Category: Banking

  • MIL-OSI United Nations: Statement by UNFPA Executive Director Dr. Natalia Kanem: Cease the relentless attacks on healthcare in the Middle East

    Source: United Nations Population Fund

    UNFPA, the United Nations sexual and reproductive health agency, strongly condemns the repeated, egregious attacks on healthcare facilities in the Middle East. These attacks cause death and injury and deprive women of their essential right to access reproductive healthcare.

    Just three of the ten hospitals in northern Gaza are operational, and only at minimum capacity. These hospitals face dire shortages of the most basic items. Women, many of them malnourished, are left to give birth under heavy bombardment with little medication.

    An airstrike on a tent camp in the Al Aqsa hospital compound in Deir al Balah earlier this week killed displaced Palestinians simply trying to survive, having lost their homes, schools, businesses and possessions. This was the latest in a long line of attacks on health workers, patients and facilities across Gaza and the West Bank. International humanitarian law and international human rights law must be respected. 

    Time and again, women in Gaza have lost access to essential health services, including emergency obstetric care, prenatal check-ups, and safe delivery facilities, contributing to a drastic increase in pregnancy-related complications and maternal deaths. The obstruction of deliveries of vital medical supplies has further exacerbated the healthcare crisis in Gaza, depriving people of basics like antiseptics, antibiotics and even soap.

    Attacks on healthcare have not been limited to Gaza. Around half of the more than 1,000 attacks on healthcare in the occupied Palestinian territories have taken place in the West Bank, according to WHO.

    Now healthcare is also under fire in Lebanon. As fighting intensifies, attacks on health facilities have killed health workers and patients, and forced almost half of primary health centres in conflict-affected areas to shut down. Lebanon’s healthcare system is already struggling to serve an unprecedented influx of injured people, and these attacks, coupled with existing staff and resource shortages, are pushing it to the brink.

    Healthcare is a fundamental human right. Civilians and civilian infrastructure must be protected. They must never be a target of war. Safe and unimpeded humanitarian access must be allowed to reach all those in need.

    We need peace now.

    MIL OSI United Nations News

  • MIL-OSI China: Financial opening-up, development under spotlight at key forum

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 18 — Heavyweight guests from home and abroad discussed financial opening-up and cooperation as well as economic development on Friday as they gathered in Beijing for the Annual Conference of Financial Street Forum 2024.

    Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said as an important destination for global financial investment, the Chinese capital will move faster to develop a vibrant modern financial system and enhance its capacity to serve national financial management functions.

    Toward that end, efforts will focus on improving financial service facilities, building a financial market system that fosters innovation, strengthening international financial exchanges, and maintaining a safe and sound financial environment, Yin said.

    Pan Gongsheng, governor of the People’s Bank of China, said the central bank will focus on serving high-quality development while strengthening counter-cyclical adjustments through monetary and macroprudential policies.

    The central bank will work to make financial support policies more targeted and effective, create a favorable monetary and financial environment for stable economic growth and structural adjustments, and steadily push forward financial opening up, said Pan.

    Li Yunze, head of the National Financial Regulatory Administration, said the administration will guide financial institutions to increase financial supply, improve resource allocation, and accelerate the flow of funds, therefore fully supporting the country’s economic recovery.

    Regarding the capital market, Wu Qing, chairman of the China Securities Regulatory Commission, said the regulator will deepen capital market reform, and improve institutions and mechanisms that promote the high-quality development of listed companies and strengthen the market’s intrinsic stability.

    Fu Hua, president of Xinhua News Agency, said media should move to create a favorable “soft” environment with boosted market confidence. Boosting trust and confidence is particularly of great significance when the Chinese economy is at a critical stage of overcoming challenges, he told the forum.

    Fu said Xinhua will make every effort to amplify the “main theme” of economic development, and contribute new and greater strength to advancing Chinese modernization through high-quality financial development.

    Zhu Hexin, head of the State Administration of Foreign Exchange, said the administration will make solid efforts to deepen reform and promote high-standard opening up in the field of foreign exchange.

    Work will be done to improve the opening up of capital accounts, enhance the evaluation of policies and communication with the market, and boost regulation and risk control capabilities, according to Zhu.

    Agustin Carstens, general manager of the Bank for International Settlements, said via video link that as a key engine for global growth, the strengthening of China’s domestic demand will benefit the world, inject fresh momentum into the global economy and safeguard global monetary and financial stability.

    Themed “Trust and Confidence — Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth,” this year’s conference is jointly hosted by the People’s Government of Beijing Municipality, the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency, and the State Administration of Foreign Exchange.

    MIL OSI China News

  • MIL-OSI USA: Press Release: First Bank & Trust Co., Duncan, OK, Acquires Insured Deposits of The First National Bank of Lindsay, Lindsay, OK

    Source: US Federal Deposit Insurance Corporation FDIC

    WASHINGTON – The First National Bank of Lindsay, Lindsay, Okla., was closed today by the Office of the Comptroller of the Currency (OCC), which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with First Bank & Trust Co. Duncan, Okla., to assume the insured deposits of The First National Bank of Lindsay.

    The sole office of The First National Bank of Lindsay will reopen as a branch of First Bank & Trust Co. during its normal business hours on Monday, October 21, 2024. Depositors of the failed bank will automatically become depositors of First Bank & Trust Co. The insured deposits assumed by First Bank & Trust Co. will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

    All customers of The First National Bank of Lindsay will have access to their insured deposits.  Over the weekend, customers of The First National Bank of Lindsay can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

    In addition, based on the estimated recoveries of the failed bank assets, the FDIC will make 50 percent of uninsured funds available to those depositors on Monday, October 21, 2024. This amount could increase as the FDIC sells the assets of the failed bank.

    As of June 30, 2024, The First National Bank of Lindsay reported total assets of $107.8 million and total deposits of $97.5 million. Approximately $7.1 million of the deposits exceeded FDIC insurance limits; this amount is likely to change once the FDIC obtains additional information from customers.

    Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-314-1744 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m., CT; on Sunday from 12:00 p.m. to 6:00 p.m., CT; Monday from 8:00 a.m. to 8:00 p.m., CT; and thereafter from 9:00 a.m. to 5:00 p.m., CT.

    All customers who would like more information on today’s transaction can call the toll-free number or visit the FDIC’s website.

    Beginning Monday, depositors of The First National Bank of Lindsay with more than $250,000 at the bank may visit the FDIC’s webpage “Is My Account Fully Insured?” to determine their insurance coverage.

    First Bank & Trust Co. agreed to assume the insured deposits for a 6.67 percent premium. It will also purchase approximately $20 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

    The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $43 million. The estimate will change over time as the assets are sold. Alleged fraud caused the failure of the bank and cost to the DIF.

    The First National Bank of Lindsay is the second bank to fail in the nation this year. The last bank failure was Republic First Bank, in Philadelphia, Penn. on April 26, 2024. The last failure in Oklahoma was The Freedom State Bank, in Freedom, Okla. on June 27, 2014.

    ###

    MEDIA CONTACT: 
    mediarequests@fdic.gov

    FDIC: PR-92-2024

    MIL OSI USA News

  • MIL-OSI Canada: Minister Hussen concludes visit to Türkiye and United Arab Emirates focused on Canada’s humanitarian assistance

    Source: Government of Canada News (2)

    The Honourable Ahmed Hussen, Minister of International Development, today concluded a 2-day visit to Türkiye and the United Arab Emirates. The visit focused on Canada’s humanitarian assistance in the region and was an opportunity for the Minister to see and hear first-hand from humanitarian partners, how assistance is being delivered to vulnerable civilians in Lebanon, Gaza, and the West Bank.

    October 18, 2024 – Ottawa, Canada – Global Affairs Canada

    The Honourable Ahmed Hussen, Minister of International Development, today concluded a 2-day visit to Türkiye and the United Arab Emirates. The visit focused on Canada’s humanitarian assistance in the region and was an opportunity for the Minister to see and hear first-hand from humanitarian partners, how assistance is being delivered to vulnerable civilians in Lebanon, Gaza, and the West Bank.

    The Minister re-emphasized the need for Canadians to leave Lebanon and met with partners in the region who have been assisting over 1,200 Canadians and permanent residents to leave Lebanon to safety. Canada has also helped citizens of partnering countries leave Lebanon over the past several weeks. While in Istanbul on Thursday, Minister Hussen met with the Consuls General of these countries and with airport authorities and staff at the Consulate General of Canada, to thank them for their tremendous contribution in helping with these efforts.

    On Friday, Minister Hussen travelled to Dubai Humanitarian – the world’s largest centre for the distribution of humanitarian relief items – where he saw some of Canada’s humanitarian relief stockpile and toured the warehouses of the International Federation of Red Cross and Red Crescent Societies (IFRC) and UNHCR, the UN Refugee Agency. Canada has donated 5,000 blankets and 1,000 hygiene kits to support impacted people in Lebanon through the Red Cross Red Crescent Movement. He also met with humanitarian partners to discuss their work in Gaza, the West Bank, and Lebanon, as well as shared concerns over humanitarian access and the distribution of assistance.

    Canada reiterates its call for an immediate ceasefire and for a political solution to the conflict through diplomatic efforts. The increasingly dire humanitarian situation is unacceptable. In particular, the risk of famine persists across the whole Gaza Strip due to the decrease of aid allowed into Gaza. An increase in humanitarian aid is desperately needed to end this suffering.

