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World Bank deploys $114.9 to finance global crises in 2022
The World Bank Group says it has responded to the overlapping global crises by deploying 114.9 billion dollars in financing in 2022.
This is contained in a statement obtained from the World Bank website by the News Agency of Nigeria (NAN) on Saturday in Abuja.
The bank said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises.
It said it provided advice and financing in response to the sharpest economic slowdown in eight decades, rising inflation, deepening food insecurity, war and fragility, and the continued negative impact of the COVID-19 pandemic.
“Amid these devastating crises, the World Bank Group deployed a record 114.9 billion dollars in the year under review.
“Commitments during the year were informed by our knowledge work and helped countries address rising food prices, manage refugee flows, and bolster health preparedness
“The bank also helped maintain private sector trade, and support efforts to mitigate and adapt to climate change, among others, benefitting especially the poor and most vulnerable.”
The statement quoted the World Bank Group President, David Malpass, as saying “developing countries are facing multiple challenges from war to surging food and energy prices.
“This deepens inequality and leads to reversals in development gains.”
Malpas said the World Bank Group had responded with urgency, scale, and impact.
“We have committed consecutive surges of financing, analytical support, and policy advice. First in response to the COVID-19 pandemic, and now to address the food crisis, the war in Ukraine, and its spillover effects.”
The statement said the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), both part of the World Bank committed 70.8 billion dollars in assistance in 2022.
According to the statement, its highest ever level of commitments is nearly 70 per cent higher than the pre-crisis average of commitments from 2013 to 2019.
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“That figure included 33.1 billion dollars from IBRD in support to middle-income countries as well as a few higher-income countries.
“With 37.7 billion dollars in grants and zero-or low-interest loans to the world’s poorest countries from the IDA.”
The statement said that since the start of the COVID-19 pandemic, total World Bank Group financing reached 272 billion dollars, including 52.6 billion dollars in the last quarter of 2022.
It said as of June 30, 2022, the World Bank had approved 10.1 billion dollars in financing for vaccine acquisition and deployment in 78 countries, of which 4.6 billion are for 42 countries in Africa.
“Over 600 million doses have been contracted with approved bank financing, of which more than 430 million have been delivered.”
It said the bank was also setting up a financial intermediary fund to strengthen pandemic Prevention, Preparedness, and Response (PPR) capacities at national, regional, and global levels, with a focus on low- and middle-income countries.
“With over one billion dollars in financial commitments already announced, the fund will bring additional, dedicated resources for PPR, to incentivise countries to increase investments, enhance coordination among partners, and serve as a platform for advocacy.”
According to the statement, for the 15 months from April 2022 to June 2023, financing is expected to reach 170 billion dollars.
It said an important component of this funding would be devoted to food security, including social protection and projects in agriculture, nutrition, water, and irrigation.
“The World Bank has made available about 30 billion dollars over these 15 months as part of a comprehensive, global response to the ongoing food security crisis.
“Some 12 billion dollars of which will be new lending, informed by our substantial data and analytical work on food and nutrition systems.
“Since April 1, the World Bank has delivered 32 food-crisis related operations and committed 5.3 billion dollars in this area.”
The statement also said that the bank continued to rapidly increase its climate financing in 2022, in line with the World Bank Group’s Climate Change Action Plan (CCAP) for 2021-2025.
“The World Bank’s climate finance totalled a record 26 billion dollars which accounts for 37 per cent of commitments in 2022, an 83 per cent increase from 14.2 billion dollars in 2019.
The World Bank Group said it played a critical role in building and enabling the private sector in developing countries, which it does through the International Finance Corporation (IFC).
It said the IFC had a record year in 2022 with commitments reaching an all-time high of 32.8 billion dollars, including 12.6 billion dollars of commitments for IFC’s own account.
“Out of the 12.6 billion dollars, 3.5 billion dollars went to IDA countries and Fragile and Conflict-affected Situations (FCS).
It said the Multilateral Investment Guarantee Agency (MIGA), which mandate was to drive impactful foreign direct investment to developing countries, issued 4.9 billion dollars in new guarantees.
It said out of the 4.9 billion dollars, 32 per cent was in IDA countries, 12 per cent was in FCS countries, and 28 per cent supported climate finance.
The statement further said progress was also made in efforts to fully incorporate women into economies.
According to the statement, an unprecedented 90 per cent of the World Bank’s 2022 operations are helping to close gender gaps, well above corporate commitments. (NAN)
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
The 63rd Annual General Meeting (AGM) of the Nigerian Exchange Group Plc (NGX Group), held at the Nigerian Exchange Group House on Monday, April 29, 2024.
During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.
The meeting’s agenda, approved by the Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorizing, and disclosing remuneration, among other undertakings.
Notably, the NGX Group, subject to regulatory approval, discussed its authorization on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue.
All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.
Following substantial authorization across its agenda, the NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others.
The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.
On the development, the Group Chairman, NGX Group, Umaru Kwairanga said, “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders.
“NGX Group is positioned to capitalize on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”
On his part, Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, said, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.
Addressing the digital transformation agenda, Popoola stated, “The future of our business and the capital markets hinges on technology. That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa”.
Key insights and proceedings from the NGX’s AGM can be accessed via the live recording available on NGX Group’s website at www.ngxgroup.com.
. . . Firm Declares N4.5bn Dividend For 2023
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it had received an interim dividend payment of N450 million out the N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.
The NCDMB made the disclosure on Monday, adding that the payment represented NCDMB’s 30% share in the company for the year ended 2023.
Recall that the NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels-per-day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.
Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary, NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM).
The company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30 percent of the outstanding N3bn dividend after the AGM is convened later this year.
He added that the receipt of this interim dividend payment was a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited.
He said, “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future.”
He affirmed that the company was upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project was already 44 percent completed and on time to be commissioned by early 2025.
The NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.
Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.
The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.
Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.
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