Sergey Lavrov is scheduled to go to Ethiopia

 

Some officials of the country said that Sergey Lavrov is scheduled to go to Ethiopia.

 

 

Demeke Mekonnen and Sergey Lavrov in  Moscow

Russia's foreign minister Sergey Lavrov will be in Ethiopia on 26 and 27 July and is expected to meet with several ambassadors to the

Lavrov will be in Ethiopia to meet African Union leaders and Ethiopian government officials in Addis Ababa.

Deputy Prime Minister and Foreign Minister H.E. Demeke Mekonnen met with Russian Foreign Minister H.E. Sergei Lavrov in Moscow, Russia on June 23, 2021.

During the meeting, the two sides vowed to strengthen the bilateral relations, especially in education, capacity building, science and technology.

They stressed the need to expedite the implementation of agreements that have been reached so far and called for the speedy signing of agreements in other areas that the two countries have agreed to expand engagements.

According to Ethiopian and Russian Foreign Minister offices , the discussion between the two sides was fruitful and ended with their affirmation of commitment to continue the historic relationship between Ethiopia and Russia in various fields.

 

UN and WB Explore Developing the Sovereign Green, Social, and Sustainable Bond Market in Africa

The United Nations and World Bank Jointly Announced that They are Exploring Developing the Sovereign Green, Social, and Sustainable Bond Market in Africa

 

Addis Ababa, 19 July 2022 – The United Nations Economic Commission for Africa (ECA) and the World Bank co-organized on July 19, 2022, a virtual workshop on the development of the Green, Social and Sustainable (GSS) sovereign bond market in Africa.

Innovative financing solutions are needed for countries across Africa to achieve their ambitious climate investment goals and meet the Paris Agreement commitments. In the context of prudent debt management, GSS bonds can constitute a central part of the financing strategy for sovereigns and subnational entities to fund both mitigation and adaptation investments.

Hanan Morsy, ECA's Deputy Executive Secretary, said, "ahead of this year's COP27 held in Egypt, Africa faces a mixed landscape for achieving climate ambitions and NDCs. We urgently need the 100 billion USD per annum promise to be realized, while we need a new financing target which will mobilize the trillions needed. 

GSS bonds play a critical role in tapping into resources at the international capital markets to unleash the potential of the green and blue economy in Africa. ECA is supporting member states under various initiatives, such as the Great Blue Wall, the Liquidity and Sustainability Facility, and debt-for-nature swaps, to graduate from the aid dependencies by leveraging market-based innovative finance instruments.

Global issuances of GSS debt reached $1.6 trillion in 2021. This was more than double the level in 2020, evidencing the surge in investor interest. However, Africa is not yet taking full advantage of the market.

"Less than 50 thematic bonds have ever been issued across Africa, and just five of these were from a sovereign. Sustainable finance, combined with sound debt management, represents a strategic way to raise the needed funds to respond to the pandemic in a way that also is resilient. Unlocking the potential for sovereign GSS bonds in Africa can only be achieved by clarifying market expectations and overcoming the knowledge gap. 

The World Bank, in coordination with ECA, is working on a capacity-building program to support clients in the region that will shed light on the opportunities of GSS market development." said Jorge Familiar, World Bank Vice President, and Treasurer.

Jean-Paul Adam, Director, Technology, Climate Change and Natural Resources Management Division at ECA, said “Africa faces multiple challenges posed by the COVID19 pandemic, climate change, and the recent Ukraine crisis. 

While the ability to mobilize predictable grant resources from traditional concessional finance remains a crucial element in dealing with those challenges, the private sector can also play a conducive role to bridge the financing gaps. Currently, Africa is paying more than twice the price than countries with similar macroeconomic fundamentals. 

There is a need to provide Africa with affordable and stable sustainable financing, as sustainable finance markets are critical to addressing 'Africa's ambitions and achieving Agenda 2063 and the 2030 Agenda. ”

There is very strong interest from potential sovereign issuers of GSS bonds. In a recent World Bank Treasury survey of emerging market debt management offices (DMOs) and international investors across all regions, over 75 percent of DMOs intend to issue GSS bonds. These DMOs saw strong potential benefits of tapping the GSS bond market to diversify the investor base, signal a commitment to sustainability, build a local market to motivate private sector issuers, and attract international investors. 

International investors highlighted several reasons for their interest in thematic bonds, including achieving ESG impact, developing the thematic bond market, diversifying their portfolios, and serving their investors' and shareholders' direct business interests. The surveys show strong alignment between issuers and investors that thematic bonds can be essential instruments to finance the vast investments required to meet NDC and SDG ambitions.

"There is a great potential opportunity for sovereigns to tap investor demand for GSS assets both internationally and domestically. However, there are challenges that DMOs cited in issuing GSS bonds, including understanding the principles and standards for GSS bonds, the cost and intricacies of the issuance process, and difficulty identifying eligible expenditures and projects. At the moment, there are strong headwinds for emerging markets in the capital markets, but this may allow time to prepare and build capacity when the time is right to issue GSS bonds", said James Seward, Senior Financial Officer at the World Bank Treasury.

During the workshop, technical experts discussed the importance of building awareness and exploring the potential issuance of GSS bonds in Africa by sovereign issuers or subnational entities. The panel focused on practical experiences in issuing GSS bonds, the challenges, and solutions for developing successful GSS bond programs. 

