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The Goldenberg scandal was a massive financial fraud in Kenya during the Daniel Arap Moi administration, estimated to have cost the country between US $600 million and US $1 billion. The scheme utilized a fake gold and diamond jewellery export operation to claim illegal export compensation and siphoned funds through the Central Bank of Kenya (CBK) and various commercial banks, including the specifically created Exchange Bank. The fraud was facilitated by senior government officials who granted Goldenberg International Limited monopoly rights and preferential subsidies. The resulting economic instability led to rapid money supply growth, high inflation, and the collapse of several banks in 1993. Despite a 2003 Commission of Inquiry, the document notes the difficulty in prosecuting the perpetrators due to political interference.

The South Sudan Defence Force (SSDF) is a fragmented coalition of militias and former SPLM/A fighters that provides critical security for Sudan's oil fields and government-held towns in the south. Despite its strategic importance, the SSDF was omitted from the September 2003 Framework Agreement on Security Arrangements, which recognized only the Government of Sudan (GoS) and the SPLM/A. This exclusion, combined with the GoS's policy of dividing southern forces and the SPLM/A's reluctance to acknowledge the SSDF's military capacity, threatens the viability of the peace process. The report highlights ongoing violence in Western Upper Nile and among the Shilluk community as evidence of the instability caused by the lack of south-south reconciliation.

The document details an interview with Al-Sadig al-Mahdi, who argues that the bilateral peace talks between the Sudanese government and the SPLM/A are insufficient. He advocates for an 'IGAD Plus' approach that incorporates 'new forces'—including marginalized minorities and armed resistance in Darfur—and a transition to a religiously neutral, democratic constitution. Al-Mahdi proposes a strategic alliance between the Umma Party and the SPLM/A to ensure a united, democratic Sudan, while criticizing the National Islamic Front (NIF) and the historical role of the US in supporting regional dictatorships.

The EIB is a central financial institution for EU relations with developing countries, particularly those in the ACP region. While it operates under the Cotonou Agreement, the document argues that the EIB prioritizes economic and technical evaluations over sustainable development and poverty eradication. The report highlights significant gaps in public information and project evaluation, noting that many venture capital operations lack public scrutiny. It recommends that the EIB adopt international standards like the Millennium Development Goals, implement mandatory public consultations, and establish an independent inspection mechanism for affected communities.

The briefing paper examines the risks of including a WTO supremacy clause in the draft POPs Convention, specifically in article N bis. It argues that such a clause would subordinate environmental goals to trade rules, undermine existing WTO environmental exceptions, and inappropriately grant the WTO dispute settlement body final authority over environmental policy. The author contends that the POPs negotiations are the correct forum for balancing trade and environmental measures and that existing international treaty interpretation laws make a supremacy clause unnecessary.

The paper examines the limitations of short-term economic rescue measures in East Africa following Covid-19, advocating for a shift toward 'fiscal democracy' and 'civil protection' to address systemic vulnerabilities. It highlights how high public debt, illicit financial flows (IFFs), and a lack of public participation in fiscal policy undermine economic sustainability. The author calls for human rights-based approaches to tax justice and a return to civic education to empower citizens to hold governments accountable for service delivery and resource management.

The document highlights that just 1% of Kenya's superhot rock geothermal resource could provide 131 GW of energy capacity, far exceeding the country's projected 2050 electricity demand of 63,694 GWh. It argues that this technology could replace coal imports, reduce land-use footprints compared to other renewables, and leverage Kenya's existing geothermal expertise to foster economic growth and decarbonization.

The Raising Risk Awareness (RRA) project focused on applying extreme event attribution to understand the role of climate change in specific weather events in Ethiopia, India, and Kenya, while using the Surging Seas tool to assess coastal flooding risk in Bangladesh. The project sought to bridge the gap between science, communication, and policy to improve disaster risk management in developing countries.

The report examines Kenya's path toward a low-carbon economy, highlighting that while a net-zero transition offers economic opportunities and green jobs, it risks marginalizing vulnerable groups—particularly women, youth, and informal workers—if not managed inclusively. It analyzes sector-specific risks in agriculture, energy, transport, industry, forestry, waste, and tourism, noting that while Kenya has a robust legal framework via the Climate Change Act (2016), just transition objectives are not yet mainstreamed into primary development plans like Vision 2030. The document advocates for stakeholder engagement, social protection, and gender-sensitive policies to ensure the transition reduces existing inequalities rather than compounding them.

The Just Transition Planning Masterclass provided a platform for stakeholders from Kenya, Ghana, Namibia, and Uganda to explore how to manage the socio-economic disruptions of sustainable development transitions. The program combined webinars and an in-person workshop in Nairobi to discuss the definition of a 'just transition', the role of standalone frameworks versus integrated policies, and the impact of colonial resource extraction on current fiscal and governance capacities. Key findings highlight significant barriers to implementation, including a lack of disaggregated data for impact analysis, difficulties in accounting for the informal economy, and limited funding for the social components of transition, such as stakeholder dialogue and re-skilling. The report concludes with a set of best practices for developing holistic impact understandings, enabling participatory decision-making, and ensuring policy cohesion through co-created justice indicators.

