<p><em>Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.</em></p>
<p>African Union Member States (55) reporting COVID-19 cases (4,812,313), deaths (130,025) and recoveries (4,351,816) by region:    Central (172,873 cases; 2,781 deaths; 159,001 recoveries): Burundi (4,650; 6; 4,198), Cameroon (77,982; 1,270; 72,926), CAR (7,085; 97; 6,665), Chad (4,927; 173; 4,742), Congo (11,658; 153; 10,591), DRC (31,386; 782; 27,654), Equatorial Guinea (8,476; 113; 8,146), Gabon (24,365; 150; 21,791), Sao Tome and Principe (2,344; 37; 2,288)    Eastern (647,406; 12,678; 536,199): Comoros (3,949; 146; 3,719), Djibouti (11,523; 153; 11,354), Eritrea (4,022; 14; 3,812), Ethiopia (270,944; 4,139; 235,850), Kenya (170,041; 3,124; 116,018), Madagascar (41,184; 828; 40,028), Mauritius (1,356; 17; 1,181), Rwanda (26,878; 352; 25,542), Seychelles (11,145; 40; 9,936), Somalia (14,647; 768; 6,717), South Sudan (10,688; 115; 10,514), Sudan (35,289; 2,600; 27,949), Tanzania** (509; 21; 178), Uganda (45,231; 361; 43,401)    Northern (1,453,109; 43,808; 1,276,107): Algeria (128,198; 3,586; 89,292), Egypt (259,540; 14,950; 190,254), Libya (184,815; 3,116; 171,279), Mauritania (19,407; 462; 18,377), Morocco (518,458; 9,135; 506,443), Sahrawi Arab Democratic Republic (739; 46; 691), Tunisia (341,952; 12,513; 299,771)    Southern (2,066,519; 64,531; 1,933,721): Angola (33,607; 745; 27,529), Botswana (56,313; 831; 50,494), Eswatini (18,587; 672; 17,855), Lesotho (10,825; 326; 6,434), Malawi (34,323; 1,154; 32,598), Mozambique (70,697; 835; 69,232), Namibia (54,268; 807; 50,053), South Africa (1,654,551; 56,293; 1,551,520), Zambia (94,430; 1,275; 91,443), Zimbabwe (38,918; 1,593; 36,563)    Western (472,406; 6,227; 446,788): Benin (8,058; 101; 7,893), Burkina Faso (13,424; 166; 13,248), Cabo Verde (30,122; 261; 28,163), Côte d&#39;Ivoire (47,195; 301; 46,591), Gambia (5,990; 178; 5,767), Ghana (93,775; 784; 91,853), Guinea (23,110; 161; 20,840), Guinea Bissau (3,760; 68; 3,511), Liberia (2,179; 86; 2,033), Mali (14,262; 516; 9,559), Niger (5,409; 192; 5,080), Nigeria (166,254; 2,071; 156,546), Senegal (41,296; 1,138; 39,932), Sierra Leone (4,140; 79; 3,128), Togo (13,432; 125; 12,644)Distributed by APO Group on behalf of Africa Centres for Disease Control and Prevention (Africa CDC).</p>
<p>Media files</p>
<p></p>


Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

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<p>Oil producer group OPEC maintained its reduced production policy at Wednesday&#8217;s Joint Ministerial Monitoring Committee meeting. At the meeting Nigeria’s Minister of State for Petroleum Resources Timipre Sylva, was named as the “special envoy” to coordinate compliance by Congo, Equatorial Guinea, Gabon and South Sudan. Mustapha Alao, Research Analyst at ARM Securities joins me to review developments in the oil and gas space.</p>


OPEC’s JMMC appoints Nigeria’s petroleum minister special envoy


<p>By <em>Akinwumi Adesina, President of the&nbsp;</em><a rel="noreferrer noopener" href="https://www.afdb.org/en" target="_blank"><em>African Development Bank</em></a></p>



<p>These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as economies drastically slow down, and supply chains are severely disrupted.&nbsp;</p>



<p>Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual.&nbsp;</p>



<p><strong>FOR MORE ON COVID-19 VISIT:</strong>&nbsp;<a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>



<p>Each day, the situation evolves and requires constant reviews of precautionary measures and strategies. In the midst of all this, we must all worry about the ability of every nation to respond to this crisis. And we must ensure that developing nations are prepared to navigate these uncharted waters fully.&nbsp;</p>



<p>That&#8217;s why I support the UN Secretary-General Antonio Guterres&#8217; urgent call for special resources for the world&#8217;s developing countries.&nbsp;</p>



