@AfDB_Group #AfDBAM2018 afdb.org/am AFRICAN DEVELOPMENT BANK GROUP ANNUAL MEETINGS BULLETIN - MAY 21, 2018
without an efficient and productive industrial sector that creates jobs and adds value to our abundant natural resources.
elcome to Busan, where the African Development Bank Group is proud and privileged to hold its Annual Meetings.
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Accelerating Africa’s industrialization is the theme of the 2018 Annual Meetings. As a Bank, we could not have chosen a better host city than Busan. In just a relatively few decades, Korea has achieved exceptional success as one of the world’s leading industrial and economic powerhouses. It has done this through vision, creativity, ingenuity, fiscal discipline, and a willingness to make hard decisions in order to secure its future.
Dr Akinwumi A. Adesina President, African Development Bank Group
We have a lot to learn from Korea’s experience and its rapid growth. The knowledge events during our meetings are designed around discussions that will help us look at new and creative ways of quickly growing Africa’s industrialization and the infrastructural capacity required to support it.
IN THIS EDITION
There is no realistic alternative to industrialization: Africa’s population is the youngest in the world and our youth need millions of jobs. No country has ever successfully developed
Editorial by Dr. Victor Oladokun, Director of Communication & External Relations p. 3 Guest of the Day: Vincent Nmehielle, Secretary General p. 6
A dynamic industrial base is therefore essential for Africa’s growing young population who must see their future aspirations firmly rooted in a transformed continent. We owe it to them. Accelerated industrialization holds the key to technological, economic, and social development, the creation of higher-skilled jobs, and the development of related value chains across sectors in processing, marketing, distribution, the export of finished goods, and an end to Africa’s decades-old dependence on primary commodity exports. The Annual Meetings of the African Development Bank are one of the largest annual economic gatherings in the region. Governors of the Bank, thousands of delegates, public and private sector stakeholders, development partners, journalists and academics will consider and discuss prospects for Africa’s industrialization – one of the Bank’s High 5 strategic priorities and a prime accelerator for improving the social and economic conditions of Africans. This is the challenge of Busan. With the right policies and regulations, an enabling investor environment, fiscal discipline, and adequate financing, Africa can become an industrial powerhouse and a global centre for trade and manufacturing. The time to start is now.
Spouse Tour Programme
Climbing the industrial development ladder p. 9 In Focus: 10,000 Communities in 1,000 Days p. 10
he Busan Exhibition and Convention Center (BEXCO), and the African Development Bank warmly welcome attendees to the Bank’s 2018 Annual Meetings in Busan. To make your trip to Busan enjoyable and fulfilling, and to give you a unique perspective on Busan, the Bank and BEXCO have organized a series of tours. All tours leave from BEXCO.
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Korean Etiquette 101 p. 8
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To be continued on p. 3
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For the first time in South Korea
N The 12th edition of
AFRICAN BANKER AWARDS 2018 22nd May 2018, Busan, South Korea
Compete Celebrate Network u
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Rewarding Banking Excellence in Africa High Patron
Platinum Sponsor
Gold Sponsor
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Associate Sponsor
Organisers
Tel: +44 207 841 3210 | www.africanbankerawards.com Sponsorship: advertising@icpublications.com Programme: events@icpublications.com
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Bank’s official, bilingual Annual Meetings daily publication.
Editorial
Over the next few days, we’ll provide you with snapshots of proceedings, people, places, provocative insights and powerful quotes.
Dr. Victor Oladokun Director, Communication and External Relations
IntroducIng thE
elcome to Busan and to the 2018 Annual Meetings of the Governors of the African Development Bank Group.
