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Kofi Annan supports Chancellor Merkel and G7 leaders’ statement on cutting fossil fuels and promoting renewable investments in Africa
KRÜN, Germany, June 9, 2015/ — The Africa Progress Panel (http://www.africaprogresspanel.org) welcomes the commitment made by the G7 to make deep cuts in emissions and to phase out of fossil fuels by the end of the century.
In this year’s Africa Progress Report, “Power, People, Planet: Seizing Africa’s Energy and Climate Opportunities”, the Panel calls on the countries that emit the most to raise their level of ambition and implement their promises at the December climate summit in Paris. With its 2015 summit communique, the G7 has signalled its collective intention to do just that.
To download a copy of the 2015 Africa Progress Report visit www.africaprogresspanel.org.
Governments in the major emitting countries must now place a stringent price on emissions of greenhouse gases by taxing them, instead of continuing effectively to subsidise them, for example by spending billions on subsidies for fossil-fuel exploration. The G7’s reaffirmation of its pledge to work for the elimination of inefficient fossil fuel subsidies is thus notable.
Africa is well positioned to play a leading role in the global low-carbon transition, and will be able to do so fast, if significant investments are made now. Much of this financing will need to come from rich nations. International climate financing is chronically underfunded and uncoordinated and must improve.
At the Financing Development Summit in Addis Ababa next month, G7 countries can set a clear timetable for the previously agreed US$100 billion in annual climate finance each year. At the G7 summit, leaders reaffirmed their strong commitment to mobilizing this financing. This should be used to generate clean power. Germany as the leader in clean energy globally, and current Chair of the G7, can spearhead this process. In that context, the Panel also warmly welcomes the G7 commitment to assist in the acceleration of access to renewal energy in Africa.
Kofi Annan, Chair of the Africa Progress Panel, said this after the release of the G7 communique:
“I applaud Chancellor Merkel’s leadership in steering the G7 to a firm agreement to decarbonise the global economy over the course of this century. The communique’s recommitment to phasing out fossil fuel subsidies is encouraging and an essential first step to ensuring that agreement is honoured. The G7 has also heard the call from Africa and Africans to massively scale up investment in renewable energy across our continent. The G7 pledge to mobilise resources to accelerate the creation of a low carbon energy system in the region could be “a game changer”; helping Africa grow and leapfrog to a sustainable low carbon future. This is good for Africa and the global fight against climate change”.
The latest G7 communique is a clear statement of ambition and leadership from the world’s richest countries, which the Africa Progress Panel fully supports. Future generations, however, will judge this generation of leaders not solely by the principles they set out in communiqués, but by their actions. The Panel looks forward to the timely honouring of these pledges.
Distributed by APO (African Press Organization) on behalf of the Africa Progress Panel (APP).
The ten-member Africa Progress Panel (http://www.africaprogresspanel.org) advocates at the highest levels for equitable and sustainable development in Africa. The Panel releases its flagship publication, the Africa Progress Report, every year.
For further information, please contact:
Max Bankole Jarrett, Deputy Director of the Africa Progress Panel
Office: 0041 22 919 75 31
Mobile: 0041 79 137 1536
Ecobank names Ade Ayeyemi as new Group CEO
LOME, Togo, June 8, 2015/ — Ecobank Transnational Incorporated (“Ecobank”) (http://www.ecobank.com), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, is pleased to announce the appointment of Ade Ayeyemi as its new Group Chief Executive Officer. His appointment is effective from 1 September 2015.
Photo Ade Ayeyemi: http://www.photos.apo-opa.com/index.php?level=picture&id=2124
Mr Ayeyemi, 52, will replace Albert Essien, who retires on 30 June, 2015 after 25 years of meritorious service with the Group. An interim arrangement will be made by the Ecobank Board for the management of the Group during the period 1 July through 31 August, pending the resumption of the new GCEO.
Mr Ayeyemi is a highly experienced banker who has had a long and successful career with Citigroup, where he is currently Chief Executive Officer of Citigroup’s sub-Saharan Africa division, based in Johannesburg. He is an Accounting graduate of the University of Ife, now Obafemi Awolowo University, Ile-Ife, Nigeria, where he earned a Bachelor of Science degree with First Class Honours. He also studied at the University of London and is an alumnus of Harvard Business School’s Advanced Management Programme. A Chartered Accountant, Mr Ayeyemi is also a trained UNIX Administrator and Network Operating Systems Manager. His many interests include business strategy, economics, process engineering and technology.
