By Fred Maingi
The ODM candidate for Lower Savannah Ward David Odhiambo Magobe on Sunday addressed his supporters at Embakasi East Consistency.
Magobe said he will reach to every body irrespective of their tribes and gender.
He also ensure every household has electricity and ensure constant flow of clean water and feeder roads are tarmacked.
Allocation through the ward development fund was not spared at all Where he said it has to be given the first priority.
From his Manifesto he Wl
African governments owe three times more debt to Western banks, asset managers, and oil traders than to China, and are charged double the interest.
* The so-called debt-trap narrative exploited by the West against China is untrue, African scholars and economists told Xinhua.
* Campaigners have been calling on Western countries, particularly Britain and the United States, to compel their private lenders to do more in helping address the debt burdens of emerging and developing countries including those in Africa.
by Xinhua writer Zhu Shaobin
NAIROBI, July 20 (Xinhua) — Recent studies have revealed that private Western creditors are responsible for the lion’s share of Africa’s debt burden.
In a report released last week, Britain-based charity Debt Justice found that African governments owe three times more debt to Western banks, asset managers, and oil traders than to China, and are charged double the interest.
The report said 12 percent of African governments’ external debt is owed to Chinese lenders compared to 35 percent owed to Western private lenders, adding that the average interest rate on private loans is 5 percent, compared to 2.7 percent on loans from Chinese public and private lenders.
The new finding came after Harry Verhoeven from the Center on Global Energy Policy at Columbia University, and Nicolas Lippolis from the Department of Politics and International Relations at the University of Oxford published a new study in May, which said the rise in African debt due to Chinese lending pales in comparison with the debt burden created by private creditors of other countries over the last decade.
The new findings lay bare the absurdity of the so-called “debt-trap diplomacy” that has been for too long touted by Western politicians and propaganda machines in smear campaigns against China, experts have said.
A man sits outside the office building of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra, capital of Ghana, Aug. 17, 2020. (Ghana Presidency/Handout via Xinhua)
DEBT TRAP?
The so-called debt-trap narrative exploited by the West against China is untrue, African scholars and economists told Xinhua.
Charles Onunaiju, director of Nigeria-based Center for China Studies, said Western private creditors not only account for a third of Africa’s external debt, but also charge higher interest and offer a shorter period for repayment, describing them as manipulating and strangulating.
“The debt trap issue has always been political slander …,” he said, adding that the narrative is nothing but a distraction to absolve the West of its responsibilities.
Costantinos Bt. Costantinos, professor of public policy at the Addis Ababa University in Ethiopia, said Western administrations and media have been unable to adopt a rational perspective on China’s growing influence in Africa.
“They depict China as a predatory lender that is weaponizing capital in order to practice a new form of colonialism in Africa. However, such accusations have little factual basis,” said the expert.
Beatrice Matiri-Maisori, a senior economics lecturer at Kenya’s Riara University, said the figures and percentages revealed by the studies clearly indicate that Africa’s external debt is largely owed to private financial groups, Eurobonds, and oil creditors.
“The debt trap diplomacy … has got nothing to do with the reality of the debt structure in Africa,” she said.
“Western lenders for long have not been put on the spotlight for debt relief because they successfully managed to dupe the world that it’s only Chinese lenders that pose a threat to Africa,” Uganda-based Vision Group journalist Mubarak Mugabo said.
Photo taken on July 1, 2022 shows the berthing of the first ship at the Lekki Deep Sea Port under construction in Lagos, Nigeria. (CHEC/Handout via Xinhua)
WEST URGED TO DO MORE
Campaigners have been calling on Western countries, particularly Britain and the United States, to compel their private lenders to do more in helping address the debt burdens of emerging and developing countries including those in Africa.
Emerging and developing countries have been experiencing sustained capital outflows for four months in a row, said International Monetary Fund (IMF) Managing Director Kristalina Georgieva at a recent meeting, adding that more than 30 percent of emerging and developing countries, and 60 percent of low-income countries are at or near debt distress.
China has extended debt suspension to other developing countries during the pandemic, but private lenders in the West did not, said Tim Jones, head of policy at Debt Justice.
“Western leaders blame China for debt crises in Africa, but this is a distraction … The UK and U.S. should introduce legislation to compel private lenders to take part in debt relief,” he said.
Official data showed that China ranked first among the Group of 20 members in terms of debt deferral amounts. “China has done quite a lot in terms of agreeing to come to a common agreement with over 19 countries in Africa, reaching a common understanding on how they are going to pursue debt relief for the same,” Matiri-Maisori said.
