Latest news with #Af
West Australian
02-06-2025
- Entertainment
- West Australian
Glenn Maxwell announces retirement from ODI cricket effective immediately
Glenn Maxwell has retired from One Day International cricket , effective immediately. The 36-year-old two-time World Cup winner bows out of the format after 3990 runs across 149 matches for Australia, but will continue to be available for T20I selection, and has not called time on his domestic franchise T20 career. After making his ODI debut on August 25, 2012, in Sharjah, Maxwell went on to have one of the most decorated careers in the history of the format. The allrounder was a consistent contributor with bat, ball and in the field, where he will be remembered for an endless highlights reel of boundary-line catches and inner-circle run-outs. But most memorable from his glittering ODI career will without doubt be the blinding double century he scored against Afghanistan in the 2023 World Cup , an innings most have dubbed as the single greatest in the format's history. Needing a win to stay alive in the tournament and chasing 292 for victory, Maxwell came to the crease at 4-49 and saw three more wickets fall before the score reached triple figures, before skipper Pat Cummins joined him. What followed over the next 28.2 overs was some of the most freakishly brilliant hitting the game has ever seen; Maxwell carried Australia to victory with 3.1 overs to spare, and did so with full-body cramps that restricted his footwork at the crease to nothing. Topping it off as only Maxwell could, he hit a six to win the match and bring up his double century. Sharing his retirement news on The Final Word podcast with Adam Collins, who was the ghostwriter for his autobiography, Maxwell says it feels 'a bit strange' to be now called a former player. 'I think back to right at the start, I was obviously picked, I thought, ahead of my time and out of the blue, getting to play with some guys I used to watch on TV,' he said. 'I was just extremely proud to play a couple of games for Australia, and to be a part of a changeroom that won a series in the UAE against Pakistan, my first series. That was an extremely special moment, and I thought I was just going to have that and go back to domestic cricket and ply away at my trade and play plenty of first-class cricket and see if I could make it. 'But I've been able to go through the ups and downs of being dropped and brought back, played in some World Cups, been a part of some great teams. 'It's still a bit strange hearing that (I'm a former player), but I'm sure it will rest nicely soon.' Maxwell said the origins of the decision-making process date back to early in this year's Champions Trophy, where his body started to let him down. 'I felt like I gave myself a really good opportunity to be fit and ready for those games, and the first game in Lahore, we played on a rock-hard outfield, and post that game I was pretty sore,' he explained. '(Then) we were lucky enough to have a wash-out against South Africa where I had a bit more time to have a bit of rest and get myself ready for the next game. 'The following game against Afghanistan, we fielded for 50 overs on a really, really wet outfield — it was slippery, it was soft, and I just didn't pull up that well. 'I started to think about, if I don't have the perfect conditions in 50-over cricket, my body just probably struggles to get through that, and it feels like it's a tiring affair just to get through on the basics of almost surviving the 50 overs, let alone being at my best throughout that 50 overs, and then going out there and trying to perform with the bat as well. 'I felt like I was sort of letting the team down a little bit with how my body was reacting to the conditions. 'I had a really good chat with George Bailey while we were in the rain delay and I just sort of asked him what his thoughts were going forward. 'We basically talked about the 2027 World Cup. I said to him right then and there, 'I don't think I'm going to make that, and I think it's time to start planning for people in my position to have a crack at it and try and make that spot their own for the 2027 World Cup, and hopefully they get enough of a lead-in where they can have success in that role'.' The Australian white-ball great said he remained torn over the decision for some time, but knew deep down what the right call was. 'I've always said I wasn't going to hand my position over if I felt like I was still good enough to play,' Maxwell said. 'I think even post that England game (in the Champions Trophy), I spoke to Vini, my wife, and said I feel like I can still play at this level, I still feel like I've got a lot to give — and I still truly meant that after that game. 'It was probably only after that Afghanistan game that I realised it was probably a bit far fetched to keep reaching for that next series and keep trying to build up and keep trying to almost hold on — I didn't want to just hold on for a couple of series and almost play for selfish reasons. 'I don't think that would help anyone, especially the team, when they're moving in such a clear direction at the moment. This gives them the best opportunity to have a look at what their best lineup looks like heading into that next World Cup. 'I know how important that planning is heading forward.' Explaining his intentions to play on in the 20-over format, Maxwell said he still has lots to give. 'The 20 overs is a perfect time where I feel like I'm able to keep my athleticism at a high level and still be able to create plays on the boundary and still help the team out in a way that I know I can,' he said. 'I just felt like in one-day cricket, my worth as a fielder was starting to dwindle in those last couple of overs because I didn't have the same pace, I didn't have the same spring, and I'm sure that there are guys that are going to be coming through that are going to be able to give that to the Australian side.' Maxwell was a key part of Australia's 2015 and 2023 World Cup victories, and hit the winning runs in the latter.
