Thursday, March 28

Business

US-Africa green and sustainable financing
  • The upcoming US-Africa green and sustainable financing forum in Côte d’Ivoire aims to mobilize funding for infrastructure projects across Africa.
  • Set for March 19–20, the workshop will feature industry leaders, US technical experts, and key financiers.
  • The event highlights the critical need for renewable energy funding models, financing mechanisms, and regulatory and policy reforms to facilitate the growth of green and sustainable infrastructure.

To foster sustainable development in Africa, the United States Trade and Development Agency (USTDA) is joining forces with the African Development Bank Group to host the US-Africa Green and Sustainable Financing Workshop.

Set to go down in Abidjan, Côte d’Ivoire, on March 19–20, 2024, this event is poised to bring to the forefront the pressing need for green and sustainable infrastructure projects across the continent.

The workshop, a convergence of industry leaders, explores innovative financing models that can support Africa’s journey towards a resilient and sustainable future.…

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Struggling African economies
  • The complex relationship between struggling African economies and the IMF revolves around the necessity of bailouts and structural reforms to address economic crises while balancing the need for sovereignty and social welfare.
  • Conditions imposed by the IMF aim to promote fiscal discipline, enhance economic stability, and ensure sustainable growth.
  • The ongoing engagement with the IMF highlights the broader quest for a more equitable global financial system.

The International Monetary Fund (IMF) and its relationship with struggling African economies has been intricate and multifaceted. Often characterized by a mixture of dependence and resistance, this partnership comes to the forefront during periods of economic distress.

African countries, facing challenges such as debt, the aftermath of COVID-19, and external pressures such as the Russia-Ukraine conflict, have found themselves turning to the IMF for bailout assistance.

This dynamic has reignited discussions around the IMF’s role in fostering economic stability and growth through financial support …

Affirmative Finance Action for Women in Africa

Affirmative Finance Action for Women in Africa

  • The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative aims to close the $42 billion financing gap faced by women entrepreneurs, demonstrating that investing in women fosters gender-inclusive economic growth.
  • By securing over $1.5 billion in investments for women-led SMEs and providing gender-smart banking training, AFAWA is changing financial institutions’ perceptions and practices, demonstrating the viability and profitability of supporting women entrepreneurs.
  • AFAWA’s partnerships and educational programs build a more inclusive financial ecosystem, showcasing the initiative’s commitment to empowering women entrepreneurs and driving sustainable, inclusive economic development across Africa.

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) aims to invest in women and close the significant financing gap they face. Women entrepreneurs in Africa confront a daunting $42 billion disparity in financing compared to their male counterparts, largely due to misconceptions about their creditworthiness and a lack of collateral. Despite these challenges, …

Businesses in Kenya see mild rise in activity despite loss of momentum in October
  • Kenya's continued recovery trajectory in 2022 would be supported by several factors, among them, improved business recovery
  • According to Cytonn, there will be a recovery of businesses from the adverse effects of the pandemic, owing partly to the continued reopening of external trading partners
  • The gradual increase in access to affordable credit will also support the economy’s continued recovery

The Kenyan economy may continue its recovery trajectory with the projected GDP growth expected at a range of 4.3 per cent - 4.7 per cent.

A report by Cytonn Investments indicates that the growth will be on the back of gains made in 2021. Using data from the Kenya National Bureau of Statistics, the investment firm says the average GDP growth rate for the three quarters in 2021 is 6.9 per cent, an increase from the 0.8 per cent contraction recorded during a similar review period in 2020.  The average GDP…

Kenya: Banking sector assets grow by double-digits as purchase of government securities rise
  • The banking sector in Kenya was stable and resilient in the third quarter of 2021
  • The Quarterly Economic Review for the period ending 30th September 2021 indicates that the sector’s total assets increased by 2.4% to KSh 5.8 trillion in September 2021, from KSh 5.7 trillion in June 2021
  • Loans and advances accounted for 54.8% of total assets in the third quarter of 2021, a 0.1% point increase from 54.7% of total assets in the second quarter

Kenya’s banking sector remained stable in the third quarter of 2021, said freshly released data by the Central Bank of Kenya (CBK).

In its Quarterly Economic Review for the period ending 30th September 2021, CBK indicates that the sector’s total assets increased by 2.4% to KSh 5.8 trillion (US$ 51 billion) in September 2021, from KSh 5.7 trillion (US$ 50 billion) in June 2021.

CBK said the increase was mainly because of a …

Jim Carrey's 1994 epic, The Mask, Dumb and Dumber, Ace Ventura.www.theexchange.africa

He gets his comedian background from his father who was also an impersonator. It is doing small impersonator gigs in Toronto that got him off the streets, to the US and to stardom.

At a young age, even before his career took off, Jim Carrey wrote to himself a cheque for $10 million.

According to legend, he one day drove up to the Hollywood Hills overlooking the city of Los Angeles and that is where he wrote himself the US$10 million cheque “for acting services rendered”.…

www.theexchange.africa
  • EABL’s Group net sales grew 23% to KSh 54.9 billion, realised through strong organic growth across East Africa
  • Profit after tax improved by 131% to KSh 8.7 billion, driven by margin expansion, prudent cost
    management, and volume recovery mainly in Kenya
  • Cash and cash equivalents up 185% to KSh 7.2 billion, driven by increased net sales and robust working capital management

East African Breweries PLC (EABL) has reported KSh 54.9 billion in net sales for the half-year ended 31 December 2021, representing a 23% growth compared to the same period last year.

During the period, volumes grew strongly at 23%, driven by investment behind brands and innovation in the route to market in response to consumer behaviour shifts.

The continued investment in the capacity of KSh 6.2 billion enabled EABL to rapidly respond to the increased consumer demand.

The Group’s profit after tax grew 131% to KSh 8.7 billion, primarily …

www.theexchange.africa
  • The Bill & Melinda Gates Foundation appoints a board of trustees, bringing independent and diverse perspectives to help strengthen the foundation’s governance
  • The governance change comes after the death in late 2020 of Bill Gates Sr., Bill Gates’ father, an honorary co-chair, and a long-time guiding voice at the foundation
  • It is also on the back of the decision by Warren Buffett last year to step down as a trustee after nearly 15 years
  • It also represents an explicit recognition by Gates and French Gates, especially in the wake of their recent divorce, that the foundation will be well served by the addition of independent voices to help shape its work in the future

The Bill & Melinda Gates Foundation has appointed a board of trustees, with Strive Masiyiwa, Baroness Nemat (Minouche) Shafik, Thomas J. Tierney, and Gates Foundation CEO Mark Suzman joining co-chairs Bill Gates and Melinda French Gates …

Billionaires in Africa. www.theexchange.africa
  • On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014
  • Aliko’s wealth has been increasing exponentially, from $10.1 billion in 2020, $12.1 billion in 2021, and 13.9 billion in 2022
  • Nigerian Abdulsamad’s worth has risen from $3.1 billion in2020 to $7 billion in 2022, arguably the best performer on the list.

The African economy is not doing so well. But that does not mean so are all the people on the continent!

Aliko Dangote, a business magnate in Nigeria, has topped the 2022 Forbes list of the richest men in Africa for the eleventh consecutive time.

Despite the Coronavirus pandemic, the continent’s 18 billionaires’ combined worth is 15 per cent more than it was in 2021, standing at roughly $84.9 billion.

On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014.

Soaring stock prices across sub-Saharan …

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