partnership

By Amos Fofung

Two strong allies in the CEMAC sub-region, Gabon and Cameroon have penned a Memorandum of Understanding that puts in place a legal framework guiding the implementation fiber-optic interconnection between the two states.

The MoU was signed November 28, in Libreville, Gabon by Cameroon’s Minister of Posts and Telecommunications, Minette Libom Li Likeng and the Minister of Communications and Digital Economy, Rigobert Ikambouayat Ndeka of Gabon.

Partners and promoters to the project among them, the World Bank Group, the African Development Bank and the International Telecommunications Union answered present during the penning ceremony.

The purpose of this memorandum of understanding is to establish the general and legal framework for the interconnection of the two countries’ electronic communications networks and to set up a committee to implement and monitor the memorandum and subsequent agreements.

It also constitutes the materialization of the strengthening of sub-regional cooperation and the mutualization of the two signees’ digital infrastructures.

Once fully operational, the “interconnection system will reduce connectivity costs since there will be direct telecommunications exchanges between the two countries with no international submarine cables required”, experts hold.

By Wallace Mawire

A two-day subregional IP conference on geographical indicators has opened today at the African Regional Intellectual Property Organization (ARIPO) headquarters in Harare, Zimbabwe.

 The Sub-Regional IP Conference on Geographical Indication is jointly organized by the World Intellectual Property Organization (WIPO) and the African Regional Intellectual Property Organization (ARIPO) to coincide with the Master’s in Intellectual Property (MIP), which takes place at the ARIPO Headquarters in December each year.  Since 2014, the objective of these IP conferences has been to provide a platform for MIP students and participants from ARIPO Member States to be exposed to emerging issues in Intellectual Property and existing opportunities in the strategic use of the IP system.  The 2019 IP Conference will take place under the theme “Geographical Indications in Africa: Territorial Development, Economic Integration and International Trade”. 

Geographical Indications (GIs) are used to identify products as originating in the territory of a country, region or locality where a given quality, reputation or other characteristic of the products is essentially attributable to that geographical origin.  Similar to trade names and trademarks, GIs are designed to enable consumers to distinguish between products, but more importantly, they enable producers to protect the reputation of those products developed around specific characteristics and often over many years and thanks to great effort.  In addition, GIs are considered as a mean to strengthen the potential of products’ places of origin to attract investors, consumers and tourists as well as to guarantee them local quality products and services specifically linked to local resources.

  It is reported that the Member States of the African Regional Intellectual Property Organization (ARIPO) are replete with traditional agricultural and craft products whose quality and origin can be usefully promoted through GIs and other collective quality schemes, thereby contributing to the development of local and rural communities.  In a bid to support such efforts, in 2017, the African Union adopted the Continental Strategy for the Development of Geographical Indications in Africa.  ARIPO is a key actor of its implementation.

The sub-Regional IP Conference is meant to be part of that continental and regional process.  It is intended to be an important step to raise the awareness of policymakers responsible for GIs and students of the need to be empowered with national, regional and international instruments to protect and promote origin products, but also to consider the development and effective implementation of national and regional projects and policies on GIs.

The overall aim of the 2019 IP Conference is to provide a platform for the participants to understand the importance of the strategic use of GIs for socio-economic development and wealth creation in Africa, while deepening their understanding of the IP rights available to protect brands for origin products (geographical indications and trademarks) as well as the exceptions and limitations to that protection (in particular generic terms and prior trademarks).

The specific objectives of the sub-Regional IP Conference are to obtain updated information on current systems of protection of GIs in Africa at national, regional and continental levels, to learn about recent developments in the field of GIs at WIPO and at the international level, to discuss with international experts specific experience and issues related to the development and implementation of GIs with a focus on key factors for a successful GIs and their effects on local development; the role of producers’ associations and the establishment of control and certification schemes bring together institutional representatives from ARIPO and its member States who are responsible for GI protection in their countries or are interested in instituting such procedures, as well as students from ARIPO member States interesting in studying more about the development and implementation of GI schemes in Africa,to serve as a place to share and build knowledge on the issues, benefits and challenges related to the recognition, protection and promotion of GIs.

