Interactive network of focal points concerned with AU strategic partnerships established
December 19, 2017 | 0 Comments
By Wallace Mawire
An interactive network of focal points concerned with African Union
(AU) strategic partnerships has been formed to build synergies that
would help galvanise all stakeholders at the continental, regional and
national horizons of the African continent.
The AU Commission and the African Capacity Building Foundation (ACBF)
are jointly hosting a three day conference titled: ‘Lets Talk’ to
establish interactive networks between the Partnerships Management and
Coordination Division (PMCD) at African Union Commission (AUC) and the
focal points concerned with AU strategic partnerships and
international cooperation at different levels.The conference is being
held in Harare, Zimbabwe on 18 to 20 December, 2017.
The stakeholders include Regional Economic Communities (RECs), AU
regional offices, AU organs and specialised agencies, the Economic
Social and Cultural Council (ECOSOCC) and other agencies.
The PMCD of the AUC has a mandate that centres on managing and
coordinating the activities relating to strategic partnerships between
the AU and its global partners.
The activities are aligned to Africa’s development and integration
agenda as pescribed in the AU’s Agenda 2063 and are particularly aimed
at addressing the needs of the African people.
The meeting being convened in Harare is expected to result in the
launch of the African Partnerships Coordination Platform (APCP),
development of the terms of reference for the platform, format for
harmonised views and coordinated plans and interaction with AU
external partners established, challenges and opportunities for
synergy and modalities for building interactions.
According to Dr Levi Madueke, Head of AU Strategic partnerships,
Bureau of the Chairperson, the AU views the engagement of the AU’s
partners as an activity of great strategic importance in the
continent’s plan to achieve integration and development.
2018 economy: UBS optimistic on good investment For Emerging Markets
December 17, 2017 | 0 Comments
| as Africa’s technological development materialise
By Yinka Ajayi
Optimistic about the year ahead, UBS Wealth Management’s Chief Investment Office (CIO) has forecasts 2018 to be positive as global economic growth continue at the high 3.8% rate witnessed in 2017.
In a statement signed by , Mark Haefele, Global Chief Investment Officer at UBS Wealth Management, stated: ‘Periods of high economic growth often sow the seeds of their demise. But there is little evidence today of an impending recession. Historically, recessions have been caused by one or more of: capacity constraints, oil price shocks, excessively tight monetary policy, contractions in government spending, or financial crises. None look likely to materialize in 2018. In this environment, we remain positive on equities relative to high-grade and government bonds.’
Overall, UBS expects emerging markets to be well prepared to weather gradual monetary tightening globally. In addition, few other regions are better positioned to benefit from growth in the technology sector.
Within Africa, political risks may in some limited cases overshadow investment opportunities. Depending on the outcome of ANC elections later this month, South Africa’s credit rating in particular might deteriorate further after S&P’s downgrade a few days ago, potentially discouraging foreign investment.
In the same vein, Ali Janoudi, Head of Wealth Management Central and Eastern Europe, Middle East and Africa, France and Benelux International at UBS Wealth Management, added : ‘ African economies supported by demographic trends will continue to see significant potential and technological progress. In the case of South Africa, such opportunities seem currently challenged by political risks in the short term.’
Central banks will tighten monetary policy and in some cases raise interest rates in 2018. In certain areas, especially financial services, this will bring opportunities, except in the unlikely event of significant hikes. But amid rising rates, investors will also need to prepare for higher volatility, higher dispersion of returns from individual stocks, and in some cases higher correlations between equities and bonds. Conversely, this may benefit alternative and other active asset managers.
Extreme political scenarios, principally a US-North Korea conflict, remain a low-probability risk for markets. However, politics may have a significant local impact. Investors can either hedge this by diversifying their portfolios globally or by treating it as an opportunity, particularly in the case of longer-term trends such as emerging market infrastructure development.
Likewise, extreme financial outcomes, principally a Chinese debt crisis, are unlikely to materialize in 2018 but worth monitoring. Total bank assets in China are 310% of GDP, nearly three times higher than the emerging market average. However, China’s high growth rate, powerful state, and closed capital account make it less susceptible to debt crises. Our base case is for 6.4% growth versus 6.8% in 2017.
