Sustainable management of Africa's forest could secure climate resilient future
September 7, 2021, 9:34 am

Sustainable management of Africa's forest could secure climate resilient future

African forest-

The Xinhua news agency reported, experts said on Monday that sustainable management of Africa's vast forest resources has the potential to secure a climate resilient future for local communities reeling from negative impacts of global warming.

The Xinnua mentioned, the experts who spoke at a virtual forum convened by Nairobi-based African Forest Forum (AFF) said the continent should leverage its tropical and dryland forest cover to promote climate mitigation and adaptation.

Godwin Kowero, executive secretary of African Forest Forum, said that besides acting as carbon sinks, the continent's forested landscapes if sustainably utilized are key to eradicating rural poverty, food insecurity and water stress.

Kowero said: "Sustainable management, use and conservation of Africa's forest and tree resources should underpin efforts to reduce poverty, promote gender equality, economic and social development and protect the environment."

According to the Xinhua, more than 100 participants including policy makers, scientists and conservationists are participating in the webinar on contribution of forests and dryland resources in building climate resilient communities in Africa taking place from Sept. 6 to 8.

It said, participants drawn from English speaking African nations are expected to share knowledge, expertise, best practices and experiences that can be harnessed to boost the contribution of forests towards the continent's green agenda.

In addition, delegates who are participating in the three-day webinar will discuss findings of a study conducted in a dozen African countries to explore policy and forest governance processes and their impact on climate response.

Kowero said that evaluating how African countries had integrated their forestry policies with multilateral climate agreements was key to promote sustainable management of vital ecosystems.

He added that sustaining the health of African forests while ensuring they serve as carbon sinks was dependent on policy reforms and adequate financing towards their conservation.

Raphael Tihelwa Chibunda, vice-chancellor, Sokoine University of Agriculture based in Tanzania noted that sustainable utilization of tropical forests has gained traction in Africa amid quest for green, inclusive growth.

He said the continent should invest in capacity development, training, appropriate technologies in order to boost conservation of forests, secure livelihoods for local communities and minimize impacts of climatic shocks.

Cliff Sibusiso Dlamini, executive director of Center for Coordination of Agricultural Research and Development for Southern Africa said that improved forest governance in Africa will unleash multiple health, economic and social benefits for local communities.

Dlamini urged harmonization of policies and legislation to ensure that forestry related climate adaptation and mitigation programs create impact across different economic sectors.

Source: xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.