By Wallace Mawire 

Despite the constitutional protection of the right to food and a sophisticated set of human-rights based national laws and policies, man-made starvation is slowly making its way in Zimbabwe, said the UN expert of the right to food after visiting the country from 18 to 28 November 2019.  

“More than 60% of the population of a country once seen as the breadbasket of Africa is now considered food-insecure, with most households unable to obtain enough food to meet basic needs due to hyperinflation,” said Hilal Elver, Special Rapporteur on the right to food, presenting a preliminary statement at the end of an 11-day visit.  

“In rural areas, a staggering 5.5 million people are currently facing food insecurity, as poor rains and erratic weather patterns are impacting harvests and livelihoods. In urban areas, an estimated 2.2 million people are food-insecure and lack access to minimum public services, including health and safe water.  

“These are shocking figures and the crisis continues to worsen due to poverty and high unemployment, widespread corruption, severe price instabilities, lack of purchasing power, poor agricultural productivity, natural disasters, recurrent droughts and unilateral economic sanctions.”  

Elver said women and children were bearing the brunt of the crisis.  

“The majority of the children I met were stunted and underweight,” she said. “Child deaths from severe malnutrition have been rising in the past few months. 90 % of Zimbabwean children aged six months to two years are not consuming the minimum acceptable diet.  

CAIRO – Adam Boehler, Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), today announced a commitment to provide $430 million in insurance to advance energy security in Egypt by rehabilitating a natural gas pipeline and transporting natural gas from fields offshore in Israel. The announcement was made at the Investment for Africa Forum during a signing ceremony that included Boehler and U.S. Ambassador to Egypt Jonathan Cohen as well as Egyptian Prime Minister Moustafa Madbouly and Minister of Investment and International Cooperation Sahar Nasr.

The insurance will enable Noble Energy Inc. of Houston, Texas to restore the 90-kilometer EMG Pipeline running from the coastal city of Ashkelon, Israel and under the Mediterranean Sea to its destination in Al-Arish, Egypt. It will also support the transport of 3 trillion cubic feet of natural gas over 15 years. The insurance contracts were signed this week after Noble Energy and its partners achieved financial close for the project.

“Strengthening energy security—which bolsters trade, supports investment, and improves quality of life—is critical to ensuring lasting prosperity and stability in Egypt,” said Boehler. “This project will help the country meet growing demand for reliable, low-cost energy in order to fuel sustained economic growth and create opportunities that have a stabilizing impact in Egypt and across the region.”

“Egypt is a strategic partner to the United States. We are excited to support this critical investment in the country by an American company which will not only spur job creation and economic growth but also help provide reliable and affordable energy for the people of Egypt and others throughout the region,” said Cohen.

“Egypt welcomes this massive private sector investment and looks forward to the economic impact it will have for the Egyptian people,” said Nasr.

“The Dolphinus gas sales contracts and the EMG acquisition underpin delivery of natural gas from the Tamar and Leviathan fields in Israel into Egypt and represent a major milestone toward Egypt’s goal of becoming a regional energy hub. Both these transactions and the support from the U.S. Government provide further confidence in the long-term export market and growing cash flow from these premier assets,” said J. Keith Elliott, Noble Energy’s Senior Vice President, Offshore.

Under the terms of the project, the gas will be purchased by Dolphinus Holdings, a gas trading company.

The project will advance energy security in Egypt and support the country’s efforts to grow its economy by exporting gas to parts of Europe and other global markets. The pipeline being restored had initially been used to transport natural gas from Egypt to Israel but ceased operations in 2012.

Boehler is attending the Investment for Africa Forum during a trip to Egypt to highlight U.S. commitment to the region, explore private sector investment opportunities, and strengthen relationships with key regional partners in support of mutual development goals.

The U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Working together with businesses, we invest in projects that create jobs and opportunity in emerging markets, including building critical infrastructure, expanding access to telecommunications, and providing small business financing, notably for women entrepreneurs. DFC helps to advance America’s foreign policy by partnering on projects that create economic stability, protect sovereignty, and ensure transparency. DFC investments adhere to high principles and respect the environment, human rights, and worker rights.

