Tag: AfricaNews

Tunisia is hosting the first African Financial Markets Initiative (AFMI) conference on “Building sustainable local currency bond markets for the future”.

The Conference(October 22-24) has brought together policy makers and market participants to share experience on and contribute to critical issues facing the development of local currency bond markets in the continent.

The audience includes representation from African central banks, government ministries, institutional investors, investment bankers, financial and legal advisors, credit rating agencies and other stakeholders, including high level speakers.

The discussions are covering major topics including: Development of primary and secondary markets, and the impact and importance of liquidity; Expansion and diversification of the investor base; enhancing infrastructure for securities settlement and payment systems; strengthening the taxation and accounting systems as well as the legal and regulatory framework.

Ideas, solutions and best practices will be presented and discussed extensively on how to assess the importance of sovereign credit ratings for issuers; improving bond market data, data collection and dissemination, which are prerequisites for the creation of bond indices.

The role of infrastructure bonds in the development of local currency bond markets will also be heard. Opportunities for side meetings and networking will also be available.

As part of the African Development Bank’s strategy to strengthen the financial sector in African economies, it has launched the “African Financial Market Initiative” (AFMI) which is targeted to further the development of domestic African capital markets.

The objectives of the AFMI are to contribute to the development of local currency debt markets in Africa; to reduce African countries dependency on foreign currency denominated debt; to help enlarge the investor base in African domestic debt markets and to improve availability and transparency of African fixed income markets related data, among others.

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South Sudan’s minister of Roads and Bridges, Gier Chuang Aluong, has announced the government’s plan to connect South Sudan and the neighbouring Kenya with a highway in order to boost economic activities between the two sisterly nations.

The highway, he told the press on Saturday, will connect Juba, the new country’s capital, and Nadipal on the countries’ common border.

Aluong further explained the importance of the project, saying it will be “economically viable” and boost economic activities as it will allow commodities to be ferried from the Kenyan port of Mombasa into South Sudan in big volumes over a short period.

Currently South Sudan is a consumer country which exports almost nothing to the outside world besides the oil and imports almost every commodity including agricultural products and livestock for meat from the neighbouring countries.

Aluong said the plan will be supported jointly with the World Bank and the Kenyan government, saying a meeting has already been held by the three bodies to implement the project.

The highway project, which he said will be implemented in 2013, will be the second all-weather asphalted highway after the over 100 kilometres Juba-Nimule road, which was the first highway in South Sudan inaugurated last month.

Korea and African nations sent relations to new highs as they wrapped up the 3rd Korea-Africa Forum in Seoul on Thursday, highlighting the East Asian nation’s pledge to contribute fresh military personnel to peacekeeping efforts in the restive Darfur region and South Sudan.

The 3rd Korea-Africa Forum is the largest yet ― the marquee event of a week of “Korea-Africa Cooperation,” which brought together 150 delegates from 19 African nations and the African Union, including heads of state and foreign ministers.

Nigerian Ambassador to Korea Desmond Akawor said that Korea’s pledge to peacekeeping in South Sudan is good, but “actions speak louder than words,” adding that it is important for Korea to engage in projects that have a regional impact, signaling out areas of agriculture and infrastructure, as well as peacekeeping operations.

Korea had been mulling involvement in the Darfur peacekeeping effort, the United Nations Mission in Darfur, since as far back as 2008.

Korea agreed on Thursday to dispatch 300 military personnel to Bor, a small town north of the South Sudan capital of Juba.

“Progress has been made but more can be done,” Akawor said.

He said that Korean Foreign Minister Kim Sung-hwan promised he would look into complaints of unfair treatment faced by Nigerians working and living in Korea during a one-on-one meeting with Nigerian Foreign Minister Olugbenga Ayodeji Ashiru, who delivered a keynote speech at the forum.

Nigeria is the second-largest oil exporter in the Organization of the Petroleum Exporting Countries, last year surpassing Iran, and is the most populous country in Africa with 170 million. It opened diplomatic relations with South Korea in 1980, and it is the only African nation to have a full embassy in North Korea.

“(Kim) promised to look into normalizing the visa situation faced by about 1,000 Nigerians,” Akawor said. There are 2,000 Nigerians in South Korea.

“Korea’s approach to Africa is the right one,” said Angolan Ambassador to Korea Albino Malungo. “Korea is a genuine partner on developing Africa as a continent.” Angola opened its embassy in Korea in 2008.

Korean development assistance in the region doubled twice in six years, with about $42 million in 2006, $100 million in 2009 and more than $200 million so far this year.

“It was a good conference,” said Rwandan Ambassador to Korea Eugene S. Kayihura. “Of course, we want to attract more investment from Korea, but the relationship between Korea and Africa is a complex one. It involves agriculture, ICT, health and much more.” Like Angola, Rwanda opened its embassy here in 2008.

This coincides with a jump in Korean involvement in global affairs broadly, including notable involvement in United Nations peacekeeping operations around the world.

“Some 1,500 Korean personnel are deployed to 15 nations and 17 regions to actively participate in global problem solving, such as armistice observation and reconstruction support,” said Lee Young-geol, vice minister of Defense, in a speech during the forum’s peace and security session Wednesday.