&w=3840&q=100)
First Post
26-05-2025
- Business
- First Post
India's evolving Afghan policy: From humanitarian outreach to strategic diplomacy
India's renewed engagement with Taliban-ruled Afghanistan reflects a pragmatic shift in its regional policy, blending humanitarian outreach with strategic diplomacy to safeguard national interests read more Afghanistan, long regarded as the heart of Asia, must not be a blind spot in India's foreign policy. Image: REUTERS Amid ongoing heightened tensions with Pakistan, New Delhi has recently taken a significant step in its diplomatic engagement with Afghanistan by permitting 160 Afghan trucks to cross the Attari-Wagah border via Pakistan. These trucks, carrying dry fruits, liquorice, and other agricultural products, had been stranded following the border closure after the deadly Pahalgam terror attack on April 22, 2025. India's decision to grant special entry to these trucks through the Integrated Check Post at Attari underscores its enduring commitment to humanitarian and commercial ties with the Afghan people. This move, made during a time of intensified crisis, reflects a pragmatic and forward-looking approach in India's regional diplomacy. STORY CONTINUES BELOW THIS AD This development came shortly after a historic phone conversation between India's External Affairs Minister, S Jaishankar, and Afghanistan's Acting Foreign Minister, Mawlawi Amir Khan Muttaqi. This was the first formal ministerial-level engagement between India and the Taliban leadership since 1999, marking a new chapter in India-Afghanistan relations. Following the conversation, Jaishankar publicly acknowledged on X (formerly Twitter) the Taliban leadership's strong condemnation of the recent Pahalgam terror attack. He tweeted, 'Good conversation with Acting Afghan Foreign Minister Mawlawi Amir Khan Muttaqi this evening. Deeply appreciate his condemnation of the Pahalgam terrorist attack.' Jaishankar also appreciated their firm rejection of attempts to sow disinformation aimed at disrupting Indo-Afghan ties. He reaffirmed India's historical and steadfast friendship with the Afghan people and reiterated India's commitment to support Afghanistan's development. The two ministers discussed possibilities for enhanced bilateral cooperation, symbolising a maturing diplomatic approach and a realistic recalibration of India's regional outreach. In the aftermath of the April 2025 Pahalgam terrorist attack, India had dispatched a high-level delegation to Kabul to directly engage with the Taliban administration and express concerns over Pakistan-sponsored activities in the region. The delegation, led by MEA Joint Secretary Anand Prakash, met with Acting Foreign Minister Mawlawi Amir Khan Muttaqi, who unequivocally condemned the attack, stating, 'We unequivocally condemn the terrorist attack in Pahalgam. Such acts of violence undermine efforts for regional security and stability. Afghanistan remains committed to combating terrorism and working closely with India to promote peace and cooperation in the region.' He also emphasised the need to bring the perpetrators to justice, underscoring Afghanistan's dedication to ensuring both justice and regional peace. STORY CONTINUES BELOW THIS AD This diplomatic outreach signals India's intent to address security concerns through direct cooperation with Afghan authorities, marking a strategic move towards more open and pragmatic regional collaboration rather than reliance on intermediaries. Demonstrating diplomatic maturity, the Taliban also categorically rejected Pakistan's allegations that Indian missiles were launched into Afghan territory. On May 10, 2025, Taliban Defence Ministry spokesperson Enayatullah Khawarzmi dismissed these claims as 'false' and 'unfounded', asserting that 'Afghanistan is safe and secure, and no such incident has occurred'. This firm rebuttal underscores the Taliban's intent to maintain an independent and constructive relationship with India. Moreover, the Taliban has consistently assured New Delhi that Afghan soil will not be used for activities against Indian interests. In previous engagements, senior Taliban leaders, including acting Defence Minister Mohammad Yaqub Mujahid, have reiterated their commitment to addressing India's legitimate security concerns. Afghan authorities have also extended repeated invitations for greater Indian investment in Afghanistan's