Visit will promote private sector investment and strengthen regional relationships

WASHINGTON – Adam Boehler, Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), will travel to Egypt November 21 – 23 to promote U.S. investment, attend the Investment for Africa Forum, and strengthen regional relationships in pursuit of shared development goals in the region.
“Africa is home to immense untapped opportunity that will yield a more prosperous, stable, and secure future for communities across the continent,” said Boehler. “I look forward to joining regional government officials, business leaders, and investors in Egypt to identify avenues through which we can collaborate to achieve our shared vision for Africa.”
While in Egypt, Boehler will attend the Investment for Africa Forum in Cairo to underscore DFC’s commitment to the continent and will meet with regional business leaders to explore investment opportunities in priority areas such as infrastructure development and women’s economic empowerment. He will also seek to advance key agency initiatives, including Connect Africa, 2X Africa, and DFC’s new collaboration with the African Development Bank, all of which advance the goals of the Administration’s Prosper Africa effort to increase two-way investment and trade between the U.S. and Africa.
In addition, Boehler will hold meetings with high-ranking government officials to enhance cooperation in support of regional development, economic growth, and stability. DFC currently has more than $1.5 billion invested in Egypt in sectors ranging from infrastructure to financial services and healthcare.
The visit follows recent travel by Boehler to the Indo-Pacific, Latin America, and Sub-Saharan Africa to strengthen relationships with key partners and highlight DFC’s enhanced flexibility to support private sector investment in critical regions.
DFC is a new U.S. Government agency that combines and modernizes the Overseas Private Investment Corporation (OPIC) and USAID’s Development Credit Authority (DCA). With a more than doubled investment cap of $60 billion and new financial tools, DFC is equipped to more effectively mobilize private sector capital to urgent development challenges and advance U.S. foreign policy. The agency continues to work with Congress to fund DFC through the appropriations process in order to exercise its new investment and development tools.

The U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Working together with businesses, we invest in projects that create jobs and opportunity in emerging markets, including building critical infrastructure, expanding access to telecommunications, and providing small business financing, notably for women entrepreneurs. DFC helps to advance America’s foreign policy by partnering on projects that create economic stability, protect sovereignty, and ensure transparency. DFC investments adhere to high principles and respect the environment, human rights, and worker rights.

*Source DFC

By NJ Ayuk*

Qatar learned that it possessed truly huge reserves of natural gas in 1971, when Royal Dutch/Shell discovered the North Dome structure, also known as the North field

As I got into the process of writing my recent book Billions At Play, The future of African Energy and doing deal, the story of Qatar intrigued me. Its success is contagious and African LNG producers can learn from this country.

Qatar learned that it possessed truly huge reserves of natural gas in 1971, when Royal Dutch/Shell discovered the North Dome structure, also known as the North field. At the time, though, neither Shell nor Qatar’s government had a great deal of interest in developing the site. Their focus was on crude oil, which was then making the country very rich.

As a result, nothing much happened at North Dome for more than a decade. Shell did not actively pursue development work there, and neither did Qatar General Petroleum Co. (QGPC, now known as Qatar Petroleum or QP), which was the beneficiary of Doha’s nationalization of the oil and gas industry in 1977.

Conditions began to change in the late 1970s. Qatari crude production started to decline after 1979 as the country’s largest oil fields matured. In turn, international oil companies (IOCs) began to lose interest in signing service contracts with QP, since they did not believe Qatar’s aging reserve base warranted massive long-term investments.

These developments did not have much immediate impact, since crude prices were rising enough to keep revenues high. But in the 1980s, oil prices sank – and brought oil revenues down along with them. As a result, Qatar’s government began looking for new ways to generate income. Gas was an obvious option, since global demand was rising and national reserves were ample. Officials in Doha began to draw up plans for monetizing production from the North field, which is now known to contain at least 450 trillion cubic feet (13 trillion cubic meters) of gas in recoverable reserves.

