US Remains in Talks on $500 Million for Angola's Rail Corridor
The DFC is 'actively negotiating' with stakeholders, including the Angolan government and Trafigura over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in Luanda on Monday. 'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated.'
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Yahoo
an hour ago
- Yahoo
Ethiopia completes the power-generating dam on the Nile that caused a dispute with Egypt
ADDIS ABABA, Ethiopia (AP) — Ethiopia's prime minister said Thursday that a controversial power dam on the Nile is now complete, a major milestone for his country amid a dispute with Egypt over equitable sharing of the water. Egypt has long opposed the dam because of concerns it would deplete its share of Nile River waters. Egypt has referred to the dam, known as the Grand Ethiopian Renaissance Dam, as an existential threat because the Arab world's most populous country relies almost entirely on the Nile to supply water for agriculture and its more than 100 million people. Negotiations between Ethiopia and Egypt over the years have not led to a pact, and questions remain about how much water Ethiopia will release downstream if a drought occurs. Ethiopian Prime Minister Abiy Ahmed, in his address to lawmakers Thursday, said his government is 'preparing for its official inauguration" in September. 'While there are those who believe it should be disrupted before that moment, we reaffirm our commitment: the dam will be inaugurated,' he said. Abiy said his country 'remains committed to ensuring that our growth does not come at the expense of our Egyptian and Sudanese brothers and sisters.' 'We believe in shared progress, shared energy, and shared water,' he said. 'Prosperity for one should mean prosperity for all.' Ethiopia and Egypt have been trying to find an agreement for years over the $4 billion dam, which Ethiopia began building in 2011. Tensions over the dam, the largest in Africa, once were so high that some observers feared the two countries might go to war over it. But Ethiopia won the diplomatic support of upstream nations such as Uganda, home to a regional partnership of 10 countries that last year signed an accord on the equitable use of water resources from the Nile River basin. The accord of the partnership, known as the Nile Basin Initiative, came into force in October without being ratified by Egypt or Sudan. The dam, on the Blue Nile near the Sudan border, began producing power in 2022. The project is expected to ultimately produce over 6,000 megawatts of electricity, which is double Ethiopia's current output and enough to make the East African nation of 120 million a net energy exporter. The dam is located about 500 kilometers (311 miles) northwest of the Ethiopian capital of Addis Ababa. It is 1,800 meters long and 175 meters high, and is backed by a reservoir that can hold up to 74 billion cubic meters of water, according to the main contractor. Ethiopia insists the dam is a crucial development that will help pull millions of its citizens out of poverty and become a major power exporter. It was not immediately possible to get a comment from Egypt, which has long asserted its rights to Nile water according to the terms of a colonial-era agreement. The agreement between Egypt and the United Kingdom gave downstream Egypt and Sudan rights to the Nile water, with Egypt taking the majority. That agreement, first signed in 1929, took no account of the other nations along the river basin that have demanded a more equitable accord. ___ Muhumuza contributed from Kampala, Uganda. Samuel Getachew And Rodney Muhumuza, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
World Bank's IFC ramps up investment amid global uncertainty
While the world economy faces instability from US President Donald Trump's threats of a global trade war, the International Finance Corporation (IFC) is dramatically ramping up its investment activities. The Washington-based IFC -- the World Bank's private sector arm -- mobilizes private capital and provides financing to support businesses across emerging economies. Though not widely known outside development circles, the organization plays a crucial role in creating jobs and supporting growth in less developed regions. "The world economy has been going through a bit of a turbulent time, but what I must say is that even though there is turbulence... we are seeing a lot of interest in investing in emerging countries," Makhtar Diop, the IFC's managing director, told AFP. This optimism is backed by concrete numbers. In the fiscal year ending June 30, preliminary data shows that the IFC committed over $71 billion -- nearly double its commitment from just three years ago and a significant jump from last year's record of $56 billion. The investment spans the globe, with more than $20 billion flowing to Latin America, $17 billion to Asia, and $15.4 billion to Africa. The dramatic increase stems from a deliberate strategic shift. Diop, an economist and former Senegalese finance minister, explained that the IFC has focused on becoming "simpler, more agile, and delegating decision-making to our teams that are in the field." This approach abandons the over-centralized structure that previously "was slowing down our ability to respond and seize new opportunities." The timing is significant. As Western economies pull back from direct aid to developing countries -- constrained by mounting debts, rising defense budgets, and increasingly inward-looking politics -- the IFC has accelerated. "It's totally understandable that they have fewer resources to make available in the form of grants to developing countries," Diop acknowledges. However, he emphasized that World Bank funding for the world's poorest countries remains fully replenished, calling it "the most efficient and best way to support countries." The IFC's expanding role within the World Bank Group is evident. Today, its funding nearly matches the support the bank provides directly to governments, making it an equal partner in development efforts. - Dubai to Africa - The organization is also attracting new types of investors. Many co-financing partners now come from regions that traditionally haven't invested outside their home areas. The IFC's largest renewable energy investment in Africa, for example, was completed with a Dubai-based company. These investors trust the IFC not only for its market knowledge but also for the risk-mitigation tools it offers, Diop said. In Africa particularly, the IFC pursues a strategy of identifying and supporting "national champions" -- successful local companies that need help to become more competitive and globally integrated. A significant portion of the IFC's mandate involves sustainability projects, an area where Diop decries debates with false choices between economic development and the environment, especially in electricity projects that form an important part of the agency's portfolio. "It happens that today, you don't have to make that trade-off because the sustainable solutions are often the cheaper ones, and that's the beauty of what we are seeing," he said. While fossil fuel generation remains part of the energy mix to ensure grid stability, the economics increasingly favor clean alternatives. Behind all these investments lies an urgent demographic reality: 1.2 billion young people will reach working age in developing countries over the next decade. For the World Bank, creating employment for this massive cohort is paramount. "The first question of any leader you meet from the developing world is how can you help to create jobs for young people?" Diop observed. Beyond infrastructure development that stimulates broader economic activity, Diop identifies tourism, pharmaceuticals, and agriculture as the most promising sectors for job creation. These industries can offer the scale and growth potential needed to absorb the coming wave of young workers entering the global economy. arp/st
Bloomberg
4 hours ago
- Bloomberg
How to break China's mineral dominance, our solar panel podcast, Trump's big bill passes
Good morning, it's Angus here in Sydney. Here's what you need to know as you head into the weekend. Today's must-reads: • A test case for breaking China's grip on minerals • AustralianSuper tying up private equity deals • Our solar rooftop podcast The struggling Port Pirie smelter in South Australia could be a test case in how much Western governments are willing to spend to break China's dominance in critical minerals. Owner Nyrstar Australia is proposing a multimillion-dollar upgrade so the smelter can produce antimony — a key mineral used in munitions, semiconductors, solar panels and batteries. Read Paul-Alain Hunt's Dispatch here.
