In an era of transformative development, the African Development Bank Group (www.AfDB.org) stands as a beacon of progress in Central Africa, particularly in Cameroon, where the institution has earmarked more than 50 percent of its portfolio for funding transport infrastructure.

The Bank spearheaded crucial projects such as the Ketta-Djoum Road, linking Cameroon to Congo, for which it invested $173 million. It has also contributed to connecting Cameroon to Nigeria by providing $120 million for the construction of the Bamenda-Enugu Road and the Cross River border bridge. The bridge formally opened to traffic in October 2022.

The construction of a bridge over the Logone River, funded to the tune of $115 million, is underway to link northern Cameroon with Chad. In addition, the Bank last year approved $80 million for the construction of a bridge over River Ntem to connect Cameroon and Equatorial Guinea.

Establishing transport links between Cameroon and its neighbors, namely Congo, Chad, Nigeria and Gabon, through the construction of cross-border roads and bridges, facilitates regional integration. These projects have generated more than 2.5 million direct jobs, 40 percent of them held by women, enhanced the efficiency of the transport logistics chain along travel corridors, and improved communities’ access to basic services.

Alamine Ousmane Mey, Cameroon’s Minister of Economy, Planning and Regional Development and the Bank’s Governor for Cameroon, lauded the Bank’s engagement in the country, saying its interventions are “radically changing the face of the region.”

During her recent visit to the Cameroonian capital, Yaounde, Marie-Laure Akin-Olugbade, the Bank Group’s Vice-President for Regional Development, Integration and Business Delivery, received accolades from various government officials for the Bank’s transformative contributions.

In Yaoundé, Akin-Olugbade led the inauguration of the Bank Group’s regional office for Central Africa, reaffirming the institution’s commitment to the region’s development course. She also met with Prime Minister Joseph Dion Ngute, Finance Minister Louis-Paul Motaze, and Emmanuel Nganou Djoumessi, Minister of Public Works.

Prime Minister Ngute, who presided over the office inauguration event, praised the “true worth” of the Bank’s support for integration projects in Central Africa.

In 2011, the Bank provided $60 million in financial and technical support for the construction of the Lom Pangar and Nachtigal dams. The hydroelectric dam injected 1153 GWh into the interconnected grid in southern Cameroon, providing over 100,000 additional households with access to electricity.

The Bank is the only development institution that continues to operate intensively in Cameroon’s Far North, Northwest and Southwest regions, which have been plagued by security challenges. These regions and the East remain the Bank’s priorities in Cameroon for the next five years.

The Bank’s projects include the:

Cameroon-Chad Power Interconnection Project, with funding totaling $240.86 million.
Territorial Development Project for the Far North Region, with funding amounting to $215.80 million.
Study and Preparation of a Drinking Water Supply and Sanitation Programme, funded with $5.72 million.
Ring Road Project, backed by funding totaling $241.60 million.
Lake Chad Basin Regional Road Network Integration Project, funded with $48.80 million.
Program for Integrated Development and Climate Change Adaptation in the Niger Basin, supported by $9 million in funding.

On the sidelines of the regional office inauguration ceremony, the Bank Group signed a €203 million financing agreement with the Cameroon government for the Territorial Development and Private Sector Promotion Project in the Far North Region (https://apo-opa.co/44c6TnI). This project, which will benefit more than four million people, will foster regional development, improve the transport system, and promote private sector growth, with the potential to develop a sustainable and integrated development hub in the Far North Region.

That region serves as a buffer zone between the Sahel and Central Africa and is a veritable sub-regional crossroads between three of the four countries in the Lake Chad Basin (Cameroon, Nigeria and Chad), plagued by crises that are distinct but closely related.

Reflecting on the significance of the partnership, Public Works Minister Djoumessi, hailed the Bank as a crucial ally aligned with Cameroon strategic needs, a sentiment echoed by Finance Minister Motaze, underscoring the transformative impact of the Bank’s initiatives on local communities.

“We aim to be bolder, move faster, and increase the efficacy of our operations in Cameroon because people’s lives are at stake,” said Akin-Olugbade, indicating that the Bank Group could double the country portfolio within the next five years.”

During their engagement, the Bank Vice-President and the government representatives evaluated the Bank’s portfolio for Cameroon, which comprised 26 projects as of 1 April 2024, involving commitments of approximately $2.5 billion. The primary areas of focus are transport (56.5 percent), energy (20.4 percent), and agriculture (10.5 percent).

The Vice-President also held a meeting of the “Big 5”, a platform that coordinates the actions of Cameroon’s principal technical and financial partners, comprising the African Development Bank, the French Development Agency, the World Bank, the International Monetary Fund and the European Union. Their dialogue focused on structural socio-economic reforms and finding ways to improve the effectiveness of investment projects within the country.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank President Akinwumi Adesina (www.AfDB.org) said on Thursday.

