In February this year the U.S. International Development Finance Corporation announced new financing in support of the Lobito Corridor – a transnational 1,300-km railway line linking Angola’s Port of Lobito with southern DRC and north-western Zambia. The U.S. and its partners – which include the European Commission, African Development Bank and Africa Finance Corporation – have already mobilized nearly $1 billion for the project, representing the largest single US and EU investment on the African continent in recent years.

The Lobito Corridor has been uniquely able to galvanize broad international support, primarily due to its alignment with the energy transition and economic ties to US and European markets. As a result, the project serves as a finance and development model for other large-scale African infrastructure projects seeking foreign investment and participation. The upcoming Invest in African Energy (IAE) forum in Paris will unpack this model, as it aims to connect Africa’s project pipeline with global investor interest. For Africa, infrastructure deals represent some of the most strategic transactions, able to trigger a “domino effect” on local job creation and the establishment of value-added industries.

Organized by Energy Capital&Power, IAE 2024 (https://apo-opa.co/49krKXM) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

One of the unique selling points of the Lobito Corridor is its built-in demand from global markets. African infrastructure projects often encounter difficulty in reaching financial close, in part due to a lack of secure offtake agreements, guarantees and feasibility studies that help projects overcome associated risks. Both the US and EU have signed MOUs in support of the rail corridor – with a view to sourcing critical minerals to supply their own EV battery supply chains – as well as confirmed a joint commitment to supporting pre-feasibility studies for an extension of the corridor from eastern Angola to Zambia. Multinational commodity trader Trafigura and Canada’s Ivanhoe Mines have also signed deals to export their copper production to the DRC utilizing the Lobito rail route.

The Lobito Corridor also successfully leverages the strength of public-private partnerships (PPPs). In addition to mobilizing financing and distributing risk among multiple parties, PPPs garner formal government support, while capitalizing on free-market expertise required to develop the project from a technical standpoint. A consortium composed of Trafigura, Portugal’s Mota-Engil and Belgium’s Vecturis SA have been awarded the contract to manage railway services and support the logistics of the project. It is also a credit to the respective governments of Angola, DRC and Zambia for having the sufficient trade and regulatory frameworks to accommodate complex, cross-border and inter-governmental agreements. The establishment of a comprehensive framework, along with the provision of legal protections for investors, serve to minimize risk and drive projects forward.

Distributed by APO Group on behalf of Energy Capital&Power.

The African Development Bank (www.AfDB.org) and the International Organization for Migration (IOM) released a joint report designed to support practitioners and decision makers to turn migration into a force for development in Africa.

The report, Diaspora Engagement, Climate-Induced Migration and Skills Mobility: A Focus on Africa (https://apo-opa.co/3VE4Zd0) examines the impact of migration on human development and poverty reduction. It provides insights to leverage the potential of the African diaspora, build climate resilience, and harness skills mobility to drive Africa’s development trajectory.

Key findings of the report show that:

Diaspora engagement is key in mitigating the impact of the “brain drain” and facilitates the flow of skills and knowledge from different parts of the world to the African continent, and vice versa.
African diaspora communities are key in addressing climate-related issues ranging from sudden onset challenges to adaptation and disaster risk reduction when their technical expertise is leveraged, and skills mobility facilitated.
Partnerships and collaboration remain crucial to mainstream diaspora engagement into the policy and programmatic responses to climate change and skills mobility at the national, regional, and continental levels.

The findings are a result of a two-year long collaboration between both organizations, as well as members of the Multilateral Development Bank Platform on Economic Migration and Forced Displacement (EMFD).

An excerpt from the preface signed by Dr. Akinwumi A. Adesina, African Development Bank Group President and António Vitorino, former Director General, International Organization for Migration, notes: “The study meticulously illustrates that when well-managed, migration can be a powerful impetus for human development and poverty reduction. It can foster sustainable and equitable economies by introducing innovation, skills, knowledge, and remittances between the countries of origin and destination.”

Access the report here (https://apo-opa.co/4at1TN8).

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

For more information please contact:
African Development Bank:
Amba Mpoke-Bigg
Communication and External Relations Department
email: a.mpoke-bigg@afdb.org

Technical contact:
Linguère Mbaye
email: l.mbaye@afdb.org

IOM (Dakar):
Naomi Shiferaw
email: snaomi@iom.int

Paul Eardley-Taylor – responsible for Standard Bank’s oil and gas sector coverage activities in Southern Africa – will speak at the upcoming Invest in African Energy (IAE) 2024 forum in Paris.

As Africa’s largest lender by assets, Standard Bank plays a critical role in financing Africa’s capital-intensive energy projects, featuring a balanced portfolio across oil and gas, power generation, renewable energy and mining sectors. The bank contributed $485 million to the financing of TotalEnergies’ $15-billion Mozambique LNG facility, set to generate billions in LNG export revenues for the local economy and up to 10,000 direct jobs by 2025. In Uganda, Standard Bank is currently evaluating the decision to invest $120 million in the East African Crude Oil Pipeline, which could transform the country by bringing its 1.4 billion barrels of economically recoverable reserves to market.

Organized by Energy Capital&Power, IAE 2024 (https://apo-opa.co/49krKXM) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Standard Bank is also one of the largest investors in Africa’s green energy. Last October, the bank announced plans to launch a $1-billion green energy fund and is on track to exceed its 2026 target of providing between R250-R300 billion to support Africa’s energy transition, having already mobilized R105 billion since 2022. In addition, Standard Bank has expressed interest in accelerating investment in the Democratic Republic of the Congo and Zambia – two of Africa’s fastest-growing mining markets – with a view to facilitating the extraction and development of transition minerals.

Distributed by APO Group on behalf of Energy Capital&Power.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org/), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is co-organising the IsDB Group Private Sector Forum as a side event at the 49th Annual Meetings of the Board of Governors of the IsDB on 27-30 April 2024 in Riyadh, Saudi Arabia. 

The theme of the High Level Panel Discussion (HLPD), which will be held from 11:15 am to 12:15 pm on 29th April at the InterContinintal in Riyadh, is “Gateway to Growth: Saudi Investments as a Catalyst for Development in ICIEC Member States”.

The HLPD will highlight the significant role of Saudi investments in driving economic development across ICIEC Member States, aligning with the national development agendas of these countries. It will also focus on fostering collaboration between Saudi investment bodies and ICIEC Member Countries, addressing emerging geopolitical risks, and exploring new markets and sectors for Saudi investors within ICIEC Member States.

The event will feature high level keynote speeches, panel discussions, and networking opportunities, bringing together key stakeholders including ministries and government officials, Saudi investors, international and regional organizations, multilateral and financial institutions, private equities, venture capitalists, and technology companies.

To secure your participation at these prestigious events, please register now via the link below: https://IsDBg-psf.org/

Mr. Oussama Kaissi, CEO of ICIEC, stating,”This HLPD underscores the paramount importance of forging strategic partnerships to propel sustainable development within ICIEC Member Countries. We eagerly anticipate engaging in insightful discussions and fostering collaborations that will not only drive economic growth but also pave the way for prosperity in the region.”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: https://ICIEC.IsDB.org/