reconstruction and development, underscoring their appreciation for India's enduring contributions to Afghan infrastructure, education, and healthcare sectors. STORY CONTINUES BELOW THIS AD India's approach towards Afghanistan has always been developmental, constructive, and people-centric—markedly different from the strategic depth policy adopted by some regional players. It is precisely this consistent and positive engagement that has earned India unprecedented goodwill among the Afghan population. Over the years, India has built over 200 schools, funded major infrastructure projects like the Afghan Parliament building and the Zaranj-Delaram Highway, and provided more than 1,000 scholarships for Afghan students. Additionally, India has played a pivotal role in enhancing Afghanistan's healthcare sector by constructing and restoring hospitals and health centres. Notably, the Indira Gandhi Institute of Child Health in Kabul, established with Indian assistance in the 1970s, serves as the country's primary paediatric hospital, treating approximately 300,000 children annually. Unlike in some neighbouring countries where anti-India sentiment persists, the Afghan people have historically expressed deep affection and admiration for India. This makes Afghanistan uniquely positioned as a partner where India does not have to exert excessive diplomatic effort to win hearts—it already enjoys considerable public support. STORY CONTINUES BELOW THIS AD Engaging with the Taliban, therefore, is not a concession but a reflection of India's evolving strategic realism. If global powers like the United States can engage with controversial actors—such as Hay'at Tahrir al-Sham (HTS) leader Abu Mohammad al-Jolani in Syria, who was on the US Rewards for Justice list with a $10 million bounty until December 2024—India should not hesitate to advance its national interests through constructive dialogue with the current Afghan leadership. Prioritising national interest means proactively shaping bilateral relationships rather than waiting for others—such as China or other such inimical countries—to take the lead. India now needs to go beyond developmental aid and public diplomacy. It should pursue formal diplomatic recognition of the Taliban government, initiate high-level strategic dialogues, and consider signing agreements on intelligence cooperation and regional security. Afghanistan's geography continues to offer both challenges and strategic opportunities. As a land bridge to Central Asia and a buffer against growing Chinese influence in the region, Afghanistan is too important for India to ignore. Historically, its geostrategic location has made it a focal point for great power competition—during the Cold War, both the Soviet Union and the United States vied for influence in Kabul, underscoring its enduring importance as a geopolitical pivot. STORY CONTINUES BELOW THIS AD India must go beyond symbolic outreach and resist the tendency—rooted in its broader strategic culture—of adopting a reactionary foreign policy. Historically, India has often responded to developments only after other major geopolitical players have acted; for instance, its maritime engagement in the Indian Ocean gained momentum largely in response to China's expanding geostrategic presence. In the Afghan context, India should break from this pattern. Rather than allowing external powers to shape the strategic landscape, India must lead from the front. Its approach should be guided solely by its national interests, which must serve as the primary determinant in its regional strategy. Importantly, in the case of Afghanistan, India's outreach is made easier by the unprecedented goodwill it already enjoys among the Afghan people—what is needed now is strategic clarity and political will. Deepening political engagement with Afghanistan not only aligns with India's long-term strategic objectives but also enhances its influence in a region that remains a critical pivot in Asian geopolitics. This also serves the broader objective of countering destabilising influences in the region and strengthening India's position in South and Central Asia. STORY CONTINUES BELOW THIS AD Proactive engagement can help stabilise the region, moderate radical narratives, and reinforce India's image as a responsible and forward-looking power committed to peace and development. Afghanistan, long regarded as the heart of Asia, must not be a blind spot in India's foreign policy. Rather, it should be an arena where New Delhi asserts its values and interests with confidence and clarity. Imran Khurshid is a visiting research fellow at the International Centre for Peace Studies, New Delhi. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Int'l Business Times
