Latest news with #RemyRioux
The Star
a day ago
- Business
- The Star
UN bids to salvage global development summit after US boycott
MADRID/LONDON (Reuters) -Scores of world leaders will be sweltering in the summer sun of southern Spain next week at a once-a-decade United Nations development financing summit aimed at curbing global poverty, disease and the worst-case threats of climate change. Despite the scorching temperatures, though, a major chill looms over the event - the decision early this month by the United States, traditionally the world's largest aid giver and key finance provider, not to show up. UN countries want to close a $4 trillion-a-year funding gap they now estimate prevents the developing world achieving the organisation's Sustainable Development Goals that range from cutting infant death rates to minimising global warming. Critics say the promises at the heart of the conference - called the "Seville Commitment" - are nowhere near bold enough. The measures, agreed by consensus after a year of tough negotiations, include tripling multilateral lending capacity, debt relief, a push to boost tax-to-GDP ratios to at least 15%, and shifting special IMF money to countries that need it most. The run-up, however, has been marred by the U.S. decision to withdraw over what it said was the crossing of a number of its red lines, including the push to triple development bank lending, change tax rules and the use of the term "gender" in summit wording. The European Union only joined the summit with reservations, particularly over how debt is discussed within the UN. Speaking to reporters this week, U.N. Deputy Secretary-General Amina Mohammed described Washington's boycott as "regrettable", especially after its "catastrophic" recent aid cuts that she said had cost lives and livelihoods. Speaking alongside officials from summit host Spain and Zambia, which has helped organise it, she said the final outcome document agreed reflected both "ambition and realism" and that the U.N. would try to re-engage the U.S. afterwards. Remy Rioux, chief executive officer of the French Development Agency, said Washington's withdrawal had not been a total surprise given Donald Trump's views. The hope is that agreements next week will allow bolder action at the UN climate talks in Brazil in November. "We will push for the new framework... (and) its operationalisation from Seville to Belem," he added, referring to the Brazilian city that will host COP30. AID IN DECLINE Other measures to be announced include multilateral lenders automatically giving vulnerable countries the option to insert repayment break clauses into their loans in case of hurricane, drought or flood. Another buzz phrase will be a "Global SDR playbook" - a plan where the wealthiest countries rechannel the IMF's reserve-like Special Draw Rights they hold to the multilateral banks, who then leverage them as capital in order to lend more. Campaigners warn that it will fall far short of what is needed, especially as more than 130 countries now face critically high debt levels and many spend more on repayments than on health or education. Aid and support from rich countries, who themselves have rising debts, is dropping too. In March, the U.S. slashed more than 80% of programmes at its USAID agency following federal budget cuts spearheaded by billionaire Elon Musk. Britain, France, Germany, the Netherlands and Sweden have all made cuts in recent years too. The OECD projects a 9–17% drop in net official development assistance (ODA) in 2025, following a 9% decline in 2024. It looks set to hit the poorest countries hardest: bilateral ODA to least developed countries and sub-Saharan Africa may fall by 13-25% and 16-28% respectively, the OECD estimates, and health funding could drop by up to 60% from its 2022 peak. So what would be a good outcome in Seville, especially given the U.S. pull-out? "We should make sure we are not backtracking at this point," said Orville Grey at the International Institute for Sustainable Development, referring to funding commitments. "We should at least remain stable." (Reporting by David Latona in Madrid and Marc Jones in London, additional reporting by Simon Jessop in London; Editing by Andrew Heavens)
Morocco World
13-05-2025
- Business
- Morocco World
Green Investment Program: AFD, OCP Sign €350 Million Financing Agreement
Rabat – France Development Agency (AFD) and Morocco's fertilizer giant OCP are cementing their partnership through the signing of a €350 million financing agreement to support the Moroccan group's ambitious green investment program. OCP's investment program has a total value of $13 billion, covering the period of 2023-2027. The program seeks to increase OCP's fertilizer production capacity while also taking into account the group's commitment to achieve carbon neutrality by 2040. The primary goal of OCP is to supply all its industrial facilities with green energy by 2027, produced through wind, solar, hydroelectric, and cogeneration sources. A statement from OCP on Monday doubled down on their ambition to use 100% clean energy by 2027 through the program, and to fully cover its industrial water needs with non-conventional sources. '[The program] also aims to increase the group's capacity to produce decarbonized fertilizers, notably by integrating green ammonia, to progressively reduce its carbon footprint and achieve carbon neutrality across its entire value chain by 2040,' the statement said. The same initiative also aims to benefit farmers, particularly in Africa, by providing them with green fertilizers to contribute to their yield growth. These fertilizers are customized to serve farmers' needs depending on local crops, climates, and soils. According to OCP, the fund from AFD will be 'disbursed based on the achievement of performance indicators, focusing on increasing production capacity for clean energy and non-conventional water, developing green hydrogen and green ammonia production, and integrating climate and biodiversity indicators to OCP's risk management processes.' OCP also recalled an agreement it signed with AFD recently, for the multi-stakeholder platform dubbed 'Mobilizing for Agricultural Value Chains in Africa', led by INNOVX. 'The platform aims to mobilize and structure financing mechanisms for agricultural value chains in Africa and to strengthen food production and distribution systems by supporting innovative initiatives and start-ups across the continent,' OCP concluded. The signing of the agreement comes during an AFD delegation's high-level visit to Morocco. AFD General Director Remy Rioux is leading the delegation, which is engaging in discussions between the agency and senior officials and representatives from different institutions to cement cooperation at all levels. As part of the visit, AFD pledged €150 million investment plan in Morocco's southern provinces in Laayoune and Dakhla. The pledges align with France's newfound position, recognizing Morocco's sovereignty over its southern provinces in the Western Sahara. Tags: AFDMorocco's OCP Group
TimesLIVE
13-05-2025
- Business
- TimesLIVE
French development agency to invest in Morocco-ruled Western Sahara
The French Development Agency (AFD) says it will invest €150m (R3.05bn) in Western Sahara in 2025-2026, following Paris's recognition of Morocco's sovereignty over the disputed desert territory. The long-frozen conflict, dating back to 1975, pits Morocco, which considers the territory as its own, against the Algeria-backed Polisario front, which seeks an independent state called the Sahrawi Republic in Western Sahara. The investment was announced on Monday following a visit to the Moroccan capital Rabat and to Western Sahara by AFD chief Remy Rioux, who met members of the cabinet and local officials, AFD said in a statement. The funds will be directed at environmental and water supply projects among other social and economic development programmes, it said. French President Emmanuel Macron has backed Morocco's sovereignty over the North African territory and supported its autonomy plan as the only solution to the conflict.