Finally, social, environmental, and technological change continue to present both opportunities and risks. For the stock market, we see the most important long-term tech themes as digital data, automation and robotics, and smart mobility. Investors can also put capital to work in a variety of social and environmental fields across the growing field of sustainable investing, including multilateral development bank bonds and impact investing as well as listed equities.
The winner of Kuwait’s Al-Sumait Prize for African Development for 2017 in the field of Education received their award at a special ceremony held in Kuwait City
December 16, 2017 | 0 Comments
KUWAIT CITY, Kuwait, December 14, 2017/ — His Highness Deputy Amir Crown Prince Nawaf Al Ahmed Al Sabah awarded the 2017 prize, which comprises of one million dollars, a gold medal and shield at a special ceremony yesterday morning in Kuwait.
The 2017 Al-Sumait Education category award went to the Forum of African Women Educationalists (FAWE) Kenya, for their sustained efforts towards the achievement across the African continent of equity and equality in education through targeted programs. FAWE Africa Executive Director Hendrina Doroba said, “We feel tremendously honoured by this award that will be used to support our efforts in promoting and developing equity and equality in education on the continent, particularly through our centres of excellence and partnerships with governments across Africa.”
Initiated in 2013 by His Highness The Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al- Sabah, the Al-Sumait Prize for African Development is designed to reward innovative and inspiring initiatives and research by individuals and organizations that address the challenges facing the African continent. The award recognizes and honours individuals or institutions that help advance economic and social development, human resources development and infrastructure in Africa.
Dr. Adnan Shihab-Eldin, Director General of the Kuwait Foundation for the Advancement of Sciences (KFAS) (www.KFAS.org), which administers Kuwait’s Al-Sumait Prize (www.AlSumaitPrize.org) for African Development, told the audience that FAWE’s inclusive and strategic approach to tackling education inequality in particular between girls and boys education was truly inspiring.
The Al-Sumait Board of Trustees comprises prominent international personalities in the field of development in Africa and world-renowned philanthropists. The Board is chaired by H.E. Sheikh Sabah Khaled Al-Hamad Al-Sabah, First Deputy Prime Minister and Minister of Foreign Affairs of the State of Kuwait.
Other trustees include Mr. Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation, Mr. Makhtar Diop, Vice President of the World Bank for Africa, Dr. Kwaku Aning, Former Deputy Director General of the International Atomic Energy Agency, and Mr. Abdulatif Al-Hamad, Director General and Chairman of the Board of the Arab Fund for Economic and Social Development.
flydubai touches down at Kilimanjaro International Airport
December 16, 2017 | 0 Comments
|As part of the inaugural programme, flydubai showcased its new Boeing 737 MAX 8 aircraft which it unveiled for the first time at the Dubai Airshow in November 2017|
|DUBAI, United Arab Emirates, December 15, 2017/ —
Dubai-based flydubai’s inaugural flight touched down today at Kilimanjaro International Airport (JRO) (https://www.flydubai.com), increasing capacity to Tanzania and further expanding its network in Africa to twelve destinations. flydubai will offer six flights a week to Kilimanjaro, three of which are via a stop in the capital, Dar es Salaam and will increase the total number of flights to Tanzania to 14 flights a week.
The aircraft touched down at 07:45 (Kilimanjaro local time) and on board the flight was a delegation led by Sudhir Sreedharan, Senior Vice President, Commercial Operations (GCC, Subcontinent and Africa) for flydubai. The delegation was met on arrival by Hon Prof Makame Mbarawa MB, Minister for Works, Transport and Communication, Mr Gregory George Teu, Chairman of the Board of Kilimanjaro Airports Development Company (KADCO), the Board of Directors of the KADCO, the Regional Commissioners for Kilimanjaro and Arusha, representatives of the District Commissioners, Members of Parliament, Tanzania Tourist Board, together with representatives of the local tourism industry.
As part of the inaugural programme, flydubai showcased its new Boeing 737 MAX 8 aircraft which it unveiled for the first time at the Dubai Airshow in November 2017.
The service to Kilimanjaro sees the total number of flydubai’s destinations in Tanzania increase to three, along with Dar es Salaam and Zanzibar. The carrier began operations to Tanzania in 2014 and has become increasingly popular among travellers from Dubai and the GCC as a tourist destination, and is seeing a steady growth in passenger numbers.
