Connect with us

Investment

EIB Provides €1 Million for Technical Assistance to Ethiopia’s Primary Healthcare System

Published

on

European Investment Bank - Investors King

The European Investment Bank (EIB) has provided the World Health Organization (WHO) with €1 million (approximately BIRR 61 million) for a technical assistance operation that will strengthen primary healthcare system in Ethiopia.

The Ethiopian government plans to accelerate progress towards universal health coverage and to build resilience of its health system through a strong primary healthcare base by 2024.

The technical assistance will be implemented by the World Health Organisation in partnership with the EIB. This will allow the UN health body to leverage local, regional and international expertise and resources for improving primary health care in the country.  It will also potentially support the implementation of the Growth and Transformation Plan II of the Government of Ethiopia, which identifies” Envisioning Ethiopia’s Path towards Universal Health Coverage through Strengthening Primary Health Care by 2035″ as one of the key priorities.

The technical assistance provided by the EIB also paves the way for further action by the bank and other institutions to support the health system of Ethiopia. Earlier this year, President of the European Investment Bank Werner Hoyer, joined Tedros Adhanom Ghebreyesus, Director General of WHO alongside the European Commission and fellow heads of multilateral development banks to launch a new health impact platform to improve health system resilience with a focus on primary healthcare in Sub-Saharan African countries.

It comes after a pledge from the EIB where President Hoyer said: “The European Investment Bank will make available at least €500 million to support health systems strengthening and more specifically primary health care in Sub-Saharan African countries. This aims to mobilize a total of at least €1 billion of investments, structured through a tri-alliance with the European Commission and WHO, to support the continent’s healthcare.”

This latest support from the EIB is in line with the European Union’s Global Gateway strategy that seeks to strengthen healthcare capacities globally with focus on facilitating investment in health infrastructure and improving the regulatory framework for more effective, local production of medicines as well as application of better technologies.

Leyla Traoré, the Head of the EIB Representative Office in Ethiopia said that access to quality healthcare is very important to a fast-growing economy like Ethiopia’s because it reduces the disease burden and improves health outcomes. This in turn leads to increased productivity and economic growth of the nation.

“As the EIB, we are committed to supporting Ethiopia build and strengthen its resilience in its healthcare industry. Working with WHO and the Federal Government of Ethiopia, we shall use effective financing tools to invest in the areas which they shall identify to benefit from a profound and positive impact,” she added.

Speaking on the EIB-WHO partnership, the Acting Representative of WHO Ethiopia Country Office, Dr. Nonhlanhla Dlamini, emphasized the urgent need to strengthen the primary health care units as first responders for emergency and critical care services and establish referral linkages with other parts of the country’s tiered health system.

“WHO is proud to partner with EIB and Team Europe on this important initiative which will help ensure that all Ethiopians have access to quality health care, regardless of their location or income,” she added.

“The partnership with EIB aims at boosting priority investments in education and employment of health personnel – human capital, infrastructure, water, hygiene, and sanitation and thus effectively leverage WHO’s presence in the country, its technical capabilities, and its advisory role in guiding investments of the EIB in the health sector,” Dr. Faraz Khalid, a research officer with the Strengthening of Primary Health Care programme at WHO and the leader of the mission said.

Anchored on the Health Extension Program – a flagship community-based primary health care delivery platform introduced in 2003, Ethiopia’s primary health care units comprise 17,550 health posts and 3,735 health centres nationwide. By efficiently using these, the second Health Sector Transformation Plan of Ethiopia 2020/2021-2024/25 aims to advance towards universal health coverage.

The primary health care unit is the smallest division in the Ethiopian health tier system and is the unit most accessible to the general population and communities within the health system. It provides essential healthcare services, including preventive, curative, and rehabilitative services. “By serving as the cornerstone of primary healthcare provision, these units have helped millions of people in Ethiopia, especially those in rural communities, achieve equitable access to healthcare,” said Dr. Lia Tadesse, the country’s minister for health.

The EIB Technical Assistance operation will contribute towards achieving the UN Sustainable Development Goal (SDG) 3 of healthy lives and well-being; SDG 10 of reducing inequality; SDG 17 of sustainable development, and to the pillar of the agenda 2030: “Leave No One Behind” ensuring that the population in the country benefits from a resilient health system, including vaccines, diagnostics and therapeutics.

The European Investment Bank has been active in Ethiopia since 1984 covering both public and private sectors. Over the years, the Bank has signed 31 operations for an aggregate amount of 490M (approximately BIRR 30 billion) focusing in particular on the financial sector, energy, agriculture and water infrastructure as well as private sector investment. The Bank is represented in Ethiopia through its office in Addis Ababa.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Investment

Minister Accuses Past NCDMB Leadership of Squandering $500m on Unproductive Projects

Published

on

Nigeria investment

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has accused the former executives of the Nigerian Content Development and Monitoring Board (NCDMB) of mismanaging a whopping $500 million on projects deemed unproductive.

Speaking at a dinner hosted by The Petroleum Club in Lagos, Lokpobiri minced no words as he shed light on what he described as egregious financial mismanagement within the organization.

Lokpobiri, during the interactive session, alleged that substantial sums were squandered on ventures that yielded little to no tangible results.

Among the projects cited was the infamous Brass modular refinery in Bayelsa State, for which a staggering $35 million was purportedly disbursed without any discernible progress.

Similarly, Lokpobiri raised concerns about a $20 million investment in a fertiliser factory, questioning its whereabouts and efficacy.

