The Nation Newspaper

Tag: world bank

  • Nigeria needs appropriate tech to curb food losses, says expert

    World Bank Consultant Prof. Abel Ogunwale has called on the government and private sector to acquire adequate post-harvest loss technology to improve food security.

    Post-harvest losses refer to grains, roots, fruits and vegetables that are lost or which lose quality during processing, transporting and storage.

    According to a World Bank report, improving post-harvest management (PHM) could avoid losses equivalent to the food needs of 48 million people in sub-Saharan Africa.

    He explained that the benefit of bumper harvests has been negated by insufficient storage capacity and resulting post-harvest losses.

    According to him, there have been several post-harvest losses from the producer to the consumer, linked to lack of proper harvest practices, transportation and cold storage facilities.

    He explained that various technologies exist to help abate losses in the various stages of post-harvest. According to him, the potential gains from adopting technologies need to be measured against the costs in adopting the technologies.

    He stressed that first thing farmers need to adopt them is awareness that the problem can be solved.

    He urged the government to engage the private sector to reduce post-harvest losses.

    This, he added, would be effective since the private sector may adequately fill the knowledge gap when it comes to understanding the use and importance of these technologies among farmers.

  • World Bank Executives arrive Edo State Friday

    …As Obaseki parades developmental projects

    Following the sustained progress that has been recorded in critical sectors of Edo State such as reforms of the public sector and the huge investment in infrastructure which have rekindled economic growth, officials of the World Bank, a major development partner of the state, will arrive Benin City on Friday May 11, to assess the impact of the bank’s-sponsored project, across the state.

    Edo State has prudently applied its receipts, portfolios as well as technical support from the bank, which account in part, for the erosion control projects, road projects, sanitation, water, agricultural and policy reforms in institutions spread across the state, designed to engender inclusive growth.

    Specifically, the Bretton Woods institution will take stock of the number of people that have been moved out of poverty, projects’ s impact on the environment, reduction in child and maternal mortality figures, gender mainstreaming amongst other considerations, underlying the World Bank’s partnership with various states and countries.

    The May visit of the eleven (11) World Bank Executive Directors to Edo and Lagos states as well as the Federal Capital Territory, Abuja, according to those keeping steps with the activities of the bank, shows the unprecedented interest in the Nigerian economy especially since the exit from recession.

    The 11 Executive Directors – considered to be an interestingly large delegation –  will assess the performance of the states on key development indicators, and review activities to determine the feasibility of extending more support to some of the programmes funded by the bank in the country.

    In the World Bank mission are the Executive Directors for Switzerland, France, Italy, Peru, Germany, South Africa (representing Angola, Nigeria and South Africa), Burkina Faso (representing Francophone Sub-Saharan Africa), Zimbabwe (representing Anglophone Sub-Saharan Africa), United Kingdom and Indonesia.

    Experts familiar with the development say that the focus on Lagos and Edo states is as a result of the relative satisfactory performance seen in the two states after the World Bank’s extension of funding to strengthen institutions, develop infrastructure and reduce poverty.

    “The stop at Abuja is for administrative reasons and will be to meet with top officials at the Presidency and the Ministry of Finance. But the visits to Lagos and Edo states are for first-hand review of their support towards strengthening institutions and infrastructures in the states.

    “It is the first time since I have been monitoring the activities of the World Bank, that 11 Executive Directors will be embarking on such a visit. There must be a couple of things that Edo and Lagos starts are doing to deserve such a visit, shortly after the annual Spring Meetings of the World Bank. “Lagos has a huge war-chest and is a darling to lenders, so the interest there is quite expected. But for Edo, it is said that they have recorded impressive milestones and have been scored really high by in-country teams. So, I am sure that the August visitors will want to go and see that for themselves,” one of the experts averred.

    An official in the Ministry of Finance in one of the states, who pleaded anonymity because he was not authorised to speak on the matter, said, “We are expecting that they will carry out holistic review of the programmes and hopefully extend some of the programmes.

    “In some of the states, the focus will gravitate towards social development, agriculture, among others in rural areas. This includes the Nigeria Erosion and Watershed Management Project (NEWMAP), Community and Social Development Programme (CSDP), FADAMA development project, among others.”

    He said he expects the states to impress the World Bank staff because of the level of reforms they have implemented, noting that the bank’s assistance has accelerated development in a number of rural communities in the states.