<p>In the face of this pandemic, we must put lives above resources and health above debt. Why? Because developing economies are the most vulnerable at this time. Our remedies must go beyond simply lending more. We must go the extra mile and provide countries with much-needed and urgent financial relief &#8211; and that includes developing countries under sanctions.&nbsp;</p>



<p>For decades, sanctions have decimated investments in public health care systems in quite a number of countries<a href="#_ftn1">[1]</a>.&nbsp;Today, they are unable to face up to a clear and present danger that now threatens our collective existence<a href="#_ftn2">[2]</a>.</p>



<p>Only those that are alive can pay back debts.&nbsp;&nbsp;</p>



<p>Sanctions work against economies but not against the virus. If countries that are under sanctions are unable to respond and provide critical care for their citizens or protect them, then the virus will soon &#8220;sanction&#8221; the world.</p>



<p>In my Yoruba language, there is a saying, &#8220;be careful when you throw stones in the open market. It may hit a member of your family.&#8221;&nbsp;&nbsp;</p>



<p>That&#8217;s why I also strongly support the call by the UN Secretary-General that debts of low-income countries be suspended and in these fast-moving and uncertain times.&nbsp;</p>



<p>But I call for even bolder actions, and there are several reasons for doing so.&nbsp;</p>



<p>First, the economies of developing countries, despite years of great progress, remain extremely fragile and ill-equipped to deal with this pandemic. They are more likely to be buried with the heavy fiscal pressure they now face with the coronavirus.&nbsp;</p>



<p>Second, many of the countries in Africa depend on commodities for export earnings. The collapse of oil prices has thrown African economies into distress. They simply are not able to meet budgets as planned under pre-coronavirus oil price benchmarks<a href="#_ftn3">[3]</a>.</p>



<p>The impact has been immediate in the oil and gas sector, particularly affecting eight countries -Algeria, Angola, Chad, Egypt, Equatorial Guinea, Gabon, Nigeria, and the Republic of Congo- that between them generate nearly half of Africa&#8217;s GDP<a href="#_ftn4">[4]</a>.&nbsp;</p>



<p>Those exporting other commodities besides oil, such as agricultural produce or minerals and metals, are facing drastic cuts in demand<a href="#_ftn5">[5]</a>. In the current environment, there is an acute shortage of buyers who, for understandable reasons, have re-allocated resources to addressing the COVID-19 pandemic. African countries that depend on tourism receipts as a key source of revenue are also in a straight-jacket.&nbsp;</p>



<p>Third, while rich countries have resources to spare, evidenced by trillions of dollars in fiscal stimulus, developing countries are hampered with bare-bones resources.&nbsp;</p>



<p>The fact is, if we do not collectively defeat the coronavirus in Africa, we will not defeat it anywhere else in the world. This is an existential challenge that requires all hands to be on deck. Today, more than ever, we must be our brothers and sisters&#8217; keepers.&nbsp;&nbsp;</p>



<p>Around the world, countries at more advanced stages in the outbreak are announcing liquidity relief, debt restructuring, forbearance on loan repayments, relaxation of standard regulations and initiatives. In the United States, packages of more than $2 trillion have already been announced, in addition to a reduction in Federal Reserve lending rates and liquidity support to keep markets operating. In Europe, the larger economies have announced stimulus measures in excess of 1 trillion Euros. Additionally, even larger packages are expected.&nbsp;</p>



<p>As developed countries put in place programs to compensate workers for lost wages for staying at home for social distancing, another problem has emerged &#8212; fiscal distancing.</p>



<p>Think for a moment what this means for Africa.&nbsp;</p>



<p>The African Development Bank estimates that COVID-19 could cost Africa a GDP loss between&nbsp;$22.1 billion (see attached Bank report), in the base-case scenario, and $88.3 billion in the worst-case scenario. This is equivalent to a projected GDP growth contraction of between 0.7 and 2.8 percentage points in 2020. It is even likely that Africa might fall into recession this year if the current situation persists.</p>



<p>The Covid-19 shock will further squeeze fiscal space in the continent as deficits are estimated to widen by 3.5 to 4.9 percentage points, increasing Africa&#8217;s financing gap by an additional $110 to $154 billion in 2020.&nbsp;</p>



<p>Our estimates indicate that Africa&#8217;s total public debt could increase, under the base case scenario, from $1.86 trillion at the end of 2019 to over $2 trillion in 2020, compared to $1.9 trillion projected in a no-pandemic scenario. These figures could reach $2.1 trillion in 2020 under the worst-case scenario.</p>



<p>This, therefore, is a time for bold actions. We should temporarily defer the debt owed to Multilateral Development Banks and International Financial Institutions. This can be done by re-profiling loans to create fiscal space for countries to deal with this crisis.&nbsp;&nbsp;</p>



