AIIB and IsDB pledge around $6 billion for Africa electrification push
DAR ES SALAAM, Jan 28 (Reuters) - The Islamic Development Bank and the Asia Infrastructure Investment Bank pledged up to $6.15 billion in funding on Tuesday for an initiative to connect 300 million Africans to electricity in the next six years.
Mission 300, launched by the World Bank and the African Development Bank in April, is projected to cost $90 billion - with funding from multilateral development banks, development agencies, private businesses and philanthropies, according to the Rockefeller Foundation, opens new tab, which is part of the initiative.
Muhammad al Jasser, chairman of the IsDb, said in a statement released during a summit of African heads of state in Tanzania that the Jeddah-headquartered bank was committing $2.65 billion in project financing and another $2 billion to insure power projects in Africa.
Beijing-based AIIB is set to provide $1-1.5 billion in financing.
"Six hundred million people in Africa without access to electricity is intolerable," said AIIB President Jin Liqun.
The additional finance builds on commitments of up to $48 billion from the World Bank and the AfDB, summit officials said, predicting more funding commitments would be announced during the gathering.
Provision of 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa's development by creating new jobs, said World Bank President Ajay Banga.
Apart from lighting up homes and businesses, Mission 300 is expected to boost the provision of clean cooking energy to homes, cutting reliance on wood and charcoal which are harmful, said Tanzania's president, Samia Suluhu Hassan.
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TRADING DAY Good vibrations turn sour
ORLANDO, Florida, June 11 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. 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They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
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South Wales Guardian
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UK Government's £50m pledge for Casement Park an enormous step forward – O'Neill
Deputy First Minister Emma Little-Pengelly responded by stating that sport across Northern Ireland is 'crying out for financial support'. Northern Ireland Secretary Hilary Benn confirmed that the £50 million is ringfenced for the rebuild of the west Belfast GAA stadium and cannot be spent on other projects by the Stormont Executive. The money was included in Chancellor Rachel Reeves' spending review, which outlines the UK Government's spending plans over the coming years. Ireland's deputy premier Simon Harris said it is 'past time for the redevelopment of this historic venue to get under way'. Plans for a 34,000-capacity stadium have been mired in uncertainty because of a major funding gap of around £150 million. Today marks a significant step forward in the redevelopment of Casement Park, as the British government joins the Executive, the Irish government, and the GAA in committing funding. In every meeting I've had with the British government, I've made the case for funding Casement… — Michelle O'Neill (@moneillsf) June 11, 2025 The Government announcement includes £50 million over four years to support the currently derelict stadium being developed. Ms O'Neill said: 'Casement Park is an Executive flagship project and is more than just a sporting venue, it will serve as an economic driver for the surrounding communities and region, creating jobs and attracting investment. 'Today's commitment of substantial funding from the British Government marks an enormous step forward. It is time for all of us to pull together to now get Casement built.' Stormont ministers committed £62.5 million to Casement in 2011, as part of a strategy to revamp it along with football's Windsor Park and the rugby ground at Ravenhill. While the two other Belfast-based projects went ahead, the redevelopment of Casement was delayed for several years because of legal challenges by local residents. The estimated build cost spiralled in the interim. Last September the UK Government ended hopes that the west Belfast venue would host Euro 2028 games, when it said it would not bridge a funding gap to deliver the redevelopment in time. As well as the Stormont contribution of £62.5 million, the Irish government has offered roughly £42 million and the GAA has pledged to contribute at least £15 million. It has been reported that the cost of the project has fallen to £270 million since it was confirmed the ground would not host Euros matches. Under current plans and including the £50 million from Wednesday's announcement, the funding shortfall stands at roughly £100 million. Chief Secretary to the Treasury Darren Jones said it was now up to the Stormont Executive to do work on updating plans and costings for the Casement project. He said: 'We will look at those proposals to support them as best we can.' The DUP's Communities Minister Gordon Lyons has previously said that any additional money for sporting infrastructure in Northern Ireland had to be delivered on a fair and equitable basis. Ms Little-Pengelly said: 'It'll be over to the GAA in terms of the way forward on that, but from our point of view, it's very much about trying to ensure in an inclusive way that there is fairness right across the needs of all of our sports.' Asked if the £50 million could be spent on other Executive sporting projects, Mr Benn said: 'It is the bottom line. 'This is £50 million for Casement Park, it is ringfenced for that purpose.' He added: 'This is an Executive commitment, it dates from 2011. 'Three stadia – Windsor Park, Ravenhill, Casement Park, three great sporting codes. 'Two of them have been done and Casement Park has not been done. 'We all want to see it completed. 'It is worth looking at how much the UK Government has given directly to football, rugby, sport, leisure and other things over the past four-and-a-bit years, it amounts to £47 million, and a very small bit of that, £1.1 million, went to two projects supported by the GAA. 'We're balancing out what has been the contribution to football, rugby, other sports and leisure over the last four years because I think everyone wants to see the Casement Park project completed.' GAA president Jarlath Burns said it was an 'important and significant' investment from the UK Government. He added: 'We know, however, that this is not the final piece of jigsaw and there is much more work to do. 'The GAA will engage directly with the NI Executive and the Department for Communities to ensure that all parties actively pursue, and secure, a full funding package that will deliver upon the GAA's strategic stadium need.' Ms Reeves' announcement was also welcomed by the Irish government. Deputy premier and foreign affairs minister Simon Harris said Dublin had long supported the redevelopment of Casement Park as a 'landmark sports infrastructure project'. Mr Harris said: 'In February 2024, we made an early commitment from the Shared Island initiative of up to 50 million euro (£42 million) for the redevelopment of Casement. 'We underlined our commitment at that time to support the GAA in progressing this project in partnership with the UK and NI authorities. 'I will now engage with all these partners to deliver a redeveloped stadium. 'The last match hosted in Casement was well over a decade ago and it is past time for the redevelopment of this historic venue to get under way.'
