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

2022/06/27 17:49:00

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.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.

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 allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said.“It will allow us to free up $2bn of additional financing headroom for the bank.The figures highlight how companies will look to graduates to help ease the tightest jobs market in decades.” 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.” 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.At the same time, its abundant solar and renewable power resources favour the development of greener energy.The protocol -- signed separately from the wider trade and cooperation agreement -- requires checks on goods arriving into Northern Ireland from England, Scotland and Wales, in order to track products that could be potentially headed to the EU via the Republic of Ireland.

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.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.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.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.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.It’s a welcome piece of good news for the Class of 2022, who battled remote learning and pandemic pressures.Adesina reiterated plans to help SA raise the $40bn his bank estimates the country needs to transition from coal.Adesina reiterated plans to help SA raise the $40bn his bank estimates the country needs to transition from coal."The problem (with) the protocol is the way the EU want to see it implemented," the UK's Northern Ireland minister Brandon Lewis told Sky News on Sunday.

That plan, he said, would “leverage” off the $8.5bn offered to SA by the UK, US, Germany, France and the EU.5bn offered to SA by the UK, US, Germany, France and the EU.BM.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.“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.

More stories like this are available on.More stories like this are available on.

Read more:
Business Day »
Loading news...
Failed to load news.

UK government Banked on Chelsea sale... Lol

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

World: UK graduate salaries climb by 7% in sign of tight labour marketBritain’s 2022 university graduates will compete for jobs with salaries 7% higher than their equivalents last year, although each one will still have to fight off 35 other applicants to secure the role. Investing and getting the returns is what i have ever wanted finally found it In BencyDanie

UK bill to override N.Ireland Brexit deal back in parliamentBrussels threatened legal action after the UK government earlier this month introduced the Northern Ireland Protocol Bill to unilaterally change trading terms for the British province.

Hostel in Rwanda for UK asylum seekers prepares to take childrenThe hostel in Rwanda where Britain plans to send migrants under its controversial asylum-seeker deportation policy is preparing to house children, its manager said, with the prospect of youngsters being sent there with their parents.

Africa: Is Being Gay Un-African? A Philosopher's PerspectiveOpinion - Most African countries are constitutional democracies that afford extensive rights and freedoms to their citizens, and safeguard their dignity.

AfDB Approves Establishment of the African Pharmaceutical Technology Foundation - IT News Africa - Up to date technology news, IT news, Digital news, Telecom news, Mobile news, Gadgets news, Analysis and ReportsThe African Development Bank’s (AfDB) Board of Directors has approved the establishment of the African Pharmaceutical Technology Foundation, a new groundbreaking institution that will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products. “This is a great development for Africa. Africa must have a health defense […]