30-04-2025
- Politics
- Int'l Business Times
Migrants' Dreams Buried Under Rubble After Deadly Strike On Yemen Centre
Africans in search of a better future became the latest casualties of Yemen's decade-long conflict after a deadly strike blamed on the United States hit a migrant detention centre, killing dozens of people. The pre-dawn attack on Monday killed more than 60 people in their sleep, the country's Huthi rebels said, attributing the raid to the US military. Rubble, blood and body parts dotted the grounds of the compound in rebel-held Saada, with several buildings left in ruins, twisted metal glittering in the sun. In a nearby hospital, emaciated African men were recovering from their wounds after surviving the attack that tore their friends to pieces. "The planes struck close by twice. The third time they hit us," said Abed Ibrahim Saleh, 34, a soft-spoken Ethiopian whose head and leg were wrapped in white gauze. "Dead bodies ripped apart, I can't describe what I saw... A hand here, a leg there. I don't want to remember," he said with a blank stare. Since mid-March, Washington has conducted near-daily air strikes on the Iran-backed Huthis in a bid to stop their campaign of attacks on shipping in the Red Sea and Gulf of Aden, launched in solidarity with Palestinians after the outbreak of the Gaza war. US strikes on the rebels began under former president Joe Biden, but have resumed and intensified under his successor Donald Trump. Footage broadcast by the Huthis' Al-Masirah TV at the time of the attack showed bodies lying under the rubble as rescue teams searched for survivors. The tragedy brought back memories of a March 2021 blaze at a Sanaa migrant centre that killed 45 people and was sparked by teargas canisters fired by Huthi forces responding to a protest. In 2022, air strikes blamed on a Saudi-led coalition battling the Huthis hit the same detention complex that was struck on Monday, killing dozens of people. Each year, tens of thousands of migrants cross the Red Sea from the Horn of Africa, fleeing conflict, natural disasters and poor economic prospects. Many hope for employment as labourers or domestic workers in Saudi Arabia and other wealthy Gulf countries, though they first face a perilous journey through war-torn Yemen. Inspecting the wreckage, Ibrahim Abdul Qadir Mohammed Al-Moallem, a member of Yemen's Somali community, denounced the "heinous crime" against innocent people. "This brutal aggression that killed the sons of Palestine and the Yemeni people is now targeting poor migrants," he said, blaming the United States for the attack. The Huthis, who have also repeatedly launched missiles and drones at Israel, paused their attacks during a recent two-month ceasefire in Gaza, but had threatened to resume them after Israel cut off aid to the territory over an impasse in negotiations. Before they could, however, the intensified US campaign resumed, hitting more than 1,000 targets in rebel-held Yemen since March 15. The Huthi's attacks since then have only targeted US warships. "There is no justification for this," Moallem said, calling on African leaders to take a stance and urging the international community to "break your silence". Asked about the strike, a US defence official told AFP the army was aware of reports of civilian casualties "and we take those claims very seriously". "We are currently conducting our battle-damage assessment and inquiry into those claims," they said on condition of anonymity . The United Nations expressed deep concern at Monday's strike, while Niku Jafarnia of Human Rights Watch said US attacks "are appearing to kill and injure civilians in Yemen at an alarming rate over the past month". "Failing to take all feasible precautions to mitigate civilian harm constitutes a violation of international humanitarian law," HRW said. Yemeni rescuers pull an injured man from the rubble of the destroyed migrant centre AFP A US defence official said the military was looking into the reports of civilian casualties in the strike AFP