Onunaiju said China has demonstrated what a responsible major country should do in this regard, adding that Africans want to see more of such examples.
At a news briefing last week, Chinese Foreign Ministry spokesperson Wang Wenbin called on developed countries, their private lenders and multilateral financial institutions to take more robust actions to give developing countries funding support and relieve their debt burden so that the world economy will achieve inclusive and sustainable development.
Members of the cohort of independent Kenyan locomotive drivers work in Nairobi, Kenya, Feb. 19, 2022. (Xinhua)
CONCRETE SUPPORT FROM CHINA
Over the years, China’s financing support for Africa, particularly in the field of infrastructure investment, has won wide applause from African governments and people, especially at a time when the ambitious African Continental Free Trade Area is being promoted.
“We are seeing connectivity, we are seeing airports remodeling, and we are seeing ports remodeling,” Onunaiju said, adding that China’s support for Africa can be clearly felt in different areas.
Referring to the Lekki Deep Sea Port in Lagos State, Nigeria’s economic hub, as an example, he said the China-funded port project will create up to 170,000 jobs and bring billions of U.S. dollars in revenues to the government through taxes, royalties and duties after being in operation.
“These are not propaganda. These are reality,” Onunaiju said.
Over the last more than two decades since the founding of the Forum on China-Africa Cooperation, a bulk of Chinese financing has been quickly translated into infrastructures in Africa, which can be seen with countless connectivity projects, such as railways, roads, dams, and telecommunications, said Matiri-Maisori.
Photo taken on May 8, 2022 shows the Nairobi Expressway constructed by the China Road and Bridge Corporation (CRBC) in Nairobi, Kenya. (Xinhua/Dong Jianghui)
“This is very important for us in terms of pursuing our aspirations to be an integrated Africa, the Africa continental free trade area, and all the countries in Africa trading with one another,” she said.
“What is really happening is that this connectivity is aiding the future and long-term growth of Africa, so that Africa can begin to participate in the global supply chains,” added the expert.
China has provided African governments with access to good funding to support development, said Peter Kagwanja, CEO of the Africa Policy Institute based in Kenya.
Speaking of the Chinese-built Mombasa-Nairobi Standard Gauge Railway, he said the railway “opened our country Kenya, and we have started to see industrialization growing around there, business growing around the railway line, the value of land increasing greatly around that, and people getting employment around the railway.”
“And these are things we could never, ever have dreamt about before China came into the picture as Africa’s partner,” he said.
(Xinhua reporters Cao Kai, Li Cheng, Bai Lin, Li Hualing in Nairobi, Guo Jun in Abuja, Zhang Gaiping in Kampala, Wang Ping in Addis Ababa, and Xu Zheng in Accra also contributed to the story.) (Video reporters: Li Cheng, Guo Jun, James Harry, Adewale Amzat; video editors: Liu Ruoshi, Cao Ying, Zhao Yuchao)■
Usawa Presidential Mwangi Wa Iria today addressing journalists at Serena Hotel promised to buy IEBC chairman Wafula Chebukati a cup of tea because he has failed as commissioner to handle his office mandate.
Usawa party is fighting justice. Wa iria later held a four hour concrete meeting with the Right Hon. Raila at his Karen Residence discussing on how his manifesto can be included into Azimio for his supporters to benefit in the Next government.
Hon. Raila admitted to him that injustice was not only to you but to all. Mwingi Wa Iria then later asked him a question concerning his presidential manifesto if He can accommodate it to AZIMIO , which they all agreed.
They also agreed to enabling all house hold to access health care.
Muranga County has a minimum grant of animal meals.
if you agreed that we work together we will adopt one home one cow initiative, where they all agreed to join the Manifesto together for the sake of farmers Cross after Chebukati blocked his presidential way, they will enhance daily factory in Muranga and the price of milk will drop.
Daily factory in Muranga will be protected, one home one cow cooperative fully registered.
He urged Raila to fund all the Sacco through his government to ensure that small traders are safe.
All Markets in kenya will benefit and he has accepted, adopted and agreed.
He is clearly now endorsing Raila Martha ticket presidential candidature, under the Azimio Coalition Movement.
Ends
Usawa Presidential Mwangi Wa Iria today addressing Journalist at Serena Hotel promised to buy IEBC wafula Chebukati a cup of tea coz he has failed as commissioner to handle his office mandate.
