WASHINGTON D.C., United States of America, March 27, 2019/APO Group/ --

The authorities and the IMF team have reached a staff-level agreement on the fifth review of the ECF and EFF arrangements, subject to approval by IMF management and the Executive Board; Based on preliminary estimations, GDP grew by 7.4 percent last year driven by strong domestic demand. Inflation remained subdued at about 0.4 percent; The medium-term outlook is favorable but risks to the forecast are tilted to the downside.

An International Monetary Fund (IMF) mission led by Mrs. Céline Allard visited Abidjan March 14 -27, 2019 to hold discussions on the fifth review of the three-year economic and financial program supported by the IMF through arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF).

At the conclusion of the visit, Mrs. Allard issued the following statement:

“The authorities and the IMF team have reached a staff-level agreement on the fifth review of the ECF and EFF arrangements, subject to approval by IMF management and the Executive Board. Consideration by the IMF’s Executive Board is expected in June 2019.

“Based on preliminary estimations, GDP grew by 7.4 percent last year driven by strong domestic demand. Inflation remained subdued at about 0.4 percent, well below the 3 percent regional threshold of the Western Africa Economic and Monetary Union (WAEMU). Credit to the economy grew at a healthy pace of 11.3 percent in 2018. Lower overall exports value because of lower cocoa prices and higher global oil prices widened the deficit in the external current account to 4.7 percent of GDP.

“The medium-term outlook is favorable but risks to the forecast are tilted to the downside. Economic activity is projected to remain strong in 2019 and the medium-term outlook is for robust growth to continue. Risk nonetheless persist from slower than expected pace in revenue mobilization, unfavorable terms-of-trade and tighter global financial conditions.

Inflation is expected to remain well below the regional norm. The fiscal deficit should reach 3 percent of GDP in 2019, WAEMU’s regional convergence norm, in accordance with program objectives.

“Performance under the IMF-supported program was satisfactory in 2018. All performance criteria and all but one indicative quantitative targets for end-December 2018 were met. Almost all structural benchmarks were also implemented. The budget deficit reached 4.0 percent of GDP, meeting the program ceiling despite weaker than expected revenues which were offset by a slight reduction in public investment.

“IMF staff and the authorities concurred on the need to accelerate reforms critical to maintaining growth at a sustainable pace and continue making it more inclusive while preserving fiscal and debt sustainability. Staff notes the progress made by the authorities in prioritizing the new investment projects and social expenditure which should help maintaining fiscal space to finance the National Development Program (2016-2020).

“IMF staff and the authorities also agreed on the importance of increasing domestic revenues which is essential to creating fiscal space to undertake priority spending and enhancing debt payment capacity.

“The mission noted the measures taken to mitigate fiscal risks by completing the restructuring the national oil refinery and advancing in the restructuring of the public banks. The implementation of the new prudential regulations consistent with the Basel II/III principles has helped to reinforce banking sector stability.

“The mission and the authorities concurred that Côte d’Ivoire’s economic transformation program continues to advance well. Continuing actions to spread growth benefits and continue reducing poverty levels will also be important factors for ensuring the long-term success of government policies. 

“The IMF team thanks the authorities for their hospitality and productive discussions.”

The IMF mission met with His Excellency President Alassane Ouattara; Prime Minister Amadou Gon Coulibaly; Minister of Economy and Finance Adama Koné; Minister of Transports Amadou Koné; Minister of Commerce, Industry and SME Promotion Souleymane Diarrassouba; Minister of Oil, Energy and Development of Renewable Energies Abdourahmane Cissé; Minister of Planning and Development Niale Kaba; Secretary of State to the Prime Minister in charge of the Ministry of Budget and State Holdings Moussa Sanogo; Secretary of State to the Prime Minister in charge of the of Promotion of Private Investment M. Emmanuel E. Essis; Mr. Chalouho Coulibaly National Director of BCEAO and other senior Ivoiren officials.

Read more: IMF Staff Team Completes Mission to Côte d’Ivoire

CAPE TOWN, South Africa, March 21, 2019/APO Group/ --

AOP 2019, Africa’s Energy Conference, will be held in Cape Town on October 9-11, 2019; In partnership with South Africa’s Department of Energy, Africa Oil & Power 2019 (https://AfricaOilandPower.com) will seize on momentum of country’s historic offshore discovery and independent power producer programs; An election year in South Africa, Nigeria and Senegal point to new energy strategies in key African plays. Licensing rounds from Nigeria, Angola, Equatorial Guinea, South Sudan and more to feature.