W
It’s a pleasure to introduce you to the first edition of the Busan Bulletin, the
Limited physical copies of the Busan Bulletin will be available each day. However, to make your trip back home as light as possible, we have made it possible to access daily digital versions from our website (www.afdb.org/am) or from the ‘AfDB AM’ mobile app which you can either download from the Google Android Play Store or Apple’s iOS App Store. These are exciting times for the Bank and for Africa, especially as we embrace learning cues from the past year, acknowledge our successes, and contemplate a future that is already upon us. Just a few short decades ago, Korea was grappling with poor infrastructure, unemployment, a per capita income of less than $350 a year, and a dependence on aid. But in a just a few short years, Korea proved pundits wrong and has
since taken its rightful place at the table of leading global economic powerhouses. Already, several African countries are leveraging relationships with Korea by building durable and strong economic, business, educational, industrial and technological ties. Busan is a befitting city for our 2018 Annual Meetings, and Africa indeed has much to learn from this technologically advanced metropolis. The city is easily and indisputably the world’s leading Smart City. In an upcoming edition of the Busan Bulletin, we’ll unpack what this means and its implications for business and development. We invite you to download or pickup your daily edition of the Busan Bulletin. On behalf of each member of the Communication and External Relations team who help make each production possible, I wish you an exciting, productive and engaging time in Busan and throughout the Annual Meetings.
Pro verb
Spouse Tour Programme
Half-Day Industrial Tour
Full-Day Spouse Tour
Busan New Port
Beomeosa Temple, Yacht Sailing, and Shopping
When? Monday, May 21, 2pm-6pm Who? All participants (up to 50 guests) This half-day tour will provide an in-depth look at the maritime and industrial operations of Busan’s New Port, Korea’s largest port, the fifth busiest port in the world, and a northeast Asian shipping hub. Guests will be able to appreciate the port’s state-of-the-art technologies and a 26.8-km quay wall.
Half-Day Spouse Tour Gamcheon Cultural Village and Songdo Beach An artistic and cultural hub of Busan, the Gamcheon Cultural Village has been referred to as the Machu Picchu of Korea because of its abundance of beautiful traditional murals, steep, twisting streets, winding alleys, and brightly painted houses.
When? Tuesday, May 24, 9am-6pm Who? VIPs and spouses (up to 100 guests) Beomeosa Temple is considered to be one of the most important temples in Korea. It is known for creating harmony between the beauty of natural and manmade environments. Beomeosa is a tranquil experience of Busan’s natural environment.
e Da y
United we are a rock, divided we are sand. – Madagascar
Enjoy a relaxing open-sea experience courtesy of the Bluemarine Yacht Club, Korea’s most prestigious maritime leisure complex. Refreshments are included! To complete the day, experience Shinsege Centum City, the world’s largest department store. Best described as a combination of shopping and cultural experience, Shinsegae Centum City is home to clothing and food shops, indoor ice rinks, spas and theatres.
When? Wednesday, May 23, 2pm-6pm Who? VIPs and spouses (up to 100 guests)
Executive Editor Dr Victor Oladokun Editors Mina Mammeri, Jennifer Patterson, Faïza Ghozali
Contributors (in alphabetical order): Seidik Abba, Cecilia Amaral, Emeka Anuforo, Andie Davis, Deborah Glassman, Saori Kodama, Muyiwa
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Moyela, Liam Neumann, Felix Njoku, Stephen Yeboah Photo Guy-Roland Tayoro, Thierry Gohore, Florentin Nando Digital version Simon Adjatan, Christiane Moulo Design and Layout Yattien-Amiguet L., Justin Kabasele, Guy-Ange Gnabro, Phillipe Mutombo Luhata, Selom Dossou-Yovo © African Development Bank/PCER, May 2018
Busan Bulletin Team
Production Coordinators Chawki Chahed, Solange Kamuanga-Tossou
Songdo Beach is Korea’s first official beach. It was established in 1913 and named for the pine groves bordering the elegant coastlines. Enjoy the spectacular views from the Songdo marine cable car at 86 metres above the sea.
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of t h
Daily News 2018 Annual Meetings kick off in Korea The Annual Meetings of the African Development Bank Group are underway in Korea’s Busan Metropolitan City, on the theme “Accelerating Africa’s Industrialization.” Given its economic success, Korea is an apt venue for discussions on Africa’s industrialization. In just 50 years, Korea, which had a more challenging economic prospect than most African countries in the 1960s, has risen to the top of the development ladder.
