Latest news with #socioeconomic
Zawya
2 days ago
- Business
- Zawya
In the DRC, the ADB is accelerating the transformation of infrastructure and access to basic social services
ABIDJAN, Ivory Coast -- Roads in Kenge, Kikwit, Tshikapa, Kamuensha, and Mbuji-Mayi have been completely rehabilitated, new stretches of road built, and urban roads modernized. Numerous examples of socioeconomic infrastructure have also benefited from the financial support of the African Development Bank Group ( helping to transform the daily lives of hundreds of thousands of Congolese. A multi-sectoral mission from the government of the Democratic Republic of Congo (DRC) and the African Development Bank witnessed the impact of these investments during field visits to the five municipalities in western DRC between 5 and 19 May 2025. More specifically, the three projects, financed by the Bank, focus on rehabilitating road infrastructure, enhancing air safety, and improving access to basic social services. Health centres, hydraulic structures equipped with modern technology, provincial rural markets, schools, a refurbished runway in Mbuji-Mayi, and air safety equipment meeting international standards are just some of the successes the joint mission was able to witness. "The mission measured the concrete impact of the projects supported by the Bank in Kasai. From roads to social infrastructure and air safety, progress is visible and is transforming the lives of the population. We pay tribute to the work completed and remain committed to consolidating the gains achieved, in particular with the extension of the Mbuji-Mayi runway to make it a hub that meets international standards," commented Mohamed Coulibaly, Country Programme Manager in charge of the Bank Group's Office in the Democratic Republic of Congo. Opening a key route in the road network The first stage of the mission concerned the project to rehabilitate the Kinshasa/Ndjili-Batshamba section of national road no. 1. The project involves the rehabilitation of 622 kilometres of road between Kinshasa and Batshamba via Kenge and Kikwit, a key route in the Congolese road network. In the past, this strategic corridor was virtually impassable due to the advanced deterioration of the road surface and a series of sinkholes, and took several days or in some cases weeks, to drive along. Thanks to $68.57 million in funding from the African Development Bank, the work carried out now means the route can be travelled safely in less than a day. This improves connectivity between the capital and the provinces of Mai-Ndombe, Kwango, Kwilu and Kasaï. "In addition to asphalting the road, the Bank has financed the construction and equipping of schools, health centres, boreholes, rural markets, social reintegration centres, administrative buildings, a modern market and weigh stations along the route, as well as the rehabilitation of over 700 kilometres of rural roads," explains Jean Luemba, the RN1 project coordinator. The Bank has also provided substantial logistical support (vehicles and IT equipment) to the state structures involved in the projects. Ultimately, this initiative will benefit over 19 million people by facilitating access to markets, improving the availability of agricultural products and food security, and supporting mobility and economic activities. Significant progress in social infrastructure In terms of social infrastructure, the achievements of the second phase of the Project for the Reinforcement of Socioeconomic Infrastructure in the Central Region (PRISE II) are significant: most of the construction work on schools, health centres, public latrines, and rural markets has been completed or is nearing completion. The execution rate is estimated at 75%. As for the 41 schools under construction, most are ready for handover. The same applies to the 40 health centres, whose buildings have been completed. Public markets are also making good progress, with several structures already operational. In addition, the project has planned community awareness-raising and vocational training activities, including training young people in plumbing, promoting hygiene and local water governance. During the joint mission, the national authorities reiterated their willingness to broaden the scope of the "PRISE" project by integrating geophysical studies into the Drinking Water Supply and Sanitation Programme, thus supporting the national ambition of universal coverage in this area. The project's aim is to reach over 870,000 direct beneficiaries in 10 provinces, by improving access rates to water, sanitation, health and education. Advanced airport infrastructure In the air transport sector, a visit to the second phase of the Priority Air Safety Project (PPSA2) revealed remarkable progress in the rehabilitation and extension of the Mbuji-Mayi runway. Around 85% of the 320-metre runway has already been completed. The new tarmac is 95% complete, while the ramp, service road and runway end safety areas (RESA) are 70 to 75% complete. Vital technical infrastructure such as the control tower, power plant, fire station, and lighting system are nearing completion. At Kisangani-Bangoka international airport, the aircraft movement areas, taxiways and tarmac have been completely rehabilitated, and two turn pads have been installed. In addition, six radio navigation systems (DVOR/DME) have been deployed at Goma, Mbuji-Mayi, Kindu, Kinshasa, Lubumbashi, and Mbandaka, enhancing the safety of domestic flights. Eight VHF radio channels have also been installed at several secondary airports to improve aeronautical communication. The upgrading of equipment, combined with capacity-building for technical staff, has reduced the number of air accidents in the DRC from an average of 10 to one a year. The project also includes training for the Régie des voies aériennes staff in the following areas: safety and air bases, maintenance techniques and project management for the Régie, and air transport inspectors for the Civil Aviation Authority. At the end of the visit, the mission underlined the technical quality of the work carried out, the commitment of the contractors and local ownership. In Tshikapa, a local resident declared: "Tshikapa today is the African Development Bank!", testifying to the visibility and tangible impact of the projects on the daily lives of the local population. These results also illustrate the importance of close coordination between the Bank, the Congolese government and technical and financial partners, including the European Union and the World Bank, which were also involved in the construction of certain sections of the RN1. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with a field office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. For further information: SOURCE African Development Bank Group (AfDB)