In addition to its new pledge of troops for the U.N. Mission in Darfur, Korea has troops deployed with peacekeeping missions off the coast of Somalia.

The government’s troop deployment announcement comes just days after yet another soldier was killed there, this time a South African, in an ambush in which peace keepers returned fire.

It’s the second fatal attack this month, after the killing of four Nigerian troopers on Oct. 2. A total of 43 U.N. personnel have been killed since the peacekeeping force was deployed at the end of 2007.

Some 300,000 people have been killed in Darfur, Sudan’s westernmost province, since 2003, according to U.N. figures. Sudan’s government puts the death toll at 10,000.

The Roh Mu-hyun administration in 2006 initiated Korea’s robust engagement with Africa, whose economic growth is fastest in the world.

Korea’s piqued interest in Africa has generated enthusiasm in Africa for Korea, too. The number of embassies of African nations in Korea has jumped in recent years, most recently by Ethiopia. Seventeen of the 55 African nations now have full embassies here.

Seven of the 10 fastest-growing economies in the world are in Africa and, despite the global financial crisis, Africa is expected to grow 4.5 percent this year, well above the world average.

Korea struck a deal during the forum to dramatically increase development assistance in Africa and to establish a technology training center in Ethiopia.

“We have an excellent relationship with Korea,” Ethiopian Ambassador to Korea Dibaba Abdeta said.

“Korea’s engagement in Africa has seen a tremendous improvement since 2006,” said Kenyan Ambassador to Korea Ngovi Kitau. “Just look at the figures: trade growing by 60 percent in six years, investment by 80 percent and ODA by more than 260 percent.”

“We’re moving in the right direction,” Kitau said.

Korea’s African engagment is still playing catch up with China, which has long been a major investment player there, and Western nations like the United States, France and the United Kingdom.

“With its limitless potential and growth, Africa has emerged as the last growth engine of the global economy,” said Minister of Foreign Affairs and Trade Kim Sung-hwan in a welcome speech delivered at the beginning of the forum.

KH

Once hailed as a model of democracy in Africa, a coup and an uprising of Islamist militants in the north threatens to create an arc of instability for the continent.

The militants have destroyed ancient shrines, once a major draw for Islamic scholars from around the world. They have banned music.
And reports of human rights abuses grow daily, including the public stoning death of a couple accused of having an affair.

International leaders, concerned that al Qaeda will capitalize on the chaos and set up a haven there, are considering sending troops to Mali soon to reclaim a large portion of the north from extremists.

What’s the story behind the instability?

Mali gained independence from France in 1960. The landlocked West African nation went through growing pains after independence, including droughts, rebellions and years of military dictatorship.

It held its first democratic elections in 1992, and had a strong democracy for the most part.

That was until March, when a group of soldiers toppled the government, undermining the nation’s growing economy and relative social stability.

What led to the coup?

A group of outraged soldiers accused the government of not providing adequate equipment to battle ethnic Tuareg rebels roaming the vast desert in the north.

On March 22, a riot erupted at a military camp a few miles from the presidential palace in the capital of Bamako. Disgruntled soldiers marched to the palace.

A few hours later, a soldier appeared on state television and said the military was in control of the nation. The president was nowhere to be found.

The Tuareg rebels took advantage of the power vacuum and seized some parts of the north. They have always wanted independence, and have staged several rebellions since the 1960s.

After Libyan leader Moammar Gadhafi was killed and Libya plunged into chaos, his weapons became available. The Tuareg — many of whom fought for him — seized them and took up arms against the Malian government.

How the north end up in the hands of Islamist militants

After Tuareg rebels seized it, a power struggle erupted with local Islamist radicals. The Islamist extremists toppled the tribe and seized control of two-thirds of northern Mali, an area the size of France.

Various factions of al Qaeda-linked militants are reportedly in the area, including Ansar Dine.

The international community is also worried that al Qaeda’s north African wing is expanding into Mali.

U.S. officials have said that the wing, the al Qaeda in the Islamic Maghreb, is linked to the deadly Benghazi attack that killed the U.S. ambassador to Libya and three others.

Gambia’s Supreme Court on Friday upheld the death sentences passed on seven top brass for plotting a coup in 2009, including former army and intelligence chiefs and the ex-deputy police chief.

The five-member panel of judges of the Supreme Court, chaired by Nigerian-born Chief Justice of The Gambia, Emmanuel Agim, ruled that the appeal grounds were “insufficient and the testimonies of both witnesses corroborated.”

Judges also ruled that the death sentence passed by the high court was “reasonable.”

This was the last chance of appeal for the convicts after the court of appeal in April last year also upheld the death sentences.

The High Court in Banjul in July 2010 sentenced the eight to death. They include former army chief Langtombong Tamba, former intelligence chief Lamin Badjie and former deputy police chief Modou Gaye as well as two businessmen and three senior military officers.

However, one of the convicts, Lebanese businessman Youssef Ezziden was last seen in court a few weeks after they filed their appeal.

They were found guilty of procuring arms in neighbouring Guinea as well as on two counts of conspiracy for an alleged bid to overthrow the government of President Yahya Jammeh, who himself seized power through a bloodless coup in 1994.

Mr Jammeh, an outspoken military officer and former wrestler