     

  • ‎Ambode seeks World Bank’s partnership in funding key projects

    …Says Support for Lagos‘ll positively rub off on Nigeria’s economy 

     

    Lagos State Governor, Mr Akinwunmi Ambode on Wednesday called on the World Bank to seriously consider partnership with the State Government in funding key projects in transport, energy and water sectors, saying such collaboration would positively impact the economy of not just the State but the country at large.

    Speaking at Lagos House in Alausa, Ikeja during a courtesy visit by Executive Directors of the Bank led by Mr Patrizio Pagano, Governor Ambode said though the State Government in the last three years had hugely invested in provision of infrastructure across all sectors and sections, but collaboration from the Bretton Wood institution in key sectors in the State would go a long way in boosting the economy and making life comfortable for the people.

    He said available statistics from the United Nations confirmed the fact that an average of 86 people enter into Lagos every one hour which is the highest in the world, while the population of the State was now around 24million, with attendant impact on infrastructure and other social amenities, adding that the complexity of the State makes the need for support in funding key projects more compelling.

    “The significance of Lagos to the overall economy of Nigeria itself is not what we want to toy with and so when I read in the brief that the delegation would be coming to Lagos, I thought it was a very good decision that you would be able to see some of the sectors and some of the impact we have made.

    “So, if the World Bank were to generally support the development of the Nigerian economy, beyond the fact that you would be having anything to do with the Federal Government, I think that the greater part of what you should concentrate on should be issues that relate to major sectors that have to do with Lagos because anything that is driven by Lagos more or less has an overall positive impact on the Nigerian economy,” Governor Ambode said.

    Already, Governor Ambode said his administration had commenced the process of implementing major reforms in the transport sector with major bus terminals and laybys springing up in key areas across the State, adding however that major support was also needed in areas of integrated transport system involving road, rail and water transportation.

    While alluding to the traffic congestion raised on the Airport Road by the leader of the delegation, the Governor said the development was a signpost of the fact that there was urgent need to invest massively in other modes of transportation.

    “Unfortunately, with the huge population of Lagos, we just have some effective operation of one mode of transportation which is road. So, technically, when you are having a whole lot of people coming into the State and you are having so much expansion around the West Coast, it is important that we review the integration of our public transport management system in a manner that we can actually stand to say that we are planning ahead of the kind of urbanization challenges that we are having in our hands as well as some sense of implosion in terms of population coming from other parts of the country into Lagos.

    “So, technically there are major reforms going on in the public transport system and because the roads and the infrastructure are the things that are visible right now, it is important that we seek greater support to be able to create new terminals, create new laybys, new bus stops and actually even purchase new buses because when you look at the bus system in the city, it cannot actually meet the demand of a globally competitive city that we are trying to make Lagos to become.

    “In that regard, I just think that the transport sector is one area that we really need to look at and if we are able to make a good example and a good success of what Lagos should really be in terms of integrated transport system, we would have helped Nigeria to create an example and we would have also been able to replicate it in other parts of the country,” the Governor said.

    He said Lagos, being a sub-national was also having challenges in providing energy to adequately power the State, as well as in the area of providing portable water to the huge population due to competing pressure on resources, adding that support to augment efforts being made by the State Government would equally be helpful.

    Besides, Governor Ambode thanked the World Bank for the various budget support initiatives in transport, agric and water sectors, saying the support had crystallized not only in development and growth of the State, but also resulted in stronger ties with the institution.

    Responding to a question on how Lagos contributed to Nigeria’s economic recovery and growth plan, the Governor said his administration decided to reflate the economy by investing massively in key sectors which in turn touched even the lower fabric of the economy, saying the development changed the tied of the negative outlook of the country’s financial numbers, and eventually stabilized the economy.

    “The last three years have been tremendously progressive for Lagos. We have done so much in terms of infrastructure to make sure that the city stabilizes. We are very strong in the area of security and right now, Lagos appears to be the safest city in Africa and security wise we have been able to put the city back on track and it has stabilized a whole lot of investment here.

    “We believe also that if we continue in that path, some years to come we would become the third largest economy in Africa,” the Governor said.

    Earlier, Pagano said the delegation, which consists of 10 World Bank Executive Directors representing 96 countries, was in Nigeria to study the challenges and expectations of the partners in West Africa from the bank, saying the team was delighted to learn the challenges faced by Lagos, which he described as Nigeria’s most dynamic State.

