely anticipated that he will seek a second term.
He said last year he would not hand power to what he called non-patriots.
The opposition says fair and credible elections cannot be held unless imprisoned politicians are released and the media can do its job without pressure from the government.
In 2021, Saied dissolved parliament and began ruling by decree in a move the opposition have described as a coup.
Saied said his steps were legal and necessary to end years of rampant corruption among the political elite.
(Reuters/NAN)
Africa
Nigerian, South African Defence Chiefs Unite Against Continental Security Challenges
Nigerian, South African Defence Chiefs Unite Against Continental Security Challenges
The Chief of Defence Staff (CDS), Gen. Christopher Musa, has called for stronger ties between the Armed Forces of Nigeria and the South African National Defence Force (SANDF) to tackle the complex security issues facing Africa.
Gen. Musa made this appeal during an official visit to his South African counterpart, Gen. Rudzani Maphwanya, in Pretoria, South Africa. The call for enhanced cooperation was highlighted in a statement released by Brig.-Gen. Tukur Gusau, Acting Director of Defence Information, on Tuesday in Abuja.
“The meeting is a panacea to addressing the multifaceted challenges bedevilling the continent,” Gen. Musa emphasized. He underscored the importance of mutual cooperation and strengthening bilateral ties to combat regional security threats.
During their closed-door meeting, both leaders discussed various strategies to address these challenges, focusing on the exchange of expertise and forging stronger ties for the betterment of the continent.
Gen. Musa was honoured with Cannon Gun Salutes, a mark of high regard, during his visit. Brig.-Gen. Gusau noted the significance of the meeting between the two largest economies and military powers in Africa.
The meeting also saw the presence of SANDF Chiefs of Intelligence, Policy and Plans, International Affairs, and Joint Operations, among other departmental chiefs, highlighting the comprehensive nature of the discussions aimed at enhancing regional security cooperation.
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