    “The humanitarian situation in the Middle East is catastrophic and unsustainable, with widespread displacement in Lebanon and the risk of famine in Gaza. Canada continues to actively pursue all avenues with our partners on the ground to alleviate the suffering of those most impacted by this humanitarian crisis. We call for the rapid, safe, and unimpeded access of humanitarian relief in accordance with international humanitarian law.”

    – Ahmed Hussen, Minister of International Development

    MIL OSI Canada News

  • MIL-OSI: Lara Ramsey Named President of National Bankshares, Inc. and The National Bank of Blacksburg

    Source: GlobeNewswire (MIL-OSI)

    BLACKSBURG, Va., Oct. 18, 2024 (GLOBE NEWSWIRE) — National Bankshares, Inc. is pleased to announce the promotion of Lara E. Ramsey to President of the Company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey has been with the Company since 1996, most recently as Executive Vice President and Chief Operating Officer. During her career at National Bankshares she has led the Company’s Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiative functions.

    The Company’s current President and Chief Executive Officer, F. Brad Denardo, will continue to serve as Chairman and Chief Executive Officer of the bank and holding company.

    A native of Lebanon, Virginia, Ms. Ramsey is a graduate of Radford University with a dual bachelor’s degree in Psychology and Economics and a master’s degree in Industrial and Organizational Psychology. She is also a graduate of the Virginia Bankers Association’s School of Bank Management, the American Bankers Association’s Stonier Graduate School of Banking, The New River Valley Leadership program, and is a certified Senior Professional in Human Resources.

    President and CEO F. Brad Denardo commented, “We are very proud of Lara, and we are excited to see her assume this key leadership role in our organization. Over the past 28 years, Lara’s contributions have been pivotal to the growth and success of our Company. She has a deep understanding of banking and of our Company’s unique role in the communities we serve. Her experience and leadership stand to greatly benefit our stakeholders and continue our core commitments to customer service and shareholder value.”

    Ms. Ramsey serves on the Radford University Alumni Association Board of Directors and the Radford University Athletic Foundation Board of Directors. She is a past Board Member of both the United Way of the New River Valley and the Montgomery County Chamber of Commerce. Ms. Ramsey resides in Radford with her husband, Sean. The couple have an adult son, Benjamin, who is currently pursuing a master’s degree at Virginia Tech.

    National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of The National Bank of Blacksburg, which does business as National Bank, and of National Bankshares Financial Services, Inc. National Bank is a community bank operating from 27 full-service offices, primarily in southwest and central Virginia, and two loan production offices in Roanoke and Charlottesville, Virginia. National Bankshares Financial Services, Inc. is an investment and insurance subsidiary in the same trade area. The Company’s stock is traded on the Nasdaq Capital Market under the symbol “NKSH.” To learn more about National Bankshares, Inc. at http://www.nationalbankshares.com.

    For more information, contact:
    Eric Robinson
    Marketing & Communications Officer
    540-951-6276

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1cde3e1-b3cb-4c57-9ce8-3fa2d02e7916

    The MIL Network

  • MIL-OSI Canada: Bank of Canada interest rate announcement and release of the Monetary Policy Report

    Source: Bank of Canada


















  • MIL-OSI Canada: Press Conference: Monetary Policy Report – October 2024

    Source: Bank of Canada


















  • MIL-OSI: Council of Federal Home Loan Banks Hails FHFA Report Highlighting Impact Delivered by Federal Home Loan Banks

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 18, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank System (FHLBank System) today hailed a report published by the Federal Housing Finance Agency (FHFA), regulator of the FHLBank System, indicating that the FHLBanks contributed a total of more than $581 million in Affordable Housing Program and community development grants in 2023.

    FHFA’s 2023 Targeted Mission Activities Report highlights the FHLBanks affordable housing and community development activities last year, demonstrating that the FHLBanks delivered $446.9 million in AHP funds, including $35.2 million in voluntary AHP spending. Additionally, the report indicates the FHLBanks delivered $134.6 million in additional voluntary grant funding for a total of more than $581 million in funding for affordable housing and community development in 2023.

    In the press release announcing the report, FHFA Director Sandra Thompson is quoted as saying the FHLBanks “assisted close to 65,000 low- or moderate-income households and supported more than 400 targeted economic development projects in 2023.” She is further quoted saying “I am encouraged to see the Federal Home Loan Banks pursue creative and innovative approaches to addressing local housing needs through the voluntary programs they undertake in addition to meeting their obligations under the Affordable Housing Program.”

    Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, said the report stands as a strong indicator of how dedicated the 11 FHLBanks are to working with their members and within their districts to meet the needs of local communities.

    “Over the last two years the FHLBanks have taken tremendous steps to help address the housing supply and affordability issues plaguing the country,” said Donovan. “This report clearly shows the positive impact and responsiveness of the 11 FHLBanks to the needs of their members and the communities they serve. We are grateful to FHFA for publishing the report and we look forward to continuing to work with the agency, financial regulators, and other stakeholders to develop innovative and workable solutions to the nation’s housing finance needs.”

    In response to feedback the FHLBanks heard during FHFA’s comprehensive review of the System, the FHLBanks voluntarily agreed in early 2023 to contribute 15 percent of the prior year’s net earnings to affordable housing and community development, a 50 percent increase from the statutorily required 10 percent. Based on 2022 net earnings, the FHLBank System was assessed $355.2 million for AHP in 2023, as noted in FHFA’s report. The $581 million in AHP and voluntary contributions in 2023 represent a total of more than 16 percent, or more than 60% above the statutory minimum.

    About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

    CONTACT INFORMATION
    Council of FHLBanks
    Peter E. Garuccio
    202-955-0002 ext. 14
    pgaruccio@cfhlb.org

    The MIL Network

  • MIL-OSI Russia: Financial News: Inflation Remains High in September Despite Decline in Year-On-Year Rate in Most Regions

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The annual price growth slowed in September in 76 regions, most significantly in Sakhalin Oblast and the Chechen Republic.

    The annual growth rate of food prices has slowed most noticeably. Sugar has become cheaper than a year ago, while fruit and vegetable products and eggs have risen more slowly.

    The annual growth in prices for non-food products, in particular for cars, household appliances and electronics, has decreased.

    The annual increase in prices for services remained almost as high as in August. Foreign tourism has increased in price the most over the year.

    For more information on inflation in each region, seeinformation and analytical materials, published on the website of the Bank of Russia.

    Preview photo: Yuri Smityuk / TASS

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21101

    MIL OSI Russia News

  • MIL-OSI Video: President Lagarde presents the latest monetary policy decisions – 17 October 2024

    Source: European Central Bank (video statements)

    Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.

    Listen to President Christine Lagarde present today’s decisions. The statement also covers:
    • how the economy is performing
    • how we expect prices to develop
    • the risks to the economic outlook
    • the dynamics behind financial and monetary conditions

    Published and recorded during our press conference on 17 October 2024

     Our monetary policy statement at a glance, 17 October 2024
    http://www.ecb.europa.eu/press/press_conf…_october.en.html

    Christine Lagarde, Luis de Guindos: Monetary policy statement, 17 October 2024
    http://www.ecb.europa.eu/press/press_conf…ad385bab.en.html

    Monetary policy decisions, 17 October 2024
    http://www.ecb.europa.eu/press/pr/date/20…366eaf20.en.html

    Combined monetary policy decisions and statement, 17 October 2024
    http://www.ecb.europa.eu/press/pr/date/20…366eaf20.en.html

    European Central Bank
    http://www.ecb.europa.eu/home/html/index.en.html

    You can also listen on all major podcast platforms.

    https://www.youtube.com/watch?v=80Y0OGxq2Bg

    MIL OSI Video

  • MIL-OSI United Kingdom: New Chair appointed to lead Senior Salaries Review Body

    Source: United Kingdom – Executive Government & Departments

    Lea Paterson announced as Chair of the Senior Salaries Review Body.

    Today, Thursday 17 October 2024, the Government has announced that Lea Paterson will be the new Chair of the Senior Salaries Review Body (SSRB).

    Lea brings extensive experience from public policy, regulation, HR and financial journalism. She has held a number of senior roles at the Bank of England, including serving as the Bank’s Executive Director of People & Culture, and as the organisation’s first Director of Independent Evaluation. 

    Lea is currently a Board Member at the Independent Parliamentary Standards Authority, an independent member of Warwick University’s Remuneration Committee, and a Civil Service Commissioner. She also holds a number of voluntary and community roles. 

    As Chair of the SSRB, Lea will provide strong leadership at a senior level and a clear direction of the policy, financial and operational levers that impact on remuneration decisions, especially in the public sector. 

    The SSRB provides independent advice to the Prime Minister and senior ministers on the pay of many of the nation’s top public servants. 

    The SSRB’s remit covers senior civil servants, the judiciary, the senior military, certain senior managers in the NHS, Police and Crime Commissioners and chief police officers.

    This is a Prime Ministerial appointment with Cabinet Office being the sponsoring department. The appointment process for this role was in full accordance with the Commissioner for Public Appointments’ Code of Practice.

    The Rt Hon Pat McFadden, Chancellor of the Duchy of Lancaster, said: 

    Congratulations to Lea on her appointment as Chair of the Senior Salaries Review Body. 

