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Global Coalition Launches $500m to Accelerate SDGs Target
By Mathew Dadiya, Abuja
A coalition of private and public sector organisations, including United Nations entities, non-governmental organizations, and a private equity firm, yesterday in Davos, Switzerland, announced the launch of SDG500a new investment platform to help achieve the Sustainable Development Goals (SDGs).
This USD$500 million investment platform was the first-of-its-kind dedicated to helping achieve the SDGs.
SDG500 will offer an exposure to six different underlying funds. Each of these funds is or will be managed by impact asset manager Bamboo Capital Partners.
The funds would use debt and equity to invest at Seed, Series A and Series B stages in hundreds of businesses in emerging and frontier markets. SDG500 aims to address the ‘missing middle’ financing gap that affects entrepreneurs in these markets, where growth is constrained by a lack of access to follow-on financing.
The funds would target businesses in the agriculture, finance, energy, education and healthcare sectors across Africa, Asia, Latin America, and the Caribbean and Pacific regions.
There would also be a gender-lens focus and some of the funds will specifically invest in businesses that empower and provide jobs for women.
The funds composing the SDG500 platform each include a catalytic first loss layer designed to encourage and protect senior tranches of funding.
Initial sponsors of the catalytic layers of the funds of SDG500 include the European Union, the African, Caribbean and Pacific Group of States, the Governments of Luxembourg, Togo and Tunisia, CARE and the Alliance for a Green Revolution in Africa.
The International Trade Centre has joined forces with CARE to establish the CARE-SheTrades Fund, one of the six Funds comprising the SDG500 Partnership, which will provide financing to businesses promoting gender equality through actions in the workplace, supply chain, women’s entrepreneurship and gender responsive products.
With a target size of $75 million, a senior tranche of $60 million and $15 million as first loss, the CARE-SheTrades Fund will generate an expected rate of return of 7.5% to harness the power of the private sector in pursuit of SDG 5 on gender equality.
The underlying six funds are: the ABC Fund, an impact investment vehicle targeting smallholder farmers and small and medium agribusinesses in developing countries; BUILD, a fixed income fund aimed at early stage enterprises in the Least Developed Countries; the CARE SheTrades Fund, a gender lens fund which will use debt and equity to invest in businesses in Asia; BLOC SmartAfrica and BLOC Latin America, venture capital funds targeting technology enterprises in Africa, Latin America and the Caribbean respectively; and HEAL, a venture capital fund investing in healthtech businesses in emerging and frontier markets.
The financing gap to achieve the SDGs in developing countries is estimated to be US$2.5 trillion per year. To achieve the SDGs by 2030, more innovative and sustainable financing solutions are required. The launch of the initiative will be announced at the “SDG500 Roundtable” which takes place today in Davos, on the sidelines of the World Economic Forum Annual Meeting.
Dorothy Tembo, ITC’s acting Executive Director, said:’
The SDG500 platform will immediately target businesses in the agriculture, finance, energy, education, and healthcare sectors in Africa, Asia and Latin America – turbo boosting progress towards the SDGs. Importantly, the fund has a gender focus and will invest in businesses that empower and provide jobs for women – including through the participation of ITC’s innovative SheTrades initiative, which aims to connect three million women entrepreneurs to market by 2021. We welcome the launch of this groundbreaking endeavour.’
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Don’t Diminish Your Influence by Your Actions, Shehu Sani Tells NASS Members
A former member of the Senate, Shehu Sani, has cautioned the National Assembly against allowing its influence to be diminished by its actions.
Sani stated this while speaking at the opening of the National Assembly Legislative Aides’ Forum (NASSLAF) Week on Tuesday in Abuja.
The pro-democracy activist also urged the legislators to selflessly live up to their responsibilities, for the good of the country.
According to him, a subservient posture by the legislature is not in the interest of the country, warning that such can impede good governance and undermine democracy.
Sani compared the current national assembly with the Eighth Assembly, led by Sen.
Bukola Saraki, praising it (Eighth Assembly) for standing firm against executive’s overreach.He observed, with dismay, that the powers of the national assembly appeared to be eroded with time.
“In our time, it was unthinkable for heads of MDAs to ignore our summons. They understood the gravity of our oversight functions,” he said.
Sani warned that the current assembly risked becoming a “rubber stamp” for the executive, sacrificing its independence and weakening democratic checks and balances.
Sani, therefore, cautioned the lawmakers against prioritising their personal gains over their constitutional responsibilities.