Usawa party is fighting justice. .Hw later had Four hour concrete meeting with the Right Hon.. Raila at his Karen Residence discussing on how his manifesto can be included to Azimio for his supporters to benefit in the Next government.
Hon. Raila admitted to him that injustice was not only to you but to all. Mwingi Wa Iria then later asked him a question concerning his presidential manifesto if He can accommodate it to AZIMIO , which they all agreed.
Accumulative of all house holds who can be able to access health care as they discussed with him man to man.
Muranga County has a minimum grant of animal meals.
if you agreed that we work together we will adopt one home one cow initiative, where they all agreed to join the Manifesto together for the sake of farmers Cross after Chebukati blocked his presidential way, they will enhance daily factory in Muranga and the price of milk will drop.
Daily factory in Muranga will be protected, one home one cow cooperative fully registered to be funded by the Government to benefit all small scale farmers..
He urged Raila to fund all the Sacco through his government to ensure that small traders are safe.
All Markets in kenya will benefit and he has accepted, adopted and agreed.
He is clearly now endorsing Raila Martha ticket presidential candidature ,under the Azimio Coalition Movement.
Ends
Eritrean delegation led by Mr. Biniam Berhe, Charge d’Affairs at the Eritrean Embassy in Ethiopia and Permanent Representative of Eritrea at the African Union and Economic Commission of Africa, participated in the 41st Session of the African Union Ministerial Executive Council held in Lusaka, Zambia, on 14 and 15 July.
The Session discussed advancing investment in the health sector, the establishment of African diseases control center, putting in place a pharmaceutical plant in Africa, taking notes on domestic and global financial resources, investing in infrastructure, as well as economic stimulation, and ensuring food nutrition.
The Session also elected committees to serve as the three main organs of the African Union.
The Eritrean delegation presented deliberation reflecting Eritrea’s stance on relevant issues of interest to Eritrea.
The Ministerial Executive Council also discussed the declaration issued by the Ministerial Executive Council in its 4th Session and adopted important resolutions.
A delegation from the International Monetary Fund (IMF or the Fund), on Wednesday 13th July, 2022, concluded a one-week working visit to Accra. During the visit, the IMF delegation held high level meetings with stakeholders and discussed possible support for Ghana’s domestic economic recovery programme.
The Ministry of Finance wishes to thank the Mission Team for their visit, as well as a constructive engagement.
The Ministry also takes note of the end-of-mission press release issued by the Fund on 13th July, 2022, which among other things states:
The Government of Ghana will continue to work closely with the IMF in the coming weeks to complete our enhanced economic programme, in support of a robust economic recovery.
In the meantime, Government reiterates its commitment to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and Ghanaians.
The Ministry of Finance further assures Ghanaians of the Government’s steadfast commitment to a speedy economic recovery, towards achieving a Ghana Beyond Aid.
The Board of Directors of the African Development Bank Group (www.AfDB.org) approved financing of $150 million to Kenya to support a major highway development project under the government’s First Mover Public-Private Partnership (PPP) programme.
The project will see the development of the A8 and A8 South highways. The existing 175km A8 road from Rironi to Mau Summit will be transformed into a four-lane carriageway and the 57.8 km two-lane A8 South, from Rironi to Naivasha will be strengthened and maintained over a period of 30 years.
Both roads are major routes stretching across the most densely populated parts of the country, beginning in Nairobi, Kenya’s capital and commercial nerve center, and traverse several counties in Nakuru and Kiambu, agricultural zones, wildlife reserves and tourism centers. The roads also form part of the strategic “Northern Corridor” which is the busiest trade and transport corridor in East Africa, providing gateway access to Kenya’s landlocked neighbouring countries.
The $150 million from the Bank Group’s non-sovereign operation lending window, forms part of a DFI tranche to Rift Valley Highways Limited – a Special Purpose Vehicle incorporated in Kenya and wholly owned by VINCI group and Meridiam Infrastructure Africa Fund. In September 2020, Rift Valley Highways entered into a PPP concession agreement with the Kenya National Highways Authority (KeNHA) to design, build, finance, operate, maintain and transfer the two highways over a period of 30-years.
The project aligns with the aspirations of Kenya’s Vision 2030 and national strategy to support industrialization through infrastructure development. It also aligns with the Bank priorities for infrastructure in its Ten-Year Strategy (2013–2022) and three of its High 5 priorities: Integrate Africa, Industrialize Africa and Improve the quality of life for the People of Africa.