<p>That means that loan principals, due to International Financial Institutions in 2020, could be deferred. I am calling for temporary forbearance, not forgiveness. What&#8217;s good for bilateral and commercial debt must be good for multilateral debt.</p>



<p>That way, we will avoid moral hazards, and rating agencies will be less inclined to penalize any institution on the potential risk to their Preferred Creditor Status.&nbsp; The focus of the world should now be on helping everyone, as a risk to one is a risk to all. There is no coronavirus for developed countries and a coronavirus for developing and debt stressed countries. We are all in this together.&nbsp;&nbsp;</p>



<p>Multilateral and bilateral financial institutions must work together with commercial creditors in Africa, especially to defer loan payments and give Africa the fiscal space it needs. We stand ready to support Africa in the short term and for the long haul. We are ready to deploy up to $50 billion over five years in projects to help with adjustment costs that Africa will face as it deals with the knock-on effects of COVID-19, long after the current storm subsides.&nbsp;</p>



<p>But more support will be needed. Let&#8217;s lift all sanctions, for now. Even in wartime, ceasefires are called for humanitarian reasons. In such situations, there is a time to pause for relief materials to reach affected populations. The novel coronavirus is a war against all of us. All lives matter. For this reason, we must avoid fiscal distancing at this time. A stitch in time will save nine.&nbsp;&nbsp;</p>



<p>Social distancing is imperative now. Fiscal distancing is not.&nbsp;&nbsp;&nbsp;</p>



<p></p>



<hr class="wp-block-separator"/>



<p><a href="#_ftnref1">[1]</a>&nbsp;(<a href="https://www.odi.org/publications/384-impact-economic-sanctions-health-well-being" target="_blank" rel="noreferrer noopener">https://www.odi.org/publications/384-impact-economic-sanctions-health-well-being</a>, page 15)</p>



<p><a href="#_ftnref2">[2]</a> (<a href="https://www.ghsindex.org/" target="_blank" rel="noreferrer noopener">https://www.ghsindex.org/</a>)</p>



<p><a href="#_ftnref3">[3]</a> AEO 2020&nbsp;<a href="https://www.afdb.org/en/knowledge/publications/african-economic-outlook" target="_blank" rel="noreferrer noopener">https://www.afdb.org/en/knowledge/publications/african-economic-outlook</a>)</p>



<p><a href="#_ftnref4">[4]</a> (AEO 2020&nbsp;<a href="https://www.afdb.org/en/knowledge/publications/african-economic-outlook" target="_blank" rel="noreferrer noopener">https://www.afdb.org/en/knowledge/publications/african-economic-outlook</a>)</p>



<p><a href="#_ftnref5">[5]</a> <a href="https://www.opec.org/opec_web/en/press_room/5870.htm" target="_blank" rel="noreferrer noopener">https://www.opec.org/opec_web/en/press_room/5870.htm</a>&nbsp;&#8211; <a href="https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html">https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html</a></p>


adesina

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing


<p>CAPE TOWN (Reuters) &#8211; Italy’s Saipem has been awarded a contract in Equatorial Guinea worth $90-$100 million to build a 70 km subsea pipeline linking the Alen platform with the Punta Europa petrochemical hub, the oil ministry said on Thursday.</p>



<p>Gas deliveries from the project, operated by Noble Energy, are expected to begin in early 2021, Oil Minister Gabriel Obiang Lima said in a statement. </p>



<p>The pipeline will serve offshore gas fields and have a capacity for 950 million cubic feet of gas per day as Equatorial Guinea looks to extend the life of its liquefied natural gas (LNG) production assets.</p>



<p>“We anticipate that this contract, which is being approved exceptionally under the given circumstances, will contribute immensely to improving the performance of local businesses and the creation of employment,” Obiang Lima said.</p>



<p>Equatorial Guinea, a small West African member of the Organization of the Petroleum Exporting Countries, derives more than 90% of its foreign revenue from oil and gas.</p>



<p>The pipeline forms part of plans to link various offshore gas fields to onshore LNG facilities and turn the island of Bioko into a gas processing hub.</p>



<p>Reporting by Wendell Roelf; editing by Muralikumar Anantharaman and Jason Neely <br></p>


Saipem wins $100 million Equatorial Guinea pipeline contract, what you need to know…


<p>By: Mateus Magala, Vice-President of Corporate Services and Human Resources at the African Development Bank</p>



