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UK Commits $10m to SDG Outcomes Fund in Africa

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British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has announced a $10 million commitment to the SDG Outcomes Fund as an anchor investor alongside the US International Development Finance Corporation (DFC).

The DFIs will support the first fund dedicated to development impact bonds in lower and middle-income countries globally including Africa and South Asia.

Established as a partnership with UBS Optimus Foundation as lead investor and Bridges Outcomes Partnerships, a specialist not-for-profit entity, as fund manager, the Fund uses an innovative blended finance structure to invest in impact bonds and similar outcomes-based contracts that support the UN Sustainable Development Goals.

It targets essential healthcare, education, employment, child protection and environmental outcomes aimed at improving the lives and livelihoods of some of the world’s most vulnerable populations.

As a leading impact investor, this marks BII’s first investment in development impact bonds. The fund will target some of the most challenging sectors and vulnerable communities as well as advance financing tools that help accelerate the progress of key development challenges facing the continent.

SDG Outcomes has made initial investments in West Africa, providing upfront capital to initiate and deliver education and environmental services. The fund aims to invest more widely across Africa and South Asia.

Sustainability in Nigeria – supporting the growth of Wecyclers, a social enterprise that collects, re-sells and recycles plastic waste via a franchise model. Wecyclers is aiming to collect over 30,000 tonnes of plastic waste during the next five years, while creating over 700 jobs in franchises and improving the incomes of thousands of waste sorters across Nigeria.

Mila Lukic, CEO of Bridges Outcomes Partnerships said, “We’re hugely excited by the potential of SDG Outcomes to improve lives at scale and, over time, to transform the way in which development projects are designed and delivered. Around 600 million young people globally lack numeracy and literacy skills;

“…millions more are suffering from the effects of plastics pollution. We are pleased that SDG Outcomes’ first projects are helping to address these challenges through innovative, outcomes-based partnerships.”

Maya Ziswiler, CEO of the UBS Optimus Foundation, added, ”The SDG Outcomes initiative is one of the first of its kind to provide the scale so desperately needed to provide real impact. By creating an investible solution,

“…we can help our clients and partners to mobilise all forms of capital – from philanthropic, through to public and private investors motivated by both financial and non-financial returns on their investments. We are excited to be bringing this landmark initiative to market.

Andrew Mitchell, UK’s Minister for Development and Africa, commented, said, “This commitment will support sustainable development projects in developing countries, particularly in Africa and South Asia, giving some of the world’s most vulnerable communities the means to provide local solutions to local problems.

“Not only will Development Impact Bonds improve healthcare, education, and child protection, they will also support economic growth and climate action, giving a much-needed boost to the UN’s Sustainable Development Goals.”

Sara Taylor, director and head of PE Funds and Co-Investments at British International Investment said, “We are very excited to be working alongside high calibre partners and scaling an innovative and flexible financial mechanism that centres on delivering impact.

“The first projects in West Africa are well-aligned with our mission to provide patient capital to create productive, sustainable and inclusive economies and mobilise private investment capital to support communities in Africa and South Asia that are a priority for BII.”

ADF Approves $16m for Liberian Youth Entrepreneurs

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African Development Fund (ADF), the concessional lending arm for the African Development Bank (AfDB) Group, has approved $16 million for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia.

A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians.

According to the AfDB Group Country Manager for Liberia, Benedict Kanu, approximately $16 million has been allocated to finance this strategic initiative.

Kanu said the initiative was meant to target youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors.

“The YEIB is anticipated to support over 30,000 youth-led businesses during the next 17 years. “The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent.

“By creating 120,000 direct and indirect jobs and unlocking approximately $500 million in additional lending, it can lay the groundwork for future, potentially more profitable investments.

“The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,” he said.

According to Kanu, Liberia’s youthful population, accounting for over 60 per cent of its citizens, is experiencing high unemployment meaning many young people do not get the opportunities they deserve.

“With about 45 per cent of its youths not involved in employment, education, or training, Liberia is facing daunting youth employment challenges.

“With notable implications for social cohesion, fragility, and resilience,” Kanu added.

He said a primary cause of this was the absence of adequate financial literacy, education, and entrepreneurial skills.

“The micro, small, and medium enterprises that are vital contributors to Liberia’s economic growth are particularly the hardest hit, with up to 90 per cent failing within the first year of operation.

“The bank project will help mitigate these issues by providing financial and non-financial services for young entrepreneurs, ensuring inclusion, reducing vulnerabilities, and preparing for long-term sustainability.

“The establishment of a YEIB in Liberia will enhance institutional stewardship and oversight of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development,” he added.

