UK to guarantee $2bn of debt of African Development Bank

2022/06/27 13:40:00

UK to guarantee $2bn of debt of African Development Bank

UK to guarantee $2bn of debt of African Development Bank

The guarantees are a step towards plugging a financing gap that Africa needs to meet to finance the strengthening of infrastructure such as roads and bridges

27 June 2022 - 11:08 Saul Butera and Antony Sguazzin Picture: BLOOMBERG The UK has agreed to guarantee $2bn of the debt the African Development Bank ( AfDB) has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.Advertised graduate salaries in the UK have risen to a six-year high of £26,076 ($32,000) this summer, research from the job search site Adzuna showed on Monday.LONDON - A UK government bill proposing an overhaul to a post-Brexit deal in Northern Ireland returns to parliament on Monday, despite EU warnings it is illegal and could spark a trade war.Under an agreement struck in April, Britain will send tens of thousands of migrants who arrive on its shores illegally more than 4,000 miles (6,4000 km) to the East African country.

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, president of the Abidjan, Ivory Coast-based bank, said in interview last week.“That allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said.That still leaves 36 graduates competing for every job, the firm said.“It will allow us to free up $2bn of additional financing headroom for the bank.It is illegal because it's a breach of international law, a breach of EU law and UK law," Joao Vale de Almeida told Sky News on Sunday.” The guarantees are a step towards meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges.By offering more roles and higher starting salaries, companies may alleviate an acute shortage of workers that’s left vacancies across the economy at a record high.At the same time, its abundant solar and renewable power resources favour the development of greener energy."We are ready to accept all ages," Kalyango told reporters travelling with Prime Minister Boris Johnson to Rwanda for the Commonwealth summit.

African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33bn, according to the Global Center on Adaptation.1% and is expected to hit double-digits later this year.This creates a customs border down the Irish Sea, keeping Northern Ireland in the EU's customs orbit so as to avoid a politically sensitive hard border between it and EU member Ireland.Earlier this month, Bloomberg News reported that the UK is considering guaranteeing at least $1bn of SA debt as part of an $8.5bn climate finance deal designed to cut the nation’s reliance on coal and drive a shift to green energy, citing people familiar with the situation.“Plenty of sectors remain desperate for talent and looking to grads to fill those gaps.Some of this amount would apply to debt provided by the African Development Bank, the people said, asking not to be identified because the talks aren’t public.They want checks to be removed on goods and animal and plant products travelling from Great Britain.Adesina reiterated plans to help SA raise the $40bn his bank estimates the country needs to transition from coal.” Graduates from Bayes Business School, Oxford, Imperial College, Cambridge and University College London are top of the tree for earnings.The spokesman said the deportation policy would primarily impact male adults because they account for 90% of the asylum seekers who make the journey across the Channel on small boats.

That plan, he said, would “leverage” off the $8.5bn offered to SA by the UK, US, Germany, France and the EU.BM."I want to see the re-establishment of the Northern Ireland Assembly and the executive -- the protocol is getting in the way of that and that's why it's breaching the Belfast Good Friday Agreement," he added.Still, he said, about $11bn in grants, concessional finance and guarantees would be needed to give effect to the plan, which Adesina said wouldn’t see SA incur more debt.“You cannot get to net zero with zero financing,” Adesina said.“We have a great plan, it’s a fantastic plan,” he said, without explaining how taking on further debt would be avoided."Unilateral action is damaging to mutual trust," European Commission Vice President Maros Sefcovic told reporters in Brussels when the UK introduced the legislation.Previously, he has said the prospect of Ukrainian refugees being sent to Rwanda "was simply not going to happen".

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