    Read Also: Ambode advocates inclusive governance, true federalism

     

     

  • World Bank’s N8.6b cash coming to 5,916 youths

    The World Bank, through the FADAMA III Additional Financing (AFII) Programme, will soon disburse N8.6 billion to 5,916 youths across the country in the Graduate Unemployment Youths Support Scheme (FADAMA GUYS).

    The Chairman of FADAMA GUYS Implementation Committee, Mr Kwaji Daguru, whos poke in Abuja yesterday, said the programme targeted 5,916 youths in 23 states to improve the country’s agricultural production.

    Daguru is also Procurement Specialist for FADAMA III (AFII) Programme.

    He said the involvement of youths in the agricultural programme would contribute significantly to the country’s efforts to achieve food security and boost capacity building as well as employment opportunities.

    NAN recalls that the enrolment for the programme ended on May 15, last year with the aim of selecting the beneficiary youths would boost job creation in the 23 states.

    Daguru, who said the funds disbursement had yet to start, however, assured that the money earmarked for the project was intact.

    He, nonetheless, said  the disbursement would be made through the Grant and Funds category of the project.

    He said:  “We have applied to the Federal Government, through Federal Ministry of Finance for permission to reallocate funds from other categories like Consultancy, Training, Civil Work into the Grant and Funds category.

    “Any moment from now, disbursement will take place, especially to those who would engage in rainy season agricultural activities because they have completed the grant agreement and submitted their land documents.

    “The Phase One is expected to gulp about N8, 675, 013, 679.12 to fund the business plans of the 5,916 candidates in 23 states.

    “If the resources permit in the last segment of the project, we will be able to upscale to other states in the second phase.

    “The objective of the programme is to work with government in three areas of job creation, while building capacity of our youths and aiding efforts to keep the foreign exchange rates low.

    “We are making sure we import low quantities of rice and tomatoes, while putting less pressure on our Naira (currency) so as to make our economy strong.’’

    He said the target beneficiaries were those with ages between 18 and 35 as well as graduates and undergraduates of higher institutions.

    “The programme would support all aspects of agricultural production in a business or commercial manner; right from crop and livestock production, inputs support supply and advisory services.

    “It would also assist extension services and post-harvest production services like storage, warehousing, marketing and products distribution,’’ he said.

    Daguru said that after the screening of the candidates, they would be exposed to a two-week intensive training in business and technical fields in the states.

    “During the application process, candidates would be allowed to choose specific enterprises of their choice in the agricultural value chain and they would be trained in the ventures accordingly.

    “At the end of the training, they would be asked to submit business plans on their chosen enterprises; we will then invite professionals to review the business plans and come up with standard modules.

    “We have 5,916 trainees and they have opened bank accounts with two selected commercial banks that are used by the FADAMA Coordinating Offices in the states,’’ he added.

     

    The committee chairman said the rationale behind the opening of the accounts was to have dedicated accounts for the project so as to facilitate proper project monitoring.

    Daguru said the organisers did not want the trainees to use their existing bank accounts, as they could be tempted to use ATM (Automated Teller Machine) to withdraw money from the accounts arbitrarily.

    “We want to control the use of the funds, while ensuring that the funds are used for the intended purposes.

    “They would not be able to withdraw money from the dedicated accounts without prior approval of state FADAMA offices.

    “We will also ensure that they insure their businesses with the Nigeria Agricultural Insurance Corporation (NAIC) in the business plans.

    “We have made provision for 2.5 per cent deduction from the total cost of the business as insurance premium,’’ he explained.

    The 23 participating states are Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Ebonyi, Ekiti, Jigawa, Katsina, Kebbi, Kogi, Niger, Ogun and Ondo States.

    Others include Osun, Oyo, Plateau, Sokoto, Taraba and Zamfara states as well as the Federal Capital Territory (FCT).

  • World Bank: disapora remittances hit $22b

    Diaspora Nigerians sent $22 billion  home last year, an African record and the fifth largest remittance by immigrants, the World Bank has said.

    Egypt received $20 billion from its citizens abroad, according to figures published by the bank.

    The World Bank said payments from immigrants back to their home countries rebounded to reach a new record last year but the costs of transferring funds also increased.

    The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the United States (U.S), the World Bank said in a report.

    The bank estimates that the officially recorded remittances to low and middle-income countries reached $466 billion in 2017, an increase of 8.5 per cent over $429 billion in 2016. The remittances are expected to increase by about four per cent this year.