Kilimanjaro International Airport is located between the regions of Kilimanjaro and Arusha in Northern Tanzania. The airport is the major gateway to the Kilimanjaro region, a main international tourism destination that includes Mount Kilimanjaro, Arusha National Park, Ngorongoro Crater and Serengeti National Park. Only a few international carriers operate to Kilimanjaro and flydubai will be the first airline to provide direct air links from the UAE.
Ghaith Al Ghaith, Chief Executive Officer of flydubai, commented on the inaugural: ”With our service to Kilimanjaro, we are responding to a growing demand for travel between the UAE and Tanzania. flydubai is the first UAE airline to offer direct air links to Kilimanjaro with the aim to connect this market to Dubai and beyond, and offer travellers more choice and flexibility. Passengers will have the opportunity to connect from Dubai onwards to more than 250 destinations.”
Hon Prof Makame MB, Minister for Works, Transport and Communication, said: “I’m very glad to welcome flydubai to our ‘Gateway to Africa’s Wildlife Heritage’. On behalf of the Government and the KADCO Management we would like to thank you for working tirelessly together to make this new service possible and no doubt this route will be a success.”
Sudhir Sreedharan, Senior Vice President Commercial (GCC, Subcontinent and Africa) at flydubai, who led flydubai’s inaugural delegation, said: “We are delighted to see our service to Kilimanjaro take off today, as it marks our twelfth destination in our network in Africa and the third point in Tanzania. Our service to Kilimanjaro follows an increase in passenger demand and reflects flydubai’s commitment to open up underserved markets. We look forward to offering six weekly flights on this route and to connecting travellers from across flydubai’s network with the Kilimanjaro region and vice versa.”
flydubai operates flights to twelve destinations in Africa, including Addis Ababa, Alexandria, Asmara, Djibouti, Entebbe, Hargeisa, Juba, Khartoum and Port Sudan, as well as Dar es Salaam, Kilimanjaro and Zanzibar.
flydubai flights FZ673/FZ683 operate six times a week between Dubai International, Terminal 2 (DXB) and Kilimanjaro International Airport (JRO).
Business Class return fares from Kilimanjaro to Dubai start at USD 1228 and are inclusive of all taxes and 40kg checked baggage. Economy Class return fares from Kilimanjaro to Dubai start at USD 339 and are inclusive of all taxes including 7kg of hand baggage.
Flights can be booked through flydubai’s website (https://www.flydubai.com), Contact Centre in Dubai on (+971) 600 54 44 45, the flydubai travel shops or through our travel partners.
Dubai-based flydubai strives to remove barriers to travel and enhance connectivity between different cultures across its ever-expanding network. Since launching its operations in 2009, flydubai:
Togo: The Orabank Group opens a trading room in Lomé
December 16, 2017 | 0 Comments
|The Orabank Group wishes to be a key player in the UEMOA money market and to play a leading role in boosting the secondary market for government securities|
|LOME, Togo, December 15, 2017/ — The Orabank Group (www.Orabank.net), present in 12 countries and in four monetary zones in West and Central Africa, announces the opening of a regional and international trading room in Lomé, Togo. Ever since its formation, the Orabank Group has always had the will and ambition to support its customers (both individuals and businesses), to actively contribute to the financing of the private sector, to optimize the mobilization of local savings and to stimulate growth in African financial markets.
This new trading room provides a concrete answer to each of these four objectives. Indeed, it offers Oragroup a leading position as a financial intermediary that places the bank at the heart of financial exchanges in the countries where it operates, in order to best serve its private and institutional clients, both in Africa and internationally, as well as other regional banks.
In a market previously dominated by players operating from Europe and the United States, Oragroup now offers its clients a competitive and up-to-date offer in Africa, to intervene on the foreign exchange market in the monetary areas where its subsidiaries are established. The Orabank Group wishes to be a key player in the UEMOA money market and to play a leading role in boosting the secondary market for government securities.
The opening of this trading room is also intended to strengthen synergies within the Group, allowing significant economies of scale in foreign exchange hedging transactions between subsidiaries while increasing the share of cash net banking income. This new step is part of the “2016-2018 Strategy – Consolidation and Efficiency” plan, aimed at strengthening the Group’s financial strength.
