Category: MIL-OSI

Source: APO – Report:

.

The African Development Bank Group (www.AfDB.org) and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), have formed a new partnership to mobilize private sector investment across the African continent into areas that will boost jobs and development.

Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of GFANZ and Dr Sidi Ould Tah, President of the African Development Bank Group announced the move on Wednesday 24 September, during the Bloomberg Philanthropies Global Forum, held on the sidelines of the eightieth UN General Assembly in New York.

“Today we took a decisive step–embarking on a new journey of partnerships and collective action. Through our four cardinal points of strategic priorities, we have affirmed our commitment to work closely with the private sector and our international partners to create a financial framework that serves Africa better–and on its own terms,” said Dr Sidi Ould Tah.

 “I am glad that we have allies who believe in the importance of progressive partnerships and who are ready to work hand in hand with the African Development Bank Group. Together we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development.”

Since assuming leadership of the African Development Bank earlier this month, President Ould Tah has identified “transforming population growth into an economic engine for job creation, particularly for women and youth,” as one of his four cardinal priority areas.

Under the new partnership the two leaders will convene major private financial institutions together with the African Development Bank, to mobilise significantly greater flows of private capital for Africa’s growth and resilience.

“Africa has enormous opportunities for economic growth and innovation, and this new partnership with the African Development Bank will help to unlock more of it by reducing barriers to private investment,” Bloomberg said.

Africa needs more than $1.3 trillion to achieve the sustainable development goals and $68 to $108 billion annually for infrastructure financing, according to the African Development Bank’s 2025 African Economic Outlook report.

The Africa Investment Forum (http://apo-opa.co/3KsvO0i), founded by the African Development Bank Group and eight other partners, aims to close Africa’s investment gap by accelerating the development of projects and offering a curated platform for investors to connect, engage, and finalize deals. Its goal is to make Africa a premier global investment destination by driving high-impact projects that generate measurable development outcomes for the continent.

In the coming months both institutions will jointly work to:

• Raise investor awareness of the Bank’s mobilization toolkit and investment opportunities.
• Collect and incorporate feedback from private sector partners.
• Explore new ways the African Development Bank Group can catalyse the flow of greater private capital into Africa’s growing investment opportunities, delivering economic development, jobs, and innovation.
• Identify and support the implementation of financial and policy innovations that can enhance investor participation.

“Mobilizing private capital at scale is essential to unlocking Africa’s full potential for sustainable growth and resilience,” said Mary Schapiro, Vice Chair of GFANZ and Head of the GFANZ Secretariat. “This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”

Across another vital sector, partnership between the Bank and GFANZ began in September 2023, with the signing of a letter of intent between African Development Bank and GFANZ to support  climate action by financial institutions across the continent (http://apo-opa.co/3In3KLo) at the Africa Climate Summit in Nairobi.

– on behalf of African Development Bank Group (AfDB).

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Source: APO

.

Digital technologies have transformed the global economy, with India, China and the African continent emerging as frontrunners in innovation in the digital payments space. Much of this success is attributed to their cash-heavy economies that have limited banking penetration and rapid digital adoption — a unique blend that has created an environment for such fintech innovations to succeed. 

During an official side event of South Africa’s Think 20 (https://apo-opa.co/42RMmFi) hosted by the Centre for International Governance Innovation (CIGI), experts highlighted that there are 2.1 billion registered mobile money accounts worldwide (https://apo-opa.co/42h0pnJ) – over half are held by people in Sub-Saharan Africa. However, despite rapid adoption, disparities exist. Affordability, financial literacy, access to digital tools, gender gaps, transparency, and trust and security issues create a digital divide and inhibit true financial inclusion in these regions. 

“The geopolitics of digital payments is no longer a niche or technical issue; it now sits clearly at the heart of debates around sovereignty, power, and inclusion,” said Yash Kalash, senior fellow at CIGI. “It is crucial to promote cooperation at a time of growing geopolitical rivalry and expand financial access to include those who have been historically underbanked and underserved.” 

Recommendations from panelists, including diplomats, industry leaders, academics and civil society stakeholders from around the world, to strengthen the digital payments ecosystem include mandatory coupling of innovation and stability to ensure responsible testing, cooperative regulation to improve cross-border payments, and increased alignment with G20 goals and UN Sustainable Development Goals to ensure inclusion is built into the design of any digital finance system.  

“We need to support the underserved populations in using mobile money services in many ways, including offering relevant financial literacy education,” remarked Nancy Kiarie, senior consultant of Inclusive Finance, Livelihoods and Agriculture at BFA Global. “Enhanced literacy will help to protect digital payment users from fraud and build trust in platforms that help to better manage finances.”  

Other key themes of the two-day conference included geopolitics of alternative payment systems, tokenization and cross-border payments, and digital governance and global cooperation. 

For more information and to access the selected policy briefs that informed and influenced the conference discussions, please visit: https://apo-opa.co/42RMmFi

Distributed by APO Group on behalf of Centre for International Governance Innovation (CIGI).

Media contact: 
Communications Team 
Centre for International Governance Innovation 
519-885-2444 
communications@cigionline.org 

About CIGI:
The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank whose peer-reviewed research, foresight and trusted analysis influence policy makers to innovate. With the engagement of a global network of experts and contributors, CIGI tackles the governance challenges and opportunities of data and transformative technologies, including AI, and their impact on the economy, security, democracy and, ultimately, societies. For more information, please visit www.CIGIOnline.org. 

Source: APO – Report:

.

Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of Tourism and Antiquities, Mr. Sherif Fathy.

Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President was briefed on the comprehensive executive and logistical details, as well as the arrangements for various events related to the opening of the Grand Egyptian Museum, scheduled for November 1st. This included updates on the progress of work and the ongoing development of the area surrounding the museum. In this context, the President stressed the need to closely monitor all the details on the ground to ensure that the museum’s opening reflects its stature as a global cultural and archaeological landmark, while continuing efforts to enhance the visual appearance of the surrounding area.

During the meeting, the Minister of Tourism and Antiquities also reviewed the latest developments in the tourism investment dossier, highlighting the government’s commitment to attracting more investments to this vital sector. The Minister noted that preliminary indicators show steady growth in demand for Egypt as a tourist destination from various global markets, thanks to continued efforts to develop the tourism product, expand new tourism styles, intensify promotional campaigns, and improve the quality of services. In this regard, the President emphasized the need for the private sector to play a central role in tourism investment, contributing to an increase in tourist arrivals, the development of tourism infrastructure, and the diversification of destinations. The President also stressed the importance of developing a marketing plan targeting new markets, maximizing foreign currency revenues from tourism, and ensuring the system’s sustainability through effective governance.

The meeting also focused on ways to enhance the tourism sector and develop hotel facilities to accommodate a larger number of tourists. The Minister pointed out that the sector is currently experiencing the highest growth rates and is one of the most lucrative sectors for foreign currency. He also outlined a number of recent measures taken to stimulate the sector, particularly those related to facilitating the conversion of land and buildings for hotel activities, as well as increasing the number of vacation apartments, which will contribute to increasing the capacity of hotel rooms.

At the conclusion of the meeting, the President followed up on ways to strengthen cooperation with UNESCO in the field of protecting and preserving cultural heritage and archaeological sites. The President was briefed on ongoing efforts to restore, develop, and improve the services offered to visitors at museums and archaeological sites, with the aim of enhancing the tourist experience while preserving the cultural heritage. President El-Sisi stressed the importance of applying sustainable development principles in the management of UNESCO World Heritage-listed sites, and discussed mechanisms for cooperation with UNESCO to develop a comprehensive future vision for the preservation of these sites.

– on behalf of Presidency of the Arab Republic of Egypt.

Source: APO

.

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, received Ms. Anshula Kant, Managing Director and Chief Financial Officer of the World Bank Group, at the Ministry’s headquarters in the New Administrative Capital. The meeting was attended by Mr. Stephane Guimbert, World Bank Country Director for Egypt, Yemen, and Djibouti; Mr. Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa; and members of the World Bank Group team.

During the meeting, Dr. Al-Mashat reaffirmed the Egyptian government’s commitment to strengthening its strategic partnership with the World Bank Group to support Egypt’s economic and social development priorities. This includes advancing fiscal and structural reforms, boosting private sector participation, and expanding green investments, in line with the country’s national vision and priorities.

She highlighted the launch of Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience, a comprehensive framework that integrates Egypt Vision 2030 with the Government’s Action Program, while accounting for global and regional developments. The narrative adopts an economic model focused on high-productivity sectors and the real economy, aimed at increasing Egypt’s domestic resources and building sustainable, resilient growth.

Dr. Al-Mashat explained that the narrative marks an advanced stage of a development path that began over a decade ago, with Egypt investing heavily in infrastructure, including roads, energy, ports, and smart transport systems, to create a more enabling environment for economic activity, enhance productivity, and attract investment. These investments laid the groundwork for a dynamic economy capable of withstanding external shocks and generating real added value.

She further noted that the government’s objectives under the Narrative include diversifying the production base, boosting exports, rationalizing imports, enhancing private sector participation in line with the State Ownership Policy Document, strengthening competition policy, and protecting low-income groups.

The Minister also discussed the targets of the current fiscal year’s economic and social development plan, underlining efforts to improve fiscal discipline and reduce the budget deficit. She confirmed that public investments have been capped at EGP 1.16 trillion for FY 2025/2026 to ensure spending discipline, maintain the downward trajectory of public debt, and safeguard macroeconomic stability. At the same time, the government is working to expand private sector engagement and benefit from proceeds of the state-owned assets sale program.

Al-Mashat pointed out that Egypt has one of the World Bank’s largest portfolios in the Middle East and North Africa. This includes commitments of over $6 billion from the International Bank for Reconstruction and Development (IBRD) across 13 projects; an IFC portfolio exceeding $2 billion; and guarantees of nearly $700 million from the Multilateral Investment Guarantee Agency (MIGA) to support vital investments in energy and logistics.

For her part, Ms. Anshula Kant reaffirmed the World Bank Group’s support for Egypt’s efforts through the Framework for Financial Incentives (FFI) launched in 2025, as well as debt-for-development swap initiatives, which channel additional resources into education, health, and environmental protection.

The discussions also covered the outcomes of recent meetings with the Ministry of Finance, highlighting continued fiscal and structural reforms to ensure sustainable growth and debt reduction. Particular emphasis was placed on launching Egypt’s Green Tax Strategy by December 2025 and expanding public-private partnerships.

Concluding the meeting, Dr. Al-Mashat emphasized that cooperation with the World Bank Group is a cornerstone of Egypt’s development agenda. She stressed the importance of strengthening international partnerships to increase investments in productive sectors and green transformation, supporting inclusive and sustainable growth in line with Egypt Vision 2030 and Africa’s Agenda 2063.

Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.