    This role requires someone with financial expertise, strong leadership skills and dedication to public service, and Lea’s skills and experience across many relevant fields will be invaluable. 

    I wish her the best of luck in her new role.

    Lea Paterson, incoming Chair of the Senior Salaries Review Body, said: 

    I’m delighted to have been appointed as Chair of the Senior Salaries Review Body.  

    I’m looking forward to working with colleagues to deliver independent, evidence-based advice that not only helps to attract and retain great talent for our public services, but also ensures value for money for the taxpayer.   

    I would also like to thank the outgoing Chair Pippa Lambert for her sterling leadership of the SSRB.

    Ends

    Updates to this page

    Published 17 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Video: Marrakesh Coffee: Anabel González

    Source: World Trade Organization – WTO (video statements)

    In the second episode of Marrakesh Coffee, Anabel González, former WTO Deputy Director-General and now Vice President for Countries at the Inter-American Development Bank, takes us down memory lane—from her early days to unforgettable moments at the WTO. She also shares her insights on today’s trade challenges and explores the concept of re-globalization.

    https://www.youtube.com/watch?v=vrFLU6iYICU

    MIL OSI Video

  • MIL-OSI USA: Major Solar Milestone Achieved a Year Early

    Source: US State of New York

    Governor Kathy Hochul today announced that 6 gigawatts (GW) of distributed solar have been installed across New York, marking the early achievement of the State’s Climate Leadership and Community Protection Act statutory goal a year ahead of schedule. The solar power generation, which benefits homes, business owners and off-takers of community solar projects, is enough to power more than a million homes, underscoring New York’s leadership in growing one of the strongest distributed solar markets in the nation.

    “Today we celebrate the early achievement of New York’s 6-GW milepost, which brings us one step closer to a reliable and resilient zero-emission grid,” Governor Kathy Hochul said. “Distributed solar is at the heart of reducing greenhouse gas emissions, expanding the availability of renewable energy, and delivering substantial benefits for our health, our environment, and our economy.”

    New York State Energy Research and Development Authority (NYSERDA) President and CEO Doreen M. Harris made the announcement at a distributed solar project in the Town of New Scotland. The project, developed by New Leaf Energy and owned by Generate Capital, includes a 5.7-megawatt solar array that will produce 6.7 million kilowatt-hours of solar energy annually, enough to power nearly one thousand homes. The project participates in the Solar for All pilot program with utility partner National Grid where the energy harnessed by this project benefits low-income households.

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “As the top community solar market in the nation, New York State has provided a replicable model for others to deliver clean, low-cost renewable energy to more consumers. Our public-private partnerships are the catalysts which have helped us to achieve our 6-GW goal well ahead of target, trailblazing New York’s path to an equitable energy transition.”

    With the achievement of New York’s 6-GW goal—which is underpinned by support from the State’s signature $3.3 billion NY Sun initiative—distributed solar is generating enough energy to power more than a million homes and businesses across the state, including those in disadvantaged communities. The expeditious achievement of the 6-GW goal has also generated approximately $9.2 billion in private investment across New York.

    To date, solar projects in New York have created more than 14,000 solar jobs statewide, from engineering and design to installation. In addition, New York requires all solar projects more than 1 megawatt (MW) in size to pay prevailing wages, further supporting the opportunity to advance family sustaining clean energy jobs across New York.

    In anticipation of the success, three years ago Governor Hochul directed NYSERDA and the Department of Public Service to expand the goal to 10 GW by 2030. With 6 GW now complete, New York continues to be ahead of schedule for reaching the expanded 10-GW goal with almost 3.4 GW already in development.

    New York State Public Service Commission Chair Rory M. Christian said, “Hitting this 6 GW milestone is an important accomplishment, and all involved in this endeavor deserve a round of applause. This is further evidence that distributed solar is a critically important piece of the equation and, through Governor Hochul’s leadership, we are well on our way to creating a clean energy economy.”

    New York Power Authority President and CEO Justin E. Driscoll said, “Today’s milestone is a testament to the power of strong partnerships in advancing distributed solar projects across New York State. As we work together to expand the deployment of solar energy, NYPA is committed to working with municipalities, school districts, and state entities to build a portfolio of projects that reduce greenhouse gas emissions and provide energy savings for our customers.”

    Generate Capital Investments Managing Director Peggy Flannery said, “Customers and consumers are asking for access to clean energy, and New York state is listening. We’re very excited to have helped New York reach six gigawatts of solar and deliver the benefits of clean energy to the community. Generate operates 69 projects and counting in New York, and this celebration is another proof point of our successful efforts in serving developers, customers, and local communities and accelerating the clean energy transition.”

    New Leaf Energy Director of Policy and Business Development Sam Jasinski said, “New Leaf is honored to be celebrating this impressive milestone with the many State and local agencies, towns, fellow industry members, and utilities that made it happen. It shows real progress towards meeting New York’s nation-leading clean energy goals. And while we’re incredibly proud of the work and partnerships that have led to this achievement, we’re more excited that it can be repeated and multiplied. With the State’s continued leadership, we’re confident we can get to 10 GW and beyond.”

    New York is the national leader in community solar deployments, allowing renters, low-income residents, and others who cannot install their own panels to benefit from solar energy. In 2023, New York ranked first in the nation in total installed community solar capacity. Last year was also the state’s most productive year ever for solar installations, with 885 MW of capacity installed.

    Through NY-Sun, New York is making it much easier for low-income households to benefit from solar projects through the first of its kind Solar for All pilot program. The Solar for All program, which is administered through NYSERDA, allows solar project developers to partner with National Grid to provide additional bill savings to low-income customers in their Energy Affordability Program (EAP). The Public Service Commission has approved an order to replicate NYSERDA’s Solar for All pilot program statewide, including solar projects in National Grid, ConEdison, Orange and Rockland, New York State Electric and Gas, Central Hudson Gas & Electric, and Rochester Gas and Electric utility territories.

    The statewide Solar for All program delivers an electric bill credit to EAP customers. The long-term program design is driving continued community solar and storage growth and directs the benefits of that growth to New York State’s low-income residents.

    Building on this effort, in April 2024, NYSERDA was selected to receive nearly $250 million from the United States Environmental Protection Agency (EPA) Solar for All program to enhance New York State’s existing portfolio of highly successful and effective solar deployment, technical assistance, and workforce development programs for the benefit of over 6.8 million residents that live in low-income households and disadvantaged communities. As part of the grant funding, the New York State Housing and Community Renewal, the New York City Department of Environmental Protection, and New York City Housing Preservation and Development, will also implement new programs that target specific barriers to solar deployment for this population.

    Clean solar energy reduces the need for fossil fuel-based power generation while producing less harmful emissions, resulting in cleaner air and improved public health.

    New York Solar Energy Industries Association Executive Director Noah Ginsburgh said, “New York has achieved its 2025 rooftop and community solar goal ahead of schedule and under budget, and we’re just getting started. Distributed solar projects are lowering New Yorkers’ electric bills, providing tax revenue to local governments, and employing thousands of workers across the Empire State. NYSEIA congratulates Governor Hochul, the legislature, NYSERDA, the Public Service Commission, the solar industry, and all New Yorkers on this important milestone.”

    Coalition for Community Solar Access Northeast Regional Director Kate Daniel said, “The Coalition for Community Solar Access (CCSA) congratulates the Empire State on reaching this impressive milestone. We are tremendously proud of the large role community solar has played in achieving the first Climate Act requirement ahead of schedule. The 6 GW of rooftop and community solar operating today in New York means direct bill savings for millions of customers, good-paying jobs and economic benefits to host communities, and millions of tons of reduced greenhouse gas emissions. We look forward to continued growth in New York’s community solar programs to help New York on its way to the remaining Climate Act goals.”

    State Senator Kevin Parker said, “The installation of six gigawatts of distributed solar energy is a giant step to meeting the state’s renewable energy goals and a major win for clean energy development, the environment and New York’s disadvantaged communities. I applaud Governor Hochul and NYSERDA for taking strong action to ensure New York is a national leader in solar energy production and making tremendous progress toward the goals under the CLCPA.”

    State Senator Neil Breslin said, “This program spreads the economic opportunities of solar power beyond corporate investors to local homeowners, property owners and small businesses. It is an increasingly important part of the clean energy mix New York State, and our nation, needs to leverage.”

    Assemblymember Patricia Fahy said, “Meeting New York’s ambitious climate mandates under the nation-leading CLCPA is not a question of if – but when. Today’s announcement showcases New York’s commitment to responsibly building out solar energy to help us transition to clean energy and reduce emissions that are driving costly extreme-weather events for too many communities across the state. Climate change is the transcendent threat of our time, and we are already paying for it. I couldn’t be prouder to see the Town of New Scotland right here in the 109th District leading the way to ensure that New York’s clean energy future is bright, affordable, and within reach.”

    New Scotland Town Supervisor Douglas LaGrange said, “As a Climate Smart Community, the Town of New Scotland is proud to have been a part of seeing this project come to fruition. We are equally proud that we can do our part to help reach Governor Hochul’s goals for renewable energy in New York State.”

    New York League of Conservation Voters President Julie Tighe said, “The state reaching its goal of 6GW of installed distributed solar is an important reminder that, with strong leaders like Governor Hochul and NYSERDA President Dorreen Harris, we are capable of tackling difficult challenges. And as the climate crisis grows more urgent by the day, there is no more important challenge than transitioning to a clean energy economy, which is why we must increase the pace of our renewable energy development and double down on our efforts to meet all of our CLCPA obligations, including by continuing to increase the distributed solar goal as we exceed initial targets.”