Business Insider
21-04-2025
- Business
- Business Insider
African nations may face pressure as China warns against U.S.-aligned trade deals
African nations may face growing pressure amid escalating global tensions, following a stark warning from China linked to its intensifying tariff dispute with the United States. China warns of retaliation against countries signing trade agreements with U.S. at its expense African nations face pressure as they weigh benefits of diversifying trade partnerships against risk of straining ties with Beijing President Trump accuses China of taking advantage of U.S. trade policies and attempts to pressure Beijing into a more equitable trading framework African nations are at crossroads following China's threat to retaliate against any country that signs trade agreements with the United States 'at the expense of China's interests,' signaling a potentially tougher stance in its global economic diplomacy. This warning comes in the context of a renewed trade war between the two global powers. According to the Financial Times, China's Ministry of Commerce issued the threat in response to reports that U.S. President Donald Trump's administration intends to leverage trade talks with various countries to diplomatically and economically isolate Beijing. The ministry urged other nations to reject what it described as 'unilateral bullying' by Washington and instead stand in solidarity with China. ' China firmly opposes any party reaching a deal at the expense of China's interests,' the ministry said on Monday. 'If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. ' the statement noted. This development puts African countries in a delicate position as they weigh the benefits of diversifying trade partnerships against the risk of straining ties with Beijing—a long-standing economic partner. With both superpowers vying for influence, Africa finds itself once again at the center of a global power struggle. Trump's fierce position with China President Trump has recently intensified the heat of his trade war with China, accusing Beijing of failing to reciprocate in the ongoing tariff exchanges between both countries. According to Trump, China has consistently taken advantage of U.S. trade policies while refusing to offer fair or balanced terms in return. He described China as a 'manipulative and ungrateful trading partner,' accusing it of exploiting global trade systems, undermining American industries, and using economic leverage to influence vulnerable nations. Trump's renewed stance comes amid a broader geopolitical push to curb China's influence, especially in key regions like Africa, Southeast Asia, and Latin America. His proposed tariff hikes are aimed at pressuring Beijing into a more equitable trading framework—though critics argue the escalating tension could trigger global economic disruptions. African leaders at a crossroads African nations have found themselves entangled in the renewed trade war between the U.S. and China, following Washington's tariff announcement on "Liberation Day." The tariffs hit African countries hard, ranging from 10% for nations like Kenya, Ethiopia, and Ghana, to to 31% for South Africa and 50% for Lesotho. In response, some countries, including Lesotho and Zimbabwe, have welcomed opportunities for trade talks with the U.S. to mitigate the fallout. Facing debt, inflation, and post-pandemic recovery, many African governments see American offers as a chance to diversify trade and reduce dependence on China. Trump-era tariffs have cast doubt on the future of one major policy that benefited African nations, the AGOA Trade Act, which granted duty-free access to sub-Saharan exports. Analysts are unsure if it would be restored under Trump's administration. However, Beijing's warning against deals ' at the expense of China's interests ' has complicated these decisions. China remains Africa's largest bilateral trading partner, accounting for 20% of the region's exports and 16% of its imports. Trade between the two hit a record $282 billion in 2023, mostly in raw materials and manufactured goods. Any Chinese retaliation—such as cutting investments or delaying projects—would significantly impact African economies. Caught between two superpowers, Africa must now navigate a delicate balancing act, weighing the potential benefits of U.S. engagement against the risks of alienating Beijing.
