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In fiscal year 2024, the International Finance Corporation (IFC) supported essential sectors across Africa, including clean energy, manufacturing, digital connectivity, small business, trade, and agriculture, providing record levels of financing and comprehensive advisory support aimed at strengthening markets and generating jobs, especially in the continent’s most fragile and high-need areas.

As the largest global development institution dedicated to the private sector in emerging markets, IFC — part of the World Bank Group — committed an unprecedented $56 billion to private companies and financial institutions in developing nations in FY24. In Africa alone, IFC invested $14.2 billion, marking a 23% increase from the prior year and its largest commitment to date on the continent.

IFC provided investment support in 45 African countries between July 1, 2023, and June 30, 2024, with 30 of these countries classified as low-income or facing fragile and conflict-affected situations (FCS), where investments are especially critical. The organization committed $8.5 billion in long- and short-term financing from its own capital and mobilized an additional $5.7 billion from partner investors. Key areas of focus included $3.9 billion in trade financing, $1.6 billion to fuel small business growth, $1.1 billion for digital connectivity, and $1.9 billion to mitigate and adapt to climate change, including in clean energy and green building projects.

Approximately 41% of IFC’s financing from its own account was directed toward climate change initiatives, 50% supported projects with a gender perspective, and 21% served low-income countries and FCS. Across the fiscal year, IFC backed 130 projects in Africa, with notable investments including a sustainability-linked loan for Cabo Verde to modernize and reduce emissions at its airports; close to $200 million aimed at food security, sustainable agriculture, and construction in Morocco and elsewhere in Africa; a partnership with Côte d’Ivoire’s Ministry of Health on two public-private projects to enhance laboratory and imaging services in 14 public hospitals; and a $3.4 million equity investment in ANKA, an online platform connecting women-led artisanal businesses to global buyers, thereby strengthening Africa’s creative and online retail sectors.

IFC’s commitment to FCS regions was underscored by a risk-sharing facility with Deutsche Bank, enabling up to €215 million in trade for some of Africa’s most challenging markets, and a $100 million package supporting renewable energy company Release by Scatec in meeting rising electricity demands in Chad, Cameroon, and neighboring countries. IFC also expanded its gender-focused efforts, partnering with Goldman Sachs’ 10,000 Women program to provide greater opportunities for women entrepreneurs in French-speaking Africa.

Beyond financial investments, IFC provided $455 million in Advisory and Upstream Services to enhance investment climates, support gender equity, and improve governance, environmental, and social practices across Africa. Upstream services include early-stage preparation work aimed at proactively setting the stage for impactful market and project developments.

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The Association of Corporate Counsel (ACC), in collaboration with Everlaw, a cloud-based litigation and investigation platform, has released a new report highlighting the transformative impact of Generative AI (GenAI) on corporate legal departments. Titled “GenAI and Future Corporate Legal Work: How Ready Are In-house Teams?,” the report explores the rapid changes GenAI is bringing to in-house legal teams, particularly in terms of economic benefits, cost reduction, and its implications for legal careers. The findings were unveiled at the ACC 2024 Annual Meeting, the world’s largest gathering of in-house counsel. The report is based on input from over 475 chief legal officers (CLOs), general counsel, in-house counsel, and legal operations professionals from U.S. corporate law departments. It also includes a career guide by the ACC on utilizing AI effectively.

One of the key insights from the report is the significant economic impact GenAI is expected to have on legal departments over the next three years. Nearly half (49%) of those surveyed anticipate reduced operational costs due to AI integration. This marks a sharp increase from previous years, with 33% of respondents in 2023 citing AI as a tool for cost control, up from just 12% in 2022. Additionally, 25% of respondents already report cost savings from using GenAI, while 58% expect to reduce their reliance on outside legal service providers due to AI—a significant jump from the 25% recorded in the 2023 survey. Many cited cost-effectiveness as the primary reason for cutting down the number of external law firms they work with.

ACC President and CEO Veta T. Richardson emphasized the swift integration of GenAI in corporate legal departments, noting its profound effect on budgets, operations, and staffing. Similarly, Gloria Lee, CLO of Everlaw, pointed out that AI is rapidly reshaping in-house legal functions, with a quarter of legal teams already seeing cost savings and a broader transformation across the legal industry underway.

The report further highlights the growing use of GenAI among legal professionals. A third of CLOs are using GenAI on a daily basis, and 79% employ it at least once a week. Among all legal professionals, 23% have integrated GenAI into their daily workflows, while over two-thirds (70%) use it at least weekly. However, despite this widespread adoption, less than a quarter believe their legal department is fully prepared for the talent implications of this technology. Larger departments with over 100 legal staff are more likely to have designated GenAI experts (64%) compared to mid-sized (42%) and small departments (25%).

While there is overall optimism about the career-enhancing potential of GenAI, concerns remain, particularly among mid-level attorneys. A majority of respondents (59%) expressed excitement about the positive career impact of GenAI tools, though only 26% felt their department was adequately prepared for these changes. Many anticipate that GenAI will continue to improve work speed (83%), enhance creativity (57%), and foster new skills development (51%). However, concerns persist about ethical dilemmas (47%) and the potential degradation of certain legal skills (38%). Legal operations professionals showed the highest level of enthusiasm about GenAI’s potential (73%), whereas mid-level attorneys were the most apprehensive, with 67% worried about job losses.

The report concludes with a nine-step roadmap designed to help legal professionals at all levels leverage AI to advance their in-house careers. These steps include building a foundational understanding of AI, experimenting with and integrating AI tools, and becoming an AI-powered leader by utilizing AI for strategic advantages and advocating for ongoing investment in AI technologies.