    Remittance inflows improved in all regions. The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria and Egypt followed.

    The global average cost of sending $200 was 7.1 per cent in the first quarter of the year, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 per cent.

    “While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,”  the lead author of the report, Dilip Ratha, said.

    The bank urged countries to take steps to simplify the process to reduce the costs, including “introducing more efficient technology”.

    By region, Europe and Central Asia saw the biggest growth last year, jumping 21 per cent, while sub-Saharan Africa rose 11 per cent.

    East Asia and the Pacific saw the biggest inflows of $130 billion, as South Asia received $117 billion, followed by Latin America with $80 billion.

  • World Bank Group’s shareholders back $13b capital package

    The World Bank Group’s shareholders yesterday endorsed a $13 billion paid-in capital increase and  a series of internal reforms. It also approved a set of policy measures that will strengthen its ability to scale up resources and deliver on its mission in areas of the world that need the most assistance.

    The package agreed to by the Development Committee of the Board of Governors consists of $7.5 billion paid-in capital for international Bank for Reconstruction and Development (IBRD) and $5.5 billion paid-in capital for  International Finance Corporation (IFC), through both general and selective capital increases, as well as a $52.6 billion callable capital increase for IBRD.

    The boost in capital will be augmented by a broad range of internal measures including operational changes and effectiveness reforms, loan pricing measures, and other policy steps to create an even stronger World Bank Group.

    The capital package for IBRD and IFC agreed today builds on the strong commitment of contributors to IDA, as demonstrated in the IDA18 replenishment, the successful launch of IDA in the capital market, and strengthened MIGA financial capacity.

    Following today, the combined financing arms of the World Bank Group are expected to reach an average annual capacity of nearly $100 billion between FY19 and FY30, benefiting all Bank Group members across the income spectrum.

    “Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation, and we greatly appreciate this strong support from our member countries. This boost in capital was essential for us to advance our efforts to mobilise additional finance for development to meet the aspirations of the people we serve.

    “Our shareholders have asked the Bank Group to step up our leadership role in addressing the multiple overlapping challenges of our time, and this capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states,” World Bank Group President Jim Yong Kim said.

    The package endorsed by the Development Committee follows through on shareholders’ commitment for the World Bank Group to better assist all client countries in addressing global challenges while deploying scaled-up assistance to areas that most need financing. Across client groups, the World Bank Group will be able to support drivers of long-term sustainable growth—including investments in human capital and resilience. The package also puts forward a robust commitment by the World Bank Group to further strengthen its operational model and effectiveness.

    The Development Committee also accepted the recommendations of the Shareholding Review completed earlier this year. These included a Selective Capital Increase (SCI) for IBRD which will result in rebalanced shareholding and reduce extreme under-representation while continuing to deliver increased voice and representation for emerging markets and developing economies in manageable steps. The recommendations also included an SCI for IFC, which will result in a more closely aligned voting power between the institutions of the World

  • How to boost human capital, by World Bank

    The World Bank Group yesterday advised Nigeria to invest more in health and education to strengthen human capital development.

    Its President, Jim Yong Kim, said at the opening ceremony of the World Bank/International Monetary Fund (IMF) Spring Meetings in Washington D.C, that the bank would release an index to rank countries according to how much they invest in human capital of the next generation.

    The measurement, he said, would provide information that Heads of State and finance ministers need to know in order to invest in building human capital. The index will make those measurements hard to ignore.

    Kim said: “There is no getting away from the need to invest much more effectively in health and education. And I think, you know, if you look at all of the difficulties in terms of increasing their resources for hard infrastructure, things like roads and energy, and also the need to increase investments in human capital, every African country has to look much more seriously at how it improves its own domestic resource mobilisation.

    “So in other words, they should be better at collecting taxes to provide the basic services.  We think countries should collect at least 15 per cent of Gross Domestic Product (GDP) in taxes.”

    Kim said the global economy was solid, adding that it is expected to rise to 3.1 per cent in 2018, which would be its strongest performance since 2011. The growth, he said, would be driven by recovery in investment, manufacturing, and as commodity-exporting developing economies benefit from firming commodity prices.

    He said the challenge would be how to ensure that strong growth translates into inclusive growth, so that the benefits of global economic integration are enjoyed by all members of society.

