VenturesNow

World Water Forum: Africa to mobilise $30 billion per year until 2030 for water investment

Published

3 years ago

March 26, 2022

The Minister of Water in Senegal, Serigne Mbaye Thiam has said Africa would raise $30 billion per year until 2030 to facilitate the “creation of a high-level international panel on investment in water in Africa.”

The Minister made the remark on Friday at the closing ceremony of the just concluded 9th edition of the World Water Forum in Dakar, Senegal.

It is the first time a country in sub-Saharan Africa is hosting the forum.

“The objective of the panel is to develop concrete ways to mobilise $30 billion per year until 2030 to implement the African Water Investment Programme and to close the existing water investment gap in the African continent.” Serigne Mbaye Thiam, said at the closing ceremony.

“On behalf of the Head of State, President Macky Sall, Chairperson of the African Union, I hereby announce the official establishment of an international high-level panel on water investments in Africa,” he added.

Slamreportafrica reported the commencement of the 9th edition of the World Water Forum in Dakar, Senegal, the first time the world’s biggest water-related event will be hosted in sub-Saharan Africa.

The event which kicked off on March 22 holds every three years to bring together key political actors, business leaders, NGOs, donors, and international organizations to promote dialogue and facilitate access to water and sanitation.

The World Health Organization says every day; 2.1 billion people still wake up each morning without access to clean water. This means that millions of vulnerable families around the world do not drink, cook, or bathe with clean water.

Speaking on the importance of finance and water investment, former President of Tanzania, Jakaya Kikwete, said “we have heard numerous times mention of 114 billion dollars in the global market capital investment, excluding maintenance, which will be needed annually to close the gap for the population using safely and managing drinking water and sanitation services.”

Related Topics:Featured water World Water Forum

Click to comment

VenturesNow

3 years after, Nigeria’s Belemaoil restarts Oil Lease 55

Published

4 hours ago

October 15, 2024

Ifeoluwa Dada

Following a three-year hiatus due to theft-related damage to the plant, Nigerian independent producer, Belemaoil Producing, has reopened operations at its oil block on Oil Mining Lease 55, the company announced on Monday.

In February 2015, Belemaoil purchased OML 55 from Chevron Corp. OML 55 is situated in a marsh to shallow water area, approximately 40 kilometres west of the Bonny oil export facility.

According to a statement by a Belemaoil representative, widespread oil theft from OML 55’s delivery line to the Bonny terminal forced the closure of the facility in 2021.

The block has five oilfields, which provide more than 70 million standard cubic feet of petrol per day and around 14,000 barrels per day, according to the business.

An official stated that the first floating oil storage vessel arrived at OML 55 on October 6th, signalling “a major milestone in the company’s efforts to restart production”.

Nigeria, the largest oil producer in Africa, is attempting to increase its crude production, which has decreased recently as a result of widespread theft and sabotage, which drove oil majors to abandon onshore drilling in favour of deepwater production.

VenturesNow

Kenya permits JPMorgan Chase to open representative office

Published

5 hours ago

October 15, 2024

Ifeoluwa Dada

The central bank of Kenya announced on Monday that JPMorgan Chase (JPM.N) had been permitted to create a new tab and open a representative office in the East African nation.

According to a statement from the Central Bank of Kenya, representative offices of foreign banks in Kenya act as hubs for marketing and communication for their parent banks and affiliates.

The announcement further stated that the JPMorgan Chase representative office will help to diversify Kenya’s banking industry and encourage trade and investment.

In an effort by the largest United States lender to grow on the continent, Jamie Dimon, the CEO of JPMorgan Chase, is scheduled to visit Africa in mid-October, according to a report published by Reuters last month, which cited four people with knowledge of the situation.

Within the next three years, the bank intends to renovate 1,700 existing branches and open 500 new ones. According to J.P. Morgan’s most recent financial report, as of the end of the second quarter of 2024, the bank had 4,884 branches.