Zawya
28-03-2025
- Business
- Zawya
A connected Africa will be a rich Africa
Africa stands at a crossroads, where the choices we make today will define the conti- nent's future for generations. Our people are driving a pow-erful grassroots movement toward greater intra-continental connectivity, demand- ing enhanced trade, jobs, education, and migration across borders. This demand is a clarion call that must be met with bold, strategic investments and innovative policies. Africa cannot afford incremental change; we need an audacious leap forward that reflects our ambition, fuels our growth, and bridges the connectivity gap that has long shack- led our development. The future of Africa hinges on our ability to link up and in- dustrialise the continent, and the time to act is now. The popular global narrative about Af- rican migration often focuses on the pain- ful and dangerous exodus to the global North, but this narrative is fundamentally misleading. The reality is that the major- ity of African migration occurs within the continent itself. In 2017, more than half of Africa's migrants – over 53% – were living in another African country, a figure that rises to over 80% in sub- Saharan Africa. This data reveals an essential truth: Africans are deeply invested in their continent, seeking opportunities closer to home rather than abroad. This intra- continental movement is about more than just migration – it is about building a future within Africa. Whether it's pursuing education, em- ployment, or trade, Africans are finding Samaila Zubairu – CEO of the Africa Finance Corporation ways to connect and collaborate with each other across borders, often in defiance of the barriers that stand in their way. For instance, despite the challenges of aca- demic mobility, 20% of African students who studied abroad in 2021 chose to do so within the continent, highlighting a strong and often overlooked desire for intra-African engagement. By intentionally nurturing and sup- porting this trend, we can significantly reduce Africa's brain-drain and retain more of our valuable human capital within the continent. Furthermore, intra-African remittanc- es, which account for nearly one-fifth of the continent's total remittance flows, underscore the economic interconnec- tivity within Africa. These remittances, amounting to $20bn out of Africa's nearly $100bn in total flows, are lifelines that sustain families and businesses, reinforc- ing the economic bonds that are vital for the continent's growth. Yet, the drive for connectivity is con- stantly hindered by inadequate infra- structure. The logistical nightmare of travelling across Africa is a stark reminder of the continent's infrastructural deficiencies. A journey between Kigali and Luanda, which should take only three hours by direct flight, can currently take anywhere from nine to 20 hours due to the lack of direct routes. This inefficiency not only wastes time but also inflates costs, making intra- African travel 45% more expensive than in Europe. The average cost of sending money within Africa is about 1.3 times the global average. But here lies a paradox: despite these challenges, the desire for connectivity has fuelled significant growth in intra-Afri- can air travel. In many African countries, more than half of the air passenger traffic is now intra-continental, with African airlines carrying 67m passengers in 2022 alone – a 55.8% increase from the previ- ous year. Cross-border trade is another area where ordinary Africans are leading the charge. Informal cross-border trade ac- counts for a substantial portion of the continent's economic activity, represent- ing 7-15% of formal intra-African trade flows and a staggering 30-72% of formal trade between neighbouring countries, according to the United Nations Economic Commission for Africa (UNECA). The catalyst for continental growth The demand for intra-continental con- nectivity is clear, and the solution lies in strategic investments in cross-border infrastructure. Africa cannot afford to stumble into the next century with the infrastructure of the last; it needs bold, transformative projects that will reshape the continent's economic landscape. Imagine the potential of the Lagos[1]Abidjan expressway (crossing fi vecountries), the Lobito Corridor (crossing three countries), or the Kano-Maradi railway (connecting three Nigerian states with the city of Maradi in Niger), or even a transcontinental route from Mombasa to Dakar – these projects are not just roads and railways; they are the arteries of a connected Africa, ready to facilitate trade, movement, and economic growth. The Africa Finance Corporation's State of Africa's Infrastructure Report 2024 makes a compelling case for such investments. The report highlights the potential of building economic corridors that connect resource-rich regions with markets, thereby reducing transportation costs and time, boosting trade, and driving economic growth. The Grand Inga Dam, for instance, which has a capacity to generate 45GW of electricity – more than a third of Africa's current electricity production – could power the processing of critical minerals, with the Lobito 1 and 2 corridors transporting these resources efficiently across the continent. Imagine a West Africa where improved road networks and railways allow goods to flow seamlessly across borders, or an East or Southern Africa powered by a regional electricity grid that fuels industrial growth and elevates the quality of life for millions. These are more than just infra structure projects; they are investments in a prosperous African future. Building on continental initiatives Fortunately, Africa is not starting from scratch. Several continental and regional initiatives are already laying the ground- work for greater connectivity. The African Continental Free Trade Area (AfCFTA) is a bold step toward the free movement of people, goods, and services across the continent. This ambitious project, if fully realised, could transform Africa into a single market, unlocking unprecedented opportunities for trade and investment. The