This is the first PPP project to be approved by the Board under the Bank’s recently established PPP Framework. Bank Acting Senior Director for the Infrastructure and Urban Development Department, Mike Salawou said: “tolling and concessioning of major trade corridors across the African continent is on the rise as the need for connectivity and integration is amplified by the AfCFTA and the need for alternative financing sources through PPPs, to ensure the sustainability and reliability of trade corridors.
Nnenna Nwabufo, Director General for the Bank’s East Africa Region said: “One major plus is that this project will improve the extremely poor safety record of the highway which has been identified as one of the most accident-prone in Kenya. In addition, direct development outcomes expected from the project include increased productivity, commercial efficiencies, and time and cost savings. Ultimately this should support economic growth and increase the quality of life of the people. “
The project is expected to generate 1,500 jobs during construction and 200 during operation and has at least 40% local content in the form of labor and locally sourced materials.
The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a grant of $8.1 million to South Sudan to fund its Emergency Food Production Programme.
Allocated through the Transition Support Facility (https://bit.ly/3uUoC2o), the grant constitutes additional financing to the ongoing Agricultural Markets, Value Addition and Trade Development Project (AMVAT). AMVAT seeks to contribute to reduced food insecurity, poverty reduction, economic growth and building of community and household resilience and social cohesion.
Exacerbated by climate hazards, the threat of a food crisis has long loomed over South Sudan, which has not been food self-sufficient since 2009 Some 8.9 million people, more than 70% of the population, including 4.6 million children, received humanitarian aid in 2022. This is 600,000 more people than in 2021, according to the World Food Programme. But the threat of a food crisis has never been greater, due to the impact of the war in Ukraine.
This Emergency Food Production Programme targets an additional 600,000 of the most vulnerable groups in five states where recent severe flooding has affected hundreds of thousands of households and resulted in heavy crop and livestock losses: Northern Bahr el Ghazal, Upper Nile, Western Bahr el Ghazal, Eastern Equatoria and Western Equatoria. Those who have received food aid in recent years – half of them are women – will get priority.
Nnenna Nwabufo, the Bank’s Director General for East Africa, said, “it is a continuation of the of the performing AMVAT project, but with a focus on the emergency food crisis and disruption of supply of critical inputs for food production in South Sudan”
Publish What You Fund, the global campaign for aid and development transparency, has named the African Development Bank (www.AfDB.org) the most transparent organization in the world.
The Bank’s Sovereign Portfolio now ranks first out of 50 global development institutions in Publish What You Fund’s 2022 Aid Transparency Index, released today with a top score of 98.5.
African Development Bank Group President, Dr. Akinwumi Adesina said: “I am elated to learn of this outstanding recognition from Publish What You Fund. It is a testament to the relentless efforts of the more than 2,000 personnel across our organization who work tirelessly to accelerate Africa’s progress. Maintaining razor-sharp focus, they consistently deliver top quality under the highest levels of scrutiny. I am incredibly proud of them. I commend Publish What You Fund for their important mission, combining robust research and technical expertise with targeted advocacy and engagement to make aid and development efforts more transparent and effective.”
Senior Vice President Swazi Tshabalala said: “I am absolutely delighted with this score in an index that plays a key role in helping promote openness and greater transparency among international agencies. The Bank has worked hard over the years to improve the disclosure of its aid flows by providing consistent, high-quality, and easily accessible data. Our top ranking has significant human and financial resource implications, as this is the only way to conduct our development business.”
The African Development Bank achieved the highest score in the Aid Transparency Index’s ten-year history and moved into the top spot from its fourth-place ranking in 2020. The Index is the only independent measure of aid transparency among the world’s major development agencies. The Bank has remained consistently in the ‘very good’ category since 2014. It has consistently demonstrated its commitment to increased transparency and its extraordinary progress over the past 10 years in providing high-quality information and becoming more transparent.
Publish What You Fund’s ‘very good’ status is the highest of the five categories used to assess organizations’ transparency. The ranking is based on several criteria. They include finance and budgets, basic information data, organizational planning and performance.
The African Development Bank’s non-sovereign portfolio was assessed for the first time and separately in the 2022 Index. The Bank is the second most transparent development finance institution dealing with non-sovereign operations. Its non-sovereign portfolio is ranked 12th among the 50 global development institutions under comparison.
The past year has been complex and challenging for development transparency. To help fulfill development needs and ambitious global objectives such as the UN Sustainable Development Goals and the Bank’s High 5 operational priorities, more and better development finance than ever is required. This is especially so when large volumes of funding are being assigned to combat the Covid-19 pandemic.