    Vote Solar Northeast Director Elena Weissmann said, “Distributed solar is a key component of NY’s decarbonization mandate, and promises cleaner air, good jobs, and lower energy bills for New Yorkers. As we celebrate this remarkable milestone – a year ahead of schedule – we must seize this opportunity to double down on what’s working so well. This moment is a testament to the power of distributed solar and a call to accelerate deployment of solar for our homes and communities, so that communities across the State can harness the benefits of a clean energy future.”

    National Grid’s Chief Operating Officer for Electric Brian Gemmell said, “Today’s announcement is an important next step in our ongoing efforts to build a smarter, stronger, cleaner electric grid that delivers reliable power for all New Yorkers. Greater access to renewable generation resources like solar power not only advances the state’s clean energy goals, but also helps secure long-term economic stability. We appreciate the partnership of Governor Hochul, NYSERDA, and all the other stakeholders who share our commitment to ensuring a safe, reliable, and accessible energy future.”

    New York State’s Nation-Leading Climate Plan

    New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

    MIL OSI USA News

  • MIL-OSI USA: Warren, Bowman, 30+ Lawmakers Urge Biden to Continue Bold Executive Action to Lower Housing Costs

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 17, 2024
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time.”
    Text of Letter (PDF)
    Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jamaal Bowman (D-N.Y.) led a letter with over 30  lawmakers to President Joe Biden praising him for his actions to confront the housing crisis and proposing additional executive actions to lower the cost of housing.
    “Under your leadership, the Biden-Harris Administration has taken important steps to protect renters from predatory corporate landlords and to make home purchases and refinancing more affordable,” wrote the lawmakers. “But there is even more that can be done using executive agencies’ existing statutory authority.”
    The lawmakers recommend the Administration and federal agencies take the following actions:
    Price Gouging Protections: In order to safeguard tenants from rising rents at the hands of corporate landlord who have been caught price gouging their tenants, FHFA can condition all Fannie Mae and Freddie Mac multifamily loans on a set of price gouging protections, source of income protections, anti-eviction regulations, and habitability and accessibility improvements.
    Tackling Junk Fees: To address the hidden junk fees that can create thousands of dollars in additional costs for renters and homeowners, the Federal Trade Commission (FTC) should finalize its proposed rule to ban junk fees and continue to investigate unfair and deceptive practices by corporate landlords. Additionally, the Consumer Financial Protection Bureau (CFPB) should address anticompetitive closing costs and junk fees, lowering closing costs for home mortgages and making homeownership more accessible.
    Lowering Credit Report Costs: As the Fair Isaac Corporation (FICO) enjoys a near monopoly in the credit scoring market, the Department of Justice (DOJ) should investigate whether the company is violating antitrust law, and the CFPB should explore potential remedies to exploding credit reporting costs, including a cap on fees that credit reporting agencies can charge and interoperability requirements that would allow consumers to move their credit scores without new fees.
    Promoting Housing Development on Federal Property: Federal agencies can work to reform Title V of the McKinney-Vento Homeless Assistance program, so that federal property can more easily be leased by affordable housing providers who are serving people experiencing homelessness.
    Right now, the United States is facing a severe affordable housing crisis, with an estimated gap of 7.3 million housing units affordable and available to the lowest-income households.
    Already, the Biden-Harris Administration has taken bold steps to protect tenants from predatory corporate landlords, including the Blueprint for a Renters Bill of Rights, rent-hike protections in Low-Income Housing Tax Credit properties, and support for anti-price-gouging measures in properties owned by corporate landlords. The Administration has also worked to increase housing supply, including through grants to incentivize the production of affordable housing and more.
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time and take swift action to create more housing and lower housing costs for Americans everywhere,” concluded the lawmakers.
    The letter is also signed by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Edward J. Markey (D-Mass.), Christopher Murphy (D-Conn.), Bernard Sanders (I-Vt.), Peter Welch (D-Vt.), and Representatives Alma Adams (D-N.C.), Becca Balint (D-Vt.), Cori Bush (D-Mo.), André Carson (D-Ind.), Greg Casar (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Raúl M. Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Barbara Lee (D-Calif.), Summer Lee (D-Pa.), James P. McGovern (D-Mass.), Alexandria Ocasio-Cortez (D-N.Y.), Ayanna Pressley (D-Mass.), Katie Porter (D-Calif.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Rashida Tlaib (D-Mich.), Nydia Velázquez (D-N.Y.), Bonnie Watson Coleman (D-N.J.), and Nikema Williams (D-Ga.).
    This letter was endorsed by the Tenant Union Federation, National Housing Law Project, National Low Income Housing Coalition, National Homelessness Law Center, and Americans for Financial Reform.
    Senator Warren has long led the fight to make housing more affordable for families and has held companies accountable for their role in exacerbating housing costs:
    In September 2024, Senators Warren (D-Mass.) and other lawmakers demanded answers from corporate landlords in Massachusetts allegedly using rent-hiking algorithms.
    In August 2024, Senators Warren (D-Mass.) and Catherine Cortez Masto (D-Nev.), sent letters to each of the 11 Federal Home Loan Banks (FHLBanks) urging them to contribute at least 20% of their net income to affordable housing and other critical community grant programs.
    In July 2024, Senators Warren and Raphael Warnock (D-Ga.), and Representative Emanuel Cleaver (D-Mo.) reintroduced the American Housing and Economic Mobility Act, the landmark legislation to tackle the housing crisis, bring down costs for renters and buyers, and help working families everywhere find a decent place to live at a decent price. 
    In July 2024, Senator Warren and Representative Sara Jacobs led Senator Tim Kaine, Senator Jon Ossoff, Representative Ro Khanna, and Representative James Moylan in calling out the Department of Defense (DoD) for failing to protect military families living in military housing operated by private companies under the Military Housing Privatization Initiative (MHPI).
    In June 2024, Senator Warren sent a letter to the Federal Housing Finance Agency (FHFA) urging the agency to address our country’s affordable housing crisis by reforming the broken Federal Home Loan Bank (FHLB) System.
    In May 2024, Senator Warren reintroduced the Public Housing Emergency Response Act to address the estimated $70 billion backlog of maintenance and repairs in our nation’s public housing, which would allow tenants to live in safe conditions and ensure that, as we fight to end the housing crisis by expanding the supply of affordable housing, we are not losing existing units to disrepair.
    In April 2024, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, U.S. Senator Warren called out the Federal Home Loan Banks (FHLBs) for failing to deliver on their mission to provide affordable housing as the country faces a housing crisis.
    In January 2024, Senator Warren, John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse sent a letter to Federal Reserve (Fed) Chair Jerome Powell, calling on the Fed to reverse its troubling interest rate hikes that have driven mortgage rates to 20-year highs and have put affordable housing out of reach for too many Americans.
    In March 2023, Senators Elizabeth Warren, Ed Markey, Tina Smith, and Bernie Sanders sent a letter to Jonathan Kanter, Assistant Attorney General of the Antitrust Division at the Department of Justice (DOJ) calling for the DOJ to investigate YieldStar following new findings from their investigation of RealPage’s YieldStar product.
    In January 2023, Senator Warren, and Representative Jamaal Bowman led a letter with 48 lawmakers, urging President Biden to use every tool he has to address rent inflation, end corporate price gouging in the rental market, and ensure that renters and people experiencing homelessness across this country are stably housed this winter.
    In November 2022,  Senators Warren, Tina Smith (D-Minn.), Bernie Sanders (I-Vt.) and Edward J. Markey (D-Mass.) sent a letter to RealPage CEO Dana Jones, expressing concern about RealPage’s algorithmic pricing software, YieldStar, and its role in driving rising rents and exacerbating inflation.
    In August 2022, at a Senate Banking, Housing, and Urban Affairs (BHUA) Committee  hearing, Senator Warren called out corporate landlords’ growing role in the rental market and emphasized the need for a Tenant Protection Bureau to hold corporate landlords accountable and protect renters from extreme rent hikes, illegal eviction, and other predatory practices.
    In May 2022, Senators Warren and Reed sent a letter to Secretary of the Department of Housing and Urban Development (HUD), Marcia Fudge, calling on HUD to preserve homeownership affordability for American families as Wall Street firms expand their activity in the housing market.
    In March 2022, at a BHUA Committee hearing, Senator Warren called out Wall Street’s role in worsening the housing affordability crisis for seniors by buying up manufactured home communities
    In February 2022, Senator Warren called out private equity firms and other big investors for exacerbating inflation and locking families out of affordable housing opportunities. 
    In January 2022, Senator Warren sent letters to the CEOs of three private equity-backed firms—Progress Residential, American Homes 4 Rent, and Invitation Homes —calling out their growing activity in the housing market that has resulted in rent hikes and unaffordable homes for first-time buyers.
    In August 2021, during a hearing exchange with Senator Warren, a Department of Housing and Urban Development nominee committed to consider changes that facilitate sales of distressed homes to homeowners, not private equity firms.
    In July 2021, Senator Warren called on large corporate landlords to avoid needless evictions as the CDC eviction moratorium neared expiration. 
    In May 2021, at a hearing, Senator Warren made the case for her American Housing and Economic Mobility Act, which would create a new housing innovation grant program to reduce exclusionary local zoning laws.
    On April 2021, Senator Warren and Representative Emanuel Cleaver, II (D-Mo.) reintroduced the American Housing and Economic Mobility Act to bring down the costs for renters and buyers, level the playing field so working families can find a decent place to live at a decent price, reduce exclusionary zoning laws, and take a step towards addressing the effects of decades of housing discrimination on communities of color.
    In May 2019, Senator Warren and then-Representative Dave Loebsack (D-Iowa) wrote to the private equity firms behind some of the country’s largest manufactured housing communities to request information about their use of predatory practices to boost profits in the communities they own.

