ECONOMY
World Bank-IMF meeting in Marrakech calls for accelerating the financing of Africa’s emergence
A high-Level Ministerial Meeting on accelerating the financing of Africa’s emergence, has taken place in Marrakech, Morocco. The meeting on Thursday was on the sidelines of the World Bank-IMF annual meeting.
Tagged “Marrakech Declaration”, it calls for a “global financial architecture that is fairer and more conducive to Africa’s development”.
In this Declaration, the 48 countries taking part in the high-level meeting, organized at the initiative of the Kingdom of Morocco, called for the realization of the continent’s growth priorities, which respect the sovereignty and territorial integrity of African states and contribute to the development of its populations.
They also called for a strengthening of cooperation efforts, both bilaterally and multilaterally, to support African countries in reducing their infrastructure deficit, notably through increased financing, the provision and transfer of technical and technological expertise, and capacity building.
Addressing donors, partners and friendly countries, the African countries also called for support for the emergence of a dynamic, wealth-creating private sector, capable of supporting the development of structuring infrastructure projects and bridging the infrastructure financing gap.
At the meeting, they invited the Kingdom of Morocco’s Minister of Economy and Finance to follow up on the implementation of the Declaration, and to set up an inter-African task force to share best practices and experiences in the fields of infrastructure development and financing in Africa, assisting in the development of structuring and bankable infrastructure projects, and supporting African infrastructure projects at road shows to raise funds from potential investors.
They also agreed to support the establishment and operationalisation of the Inter-African Task Force as part of an open dialogue aimed at promoting infrastructure development activities in Africa.
They also reaffirmed their commitment to working towards sustainable African co-emergence, in which infrastructure investment would play a key role as a development driver, within the framework of joint continental and regional initiatives; to capitalize on international infrastructure initiatives for the benefit of the African continent’s emergence, and to intensify their joint efforts to strengthen the business climate by improving structural conditions for investment, mobilizing financing to stimulate economic recovery, and creating a favourable environment for entrepreneurship and innovation.
The participating countries also reiterated their commitment to encouraging the establishment of a distinct climate governance model based on a spirit of partnership and African ownership, and to working to mobilize diverse sources of financing, particularly private, in order to meet Africa’s infrastructure challenge more effectively and reduce the pressure on their public resources.
They also stressed that, despite their efforts, they still face major challenges in terms of infrastructure, which plays a crucial role in developing their industries and value chains, creating jobs, improving the standard of living of their populations, and contributing to achieving the objectives of Agendas 2030 and 2063.
The Marrakech Declaration asserted that the question of financing remains a crucial issue to be addressed for the development of ambitious infrastructure programs, capable of bridging the infrastructure gap from which African countries suffer, and that this financing effort cannot be ensured by public resources alone.
The Marrakech Declaration points out that the lack of active, long-term international solidarity is considerably slowing down the momentum of climate action in Africa, penalizing the continent, which until 2020 has received only 12% of the annual flows of climate financing it needs.
The participants in this High-Level Ministerial Meeting agreed that the progress made by the continent at various levels, particularly in terms of infrastructure, has resulted in the implementation of large-scale projects, and bears witness to their countries’ determination to make good Africa’s infrastructure deficit and achieve sustainable development and solid growth.
They also noted that “the consolidation of intra-continental economic relations, in line with the objectives and commitments of our countries to develop South-South cooperation, is a key condition for the future development of our continent, and requires the establishment of quality infrastructures to support these ambitions”.
In their Declaration, the African countries thanked His Majesty King Mohammed VI “for His leadership and commitment to strengthening inter-African cooperation, as well as the government and people of Morocco for hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and for the warm hospitality extended to all participants”.
They also congratulated the Kingdom of Morocco on its designation as host country for the 2030 World Cup, which represents a unique opportunity to catalyse growth and infrastructure modernization in the Kingdom, and demonstrates confidence in Africa’s ability to meet the greatest challenges.
- Summary
- * Trump’s signature to start appearing on $100 bill in June, marking 250th US anniversary
- * Change to delete the US treasurer’s signature for the first time since 1861
- * Signature plan, latest Trump move to put his name on buildings, programs, ships, money
U.S. paper currency will bear President Donald Trump’s signature starting this summer, the first time a sitting president has signed American money, the Treasury Department said on Thursday.
The redesigned notes, planned to mark the 250th anniversary of American independence, will also for the first time in 165 years drop the signature of the U.S. treasurer, who reports to the Treasury Secretary and oversees the Bureau of Engraving and Printing, the U.S. Mint and other Treasury functions.
The first $100 bills with Trump’s signature and that of U.S. Treasury Secretary Scott Bessent will be printed in June, followed by other bills in subsequent months. The new bills may take several weeks to circulate through banks.
The Treasury is still producing notes bearing the signatures of former President Joe Biden’s Treasury secretary, Janet Yellen, and former Treasurer Lynn Malerba.
Malerba will be the last of an unbroken line of treasurers whose signatures have appeared on U.S. federal currency since 1861, when the U.S. government first issued it.
The signature change is the latest effort by the Trump administration and its allies to put the president’s name on buildings, institutions, government programs, warships and coins. A federal arts panel, whose members Trump appointed, approved last week the design for a commemorative gold coin with Trump’s image.
Bessent said in a statement that the move was appropriate for the U.S. 250th anniversary, given strong U.S. economic growth and financial stability during Trump’s second term.
“There is no more powerful way to recognise the historic achievements of our great country and President Donald J. Trump than U.S. dollar bills bearing his name, and it is only appropriate that this historic currency be issued at the Semiquincentennial,” Bessent said.
An effort to circulate a circulating $1 Trump coin was set back by laws prohibiting the depiction of living individuals on U.S. coins.