Thanks to its industrial transformation, the country is now famous for its high-tech consumer electronics, cars, ships and oil and gas platforms. On average, African industry generates US $700 of GDP per capita, barely one-fifth of East Asia’s (US $3,400). More than 80% of exports from Algeria, Angola or Nigeria, for instance consist of unprocessed natural resources. “The secret of the wealth of nations is clear: developed nations add value to everything they produce, while poor nations export raw materials. Africa must quit being at the bottom of the global value chains and move rapidly to industrialize, with value addition
Behind the Scenes
to everything that it produces,” said the Bank’s President, Akinwumi Adesina. For the next five days, thousands of delegates, Heads of State, public and private sector CEOs, development partners, academics, civil
i Adesina Akinwum Vincent t n e id s Pre eral nk Group d Secretary Gen a B t n e sterday. e, an evelopm ife, Grac mplex ye o w C African D is h O y C EX anied b r of the B accomp ng a tou ri u d e ll Nmehie
society and media will gather to reflect on Africa’s industrialization and related issues including climate change, infrastructure, private sector and governance. A series of knowledge events are organized to generate new ideas for developing and financing Africa’s industrialization. On Wednesday, May 23, the Bank will launch its flagship economic publication, African Economic Outlook (AEO) 2018. The following day, it will provide an overview of its operations, financial profile and capital market activities for 2017 during the Financial Presentation.
The Bank will host over 3,000 participants at this year’s meetings.
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Delegates visiting the information booth
of the ings t e elcome e u w e n e n M v a l e a e r O). nnu . Th -Ko C n A o r X a f 8 s E A 1 u B 0 ( B m 2 r r A wa Cente t o t he roup in n s G e io t k t a n n g a e v le B n e t awaits d an Developmen xhibition and Co E ric of the Af ill be the Busan sw meeting
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African Development Bank Group President Akinwumi Adesina arriving at the BEXCO Complex.
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Guest
of the day In the lead-up to the 53rd Annual Meetings of the African Development Bank, Bank Group Secretary General Vincent Nmehielle explains the rationale behind this year’s industrialization theme and promises fruitful deliberations.
various activities over the previous year and make recommendations. In addition, there are the pertinent conclusions of the Annual Meetings and the roadmap for the years ahead, especially regarding the resources that the Bank needs to continue to fulfill its role and measure up to the huge challenges posed by the development of Africa. Some development institutions have two annual meetings each year, while the African Development Bank only has one. Why is this the case?
Vincent Nmehielle, Secretary General, African Development Bank Group
The 2018 Annual Meetings of the African Development Bank Group open Wednesday May 23, in Busan, Korea. Would you explain the role of the Annual Meetings in the Bank’s governance?
T
he Annual Meetings are an important annual statutory event. This is when the Board of Governors of the Bank and the African Develop-
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The World Bank is the only multilateral development institution to have two annual meetings, a general meeting in spring, usually in April, and annual meetings later in the year. It is a sensible, logical choice. Here at the African Bank, though, we have Annual Meetings that are usually held in May.
ment Fund meet and review Bank activities over the period. It is the most important statutory event in the institution’s operation.
What issues are usually debated at these meetings?
How does the African Development Bank operate on a daily basis, in between the Annual Meetings?
The Governors and subsidiary bodies discuss the Bank’s financial situation of course, review its
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Things are very clear on this point: as soon as we finish our Annual Meetings for the current year, we start preparing for the next year’s meetings. The Bank continues its daily work with approvals for projects to be implemented in its regional member countries. As soon as Busan closes, for example, we will start work on preparations for the 2019 Annual Meetings to be held in Malabo, Equatorial Guinea. In 2018, Group President Akinwumi Adesina instituted consultations with regional member countries which he intends to make a regular annual feature. Are they a sign of changing Bank governance? This is the very first time in the history of the Bank that such an initiative has been taken. President Adesina is convinced that the Governors should be closely involved in Bank governance. In practice, our Governors are entirely devoted to managing daily national issues. By inviting them to regional consultations, President Adesina's intention was to have them come to the Bank to show them its achievements and its direction, and to hear their needs.
the bids according to very detailed criteria. There is no reason to think that Africa is going to be dispossessed of its Bank.
is moving forward at ever-greater speed. So, we too need to act more expeditiously. This is also why Busan may well be an exceptional opportunity to discuss how to accelerate African development. Come what may, we have no option but to change gears upward. The question now is, how do we accelerate Africa's industrialization? How are we going to get there? With what resources and with which partners?
