The EIB podcast: Financing development in North Africa
North Africa is one of the most important regions for the European Investment Bank’s financing outside the EU, and one where it sees great potential for funding sustainable development. In this special podcast supported by the European Investment Bank from Marrakech, which is hosting the World Bank and IMF annual meetings, Ricardo Mourinho, the EIB vice-president responsible for Morocco and Tunisia, explores the Bank’s activities in the region. The EIB’s involvement is also deepening, with recent investments spanning renewable energy, water, sanitation, education and health. In the immediate aftermath of the September earthquake, the EIB first worked with the Moroccan authorities to repurpose existing investments, and then pledged €1bn to the reconstruction programme. Mourinho emphasises that “the future is green”, so the EIB will not fund projects that are not Paris Agreement-aligned.
Source:The North Africa Journal
October 12, 2023 20:27 UTC
FMI Reveals: North America’s DNA Synthesis Industry Leading with 41% Share From 2023 To 2033
North America commands the largest stake in the DNA synthesis market, boasting a substantial 41.0% share during the forecast period. European Advancements in DNA Synthesis” As reported by FMI, Europe is poised to be a fertile ground for DNA synthesis, projecting a substantial 31.4% share during the forecast period. https://www.futuremarketinsights.com/reports/sample/rep-gb-5900Positioned to attain a value of US$2,898.3 million in 2023, the DNA Synthesis Market is primed for a remarkable ascent, projecting a substantial leap to US$9,999.6 million by 2033. The synthetic biology segment is a primary growth driver of the DNA synthesis market and accounts for a major share. The DNA synthesis market in Europe will likely hold 27.9% of the overall market share.
Source:The North Africa Journal
October 12, 2023 19:11 UTC
Global Data Center Construction Projects Overview 2023: Stages, Key Countries and Players Analytics
Company LogoDublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Data Center Construction Projects Overview and Analytics by Stages, Key Countries and Players, 2023 Update" report has been added to ResearchAndMarkets.com's offering. This report provides a detailed analysis of data center construction projects globally,The report tracked a global pipeline of large-scale data center projects with a total value of US$300.3 billion. The pipeline of projects is evenly balanced, with 53% in the pre-execution and execution stages, and 47% in the early stages of pre-planning and planning. ScopeThe report provides analysis based on the publisher's construction projects showing total project values and analysis by stage and funding for all regions. The top 20 projects per region are listed giving country, stage, value of projects.
Source:The North Africa Journal
October 12, 2023 19:03 UTC
EBRD backs Morocco’s efforts to speed up green energy transition – The North Africa Post
The European Bank for Reconstruction and Development (EBRD) is joining efforts with Moroccan Ministry of Energy Transition & Sustainable Development to accelerate the decarbonization of the electricity sector in Morocco. Cooperation will focus on accelerating renewable energy deployment, strengthening the electricity network, rolling out energy efficiency solutions across sectors and developing an open and well-functioning electricity market. For over a decade, the EBRD has been supporting the decarbonization of the Moroccan energy sector and its green energy transition through direct and indirect financing. According to a WB report on funding energy transition in the power sector, Morocco’s transition to low-carbon economy requires an annual investment of $2.6 billion through 2030, rising to $17.4 billion annually by 2050. Morocco’s energy transition will lead to a transformation of power sector infrastructure.
Source:The North Africa Journal
October 12, 2023 17:47 UTC
Algeria's top court rejects journalist's appeal of his seven-year sentence
El Kadi’s website and radio station emerged as key channels during the North African nation’s 2019 Hirak protests. AdvertisementIn April, a court in Algiers gave him a 7-year sentence that included three years in prison and ordered his website and radio station shut down. The sentence was part of a growing list of criminal penalties given to journalists, reflecting the increasing difficulties they face throughout North Africa. I have no words,” El Kadi’s wife, Djamila Ait Yala, told The Associated Press after her husband’s appeal was rejected. El Kadi was taken into custody in December 2022.
Source:The North Africa Journal
October 12, 2023 17:30 UTC
Trafigura, African Banks Partly Fill Oil-Field Financing Gap
Power MovesIf a green pivot is to happen, power grids must become “supergrids,” continent-spanning networks that can move green energy thousands of miles. The technology is here, but politics may stand in the way.
Source:The North Africa Journal
October 12, 2023 14:04 UTC
Egypt makes progress on privatization, public finance levels: IMF Chief
Egypt is making a decent progress on several levels, including privatization and public finance, Al-Arabiya.net reported, citing Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva. The North African country is facing a number of challenges but its officials are doing a good job, Georgieva. Moreover, she added that the country still has to do some work regarding the issue of the best ways of the exchange rate movement. On October 4th, it was reported that the IMF would conduct its annual assessment of Egypt’s economy after concluding the country’s delayed review of its loan program. The IMF approved the 46-month $3 billion loan to Egypt under the Extended Fund Facility (EFF) in December 2022.
Source:The North Africa Journal
October 12, 2023 13:25 UTC
Mali cancels Air France’s clearance to resume flights – The North Africa Post
Malian authorities have nullified authorization given to Air France to resume flights to the West African country after the airline suspended its services in August 2023. The decision came a day after Air France announced plans to resume flights to Mali from Friday October 13. The airline suspended on August 7 its flights to Mali, Burkina Faso and Niger after a junta deposed on July 26 Niger’s President Mohamed Bazoum and shut down its airspace. Malian transition authorities on August 11 slammed Air France’s decision and accused the carrier of unilaterally suspending its flights to the country without prior and adequate information to authorities and customers. A statement by the Transport Ministry said the National Aeronautical Authority of Mali is still “examining the request made by Air France for resumption of flights.” Air France used to operate seven flights per week to Mali and five to Burkina Faso.
