DFC CEO Adam Boehler to Travel to Egypt
November 22, 2019 | 0 Comments
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.
Making Our Own Luck: What Africa’s Future Liquefied Natural Gas (LNG) Producers Can Learn from Qatar in the Era of Billions At Play
November 20, 2019 | 0 Comments
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.)
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.
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.
G20 Investment Summit: Voith signs comprehensive service and operations consultancy contract for Ethiopian hydropower plant
November 20, 2019 | 0 Comments
- 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.
$1 Million Awarded to African Entrepreneurs in Grand Finale of the Jack Ma Foundation Africa Netpreneur Prize Initiative
November 17, 2019 | 0 Comments
|The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future|
|ACCRA, Ghana, November 17, 2019/ — Last night the Jack Ma Foundation hosted its first annual Africa Netpreneur Prize Initiative (ANPI) (https://www.Netpreneur.Africa/) grand finale awarding $1 million in prize money to 10 entrepreneurs from across Africa.|
The ANPI is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first trip to Africa in 2017. The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future. In its inaugural year, nearly 10,000 entrepreneurs from 50 countries across the continent applied. The Jack Ma Foundation has committed to running the competition for 10 years.
The finale event, called “Africa’s Business Heroes,” was held in Accra, Ghana, where the top 10 finalists pitched their businesses directly to four prestigious judges including Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba.
The specifics of the prize pool division is listed below. Each finalist is receiving a share of $1 million.
The top three finalists were:Temie Giwa-Tubosun, founder and CEO, LifeBank (https://LifeBank.ng/) ( Nigeria) – First Place, winning $250,000Dr. Omar Sakr, founder and CEO, Nawah-Scientific (https://Nawah-Scientific.com/) (Egypt) – Second Place, winning $150,000Christelle Kwizera, founder, Water Access Rwanda (https://www.WARwanda.com/) (Rwanda) – Third Place, winning $100,000
“It was an incredible honor to be named Africa’s Business Hero. I was truly inspired by my fellow winners at today’s Netpreneur Summit. The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa,” said Temie Giwa-Tubosun, Founder and CEO of LifeBank.
The remaining finalists, who each received $65,000, are listed below:Waleed Abd El Rahman, CEO, Mumm (https://www.getMumm.com/) (Egypt)Ayodeji Arikawe, co-founder, Thrive Agric (https://ThriveAgric.com/)(Nigeria)Mahmud Johnson, founder and CEO, J-Palm (https://www.JPalmshop.com/) (Liberia)Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y (https://shop.UZURIKY.com/) (Rwanda)Dr. Tosan J. Mogbeyiteren, founder, Black Swan (https://bit.ly/2OjgHFY) (Nigeria)Chibuzo Opara, co-founder, DrugStoc (https://www.DrugStoc.com/) (Nigeria)Moulaye Taboure, co-founder and CEO, Afrikrea (https://www.Afrikrea.com/) (Cote D’Ivoire)
“The finalists who competed in ‘Africa’s Business Heroes’ should be an inspiration for Africa and for the world. Each of these entrepreneurs looked at big challenges facing their communities, and saw them as opportunities,” said Jack Ma, Founder of the Alibaba Group and Jack Ma Foundation. “It is my strong belief that entrepreneur heroes, like these finalists, will change the world – creating companies that drive inclusive growth and opportunity for the continent. Everyone is a winner tonight.”
“This competition demonstrates the overwhelming entrepreneurial talent that exists across Africa. I’m very excited about the future of industry and entrepreneurship for this continent,” said Strive Masiyiwa, Founder and Executive Chairman of Econet Group. “The top 10 truly show the limitless potential of African business.”
“What really struck me about the finalists was that they each addressed specific African problems with a specific African solution in a fresh way, leveraging technology that wasn’t available previously,” said Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group. “If this is an indication of the future of entrepreneurship on the continent, then Africa’s future looks bright.”
“Africa’s Business Heroes” will be televised in a two-hour special throughout Africa. The journeys of the finalists as well as their pitches and business insights from the judges will all be included in this exciting television event.
You can watch “Africa’s Business Heroes” on the following dates and channels:December 13, 2019 – ROK 3 on DSTVDecember 14, 2019 – NOVELA and Sports Focus on StarTimes
Check your local listings for specific channel and airing times.
The initiative will host a pitch competition where 10 finalists from across the continent will compete for $1 million in total prize money every year through 2028. All entrepreneurs across Africa, are encouraged to apply. Entries for next year’s prize will open in the first half of 2020.
Mozambique features strongly at 2019 Africa Investment Forum with $24.6 billion project, the largest deal
November 13, 2019 | 0 Comments
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.
Africa Investment Forum 2019: Unveiling the Boardroom: $67.6 billion dollars of deals tabled, $40.1 billion investor interest secured
November 13, 2019 | 0 Comments
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.
Africa Investment Forum 2019: Billion dollar boost for African female entrepreneurs
November 12, 2019 | 0 Comments
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.
Fifth “Bloomberg Africa Business Media Innovators” Forum Convenes in Senegal to Discuss How African Media Can Adapt to New Disruptive Forces
November 12, 2019 | 0 Comments
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.
Follow the conversation online using #ABMI2019
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.
African Energy Chamber and Organization of Petroleum Exporting Countries (OPEC) Discuss Technical Cooperation at Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC)
November 12, 2019 | 0 Comments
|The Chamber will be assisting in the organization of an OPEC Technical Workshop in Dakar in early 2020|
|ABU DHABI, United Arab Emirates, November 12, 2019/ — A team of the African Energy Chamber (https://EnergyChamber.org/) led by Executive Chairman Nj Ayuk met with the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) H.E. Mohammed Sanusi Barkindo today in Abu Dhabi. Both parties discussed the sharing of best industry practices and technical cooperation with new and upcoming African oil producers.|
Given the increasing number of African producers who have rejoined OPEC, and the strong support of non-OPEC African nations for the Declaration of Cooperation, both parties agreed on the opportunity to strengthen the technical dialogue between OPEC and Africa.
In order to cement OPEC’s engagement with new and upcoming producers, the Chamber will be assisting in the organization of an OPEC Technical Workshop in Dakar in early 2020, which will be open to regional technicians from ministries and national oil companies. “As OPEC expands, it is important to open its technical meetings and workshops to non-member countries who could potentially join the Organization later,” explained Nj Ayuk, Executive Chairman at the African Energy Chamber and CEO of the Centurion Law Group.
H.E. Mohammed Sanusi Barkindo welcomed the initiative as a very timely one, insisting that now is the right time for countries such as Senegal to engage with OPEC and the global oil industry. “Such technical workshops can establish a framework for the long-term sharing of best industry practices for new African producers. They ultimately benefit the development of transparent and sustainable industries, this is good for Africa and Africans.”
*Africa Energy Chamber
2019 Africa Investment Forum: There’s never been a better time to invest in Africa than now, infrastructure, agriculture investment opportunities abound
November 11, 2019 | 0 Comments
It was a presidential start on Monday to the African Development Bank’s Africa Investment Forum in Johannesburg, South Africa.
Dignitaries and delegates from the continent and around the world gathered to listen to Presidents Cyril Ramaphosa of South Africa, Paul Kagame of Rwanda, Nana Akufo-Addo of Ghana and Prime Minister Agostinho do Rosario of Mozambique.
They engaged in a discussion titled, Invest in Africa’s Space: Conversation with African Heads of State, moderated by Dr. Victor Oladokun, African Development Bank Group Director of External Relations and Communications.
The message from all is clear – Africa is better placed than ever for investment.
President Cyril Ramaphosa identified infrastructure, energy, manufacturing and tourism as the sectors where the most investment opportunities exist in South Africa. And as the tourism capital of the continent, the president claims when God created Africa, he spent more time on the southern tip.
Rwanda’s President Paul Kagama had a positive message to share, “There has been a lot of progress and activities taking place on the continent, raising Africa to a higher level. I have always thought it was Africa’s time – but in the past we have let ourselves down.” He says his country has created a conducive investment environment through good governance systems and security, and according to the World Bank, it is the second easiest African country with which to do business. Rwanda is focusing on three main areas – creating an agribusiness hub, the planned Kigali Innovation City and the Kigali Innovation Fund.
For Ghana’s President Nana Akufo-Addo, the Africa Continental Free Trade Area remains a priority. He says his government is working to strengthen the country’s macro-economy, “We’ve managed to turn around rising inflation, curbed debt, and maintained discipline in the managing of public finances. In just 3 years, our economy is expanding to become one of the world’s fastest growing economies.” The country’s current priorities are infrastructure, agriculture and mineral resources.
Prime Minister Agostinho do Rosario representing the President of Mozambique, says his country has changed a lot. His government is open to investment, fighting corruption and has improved transparency. It has managed to control inflation, reducing it from 27% to 13%. The country has a youthful population, which is ready to work. Mozambique has many investment opportunities, particularly in oil and gas, agriculture and mineral resources.
The four presidents also responded to questions from the audience.
There was a common theme amongst the leaders – continuing governance issues need to be addressed, such as political stability, security and conflict. President Kagama says many African states know what needs to be done, which includes improving accountability, transparency and trust, while promoting the role of women.
Answering a question about the safety of foreign nationals in South Africa, President Ramaphosa reassured the continent that his country has always welcomed people from around the world, especially its neighbors, as South Africa is home to all.
He says his government is taking action and setting up an early warning system.
On agriculture and fisheries sector in Mozambique, Prime Minister Agostinho do Rosario said the industries are vital for job and income creation. He adds that only 10% of arable land in his country is being used. Modernization is needed, as well as expansion in crops like maize, cashew nuts and cotton. Mozambique’s government is also working to maintain peace in the country.