    MIL OSI USA News

  • MIL-OSI USA: Brown Announces New Investment to Address Lead Hazards Across the State

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $5.7 million investment to the state of Ohio to address lead and other health hazards in Ohio homes to protect children and families from the life-long health effects of lead exposure.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investment as a part of their Lead-Based Paint Hazard Reduction grant program to address lead and other health hazards in local homes to protect children and families from lead poisoning.

    MIL OSI USA News

  • MIL-OSI USA: Brown Announces New Investments to Address Lead Hazards in Montgomery County

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $5.5 million investment to help address lead-based paint hazards in Dayton and Montgomery County. This investment will address lead and other health hazards in homes throughout Montgomery County to protect children and families from the life-long health effects of lead exposure, and support partnerships and coalitions in the Dayton area to assess and address lead-based paint hazards threaten families’ health.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investments as a part of their lead-based paint and lead hazard reduction demonstration grant programs.

    Investments from HUD include:

    • $3 million to Montgomery County to address lead and other health hazards in local homes to protect children and families from lead poisoning.
    • $2.5 million to the City of Dayton to build local capacity to address lead hazards safely and effectively in homes throughout the city.

    MIL OSI USA News

  • MIL-OSI USA: Brown Announces New Investment to Address Lead Hazards in Hamilton County

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $3.5 million investment to Hamilton County to address lead and other health hazards in local homes to protect children and families from the life-long health effects of lead exposure.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investment as a part of their Lead-Based Paint Hazard Reduction grant program to address lead and other health hazards in local homes to protect children and families from lead poisoning.

    MIL OSI USA News

  • MIL-OSI USA: Brown Announces New Investment to Address Lead Hazards in Columbus

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $7.6 million investment to the City of Columbus to address lead and other health hazards in local homes to protect children and families from the life-long health effects of lead exposure.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investment as a part of their Lead-Based Paint Hazard Reduction grant program to address lead and other health hazards in local homes to protect children and families from lead poisoning.

    MIL OSI USA News

  • MIL-OSI USA: Brown Announces New Investment to Address Lead Hazards in Summit County

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $13.8 million investment to Summit County to address lead and other health hazards in local homes to protect children and families from the life-long health effects of lead exposure.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investment as a part of their Lead-Based Paint Hazard Reduction grant program to address lead and other health hazards in local homes to protect children and families from lead poisoning.

    Investments from HUD include:

    • $6.1 million to Summit County from HUD’s Lead-Based Paint Hazard Reduction (LHRD) grant program.
    • $7.7 million to the City of Akron from HUD’s Lead-Based Paint Hazard Reduction (LHRD) grant program.

    MIL OSI USA News

  • MIL-OSI Economics: CAF is the first multilateral financial institution to join the Global Alliance against Hunger and Poverty

    Source: CAF Development Bank of Latin America

    On the International Day for the Eradication of Poverty, CAF formally joined the Global Alliance against Hunger and Poverty, an initiative proposed by Brazil during its G20 Presidency, aimed at establishing an international union to combat hunger and poverty worldwide. The announcement was made today by the Executive President of the Institution, Sergio Díaz-Granados, who participated virtually in the event “Reimagining Solutions for Poverty,” held in New York in collaboration with UNDP (United Nations Development Programme). The Minister of Development and Social Assistance, Family, and Fight Against Hunger, Wellington Dias, was also present.

    CAF is the first multilateral financial institution to join the Alliance and, in doing so, commits to making its best efforts to improve the allocation, assignment, and alignment of its resources, including through the coordination and cooperation facilitated by the Global Alliance, to support member countries in the implementation, improvement, or expansion of the execution of selected programs or policy instruments in the Alliance’s reference framework, with the aim of boosting the fight against hunger and poverty in accordance with sustainable financing and implementation strategies led by the countries.

    CAF is ready to act as a regional voice for the Global Alliance, advocating for Latin American and Caribbean solutions to the global challenges of hunger and poverty. We are committed to working closely with the governments of our member countries, including Brazil, to ensure that these initiatives are impactful and aligned with the strategic priorities of each government,” stated Díaz-Granados.

    In recent years, CAF has allocated approximately USD 1.6 billion to initiatives that directly contribute to the fight against hunger and poverty. Our actions have focused on critical areas such as reducing malnutrition, social protection systems, and sustainable rural development. We have also increased investments in sustainable infrastructure and climate-resilient agriculture, essential for promoting food security and economic opportunities for vulnerable communities.

    In the adhesion document, the institution acknowledges that hunger and poverty remain persistent challenges for humanity, which must be addressed through comprehensive and integrated approaches. Therefore, our bank remains committed to aligning its efforts with these specific needs in our region, offering our member countries customized solutions to address their development needs and challenges, including financial services, knowledge, and technical assistance.

    Global Alliance

    The mission of the Global Alliance will be, from its launch until 2030, to support and accelerate efforts to eradicate hunger and poverty, SDGs 1 and 2. Additionally, it will seek to reduce inequalities and contribute to revitalizing global partnerships for sustainable development and achieving other interconnected SDGs, advocating for sustainable, inclusive, and just transition pathways. The Alliance is open to governments, international organizations, knowledge institutions, funds and development banks, and philanthropic foundations.

    MIL OSI Economics

  • MIL-OSI Africa: Joint African Development Bank- Government of Japan Visit to Fund for African Private Sector Assistance (FAPA)-Funded Projects in Ghana

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, October 17, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org) and the Government of Japan recently concluded a joint visit to two projects funded by the Fund for African Private Sector Assistance (https://apo-opa.co/4dOF0oP) (FAPA) in Ghana to assess their impact on stimulating the growth of small businesses and boosting private sector development.

    The Japanese delegation led by Japan’s Deputy Vice Minister of Finance for International Affairs, Mr. Daiho Fujii, together with the African Development Bank’s Executive Director for Japan, Mr. Takaaki Nomoto, were received by the African Development Bank Country Manager for Ghana, Ms. Eyerusalem Fasika. The Delegation engaged with implementing agencies and beneficiaries of two FAPA funded projects – the Ghana SME Business Linkage Program, and Fashionomics Africa Online Platform and Mobile App.

    FAPA, a joint initiative between the Bank and the Japanese government, provides untied grants to support the implementation of the Bank’s Private Sector Development Strategy. Through capacity building and technical assistance, the Fund enhances the business environment, strengthens financial systems, promotes the development of micro, small, and medium enterprises (MSMEs), and facilitates trade across African countries.

    Focusing on the projects’ contribution to Ghana’s broader economic and social development goals, Deputy Vice Minister Fujii reaffirmed Japan’s support to FAPA and the Bank. “My thrill turned into confidence that the Japanese taxpayers’ money via FAPA contributes to motivating the beneficiaries by developing their businesses as micro, small, and medium enterprises (MSMEs), and improving their livelihood and well-being. I was also glad that FAPA projects in Ghana played the catalytic role in applying such models to other African countries and in attracting other donors.”

    Referencing the positive impact of the projects, Fasika emphasized FAPA’s pivotal role in driving inclusive private sector development and economic growth, creating job opportunities, and reducing poverty. She also expressed gratitude for Japan’s continued support and highlighted the importance of the partnership between the Bank and the Government of Japan. “The projects funded by FAPA are clear examples of how strategic partnerships can have a tangible impact on the ground. We are pleased with the progress made and the transformative effects these projects have on local communities (in Ghana),” she stated.

    The visit underscores the continued commitment of the African Development Bank and the Government of Japan to fostering economic growth and strengthening private sector development in Africa through sustainable and impactful investments.

    MIL OSI Africa

  • MIL-OSI Russia: Financial News: Imports Recovered in Q3 After Decline in H1

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The value of imports of goods and services in Q3 2024 increased mainly due to increased domestic demand and a stronger ruble on average over the quarter.

    At the same time, the value of exports of goods and services remained close to last year’s level. Companies changed the directions of deliveries, and this had a positive effect on exports. However, restrictions in a number of foreign countries and a reduction in oil production due to OPEC agreements leveled out this positive effect.

    As a result, with stable exports and expanding imports, the positive balance of the current account of the balance of payments decreased compared to the same period in 2023.

    Read more in the quarterly issue of the information and analytical commentary “Balance of Payments of the Russian Federation”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21097

    MIL OSI Russia News

  • MIL-OSI Banking: The AI opportunity: Updates to our Gemini and Knowledge & Information teams

    Source: Google

    Editor’s note: Today, Google and Alphabet CEO Sundar Pichai shared the following note to employees.

    Hi Googlers, 

    It’s been an exciting few days for AI across our products. We saw NotebookLM with Audio Overviews go viral, added more ways to find information in Search and Lens, and launched a revamped Google Shopping for the AI era. We also just shared a big milestone in our work to help doctors use AI to detect diabetic retinopathy: 600,000 screenings and counting, and we’re expanding access to more people across India and Thailand. There’s a lot more to come.

