Friday, March 29

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, …

Bitcon falls by 29% as $2.5 billion of Crypto is liquidated. www.theexchange.africa

The Crypto market in the world is looking ugly.

The bitcoin price fell to a three-month low on January 10, accelerating the slide that started when the Federal Reserve ignited a broad sell-off worth US$300 billion. The bank cautioned that it might move more quickly than previously expected to reverse policy meant to reinforce the economy during the Coronavirus pandemic.

Experts predict that the latest crypto fall will persist for weeks in the Federal Reserve measures continue to be more aggressive.…

www.theexchange.africa
  • MPs in Uganda have been urged to address budget shortfalls in the roads docket 
  • The ministry of works and transport said that majority of the running projects are being undertaken in arrears, saying that some projects have suffered major budget cuts

In Uganda, the Minister of Works and Transport, Edward Katumba Wamala, has warned Members of Parliament that unless the budget shortfalls of the ministry are addressed, projects under the works sub-sector in the National Development Plan (NDP) III will not be timely implemented.

“It will be difficult to start new projects before completing the ones that were started,” he said.

Katumba Wamala was appearing before the Committee on Physical Infrastructure on Thursday, 13 January 2022 to respond to issues raised in Budget Framework Paper (BFP) for Financial Year 2022/2023.

He said that majority of the running projects are being undertaken in arrears, saying that some projects have suffered …

Packaging of cannabis for exportation. www.theexchange.africa

In June 2020, South Africa got the trial of marijuana off the ground as part of the six herbs that could effectively fight the COVID-19 pandemic.

A 2020 report by the research firm estimates that the marijuana market will be based majorly in the following five countries.

Market size would generate as follows if the required legislations take effect:  Nigeria (US$3.7 billion), South Africa (US$1.7 billion), Morocco (US$900 million), Lesotho (US$90 million), and Zimbabwe (US$80 million).…

www.theexchange.africa
  • MPs in Uganda have been urged to spare the tourism ministry, departments and agencies (MDAs) from budget cuts in order to revive the COVID-19 hit sector
  • The State Minister for Tourism, Wildlife and Antiquities minister said the dock is under funded 
  • The tourism sector has over the last two financial years lost over US$ 567,063 on account of budget cuts on consumptive items

Uganda parliament tourism budget

The Uganda parliament has been asked to exempt the tourism ministry, departments, and agencies (MDAs) from budget cuts in order to revamp the COVID-19 hit sector.

Bahinduka Martin Mugarra, the State Minister for Tourism, Wildlife and Antiquities said he was shocked by the persistent underfunding and budget cuts on consumptive items on tourism.

“The appropriation to the tourism sector has historically been below the threshold required for the industry to perform its role meaningfully. A sector that generates about 10 per cent …

www.theexchange.africa
  • Bolt receives its largest-ever funding round, amounting to €628 million (US$716 million) to fast-track the mission to have cities move in more affordable and sustainable ways
  • The company said part of the funds will speed up the expansion of its new and existing mobility and delivery products across Eastern African markets
  • The investments will also boost ride-hailing services in Kenya, with emphasis on enhancing the safety features on the platform for drivers and passengers

Bolt receives funding for expansion

On-demand transport firm Bolt receives its largest-ever funding round for expansion, amounting to €628 million (US$716 million) to fast-track the mission to have cities move in more affordable and sustainable ways.

In a statement, the company said part of the funds will speed up the expansion of its new and existing mobility and delivery products across Eastern African markets.

The investments will also boost ride-hailing services in Kenya, with emphasis on …

www.theexchange.africa
  • The High Court in Kenya has suspended a planned move by local insurance firms to hike motor vehicle insurance covers
  • The court told insurance companies not to implement the hike, following a petition by the Kenya Human Rights Commission (KHRC)
  • Justice James Makau also suspended the firms from refusing to offer comprehensive cover for older vehicles
  • The ruling comes after the commission took the country’s insurance regulator to court for not protecting Kenyans

High Court vehicle insurance cover

The Kenyan High Court has suspended a planned move by local insurance firms to hike motor vehicle insurance cover by 50%.

On Wednesday, January 12, 2022, the court told insurance companies not to implement the hike, following a petition by the Kenya Human Rights Commission (KHRC).

Justice James Makau also suspended the firms from refusing to offer comprehensive cover for older vehicles.

Insurance companies had planned to decline, offering comprehensive covers to

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