Zawya
3 days ago
- Business
- Zawya
In the Democratic Republic of Congo (DRC), the African Development Bank is accelerating the transformation of infrastructure and access to basic social services
Roads in Kenge, Kikwit, Tshikapa, Kamuensha, and Mbuji-Mayi have been completely rehabilitated, new stretches of road built, and urban roads modernized. Numerous examples of socioeconomic infrastructure have also benefited from the financial support of the African Development Bank Group ( helping to transform the daily lives of hundreds of thousands of Congolese. A multi-sectoral mission from the government of the Democratic Republic of Congo (DRC) and the African Development Bank witnessed the impact of these investments during field visits to the five municipalities in western DRC between 5 and 19 May 2025. More specifically, the three projects, financed by the Bank, focus on rehabilitating road infrastructure, enhancing air safety, and improving access to basic social services. Health centres, hydraulic structures equipped with modern technology, provincial rural markets, schools, a refurbished runway in Mbuji-Mayi, and air safety equipment meeting international standards are just some of the successes the joint mission was able to witness. "The mission measured the concrete impact of the projects supported by the Bank in Kasai. From roads to social infrastructure and air safety, progress is visible and is transforming the lives of the population. We pay tribute to the work completed and remain committed to consolidating the gains achieved, in particular with the extension of the Mbuji-Mayi runway to make it a hub that meets international standards," commented Mohamed Coulibaly, Country Programme Manager in charge of the Bank Group's Office in the Democratic Republic of Congo. Opening a key route in the road network The first stage of the mission concerned the project to rehabilitate the Kinshasa/Ndjili-Batshamba section of national road no. 1. The project involves the rehabilitation of 622 kilometres of road between Kinshasa and Batshamba via Kenge and Kikwit, a key route in the Congolese road network. In the past, this strategic corridor was virtually impassable due to the advanced deterioration of the road surface and a series of sinkholes, and took several days or in some cases weeks, to drive along. Thanks to $68.57 million in funding from the African Development Bank, the work carried out now means the route can be travelled safely in less than a day. This improves connectivity between the capital and the provinces of Mai-Ndombe, Kwango, Kwilu and Kasaï. "In addition to asphalting the road, the Bank has financed the construction and equipping of schools, health centres, boreholes, rural markets, social reintegration centres, administrative buildings, a modern market and weigh stations along the route, as well as the rehabilitation of over 700 kilometres of rural roads," explains Jean Luemba, the RN1 project coordinator. The Bank has also provided substantial logistical support (vehicles and IT equipment) to the state structures involved in the projects. Ultimately, this initiative will benefit over 19 million people by facilitating access to markets, improving the availability of agricultural products and food security, and supporting mobility and economic activities. Significant progress in social infrastructure In terms of social infrastructure, the achievements of the second phase of the Project for the Reinforcement of Socioeconomic Infrastructure in the Central Region (PRISE II) are significant: most of the construction work on schools, health centres, public latrines, and rural markets has been completed or is nearing completion. The execution rate is estimated at 75%. As for the 41 schools under construction, most are ready for handover. The same applies to the 40 health centres, whose buildings have been completed. Public markets are also making good progress, with several structures already operational. In addition, the project has planned community awareness-raising and vocational training activities, including training young people in plumbing, promoting hygiene and local water governance. During the joint mission, the national authorities reiterated their willingness to broaden the scope of the "PRISE" project by integrating geophysical studies into the Drinking Water Supply and Sanitation Programme, thus supporting the national ambition of universal coverage in this area. The project's aim is to reach over 870,000 direct beneficiaries in 10 provinces, by improving access rates to water, sanitation, health and education. Advanced airport infrastructure In the air transport sector, a visit to the second phase of the Priority Air Safety Project (PPSA2) revealed remarkable progress in the rehabilitation and extension of the Mbuji-Mayi runway. Around 85% of the 320-metre runway has already been completed. The new tarmac is 95% complete, while the ramp, service road and runway end safety areas (RESA) are 70 to 75% complete. Vital technical infrastructure such as the control tower, power plant, fire station, and lighting system are nearing completion. At Kisangani-Bangoka international airport, the aircraft movement areas, taxiways and tarmac have been completely rehabilitated, and two turn pads have been installed. In addition, six radio navigation systems (DVOR/DME) have been deployed at Goma, Mbuji-Mayi, Kindu, Kinshasa, Lubumbashi, and Mbandaka, enhancing the safety of domestic flights. Eight VHF radio channels have also been installed at several secondary airports to improve aeronautical communication. The upgrading of equipment, combined with capacity-building for technical staff, has reduced the number of air accidents in the DRC from an average of 10 to one a year. The project also includes training for the Régie des voies aériennes staff in the following areas: safety and air bases, maintenance techniques and project management for the Régie, and air transport inspectors for the Civil Aviation Authority. At the end of the visit, the mission underlined the technical quality of the work carried out, the commitment of the contractors and local ownership. In Tshikapa, a local resident declared: "Tshikapa today is the African Development Bank!", testifying to the visibility and tangible impact of the projects on the daily lives of the local population. These results also illustrate the importance of close coordination between the Bank, the Congolese government and technical and financial partners, including the European Union and the World Bank, which were also involved in the construction of certain sections of the RN1. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Yahoo
25-05-2025
- Business
- Yahoo
U.S. Family Net Worth: How To Tell If You're Poor, Middle Class or Rich
Your social class is an indicator of socioeconomic status that acts as more than a simple metric. It carries a significant amount of weight with how income inequality or education levels are move viewed and measured. The term middle class is also not static; it can change based on your location, or even your age. Find Out: For You: So, as much as your economic security is about how much money you make, it's also about how you feel. Keep reading to find out how to determine whether your poor, middle class or rich. Whether your financial path experiences upward or downward mobility, the factors that affect poor, rich or middle-class families vary widely. A higher income in an expensive big city may level out to a median income when it combats the cost of living. Here are a few takeaways from a 2024 Gallup study examining how Americans identify themselves on the spectrum of class: 54% of Americans identify as being part of a middle-class household. 39% outright claimed to be middle class, whereas 15% viewed themselves as upper-middle class. 31% consider themselves to be working class, yet 12% felt they were lower class. Only 2% of American adults qualify themselves as upper class. Moreover, not all class indicators directly correlate to your economic status. For instance, a graduate student's stipend might net them $20,000 a year or so, which would put them in a lower class, but you have to consider their future income based on the time put into education. Someone else raised in the upper class could go bankrupt for one reason or another, but even though they're temporarily without income, they're able to draw on the habits and support of their upper-class background. They're able to ignore some of the issues more prevalent with the lower and middle classes, including the inability to pay rent or credit card bills. Though lower income households often are hit first and hardest in times of economic turmoil, things such as stock market crashes, recessions or tariffs impact how far everyone's money will go. You might be questioning where you fit in due to recent and ongoing economic trends, including high inflation rates, layoffs, future recession worries and the continuing effects of economic turmoil and cooling-off periods. If you're not sure which class in the United States you fall within, here are the markers to look for according to Resource Generation. Poorer or lower-income households are found to be approximately 20% of the population. They hold less than 1% of the total wealth in large part due to the following factors: Unstable housing Limited access to higher education Heavy debt Difficulty paying basic expenses Accustomed to the sharing of resources Disproportionate incarceration rates Treated as a burden/expendable Lack of access to healthcare Working-class heroes are becoming a demographic that is harder to define. This group currently makes up about 40% of the population and holds less than approximately 3% of the total wealth. Here are some key takeaways as to why: Manual labor: working for the middle/upper class Sometimes, they have access to higher education, with student loans being an issue Limited savings, living from paycheck to paycheck Debt is a daily concern Somewhat stable housing Also treated poorly Middle-class Americans are another demographic group of households that seems to be dwindling or at least shrinking by current definition standards. They represent an estimated 20% of the population and 8% of the total wealth — here's a breakdown: Stable housing/homeownership Stable employment Jobs tend to have ideal benefits Higher college education Debt usually from mortgage/education It may be no surprise that the people earning higher incomes hold a bigger share of the reserve. The upper class is estimated to be about 19% of the population but holds 49% of the total wealth. The following are just a few of the signs you might be in the upper class: Own more than one home Elite education, student loans are usually not an issue Stock market investment Early retirement Inheritances Easy access to legal aid As far as being rich is concerned, they are literally estimated to be 1% of the population, so the nickname 'the 1%' holds true to this stigma, along with 40% of the total wealth. Here are a few key signs you may be one of them: Own the largest, nicest homes Full-time work is optional Elite schools and higher education Large inheritances Wide range of social connections Treated as leaders Access to the best legal aid Hold positions of notable power/esteem Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on U.S. Family Net Worth: How To Tell If You're Poor, Middle Class or Rich Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malay Mail