Ecobank Group Chairman Emmanuel Ikazoboh, said, “After a thorough and extensive search throughout the African continent, we are delighted to have secured Ade as the person to lead Ecobank through the next phase of its development and beyond as a world-class pan-African bank. Ade is a truly outstanding individual with deep knowledge of banking across Africa, and we welcome him to the Board. At the same time, I should like to thank Albert Essien for his 25-year career at Ecobank and for his stellar service as Group Chief Executive Officer over the past year. We wish him well in his retirement.”
Ade Ayeyemi said: “I am delighted to have been offered the opportunity to lead this great institution, and commend Albert Essien for his legacy work of helping further the premier pan-African financial institution. Ecobank has an exceptional platform, great people, solid strategy and strong momentum. I sincerely look forward to working with the management team, the Board of Directors, and the employees of Ecobank as we set new standards in financial services for our clients across the board.”
Distributed by APO (African Press Organization) on behalf of Ecobank.
Group Head, Corporate Communications
Ecobank Transnational Incorporated
Tel +228 93 26 47 16
Twitter: @GroupEcobank or @richard_uku
Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (‘ETI’) (http://www.ecobank.com) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information on Ecobank can be found at ecobank.com.
IDB Raises Sukuk Issuance Programme Ceiling from US$10 Billion to US$25 Billion
Approvals included project in Mozambique, Senegal, Benin, Cameroon, and Togo
MAPUTO, Mozambique, June 9, 2015/ — The Board of Executive Directors (BOED) of the Islamic Development Bank at its 305th session which began on Sunday, 7/6/2015, in Maputo, capital of the Republic of Mozambique, under the chairmanship of H.E. Dr Ahmad Mohamed Ali, chairman of the Islamic Development Bank Group (http://www.isdb.org), approved the raising of the current limit of the Bank’s medium term sukuk issuance programme from US$10 billion to US$ 25 billion.
Photo: http://www.photos.apo-opa.com/index.php?level=picture&id=1615 (Dr. Ahmed Mohamed Ali, President of the Islamic Development Bank (IDB)
On this occasion the BOED commended the huge success recorded by this programme in all its previous issuances since it began in 2003. This is a reflection of the high status and confidence the Bank continues to enjoy in the international financial arena. The IDB is regarded as one of the few multilateral financing institutions that have been rated for more than 12 consecutive years with “AAA” , the highest international credit rating available, by the three major international credit rating agencies – Standard & Poor’s, Fitch and Moody’s. This is in addition to the designation of the IDB as “Zero-Risk Weighted” Multilateral Development Bank by the Basel Committee on Banking Supervision in 2004 and by the European Commission in 2007.
Consequently, the IDB’s sukuk programme has maintained the “AAA” rating, which is the highest rating by the three international credit rating agencies mentioned above, together a stable outlook.
The Bank has decided to reintroduce its medium term sukuk issuance programme which is in line with the provisions and principles of the Islamic Sharia, with the aim of mobilizing and injecting new financial resources from the international money market to meet the growing development needs in member countries. The US$ 10 billion so far raised as part of the IDB’s sukuk programme have been used to finance various development programmes in member countries, particularly infrastructure projects. This is at a cost that is much lower than what it would have cost if they were financed through regular financing institutions.
The Board also approved participation in several development projects in member countries amounted to nearly US$ 450 million.
Approvals included : USD 200 million for energy project in Mozambique, USD 70 million for the Importation of agricultural equipment in favor of Kazakhstan. USD 71.5 million for tow Power projects in Senegal. USD 30 million to support the integrated micro-financing programmes in Benin, USD 28.5 million as participation in Mont Mbapite rural development project in Cameroon. USD 20.7 million as participation in road project in Togo. USD 16.3 million as participation in two projects in Bangladesh. and finally USD 12 million as contribution for the reconstruction of road project in Kyrgyz.
Distributed by APO (African Press Organization) on behalf of the Islamic Development Bank (IDB).
Islamic Development Bank (IDB)