Latest news with #Zambian
Kuwait Times
a day ago
- Business
- Kuwait Times
Mauritanian Africa's new ‘super banker'
ABIDJAN: Mauritania's former economy minister Sidi Ould Tah was on Thursday elected to succeed Nigeria's Akinwumi Adesina as president of the African Development Bank (AfDB) and tackle the withdrawal of US financing from the institution. In 2015 Adesina took six rounds of voting to become Africa's 'super banker' but Tah, 60, secured the prestigious post in only three, winning 76.18 percent of votes. Zambian economist Samuel Munzele Maimbo trailed well behind in second on 20.26 percent, with Senegal's Amadou Hott third on 3.55 percent. The winner had to secure both a majority of votes from all 81 member countries and a majority of votes from the 54 African nations who are part of the AfDB. Tah, who headed the Arab Bank for Economic Development in Africa (BADEA) for 10 years, secured 72.37 percent of African votes. 'I wish to congratulate Dr Sidi Ould Tah on his successful election as the President-elect of the African Development Bank Group,' Maimbo said in a statement. 'I entered this race driven by love and deep concern for our continent, and offered a vision for Africa's future. Today, the Governors have chosen the leader they believe will best deliver the vision of the Africa we want at this pivotal moment.' With several north African states members of the AfDB, Tah's experience at the BADEA could be a bridge with sub-Saharan Africa. In his pitch for the AfDB leadership, he vowed to strengthen regional financial institutions, assert Africa's financial independence on global markets, use population growth as a development lever and build climate change-resistant infrastructure. The AfDB, founded in 1964, is one of the world's largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans. But Tah will immediately face a disrupted international economic environment, notably due to announcements from the US Trump administration. Beyond tariffs, the AfDB is also facing the threat of losing $500 million in US funding for its projects to support low-income countries on the continent. All five candidates in the running for the top job promised to make the AfDB even more effective to transform Africa, continuing Adesina's five priorities to light up, feed, industrialize, integrate and improve quality of life. 'I am proud of the legacy we are leaving behind for... my successor, for the bank and for Africa,' the outgoing president said in a speech on Tuesday. 'We have built a world-class financial institution that will continue to advance Africa's position within a rapidly changing global development and geopolitical environment,' he added. Adesina said 565 million people had benefited from AfDB projects during his decade in charge. Major projects include support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt — the largest in Africa. The bank also helped finance a bridge connecting Senegal and the Gambia, expanded the port of Lome in Togo and supported sanitation projects in Lesotho and access to electricity in Kenya, he said. From 2015 to this year, the bank's capital more than tripled from $93 billion to $318 billion, he added. — AFP
The Star
2 days ago
- Business
- The Star
Japan seeks to grow Africa investments to ease reliance on China
TOKYO: Japan is supporting its companies to grow their business in Africa and develop trade ties across a continent where it's mainly been seen as a key donor. The second-biggest Asian economy's emergence from a three-decade period of deflation has boosted its private sector's risk appetite, Takehiko Matsuo, vice-minister for International Affairs at the Ministry of Economy, Trade and Industry told Bloomberg in Abidjan, the commercial hub of Ivory Coast. "Now the mindset of Japanese business leaders has changed dramatically and they are now much more proactive about expanding their business globally,' Matsuo said. "Africa is one of the destinations where we expect Japanese companies' to grow their presence. Japan is reasserting a commitment to do more business with Africa as it emerges from years during which its private sector was particularly risk-averse. The government has yet to declare an end to the deflation that gripped the economy for decades. Still, data this month showed consumer prices have advanced at or above the Bank of Japan's two per cent inflation target for three straight years. Japan's net external assets reached a record high in 2024 as its investors and companies continued to load up on holdings abroad, with the US and UK the prime destinations for foreign direct investment. So far, only a trickle of that has reached Africa, with the continent receiving about 0.5 per cent of Japan's foreign direct investments. For Africa, Japan's push to recalibrate its relationship also comes at a critical time. Mobilising private investment has become more pressing since President Donald Trump returned to the White House, slashing US aid. But it could be a win-win. By 2050, one in every four people will likely be African, and Goldman Sachs Group Inc. research projects that, by 2075, six