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According to data released by Spain’s National Statistics Institute (INE), the wealthiest municipalities in Spain have an average income four times higher than that of the poorest areas. The 2022 data identifies Pozuelo de Alarcón (Madrid), Matadepera (Barcelona), and Boadilla del Monte (Madrid) as the municipalities with the highest average incomes for residents—Pozuelo’s per capita income reaching nearly $32,570 annually. In contrast, Huesa (Jaén), Iznalloz (Granada), and El Palmar de Troya (Seville) are the municipalities with the lowest per capita income, all under $8,680 per year.

The INE’s Atlas of Household Income Distribution for 2022 shows continuity in wealth concentration, as the top five wealthiest municipalities, including Sant Just Desvern and Sant Cugat del Vallès in Barcelona, remain unchanged from 2021. Conversely, Andalucía hosts the five municipalities with the lowest per capita incomes: Albuñol (Granada) and La Mojonera (Almería) join the aforementioned three at the bottom of the income list. Albuñol is a new addition to this group, while the others retained their positions from the prior year.

Geographically, income disparity is also evident across Spanish regions. The INE’s report reveals that 88% of Basque Country municipalities rank among Spain’s wealthiest 25%, with per capita incomes exceeding $16,360, closely followed by Navarre at 75%. On the other end of the spectrum, Murcia has 84% of its municipalities falling in the lowest 25%, with incomes below $12,520, followed by Extremadura at 83%.

Among provincial capitals, San Sebastian, Madrid, and Barcelona have the highest per capita incomes, each averaging over $19,540 annually. In contrast, Melilla, Alicante, and Ceuta have the lowest average per capita incomes, each below $10,640.

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The Dubai International Financial Centre (DIFC), a key financial hub across the Middle East, Africa, and South Asia (MEASA), has revealed plans for the second edition of the Future Sustainability Forum. Set for December 4-5, 2024, at Madinat Jumeirah in Dubai, the event aims to promote sustainable practices and facilitate crucial discussions on environmental conservation, social equity, and innovation, all in line with global sustainability efforts.

This announcement highlights DIFC’s dedication to supporting the UAE’s sustainability agenda. Complementary to the Forum is the DIFC Sustainable Finance Catalyst initiative, which targets over $100 billion in sustainable finance from Dubai by 2030, further aligning with the nation’s broader green finance strategy.

Taking place around the first anniversary of COP28 in the UAE, the Forum expects more than 3,000 participants, including industry leaders, investors, and policymakers. The event will drive collaboration to meet the United Nations Sustainable Development Goals (SDGs) and contribute to the objectives of the Paris Agreement. A key focus will be the bridging of investment between the global north and south, accelerating climate action across borders.

Alya Al Zarouni, Chief Operating Officer of the DIFC Authority and Co-Chair of the Dubai Sustainable Finance Working Group, emphasized the importance of the Forum. She expressed that it represents a pivotal moment for fostering collaborative solutions to environmental and social challenges in today’s evolving economic landscape. She noted DIFC’s role in bringing together key stakeholders to explore new opportunities for resilience and sustainability, particularly in the financial services sector.

Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, the event’s presenting sponsor, shared the bank’s pride in backing the UAE’s sustainability goals through its involvement in the Forum. He pointed to the successful issuance of their first green bond as an example of their commitment to addressing environmental issues and aligning with global sustainability standards.

The Forum will tackle critical sustainability themes across eight core sectors, including banking and finance, renewable energy, transportation, waste management, and agriculture. With over 100 expert speakers on the agenda, the event will feature the Climate Action & Renewable Energy Expo (CARE), showcasing the most cutting-edge solutions from across the globe.

Government initiatives in the UAE, such as the Dubai Clean Energy Strategy 2050, UAE Net Zero 2050, and UAE Vision 2070, continue to play a significant role in steering the country towards a net-zero future. These programs emphasize renewable energy adoption, water conservation, sustainable urban development, and waste reduction as key pillars of the nation’s long-term sustainability strategy.

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A recent report reveals a concerning trend among the world’s leading food and beverage corporations: they tend to sell less nutritious products in low-income countries than in wealthier ones. The assessment, conducted by the non-profit Access to Nutrition Initiative (ATNI), evaluates major companies like Nestlé, PepsiCo, and Unilever as part of a comprehensive global index. This is ATNI’s first analysis since 2021, and it paints a stark picture of nutritional inequities between different income regions.

The report analyzed over 30 companies, finding that products sold in low-income countries consistently received lower scores on the Health Star Rating system, a model developed in Australia and New Zealand. On this scale, where a rating above 3.5 indicates a healthier choice, products in wealthier countries averaged a 2.3 rating, while those in poorer nations lagged behind with an average rating of just 1.8.

ATNI’s research director, Mark Wijne, noted the urgent need for government intervention, emphasizing the lack of healthy product options being made available in low-income regions. He described the data as a “clear signal” that multinational companies are not prioritizing health in the world’s poorest countries, where they have been increasingly active.

The report marks ATNI’s first approach to distinguishing products by income region, spotlighting the role of packaged foods in the global obesity crisis. According to the World Health Organization, over one billion people worldwide now live with obesity, and the World Bank estimates that 70% of those who are overweight or obese reside in low- and middle-income countries.

In response, a Nestlé representative reiterated the company’s commitment to increasing its range of healthier products and promoting balanced diets. Nestlé also emphasized its efforts to fortify products in developing regions to address local nutrient deficiencies. PepsiCo, on the other hand, declined to comment directly on the report. However, the company recently announced goals to reduce sodium in some products and incorporate whole grains in its food lines.

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