“This new step illustrates the dynamic of our Group characterized by a strong performance in 2016 and an upward trajectory in 2017, combining profitability, commercial development and innovations, particularly in the deployment of digital solutions. In 2018, Oragroup is set to accentuate its growth along with its values of humanity, commitment, and rigor in order to contribute to the development of the African financial sector as a central engine of our economies. That is our collective will”, says Binta Touré Ndoye, CEO of Oragroup.
Oragroup is present in 12 countries of West and Central Africa (Benin, Burkina Faso, Ivory Coast, Gabon, Guinea Conakry, Guinea Bissau, Mali, Mauritania, Niger, Senegal, Chad, Togo) and in four monetary areas (WAEMU, CEMAC, Guinea Conakry, Mauritania). With 143 bank branches and 1,750 employees, Oragroup offers its 400,000 customers (large companies, both national and international, SMEs and individuals) a wide range of products and banking services based on proximity and efficiency.
Oragroup (www.Orabank.net) believes in financial inclusion through the deployment of innovative solutions and focuses on previously neglected segments of the population. This commitment is reflected in its CSR approach, which is an integral part of its strategy, focused on energy transition and environmental as well as social risk management, to the greater benefit of its employees and the public at large.
Luambe National Park Now The World’s Most Carbon Neutral
December 16, 2017 | 0 Comments
|The announcement comes just 18 months after the Lower Zambezi National Park – also in Zambia – became the world’s first to achieve carbon neutrality from operations|
|LUSAKA, Zambia, December 15, 2017/ — Luambe National Park in Zambia has achieved a conservation milestone this week as it became the most carbon neutral National Park in the world.
Luambe’s carbon neutral status is a result of the USAID-funded Community Forests Program (CFP) implemented by BioCarbon Partners (BCP) (http://BioCarbonPartners.com), in partnership with the Zambian Government. This world-first level of carbon neutrality means the emissions of all tourism and conservation management activities within with the park are offset, including all international tourist airline travel. Platinum is the highest possible carbon rating available from BCP.
The announcement comes just 18 months after the Lower Zambezi National Park – also in Zambia – became the world’s first to achieve carbon neutrality from operations. This latest announcement from Luambe secures Zambia’s recognition as a global leader in carbon offsetting.
“Luambe National Park’s carbon neutral status sets a great example for other protected areas in Zambia,” said USAID/Zambia Economic Development Office Director Jeremy Boley. “This status shows the world that Zambia takes emissions reduction seriously.”
Luambe Camp (http://Luambe.com) voluntarily funded the carbon neutrality from their own internal revenues, investing in renewable energy sources and purchasing Verified Carbon Standard (VCS) audited forest carbon offsets generated within Zambia. Luambe Camp began operations in June 2017, and are committed to establishing a new bar of environmental stewardship and sustainability. Mario Voss, Director of Luambe Camp, stated that “as a business that operates as a showcase and celebration of Luambe National Park’s unique beauty and biodiversity, it is crucial that we take responsibility for its conservation. We’re passionate environmentalists and it is important to the whole Luambe Camp team that we can offer our guests a truly eco-friendly experience.”
Funds raised from REDD+ offset sales are reinvested into conservation and community development in buffer zone areas to national parks within Zambia. All countries on earth have now signed up to the Paris Climate Agreement, and there are more signals towards innovative carbon conscious milestones and action. With experts agreeing that Africa is likely to be the continent most vulnerable to climate change, the leadership of Zambian tourism businesses and the Zambian Government agrees to operate with carbon neutrality and set a positive example throughout the continent. Director of the Department of National Parks and Wildlife (DNPW), Mr Paul Zyambo, stated that “We are happy to partner with another innovative carbon-conscious achievement in the conservation and tourism sector in Zambia with partners like Luambe Camp and BCP. Luambe forms a part of Zambia’s famous Luangwa Valley and we hope that this showcases how special this area is, and why it is worth a visit.”
Dr Hassan Sachedina, BCP’s CEO, added, “It is exciting that Zambia now has two of the world’s first carbon neutral parks, which are helping to conserve two of the most important biodiversity strongholds left in Africa. I am really proud to be partnering with these family-owned businesses raising the bar of what eco-tourism to include carbon offsetting.” We hope that this spurs more action globally to address climate change.”
Partner Lodge achieving Platinum Level Carbon Neutrality:
With Luambe National Park being located in a core area of Zambia’s Luangwa Valley, it forms a crucial part of its entire ecosystem. The main objective of Luambe Camp and its operating company Luambe Conservation Ltd. is to primarily conserve the habitat and biodiversity of the National Park by generating profit through sustainable safari tourism. These will be used by Luambe Conservation Ltd. to ensure the future protection of Luambe National
Park and the sustainable development of its surrounding communities.
Lower Zambezi REDD+ Project Implementing Partners:
BioCarbon Partners (BCP) (https://BioCarbonPartners.com) is a Zambian-based social enterprise, which develops and manages long term forest carbon projects in Zambia. The current focus of BCP is on implementing REDD+ projects in the greater Zambezi-Luangwa ecosystem in Zambia. BCP has certified Zambia’s first pilot REDD+ demonstration project known as the ‘Lower Zambezi REDD+ Project’ (LZRP) to CCBA triple gold standards (validation) and VCS verification; the first project in Africa with these certifications. In addition, BCP is proud to partner with USAID/ZAMBIA in the implementation of the Community Forests Program (CFP). This innovative program targets the verification of a minimum of 700,000 additional hectares (ha) across two Provinces in Zambia www.biocarbonpartners.com
The United States Agency for International Development (USAID) is an independent federal government agency advancing U.S. foreign policy objectives by supporting long-term and equitable economic growth, agriculture and trade, global health, democracy, conflict prevention and humanitarian assistance. www.usaid.gov
The Department of National Parks and Wildlife (DNPW) is mandated under the Zambian Wildlife Act No. 12 of 1998 to manage and conserve Zambia’s wildlife, its national parks and game management areas; which cover 31 percent of the country’s land mass. DNPW endeavors to integrate the wildlife policy with economic, environmental and social policies to ensure effective contribution to sustainable national development. BCP and DNPW collaborate closely in the implementation of REDD+ activities adjacent to protected areas. www.zambiatourism.com
New Reports Highlight Salaries and Gender Gap Across Africa’s Fintech Industry
December 14, 2017 | 0 Comments
To better understand and address human talent gaps that exist in Africa’s Fintech landscape, the Digital Frontiers Institute (DFI) has released two new reports: the 2017 Fintech Talent Africa Leadership and Employee Engagement Report and the 2017 Fintech Talent Africa Compensation Report. The reports, the first of their kind, provide valuable data and insights for business leaders and entrepreneurs to help attract and retain the best people in Africa’s increasingly competitive financial technology industry.
“There is far too little Fintech talent in Africa, and companies in the industry are feeling the pinch,” said Gavin Krugel, CEO of the Digital Frontiers Institute. “This human capacity gap is leading to escalating human capital costs and hiring delays, stalling business progress within the Fintech industry. Through our research insights and work to develop Fintech management, we aim to help digital finance professionals worldwide cultivate the necessary capabilities and capacity to shape and contribute to more efficient, effective and inclusive financial services.”
With funding from Omidyar Network, this comprehensive report draws on data collected through a cross-sectoral survey of more than 400 leaders, managers and professionals across 69 organisations and 10 sub-Saharan African countries. Among the reports’ key findings:
- Salary Comparisons by Country: countries such as Kenya and Nigeria consistently rank the highest when it comes to remuneration packages for staff across all levels of expertise, while more developed digital economies such as South Africa, with the largest pool of respondents, consistently rank in the middle and lower tiers of compensation packages.
- Gender Gap: Similar to current trends in technology and finance industries globally, women are underrepresented at Fintech companies across Africa, both in leadership and operational roles. Of the more than 400 professionals who participated in the survey, only 12.5 percent were women, and on average, women made up 39 percent of teams in Fintech.
The reports also explore the reasons behind disparities and provide advice on what can be done to resolve challenges in recruiting and retaining talent. Ultimately, the reports can empower leaders and decision makers in the African Fintech industry to improve capacity planning, talent development, and remuneration and retention practices, maximizing their opportunities in one of the world’s fastest growing industries.
Both reports are free to download and share from the following link: https://digitalfrontiersinstitute.org/the-institute/2017/12/08/explore-africas-fintech-talent-landscape-digital-frontiers-institute/
About Digital Frontiers Institute
Digital Frontiers Institute (DFI) is a capacity building institute focused on digital finance. Our mission is to equip a new generation of FinTech professionals with the knowledge, skills, network & vision required to guide society towards inclusive digital financial solutions. DFI connects more than 1500 industry professionals representing public, private and development sectors in 60 countries through its online community, Switch. The organisation has trained more than 2 000 students in 90 countries. DFI was founded by David Porteous, Gavin Krugel and Ignacio Mas, current funders include The Omidyar Network, FSD Africa, Bill & Melinda Gates Foundation and MasterCard Foundation.
CCA Leads U.S. Delegation to Sudan on Historic Trade Mission
December 14, 2017 | 0 Comments
Washington, DC – December 14, 2017 Corporate Council on Africa (CCA) led an historic trade mission to Khartoum, Sudan on December 3-7, 2017. This first trade mission to Sudan – less than two months after the U.S. government lifted economic sanctions in place for over 20 years – afforded U.S. companies an up close and hands on experience in Sudan to gain a deeper understanding of Sudan’s current investment climate and business opportunities.
CCA President and CEO, Ms. Florizelle Liser and the Director for Investment and Infrastructure, Mr. Biova Kabine, led the trade mission to Sudan. The 21-person delegation of CCA member and other companies represented sectors from infrastructure, oil and gas, mining, health and medical supplies, and financial services. Participating companies included A&A Consultants, Inc, ACROW Bridge, All American Logistics, Caterpillar, Diamond Fields International, General Electric, Shell, The Boeing Company, Trade and Development Bank, US Best Medical, Varian Medical Systems and Visa. The trade mission was sponsored by Sudatel and Trade and Development Bank (TDB).
“We received a very warm welcome in Sudan, and we came away with the knowledge that the government and people of Sudan are eager and ready to engage with U.S. businesses” said Ms. Liser. “I am grateful to the major sponsors of the trade mission (including Sudatel and the Trade and Development Bank), the Sudanese Government, the U.S. State Department and embassy in Khartoum, and to the participating companies and trade mission delegates, who made this historic trade mission a reality.”
The delegation was welcomed by senior Sudanese government officials, including meetings with Sudan’s Prime Minister, H.E. Bakri Hassan Saleh as well as its Foreign Affairs Minister, H.E. Prof. Ibrahim Ahmed Abdulaziz Ghandour; and also explored investment opportunities and networked with key business leaders in a market that had been closed off to U.S. investors due to the sanctions.
The delegation started its meetings with a briefing by the U.S. Embassy Khartoum’s Country Team as well as one by the World Bank, International Monetary Fund (IMF) and the African Development Bank (AfDB) country representatives which provided companies with an overview of the political and economic environment in Sudan as well as forecasts for Sudan’s economic growth and business prospects. TDB President Admassu Tadesse provided valuable information to the delegates on how TDB can provide financing for projects, serving as a bridge mechanism while commercial banks are still considering when and how to move into the promising Sudanese market.
The trade mission featured a high-level business-to-government forum during which detailed presentations on various Sudanese sectors provided attending U.S. companies with the kinds of in-depth information needed to inform their business decisions. The forum was opened by H.E. Mubarak al Fadil al Mahdi, Deputy Prime Minister and Minister of Investment. The Ministers of Finance and Economic Planning, H.E. Dr. Mohamed Othman Al-Rikabi; Agriculture and Forestry, H.E. Dr. Abdulatif Ahmed Mohamed Al Igeimi; Petroleum and Gas, H.E. Dr. Abdulrahman Osman Abdulrahman; Water Resources, Irrigation and Electricity, H.E. Mutz Mousa Abdalla Salim; Transport, Roads and Bridges, H.E. Engineer Makawi Mohamed Awad; Health, H.E. Bahar Idris Abu Garda Abulgasim; Minerals, H.E. Professor Hashim Ali Mohamed Salim; and Environment, Natural Resources and Physical Development, H.E. Dr. Hassan Abdulgadir Hilal were also in attendance. CCA trade mission delegates then had the opportunity to hold one-on-one meetings with some ministers.
The delegation continued the mission with business-to-business meetings with more than fifty company representatives that are members of the Sudanese Businessmen and Employers Federation and the U.S. Sudan Business Council. In a briefing by the Sudanese Central Bank, the Sudanese Bankers Association, and the Bank of Khartoum, the delegation heard from senior executives about the Sudanese financial services sector and discussed both the challenges and opportunities related to bank financing of business ventures and projects in Sudan.
The delegation also did several site visits including one to Sudatel’s Data Center – one of only two such centers in the region; and another to DAL Group facilities, which highlighted this premier Sudanese multinational’s multiple business lines and allowed the delegates to visit the DAL Milk Factory and its modern dairy farm.
Due to the trade mission, several delegates have identified new business opportunities and potential local partners, collected key market data and made substantial progress on large transactions.
Ambassador Omar Arouna Appointed To Washington DC’s Mayor’s Commission On African Affairs
December 14, 2017 | 1 Comments
By Ajong Mbapndah L
Omar Arouna , immediate past Ambassador of Benin to the United States ,a 25 year Washington DC resident, and a well-known US Africa policy expert has been named by Mayor Muriel Bowser to the Washington, D.C., Mayor’s Commission on African Affairs.
The newly appointed commissioner, is a Managing Partner of the US-Africa Cybersecurity Group LLC. (https://usafcg.com); a District of Columbia legal liability collaborative organization designed to foster the development and implementation of cybersecurity strategies and initiatives in the public and private sectors in Africa and the Founder and CEO of Global Specialty LLC. (GSL) a District of Columbia leading international business development firm focused on developing business opportunities on the African continent.
Ambassador Arouna serves as Executive Vice President of Goodworks, International, a U.S. multi-national consulting firm founded by former U.N. Ambassador Andrew Young. The firm at its height had seven offices in Africa and three U.S. based offices focused on promoting business in Africa and the Caribbean. Clients have included AECOM, Chevron, Delta Airlines, General Electric, Motorola, and Sumitomo Corporation, MGI Management, and Verizon. In addition, he also assisted African governments in improving their relations with U.S. government agencies and, helped governments to reach out to Members of Congress and the White House.
The Mayor’s commission on Africa Affairs is composed of fifteen (15) members appointed by the Mayor with consent of the Council. Members of the Commission on African Affairs who have shown dedication to, and knowledge of the African community, are appointed with due consideration for representation from established public, nonprofit and volunteer community organizations concerned with the African community, and members of the public.
The functions of the Commission on African Affairs are to:
- Serve as an advocate for African persons in the District;
- Review and submit to the Mayor, the Council, and the Office, and make available to the public, an annual report that includes an analysis of the needs of the African community in the District;
- Bring to the attention of the Mayor and the OAA cases of neglect, abuse and incidents of bias against members of the African community in the administration of District and federal laws;
- Review and comment on proposed District and federal legislation, regulations, policies, and programs and make policy recommendations on issues affecting the health, safety, and welfare of the African community;
Ambassador Arouna is expected to be sworn in on Saturday December 16,2017.
Emerging Technologies: new revenue opportunities for African Telcos
December 14, 2017 | 0 Comments
By Mariam Abdullahi*
AFC & Harith launch power giant: Anergi Holdings Limited
December 14, 2017 | 0 Comments
Africa Finance Corporation (“AFC“) and Harith General Partners (“Harith“), acting on behalf of its portfolio company Aldwych Holdings Limited, are pleased to announce final close of the merger of their respective electricity generation assets into a new operating company, Anergi Holdings Limited (“Anergi” or the “Company“). Following a transaction initially signed in June 2016, all Conditions Precedent to the implementation of the merger have now been met, and the inaugural board meeting of the Company was held on 5 December, 2017.
Anergi is a holding company owning equity interests in seven (7) generation assets with a total of 1,786MW (gross) and 554MW (net) generation capacity across five (5) African countries. Anergi also holds near-term investment rights from its founding shareholders, to invest or acquire interests in new projects under development with a further 500MW capacity.