<p>Economic reforms, a burgeoning middle class and regional diversity against the background of the new African Continental Free Trade Area &#8211; are making Africa’s Portuguese-speaking countries a hotspot for investor interest. Additionally, new tools – such as the Development Finance Compact for Lusophone Africa – give investors and lenders more comfort to enter into these markets.</p>



<p>The six African countries called “PALOPs”, their
Portuguese acronym – Angola, Cabo Verde, Guinea-Bissau, Equatorial Guinea,
Mozambique and São Tomé e Principe – are very diverse. They range from
Equatorial Guinea, Africa’s richest country per capita, to lower income economies;
from Angola’s and Mozambique’s populations of over 30 million to Cabo Verde’s
and São Tomé’s, of less than one million; and from southeastern Africa to the
northwest of the continent.</p>



<p>These states also share important traits. They have a
common heritage and language. As independent states, they have fostered trade ties
with Portugal and Brazil, among others.&nbsp;
And, most importantly for our current consideration they have all
recognized that they must do more to unleash the potential of the private
sector in their countries.&nbsp; The private
sector here faces constraints, ranging from lack of affordable financing to
difficulties in project preparation. The good news is that the PALOP governments
are determined to tackle these issues – with the help of their partners, such
as the African Development Bank. </p>



<p>In November 2017, Bank President Akinwumi Adesina
visited Lisbon for discussions on how Portugal and the Bank could work in a more
integrated manner. Out of this meeting emerged a vision for a new partnership,
one that is open to other partners: the Development Finance Compact for
Lusophone Africa.&nbsp; Signed at the November
2018 Africa Investment Forum, its goal is very simple: to accelerate the
diversified, sustainable and inclusive growth of the private sector in the six
PALOPs. And it is completely focused on transactions to deliver practical
results on the ground. </p>



<p>How does the Lusophone Compact propose to do this? Put simply, it is
results-based and focused on two types of interventions: financing and risk
mitigation from the partners for specific private sector and public-private
sector partnership (PPP) investments in the PALOPs; and technical assistance
projects that enable the private sector or specific investments, such as project
preparation and access to finance. It is operationalized through
country-specific Compacts, with concrete targets, that have been signed for
each PALOP. </p>



<p>For its part, Portugal
has made available €400 million in guarantees in 2019 to back Bank financing
for private sector and PPP projects in the PALOPs.&nbsp; And the Bank is contributing its own
financing as well as resources for the administration of the Lusophone
Compact.&nbsp; Additionally, it is important
to stress that the PALOPs themselves are equal partners in this initiative:
they have a responsibility to work on enabling the private sector investments
in their countries, and the Compact also seeks to leverage intra-PALOP
investments and sharing of best practices.&nbsp;
Finally, we are encouraged that other states and development finance
providers want to join or partner with the Lusophone Compact.</p>



<p>This brings me back to
the initial point: <strong>now is the time to invest in Lusophone Africa</strong>. </p>



<p>Angola and Equatorial
Guinea have both embarked on ambitious programs to diversify their economies
away from natural resources. Mozambique, which is beginning to receive massive
investments related to the natural gas sector, also recognizes the need to grow
sectors like agribusiness and industry, to increase employment.&nbsp; Cabo Verde, already a middle-income country,
is seeking to diversify its economy too – attracting new types of tourists
while also growing its fishing and agribusiness sectors. São Tomé e Principe
and Guinea-Bissau, members of the Alliance of Small Island States, seek
sustainable investments that both promote growth and deal with their exposure
to climate change, including through the so-called “blue economy”.&nbsp; &nbsp;</p>



<p>All of these countries
are determined to increase trade, both among themselves and within their
regions, which include Africa’s largest economies. </p>



<p>That is why the PALOP’s
are eyeing the 2019 Africa Investment Forum – the unique investment marketplace
for regional investments, pioneered by the African Development Bank last year.</p>



<p>A specific panel on <strong>Investing
in Lusophone Africa</strong> at this year’s Forum will shine the spotlight on these
opportunities. And, just as last year, numerous Board Room sessions will
involve projects in the PALOPs – including at least four that are eligible
under the Lusophone Compact. </p>



<p>The African Development Bank is proud to be part of
this new dawn for the continent’s Portuguese-speaking economies. And we invite
you to join us. </p>


Op-Ed: It’s time to invest in Portuguese-speaking African countries, here’s why

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<p>For regional integration to be successful in the Central African region there must be strong political commitment. This is according to Ousmane Dore the Director General of the Central Africa Regional Development and Business Delivery of the African Development Bank. He joined CNBC Africa to discuss the opportunities for regional integration in central Africa.</p>