We expect to have very successful 2018 Annual Meetings in Busan.
Are you confident about the outcomes of the debates planned for these 54th Annual Meetings?
What can you tell us about the central theme of this year's Annual Meetings, Accelerating Africa's industrialization?
Of course, the Annual Meetings will be very successful. There is no reason not to be confident. We had a very successful meeting in Ahmedabad, India, last year. We expect to have very successful Annual Meetings in 2018 in Busan, Korea.
This theme was chosen because it reflects the urgent need to take appropriate steps to speed up development in Africa. The rest of the world
So, it’s a way of helping them take ownership of the Bank's work, then? Precisely. The Governors are the highest-ranking Bank representatives. It is their Bank. And so, it is both fair and legitimate that they should interact with the Bank's senior management, especially its President. Two successive Annual Meetings have been held outside the African continent, in India in 2017 and in Korea in 2018. Is this evidence of an increasingly important role for nonAfrican countries in the Bank? Might some not fear that the Bank is losing its African soul? Not in the least, neither now nor in the future. At its 2015 Annual Meetings in Lusaka, Zambia, the Bank decided to program its Annual Meetings for 5 years and the Board of Governors chose the non-regional and regional host countries from 2016 to 2021. That is why we held the 2017 Annual Meetings in Ahmedabad, India, and why are holding this year's meetings in Busan, Korea, this week. The 2019 Annual Meetings will be held in Malabo, and then in 2020 in Abidjan in Côte d’Ivoire and in Accra, Ghana, in 2021. So, the three Annual Meetings after Busan will be held in Africa. There is nothing unusual about non-regional member countries generously offering to host the Annual Meetings. It then falls to the Board of Governors to evaluate
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Daily News
ETIQUETTE IN
Amadou Sanneh, Gambia The Trans-Gambia Bridge has been in the papers and studies for years and years, but today it is materializing because of the African Development Bank’s intervention… also, over 70 percent of our population is employed in agriculture, so to develop agriculture is to generate income.
Looking to make a good impression during your stay in Busan? Here are some helpful tips on local etiquette:
Mohamed Ould Kembou, Mauritania There is no shortage of examples worldwide, especially in Korea. We are therefore hoping that Busan will lead to an exchange of experiences and know-how between Korea and Africa. We are also especially looking for an identification of opportunities and best practices.
Moeketsi Majoro, Lesotho I think jobs are at the top of the African agenda. It must be jobs. We have the youngest continent, a very large share of our populations are youth, but it’s youth without jobs, it’s youth that are trying to run away from the continent.
Basic expressions Hello ………………...……… Annyeong-haseyo Nice to meet you ……………. ban-gob-sum-ni-da Thank you ……………………gam-sa-ham-ni-da
When greeting someone for the first time in Korea, it is considered polite to use full titles (Mr./Mrs./Miss) and family names.
Bowing or shaking hands? Shaking hands is increasingly common in Korea. To be respectful, use both hands while bowing slightly.
Abdirahman Beileh, Somalia I’m expecting a lot from Busan. Where better a place to meet and make decisions about industrialisation than Busan. This is a country that, a few years back, was not as industrialised as it is today.
Bowing is the traditional greeting. A short bow (about 30 to 45 degrees) with eyes closed and your head downwards shows an extra appreciation for local culture.
Boubou Cisse, Mali Traditional donor countries are, themselves, facing crises or difficulties. Aid is increasingly in short supply. It is important for the African Development Bank to have its own resources, that are primarily provided by member states.
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Industrialization Climbing the industrial development ladder: the role of the African Development Bank Pierre Guislain, Vice-President, Private Sector, Infrastructure and Industrialization
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houribga, Gantour, Boucraâ. You have probably never heard these names before unless you are in the fertilizer industry. Yet these three sites, located in Morocco, are home to the world’s largest deposits of phosphates, a key ingredient in fertilizers and in the farm-to-table agricultural value chain.