“This institution needs respect. If you turn yourselves into stooges, you will lose that respect. Our era defended legislative independence, but it came at a cost,” he said.
The former senator further stated that their insistence on doing the right thing birthed frosty relationships with the executive and caused delay in bills’ passage, warning that excessive cooperation was dangerous, as it could breed tyranny.
Sani cited instances where heads of MDAs openly challenged lawmakers during oversight functions, a behaviour which, he said, would not have been tolerated by previous assemblies.
“The senate president must ensure that nominees for appointments and executive proposals undergo serious scrutiny. This is not a place for automatic approval,” he stated.
Sani reminded the lawmakers that their primary duty was to serve Nigerians, not the presidency.
Sani also acknowledged what he called the vital but often over-looked roles of legislative aides, describing them as the backbone of the legislature, instrumental to drafting laws and policies for the country’s governance. (NAN)
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Court Remands Man, 50, for Alleged Unlawful Possession of Gun
An Iyaganku Magistrates’ Court, Ibadan, on Tuesday remanded a 50-year-old man, Ismaila Aborode, in a correctional facility for allegedly being in possession of a gun, life and expended cartridges.
Aborode, whose address was not provided, was charged with unlawful possession of firearms.
The Magistrate, Mrs Gladys Oladele did not take the plea of the defendant for want of jurisdiction.
She directed the police to return the casefile to the Director of Public Prosecution (DPP) for legal advice.
She adjourned the case until Jan. 7, 2025, for mention.
The Prosecutor, Sgt. Samuel Owolabi told the court that the defendant allegedly committed the offence on Nov.
30, about 5.00 p.m, in Olede area of Ibadan.Owolabi said the defendant unlawfully possessed one locally made double barrel gun, one life cartridge and one expended cartridge, without lawful authority.
He said the offence contravened Section 3 of the Robbery and Firearms Laws of Nigeria, 2004. (NAN)
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Police Trust Fund Begins Construction of Divisional Station in Kogi
From Joseph Amedu, Lokoja
The Nigerian Police Trust Fund has commenced the construction of a modern Divisional Police station to enhance the security of Ekin-Adde community in Ijumu Local Government area (LGA) of Kogi.
The Executive Secretary, the Nigerian Police Trust Fund, Alh.
Mohammed Seidu, who performed the Groundbreaking over the weekend in Ekinrin-Adde, said the project would enable police personnel to have a good working environment towards a more secure society.According to him, Kogi is strategically located at the Centre of Nigeria and Ijumu LGA borders four States, and it is key to locate such a divisional station in the area.
He commended the Inspector General of Police (IGP), Kayode Egbetokun for his continued support in the agency’s efforts to strengthen and provide better welfare and good working conditions for the Nigerian Police.
This, he said, had been enabling the police personnel to perform effectively in protecting the lives and property of the people.
He assured that such a project would be relocated nationwide across the 36 States of the federation including FCT.
Seidu urged the contractor to do a quality job and ensure strict compliance with the specified standard, and deliver the project within the timeframe of four months.
In his remarks, the Kogi Commissioner of Police, Bethrand Onuoha said the command was happy for the gigantic project as it would take security closer to the people at the grassroots.
“You can see that this area actually requires more security presence, and when this project is completed it will attract larger personnel to this place.
“A good working and enabling environment will bring out the best in our personnel. On our side, we are going to redouble our efforts to make sure this area is safe and secured,” Onuoha said.
The CP stressed that the police and other security agencies are committed to doing their best to make sure that Kogi remains safe especially during this festive season.
The Chairman of Ijumu LGA, Alh. Haruna Ibrahim, commended the police trust fund for the gesture, and promised to support and create an enabling environment for the success of the project.
In his address, the Olu-Ade of Ekin-Adde, HRM, Oba Anthony Bamigbaiye commended the police trust fund for the gesture, saying it was a thing that the community had been yearning for.
The royal father noted that the community with over 25,000 populations had only one policeman to secure the entire community.
He stressed that the divisional station would foster economic development and security of lives and property of the people in his domain and the entire Ijumu LGA.
The traditional ruler specifically appreciated the Executive Secretary of the police trust fund being an indigene of the community for facilitating the project to boost the security of lives and property of the people.
The Project Contractor, Alh. Toyin Abubakar of RASWAS Nig. Ltd promised to execute a quality job and delivered within the timeframe by the end of March 2025