“I think it’s time for us to have debt transparency accountability and make sure that this whole thing of these opaque natural resource-backed loans actually ends, because it complicates the debt issue and the debt resolution issue,” Adesina told journalist Yinka Adegoke at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank2024 Spring Meetings.

Adesina highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65% of their GDP to servicing these obligations. He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010.

While acknowledging the fiscal pressures faced by African nations due to the Covid-19 pandemic, infrastructure needs, and rising inflation, Adesina emphasised the need to address the structural issues in Africa’s debt landscape. He pointed out the shift from concessional financing to more expensive and short-term commercial debt, with Eurobond debt now accounting for 44% of Africa’s total debt, up from 14-17% previously.

He also criticized the “Africa premium” that countries pay when accessing capital markets, despite data showing that Africa’s default rates are lower than those of other regions. He called for an end to this risk perception, which he said leads to higher borrowing costs for African nations.

The African Development Bank head stressed the importance of putting in place an orderly and predictable way of dealing with Africa’s debt, urging for faster implementation of the G20 Common Framework.

He also highlighted the need for increased concessional financing, particularly for low-income countries. “What’s particularly interesting in Africa is that the level of concessional financing itself has actually gone down, has shrunk significantly,” he said, adding that the African Development Fund—the Bank Group’s concessional lending arm to low-income countries—is providing long-term financing at low interest rates to the 37 most vulnerable countries.

Adesina discussed various instruments and initiatives employed by the African Development Bank to de-risk projects and attract institutional investors, such as partial credit guarantees, hybrid capital, and synthetic securitisation.

Looking ahead, Adesina expressed optimism about the opportunities in Africa, particularly in renewable energy, given the continent’s vast solar potential. He also highlighted the Africa Investment Forum, a platform created by the Bank and its partners, that brings together investors from around the world to facilitate large-scale investments in key sectors like infrastructure, digital, and renewable energy.

“Africa is the best investment destination in the world,” Adesina concluded, emphasizing the African Development Bank’s commitment to creating an enabling environment for investments to thrive. 

The Semafor summit session —titled “Rising Global Middle Class: Is Rising Developing Nation Debt a Blessing or a Curse?”—brought together a range of participants for conversations on the increasing debt burden faced by developing countries as borrowing costs have risen.

Other notable participants included Xavier Becerra, U.S. Secretary of Health and Human Services; Raj Shah, President of the Rockefeller Foundation; Andrew Steer, President and CEO of the Bezos Earth Fund; and Brent Neiman Assistant Secretary for International Finance, U.S. Treasury.  

Shah emphasised the importance of balancing developing countries economic needs with the need for climate action. He said that to assist the South African government in efforts to decommission the country’s coal-fired Komati power station, the Rockefeller Foundation, through the Global Energy Alliance for People and Planet, had developed a plan that would retrain workers at the plant while also creating new jobs and upgrading transmission infrastructure so that renewable energy could empower local businesses. “It’s an unrealistic conversation to just ask people to shut down their only real source of prosperity and cause job losses,” Shah said.

Neiman addressed the U.S government’s efforts to assist African countries in reducing debt loads. He noted that Côte d’Ivoire, Benin, and Kenya, had issued almost $5 billion in bonds since the beginning of 2024, at interest rates ranging from 8 to 10 percent. He said this was evidence that emerging economies remain able to tap capital markets. He also cited the Global Sovereign Debt Roundtable as instrumental in bringing together creditors and debtors to tackle rising debt burdens in developing countries.

Adesina is in Washington to attend the 2024 International Monetary Fund/World Bank Spring Meetings.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) 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 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org  

Revna Biosciences (www.RevnaBio.com) has carved a niche for itself in Ghana and West Africa by being the first facility in the region to secure dual ISO accreditations: ISO 15189:2022 for clinical diagnostics and ISO 20387:2018 for biobanking. This milestone is a testament to RevnaBio’s unwavering commitment to championing precision medicine by propelling molecular diagnostics and therapeutic discovery in the region.

A Pledge to Quality and Patient Care

The American Association for Laboratory Accreditation (A2LA) has bestowed the ISO 15189:2022 accreditation upon Revna Biosciences, acknowledging its dedication to delivering top-tier clinical testing services. The accreditation process entailed a rigorous on-site evaluation by A2LA’s assessors, verifying the facility’s compliance with strict standards of precision, reliability, and patient confidentiality.

Revna Biosciences’ accreditation encompasses an extensive array of human sample tests, including those involving urine, swabs, blood, bone marrow, tissue samples, and plasma. With a specialization in bacteriology, virology, and molecular pathology, the facility is dedicated to providing patients with accurate and dependable diagnoses.