Black carbon (BC), or soot, is a potent short-lived climate pollutant resulting from incomplete combustion of fossil fuels and biomass. It causes significant respiratory and cardiovascular diseases, contributing to millions of excess deaths annually, particularly in low- and middle-income countries. Economically, BC exposure and reliance on unclean cooking fuels cause trillions of dollars in losses. Climatically, BC warms the atmosphere by absorbing solar energy and accelerates ice melt in the Arctic and Himalayas by reducing albedo. The report argues that reducing BC emissions—especially through clean cooking fuels in sub-Saharan Africa and transportation improvements in urban areas—would prevent millions of premature deaths, reduce deforestation, and help limit global warming to 1.5°C.

The document examines the European Investment Bank's (EIB) involvement in development projects, particularly in Africa, the Caribbean, and the Pacific (ACP) under the Cotonou Agreement. It highlights a gap between the EIB's financial activities and the EU's sustainable development and poverty eradication goals, noting a lack of transparent project evaluations and public consultation. The text concludes with recommendations for the EIB to adopt binding sustainability criteria and establish an independent inspection mechanism.

The document outlines FSD Africa's commitment to integrating ES&I considerations into its financial operations to avoid harm and create positive development impact. It details a systems approach via an Environmental and Social Performance Management (ESPM) system, a gender-intentional lens for investing, and a comprehensive exclusion list for prohibited activities, including specific fossil fuel restrictions.

Persistent Energy Capital provides equity and venture-building support to small, under-resourced green companies in Sub-Saharan Africa, starting with investments as low as $50,000. To date, the fund has invested $23 million across 23 companies in 22 countries, contributing to the elimination of 1.4 million tons of CO2 and the creation of over 21,700 jobs. With support from FSD Africa Investments (FSDAi), Persistent is currently raising a US$100 million Africa Climate Venture Builder Fund to expand its reach into sectors such as agritech, circular economy, waste management, and water and sanitation.

The 'Kit d’Outils d’Obligations Verte Afrique' is a practical guide developed by FSD Africa and the Climate Bonds Initiative (CBI) to support the issuance of green bonds in Africa. It outlines the structural similarities between green and conventional bonds, while detailing the specific requirements for environmental benefit allocation, transparency, and reporting. The document explains global benchmarks such as the Green Bond Principles (GBP) and the Climate Bonds Standard (CBS), and provides a step-by-step issuance process including pre-emission preparation and post-emission verification. It also highlights successful case studies from South Africa, Kenya, and Nigeria to demonstrate investor demand and the role of credit guarantees in local market mobilization.

The document examines the requirements for building onshore financial centres in Africa capable of competing with established conduits like Mauritius. It identifies Mauritius and Johannesburg as the most compelling current jurisdictions, while noting the ambitions of Rwanda and Kenya. It also highlights the potential role of donors in providing technical assistance to ensure international best practice in regulatory structures.

The Youth Enterprise Grants (YEG) pilot project is a two-year intervention providing approximately $1,200 in grants and a smartphone to over 1,000 youth (aged 18-35) in the Mathare slum of Nairobi, Kenya. The project aims to test whether capital injections and digital access can shift youth from casual labor to sustainable self-employment. Initial findings indicate a significant increase in self-employment, rising from 37% to 64% among recipients, and a marked improvement in financial status, with over 75% reporting income increases beyond the grant value. While smartphones are critical for market knowledge and client acquisition via social media, specialized money management apps like Touch Doh saw limited use. The project also highlights a strong preference for 'illiquidity' in savings to prevent spending, often achieved through informal groups or M-Shwari.

The YEG pilot project provided approximately $1,200 in grants and a smartphone to over 1,000 youth (aged 18-35) in Mathare, Nairobi, to encourage business investment. Findings show a significant shift from casual labour to self-employment, with the proportion of self-employed recipients increasing from 37% to 79%. While smartphones were critical for market access and business operations via social media and M-PESA, the project noted high device attrition due to theft and loss. The study concludes that unconditional cash transfers via mobile money are highly feasible and effective for urban youth, though long-term success is often hindered by external shocks and a lack of basic services rather than a lack of business skills.

The report examines the role of fund domiciles in Sub-Saharan African private equity, highlighting the dominance of Mauritius due to its tax efficiency and legal stability. While there is growing interest in onshore alternatives—particularly in South Africa, Kenya, Nigeria, and Morocco—the report finds that the high standards of legal, regulatory, and tax frameworks in offshore centres create a significant barrier to entry. It argues that donors should focus on strengthening the broader business environment and supporting private equity investment in SMEs rather than solely attempting to replicate administrative offshore hubs.

The report argues that African cities face a critical choice between unsustainable 'business-as-usual' urban sprawl and a '3CR' model (compact, connected, clean, and resilient). Using economic modelling for 35 major cities in Ethiopia, Kenya, and South Africa, it demonstrates that while incremental investments of US$280 billion are needed by 2050, the net present value of benefits is significantly positive. It identifies systemic barriers—including poor municipal creditworthiness and restrictive national laws—and proposes four national enabling mechanisms and six specific financial instruments to unlock private and public capital.