UN Women partners Kenya’s AFC to boost women in agriculture

KENYA – UN Women Kenya chapter, in partnership with Kenya’s  agriculture sector lender Agricultural Finance Corporation (AFC), have held a two day business to business forum in Kenya’s coastal city of Mombasa aimed at providing a platform for buyers/agro-dealers and other key stakeholders in the agri–market space to engage with women farmers. The partnership seeks to enhance awareness on local markets and take steps towards mitigating the market risk and open new horizons in matters market for women in agriculture. Speaking during the forum, AFC Head of Credit, Mr. Bonano…

Read More

Green Climate Fund approves US$60m for climate change resilience projects in Africa

AFRICA – The Green Climate Fund (GCF) board of directors has released US$60 million for four climate adaptation and mitigation projects in East and West Africa. The decision was announced during its 27th meeting, held virtually from 9th to 13th November 2020. The lion’s share, US$30 million or 50% of the total GCF allocation to Africa goes to the environmental organisation Acumen. It is earmarked for Acumen’s energy access relief facility programme in sub-Saharan Africa. The second funding will be managed by the African Development Bank (AfDB) and is worth US$10…

Read More

KCB bank gets accreditation from UNGCF to finance green projects

KENYA – KCB bank has been accredited by the United Nations Green Climate Fund as the first financial intermediary for the implementation of green financing in East Africa, paving way for the bank to receive funds from the Green Climate Fund (GCF) for on-lending to beneficiary institutions involved in the development of green-climate resilient investment assets or projects in Kenya, as well as in the region where the bank operates as the implementing entity. The accreditation was announced during the 27th Green Climate Fund Board Meeting, in Songdo, South Korea.…

Read More

UNCDF invests in Tanzania’s Mpale solar power mini grid project

TANZANIA – The United Nations Capital Development Fund (The UN Capital Development Fund) has invested in a 50kW solar power micro grid project in Mpale Village, Tanzania, a project aimed at expanding access to affordable, reliable and clean energy. Access to affordable and reliable electricity is vital for Tanzania’s attainment of its socio-economic goals and it is specifically difficult in Tanzania’s north eastern village of Mpale in Korogwe District, where the mountainous terrain poses a technical challenge in deploying grid lines. The Mpale 50kW solar village micro grid project is…

Read More

Almost 25 million jobs could be lost worldwide as a result of COVID-19

GLOBAL – The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO). The United Nations’ Labor agency suggested this was a worst-case, or high, scenario of global unemployment but said internationally coordinated policy response could mean a significantly lower impact. In this case, it estimated a low unemployment scenario of 5.3 million. It therefore calculated a mid-scenario of 13 million jobs lost, 7.4 million of which would be in high-income countries.…

Read More

Trade disputes, geopolitical tensions, financial turmoil to impact economic growth in 2020, UN report finds

GLOBAL – The United Nations’ flagship publication on expected trends in the global economy, the World Economic Situation and Prospects (WESP) 2020, has predicted that the world could see a slight uptick in economic activity in 2020 if risks are kept at bay. According to the report, a growth of 2.5 per cent in 2020 is possible, but a flareup of trade tensions, financial turmoil, or an escalation of geopolitical tensions could derail a recovery. In a downside scenario, global growth would slow to just 1.8 per cent this year,…

Read More

African Development Bank to invest US$620m in renewable energy

AFRICA – African Development president Akinwumi Adesina unveiled ambitious plans to scrap coal power stations across the continent and switch to renewable energy, reports ITWeb. Addressing leaders and officials from almost 200 countries at the gathering in New York Adesina at the United Nations (UN) climate talks, he outlined efforts to shutter coal-fired power plants and build the largest solar zone in the world in the arid Sahel belt. The investment will include US$620 million in infrastructure spending on the Medupi power plant to meet global emission standards and about…

Read More

UN, AfDB call for Speed and Action on Sustainable Development Goals (SDGs)

AFRICA – The African Development and the United Nations convened a meeting with African heads of states and governments to emphasize the need for urgent collective action in the implementation of sustainable development goals in the continent. Africa, with an estimated 390 million people living in extreme poverty, hunger and food insecurity, is in a race against time to deliver on its regional and global development goals. The meeting was held in September this year at UN Headquarters in New York, United States during the UN General Assembly as a…

Read More

Investors pump US$26bn into Kenya’s affordable housing plan

Kenya – the affordable housing plan, a low cost housing initiative as part of President Kenyatta’s agenda, has received investment pledges running into US$26 billion (Kshs 2.6 trillion) to finance the 500,000 house units project. “We have received investment offers of US$26 billion from all over the world towards affordable housing,” Charles Hinga, the Housing Principal Secretary told a session of the Public Accounts Committee (PAC). Among the major investorS includes the United Nations Project Services (Unops) which injected Sh1 billion (US$10 million). Unops executive director Grete Faremo said the…

Read More