Biobanking Excellence

Revna Biosciences has also earned accreditation for its biobanking practices under ISO 20387:2018. This accreditation spans the entire biospecimen lifecycle, from collection and acquisition to preservation, testing, storage, and distribution of various tissues and blood products. The company’s adherence to international standards guarantees the quality and integrity of biospecimen, thereby contributing to advancements in global medical research.

Dr. Derrick Edem Akpalu, CEO and Co-founder of Revna Biosciences, stated, “Our dual ISO accreditations reflect our commitment to excellence and quality, from sample collection to data analysis. This not only reassures patients but also benefits researchers and industry partners. These accreditations enhance our clinical research services, paving the way for global therapeutics and diagnostics development. By adhering to these ISO standards, we ensure the reliability of our archived biosamples and data, thereby enriching clinicogenomic insights and propelling the advancement of personalized medicine in the region. “

Dr. Yaw Asare-Aboagye, a board member of the company, added, “We aim to meet the highest international standards as we are dedicated to enhancing access to top-quality healthcare and research facilities, especially in Africa where the demand for such services is paramount.”

Global Recognition and Industry Alignment

A2LA, the accrediting organization, is renowned for its Centers for Medicare and Medicaid Services (CMS) Deemed Status and International Laboratory Accreditation Cooperation (ILAC) Recognition, an indication of its reputation as an accrediting board in global clinical diagnostics. Furthermore, RevnaBio is a member of ISBER, an international forum for biobanking that advocates for high-quality standards and innovation in biorepository management. Revna Biosciences’ achievement aligns with global recognition and industry standards, positioning the company at the vanguard of medical innovation.

Distributed by APO Group on behalf of Revna Biosciences.

About Revna Biosciences:
With an operational base in Accra, Ghana, and serving across West Africa, Revna Biosciences (RevnaBio) is a biomedical company committed to advancing molecular diagnostics and therapeutic discovery. With a mission to champion precision medicine for all, RevnaBio is devoted to unraveling the biological underpinnings of diseases affecting Africans, people of African descent, and the global population.

RevnaBio offers a comprehensive suite of services, including advanced molecular diagnostics, biobanking, biomarker exploration, clinical research, central lab services, disease monitoring, treatment selection, and trial management. Through strategic alliances with international biotech leaders such as QIAGEN, Diatech Pharmacogenetics, and Idil Biotech, RevnaBio delivers cutting-edge biomedical services in the heart of West Africa.

RevnaBio holds all necessary local permits and licenses, including the Health Facilities Regulatory Authority (HeFRA) permit for tertiary laboratories. RevnaBio has the approval of Ghana’s Food&Drugs Authority (FDA), is dual ISO accredited (ISO  15189:2022; ISO 20387:2018) by the American Association for Laboratory Accreditation (A2LA) and a member of the International Society of Biological and Environmental Repositories (ISBER).

For more information about Revna Biosciences and its groundbreaking work in precision medicine, please contact +233-59-900-9977 or visit www.RevnaBio.com.

PalmPay (www.PalmPay.com), a leading pan-African fintech, has been highlighted by the GSMA in the recently released ‘The State of the Industry Report on Mobile Money 2024’  as a key player driving the adoption of mobile money in Nigeria.

In the report, GSMA praised PalmPay as a “prominent non-MNO-led mobile money provider with a significant market share in Nigeria” and a top driver of financial inclusion in Africa’s $912 billion mobile money industry.

Commenting on the report, Sofia Zab, Global Chief Marketing Officer, PalmPay, commented:

“This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent.

“By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria.  Our easy-to-use and comprehensive digital and financial superapp not only provides access to seamless and secure transactions but also opens the door to cutting-edge, affordable financial services for the unbanked and underbanked population.”

The PalmPay app offers money transfers, airtime, data and bill payments, as well as access to other financial services such as credit and savings. Customers without their own device can access PalmPay’s services through the company’s network of 500,000 mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has registered over 30 million accounts on its smartphone apps. In addition to the self-serve app, its network of 1.1 million agents and merchants is serving 15 million customers monthly. The fintech also operates in Ghana and Tanzania.

In the report, Mats Granryd, Director General of GSMA, noted that the industry had grown in the ten years to 2022, with mobile money contributing “$600 billion to the GDP of countries with a mobile money service” and opening up more “opportunities for citizens, businesses and economies across the world.”

He stated that Sub-Saharan Africa has been a driver of mobile money’s success, and was home to almost three-quarters of the world’s accounts. West Africa contributed significantly to the growth of the industry in recent years, with the number of registered mobile money accounts doubling between 2013 and 2023. This growth was mainly driven by Nigeria, Ghana and Senegal.

Distributed by APO Group on behalf of PalmPay.

Media Contact:
press@palmpay-inc.com

About PalmPay:
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we are able to drive financial inclusion.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 30 million app users as part of its cashless payment ecosystem.

For more information, visit our social media (https://apo-opa.co/3vcmfv9) platforms or website www.PalmPay.com.