Eventually, they developed a three-phase plan that called for beginning with domestic sales and then proceeding to pipeline exports before finally launching marine exports of liquefied natural gas (LNG). To implement the plan, they set up a joint venture known as Qatar Liquefied Natural Gas Co. Ltd. (Qatargas) between QP, BP (UK) and Total (France).

The first phase, which provided for domestic gasification, was a relatively simple process due to the small size of Qatar’s population. But events in the late 1980s and early 1990s made the second phase, which called for the construction of an export pipeline capable of delivering up to 20 billion cubic meters per year to other member-states of the Gulf Cooperation Council (GCC), more difficult.

There were multiple reasons for this, including but not limited to the following: Saudi Arabia lost interest in Qatari gas after discovering reserves of its own, Qatar and Bahrain became embroiled in a border dispute, and Kuwait found itself preoccupied by the Iraqi invasion that led to the First Gulf War. Doha floated proposals for alternative routes in the hope of drawing interest from markets outside the GCC, but to no avail.

The failure of the pipeline gave Qatargas an opportunity to skip the second phase of the project and proceed directly to the third – namely, using production from the North field as feedstock for a gas liquefaction plant that could turn out LNG for export by tanker. At the same time, rising demand for gas in Japan, South Korea and Taiwan gave Qatar an incentive to focus on LNG. Additionally, BP made the decision to exit Qatargas, the venture formed to develop North. This cleared the way for the U.S. company Mobil (now part of ExxonMobil) to join the project.

Mobil was a good fit, partly because it had ample financial resources and partly because it had extensive experience with LNG through its participation in the Arun scheme in Indonesia. It was able to access and deploy the technologies needed to launch Qatar’s first LNG plant. That facility brought its first 2 million ton per year production train on line in late 1996 and began commercial production and exports the following year.

Since then, Qatar has continued to ramp up gas production and to expand its LNG industry. It has worked with foreign partners to build more gas liquefaction facilities and is now home to three LNG mega-trains with a combined production capacity of 77 million tons per year. These plants helped make Qatar into the world’s largest LNG producer in 2006, and they have kept the country at the top of the list ever since. Meanwhile, Doha decided last year to build another mega-train that will raise the figure to 110 million tons per year by 2024. Qatar operates the largest fleet of LNG tankers in the world, and its LNG goes to customers all over the world.

In short, its LNG program has been a smashing success.

Showing the way

The story of Qatar’s success is interesting in its own right. But does it have any deeper meaning? Could it serve as a template – that is, as a map that other gas-producing countries can use to blaze their own trails toward success?

I believe it can. Specifically, I believe African gas producers pursuing LNG projects have a lot to learn from Qatar. They will have a better chance of maximizing their gains if they follow Qatar’s example.

Obviously, Africa can’t duplicate Qatar’s experience. Its gas-producing states don’t have the same geography or demography, and they don’t have access to the same marine trade routes. But it can benefit from some of the lessons that Qatar learned along the way. I’ll list a few of them here.

A little help from my friends

Qatar began looking into plans for launching LNG production less than a decade after nationalizing its own oil and gas industry. Even so, it had a clear understanding of the fact that it could not pursue this goal without outside help.

More specifically, QP and the Qatari government knew they would need partners with plenty of cash, experience, and access to gas liquefaction technology. They also knew they would need partners that were willing to absorb the risks involved in opening up a new frontier. As it happened, Mobil met all these criteria.

Africa’s future LNG producers like Senegal, Equatorial Guinea, Mozambique, Tanzania, Congo, Cameroon, South Africa, Nigeria and Angola will need help too. Like Qatar, they will need to pair up with IOCs that can help cover the costs of establishing a new sector of industry, that have experience in handling all of the physical and logistical complications of such projects, and that can supply the sophisticated technologies needed to compress and cool gas into a liquid state that can be transported by tanker. Also like Qatar, they will need investors that are ready to build this sector of the economy from the ground up (this last point is particularly important in countries such as Mozambique, Tanzania, Senegal and South Africa that are trying to launch LNG projects in short order after the first discoveries of gas.)