25-05-2025
- Business
- Malay Mail
Youth council says raising retirement age to 65 unsuitable for Malaysia, warns of shrinking job opportunities for graduates
KUALA LUMPUR, May 25 — The Malaysian Youth Council has voiced its opposition to the proposal to raise the retirement age to 65, arguing that the policy is not suitable for Malaysia's labour market. Its president Mohd Izzat Afifi Abdul Hamid said the move would carry socio-economic implications that could adversely affect youth employment and development, the New Straits Times reported. 'For example, the increase in the retirement age from 55 to 60 in 2013 was linked to the loss of nearly one million new job opportunities for graduates and young job seekers,' he said in a statement today. 'In the current context, Malaysia produces more than 300,000 graduates annually, and many of them still struggle to secure permanent employment.' Mohd Izzat said the proposal by Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said lacked sensitivity towards the realities of the generation gap in the workforce. He said the youth council believes that generational transitions in the workforce must be managed in a balanced and inclusive way. 'This is not a matter of choosing between the young or the old; rather, it is about ensuring fair policies that guarantee economic security for all parties, especially the younger generation who are building their lives and careers,' he said. 'Raising the retirement age is not just about the ability to work, but also about economic fairness and the right of young people to have equal opportunities.' Mohd Izzat added that the council viewed the proposal as too general and more aligned with the experience of senior professionals. 'Not all elderly people are physically capable of continuing to work effectively,' he said. 'According to a World Health Organisation report (in 2021), one in three individuals aged over 60 faces physical limitations. 'Additionally, they are also at risk of chronic diseases such as diabetes and heart problems, which are increasing.' Last Tuesday, Azalina said the government should consider raising the retirement age from 60 to 65, stating that many Malaysians above 60 remain active. However, a Berita Harian online survey found that more than 15,000 respondents rejected the proposal, with most suggesting the retirement age should instead be lowered to 55.
Yahoo
22-05-2025
- Business
- Yahoo
3 Money Traps Lower-Middle-Class Folks Get Tricked Into
Those in the lower middle class may be trying to find a new way to climb to the next rung of the socioeconomic ladder, but there are those out there who would take advantage of it, pulling the rug out from under them with the allure of prosperity and wealth. Read Next: Find Out: If you consider yourself in this tax bracket, watch out for these kinds of plots that can work against you. Here are three money traps lower-middle-class folks can get tricked into. Also see eight money traps millennials fell for that Gen Z avoids. Sean Babin, CEO of Babin Wealth Management, advised steering clear of annuities, which are contracts between an individual and an insurance company. With annuities, an individual will purchase one in full or with payments and then the insurance company will make payments to them for a certain amount of time, per 'Behind the scenes, these insurance companies have rigged the game in their favor through either high fees and/or caps on how much you can make,' Babin explained. 'Annuities can have what's called a 'cap rate,' meaning if your cap rate is 10% and the stock market returns 24%, like it did in 2024, the insurance company gets to keep all that growth over 10%.' If your goal is to grow your wealth, Babin cautioned that an annuity is not the product to do it in. 'If you have an annuity, discuss your options with a fiduciary, not the insurance company,' he said. Explore More: Spend money on a credit card and earn points, cash back, miles and other rewards in return. For some, this might sound like a win-win, but it can be a lose-lose. That's because you need to make sure you are paying off your balance in full if you choose to get one of these credit cards, according to Michael Rodriguez, founder of Equanimity Wealth. 'These cards deliberately target aspirational lower-middle-class consumers with promises of luxury perks and lifestyle upgrades, knowing many won't be able to pay off their balances,' Rodriguez said. 'When you pay such high interest to get pennies on the dollar for travel rewards, you end up losing more than you are gaining. I love using credit cards for the perks, but it is important to avoid the high interest credit card trap.' 'The average credit card interest rate is 22%,' Babin said. 'If you spent that $5,000 to get the welcome bonus but could only pay $2,000 back, the annual interest owed on $3,000 is $660.' Having an expensive car is one of the quickest ways to set you back financially, in Babin's professional opinion. 'If your car payment is over $700 per month, you have an expensive car,' Babin said. 'Don't get trapped into buying a car that's more than you need.' Rodriguez highlighted that traditional auto loans used to be around 60 months and are now closer to 84 months. 'These extended terms specifically target lower-income buyers by making expensive vehicles seem 'affordable' with smaller payments spread over more years,' Rodriguez explained. 'What they don't emphasize is how much more you'll pay in interest, or that many buyers end up with negative equity.' In other words, one could end up owing more than what the car is worth, only adding to the financial woes of the lower-middle-class folks trying to get ahead. More From GOBankingRates 5 Types of Cars Retirees Should Stay Away From Buying Sources Sean Babin, Babin Wealth Management 'Annuities.' Michael Rodriguez, Equanimity Wealth This article originally appeared on 3 Money Traps Lower-Middle-Class Folks Get Tricked Into Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
