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The 97Fund, a Ugandan based Open-end Investment Vehicle (HoldCo) launched a $1 Million COVID-19 Relief Fund (the “Fund”) to bail out small businesses in Uganda that have been affected by the pandemic.
The 97Fund invests in high growth early-stage companies in Africa and is managed by Ortus Africa Capital.
The fund targets companies in sectors such as healthcare, tourism, education, finance, New Ways of working (NWoW) such as supply chains and logistics and the digital economy providing market places to businesses.
Kenneth Legesi, Manager of the 97Fund said that the pandemic has disrupted Uganda’s social and economic landscape as seen through the different sectors across the board.
“The Ministry of Finance, Planning and Economic Development projected economic growth would decline from 6 per cent to 5.2 per cent, with an estimate of 2.5 million Ugandans likely to fall back into poverty due to the pandemic. Businesses are feeling the effects …
The United Nations will invest a total of $106 million in the social and economic projects of Angola until 2021.
The outgoing UN resident coordinator in Angola, Paolo Balladelli said the organization intends to invest $53 million per year.
He said that Angola needs billions of dollars to solve major problems and the UN will continue to support. He said that funds will help implement academic, government and civil society programmes.
Mr Balladelli also added that the UN agencies are promoting various initiatives to support Angolan government in social and economic areas with a focus on projects supporting the fight against COVID-19 and prevention programme.
The UN official praised the Government of Angola for putting in place measures to prevent and combat the COVID-19 pandemic, most importantly the timely adoption of the State of Emergency, which allowed the postponement of the spread of the new coronavirus and prepare material …
Africa has so far escaped the worst health consequences of the COVID-19 pandemic. However, the continent looks like it could be the worst hit from the economic fallout of the crisis: 80 million Africans could be pushed into extreme poverty if action is not taken. And disruptions in food systems raise the prospect of more Africans falling into hunger. Rural people, many of whom work on small-scale farms, are particularly vulnerable to the impacts of the crisis. It is therefore vital that the COVID-19 response address food security and target the rural poor.
At this time, the international development agenda is prioritizing health, economies and infrastructure. But there must also be a focus on food security, agribusiness and rural development. This is especially important on the African continent.
Agriculture contributes 65 per cent of Africa’s employment and 75 per cent of its domestic trade. However, the rich potential of agriculture …
For some time, investors rely on rating agencies to determine the investment risk of countries. It is a trend that developed economies usually receive high marks and a promising grade, while many emerging economies and bonds are poorly graded, even given sometimes the infamous “Junk” rating.
With the current pandemic crisis that the world is present, markets have seen price shocks in all areas. If the agencies in charge of the economies handle these shocks properly , many economists suggest that the consequences may only be seen in the short-run. However, countries that might fail to act properly and that take actions once it’s too late, might be on the brink of a recession much like the one seen in 2008. Much like the 2008 global financial crisis, rating agencies were accused of aggressively downgrading countries whose economies were already strained. American Economist, Joseph Stiglitz, has previously accused rating agencies …
At the turn of the new decade just months ago, the world was ecstatic that with it came some good tidings. To the utter shock of many, the first chapter of this decade has come with panic and grief brought about by COVID-19. Since the first case was reported in December 2019 in Wuhan, Hubei Province, China, the number of COVID-19 cases has risen globally to 2.7 million with 738,032 recoveries and 190,549 deaths – according to data from the Centre for Systems Science and Engineering (CSSE) at Johns Hopkins University. These figures are from 213 countries with 52 from Africa – only Comoros and Lesotho have not reported a case. Africa has recorded 25,940 cases, 6,968 recoveries and 1,240 deaths.
Alarmed by the potential of the global economy grinding to a halt, African leaders caucusing in Addis Ababa for the African Union’s (AU) 33rd Ordinary Session of the Assembly …