Staying flexible

Qatargas’ original plan called for starting small, with domestic gasification, and then scaling up – first by building pipelines, a type of infrastructure that had already been in use for the better part of a century, and then by taking on the more complicated task of building a gas liquefaction plant, marine terminal, and other associated facilities. But as noted above, efforts to move the pipeline phase of the project forward foundered due to unexpected obstacles.

Instead of focusing on these obstacles, Qatargas decided instead to take a different approach. It accepted that its efforts to draw up new plans and engage in further negotiations had failed, and it moved on. It dispensed with the second phase of the project altogether and got to work on the third phase. And that marked the first step of Qatar’s journey to becoming the largest LNG producer in the world.

This is an important lesson for Africa’s future LNG producers: sometimes the original plan simply doesn’t work out, even when all parties make good-faith efforts to resolve their differences. So, it’s time to try something different. It’s time to look for a new solution. For example, if an African gas producer reluctantly concludes that there’s no way to build an onshore gas liquefaction plant without incurring unacceptable environmental, financial, or social risks, it shouldn’t give up. Instead, it should look into floating LNG (FLNG) options or consider the possibility of using gas liquefaction facilities in a neighboring country.

Resource management

Qatar can also teach African gas producers a thing or two about resource management. This is a crucial consideration for QP and its partners in Qatargas, since most of their feedstock comes from a single source – the North field. This field may be huge, but it is hardly inexhaustible. In fact, Doha imposed a moratorium on new development initiatives at North in 2005, saying that it needed to conduct a thorough study of the site in order to assess its long-term potential and keep reservoir pressure at adequate levels.

The moratorium was not permanent. Qatar’s government lifted it in 2017, and QP responded by drawing up plans for the North Field Expansion (NFE) project and for the construction of new gas liquefaction facilities. In September of this year, the company said it had shortlisted several firms and invited to bid for the NFE contract.

These events are significant because they demonstrate that Qatar wants to keep its LNG plants in business for a long, long time. They show that the country is willing to accept some short-term setbacks in order to ensure that its largest source of gas can remain in production over the long term.

Again, Qatar’s example should give African gas producers food for thought. It shows that there are good reasons for taking a measured approach to the development of major reserves – and that the LNG sector can keep growing even when key feedstock suppliers must abide by certain restrictions on production levels. In other words, it serves as a reminder that Africa ought to do more than simply extract and sell its gas. African producers should aim to develop their resources in ways that offer the most benefit to the most people for the most amount of time.

Making our own luck

Of course, Qatar owes some of its success to sheer luck. Its gas sector emerged at a time when the country was highly motivated to find a replacement for dwindling oil revenues, when demand for gas was on the rise, when there were few viable alternative markets in the region, and when Mobil happened to be on the lookout for a new LNG project following the maturation of the Arun field in Indonesia.

Once again, Africa can’t duplicate Qatar’s experience. It can’t count on that sort of luck, on everything coming together at just the right time.

But it can learn from Qatar’s example – and create a little bit of its own luck. Hopefully, Africa can benefit from the fact that global demand for gas is still rising and will continue to do so for some time, even as more and more consumers pin their hopes on renewable energy. Now is certainly a good time to try – not least because LNG projects should also generate interest in gas-to-power projects and other African initiatives. The Gas Exporting Countries Forum’s meeting in Malabo Equatorial Guinea will be a good start.

*Africa Energy Chamber. NJ Ayuk is an experienced oil and gas dealmaker who heads the Pan-African legal conglomerate Centurion Law Group and serves as executive chairman of the African Energy Chamber (https://EnergyChamber.org/). He is a passionate advocate of the idea that oil and gas can help propel economic development in Africa, as detailed in his newly released book, Billions at Play: The Future of African Energy and Doing Deals.

• Signing of the contract in attendance of the Federal Minister for Economics and Energy Peter Altmaier and the Minister of Energy of Ethiopia Dr. Seleshi Bekele
• Stable energy supply as a foundation for further social and economical development
• Enormous hydropower pontential in Ethiopia

HEIDENHEIM, Germany. The technology group Voith has signed a comprehensive service and operations consultancy contract for the Ethiopian hydropower plant Gilgel Gibe II during the „G20 Investment Summit” on November 19 in Berlin, Germany. The agreement was signed by the Ethiopian Minister of Water, Irrigation and Electricity Dr. Seleshi Bekele and Mark Claessen, Managing Director Voith Hydro East Africa in the attendance of Peter Altmaier, the German Federal Minister for Economics and Energy. The investor summit took place within the „G20-Initiative Compact with Africa”. Twelve Heads of State of the African Compact partner countries as well as South Africa, acting as G20 partner of the intitiative, were attending the summit.

Focus on plant availability and resource optimization
Central aspect of the two-year service and operations consultancy contract is the optimization of the energy production of the hydropower plant Gilgel Gibe II with an current output of 420 megawatts. Voith’s scope of supply comprises the modernization of the maintenance systems, the implementation of digital solutions and the knowledge transfer through special training programs. All local activities are exclusivly provided by Ethiopian Voith experts.

„Together with the plant operator Ethiopian Electric Power we want to utilize the whole potential of the hydropower plant Gilgel Gibel II. We succeed in this by reduzing unplanned downtimes and failures to a minimum”, says Mark Claessen, Managing Director Voith Hydro East Africa. „A stable and sustainable energy supply is the foundation for social and economical development in Ethiopia and many other African countries.”

Another component for a reliable energy supply in Africa
The hydropower plant Gilgel Gibel II is located about 300 km south-east of the Ethiopian capital Addis Abeba. Voith supplied four Pelton turbines and generators as well as the entire mechanical and electrical equipment and also trained the plant operator’s staff. Before Gilgel Gibe II went into operation, only 15 per cent of Ethiopia’s villages were connected to the power grid. Now, half of the rural settlements are supplied with power. In total, Ethiopian hydropower plants with Voith technology supply up to 900,000 households in the country with clean and sustainable electricity.

With a hydropower potential of 45,000 megawatts, Ethiopia has one of the largest hydropower resources on the African continent. Since 2011, the country supports the development of renewable energy and wants to become an energy hub for East Africa in the medium term.

About the Voith Group
The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, the company today has more than 19,000 employees, sales of € 4.2 billion and locations in over 60 countries worldwide and is thus one of the larger family-owned companies in Europe.

The Group Division Voith Hydro is part of the Voith Group and a leading full-line supplier as well as trusted partner for equipping hydropower plants. Voith develops customized, long-term solutions and services for large and small hydro plants all over the world. Its portfolio of products and services covers the entire life cycle and all major components for large and small hydro plants, from generators, turbines, pumps and automation systems, right through to spare parts, maintenance and training services, and digital solutions for intelligent hydropower.

Mozambique’s state oil and fuel company Empresa Nacional de Hidrocarbonetos (ENH), tabled a $24.6 billion transformative project for Mozambique’s economy, the largest deal to feature at the 2019 Africa Investment Forum.

The project includes the development of the Golfinho and Atum fields and the nation’s first onshore liquefied natural gas plant.

Mozambique’s Prime Minister Agostinho do Rosário made the announcement at a media briefing session during the Forum, the continent’s premier investment marketplace, organized by the African Development Bank and its partners.

The project is an opportunity to create jobs and will revive the Mozambican economy, Agostinho do Rosário told journalists.

State oil company ENH Chief Executive Officer Omar Mitha says the country is already courting global investors to raise US$1.3 billion to fund the company’s share in the Area 1 natural gas project, in which it holds a 15% stake.

For African Development Bank President Adesina, African governments must not carry the burden of infrastructure alone; they must allow private sectors to lessen the load.

Last year’s inaugural Africa Investment Forum secured investment interest worth $38.7 billion of dollars in just three days. For this year’s edition, the Bank and its partners are aiming to cap that figure.

In closing and addressing a question debt, Adesina said, “First and foremost, Africa is not in debt crisis, we have several countries that have challenges in terms of equity ratios tipping at the levels that raise concern. Africa is not one country, Africa is not two countries, Africa is 54 countries…There’s nothing to cause any alarm.”

The three-day Africa Investment Forum is taking place in Johannesburg, South Africa.

*AFDB

Africa is winning…Africa is bankable- African Development Bank President Akinwumi Adesina

It was deals that brought participants to the 2019 Africa Investment Forum and they were not disappointed. The second Forum ended on a high note Wednesday, with 56 boardroom deals valued at $67.6 billion tabled – a 44% increase from last year.

Fifty-two deals worth $40.1 billion secured investor interest compared with $37.8 billion dollars last year.

During the 2018 edition of the Forum, 61 transactions valued at $46.9 billion were tabled for discussions in boardroom sessions and 49 deals worth $38.7 billion, secured investment interest.

Presiding over the session: “Unveiling the Boardroom Deals”, African Development President Akinwumi Adesina said that was the spirit of the Africa Investment Forum: “transactions, transactions, transactions. Deals, deals, deals!”

Over 2,221 participants attended this year’s Forum from 109 countries, 48 from Africa and 61 from outside of Africa. They came from government, the private sector, development finance institutions, commercial banks, and institutional investors.

‘The Forum is a platform that will change Africa’s investment landscape,” Chinelo Anohu, the Forum Senior Director said. “Africa is ready to engage on its own terms.”

Key moments of the Forum included:

• a $600 million COCOBOD deal for Ghana, for cocoa processing, warehousing and processing
• $58 million for the Alithea Identity Fund for women
• A concession agreement for the Accra Sky Train, worth $2.6 billion

The Forum focused on projects and advancing deals spanning several sectors, including Energy, Infrastructure, Transport and Utilities, Industry, agriculture, ICT and Telecoms.

“Now the hard work begins to fast-track these deals to financial closure… Africa is bankable,” Adesina said.

*AFDB

The European Investment Bank (EIB) has announced a $1.1 billion lending programme to help women entrepreneurs on the continent.

EIB Vice President, Ambroise Fayolle, also revealed that the bank has signed three further agreements to boost sustainable development on the continent.

But the major deal is what the EIB has dubbed SheInvest. The EIB expects the gender-lending initiative to allow women to play a more active role in economies.

“This initiative aims to promote female entrepreneurship,” said Fayolle, noting that female entrepreneurs will also gain business skills from the initiative. He explained that the financing will promote gender investment related to climate change and is part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.

The announcement was made at the Africa Investment Forum in Johannesburg, where hundreds of investors, development partners and wealth funds have gathered from 11 to 13 November for the continent’s premier marketplace.

The EIB is the lending arm of the European Union. The EIB has supported investment in Africa for more than 50 years. Last year, it provided a record €3.3 billion to African countries, with more than half the funds being pumped into the private sector.

As one of the largest providers of climate finance, the investment bank has also struck a deal with Guinea-based telecommunications provider, IPT PowerTech Group, which will see the company abandon fossil fuels for cleaner sources of power such as solar and wind.

Mohamed Al Habbal, Vice President and Chief Operating Officer at IPT PowerTech Group, says the move to renewable sources of energy such as solar power will help the company reduce its carbon footprint. Habbal estimates that thousands jobs will be created as a result of this deal.

A further deal that was signed on the first day of the second Africa Investment Forum, will see African Trade Insurance increase its membership in Western and Southern Africa. This increased insurance coverage is expected to attract more investment to the continent.

In Southern Africa the EIB confirmed a new lending programme to support access to finance by entrepreneurs across Malawi and confirmed a new scheme to finance smallholders in the country to be launched early next year.

Patricia Hamisi, a Senior Manager at Malawi’s FDH Bank, says the money will help the bank enhance its long-term credit to small businesses owned by women. “The agreement comes with technical assistance which will help the bank enhance its trade financing,” said Hamisi.

The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, the European Investment Bank.

The 2019 Forum runs from 11 to 13 November in Johannesburg, South Africa.