Africa Oil & Power, Africa’s Energy Conference, is this year designated the official energy event of the South African Department of Energy. The event will bring together ministers, leading industry executives and global thought leaders on Africa’s oil, gas and power sectors for three days of deal-making, investment promotion, exploration licensing rounds, and an exhibition from October 9 to 11 at Cape Town’s CTICC 1.

Africa Oil & Power 2019, the continent’s only conference to fully integrate the power sector with oil and gas, will address urgent issues in Africa’s development, including the expansion of upstream oil exploration in new areas; balancing the needs of Africa’s oil producing and consuming countries; the role of gas-to-power in lighting Africa; the need to innovate in the power sector, including renewables; and the importance of using oil and gas as a lightning rod to spur growth and economic development.

AOP 2019 puts a spotlight on private sector successes, from upstream exploration to renewables, and is the venue for private sector dealmaking and promotion of new public-private partnerships. Conference sponsors include Tullow Oil, Noble Energy, Kosmos Energy, Schlumberger, Marathon Oil, EG Ronda 2019, Centurion Law Group, GE Baker Hughes, Trident Energy, GEPetrol, Sonagas, Hexagon, NALCO Champion and Subsea 7.

Keynote speaker Hon. Jeff Radebe, Minister of Energy of South Africa will be joined by H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea; Hon. Ezekiel Lol Gatkuoth, Minister of Petroleum of South Sudan; H.E. Mahaman Laouan Gaya, Secretary General of APPO; and more.

AOP 2019, as the official conference of the Department of Energy of South Africa, will heavily feature new development’s in South Africa’s oil and gas and power sectors, and will be the launch pad for new initiatives and in depth discussion on the Brulpadda gas find, new exploration, downstream projects, and the continent-leading renewable energyindependent power producer program.

“We are very honored to have been selected by the Government of South Africa as their official partner,” said Guillaume Doane, the CEO of Africa Oil & Power. “This is the most exciting time in the history of South Africa’s energy sector, with a significant offshore oil discovery and a historic IPP program that create a ton of promise for the industry. AOP will be the meeting place for Africa’s top government officials, global investors and leading executives to get deals done and continue moving the continent forward.”

AOP 2019 will be the venue for the promotion of oil and gas licensing rounds and investment roadshows for Africa’s most prominent upstream players and frontier markets, including Angola, Nigeria, Equatorial Guinea, Senegal, Sudan and South Sudan. It is the only event in Africa to offer a full day of programming dedicated to technology, a full day focus on power and dedicated country spotlight sessions for Angola, South Africa and Senegal. Past speakers have included global heads of the industry, including H.E. Mohammed Sanusi Barkindo, Secretary General of OPEC; Dr. Sun Xiansheng, Secretary General of the International Energy Forum and H.E. Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum.

Read more: South Africa’s Official Energy Event, Africa Oil...

NAIROBI, Kenya, March 14, 2019/APO Group/ --

Bank to launch ‘Green Baseload’ Facility to provide concessional finance to support reliable and affordable renewable energy baseload; “Desert to Power” initiative enters implementation stage with Yeleen Project in Burkina Faso.

The African Development Bank (www.AfDB.org) will double its climate finance commitments for the period 2020-2025, the Bank’s President announced today at the One Planet Summit taking place in Nairobi. Akinwumi A. Adesina said that the Bank would commit at least US$25 billion towards climate finance.

Speaking at a plenary in the presence of Heads of State, including President Uhuru Kenyatta of Kenya, and French President Emmanuel Macron, Adesina also announced the Bank is on course to achieve its target of allocating 40% of its funding to climate finance by 2020, a year ahead. The Bank’s commitment on the target, the highest among all multilateral development banks, has progressed steadily from 9% in 2016 to 28% in 2017 and 32% in 2018.

Considering Africa’s high vulnerability despite contributing the least to climate change, the African Development Bank has successfully raised its adaptation finance from less than 30% of total climate finance to parity with mitigation in 2018. The African Development Bank will continue this trend into the future.

“The required level of financing is only feasible with the direct involvement of the entire financial sector,” said Adesina. “Consequently, the Bank launched the African Financial Alliance for Climate Change (AFAC) to link all stock exchanges, pension and sovereign wealth funds, central Banks and other financial institutions of Africa to mobilize and incentivize the shift of their portfolios towards low carbon and climate resilient investments.”