    “This period of robust growth is a great opportunity to invest in human and physical capital. Filling infrastructure gaps, improving education and health outcomes, and increasing female labour force participation could continue to drive growth. If policy makers around the world focus on these key initiatives, they can increase their countries’ productivity, boost workforce participation, and move closer to the goals of ending extreme poverty and increasing shared prosperity,” Kim said.

    He said the bank was dedicated to ending poverty wherever it exists in its client-countries, adding that it is always looking to leverage every available resource to meet its clients’ immense challenges.

    Kim advised African leaders to be focused on their debts and where they were taking the loans from.

    “Be very focused on the conditions, the interest rate, among others.  So that’s one issue that you have to look at very carefully.”

    The bank, he said, was concerned that many African countries were not prepared to compete in what is increasingly becoming a digitalised economy.  “We also see lots of evidence that suggest that many of the low skill jobs will be taken over by technology. Now, there’s also tremendous hope for technology.  I think there’s tremendous hope that technology could help some African countries, many African countries we hope, will leapfrog and go forward and find new ways of driving economic growth,” he said.

    He said: “Also, if African countries were to remove fossil fuel subsidies that are often very regressive, in other words, they help the rich more than they help the poor.  Even agriculture subsidies, there are many agricultural subsidies that are also very regressive.  They don’t help the small holder farmers, but they help others in the value chain.  And things like tobacco taxes.  Tobacco taxes have been shown to be very effective at raising revenue and decreasing smoking and can be used to finance all kinds of things”.

    Kim said there were so many things that could be done to help countries invest in physical infrastructure and human capital, but it requires reform and courage.

    “And so I know these kinds of things that I’m talking about are difficult, but please let all the African leaders know that the World Bank Group is ready to help them undertake all those measures,” Kim said.

    On corruption, he said the bank had adopted strict measures to follow every dollar that “we lend to ensure that the dollars we provide are not used for other purposes.  “Now, I think our methods of detecting corruption have gotten better, but corruption still exists everywhere.  And there’s not a country in the world that’s exempted from it.  So we would just simply encourage leaders to work with us and work with the IMF, work with other institutions like ours to improve their approaches to detecting and stamping out corruption,” he said.

    On education, Kim said the bank had been able to learn that it is not just how many years one has been in school, but how much is learned in those years of school.

    According to him, as economies become more digitalised, the relationship between health and educational outcomes is only going to get stronger over time.  “And I so I think it’s time for all countries to really take a hard look at how well they’ve invested in their own people because that is likely going to be the most important determinant of whether they’ll be able to keep up with economic growth,” he said.

    Kim said human capital was not just for children, but also skills programmes for adults.  “The human capital agenda, I think, has been neglected for far too long, and what we have shown in our report that was released a little while ago called The changing wealth of nations is that human capital represents 65 percent of all the wealth in the world.  And we haven’t paid enough attention to it.  So that’s the one message I would focus on,” he said.

    IMF Managing Director Christine Lagarde said international cooperation was needed to help reduce poverty, adding that countries should step up structured reforms. She urged Nigeria to reduce government deficit and allow more exchange rate flexibility.

    The IMF, she said, would step up surveillance to tackle corruption, adding that the Fund will work within its competence in that area.

    “We will do the most we can in accordance with our economic principles to achieve results,” she said.

  • World Bank: More people embracing financial services

    The World Bank Group has said financial inclusion is on the rise globally, accelerated by mobile phones and the internet. It however said gains have been uneven across countries. Its report on the use of financial services also said men remain more likely than women to have a bank account.

    It said globally, 69 per cent of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty.  This is up from 62 per cent in 2014 and just 51 per cent in 2011. From 2014 to 2017, 515 million adults obtained an account, and 1.2 billion have done so since 2011, according to the Global Findex database.

    While in some economies account ownership has surged, progress has been slower elsewhere, often held back by large disparities between men and women and between the rich and poor. The gap between men and women in developing economies remains unchanged since 2011, at nine percentage points.

    The Global Findex, a wide-ranging data set on how people in 144 economies use financial services, was produced by the World Bank with funding from the Bill & Melinda Gates Foundation and in collaboration with Gallup, Inc.

    ”In the past few years, we have seen great strides around the world in connecting people to formal financial services,” World Bank Group President Jim Yong Kim said. “Financial inclusion allows people to save for family needs, borrow to support a business, or build a cushion against an emergency. Having access to financial services is a critical step towards reducing both poverty and inequality, and new data on mobile phone ownership and internet access show unprecedented opportunities to use technology to achieve universal financial inclusion.”