of the biggest economies in the world could be in the Global South, including Nigeria - a point cited by the Japanese ministry. Key sectors of interest for Japan include critical minerals, base metals and rare earths as the government seeks to reduce its reliance on China, coincidently Africa's top trading partner. "We are pretty much depending on Chinese companies,' Matsuo said. "I'm not saying that we cannot work with Chinese companies, but only depending on one country may be causing some vulnerability.' Japanese trading house Mitsui & Co. emerged as the highest bidder for a stake in First Quantum Minerals Ltd.'s Zambian copper mines, Bloomberg reported in November. Beyond mining, Japanese corporations are also looking to bring new technologies to Africa, sometimes backed by government subsidies, Matsuo said. Fujifilm Corp. is exploring preventive medical-care services, a technology that's especially relevant in a region with low health insurance penetration, and Toyota Tsusho Corp. is looking into introducing automobile recycling systems, Matsuo said. Hitachi Construction Machinery Co Ltd. has also been working on hybrid dump trucks to help green mining operations. Japanese investors also have an appetite for green hydrogen and ammonia that can be used to decarbonise industries, he said. It's not only corporations seeking to work more on the continent. Japan announced an initiative this month to connect Japanese and African startups to foster innovation. Within members of the Organisation for Economic Cooperation and Development, Japan was sub-Saharan Africa's third-biggest providers of overseas development assistance in 2022, with US$1.68 billion in gross disbursements, according to government data. Unlike the US or the UK, it's not announced plans to reduce its aid so far. "This year, we will have the biggest meeting for collaboration between Japan and African countries,' Matsuo said, referring to the ninth edition of the Tokyo International Conference on Africa Development holding in Yokohama in August. "In that sense, we are rather making efforts to expand our cooperation.' - Bloomberg
The Star
2 days ago
- General
- The Star
Zambia hosts national final of Chinese language proficiency competition
LUSAKA, May 30 (Xinhua) -- The Confucius Institute at the University of Zambia on Friday hosted the final round of the Chinese language proficiency competition. The event featured 10 students competing in the final of the 24th "Chinese Bridge" Chinese Proficiency Competition for Foreign College Students in Zambia, and nine students in the 18th "Chinese Bridge" Chinese Proficiency Competition for Foreign Secondary School Students in Zambia. Participants demonstrated their proficiency in the Chinese language and showcased their knowledge of Chinese culture through poetry recitations and performances of Chinese pop songs. Speaking at the opening of the event, Wang Sheng, minister counselor at the Chinese Embassy in Zambia, said the Chinese Bridge competition serves not only as a platform for language and cultural expression, but also as a bridge connecting China with the rest of the world. He encouraged the students to use the competition as a springboard for continuous personal development and cultural exchange. "I hope that through the Chinese Bridge competition, more and more Zambian youth will develop a passion for the Chinese language, master it, and gain a deeper appreciation of China from a multidimensional and comprehensive perspective," he said. Wang further said China and Zambia are all-weather friends and that cooperation in all sectors, including people-to-people exchanges, has grown, guided by the principles of mutual respect, equality, and common development. He urged young people to embrace the development opportunities brought about by the friendship between the two countries through learning the Chinese language. Felix Masiye, acting vice-chancellor of the University of Zambia, praised the Chinese language for being a vital bridge that connects nations and cultures, facilitates access to technology and business, and fosters people-to-people relationships. Masiye commended the Confucius Institute for its role in promoting the learning of Chinese in Zambia and for training local teachers. He said such efforts would significantly contribute to the widespread teaching and adoption of the language across the country. Mubanga Museba, a student at Kasama Girls Secondary School in northern Zambia, emerged victorious in the secondary school category. She expressed her joy over the victory, noting that the outcome was unexpected given the high level of competition among the contestants. Museba said she began learning Chinese out of love and passion for the language, as well as a desire for self-development.
TimesLIVE
3 days ago
- Business
- TimesLIVE
SA's Swazi Tshabalala loses out on AfDB presidency to Mauritanian Sidi Ould Tah
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent.
TimesLIVE
3 days ago
- Business
- TimesLIVE
SA's Tshabalala loses AfDB presidency to Mauritanian
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent.