Straits Times
13-05-2025
- Business
- Straits Times
French development agency to invest in Morocco-ruled Western Sahara
RABAT - The French Development Agency (AFD) said it would invest 150 million euros ($167 million) in Western Sahara in 2025-2026, following Paris' recognition of Morocco's sovereignty over the disputed desert territory. The long-frozen conflict, dating back to 1975, pits Morocco, which considers the territory as its own, against the Algeria-backed Polisario front, which seeks an independent state called the Sahrawi Republic in Western Sahara. The investment was announced on Monday following a visit to the Moroccan capital Rabat and to Western Sahara by AFD chief Remy Rioux, who met members of the cabinet and local officials, AFD said in a statement. The funds will be directed at environmental and water supply projects among other social and economic development programmes, it said. French President Emmanuel Macron has backed Morocco's sovereignty over the North African territory and supported its autonomy plan as the only solution to the conflict. He paid a visit to Rabat in October during which deals worth over $10 billion were signed. France said it will also open a cultural centre and a consular service to process visa applications from the territory. Relations between France and Algeria worsened after Macron's support for Rabat's position on Western Sahara. Since 2020, Morocco has won backing from the U.S. and the territory's former colonial power Spain, as well as Israel and more than two dozen African and Arab nations. The UN Security Council has been calling in recent resolutions on the parties to negotiate a "political" and "mutually acceptable" solution to the conflict. The Polisario withdrew from a U.N.-brokered truce but the conflict remains of low intensity. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Morocco World
12-05-2025
- Business
- Morocco World
AFD General Director: Morocco's Southern Provinces Deserve More Foreign Investment
Rabat – France Development Agency (AFD) General Director Remy Rioux has renewed the importance of Morocco's development projects in the country's southern provinces in Laayoune and Dakhla, noting that these regions deserve investment from development institutions like the French agency. 'These dynamics highlight the potential for regional cooperation,' he said, citing several sectors like the blue economy, port greening, renewable energies, job creation, and water and sanitation infrastructure. 'The AFD Group has expressed its readiness to ambitiously support sustainable and inclusive development in these regions for the benefit of their inhabitants,' Rioux said as he concluded his four-day visit to the region. The visit is the first mission by an AFD Director General to Morocco's southern provinces, AFD said in a statement, noting that Rioux held several meetings with senior officials from the government in Rabat as well as local administrations in southern provinces. He met in Rabat with Morocco's Minister of Economy Nadia Fettah Alaoui, Morocco's Foreign Affairs Minister Nasser Bourita, and Interior Minister Abdelouafi Laftit. 'These meetings reaffirmed AFD's support for Morocco's advanced regionalization,' AFD said. In addition to the government, Rioux also held talks with executives from several institutions, like Omar Lahlou, Governor of the Communal Infrastructure Fund, as well as the leadership of Morocco's fertilizer giant OCP. He further met with the executives from the Mohammed VI Polytechnic University-affiliated African Sustainable Agriculture Research Institute (ASARI), which specializes in sustainable agriculture, desertification control, and the development of the camel sector. 'Discussions with researchers and local actors emphasized the need to develop innovative solutions tailored to the region's fragile ecosystem, particularly in water management and sustainable agriculture.' Following several meetings with local officials in Dakhla, the French delegation visited major projects like the construction site of the major Dakhla Atlantic port and the ANP fishing port of the city. AFD's final statement on Rioux's delegation visit comes a few days after the French agency reaffirmed its commitment to making major investments of €150 million in Morocco's southern provinces. ' AFD Group will now invest in the southern regions by bringing in investments and financing,' Rioux told the press last week, noting that he was 'very impressed' by the investments and the quality of infrastructure the region has seen in recent years. AFD's interest in the region comes in line with France's newfound position, with Paris having recognized Morocco's sovereignty over its southern provinces.
