Working with Big Win Philanthropy and Aliko Dangote Foundation, the African Development Bank has unveiled a new Multi-Sectoral Nutrition Action Plan that aims at raising investments towards reducing stunting by 40% in African children aged under 5 by 2025.
Africa loses $25 billion per year in costs attributed to child morbidity and mortality, impaired cognitive, physical, and economic development caused by malnutrition. Yet these losses are almost entirely preventable.
The ambitious Action Plan is looking for additional support and commitments from governments for nutrition.
Jennifer Blanke, Vice-President, Agriculture, Human and Social Development at the African Development Bank, stressed the importance of engaging energetically and substantially with the private sector, “if we want to achieve long-lasting results.”
Through the Multi-Sectoral Nutrition Action Plan the Bank commits to scale up the proportion of investments that are ‘nutrition-smart’ in agriculture, water, sanitation and hygiene, social and health sectors.
“In terms of human development, nutrition is as important as investments in infrastructure and power in stimulating economic growth. Big Win Philanthropy is thrilled with President Adesina’s leadership in giving greater priority to nutrition and the wider human capital investment agenda,” said Jamie Cooper, Chair and President, Big Win Philanthropy.
“By leveraging investments across five sectors, and encouraging its member countries to do the same, the African Development Bank is achieving ‘double wins’ for every dollar spent: improving lives and generating economic growth.”
Nutrition is inextricably linked to the Bank’s High 5 priorities: nutrition-smart investments could be catalytic for realizing equitable growth agenda.
Speaking at the launch, Chief Executive Officer of Dangote Foundation, Zouera Youssoufou, said, “We know we cannot do this by ourselves, so it made sense to put money at the African Development Bank to develop this nutrition strategy. We are really happy to see the strategy come together following a two-year journey.”
In 2017, more than a third of the world’s stunted children under the age of five lived in Africa with stunting rates ranging from 35.6% in East Africa to 32.1%, 29.9%, 29.1%, and 17.3% in Central Africa, West Africa, Southern Africa and Northern Africa respectively, according to the Plan, which also revealed that Africa is the only region in the world where the number of stunted children has risen in the past few years.
The Plan will focus on integrating nutrition smart interventions into projects in the Bank’s extensive agriculture pipeline. The Bank’s Feed Africa Strategy executes the Comprehensive Africa Agriculture Development Programme (CAADP) goals of contributing to elimination of extreme hunger, malnutrition, and poverty. In addition to improved productivity, the Action Plan looks into the potential to nourish Africa, by including commodity value chains that offer broad-based nutrition value, instead of just calories.
This will include leveraging ﬂagship initiatives including Technologies for African Agricultural Transformation (TAAT), the Staple Crop Processing Zones Programme, and Integrated Agro-Industrial Parks.
To realise its human and economic potential, Africa must invest in nutrition – particularly during the 1,000 days between conception and the age of two – as a crucial foundation for productivity later in life, said Oley Dibba-Wadda, the Bank’s Director Human Capital, Youth and Skills Development Department.
“The African continent has the potential to become a powerhouse of productivity in the 21st century but cannot sustain rates of economic growth and at the same time integrate its burgeoning youth population without addressing these high rates of stunting.”
The Bank is strengthening political engagement and building partnerships by enlisting Heads of State, ministers, and eminent leaders as champions to spur and build a high-level political movement and leadership for nutrition, known as the African Leaders for Nutrition (ALN), which was endorsed by the Assembly of Heads of State and Governments of the African Union (AU) at the 30th Ordinary AU Summit, held in Addis Ababa, Ethiopia on 31 January 2018.
Okonjo-Iweala: My Father Died Same Way He Lived
“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.”
by saharaReporters, New York Sep 14, 2019
The father of former Minister of Finance, Dr. Ngozi Okonjo-Iweala, Prof. Chukwuka Okonjo is dead. The former minister through her spokesperson, Paul Nwabuikwu, in a statement yesterday announced the death.
Okonjo-Iweala, in the statement, said his father died in Lagos soon after he arrived from a trip to the United States and Ghana.
“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.
“Daddy was an accomplished man on so many levels – a highly respected academic, international public servant, university administrator, intellectual and traditional ruler. My father touched so many lives personally and professionally,” she said.
The former World Bank Chief added: “It is a tribute to the kind of life that Daddy lived that on his 90th birthday last year, a delegation of old students of Ibadan Boys High School presented him with a letter of commendation written in 1953 in which a colonial education administrator praised him highly for the all-round improvements he achieved in the school within a short period of time. He was only 25 then.
“Daddy was a passionate intellectual and prolific writer whose last book was published at the age of 90. He touched so many lives personally and professionally and was an unrelenting believer and practitioner in the power of education to transform lives.
“In pursuit of this commitment, Daddy sponsored the education of at least 19 students up to university level in addition to his own seven children. He inspired and motivated so many more.
“Having witnessed the ravages of war, he was committed to unity and peaceful coexistence of all. From his marriage of 66 years to our mother, Prof. Kamene Okonjo to his dedication to duty, he was exceptional.”
AfDB launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022
The African Development Bank (AfDB) rated Aaa/AAA/AAA (Moody’s/S&P/Fitch, all stable), has launched and priced a US$ 2 billion 3-year Global Benchmark bond due 16 September 2022, its first US$ benchmark of the year.
Launched on September 11, the bond issue is the Bank’s second Global Benchmark of 2019, following a EUR 1 billion 10-year priced in March 2019. With this transaction, the Bank has now raised US$ 4.4 billion in 2019 to date and executed 61% of its borrowing program for the year. The transaction received strong support from investors globally, with order books reaching US$ 2.8 billion and 53 investors participating. The high quality of the order book is illustrated by the strong participation of Central Banks and Official Institutions, taking 64% of the allocations.
The African Development Bank decided to take advantage of favorable investor sentiment post summer break to access the 3-year tenor, in spite of volatile market conditions ahead of the Fed Meeting the following week. The mandate was announced on Tuesday, September 10, at 12:00 London time with Initial Pricing Thoughts of Mid-Swaps + 13 basis points (bps) area.
The transaction met strong interest from the outset, with Indications of Interest in excess of US$ 1.8 billion (excluding Joint-Lead Managers interest) when order books officially opened at 08:00 London time the following morning, with initial price guidance of Mid-Swaps + 13bps area.
Momentum continued throughout the European morning, with orders in excess of US$ 2.5 billion around 11:20 London time. At this time, final pricing was set at Mid-Swaps + 13bps. Following the close of the order book in the US, the size of the transaction was set at US$ 2 billion by 14:20 London time.
The transaction was priced at 16:24 London time with a re-offer yield of 1.679%, equivalent to a spread of 8.75bps vs UST 1.5% 15 September 2022, the issuer’s tightest print vs US Treasuries to date.
“We are delighted with this successful dollar Global Benchmark, and particularly pleased by both the very high quality of the order book and the solid participation of African Central Banks. The African Development Bank achieved its tightest ever spread to US Treasuries, and we are grateful to our investors across the world for this outcome, and the financing it will bring to the African continent”. Hassatou Diop N’Sele, Group Treasurer, African Development Bank
Niger: IDPs reject government’s relief materials
The Internally Displaced Persons (IDPs) in Niger State housed in some temporary camps have rejected relief materials donated to them by the state government.
The displaced persons said the government has handled their plight with levity.
They insisted on getting a permanent solution to the incessant security challenges in their communities.
Over 5,000 persons are currently taking shelter in five camps provided by the state government after bandits attacked several communities including Rafa and Shiroro.
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