    There has been a significant increase in the use of mobile phones and the internet to conduct financial transactions. Between 2014 and 2017, this has contributed to a rise in the share of account owners sending or receiving payments digitally from 67 percent to 76 per cent globally, and in the developing world from 57 per cent to 70 per cent.

    ”The Global Findex shows great progress for financial access—and also great opportunities for policymakers and the private sector to increase usage and to expand inclusion among women, farmers and the poor,” H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, said. Digital financial services were the key to our recent progress and will continue to be essential as we seek to achieve universal financial inclusion, she added.

     

  • World Bank: Nigeria’s, others’ GDP will rise to 3.1%

    Sub-Saharan Africa is on course for economic growth of 3.1 per cent this year, the World Bank said yesterday. This is marginally slower than it previously forecast but faster than last year’s, thanks to rising commodity prices.

    By 2020, growth in the region should pick up to 3.7 per cent, it added.

    Sub-Saharan African economies were hit hard by a crash in commodity prices which slowed growth, slashed government revenues and weakened several of the continent’s currencies.

    Growth was 1.5 per cent in 2016, the lowest in more than two decades, before rising to an estimated 2.6 per cent last year.

    “While Nigeria, South Africa and Angola are expected to see a gradual pick-up in growth, economic expansion will continue at a solid pace in the West African Economic and Monetary Union (WAEMU), and strengthen in most of East Africa,” the bank said in its Africa’s Pulse report for April.

    “These forecasts are predicated on the expectations that oil and metals prices will remain stable, expansion in global trade will stay robust, and external financial market conditions will continue to be supportive.”

    In January, the World Bank’s Global Economic Prospects report forecast that growth in sub-Saharan Africa would rise to 3.2 per cent this year.

    Nigeria, South Africa and Angola make up about 60 per cent of sub-Saharan Africa’s annual GDP.

    The bank said Nigeria was experiencing a recovery in oil output but hurdles in non-oil industries and services would be a drag on activity.

    “In Angola, the revisions reflect the expectation that a more efficient foreign exchange allocation system, increased availability of foreign exchange due to higher oil prices, rising natural gas production, and improved business sentiment would help support the rebound in economic activity.

  • World Bank calls for joint efforts to develop carbon trade in Africa

    The World Bank on Wednesday called for stronger regional collaboration to help develop carbon markets in Africa.

    Venkata Putti, World Bank’s Programme Manager of Carbon Markets and Innovation, said individual countries in the continent were unable to develop their own systems due to low mission profiles.

    “Carbon markets and pricing is one area which has huge potential, hence the need to give it attention through a strong collaboration,’’ he said at the 10th Africa Carbon forum which began in Nairobi.

    Putti said that in spite of some progress, a lot still needs to be done by way of climate action in Africa.

    He noted that since Africa did not benefit as much as other regions under the Clean Development Mechanism ( CDM ) of Kyoto Protocol, there was the need for specific attention in this area.

    “In collaboration with international partners and the Nairobi Framework Convention ( NFP ), the World Bank has plans to focus on this area in the near future,’’ Putti noted.

    The official said that the World Bank had already been working in a number of countries to promote carbon pricing and markets.

    “The bank is already working on carbon tax in South Africa, market infrastructure in Morocco and Tunisia, and feasibility of carbon pricing in Cote d’Ivoire,” he added.

    He cautioned delegates to put their strategies in order and start focusing on climate change with emphasis since Africa remain the least contributing region for climate change, but is disproportionately impacted.

    Putti said 43 million more people on the continent would become poorer by 2030, and more than 85 million people would undergo internal migration due to adverse climate impacts.

    He said through Africa business plan, the bank was in the process of mobilising nearly 20 billion dollars by 2020 to implement priority climate action.

    “You need to create enabling environment and give incentives to make it easier for international partners to bring in their expertise,” said Al-Hamandou Dorsouma, the African Development Banks ( AfDB ) Manager for Climate Change and Green Growth.

    Dorsouma told delegates it was high time that climate change was seen as a business opportunity and not a disaster.

    “Looking at the performance of renewal energy in the continent is proof that climate change is now a lucrative business venture,” he added.

    Dorsouma challenged African governments to align their adaption priorities to reflect the reality of every country.

    He suggested that alongside resource mobilisation, the countries also need to concentrate on developing technology and the capacity of the people.

    Xinhua/NAN