The Bank made another milestone announcement. “It is not good enough to simply ask countries to stay away from polluting technologies,” Adesina said. “We have to be proactive in exploring alternatives. We will therefore be launching the ‘green baseload’ facility under the Sustainable Energy Fund for Africa (SEFA 2.0) to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload.”

Several donors, including Canada, Denmark, Germany, Norway, Italy, the UK and USAID have indicated their interest in this transformative instrument, which will also help to replace coal. The African Development Bank has played a critical role in building Africa’s clean energy capacities. The Bank’s last investment in a coal project was 10 years ago. Additionally, and in line with its ambitious New Deal on Energy for Africa, 95% of all Bank investments in power generation over the 2016-18 period have been in renewables.

The “Desert to Power” program, a $10 billion initiative to build a 10 GW solar zone across the Sahel—the largest in the world— would provide electricity for 250 million people.  Together with partners such as the Green Climate Fund and the EU, the Bank has now financed the first project under this Initiative: The Yeleen Rural Electrification Project in Burkina Faso.

Key Bank projects include the co-financing of the 510 MW Ouarzazate Solar Complex in Morocco, one of the largest solar complexes in the world.

Read more: The African Development Bank pledges US$ 25...

CAPE TOWN, South Africa, March 25, 2019/APO Group/ --

AOP 2019 (https://AfricaOilandPower.com), Africa’s Energy Conference, will be held in Cape Town on October 9-11, 2019; In partnership with South Africa’s Department of Energy, Africa Oil & Power 2019 will seize on momentum of country’s historic offshore discovery and independent power producer programs; An election year in South Africa, Nigeria and Senegal point to new energy strategies in key African plays. Licensing rounds from Nigeria, Angola, Equatorial Guinea, South Sudan and more to feature.

Africa Oil & Power, Africa’s Energy Conference, is this year designated the official energy event of the South African Department of Energy. The event will bring together ministers, leading industry executives and global thought leaders on Africa’s oil, gas and power sectors for three days of deal-making, investment promotion, exploration licensing rounds, and an exhibition from October 9 to 11 at Cape Town’s CTICC 1.

Africa Oil & Power 2019, the continent’s only conference to fully integrate the power sector with oil and gas, will address urgent issues in Africa’s development, including the expansion of upstream oil exploration in new areas; balancing the needs of Africa’s oil producing and consuming countries; the role of gas-to-power in lighting Africa; the need to innovate in the power sector, including renewables; and the importance of using oil and gas as a lightning rod to spur growth and economic development.

AOP 2019 puts a spotlight on private sector successes, from upstream exploration to renewables, and is the venue for private sector dealmaking and promotion of new public-private partnerships. Conference sponsors include Tullow Oil, Noble Energy, Kosmos Energy, Schlumberger, Marathon Oil, EG Ronda 2019, Centurion Law Group, GE Baker Hughes, Trident Energy, GEPetrol, Sonagas, Hexagon, NALCO Champion and Subsea 7.

Keynote speaker Hon. Jeff Radebe, Minister of Energy of South Africa will be joined by H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea; Hon. Ezekiel Lol Gatkuoth, Minister of Petroleum of South Sudan; H.E. Mahaman Laouan Gaya, Secretary General of APPO; and more.

AOP 2019, as the official conference of the Department of Energy of South Africa, will heavily feature new development’s in South Africa’s oil and gas and power sectors, and will be the launch pad for new initiatives and in depth discussion on the Brulpadda gas find, new exploration, downstream projects, and the continent-leading renewable energyindependent power producer program.

“We are very honored to have been selected by the Government of South Africa as their official partner,” said Guillaume Doane, the CEO of Africa Oil & Power. “This is the most exciting time in the history of South Africa’s energy sector, with a significant offshore oil discovery and a historic IPP program that create a ton of promise for the industry. AOP will be the meeting place for Africa’s top government officials, global investors and leading executives to get deals done and continue moving the continent forward.”

AOP 2019 will be the venue for the promotion of oil and gas licensing rounds and investment roadshows for Africa’s most prominent upstream players and frontier markets, including Angola, Nigeria, Equatorial Guinea, Senegal, Sudan and South Sudan. It is the only event in Africa to offer a full day of programming dedicated to technology, a full day focus on power and dedicated country spotlight sessions for Angola, South Africa and Senegal. Past speakers have included global heads of the industry, including H.E. Mohammed Sanusi Barkindo, Secretary General of OPEC; Dr. Sun Xiansheng, Secretary General of the International Energy Forum and H.E. Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum. 

Read more: Africa Oil and Power launches the 2019...

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