The phosphate business is projected to reach US $75 billion by 2021, spurred by the world’s growing population and demand for food. OCP Group, an African Development Bank client, has positioned itself as a global player along the entire phosphate value chain, from mining and transforming phosphate rocks into intermediate liquid and finished products. circle that encourages greater foreign investment. The prospects for increased regional trade are also heightened by Africa’s internal consumer market of over one billion people, rapid urbanization, and the increasing mobility of investment capital.
This industrial powerhouse is currently considering large investments in other African countries. To fast-track Africa’s industrialization process, more of these industrial champions are needed. Africa continues to attract high levels of foreign direct investment every year – US $60 billion in 2016, up from US $10 billion in 2000. Rapid urbanization and a growing middle class are boosting internal markets. The ingredients are there for Africa to climb the industrial ladder. The continent must now seize the moment and get serious about reducing the cost of doing business, easing trade restrictions, and providing a favourable environment for job-creating businesses.
Creating an industrialization-friendly environment The Bank’s Industrialize Africa strategy seeks to foster successful industrial policies, attract and channel funding into infrastructure and industry projects, grow liquid and effective capital markets, promote and drive enterprise development, develop efficient industry clusters across the continent, and promote strategic partnerships. In 2017, the Bank approved US $1.2 billion for operations to promote the development of enterprises of all sizes. These include a three-year program to support competitiveness in Madagascar by adopting a national public-private partnerships strategy and establishing special economic zones expected to boost public and private investments. The Bank is also actively supporting institutional and policy reforms in Algeria, Egypt, Ghana and Morocco, focusing on critical industrialization enablers such as an improved investment climate, fiscal sustainability, and good governance.
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Developing enterprises along international value chains
The Boston Consulting Group estimates the worth of the consumer goods market at US $250 billion, and projects 5% growth per annum for the next decade. Bringing down barriers to trade, integrating markets, and facilitating cross-border trade will be critical to tap into these market opportunities.
When the Bank approved a US $55-million longterm senior loan in 2012 for the Derba Midroc Cement Plant, the 1.7 million tons of cement produced in Ethiopia were insufficient to meet the booming construction sector’s demand. Ethiopia had to make up for the shortfall by importing one million tons of cement a year, and high prices negatively impacted the local construction industry.
Kigali sent a strong signal in March with the signing by 44 African nations of the Continental Free Trade Agreement (CFTA). Winning the battle to ratify the deal will be the next big challenge. The Bank will provide support to Regional Economic Communities and Regional Member Countries in translating the CFTA into practical measures to open up markets and remove trade barriers.
The Derba Midroc project has had tremendous economic impact and social benefits. With its current production capacity of 8,000 tons a day, Derba is helping meet the country’s cement needs and is exporting to nearby countries. The new plant also contributed to a 75% drop in the local price of cement and 2,000 jobs were created during its construction phase. The plant currently employs 700 permanent workers.
Opportunities abound to boost Africa’s industrialization
Similarly, the Nigeria-based Indorama Fertilizer Plant benefited in 2013 from a US $100-million loan from the Bank to transform 1.4 metric tons per year of natural gas into urea fertilizer. Today, Nigeria is gradually turning from a net importer of fertilizer to a major producer and exporter. Urea exports have quadrupled since 2015; today, Nigeria exports to Benin, Brazil, Ghana, South Africa, Uruguay and the USA.
A recent Bank analysis identified 15 high potential strategic industrial sectors. Of these, construction, consumer goods, transport and logistics, hospitality, and ICT emerged as top sectors to scale up and accelerate industrial transformation in Africa. The Bank is ready to support investors in these and other sectors through our range of financial products and ongoing policy dialogue with member countries. We are particularly keen to help African companies invest in Africa outside their home country, thus contributing to greater integration, more intraAfrican trade, and the emergence of African champions.