Also, the AfDB’s Financial Sector Development Acting Director, Ahmed Attout, said the inauguration of the YEIB project in Liberia was a landmark moment.

“Fostering youth entrepreneurship is at the heart of our mission. The YEIB project is a testament to this commitment; an investment in our youths is an investment in Africa’s future.

“And beyond finances, the project is about capacity building, promoting innovation, and empowering our youths to drive economic transformation,” Attout said.

Liberia presents numerous opportunities for investment, especially in the agriculture sector which engages about 70 per cent of the population.

Also, sectors such ad Information Technology, renewable energy, and light industrial manufacturing offer promising avenues for investment.

The implementation of the YEIB will be carried out in close collaboration with a range of key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises.

Govt Working on Reducing Taxes — Presidential Aide

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The Special Assistant to President Bola Tinubu on revenue, Zacch Adedeji, has revealed that the Federal Government is working on reducing the number of taxes paid in the country to 10.

Adedeji said this on Saturday during the second edition of the lecture series organised by the 1988 class of the Department of Mass Communication, University of Lagos.

The theme of the lecture is, ‘Revenue, challenges and opportunities in Nigeria today’.

The presidential aide, who is a former Executive Secretary of the Nigeria Sugar Development Council, stated that there were currently 52 taxes being collected in the country which is impacting the efficiency of the collection.

He said, “We collect 52 taxes as a nation. I have not seen any country in the world where they collect that much tax across the different levels of government.

“We want to enhance revenue generation without putting too much burden on citizens or stifling our economy. We will do this by collapsing and harmonising taxes to enhance revenue without introducing new taxes.”

Adedeji added, “After harmonising the taxes, we will only have ten taxes that will be universal, one of which will be on betting.”

Tinubu’s special assistant also said that revenue collection by regulatory bodies had not been favourable to the FG.

He said that with the policy thrust of the Tinubu administration, regulatory bodies will focus on their jobs and revenue will be collected by the Federal Inland Revenue Service, which is to be renamed Nigeria Revenue Service.

“We will harmonise taxes, unify revenue agencies, and let regulators focus on regulation. If you cannot count your money, you cannot allocate and if you can’t allocate, you can’t manage. This is something we are making a priority,” he added.

Adedeji is one of the first eight special advisers recently appointed by President Tinubu.

The organisers described the lecture series as a platform for “mutual engagement between critical individuals in the private and public sectors and the alumni.”

The first lecture on retirement planning held on April 1, 2023, was given by the former Vice Chancellor of the University of Ibadan, Prof. Idowu Olayinka.

Fuel Contamination: NCAA Probes Operations

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The Nigeria Civil Aviation Authority (NCAA) has commenced an extensive probe into the recent incident involving water contamination in the fuel tanks of certain aircraft.

The NCAA said the move was to prevent future occurrences of such safety breaches.

Speaking at a meeting with domestic/international operators, aviation fuel suppliers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja on Thursday, the Director General of NCAA, Capt. Musa Nuhu, stated that the agency was intensifying its investigation to determine the root cause of the issue.

According to Nuhu, the issue of fuel contamination was beyond the purview of the aviation ecosystem, hence engagement with the regulator of the downstream sector.

He said,” The fuel contamination is outside the purview of the aviation ecosystem, which is why we have engaged the regulator of the downstream sector. We have been in consultation with NMDPRA because they certify all the oil companies in Nigeria.”

He added that the collaboration has become imperative because of the noticed gaps due to the lack of deliberate collaboration between NCAA, NMDPRA, and FAAN on fuel quality monitoring.

The NCAA boss added that the agency, FAAN, NMDPRA, NSIB, airliners, pilots, fuel deport operators, aircraft maintenance officers and other stakeholders will be part of a committee that would be set up to ensure the aviation fuel quality is constant.

Nuhu further said, “Facets of the aviation fuel ecosystem must be investigated to arrive at the true situation. The investigation is not necessarily to indict anyone but to strengthen safety in the aviation industry.”

Federal Govt Delists Loan Apps, Vows More Clampdowns

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The Federal Government through the Federal Competition and Consumer Protection Commission has said it will release a list of illegal (unregistered) digital loan apps operating in Nigeria.

It also said it would delist two legal (registered) loan apps from Google Play Store for harassing Nigerians.

According to the FCCPC on Thursday, it had added digital money lenders that had refused or failed to register under its guidelines on its watch-list for strict surveillance and necessary action.

In a statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, the FCCPC said, “The commission has also placed digital money lenders that have refused or failed to register under the guidelines on its watch-list for strict surveillance and necessary action.

“The list of those digital money lenders will be made available on the commission’s website.

“The Commission will continue to scrutinize listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.”

It advised Nigerians to exercise restraint and discretion in selecting digital money lenders and specifically, recommended that consumers only patronise digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.

Commenting on the permanently delisted digital lenders, the FCCPC listed them as Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’

It stated that it came to this decision after investigating the apps.

The commission said, “In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”

It noted that the firms had also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.

About 180 loan apps have been registered (partially or fully) and approved, by the FCCPC, to operate in Nigeria.

Nova Scotia Says Dam Could Breach, Residents Advised To Leave

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Torrential rains lashing the Canadian Atlantic province of Nova Scotia threatened to overwhelm a dam on Saturday and caused major damage in parts of Halifax, the largest city.

The province’s emergency office said a dam near the St. Croix River system could breach and told local residents to evacuate immediately. The alert covers a large part of central Nova Scotia.

“Dam overflow – Evacuation order for the St. Croix river system area. Dam at risk of breaching,” the province’s emergency management office said in a message sent to cellphones.

Further south, authorities in Halifax said there had been significant damage to roads and infrastructure and reported abandoned cars on highways.

“It has been a terrible night for our community,” Mayor Mike Savage wrote on Twitter.

Federal Emergencies Management Minister Bill Blair tweeted that the government was ready to help if needed.

Environment Canada said some parts of the province had received more than 15 cm (six inches) of rain.

The flooding was the latest weather-related calamity to pound Canada this year. Wildfires across much of the country have already burned a record number of hectares, sending clouds of smoke south into the United States.

World’s Biggest Permafrost Crater In Russia’s Far East Thaws

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A view of the Batagaika crater, as permafrost thaws causing a megaslump in the eroding landscape, in Russia's Sakha Republic in this still image from video taken July 11 or 12, 2023. Reuters TV via REUTERS

Stunning drone footage has revealed details of the Batagaika crater, a one kilometre long gash in Russia’s Far East that forms the world’s biggest permafrost crater.

In the video two explorers clamber across uneven terrain at the base of the depression, marked by irregular surfaces and small hummocks, which began to form after the surrounding forest was cleared in the 1960s and the permafrost underground began to melt, causing the land to sink.

“We locals call it ‘the cave-in,'” local resident and crater explorer Erel Struchkov told Reuters as he stood on the crater’s rim. “It developed in the 1970s, first as a ravine. Then by thawing in the heat of sunny days, it started to expand.”

Scientists say Russia is warming at least 2.5 times faster than the rest of the world, melting the long-frozen tundra that covers about 65% of the country’s landmass and releasing greenhouse gases stored in the thawed soil.

And while it may attract tourists, the slump’s expansion is “a sign of danger,” said Nikita Tananayev, lead researcher at the Melnikov Permafrost Institute in Yakutsk.

“In future, with increasing temperatures and with higher anthropogenic pressure, we will see more and more of those mega-slumps forming, until all the permafrost is gone,” Tananayev told Reuters.

Thawing permafrost has already threatened cities and towns across northern and northeastern Russia, buckling roadways, splitting apart houses, and disrupting pipelines. Vast wildfires, which have become more intense in recent seasons, exacerbate the problem.

Locals in Sakha have taken note of the crater’s rapid growth.

“(Two years ago the edge) was about 20-30 metres away from this path. And now, apparently, it is much closer,” Struchkov said.

Monsoon Floods Threaten India’s Taj Mahal, Monument Not Under Threat

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India’s monsoon-rain-swollen Yamuna river, which flooded parts of Delhi last week, has become so engorged that its waters were lapping Wednesday at the walls of India’s most iconic monument and tourist attraction, the Taj Mahal.

It’s the first time in almost half a century that the Yamuna’s waters in Agra, where the Taj Mahal is located, have touched the outer walls of the 17th-century white marble monument. The last time this happened was in 1978.

Photos and videos shared by people on social media showed a garden located behind the Taj Mahal submerged, and water touching the red stone outer walls of majestic Taj Mahal compound.

The Archaeological Survey of India (ASI), which maintains the UNESCO World Heritage site, said the monument was not under threat.

“It is unlikely that the floodwater will enter the monument. The ingenious design of the structure rules out such threats. Water cannot enter the main mausoleum even during high floods,” Raj Kumar Patel, Superintendent Archaeologist at the ASI, was quoted as saying by The Indian Express.

It is rare for the Yamuna – a key tributary of the mighty river Ganges, which runs through the states of Delhi, Haryana, and Uttar Pradesh – to rise so high as to pose a threat. While the monsoon rains that lash India every year from June through September do bring floods regularly, record rainfall this season had brought unusual, deadly flooding across a wide swathe of northern India.