A call to strengthen regional integration in Central Africa through trade

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<p>The African Development Bank is very active in Egypt as the Bank is funding a lot of projects in the country. This is according to Tarek Amer, Governor of the Central Bank of Egypt who discussed this and more with CNBC Africa&#8217;s Esther Awoniyi.</p>


Egypt Central Banker Tarek Amer on working towards a unified African central bank

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<p>Capacity challenges are what has hindered the development Agenda in Africa. This is according to Emmanuel Nnadozie, Executive Secretary, African Capacity Building Foundation who discussed this and more with CNBC Africa&#8217;s Godfrey Mutizwa.</p>


Emmanuel Nnadozie: Africa needs to strengthen its public institutions

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<p>The African Development Bank has funded many drastic reforms in Egypt which have yielded good results and put the country back on track. This is according to Yacine Fal, DDG, North Regional Development of the African Development Bank who discussed this and more with CNBC Africa&#8217;s Godfrey Mutizwa.</p>


AfDB’s North Africa investment outlook

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<p>In a bid to create a competitive and inclusive agribusiness sector on the continent, the African Development Bank launched the feed Africa strategy in 2016. CNBC Africa&#8217;s Esther Awoniyi caught up with Jennifer Blanke, AFDB&#8217;s Vice President for Agriculture, Human and Social Development to discuss the Feed Africa Strategy.</p>


AfDB’s Jennifer Blanke on the Feed Africa Strategy

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<p>Infrastructure and industrial development are essential to regional integration in Africa. CNBC Africa&#8217;s Esther Awoniyi caught up with Pierre Guislain, VP, Private Sector, Infrastructure, and industrialisation at the AfDB.</p>


Addressing regional connectivity challenges in Africa

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<p>Southern African countries have to get the macroeconomic fundamentals right in order for integration to happen in the region. This is according to Kapil Kapoor, the DG, Regional Development, AfDB who discussed this and more with CNBC Africa&#8217;s Godfrey Muizwa.</p>


AfDB: Job creation remains the single biggest priority for Southern Africa

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<p>The theme of the African Development Bank&#8217;s 54th Annual Meetings, Regional integration for Africa&#8217;s prosperity is long overdue. This is according to Andrew Chimphondah, CEO/MD Shelter Afrique Center who discussed this and more with CNBC Africa&#8217;s Esther Awoniyi.</p>


Shelter Afrique’s Andrew Chimphondah on affordable housing solutions

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<p>The African Development Bank&#8217;s Africa Investment Forum is targeting about $50 billion worth of pledges in its second outing later this year. Stella Kilonzo, Senior Director, Africa Investment Forum at the AfDB joined CNBC Africa&#8217;s Godfrey Mutizwa for an update on the forum and more.</p>


AfDB’s Africa Investment Forum targets $50bn in pledges

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<p>The Lusophone Compact is a financing platform which provides risk mitigation, investment products and technical assistance to accelerate private sector development in Lusophone African countries. CNBC Africa&#8217;s Esther Awoniyi caught up with Mateus Magala, VP, Corporate Services and Human Resources at the AfDB to discuss this and more.</p>


AfDB’s Mateus Magala on the Lusophone Compact initiative

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<p>The African Development Bank recently launched the Urban and Municipal Development Fund to scale up interventions in urban development and drive sustainable growth in cities across Africa. CNBC Africa&#8217;s Esther Awoniyi caught up with Raymund Furrer, Ambassador, and Delegate, Swiss Government for Trade agreements to discuss this and more.</p>


AfDB, Swiss govt partner to build sustainable cities in Africa

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<p>In partnership with the African Development Bank, the Bill and Melinda Gates Foundation has announced the availability of African Development Financial Inclusion facility. CNBC Africa’s Godfrey Mutizwa spoke to the Deputy Director for Payments at the Bill and Melinda Gates Foundation, Konstantin Peric to discuss this and more.</p>


Equatorial Guinea

Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

OPEC’s JMMC appoints Nigeria’s petroleum minister special envoy

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing

Saipem wins $100 million Equatorial Guinea pipeline contract, what you need to know…

Op-Ed: It’s time to invest in Portuguese-speaking African countries, here’s why

A call to strengthen regional integration in Central Africa through trade

Egypt Central Banker Tarek Amer on working towards a unified African central bank

Emmanuel Nnadozie: Africa needs to strengthen its public institutions

AfDB’s North Africa investment outlook

AfDB’s Jennifer Blanke on the Feed Africa Strategy

Addressing regional connectivity challenges in Africa

AfDB: Job creation remains the single biggest priority for Southern Africa

Shelter Afrique’s Andrew Chimphondah on affordable housing solutions

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Advertise With Us

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