Asked about his government’s approach to the cocoa industry, Ghana’s President, Nana Akufo-Addo explained that his country and Côte d’Ivoire produce about 65% of the world’s cocoa, worth about $100bn. Of that money, the farmers producing the product, receive about $6bn. Both countries have decided to take action by forging a common policy with a set cocoa floor price, increasing the farmers’ earnings.
The Africa Investment Forum is an innovative, multi-stakeholder transactional marketplace conceived by the African Development Bank, aimed at raising capital, advancing projects to the bankable stage, and accelerating financial closure of deals.
The 2018 inaugural Africa Investment Forum secured investment interests for deals valued at $38.7 billion — in less than 72 hours.
The 2019 Forum runs from 11 to 13 November in Johannesburg, South Africa.
“Follow The Money” Initiative in Nigeria wins Council of Europe’s Democracy Innovation Award
November 8, 2019 | 0 Comments
At today’s closing session of the 2019 World Forum for Democracy, the Council of Europe announced that the winner of its Democracy Innovation Award was the initiative “Follow The Money”, a network of grassroots citizens in Nigeria dedicated to tracking government and international aid spending.
“Follow the Money” is a participatory advocacy-based initiative that advocates for the proper use of government and international aid funds in grassroots communities, to ultimately ensure that public services work for the people. It is a network of activists, social workers, lawyers, journalists, development consultants, researchers and data analysts, that have signed up on its social mobility platform. It uses media platforms like Twitter, Facebook and YouTube, as well as mainstream media, to amplify the voices of marginalised communities.
Three initiatives out of the 27 discussed at the Forum were shortlisted for the final vote:
- Follow the Money (Nigeria) – presented at the workshop “Rebuilding Trust in Institutions”
- alGOVrithms (ePaństwo Foundation/CRTA, Poland) – presented at the workshop “The Human Brain: The Ultimate FactChecker?”
- Le Drenche (France) – presented at the workshop “Local journalism at the frontline of the information ?”
The Forum brought together 2,000 participants and 250 speakers from all over the world to discuss information and democracy.
Saudi Arabia Signs Agreement with the World Economic Forum to Establish a Branch in the Kingdom of the Centre for the Fourth Industrial Revolution
November 6, 2019 | 0 Comments
RIYADH, November 6, 2019 SPA – His Highness Prince Faisal bin Farhan bin Abdullah Al-Saud, the Minister of Foreign Affairs; His Highness Prince Badr bin Abdullah bin Farhan Al-Saud, the Minister of Culture; H.E. Mohammed Al-Jadaan, the Minister of Finance; H.E. Abdullah Al-Swaha, the Minister of Communication and Information Technology; H.E. Mohammed Al-Tuwaijri, the Minister of Economy and Planning; and H.E. Dr. Fahad bin Abdullah Toonsi, Royal Court Advisor and General Secretary of the Saudi G20 Secretariat; met on Wednesday with Professor Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum (WEF).
The meeting was also attended by a number of princes, government ministers and senior officials in the Kingdom as well as WEF senior officials. During the meeting, they discussed areas of joint cooperation between Saudi Arabia and the World Economic Forum.
Following this, they witnessed the signing of an agreement between the Government of the Kingdom of Saudi Arabia and the World Economic Forum to establish a branch in the Kingdom of WEF’s Centre for the Fourth Industrial Revolution, the fifth such centre in the world.
The two parties were represented in the signing of the agreement by H.E. Mohammed Al-Tuwaijri, the Minister of Economy and Planning, and Professor Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum.
This agreement marks the beginning of cooperation between WEF and the King Abdulaziz City for Science and Technology (KACST) with the support and coordination of the Saudi Center for International Strategic Partnerships (SCISP).
KACST will manage the Centre for the Fourth Industrial Revolution in cooperation with WEF. The Centre will provide space for the development of the mechanisms, plans and applications of the Fourth Industrial Revolution in the Kingdom and will contribute to the adoption of technology and best practices in the region and the world, which reinforces the directives of the wise leadership and harnesses the tools provided by the Fourth Industrial Revolution to serve the Kingdom.
This cooperation will bring the Kingdom into the global Fourth Industrial Revolution network with countries such as India, China and Japan. The Centre will also provide the opportunity to cooperate with various government agencies, international institutions and private companies, in line with the efforts to develop effective solutions to the challenges of vital sectors, alongside preparing competencies and capacity-building, and advanced skill development in the areas related to the Fourth Industrial Revolution.
The Fourth Industrial Revolution is based on a number of areas, including Artificial Intelligence, Machine Learning, the Internet of Things, robots, smart cities, the governance and future shaping of technology and data policy, automated mobility, unmanned aerial vehicles (UAVs), and the future of airspace.
Later, the ministers and officials hosted a lunch banquet in honor of WEF’s executive chairman.
The annual meeting of the World Economic Forum, in Davos, Switzerland, is a platform that highlights the challenges and topics of interest to the world, in addition to best practices and practical solutions to these challenges. The Kingdom’s participation in the Forum is an opportunity to enhance economic relations, investment opportunities, and exchange pioneering ideas.