Parts of the capital Delhi were flooded last week as Yamuna overflowed, grinding life in the city of some 30 million people to a halt. Other Himalayan states such as Uttarakhand, Himachal Pradesh, Haryana and Punjab also saw large-scale devastation due to landslides and house collapses – resulting in almost 100 deaths.

Police, government, and rescue workers have evacuated people from 50 villages and 20 urban neighborhoods in low-lying areas of Agra and surrounding areas as the water creeps into homes.

Around a 100 villages were without electricity and drinking water Wednesday, according to the Times of India.

Extreme weather events like this year’s monsoon rains are increasing in frequency and intensity due to climate change, experts have said, putting millions in the country of 1.42 billion at risk.

Air pollution, which is a significant contributor to the warming climate, is also threatening the Taj Mahal.

The city has consistently remained near the top of global charts ranking the world’s most polluted cities. In 2018, India’s toxic air turned the white marble of the monument hues of brown and green.

Over 2, 000 Penguins Wash Up Dead On Uruguay Coast, Cause Of Casualty Uncertain

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Around 2,000 penguins have appeared dead on the coast of eastern Uruguay in the last 10 days, and the cause, which does not appear to be avian influenza, remains a mystery, authorities said.

The Magellanic penguins, mostly juveniles, died in the Atlantic Ocean and were carried by currents to Uruguayan shores, said Carmen Leizagoyen, head of the Environment Ministry’s department of fauna.

 “This is mortality in the water. Ninety percent are young specimens that arrive without fat reserves and with empty stomachs,” she said, and stressed that all samples taken have tested negative for avian influenza.

Magellanic penguins nest in southern Argentina. In the southern hemisphere winter, they migrate north in search of food and warmer waters, even reaching the coast of the Brazilian state of Espirito Santo.

“It is normal for some percentage to die, but not these numbers,” Leizagoyen said, recalling that a similar die-off occurred last year in Brazil, for undetermined reasons.

Hector Caymaris, director of the Laguna de Rocha protected area, said that he counted more than 500 dead penguins along six miles (10 kilometers) of Atlantic coast.

Environmental advocates attribute the increase in Magellanic penguin deaths to overfishing and illegal fishing.

A subtropical cyclone in the Atlantic, which hit southeastern Brazil in mid-July, probably caused the weakest animals to die from the inclement weather, he added.

In addition to penguins, Tesore said he has recently found dead petrels, albatrosses, seagulls, sea turtles and sea lions on the beaches of Maldonado, a department east of the capital Montevideo.

United States Commissions First Navy Warship In Foreign Port

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The United States has commissioned a warship in Sydney, Australia, on Saturday, the first time a US Navy vessel joined active service at a foreign port, as the two close allies step up their military ties in response to China’s expanding regional reach.

The Independence-class littoral combat ship — named after a Royal Australian Navy cruiser that was sunk while supporting the US Marine landings on Guadalcanal in 1942 — was commissioned at a ceremony at an Australian naval base on Sydney Harbor, officially joining the US Navy’s active fleet.

“Australians can be proud that this ship, designed in Western Australia by local industry and named after HMAS Canberra, is being commissioned here for the first time in the history of the United States Navy,” Australian Defense Minister Richard Marles said in a statement.

The commissioning of the US ship in Australian waters reflected “our shared commitment to upholding the rules-based order,” he added.

The ceremony comes amid biennial Talisman Sabre military exercises between the US and Australia, seen as a show of force and unity as China increasingly asserts power in the Indo-Pacific.

Asked if he was worried about the presence of a Chinese spy ship off Australia’s northeast coast, Marles said: “I’m not.”

“I’ve been to Talisman Sabre now for many years and there is always, it seems, a ship from China, which is looking at this, and that’s fine,” he told Channel 9 television.

The exercises, taking place in various locations across Australia over two weeks, include mock land and air combat, as well as amphibious landings.

In addition to Australia and the US, forces from Canada, Fiji, France, Germany, Indonesia, Japan, New Zealand, Papua New Guinea, the Republic of Korea, Tonga and Britain are taking part.

Germany is participating for the first time with 210 paratroopers and marines, the latest European nation to bolster its presence in the region.

Under the AUKUS project announced in March, the United States and Britain have agreed to help Australia acquire a fleet of nuclear-powered submarines.

Before that, in the early 2030s, the United States is supposed to sell Australia three US Virginia class nuclear-powered submarines, with an option for Australia to buy two more.