Africa Visa Openness Index is an- other positive development, showing sig- nificant progress in reducing the barriers to intra-African travel. In 2023, 50 African countries improved or maintained their scores on the index, with 42 countries offering visa-free entry to citizens from at least five other African countries. Kenya and Rwanda have taken this commitment a step further by offering visa-free access to all Africans, joining The Gambia, Sey- chelles, and Benin in setting a powerful example for the continent. These initiatives are a testament to what can be achieved when African coun- tries work together. But we cannot af- ford to be complacent. The momentum must be accelerated, and these efforts must be expanded and deepened. Regional economic communities like ECOWAS, SADC, and COMESA have also made modest but meaningful progress in facilitating connectivity and trade within their regions. These regional efforts, combined with the power of AfCFTA, can pave the way for a truly integrated Africa. The AfCFTA and the Visa Openness Index are just the beginning. To achieve a truly connected Africa, we need great- er regional cooperation, more ambitious infrastructure projects, and institutions that can drive the continent's integra- tion forward. Unlocking Africa's infrastructure potential The greatest hurdle to Africa's infra- structure development is not a lack of vision but a lack of capital. Africa's fi- nancial institutions are relatively small and underdeveloped, and the continent's capital reserves inadequate. This financing gap is a major obstacle to the continent's growth, but it is not insurmountable. To overcome this hurdle, we need to rethink our approach to financing. The first step is to build and strengthen large, local banks capable of financing major infrastructure projects. However, we must also ensure that all commercial banks across Africa are adequately capitalised, not just the top-tier institutions. Depending on the size of the econo- my and the addressable market, no bank should have capital of less than $100m equivalent in its local currency. In larger economies, banks should aim for a min- imum capital of $1bn, with a target of reaching $10bn. This capital could then be put to work in financing factories, power plants, roads, and ports across the con- tinent. By recapitalising Africa's top-tier banks, we can establish a robust finan- cial backbone to support the continent's development. We must also capitalise African Development Finance Institu- tions (DFIs) and Multilateral Development Banks (MDBs) from within Africa. These institutions have a proven track record in supporting infrastructure projects, and with additional capital, they could scale their efforts and attract even more in- vestment. But perhaps the most innovative so- lution lies in unlocking the potential of Africa's savings. Despite representing a significant pool of capital, these funds are often underutilised due to regulatory barriers and perceived risks. By providing de-risking tools – such as government guarantees – and offering regulatory support, we can enable sav- ings pools, like pension funds, to invest in regional infrastructure projects. This approach not only addresses the financing gap but ensures that Africa's development is fuelled by African capital. To increase the savings potential of African economies, we must focus on val- ue capture and retention strategies that create quality, higher-paying jobs. This, in turn, would enable governments to better fund schools and provide essential infrastructure. Pension funds and insurance com- panies are increasingly important in deepening capital markets in developing economies. In countries like South Africa and Nigeria, pension funds have begun to explore this potential. For instance, Nigeria has increased its pension funds' allocation to infrastructure financing from $6m to over $110m in less than a decade. National pension fund con- sortia, such as the Kenya Pension Funds Investment Consortium (KEPFIC), can pool resources and expertise to support local infrastructure investment. This model can be replicated across the continent, providing a powerful tool for financing Africa's infrastructure needs. Moreover, there is untapped po- tential in the shadow savings locked within Africa's sizeable informal sector. Africa has the highest level of economic informality in the world, lacking the credible institutions needed to incen- tivise formal savings on a large scale. Currently, most African savings are non-financial and informal, limiting their ability to support the structural economic transformation the continent urgently needs. To unlock financing for Africa's infrastructure, we must lever-age both formal and informal financial resources, creating a comprehensive, innovative approach that drives sus- tainable development from within. Action for Africa's future Africa's future depends on our ability to connect the continent. The demand for intra-continental connectivity is not just a trend; it's a movement driven by the aspirations of millions of Africans who are already finding ways to trade, learn, and migrate across borders. But to fully realise this potential, we need to invest in the infrastructure that will catalyse in- dustrialisation and connectivity in Africa. The challenges are significant, but they are not insurmountable. By investing in strategic infrastructure projects, build- ing on existing initiatives, and adopting innovative financing approaches, we can create a continent where borders are not barriers but gateways to opportunity. The time to act is now. Africa's future is in our hands, and we have the power to shape it. By coming together, investing in our people, and building the infrastruc- ture that will industrialise and connect our continent, we can create a brighter, more prosperous future for all Africans. The journey will not be easy, but the re- wards will be immense. Let us seize this moment and build a connected Africa that fulfils the dreams of its people. n © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