The minister’s accusations didn’t end there. He underscored what he termed the imprudent disbursement of funds, highlighting instances where significant amounts were released in lump sums against professional advice.

Lokpobiri stressed the need for a comprehensive review of these investments, lamenting the magnitude of the financial losses incurred.

Furthermore, Lokpobiri pointed fingers at the mismanagement of loans totaling approximately $350 million, which were intended to support investors.

According to him, a staggering 90% of these loans ended up as non-performing, exacerbating the financial hemorrhage experienced by the NCDMB.

Addressing the crisis between himself and the incumbent NCDMB boss, Felix Ogbe, Lokpobiri clarified that his intervention was grounded in the oversight responsibilities vested in him as the chairman of the council overseeing the NCDMB.

He stated the importance of due diligence in governance and reiterated his commitment to ensuring transparency and accountability within the organization.

In response to Lokpobiri’s accusations, the immediate past Executive Secretary of the NCDMB, Simbi Wabote, vehemently refuted the allegations, asserting that they lacked substantiation.

Wabote defended the integrity of the Nigerian Content Intervention Fund, hailing it as a pivotal initiative with an impressive 96% payback rate.

Wabote also defended the NCDMB’s investment decisions, citing instances of successful ventures such as the equity investment in Waltersmith’s modular refinery, which has shown promising returns.

He attributed challenges faced by certain projects to external factors and legal disputes, maintaining the organization’s commitment to prudent financial management.

As the allegations continue to reverberate across the industry, stakeholders await the outcome of the government’s review, which could potentially reshape the trajectory of the NCDMB and its approach to investment and governance.

Continue Reading

Investment

SEC Brings N2.36tn in Funds Under Custody with New Guidelines

Published

on

security and exchange commission

The Securities and Exchange Commission (SEC) has successfully brought about N2.36 trillion in discretionary and non-discretionary funds under custody.

This achievement follows the implementation of updated guidelines for Collective Investment Schemes (CIS) in Nigeria.

Last December, the SEC proposed amendments to address grievances within the Collective Investment Scheme segment of the capital market.

These amendments sought to enhance investor safeguards and address concerns raised by market participants.

In a notice published on its website titled ‘Exposure Of New And Sundry Amendments To The Rules And Regulations Of The Commission,’ the SEC outlined the new regulatory changes.

Among these changes was the requirement for all CIS funds, including those in discretionary and non-discretionary windows, to be placed under custody.

This move was aimed at strengthening investor protection and mitigating risks associated with fund management.

Dr. Okey Umeano, the Chief Economist at SEC, provided insights into the impact of these regulatory updates during a media briefing after the first-quarter Capital Market Committee meeting.

He highlighted that prior to the regulatory amendments, only funds designated as Collective Investment Schemes were subject to custody.

However, with the new guidelines in place, all funds, regardless of their discretionary or non-discretionary nature, are now required to be custodied.

Umeano revealed that the SEC conducted inspections to ensure compliance with the new regulations, resulting in N2.36 trillion of discretionary and non-discretionary funds being brought under custody.

This move underscores the SEC’s commitment to safeguarding investor interests and fostering trust in the capital market ecosystem.

Former SEC Director-General, Lamido Yuguda, emphasized the importance of segregating asset management and custody functions to mitigate risks.

He noted that while the separation of these functions was standard practice for public CIS products, it was not uniformly applied to bilateral arrangements.

However, with the implementation of the new rules, all investment management activities, whether in public CIS or bilateral spaces, are mandated to be in custody.

Yuguda stressed that the objective of these regulatory changes is to improve trust, protect investors’ assets, and bolster market confidence.

By ensuring that investment management activities are segregated, with custody handled by duly licensed custodians, the SEC aims to create a more resilient and transparent capital market environment.

Continue Reading

Investment

Lagos State Government Set to Demolish $200 Million Landmark Beach Resort

Published

on

Landmark Beach

The Lagos State Government has issued a demolition warning to the proprietor of the $200 million Landmark Beach Resort, a renowned tourist destination in the region.

The resort nestled along the picturesque coastline faces imminent destruction to make way for the construction of a 700-kilometer coastal road linking Lagos with Calabar.

Paul Onwuanibe, the 58-year-old owner of the Landmark Beach Resort, revealed that he received a notice in late March instructing him to vacate the premises within seven days to facilitate the impending demolition.

The resort, which spans a vast expanse of land and hosts over 80 businesses, is a hub of economic activity, sustaining over 4,000 jobs directly. Also, it contributes more than N2 billion in taxes annually.

The news of the resort’s potential demolition has sparked concerns among investors and stakeholders in the tourism sector. Onwuanibe expressed dismay at the government’s decision, highlighting the substantial investments made in developing the resort’s infrastructure.

He explained that the planned demolition would not only lead to significant financial losses but also jeopardize the livelihoods of thousands of employees and businesses associated with the resort.

The Landmark Beach Resort is a popular tourist destination, attracting approximately one million visitors annually, both local and international. Its unique amenities, including a mini-golf course, beach soccer field, and volleyball and basketball courts, make it a favorite among tourists seeking leisure and recreation.

The prospect of the resort’s demolition has triggered widespread panic among international and domestic investors associated with the Landmark Group. Many are now considering withdrawing their investments, citing concerns about the viability of the business without its flagship beach resort.

The Lagos State Government’s decision to proceed with the demolition is part of its broader plan to construct the Lagos-Calabar coastal highway, a 700-kilometer roadway connecting Lagos to Calabar.

The government had earlier announced its intention to remove all “illegal” constructions along the planned route of the highway, including the Landmark Beach Resort.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending