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, …

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  • Uganda has kicked off the construction US$ 19.9 million Acomai irrigation scheme
  • The project aims to improve access to water for agricultural production, which would lead to increased agricultural productivity
  • The project’s contractor was also tasked to construct a technical school in Kamutur as part of their corporate social responsibility

Uganda had broken ground to build a US$ 19.9 million Acomai irrigation scheme in Kamutur Sub-county in Bukedea District to improve water access.

The government of the East African nation also intends to construct another scheme in Bulambuli District.

The proposed Acomai irrigation schemes in Bukedea and Bulambuli will cover 2,200 hectares of land. In addition, they will come with additional infrastructure such as an administration block, two drying yards, a warehouse, a workshop, a bridge and 58kms of access roads.

Both projects are under the Agricultural Value Chain Development Programme and implemented by the Ministry of Agriculture, Animal Industry …

Agriculture center launched in Kenya

Agriculture center launched in Kenya:

  • Elgon Kenya and the University of Nairobi have signed a Memorandum of Understanding paving the way for constructing the Agricultural Technology and Innovation Centre (ATIC)
  • The ATIC will nurture and strengthen innovations in agriculture and entrepreneurship, to foster the adoption of cutting edge innovations leading to job creation and product development
  • Elgon Kenya Managing Director Dr Bimal Kantaria lauded the partnership, terming it the missing link between research and industry

The agriculture sector in Kenya has received a significant boost following a partnership between two leading institutions to set up a technology and innovation centre, the first of its kind in East Africa.

Elgon Kenya and the University of Nairobi have signed a Memorandum of Understanding paving the way for constructing the Agricultural Technology and Innovation Centre (ATIC) at the College of Agriculture and Veterinary Services, Upper Kabete Campus in the capital city.

The ATIC …

www.theexchange.africa
  • Data from Kenya Electricity Generating Company (KenGen) reveals that demand for electricity in Kenya grew at an average rate of 4.5% in 2021
  • KenGen said attributed the growth to high business activity witnessed in the East African country, amid ongoing recovery from the impact of the coronavirus pandemic
  • Of the amount, Mwathethe observed that more than 92% of the electricity consumption was from renewables

Kenya Electricity Generating Company (KenGen) has revealed that demand for electricity in Kenya has continued to grow at an average rate of 4.5% year on year in 2021.

The electricity producer said growth was driven by high business activity witnessed in the East African country, amid ongoing recovery from the impact of the coronavirus pandemic.

KenGen also revealed that the country had scaled up use of renewable sources during the year under review, further boosting its standing in the fight against climate change.

The firm’s board …

www.theexchange.africa
  • Google is investing in Uganda’s SafeBoda from the Africa Investment Fund which was launched by Sundar Pichai, CEO of Google and Alphabet
  • The Africa Investment Fund is part of a broader plan to invest $1 billion over 5 years to support digital transformation in Africa
  • SafeBoda app was launched in 2017 to connect passengers to their community of safer and trusted drivers

Google has announced that it will invest in SafeBoda, a venture-backed company in Uganda.

This is the first investment from the Africa Investment Fund which was launched by Sundar Pichai, CEO of Google and Alphabet, at Google for Africa in October 2021.

In a statement seen by The Exchange Africa, Google said the funding will help drive SafeBoda’s growth in Uganda and Nigeria, scaling its transportation-led app to offer new payment and financial services solutions for its expanding set of customers: passengers, drivers and merchants.

Ricky Rapa Thomson, …

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  • The High Court ruled in favour of Enock Aura, a Kenyan citizen who moved to court arguing that the directive was illegal and a violation of the rights of Kenyans
  • Aura’s sentiments were similar to those of lobby group Human Rights Watch which said the move undermines basic rights
  • On November 21 Kenya’s cabinet secretary for health, Mutahi Kagwe, announced that beginning December 21, authorities will require anyone seeking government services to provide proof of full COVID-19 vaccination

Kenya’s High Court has temporarily suspended a directive requiring citizens to be vaccinated to access in-person services in government offices.

On December 15, a High Court judge suspended the directive by the Ministry of Health, days before it was meant to take effect.

On November 21 Kenya’s cabinet secretary for health, Mutahi Kagwe, announced that beginning December 21, authorities will require anyone seeking government services to provide proof of full Covid-19 vaccination.

www.theexchange.africaz
  • A climate-smart crop insurance scheme introduced in Kenya combines satellite data and smartphone imagery to provide farmers with much-needed protection
  • It relies on satellite images to determine if a particular area – sometimes covering up to 1,000 farmers
  • Picture-based insurance requires farmer champions to periodically take photos on behalf of farmers’ crops at different growth stages 

As climate change worsens, millions of smallholder farmers across sub-Saharan Africa grapple with unprecedented weather changes and influxes of pests and diseases that ravage their farms and devastate their livelihoods.

However, a climate-smart crop insurance scheme introduced in Kenya combines satellite data and smartphone imagery to provide farmers with much-needed protection.

To cushion farmers against climate change and boost productivity and resilience, governments and private sector players have been exploring various financing solutions.

Among them is index-based weather insurance, which relies on satellite images to determine if a particular area – sometimes covering up …

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