The panelists also discussed new market trends such as the inflation-linked green bond issuance from France and the Colombia local currency twin green bond issuance. Finally, participants shared on-the-ground experiences and lessons from the recent Egypt green bond and Benin SDG bond and the plans for future issuances by panel participants.

The World Bank and ECA thanked all the participants for their contribution and involvement during the workshop.

 

EHRC call for government to protect, respect and guarantee human rights at all times

In a first of its kind Human Rights Situation Report on Ethiopia EHRC submitted to the House of Peoples’ Representatives.

 

EHRC Chief Commissioner Daniel Bekele

In the report submitted to the House of Peoples’ Representatives (Parliament) the Ethiopian Human Rights Commission (EHRC) indicates that the report includes encouraging measures taken and issues requiring urgent solutions identified through the Commission’s monitoring, investigation, awareness raising, studies/assessments and other activities that it carried during the just concluded Ethiopian fiscal year.

Underlining that the current context in the country makes for fast changing and developing factors and circumstances, the Commission notes in its report that several human rights violations have been committed during the reporting period.

The report details a number of grave human rights violations committed both by state and non state actors in the context of conflict that resulted in widespread deaths, psychosocial and physical injury, sexual and gender based violence, displacement and destruction of property, targeting civilians, including women, children, older persons and persons with disability and carried out in extreme brutality and cruelty.  

In the context of the war in Ethiopia, all parties to the conflicted have committed serious international human rights and humanitarian law violations against civilians. In areas where the conflict took place, the right to live, the right to security of person, the right to justice, the right not to be subjected to cruel, inhuman and degrading treatment and/or punishment have been violated by government forces, Tigray forces and other armed groups. 

Although a large number of victims of these violations are civilians, captured members of parties to these conflicts have also been subjected to these violations. In other regions of the country, in some police stations and irregular places of detention, detainees have been subject to unlawful treatment, extended pre-trial detention and beatings. 

In connection with the state of emergency that was in force for a time during the period covered by the report, and in many parts of the country, widespread arbitrary and unlawful detentions, detentions in irregular places of detention, denying of visitation rights and extended pre-trial detentions have taken place. 

In addition, in some areas, court orders have been ignored and people have continued to be detained despite and in violation of court bail orders and even after prosecution has dropped charges.

While, in many parts of the country, nearly all of the persons detained in connection with the state of emergency have been, in Afar Region, nearly 9000 residents of ethnic Tigray origin were rounded up and removed from Kilbeti Resu Zone in December, 2021 and remain, as of the date of publication of this report, held against their will in two camps in Semera city (Agatina and Semera Camps). 

Afar security authorities claim the move was part of a drive to “ensure their safety and to facilitate the investigation and identification of persons that took part in criminal activities”. 

The report also indicates that the limited access to/provision of humanitarian and medical care in the camps.

In Afar, Amhara and Tigray regions where the conflict took place, interruption of basic services, the destruction of health and education facilities as well as on private property, the interruption of productive activities in many of these areas and large scale displacement caused by the conflict are all adding to the negative impact on socio-economic rights, including the right to food, health and education. \

In Oromia and Somali regions, the drought in some parts of the regions have stretched the capacity of government and nongovernment organizations to provide humanitarian assistance.

Over 4 million internally displaced persons still await durable solutions and depend on humanitarian assistance, the availability and other aspects of which are themselves impacted by the overall human rights situation in the country; an impact which is also felt by host communities. 

In similar vein, the report also stresses that the rights women, children, older persons and persons with disability need the urgent and deliberate attention of government authorities.

With regards to freedom of opinion, thought, expression and the right to seek information the Commission’s monitoring work also found that at various times between the months of July 2021 and May 2022, 54 media personnel, including 15 reported to be in detention in Tigray region, have been arrested and detained for a period ranging from days to months.  

At the July 8, 2022 press conference to officially launch the Human Rights Situation in Ethiopia Report also covers an overall assessment of the 6 National Elections that took place during the concluded fiscal year, findings based on the Commission’s work in handling individual complaints, the situation of persons deprived of their liberty and held in irregular places of detention, police stations and prisons.  

In addition to human rights violations committed by government bodies/authorities, non-state actors are responsible for large scale human rights violations. 

The Commission’s monitoring and investigation work also shows that in the context of the war in Northern Ethiopia and conflicts in other parts of the country, armed groups, non organized groups and individuals have carried out ethnic or religious motivated killings, physical injury, forced displacement and destruction or looting of property against civilians. 

In his foreword to the report, EHRC Chief Commissioner Daniel Bekele notes “It is a reminder that, since political disagreements/instability are at the root of the overall context of war, conflicts and widespread attacks against civilians that Ethiopia finds itself in at this time, political solutions are an inevitable part of sustainable solutions”. 

Adding that the report is based on findings from the Commission’s monitoring and investigation work, advocacy, documentation, assessment, human rights education related activities during the just concluded fiscal year as a result of which it is bound to have temporal, geographic and human rights issues coverage limitations, Daniel Bekele also said “ 

Though this first annual human rights situation report does not purport to be an exhaustive list of incidents of human rights violations, it provides a comprehensive overview of human rights concerns that require immediate and urgent attention. 

As such, and with the recommendations it puts forth, the report is a useful tool for federal and regional governments in particular to review and take corrective measures in their respective area of work.” The Chief Commissioner also indicated that the report also aims to contribute to the work of both national and international organizations. 

The report covers the period between June 2021 and June 2022 (Ethiopian fiscal year) and consists of an overall assessment of the human rights situation in the country; key positive developments, main concerns, challenges and recommendations