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African Development Bank Group, Korea Sign $28.6 million Grant Agreements In Bid To Support Africa’s Development

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The African Development Bank and the Government of Korea on Wednesday signed two agreements for financial support to boost Africa’s development agenda. The value of the financing is $28.6 million.

Read Also: FG Allocates 50% Intervention Initiative To Boost Women Businesses

The funding complements $600 million in co-financing under the Korea-Africa Energy Investment Framework, agreed with the Korean government in 2021. The framework supports African countries to build human capacity and develop their energy sectors.

The agreements were signed in Busan, during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC), which is being co-hosted by the Bank and Korea. KOAFEC opened on Tuesday.

The new funding will primarily support energy access, agricultural transformation, and knowledge and capacity-building across a number of African countries. The amount will be disbursed to the African Development Bank Group in three installments: $4.6 million in 2023, and $24 million in 2024 and 2025.

African Development Bank Group President Dr Akinwumi Adesina, and Korea’s Deputy Prime Minister and Minister of Economy and Finance, Kyungho Choo, signed the first agreement for $28.6 million.

Choo described Korea as “a true partner for African countries”, adding that the government would do its best to contribute to Africa’s sustainable growth and development.

Adesina said Korea’s additional funding was timely, especially as the nation celebrates the 40th anniversary of joining the African Development Bank. He commended the government for its commitment to a strong partnership between the African Development Bank and Korea.

“Korea’s relationship with Africa is unique,” Adesina said. “There is a lot to learn from Korea which moved from a poor country relying on aid, to a donor country within a single generation,” he added.

The second agreement, between the African Development Bank and Statistics Korea, will strengthen statistical cooperation and enhance the capacity of African countries to produce quality data. African Development Bank Chief Economist and Vice President Kevin Urama, and Commissioner of Statistics Korea, Hyoung il Lee, signed the agreement on behalf of their institutions.

According to officials, under the agreement with Statistics Korea, an agency under the Ministry of Economy and Finance, the two institutions will work together to raise statistical awareness and share new data sources and methods to improve statistical quality, including big data.

The agreement document identifies areas for possible cooperation, such as the African Development Bank’s Africa Information Highway for evidence-based decision-making. The Africa Information Highway is a mega-network of live open data platforms electronically linking all African countries and 16 regional organizations.

African Development Bank’s figures indicate that the Korea-Africa Economic Cooperation Trust Fund is the largest of the Bank’s active bilateral trust funds in terms of contributions received and portfolio size. The fund which had received $108 million in contributions as of 31 December 2022, has financed 203 projects since its inception.

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Lawmaker Donates N70 Million To Farmers In Ebonyi

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The member representing Ikwo/Ezza South federal constituency, Hon Chinedu Ogah has distributed a cash grant of N70 million and 200 bags of 25kg rice seeds to rural farmers in the constituency to ensure food sufficiency and end hunger in the area.

Read Also: Kwara State Governor Approved the Appointment of 16 LGA Development Officers

Hon Ogah who is the House Committee chairman on Reformatory Institutions said that he has also procured 30 bags of fertilizers to be distributed to the rural farmers in the constituency to ensure a bumper harvest.

The lawmaker who made the distribution at the Edukwu-Edu playground in Item Amagu Community in Ikwo local government area of the state said that the rice seeds will be distributed to the 31 wards in the constituency.

Hon Ogah said that the rice seeds are not for consumption but for planting and warned the farmers against consuming the rice seeds.

“Let me sound a note of warning that the seeds are only for planting; it is not for consumption. Please no matter the level of hunger, don’t cook it to eat,” he said.

He maintained that to end the high cost of food items and commodities in the country, there is the need for all to go into farming.

“The small farm or garden in our backward and compound can provide some of the food items we purchase from the market. There is the need for us to go into farming,” he stated.

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NEMA Distributes Grains To Vulnerable In Kebbi

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Director-general of the National Emergency Management Agency (NEMA), Zubaida Umar has distributed assorted grains from the federal government to the people of Kebbi State.

Read Also: Katsina State Government Approves 200 Million To Tackles Malnutrition

While distributing the grains yesterday at Bulasa government grains stores in Birnin Kebbi alongside with Governor Idris the DG NEMA, Zubaida Umar said the gesture from the federal government was aimed at reducing poverty amongst the less privileged in Kebbi State.

Umar added that the grains would be distributed across the 21 local government areas of the state to the vulnerable persons in the grassroots.

Governor Nasir Idris while commending the federal government for the gesture said, the initiative underscored the government’s commitment in supporting those in need especially in this challenging time.

He said the gesture is an act of kindness and generosity of APC led-administration towards making a real difference by impacting the lives of those facing hardship and uncertainty in the state.

“I would like to express my heartfelt gratitude to the federal government under the able leadership of our dear President Asiwaju Bola Ahmed Tinubu for his swift response and unwavering commitment in providing relief to the most vulnerable members of our society,” he added.

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NNPCL Committed To Nasarawa Oil, Gas Initiative – Kyari

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Nigerian National Petroleum Company Limited (NNPCL) has said it is committed to partnering with the Nasarawa State government in the area of oil and gas development.

Read Also: Federal Government Vows To Expose Fake Certificate Holders

The group managing director of NNPCL, Engr. Mele Kyari, who disclosed this during the second day of the Nasarawa Investment Summit yesterday in Lafia, said Nasarawa is blessed with substantial natural gas reserves.

Represented by the executive vice president (Gas and Power), Olalekan Oguleye, the NNPC boss said the state has the potential to power industrialization that would drive economic growth to improve the lives of its citizens.

He noted that the company is more than willing for further collaboration that will unlock the full potential of the state’s natural resources for the benefit of the state and the country at large.

Kyari appreciated the bold steps the state government has taken towards building its economy in the area of solid mineral and energy.

He said the state has become a home not just for mineral resources but also for agriculture and energy.

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