Source:The North Africa Journal
October 12, 2023 13:25 UTC
Cobb expands footprint in Africa with joint venture
Cobb seeks to expand in Africa with a new joint venture with the Irvine’s Group. The joint venture will open a new grandparent (GP) operation in Tanzania that will help supply East Africa with healthy, affordable and quality broiler breeding stock. “With over 700 million people, Sub-Saharan Africa has a great long-term potential and we are excited for this new partnership and the future of Cobb East Africa,” said Mutimer. Cobb will leverage Irvine’s existing market development, local knowledge and existing parent stock operation in Tanzania. Local production, via Cobb East Africa, will deliver more competitive cost and reliable Cobb supply.
Source:The North Africa Journal
October 12, 2023 12:23 UTC
Legacy Tech vs Super Apps: Can Banks Keep up with Fintech Innovation? - IT News Africa
Other super apps in Asia include China’s AliPay, Indonesia’s GoJek, Careem in the Middle East and North Africa, and Grab in Southeast Asia. While super apps haven’t gained as much traction in North America or Europe, many companies are eyeing the super app opportunity. Super apps may also make it easier for users to compare and access various financial products offered by ecosystem partners. They may also struggle with data silos, whereas super apps require a holistic view of customer data for personalized experiences. For some banks, super apps represent an opportunity to revamp their customer experience and enhance engagement.
Source:The North Africa Journal
October 12, 2023 11:53 UTC
South African carbon market launched on stock exchange
The Johannesburg Stock Exchange (JSE) has launched a new carbon market in collaboration with infrastructure provider Xpansiv, under a separate legal entity called JSE Ventures. This initiative will allow local participants on the South African stock exchange to buy or sell carbon credits and renewable energy certificates (RECs) that are held in either local or global currencies. Partnership aims to sell carbon credits in sub-Saharan AfricaSouth Africa needs carbon market to stimulate much-needed decarbonisationLeila Fourie, JSE Group CEO said the world is witnessing a heightened focus on carbon markets. South Africa is the world’s 12th highest emitter of carbon emissions and has an increasing need to access and supply carbon credits. Formed in 2016, Xpansiv provides environmental market technology including registry infrastructure, market data and portfolio management platforms.
Source:The North Africa Journal
October 12, 2023 11:41 UTC
IFC and OCP Secure 100 Million Green Loan to Construct Solar Power Plants for Environmentally Friendly Fertilizer Production
This collaboration aims to enhance global food systems while reducing vulnerability to fluctuations in hydrocarbon prices. This initiative signifies a pivotal step toward OCP’s goal of achieving 100% renewable energy usage in its fertilizer production by 2027. OCP’s solar initiative falls under its $13 billion Green Investment Program, aiming to increase green fertilizer production and transition its operations entirely to green energy by 2027. By reducing dependence on hydrocarbons, this partnership enhances sustainable food production, promotes price stability, and strengthens food security in developing and emerging countries. This initiative is also in line with IFC’s Global Food Security Platform, a $6 billion financing facility launched in 2022 to support the private sector’s response to the food crisis and promote sustainable food production.
Source:The North Africa Journal
October 12, 2023 11:11 UTC
EBRD Approves €45M Loan for North Africa-Europe Energy Bridge
The European Bank for Reconstruction and Development (EBRD) has approved a €45 million loan to Tunisia’s Société tunisienne de l’électricité et du gaz (STEG) for a submarine power cable linking Tunisia and Italy. STEG will combine the loan with a €307.6 million grant from the European Union’s Connecting Europe Facility, and financing from the European Investment Bank, the World Bank and KfW to develop the 200-km 600 MW high voltage direct current transmission network.
Source:The North Africa Journal
October 12, 2023 10:33 UTC
Nigeria: Four 175MW units for second largest hydropower plant
The second largest hydropower plant in Nigeria is expected to meet around 10% of the country’s total domestic electricity requirements, with renewable and reliable energy. Global energy company GE Vernova announced that its Hydro Power business has completed the commissioning of four 175MW Francis hydropower turbines and generators at the Zungeru project in Nigeria. The 700MW Zungeru project is located on the Kadina River in Niger State, approximately 150km north-west of Abuja. It is the largest hydroelectric dam to be built in Nigeria since the commissioning of the Kainji dam in 1968. The IHA said the country’s total installed capacity is 12,522MW, not including off-grid generation, of which 2,062MW is hydropower.
Source:The North Africa Journal
October 12, 2023 09:46 UTC
Solar power to decarbonise Morocco food and electricity supplies
Solar agri-voltaics and solar power are being introduced on the ground in Morocco to help farmers decarbonise their value chain as the power utility takes its own steps to accelerate renewable energy deployment. EBRD invests in solar energy to decarbonise pharmaceuticals in MoroccoSolar power for Morocco food chainIFC has also agreed to loan the Morocco fertiliser producer OCP Group €10m (around $10.6m) to construct two solar plants to power their operations in the mining towns of Benguerir and Khouribga. Decarbonising the sector helps to ensure sustainable food production, price stability and improved food security. This would create the first large scale solar PV project with integrated energy storage infrastructure in Morocco, and the largest in North Africa. In April this year IFC also provided OCP a €100m loan to construct four solar power plants, also in Benguerir and Khouribga, for a combined capacity of 202MWp.
Source:The North Africa Journal
October 12, 2023 09:22 UTC