Opening borders to create regional markets and value chains Intra-African trade has expanded from 8% in 2003 to over 17% in 2016, creating a virtuous
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INITIATIVE
10,000 communities in 1,000 days Helping the most vulnerable to escape a double burden in fragile states Announced in January 2017 by African Development Bank President Akinwumi Adesina at the first edition of the African Resilience Forum, the “10,000 Communities in 1,000 Days” initiative aims to help the most vulnerable populations escape from the vicious circle of vulnerability and poverty and embark on a path of resilience and sustainable development in fragile countries.
Leveraging support from the private sector To address this challenge, using the “10,000 Communities in 1,000 Days” initiative and backed by its Coordination Office for Fragile States (formerly the Fragile States Department, formed in 2008), the African Development Bank is setting up a partnership platform incorporating the state, the private sector, financial supporters and vulnerable communities.
T
he most vulnerable people have to deal not only with the ordeals caused by fragility and conflict, but also with the lack of access to basic key services: water, electricity, primary healthcare and education. The Bank’s “10,000 Communities in 1,000 Days” initiative aims to end this double burden borne by the most vulnerable communities. To achieve this, the Bank will provide two essential services – water and electricity – to the most vulnerable people in African countries, especially fragile nations: Burundi, Comoros, Djibouti, Eritrea, Gambia, Guinea,
Each actor on the platform will have a specific role to play. The Bank will lobby the private sector to encourage it to provide water and electricity for vulnerable populations, using the public-private partnership model “Build, Own, Operate”, which enables a company to implement a water or electricity infrastructure project and then manage it by charging its users until the investor can access the funds.
Guinea-Bissau, Liberia, Madagascar, Mali, Niger, the Central African Republic, the Democratic Republic of the Congo, Sierra Leone, Somalia, Sudan, South Sudan, Chad, Togo and Zimbabwe.
In addition to national and multinational companies, the “10,000 Communities in 1,000 Days” initiative encourages businesspeople to invest their financial and technical resources to provide basic services to vulnerable people with profitable but affordable payments. Though impoverished, these populations can reimburse private investments over time with small payments. For this to be achievable and sustainable in the long term, the Bank will provide financial support to help strengthen the technical and financial capacities and resilience of vulnerable communities in organizing networks, microcredit, training, financial negotiations and developing income-generating activities.y
Admirable and noble, the goal of providing water and electricity in fragile countries is also highly problematic. The public treasuries in these countries are usually too small for the government to cover all the expenses incurred to successfully carry out all its sovereign roles on its own. Moreover, vulnerable populations also lack the financial ability to provide costly essential services. What can be done to resolve the problem?
da E It is uncertain whether lobbying talone h can suffice
What is a fragile country?
to convince the private sector to invest in fragile states. The Bank therefore aims to use this initiative to encourage States to set up suitable incentives and regulatory measures to create a business-friendly environment.
The African Development Bank and the World Bank have set up the Country Policy and Institutional Assessment to evaluate countries on a scale of 1 to 6. Each country’s performance is assessed using an 18-point survey, broken down into five sections on the coherence of economic management, the coherence of structural policies, the ability of policies to promote equality and social inclusion, the quality of governance and management of public sector institutions, and the ability of the regulatory framework to promote infrastructure development and regional integration. The CPIA considers a country with a score of 3.2 or less to be fragile.
s In focu
In view of the huge financing needs for supplying water and electricity and making access costs affordable to an estimated target population of 5 million people, the Bank encourages other technical and financial partners, both private and public (multilateral and bilateral development institutions, international foundations, impact investors, diaspora), to join the “10,000 Communities in 1,000 Days” initiative.
In addition to economic criteria, the Bank considers social, political and environmental criteria when assessing fragility. The presence of an international peacekeeping force during or after a conflict also means that a state will be classified as fragile.
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Making a difference
thE “AGRICULTURAL REVOLUTION” Is undErWay In gabon
Herman, a worker on the Kango rubber plantation
My work involves tapping the tree to make the latex run. Our work means leaving the house at four in the morning and staying out in the plantations all day. But we’re completely happy with that, because this work generates income that covers our daily expenses and also lets us save a little to provide for the future.