    AI moves faster than any technology before it. To keep increasing the pace of progress, we’ve been making shifts to simplify our structures along the way, including the creation of Google DeepMind and the joining of the Platforms & Devices teams. As a next step, Prabhakar and I have been thinking through how to structure our Knowledge & Information team for the Gemini era, and today we shared the following changes:

    • The Gemini app team led by Sissie will join Google DeepMind under Demis. As the name suggests, the Gemini app is the direct consumer interface to the latest and greatest Gemini models. Bringing the teams closer together will improve feedback loops, enable fast deployment of our new models in the Gemini app, make our post-training work proceed more efficiently and build on our great product momentum. 
    • The Assistant teams focused on devices and home experiences will move to Platforms & Devices so they can sit closer to the product surfaces they’re building for and bring our AI-powered home initiatives into one team and focus on improving user experience.

    In parallel to this, Prabhakar has decided it’s time to make a big leap in his own career. After 12 years leading teams across Google, he’ll return to his computer science roots and take on the role of Chief Technologist, Google. In this role, he’ll partner closely with me and Google leads to provide technical direction and leadership and grow our culture of tech excellence. Nick Fox, a longtime Googler and member of Prabhakar’s leadership team, will be stepping up to lead K&I, which includes our Search, Ads, Geo, and Commerce products.

    Prabhakar’s leadership journey at Google has been remarkable, spanning Research, Workspace, Ads, and K&I. He led the Gmail team in launching Smart Reply and Smart Compose as early examples of using AI to improve products, and took Gmail and Drive past 1 billion users. Across K&I, Prabhakar and team have achieved significant growth and innovation: from launching AI Overviews, a groundbreaking advancement in Search that benefits hundreds of millions of users worldwide to introducing new search modalities like Circle to Search, video understanding, and “shop what you see” in Lens — all while improving core Search functionality. Maps and Shopping have transformed with AI-driven features like immersive view and virtual try-on. And in Ads, we’ve made real progress with AI-powered ad formats and streamlined campaign management, while continuing to innovate with Performance Max to empower millions of businesses. 

    I’m so grateful to Prabhakar for the strong foundation and leadership bench he’s built across K&I. That includes his incredible senior leaders and Nick who is ready to hit the ground running in his new role as SVP of K&I!

    Over the past few years, Nick has been instrumental in shaping Google’s AI product roadmap and collaborating closely with Prabhakar and his leadership team on K&I’s strategy. And throughout his career, Nick has demonstrated leadership across nearly every facet of K&I, from Product and Design in Search and Assistant, to our Shopping, Travel, and Payments products. He was also a pioneering leader in Ads, where he helped establish a rigorous quality and user-focused approach that remains key to our success. Nick has launched innovative consumer products like Google Fi and spearheaded complex initiatives such as RCS messaging. I frequently turn to Nick to tackle our most challenging product questions and he consistently delivers progress with tenacity, speed, and optimism.

    Congratulations to Nick, and a heartfelt thank you to Prabhakar for his leadership through numerous technology shifts and for building a strong foundation for the future.

    – Sundar

    MIL OSI Global Banks

  • MIL-OSI Banking: A golden age for research: broader scope, faster cycles, greater impact

    Source: Google

    We live in a golden age for research.

    Never before have we had the opportunity to make such rapid advances in computer science, and apply them so quickly to global-scale challenges, in a way that can help people in their daily lives. Since the start of my career, I’ve been excited by the “magic cycle” of research, where real-world challenges motivate new foundational and applied research, which in turn has a positive impact in the real world. Today, with the right infrastructure, talent and approach, we’re able not only to make rapid breakthroughs in everything from AI to algorithms to computing infrastructure, but to put those technologies to work to improve people’s daily lives and have societal impact faster than ever before, sometimes in a matter of months.

    I’m seeing this firsthand as I’ve recently stepped up to lead Google Research, so I wanted to share a perspective on the incredible progress we’re seeing — and how important research is in driving helpful innovation.

    Our approach: impact-driven curiosity

    Google itself in fact began with research. “The anatomy of a large-scale hypertextual Web search engine,” published in 1998, explored how PageRank could provide a fundamentally better way to find info on the web, But it didn’t stop with a research paper — it was applying that research that produced Google. Over the past 26 years, that approach to implementing research — quickly — has transformed not only our company, but also how people can interact with the world’s information. Indeed, much of the rapid progress in AI we see all around us today grew from Google Research’s invention of the Transformer.

    In all of our research, we ask ourselves: How can we make a step change, not just incremental? What’s impossible today, that we could make possible? And what is the greatest impact we can have — how can this make a real difference in the world?

    Google Research today includes fundamental and applied work in foundational machine learning and algorithms, computing systems and quantum AI, and science, AI & societal impact. And across all these domains, we run initiatives on efficiency in machine learning, factuality & grounding in AI systems, and new data techniques.

    Breakthroughs for the benefit of people and the planet

    We motivate our research by going after the biggest questions that matter to advance science and make a difference to people and to communities globally. What are the most effective ways to mitigate climate change? How can we help make billions of people healthier? How can we enable new experiences? And to do all this, can we break through limitations in computing and AI systems? Each of those becomes an inspiring research challenge — and in so many cases we’ve already translated research into solutions.

    For example, to address climate change, in a trial with American Airlines we used AI to help reduce contrails by 54%, demonstrating that airlines can verifiably avoid contrails and thereby reduce their climate impact. To help address the growing wildfire crisis, we partnered with leading wildfire authorities to develop FireSat, an upcoming AI-powered global satellite constellation to detect and track wildfires the size of a classroom — within 20 minutes. And consider flood forecasting — when our team at Google Research began the project in 2018, experts I met with said it was likely impossible to forecast riverine floods. But by developing AI that can build a global hydrologic model, we’ve not only proven it’s possible, but applied it to provide communities accurate early warnings and help save lives.

    Meanwhile, to support health and wellbeing, we’ve developed AI that can help screen for breast cancer and colorectal cancer, help prevent blindness at scale, spot potential skin conditions and detect diseases based on the sound of coughs. We’re still in the earliest days of AI breakthroughs and genomics research, and yet we’ve made progress with Large Language Models for the medical domain and we’re already poised to improve the health care for hundreds of millions of people.

    But perhaps one of the biggest undertakings involves advancing computing itself, and how it can fundamentally alter the scope of problem-solving. We’ve developed state-of-the-art attention models and use graph mining to improve retrieval quality. We’re also working on approaches to grounding large language models, such as by training models to rely on source documents for summarization and evaluating factual consistency. This research has led to improvements like the double-check feature in the Gemini app. We’ve made AI more efficient with research on speculative decoding, efficient inference techniques, and cascades, and we’ve helped improve privacy with federated learning and differential privacy. And our quantum computing team just published new results in Nature affirming that as we reduce the error rate in our quantum processors, we reach levels of computation that can’t be matched by even the world’s most powerful classical computers — putting us on track to crack open an entirely new computational capability for the world.

    These are just a few examples of the type of work done across Google Research.

    Why partnership is crucial for turning research into impact

    Of course, as we turn research towards impact, we’re acutely aware that technology is not automatically beneficial — you can’t “invent it and forget it,” simply releasing powerful technologies on the naive assumption that they will be helpful. It requires careful stewardship, partnership and a fundamentally human-centric view of how to design and guide emerging technologies. That’s one reason we do our research in partnership with a multitude of researchers in academia and many others, while creating tools and best practices that support a truly global research ecosystem with the aim of steering new technologies towards beneficial outcomes. We actively engage in advancing socio-technical research to bolster our AI principles — including on equitable datasets, interpretability, and algorithmic fairness — and there’s important work ahead to make our AI models even more efficient, factual, robust and safe.

    We have the greatest impact when we’re working with research partners. Since 2005, Google has worked with more than 1,000 research institutions and invested over $400 million dollars in academic research worldwide, much of this led by Google Research. We find experts across disciplines, roll up our sleeves, dive into the research, and make scientific advances together. In our connectomics research, we’ve partnered with Harvard to use AI to make the most detailed mapping yet of neurons in the human brain, revealing newly discovered structures — all towards helping scientists understand fundamental processes such as thought, learning and memory. Google Research also engaged in a first-of-its-kind collaboration with Howard University and other HBCUs to build a high-quality African-American English (AAE) speech dataset that Google — and others — will use to improve speech products. This is related to our overall effort to reduce barriers and better serve communities by enabling technology to work in many more languages.

    With our partners, and through Google’s own products, we use our research advances to benefit billions of people. For example, as populations swell and shift in the Global South, millions of people’s buildings aren’t represented on any map, and they risk missing out on essentials like electricity, healthcare and mail delivery. So Google Research in Africa has used AI to make big improvements to the Open Buildings dataset — transforming blurry, low-res satellite imagery into useful, high-res building outlines so partners like the World Bank, the World Resources Institute, UN Habitat, WorldPop and Sunbird AI can use it to ensure global development includes everyone. Along with our SKAI effort, this has helped our partnership with the UN to boost damage assessment.

    In another sphere, our Operations Research team recently showed how cargo shippers could double their profit, deliver 13% more containers and use 15% fewer ships. This is not only helpful for businesses, but good for supply chains globally.

