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

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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.

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Nigeria Offers 12 Oil Blocks and 5 Deep Offshore Assets to Global Investors

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Oil

Nigeria has unveiled plans to offer 12 oil blocks and 5 deep offshore assets to global investors.

The announcement was made during the ongoing 2024 Offshore Technology Conference (OTC) in Houston, United States, where Nigerian officials presented the country’s vast hydrocarbon potential to an international audience of industry stakeholders.

Addressing participants at the African Oil Industry Opportunities Session, a side event at the OTC, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Regulatory Commission, outlined Nigeria’s significant reserves and emphasized the strategic importance of leveraging these resources for economic development.

With over 37.5 billion barrels of crude oil and condensate reserves, as well as 209.26 trillion cubic feet of natural gas reserves, Nigeria stands as a major player in Africa’s energy landscape.

Komolafe highlighted the government’s commitment to conducting a transparent and competitive bidding process, in accordance with the Petroleum Industry Act (PIA) and applicable regulations.

The 2024 Licensing Round, he noted, marks a significant milestone in Nigeria’s hydrocarbon development initiative, introducing 12 carefully selected blocks spanning diverse geological formations, from onshore basins to deep offshore territories.

Each block has been identified for its potential to enhance Nigeria’s reserves and stimulate economic growth, offering opportunities for investors to participate in the country’s oil and gas industry.

The bidding process, which commenced on April 29, 2024, is structured to ensure fairness, competitiveness, and transparency, with guidelines issued to guide prospective bidders.

In addition to the 12 blocks, Nigeria will also conclude the sale of seven deep offshore blocks from the 2022 Mini-Bid Round Exercise, covering approximately 6,700 km2 in water depths ranging from 1,150m to 3,100m.

This comprehensive offering underscores Nigeria’s commitment to maximizing the potential of its petroleum resources and attracting strategic investments to drive sectoral growth.

The bidding round, scheduled to conclude by January 2025, presents a significant opportunity for investors and companies to participate in Nigeria’s oil and gas sector.

The inclusion of both new greenfield blocks and assets from previous bid rounds reflects the government’s dedication to fostering innovation, technological exchange, and capacity building within the industry.

With criteria emphasizing technical competence, financial capacity, and viability, the 2024 licensing round aims to be conducted in a fair, competitive, and non-discriminatory manner, in line with the provisions of the Petroleum Industry Act.

As Nigeria positions itself as a prime destination for oil and gas investment, stakeholders are optimistic about the potential for sustainable growth and development in the sector.

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Microsoft to Invest $2.2 Billion in Malaysia’s Digital Infrastructure

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Microsoft Corporation has announced plans to inject $2.2 billion into Malaysia’s digital infrastructure over the next four years.

This investment shows the company’s determination to harness the potential of Southeast Asia’s burgeoning technology market.

During his visit to Kuala Lumpur, Microsoft’s Chief Executive Officer, Satya Nadella, revealed the company’s ambitious agenda, which encompasses the construction of essential infrastructure to support its cloud computing and artificial intelligence (AI) services.

Nadella also outlined plans to provide AI training to 200,000 individuals in Malaysia and collaborate with the government to enhance the nation’s cybersecurity capabilities.

The move comes amidst intensified competition among tech giants, including Alphabet Inc., Amazon.com Inc., and Alibaba Group Holding Ltd., to gain a foothold in Southeast Asia’s rapidly digitizing landscape.

With a population exceeding 650 million people, the region presents a lucrative market for tech companies seeking to expand their operations beyond traditional strongholds like China.

“We are committed to supporting Malaysia’s AI transformation and ensure it benefits all Malaysians,” stated Nadella.

During his visit, Nadella met Prime Minister Anwar Ibrahim and discussed the importance of collaboration between the public and private sectors in driving digital innovation.

Microsoft’s investment not only serves to fortify Malaysia’s technological infrastructure but also aligns with the company’s broader strategy to assert its presence in the Asian market.

Nadella has previously pledged a substantial sum of $7 billion to bolster Microsoft’s services across the region, emphasizing the pivotal role of AI as a catalyst for growth and urging countries to ramp up investment in the technology.

In Malaysia, the southern region of Johor Bahru, linked to Singapore by a causeway, is emerging as a key hub for AI data centers.

The partnership between Nvidia Corp. and local utility YTL Power International Bhd. to establish a $4.3 billion AI data center park in the area underscores the region’s growing significance in the realm of digital infrastructure.

While AI adoption in Southeast Asia is still in its nascent stages, experts predict significant economic benefits with the potential to add approximately $1 trillion to the region’s economy by 2030.

Malaysia is poised to capture a substantial portion of this growth with estimates suggesting a potential windfall of around $115 billion for the country.

Microsoft’s commitment extends beyond Malaysia, as the company announced similar investments during Nadella’s regional tour.

In Indonesia, Microsoft unveiled a $1.7 billion investment plan, while an undisclosed amount was pledged for initiatives in Thailand. Notably, Microsoft intends to invest approximately $1 billion in a new data center in Thailand, as reported by the Bangkok Post.

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Investors Flock to Nigerian Treasury Bills, Subscriptions Soar to N23.75 Trillion

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FG Borrows

Nigeria’s Treasury Bills market has witnessed an unprecedented surge in investor interest with subscriptions soaring to N23.75 trillion in the first four months of 2024.

This increase represents a significant 292% Year-on-Year growth from N6.06 trillion recorded in the same period in 2023.

Treasury Bills, short-term government debt instruments issued by the Central Bank of Nigeria (CBN), have become increasingly attractive to both local and foreign investors.

The double-digit interest rates offered on NTBs have lured investors seeking refuge from the uncertainties of the global economic landscape.

The surge in subscriptions comes amidst Nigeria’s efforts to bridge its budget deficit and manage monetary challenges amidst a scarcity of foreign exchange and double-digit inflation rates.

Investors’ confidence in the CBN’s ability to navigate these challenges has been bolstered by robust subscription rates, indicating a positive outlook for the country’s fiscal stability.

The 2024 Budget of ‘Renewed Hope’, proposed by President Bola Tinubu, outlines a total expenditure of N27.5 trillion, with a deficit of N9.18 trillion.

The high demand for NTBs underscores investors’ confidence in the government’s fiscal policies and its commitment to economic reform.

As interest rates on NTBs have risen in response to inflationary pressures, the CBN has capitalized on this demand by auctioning larger volumes of NTBs.

The move aims to address liquidity in the financial system while attracting foreign investors seeking higher yields.

Analysts view the surge in NTBs subscriptions as a testament to investors’ confidence in the Nigerian government and its reforms.

The massive oversubscription signals significant system liquidity and reflects the attractiveness of NTBs as a safe investment option amidst economic uncertainties.

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