I check the corks in the oil cans. If I notice that a can is not sealed, I put it right. It’s an eighthour shift each day. It is exhausting, but more importantly it’s a major source of income. This work is helping to empower me as a woman. My salary is supporting the whole family from health to education and all other living costs in between.
Yola Irène Laure, Head of Laboratory at the SIAT plant in Makouké
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“It’s always better to have two irons in the fire,” goes the popular saying. After long being reliant on oil (49% of budgetary revenue and 85% of exports), Gabon has now decided to commit to diversifying its economy. For this Central African country that benefits from high rainfall and fertile soils, agriculture was a natural choice to be the central pillar in its economic diversification, which was initiated in 2010 under the emerging Gabon strategic Plan.
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y choosing to make greater investments in agriculture, Gabon plans to break away from dependence on oil. But this is not the only aim. This decision also reflects the will of the country’s highest authorities to work towards food self-sufficiency. This is a major challenge for a country that currently spends nearly 350 billion CFA francs (approximately US $700 million) every year importing 85% of the foodstuffs consumed within its borders. Two flagship projects demonstrate Gabon’s desire to make agriculture a cornerstone of efforts to combat poverty and youth unemployment and to ultimately achieve food self-sufficiency. The first is the Gabonese Initiative for Achieving Agricultural Outcomes with Engaged Citizenry (GRAINE) that will cover six of the country's nine provinces cost and have a positive impact on 630,000 people, of whom 45% are women. Phase 1 (2015-2020) of GRAINE cost US $1.5 billion, supported by a loan of €98.54 million from the Bank, one of whose High 5 strategic priorities is “Feed Africa”.
Juliana Alaka, an employee at the SIAT oil refinery in Lambaréné
The SIAT-Gabon refinery being installed in Lambaréné has made a big difference. It has stopped us having to keep importing oil from Cameroon. Since the refinery started running, the oil supply is no longer interrupted. Locally produced oil is of good quality, accessible, and affordable. We can buy it directly, without the complications of customs checks or transport and sell it back to the population, who really appreciate it.
The second flagship project is the Tropical Agriculture Investment Company of Gabon (SIAT-Gabon), for which, the Bank agreed on a loan of €10 million in 2008 to boost Gabon’s private sector, reinforce the country’s drive towards industrialization, and to contribute towards food self-sufficiency and better living conditions for the population. Gabon’s new agricultural policy is bringing together the State, the private sector, and technical and financial partners for this project, whose implementation has had a significant impact on the development and local economies of Woleu-Ntem Province in northern Gabon and of Moyen-Ogooué Province in the center-west.
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AGendA
the day
7:30 9:30-12:00 12:15 14:30 18:00 18:30
Media Breakfast African Youth Solving Continental Challenges Host Country Side Event: Better Africa Special Event 1: African Leadership for Agriculture Inaugural Press Conference Welcome Reception hosted by Korea
More info: https://am.afdb.org/en/programme
Discover Busan
Haeundae-Gu: Enjoy a local event! The Gijang Anchovy Festival at Daebyeon Port (May 19-22, 10:00-18:00) is one of Korea’s most famous events. Every year, the port celebrates the rich anchovy harvest with a parade, free samples of anchovy, a fish auction, barehanded fishing and fireworks. At Gukbap Alley at Haeundae Market, enjoy a Busan specialty for lunch: a bowl of rice in spicy broth. The market also offers traditional and inexpensive Korean souvenirs. Shop at Lotte Premium Outlets with its lighthouse and gazebo, Hera Rose Garden, roof-top garden, four spectacular fountains, and entertainment for children. For sunset drinks, go to Songjeong Beach, a local favourite spot for spectacular moonrises. Shallow water and small waves make it safe for families and small children. After sunset, enjoy an authentic Korean BBQ dinner at Anga, famous for their meat and fancy izakaya-style atmosphere!
Korean Proverb of the Day 낮말은 새가 듣고 밤말은 쥐가 듣는다 Literal Translation: Birds hear the words spoken in the day, and mice hear the words spoken at night. When to use it: If you know someone who spreads rumours or talks poorly of others, you should step in and say this Korean proverb.
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