    Finally, we of course partner extensively with product teams to drive innovation across Google — and our responsibility also includes keeping an eye on the horizon, exploring the art of the possible, and imagining how we can apply our breakthrough technologies for maximum benefit in years to come.

    Towards the future

    We feel great urgency given the scope of problems facing humanity — but also great optimism because of what we’ve been able to do already. Our multi-decade track record shows that Google Research is second-to-none in delivering helpful advances. We’ve delivered breakthroughs that have shaped Google’s identity as a company, helped inaugurate new fields in computer science, and advanced the frontiers of innovation and technology with thousands of publications. The advances we’ve shared are already assisting people – from their everyday tasks, to their most ambitious and imaginative endeavors — and addressing society’s most pressing challenges, from healthcare to education to climate change and climate science.

    We’ll keep sharing our breakthroughs on our Google Research blog, at conferences and at other events. We’re eager to explore — and invent — the future alongside all the partners and communities we work with.

    MIL OSI Global Banks

  • MIL-OSI Banking: How gen AI can help doctors and nurses ease their administrative workloads

    Source: Google

    Did you know doctors and nurses spend more than a third of their work week on paperwork? This includes maintaining detailed patient records, completing insurance forms and referrals, documenting procedures performed, organizing documentation for claims and inputting claim information into the system. A study published today by Google Cloud and The Harris Poll sheds light on the extent of this burden — and it also highlights how generative AI (gen AI) can help.

    Clinicians, including doctors and nurses in the United States, report that nearly 28 hours of each week are lost to administrative tasks, leaving less time for what truly matters: patient care. It’s no wonder that 82% of clinicians report feeling burned out. This isn’t just a doctor problem: Insurance staff face an even bigger mountain of paperwork, spending 36 hours a week on administrative duties, such as maintaining member records and compiling documentation for claims.

    Burnout, errors and less time with patients

    This administrative overload is contributing to many of healthcare’s biggest challenges:

    • Burnout and staffing shortages: 82% of clinicians, 81% of medical staff and 77% of claims staff agree that administrative work contributes to feelings of burnout. Furthermore, 85% of provider executives and 78% of insurance company (payor) executives report that excessive administrative work has led to staffing shortages.
    • Reduced time with patients: 8 in 10 providers say administrative tasks detract from time spent with patients, and 68% believe this negatively impacts the quality of care. This sentiment is echoed by 93% of clinicians, 88% of medical staff, and 94% of claims staff, who believe they could dedicate more time to patient care if their administrative burden was lessened.
    • Increased risk of human error: Two-thirds of providers and 89% of payors express significant concern about human error in administrative tasks, with 22% and 49%, respectively, being “extremely” concerned.

    Generative AI solutions

    However, there is a promising solution to help with many of these tasks: gen AI. The study found that healthcare professionals are open to using generative AI, with 91% of providers and 97% of payors saying they feel positively about AI’s potential to ease administrative burdens. The general public feels the same, with 72% of respondents saying using AI is a worthwhile way to allow their healthcare providers more time to talk to them. Here are a few ways gen AI can help:

    • Making it easier to search patient documents and medical records
    • Creating clinical documents, like discharge summaries, progress notes and referral letters, giving clinicians more time to focus on reviewing and finalizing the documents
    • Getting prior authorizations approved faster by pre-populating forms, flagging potential issues and suggesting relevant clinical guidelines
    • Speeding up turnaround times in medical imaging by creating initial drafts of reports, allowing radiologists to prioritize complex cases and collaborate more effectively

    While AI can’t replace human compassion and expertise in healthcare, it can support healthcare professionals, allowing them to focus more on people, not paperwork. By easing administrative burdens, AI can pave the way to a more efficient, accurate, and human-centered system where the needs of patients are always at the forefront.

    MIL OSI Global Banks

  • MIL-OSI Russia: Mauritania: IMF Staff Concludes 2024 Article IV Consultation Mission and Reaches Staff-Level Agreement on Third Review of Extended Fund and Extended Credit Facilities and the Second Review of Resilience and Sustainability Facility

    Source: IMF – News in Russian

    October 17, 2024

    • Despite its resilience, the Mauritanian economy is expected to slow down in 2024 and in the medium term, in a context marked by the persistence of downside risks linked to an escalation of geopolitical tensions in the region, delays in the start of operation of the Greater Tortue Ahmeyim (GTA) gas project, and weather shocks.
    • A prudent rule-based fiscal policy would help preserve debt sustainability. Developing the banking sector and sustaining the implementation of the national governance action plan and the new investment code would foster the role of the private sector and enhance prospects for inclusive growth.
    • IMF and Mauritania reached staff-level agreement on the Third Review of Mauritania’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF)”

    Washington, DC: An International Monetary Fund (IMF) team, led by Felix Fischer, visited Nouakchott during October 3–16, 2024 to conduct the 2024 Article IV consultation and to hold discussions on the Third Review of Mauritania’s ECF/EFF and the Second Review of the RSF arrangement, and at the end of the mission, Mr. Fischer issued the following statement:

    “The Mauritanian economy is expected to slowdown in 2024 with a growth rate estimated at 4.6 percent (compared to 6.5 percent in 2023) reflecting sluggish extractive sector. The economic growth in 2025 is projected at 4.2 percent, reflecting a slowdown in the mining sector, moderated by the expected start of the GTA gas project. The growth outlook is subject to significant risks, including an escalation of geopolitical tensions in the region, additional delays in the start of operation of the GTA gas project, and the occurrence of weather shocks.

    “Anchoring fiscal policy to the non-extractive primary balance would reduce the impact of fluctuations in commodity prices on the economy and maintain debt sustainability. After a tightening since 2022, conditions are favorable to shift towards monetary policy easing. The mission encourages the ongoing reforms aimed at financial sector development and stability, which would enhance financial sector contribution to economic development. The timely adoption and implementation of the new investment code will contribute to level the playing field among all market participants and foster private sector-led inclusive growth.

    “IMF staff and Mauritanian authorities have reached a staff level agreement on policies to complete the Third Review of Mauritania’s blended ECF/EFF and the Second review of the RSF. Subject to approval by the IMF Executive Board, Mauritania will receive a disbursement of SDR 6.4 million (about $ 8.6 million) under the ECF and EFF arrangements and SDR 29.72 million (about $ 39.7 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF and the RST to SDR 89.7 million (about $ 119.7 million).

    “Performance under the program is robust — all quantitative targets for end-June 2024 have been met. Fiscal consolidation is proceeding in line with the fiscal rule aimed at converging in the medium term towards the fiscal anchor (defined by the non-extractive primary deficit) of 3.5 percent of GDP. Capitalizing on Mauritania’s substantial tax potential, better domestic revenue mobilization will help create fiscal space to meet Mauritania’s significant development needs while preserving the medium-term budgetary framework credibility.

    “The structural reform program, integrating climate considerations, is advancing well. The mission noted the progress made in finalizing the draft laws on SOEs, asset declaration, and conflicts of interest, and encourages the authorities to finalize these important reforms in line with their Governance Action Plan.”

    “The team met with His Excellency the President of the National Assembly Mohamed Ould Megett, His Excellency, the Prime Minister Moctar Ould Diay, the Governor of the Central Bank Mohamed Lemine Dhehby, the Minister of Economy and Finance Sid’Ahmed Bouh, and the Minister Delegate in charge of the Budget Codioro N’Guenor. The team held also meetings with the Minister of Justice, the Minister of Energy and Oil, the Minister of Mining and Industry, the Minister of Hydraulics and Sanitation, the Minister of Environment and Sustainable Development, , other senior government officials, the civil society, the banking association and other representatives of the private sector, and donor community.

    “The IMF team would like to thank the Mauritanian authorities and various stakeholders for the excellent hospitality and cooperation and candid discussions during the mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/pr-24379-mauritania-imf-concl-art-iv-consult-mission-and-3rd-rev-ef-and-ecf-and-2nd-rev-rsf

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Africa: Japan boosts African Development Fund with Japanese yen (JPY) 51.67 billion concessional loan

    Source: Africa Press Organisation – English (2) – Report:

    TOKYO, Japan, October 17, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) and the Japan International Cooperation Agency (JICA) have signed a landmark 51.67 billion Japanese yen (US$421 million) concessional donor loan (CDL) agreement towards the African Development Fund.  

    The loan, pledged by the Japanese government at the 16th general replenishment of the resources of the African Development Fund in December 2022, will support much-needed development in Africa’s least developed and fragile countries. The country is a top donor to the African Development Fund, having contributed the largest loans to the 14th, 15th and 16th replenishments of the Fund.  

    Present at the signing ceremony on Tuesday 15 October, Deputy Vice Minister Daiho Fujii of the Finance Ministry expressed optimism that Japan’s concessional donor loan, together with grant contributions, would support African countries to address various challenges relating to climate change, lack of infrastructure, fragility, regional integration, private sector development, and debt management and transparency. 

    “Through fruitful discussions, we reaffirmed that the African Development Fund has been playing a significant role in supporting low-income countries in Africa through its concessional loans and grants. We commit to working together toward a successful ADF-17 replenishment discussion next year,” Fujii said. 

    Japan and other donor countries met in Cotonou last week to review the progress made against operational priorities and policy commitments at the midpoint of the ADF-16 period that ran from 2023 to 2025. Fujii congratulated the African Development Bank Group on the successful mid-term review of the 16th cycle of ADF. 