*AFDB

Follows the 2019 expansion of the Bloomberg financial journalism training program to five new markets, including Senegal

November 11, 2019, Dakar, Senegal— Media, technology, business, government and community leaders from across Africa and beyond gather in Dakar, Senegal, today for the fifth annual Bloomberg Africa Business Media Innovators forum (ABMI). Under the theme of ‘Business Strategies for African Media’, the forum will explore some of the most promising approaches to fostering a vibrant, competitive media sector on the continent.

At a time when media companies around the world are facing challenges such as competition utilizing new technologies, the spread of misinformation and, in some countries, decreasing press freedom, ABMI will explore how African media can navigate and adapt to the changing landscape. Co-hosted by Justin B. Smith, CEO, Bloomberg Media Group, and Matthew Winkler, Editor-in-Chief Emeritus, Bloomberg News, the forum will also address the contribution media organizations make toward enabling economic growth by providing accurate, data-driven reporting and analysis to citizens, business leaders, investors, and public officials.

“The economy in Senegal is becoming increasingly diversified, so it is important that journalism and the media sector continues to develop accordingly,” said Mr. Mahammed Boun Abdallah Dionne, Minister of State and Secretary-General of the Presidency of the Republic of Senegal, who opened today’s forum. “I am confident that the conversation taking place at the summit will help us continue to drive this growth forward.”

Speakers at this year’s forum include media owners, senior editors, investors, business leaders, government officials and community leaders from 20 countries across the continent and beyond, including: Mr. Amadou Mahtar Ba, Co-Founder and Executive Chairman, AllAfrica Global Media; Mr. James Bennet, Editor, New York Times; Dr. Phillip Clay, Former Chancellor, Massachusetts Institute of Technology; Ms. Kelly Conniff, Executive Editor, TIME; Mr. Sachin Kamdar, CEO, Parse.ly; Dr. Retha Langa, Deputy CEO, Africa Check; Mr. Nicolas Pompigne-Mognard, Founder and Chairman, APO Group; Ms. Thabile Ngwato, CEO, Newzroom Afrika; and Ms Louise Stuart, Mergers and Acquisitions Executive, Naspers Limited, among others.

“Advancements in technology, new competitors, growth of social media, and the increasing use of mobile devices are requiring media organizations across the globe to explore innovative strategies and build new business models,” said Justin B. Smith, CEO, Bloomberg Media Group. “Africa is home to countries with some of the highest expected growth rates in the global media and entertainment industries. I look forward to discussing the future of media with this community gathered at the forum.”

The latest edition of ABMI follows successful gatherings in Zambia, Ghana, Kenya and South Africa. The annual event is a component of the Bloomberg Media Initiative Africa (BMIA), a pan-African program launched by Michael R. Bloomberg in 2014 to strengthen media capacity, promote innovation in the sector and improve access to high-quality data and information on the continent.

In January 2019, BMIA announced the expansion of its Financial Journalism Training (FJT) program to five new markets: Senegal, Côte d’Ivoire, Tanzania, Ghana and Zambia. These markets follow Kenya, Nigeria and South Africa, where 652 delegates from 13 countries have graduated to date. This unique educational offering supports the advancement of financial journalism and contribute to economic development on the continent. Admittance to this event is on an invitation-only basis. For more information, please visit: http://www.bmia.org/innovators.

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For more information on BMIA please click here.

About the Bloomberg Africa Media Initiative (BMIA) Launched by Mike Bloomberg in South Africa in 2014, the Bloomberg Africa Media Initiative (BMIA) is a pan-Africa program designed to accelerate development of a globally competitive media and financial reporting industry as well as promote transparency, accountability and good governance in Africa and beyond. The initiative has four components: It provides cross-disciplinary educational programs to increase the number of highly trained business and financial journalists, as well as supports research to stimulate new media innovations, convene international leaders to promote interactive dialogue and build strong relationships to enhance the quality of financial coverage and the availability of reliable and timely data on the continent.

About Bloomberg Philanthropies Bloomberg Philanthropies works in 480 cities in more than 120 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s charitable activities, including his foundation and his personal giving. In 2018, Bloomberg Philanthropies distributed $767 million. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube and Twitter.