A statute governing the printing of Federal Reserve notes gives the Treasury broad discretion to change designs to guard against counterfeiting. The law requires keeping certain elements, including the words “In God We Trust,” and only allows portraits of deceased individuals.
The overall designs of bills will not change, except for Trump’s signature replacing the Treasurer’s, Treasury officials said. A mock-up of the $100 bill with Trump’s signature was not immediately available.
Malerba, the former treasurer, declined to comment on the Trump administration’s move.
Her predecessor, Jovita Carranza, who served as treasurer in Trump’s first term, called the change “a powerful symbol of American resilience, the enduring strength of free enterprise and the promise of continued greatness.”
The current treasurer, Brandon Beach, whose name has not appeared on the currency, also issued a supportive statement, saying Trump was the architect of a “golden age economic revival.”
Vanity Fair was the first to report the news.
-Reuters
Join the Sports Village Square channel on WhatsApp: https://whatsapp.com/channel/0029Vaz7mEIGk1FxU8YIXb0H
ECONOMY
Technical and Steering Committees Meet in Rabat as Nigeria-Morocco Gas Pipeline Project Records Major Milestones
The Nigeria-Morocco Gas Pipeline project has marked significant progress. Key technical, environmental, and institutional milestones have already been achieved.
This information comes from a statement by the National Office of Hydrocarbons and Mines (ONHYM).
As part of the project’s governance structure, the Technical Committee met on July 10. The Steering Committee held its meeting on July 11 in Rabat.
These sessions were convened in line with the memorandum of understanding. The memorandum was signed among participating national oil companies. The goal was to assess the project’s implementation status.
The ONHYM statement revealed that detailed engineering studies for the pipeline were concluded in 2024.
Environmental and social impact assessments (ESIA) and survey studies for the northern section have also been finalised. Similar evaluations for the southern segment—spanning Nigeria to Senegal—are currently in progress.
The pipeline is designed to transport 30 billion cubic meters of natural gas per year. It will be developed in phases.
A holding company will be established. It will oversee governance, funding, and construction. Three Special Purpose Vehicles (SPVs) will manage specific project segments.
The discussion recalled a major policy breakthrough. This was the adoption of the Intergovernmental Agreement (IGA) at the 66th ECOWAS Summit in December 2024. This agreement clearly outlines the rights and responsibilities of the participating nations.
The regional cooperation was further strengthened. The Nigerian National Petroleum Company Limited (NNPC), ONHYM, and the Togolese Gas Company (SOTOGAZ) signed a Memorandum of Understanding. This occurred on the sidelines of the Rabat meetings.
This agreement follows SOTOGAZ’s official inclusion in the project and complements earlier pacts signed with other partner countries.
The ONHYM statement emphasised the stakeholders’ satisfaction with the progress recorded and reaffirmed their collective commitment to maintaining the strong collaborative spirit necessary to deliver the project successfully.
Originally initiated by His Majesty King Mohammed VI of Morocco and Nigeria’s President Bola Ahmed Tinubu, the Nigeria-Morocco Gas Pipeline is envisioned as a strategic infrastructure project with far-reaching economic and geopolitical implications.
It forms a key component of the Atlantic Initiative promoted by the Moroccan monarch and is expected to bolster regional integration, improve livelihoods, and position Africa more prominently on the global economic and energy map.
The project is also expected to deliver significant socio-economic benefits to all transit countries, enhancing energy access, stimulating investment, and promoting intra-African trade and cooperation.
French President Emmanuel Macron stated on Tuesday in Rabat that public investments from France would continue in the Kingdom of Morocco, including in the Sahara.
Speaking before business leaders and economic operators at the closing of the “Morocco-France Entrepreneurial Meeting,” President Macron noted that the Kingdom is “the main client” of the French Development Agency (AFD) in terms of investments, assuring that the AFD would continue to fund projects in the Kingdom, including those undertaken by French companies in the Sahara.
He emphasized that France aims to develop a fair, win-win economic partnership with Morocco, considering the multiple complementarities between the two economies.
The French President highlighted the existing industrial partnership across various sectors and called for greater integration of value chains in response to a context of “re-regionalization of tariffs.”
Additionally, Macron expressed regret that European and French financial groups are forced to leave Africa “due to regulatory rules and standards that Europeans have set for themselves.” “I believe this is a terrible strategic mistake. (…) We Europeans need to reflect on the rules and restrictions we have imposed on our institutions,” the French Head of State stated during this meeting focused on future strategic sectors.
Co-organized by Morocco’s General Confederation of Moroccan Enterprises (CGEM) and the Movement of French Enterprises (MEDEF), through the France-Morocco Business Leaders Club, this meeting holds particular importance in the context of the French President Emmanuel Macron’s state visit to the Kingdom, at the invitation of His Majesty King Mohammed VI.
- AFCON1 week ago
AFCON to Expand to 28 Teams as CAF Unveils New Competition Calendar
- World Cup5 days ago
Infantino promises FIFA backing for Iran to play at World Cup
- World Cup1 week ago
Jamaica Edge New Caledonia to Set Up Decisive World Cup Showdown with DR Congo
- AFCON1 week ago
CAF May Sanction Senegal Over AFCON Trophy Parade
- Governing Bodies1 week ago
BREAKING! Nigeria’s Samson Adamu Appointed Acting CAF General Secretary
- Table Tennis6 days ago
Aruna Faces Tough Draw as Africa Targets Glory at ITTF World Cup in Macao
- Nigerian Football4 days ago
NFF to inaugurate electoral committees ahead of September elections
- World Cup1 week ago
Iranian soccer players hold schoolbags in solidarity with slain girls