    African Development Bank Group President Dr Akinwumi Adesina, who is marking his fifth visit to the Asian nation, commended Japan’s government for its unwavering support.  He expressed the Bank Group’s appreciation for Japan’s broader partnership, particularly through JICA’s Enhanced Private Sector Assistance for Africa initiative – an innovative multi-component framework for resource mobilisation and development. 

    Adesina said:  “We wouldn’t have had a successful ADF-16 replenishment without Japan’s continued support for concessional donor lending.  It is important to sign these agreements, but it is the lives we touch that matter.  We deliver what we promise. We keep our word”. 

    He highlighted the significant impact of projects completed under the African Development Fund. “This year alone, 500,000 people have been connected to electricity, one million provided with water and sanitation, 2.5 million to improved transport, and 2.7 million to health services.” 

    In her speech, JICA Executive Senior Vice President Katsura Miyazaki described the signing ceremony as symbolic. 

    She said: “African countries are facing multiple crises. Rising energy and food prices, supply chain disruptions, and worsening debt sustainability are having a serious impact on African countries. The African Development Fund is critical to addressing these challenges. 

    Japan’s journey with the African Development Fund  

    The African Development Fund (ADF), the concessional lending window of the Bank Group was established in 1972 and became operational in 1974.  

    Japan joined the Fund in June 1973 and has contributed to all its replenishments, significantly increasing its contributions over time.  

    Over the past 50 years, the ADF has played a pivotal role in providing concessional resources and knowledge services to low-income African countries, consistently demonstrating clear value for money. The ADF delivers transformative ideas and catalytic financing to these countries, including those in fragile situations. As a major source of financing, the ADF’s operations are efficient and deliver a strong development impact, cementing its reputation as a trusted and strategic partner for its stakeholders. 

    Japan’s critical role in supporting the ADF was underscored by its extension of the largest concessional donor loan contributions to both ADF-15 and ADF-16, as well as the largest bridge loan provided to ADF-14. The Mid-Term Review (MTR) of ADF-16, successfully concluded in Cotonou in October 2024, highlighted several key achievements. 

    MIL OSI Africa

  • MIL-OSI: Ninepoint Partners Announces Final Close After Reaching Maximum Deal Size on 2024 Short Duration Flow-Through Limited Partnership II Capital Raise

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the Ninepoint 2024 Short Duration Flow-Through Limited Partnership II (the “Partnership”) has completed the second and final closing in connection with its offering of Class A and Class F limited partnership units (the “Units”) pursuant to a prospectus dated September 18, 2024. The Partnership raised $12,290,500 on the sale of an additional 491,620 Units for aggregate gross proceeds of $24,997,900. The Units are being offered at a price per Unit of $25.00 with a minimum subscription of 100 Units ($2,500).

    Ninepoint is a leading manager of Flow-Through Funds in Canada. Since its inception in 2017, Ninepoint has successfully raised more Flow-Through Fund capital than any other asset manager in Canada.

    The Partnership intends to provide liquidity to limited partners through a roll-over to the Ninepoint Resource Fund Class in the period between January 15, 2026 to February 28, 2026.

    Investment Objective of the Partnership
    The Partnership’s investment objective is to achieve capital appreciation and significant tax benefits for limited partners by investing in a diversified portfolio of Flow-Through Shares (as defined in the Prospectus) and other securities, if any, of Resource Issuers (as defined in the Prospectus).

    Attractive Tax-Reduction Benefits
    Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Ninepoint anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.

    Resource Expertise
    The Partnership will be sub-advised by Sprott Asset Management LP (“Sprott”), one of Canada’s leading investment advisors in small and mid-cap resource companies. Over its long history of investing in the resource sector, Sprott has developed relationships with hundreds of companies. Its experienced team of portfolio managers is supported by a team of technical experts with extensive backgrounds in mining and geology.

    Portfolio manager Jason Mayer will manage the portfolio of the Partnership and will be supported by Sprott’s broader team of experienced resource investment professionals.

    Agents
    The offering is being made through a syndicate of agents led by RBC Dominion Securities Inc. which includes
    CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Manulife Wealth Inc., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited, Canaccord Genuity Corp., Desjardins Securities Inc., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc.

    About Ninepoint Partners LP
    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit http://www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Partnership. The forward-looking statements are not historical facts but reflect the Partnership’s, Ninepoint’s and Sprott’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Partnership, Ninepoint and Sprott believe the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Partnership, nor Ninepoint or Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

    This offering is only made by prospectus. The Partnership’s prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the prospectus before making an investment decision.

    The MIL Network

  • MIL-OSI Video: Syria/Lebanon, Chad, Women/Peacekeeping & other topics – Daily Press Briefing (17 Oct 2024)

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    -Briefings tomorrow
    -IPC report
    -Occupied Palestinian Territory
    -Lebanon
    -Lebanon/Humanitarian
    -Syria/Lebanon
    -Chad
    -Women/Peacekeeping
    -Poverty Index
    -Eradication of poverty

    IPC REPORT
    The Secretary-General said that he is alarmed by today’s IPC report findings that high displacement and restrictions on humanitarian aid flows mean that the people of Gaza are facing catastrophic levels of hunger. One year into the conflict, famine looms. This is intolerable, the Secretary-General said.
    Mr. Guterres said that crossing points must open immediately, bureaucratic impediments must be removed, and law and order must be restored so that UN agencies can deliver lifesaving humanitarian assistance.
    Earlier today, the World Food Programme and the Food and Agriculture Organization said that the latest findings of the Integrated Phase Classification (IPC) report, collecting the work of 16 UN agencies and NGOs, make clear that the risk of famine persists across the whole Gaza Strip. Given the recent surge in hostilities, there are growing concerns that this worst-case scenario may materialize.
    Between September and October 2024, the whole territory is classified in IPC Phase 4 – Emergency. About 1.84 million people across the Gaza Strip are experiencing high levels of acute food insecurity, classified in IPC Phase 3 – Crisis – or above, including nearly 133,000 people facing catastrophic food insecurity, which is IPC Phase 5. Acute Malnutrition is ten times higher than before the escalation of the hostilities.
    The report adds that nearly the entire population has been displaced multiple times, risking injuries or death from shelling and aerial bombardments, while many vulnerable groups are unable to relocate or find safe shelter. The majority are living in temporary makeshift camps with an alarming density of almost 40,000 people per square kilometre.

    OCCUPIED PALESTINIAN TERRITORY
    Our colleagues from Office for the Coordination of Humanitarian Affairs warn that the ongoing Israeli military operations in northern Gaza are putting tens of thousands of civilians in grave danger. OCHA stresses once again that civilians in the north and across Gaza must be protected. Moreover, the military offensive in northern Gaza is also choking off people’s access to the essentials for their survival, including water.
    Intense hostilities, evacuation orders, and loss of access to numerous water, sanitation and hygiene facilities in northern Gaza have rendered a number of systems for water production and wastewater collection inoperable. In Jabalya and Beit Lahya, water production from municipal wells is currently at zero. That’s according to our partners, who are also doing everything possible to provide access to water for people throughout Gaza. As of a week ago, they reported that 638 cubic metres of water were being distributed in northern Gaza on a daily basis through water trucking. For your reference, daily water distribution throughout all of Gaza prior to October 2023 was 380,000 cubic metres.
    Meanwhile, in central Gaza, we and our humanitarian partners working to support water, sanitation and hygiene services there are preparing for winter and taking urgent steps to mitigate the risk of flooding. These include rehabilitating wastewater pumping stations in Deir al Balah and removing solid waste and cleaning stormwater channels in An Nuseirat refugee camp. Partners are also rehabilitating drainage systems and working to procure dewatering pumps.
    Also in central Gaza, the World Health Organization reports that the second round of the polio vaccination campaign there concluded yesterday, with more than 181,000 children receiving the vaccine and over 148,000 children getting vitamin A supplements. Eight health facilities in central Gaza will continue to provide polio vaccines for families who were unable to bring their children to be vaccinated over the past three days.
    The second round of the polio vaccination campaign is expected to start in southern Gaza tomorrow.
    Meanwhile, in the West Bank, OCHA warns that Israeli settler violence in the context of the ongoing olive harvest season is threatening people’s safety and livelihoods. Since the beginning of the month, OCHA has documented 32 attacks by Israeli settlers, during which 39 Palestinians harvesting olives were injured and about 600 trees and saplings were vandalized, sawn off, or stolen.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=17%20October%202024

    https://www.youtube.com/watch?v=2LMOp0V0ZLg

    MIL OSI Video

  • MIL-OSI China: The Thirteenth PBOC-BOJ-BOK Tripartite Governors’ Meeting Held in Beijing, China

    Source: Peoples Bank of China

    The Thirteenth Tripartite Governors’ Meeting among the People’s Bank of China (PBOC), the Bank of Japan (BOJ), and the Bank of Korea (BOK) was held in Beijing, China on October 17, 2024. Governor PAN Gongsheng of the PBOC chaired the meeting, and Governor UEDA Kazuo of the BOJ and Governor RHEE Chang Yong of the BOK attended the meeting.

    The Governors exchanged views on recent economic and financial developments.

    The Fourteenth Tripartite Governors’ Meeting will be hosted by the BOJ in 2025.

    Date of last update Nov. 29 2018

    2024年10月17日

    MIL OSI China News