As of December 2017, Anergi owns long-term economic interests in a portfolio of assets diversified by geography and fuel type. These are the 350MW Kpone IPP tri-fuel power plant (Ghana), the 310MW Lake Turkana Wind Farm (Kenya), the 26MW Cabeolica Wind Farm (Cape Verde), the 90MW Rabai Heavy Fuel Oil power plant (Kenya), the 200MW Amandi Gas-fired power plant (Ghana), the 450MW Azura Gas-fired power plant (Nigeria) and the 300MW Kelvin IPP (South Africa). The future equity investment rights held by Anergi relate to other projects at advanced stages of development in Cote d’Ivoire, Djibouti, Nigeria and Mozambique.
Anergi’s sponsors intend for it to operate as a consolidated energy business focused on acquiring, owning and managing controlling interests in African electricity sector assets, commencing with the initially merged assets. The Company will also seek to consolidate its ownership interests in these assets, through mutually beneficial transactions with its existing co-shareholders. Anergi will commence work immediately towards securing a stock market listing on an international exchange at the earliest feasible date. From inception, Anergi will be the leading diversified electricity business operating in Africa.
At its inaugural board meeting, Andrew Alli (President and CEO of Africa Finance Corporation) was appointed Chairman of the Board of Directors of Anergi Holdings Limited, which is incorporated and domiciled in Mauritius. Other board members appointed include Tshepo Mahloele, Oliver Andrews, Alwyn Wessels, Sipho Makhubela and Fola Fagbule.
Andrew Alli said: “we are pleased that the Anergi transaction has come to a final close, and I look forward to working with the board and management to implement the strategy and achieve the operational goals of the business over the next few years”.
Tshepo Mahloele, Chairman of Aldwych Holdings Limited said: “we are excited about this merger and the next phase of growth for our African energy business. As we continue to implement our strategy of creating valuable and permanent operating platforms with significant technical and financial capabilities, Anergi Holdings Limited will be an important part of our future”.
Addis Ababa hosts the biggest finance event of 2017
December 14, 2017 | 0 Comments
The first ever ACCA (the Association of Chartered Certified Accountants) Africa Members’ Convention was held in Addis Ababa, Ethiopia, 6-8 December. The three-day event’s theme centered on: “The impact of socio-economic trends on the future of finance and business in Africa”.
The inaugural event saw significant and relevant issues facing the accountancy profession being discussed. Several influential and renowned finance and business leaders from across the continent were in attendance, including; Ambassador Mumba S. Kapumpa (Corporate Governance Expert, Zambia), Prof. Nii Quaynor, the father of the internet in Africa, Dr. Nigel Chanakira, Chairman Success Motivation Institute, Walter Muwandi, CEO CCG Systems, South Africa, Daniel Asapokhai, Executive Secretary, CEO of the Financial Reporting Council of Nigeria, Prof. Patrick Lumumba and South African public speaker – Vusi Thembekwayo amongst many others.
The ACCA President, Leo Lee and other council members were in attendance along with over 750 ACCA members from 31 countries. The highlight of the 3-day conference was the unveiling of the Member Wall to commemorate ACCA reaching a milestone of 200,000 members worldwide.
Jamil Ampomah, director of ACCA Sub-Saharan Africa remarked, “I am delighted that the ACCA Africa Member Convention was able to bring together the best and brightest of the African accountancy profession. This conference was a fantastic opportunity for finance professionals to share their insights and discuss the topical issues they face.
In times of change globally, which we are certainly seeing now, it is important for local and regional communities to come together and forge a positive and sustainable future. By addressing the future role and relevance of accountancy and finance in Africa, this event has enabled ACCA demonstrate its membership capacity, strength and expansive network across Africa and globally”.
The ACCA Africa Members’ Convention addressed critical issues on the future role and relevance of the professional accountant in Africa, the impact of the shifting paradigms of social expectations and the economic focus supported by rapid digital transformation. Some of the topics discussed at the convention included: Innovation and the role of the accountant in the fourth industrial revolution, Ethics in a digital world; Managing and navigating the new economy; and the future of the profession: opportunities across Africa.
Also discussed was ACCA’s groundbreaking research, “Professional Accountants- the future series”, which highlights digital transformation as a major driver of change impacting business, finance and the accounting profession over the next decade. Delegates agreed that a key aspect of promoting the industry is to understand the increasing expectations of stakeholders, and develop effective approaches and systems to deliver real value to them.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com