Musings From Abroad

W’Bank chief Banga expects rich nations to meet Africa’s donation expectations

Published

7 months ago

May 1, 2024

Ajay Banga, President of the World Bank, has said that he thinks donor countries will follow through on African leaders’ desire to make record-high contributions to a low-interest facility for developing nations.

He explained that these were not gifts but investments in the future of those countries.

Ahead of a World Bank conference scheduled for later this year, African leaders on Monday called for rich countries to commit to record contributions to a low-interest World Bank facility for developing nations. At a meeting in Japan in December, African heads of state asked rich countries to help raise at least $120 billion for the International Development Association (IDA).

That would be a record for IDA, which gives poor countries long-term loans and works in cycles of three years. The most money was raised in 2021, when $93 billion was raised.

For funders to reach the goal of $120 billion, they will need to come up with about $30 billion, since the World Bank can borrow $3 for every dollar raised.

“There is no doubt that all the donor countries have their challenges and their fiscal responsibilities. But I think they all value the effect of contributing to IDA,” Banga said in an interview on Monday.

More than half of the 75 countries that use the IDA site are from Africa. A lot of people are dealing with big debts and natural disasters, but it’s hard for them to get cheap loans on foreign markets.

The African leaders said that this makes getting IDA loans very important.

Banga said that wealthy nations should understand that helping others is good for them. He used China and India as examples of countries that used to be poor but now have big economies after getting help from IDA.

“I think the most important message is actually that this is not a handout,” he said. “If Africa develops well, Africa has a lot to offer the world.”

Related Topics:Ajay Banga Featured World Bank

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Musings From Abroad

Nigeria, India to strengthen counterterrorism, maritime security cooperation

Published

2 days ago

November 18, 2024

Ifeoluwa Dada

During a state visit to Nigeria on Sunday, Indian Prime Minister, Narendra, Modi reached an agreement, on behalf of his country, to strengthen cooperation in counterterrorism, intelligence, and maritime security.

President Bola Tinubu invited Modi to visit Nigeria, the first Indian prime minister to do so in 17 years.

Tinubu is looking for investments from some of the largest economies in the world.

In addition to discussing economic development, defence, healthcare, and food security, Modi and Tinubu met at the presidential mansion on Sunday after arriving in the capital, Abuja, on Saturday night, according to a joint statement.

The two nations decided to work together to protect maritime trade routes and fight piracy in response to the mounting risks in the Indian Ocean and the Gulf of Guinea.

The most populous country in Africa, Nigeria, is looking to attract more Indian investment and lower-cost credit lines in order to strengthen its economy and generate employment.

Nigeria announced last year that it had obtained about $14 billion in pledges from Indian businesses, including Jindal Steel and Power, which promised to spend $3 billion in Nigeria’s steel industry, during the G20 conference.

Over 200 Indian businesses are present in Nigeria.

Modi was scheduled to go to Brazil for this year’s G20 conference after Nigeria.

Nigeria and India have a long-standing and cordial bilateral relationship. Nigeria, home to more than 200 million people, and India, home to 1.3 billion people, are both sizable emerging nations with multilingual, multiethnic, and multireligious communities.

Musings From Abroad

Military advisors from Russia arrive Equatorial Guinea

Published

3 days ago

November 17, 2024

Ifeoluwa Dada

Russian military advisors are in Equatorial Guinea training indigenous soldiers.

Anonymous sources cited by Reuters during the week claim that between 100 and 200 Russian instructors are training with elite guards in charge of guarding the President and the first family.

The males had been seen in Malabo, the country’s capital, and Bata, its second city. Reports of Russian forces stationed in the nation initially appeared in August.

Oil-rich Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has maintained close relations with Moscow.

Nguema travelled to Moscow in September to attend the Russian Energy Week International Forum.

Russia has strengthened military connections with African countries, sending advisors and combat soldiers to the Central African Republic, Mozambique, Mali, Niger, and Burkina Faso.

Faced with an Islamist terrorist insurrection, three Sahel countries have turned to Moscow for support, expelling French and American troops.