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World Bank stops lending to Uganda over anti-LGBTQ laws

Published

9 months ago

August 10, 2023

Multilateral lender, the World Bank has vowed to stop lending to East African country, Uganda over the country’s legal stand against the LGBTQ community.

The bank said in a statement on Tuesday that “no new public financing for Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested.”

“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality,” the bank said.

“We remain committed to helping all Ugandans, without exception, escape poverty, access vital services, and improve their lives.”

In May, the Ugandan legislature completed the passage of a law against lesbian, gay, bisexual, transgender or queer persons. The legislation included some of the strict measures passed in March, which were widely criticized by the international community, including the United States, the European Union, the United Nations, and big businesses.

There are concerns that some provisions of the law criminalize all support for the rights of the LGBTQ, as it maintains the death penalty for so-called aggravated homosexuality and a 20-year sentence for “promoting” homosexuality.

Meanwhile, Uganda’s state minister for foreign affairs, Okello Oryem has accused the bank of hypocrisy and double standards on the grounds that it lends to countries in the Middle East and Asia with similar stands on homosexuality.

“There are many Middle Eastern countries that do not tolerate homosexuals, they actually hang and execute homosexuals. In the United States of America, many states have passed laws that are either against or restrict homosexual activities, so why pick on Uganda?” he said.

The International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA) would only support private sector projects “on a selective basis,” the bank noted in a separate memo to staff.

Only seven African nations, including Angola, Botswana, Cape Verde, Mauritius, Mozambique, Seychelles, and South Africa have anti-LGBT discrimination laws in place. The majority of the others have clear and harsh legislations against homosexuality.

Related Topics:Featured LGBTQ Uganda World Bank

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Nigeria received $1bn tax income from Shell in 2023

Published

4 hours ago

May 8, 2024

Ifeoluwa Dada

Shell Nigeria, a multinational oil company, claims that through the operations of Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited, it exclusively paid $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023.

According to the numbers released in the recently released 2023 Shell Briefing Notes, SNEPCo remitted $649 million, while the SPDC paid $442 million.

Similar payments made by the two firms in 2022 totalled $1.36 billion, according to a statement from Abimbola Essien-Nelson, the company’s manager of media relations.

“These payments are Shell exclusive and do not include those made by our partners,” said SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor.

Okunbor explained, “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses.”

He continued by saying that Shell has been an investor in Nigeria for more than 60 years and that the Briefing Notes provide an update on the state of the companies’ operations in Nigeria for 2023, including SPDC, SNEPCo, Shell Nigeria Gas, and Daystar Power.

He claimed that the studies demonstrated how the businesses kept driving advancement, collaborating closely with communities and stakeholders to support socio-economic growth and offer more affordable, environmentally friendly energy options.

“It is important to emphasise that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses. Our collective focus remains on delivery of safe operations and care for our people,” Okunbor maintained.

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Zimbabwe’s new gold-backed currency now official unit of exchange

Published

17 hours ago

May 7, 2024

Ifeoluwa Dada

Zimbabwe’s Treasury says that the newly introduced gold-backed currency is the official unit of exchange for transactions. It also stated on Tuesday that laws requiring businesses to utilize the official rate would be released soon.

The Zimbabwe Gold (ZiG) has been stable on the official market since its inception in early April, but it has had a shaky start on the black market, where dealers are demanding a premium of 65% of the official rate to purchase dollars.

Additionally, some stores are charging customers who pay in the new currency—while the ZiG is being rejected by informal traders—a premium over the market rate, which is fixed at ZiG 13.6 per US dollar.

“To ensure orderly pricing, the Government will soon be introducing the necessary regulations to ensure that no exchange rate other than the official rate will be used for the pricing of all goods and services,” Finance Minister Mthuli Ncube said in a statement.

Since the ZiG’s inception, the government has been working to keep it afloat; this month, officials launched a campaign against unlicensed foreign exchange dealers.

Zimbabwe, located in southern Africa, abandoned the Zim dollar last month after it lost 70% of its value since the beginning of the year. This is the country’s fourth effort to introduce a local currency in ten years.