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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 …
Banque Misr, Egypt’s second-largest bank, has announced plans to enter the Kenyan market as it seeks lending deals in East Africa and serving Egyptian firms operating in the region.
To fund the Kenya expansion the state-run bank plans to borrow $250 million from international lenders this year. The Kenyan expansion will also coincide with planned entry into Somalia and Djibouti.
“We are in talks with two international institutions on loans with competitive interest rates,” said Mohamed Eletreby, Banque Misr chairman.
Mr Eletreby added that Banque Misr could enter Kenya through setting up branches or representative offices.
Also Read: Absa Kenya’s US$ 100 million kitty for women entrepreneurs
The bank has branches in the UAE and France, as well as units in Lebanon and Germany and representative offices in China, Russia, South Korea and Italy.
The Banque Misr announcement marks the latest declaration of interest by an Egyptian lender to enter …
Rwanda’s Human Resources for Health (HRH) Program funded in part by the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) from 2012 to 2017 increased Medical Specialist says a new report from the National Academies of Sciences, Engineering, and Medicine.
According to the report, the program more than tripled the country’s physician specialist workforce and produced major increases in the numbers and qualifications of nurses and midwives.
The report recommended that future investments in health professional education should be designed within a more comprehensive approach to human resources for health and institutional capacity building, which would strengthen the health system to meet both HIV and more general health needs.
“People with HIV are living longer, which means they have long-term HIV care needs while also needing the care to manage other diseases and to enhance their quality of life. Supporting the entirety of their needs depends on the same strong …
International Finance Corporation (IFC), a member of the World Bank Group, announced that it will co-host the AFRICA CEO FORUM 2020.
IFC’s support for the event shows its increasing commitment to help Africa’s governments, businesses, and entrepreneurs overcome challenges, increase trade, create jobs and drive innovation.
The Africa CEO Forum will be held on March 9 to 10 next year in Abidjan, Côte d’Ivoire.
It is the leading international conference dedicated to supporting private sector-led growth on the continent.
The upcoming 8th edition of the AFRICA CEO FORUM will focus on regional integration, the impact of technological advances, infrastructure development and jobs.
It will also cover other areas relevant to unlocking the continent’s economic potential and helping improve lives.
IFC which has co-hosted the FORUM since 2018, is at the centre of discussions on these and other development topics which will help drive economic transformation in the …
Egypt is Germany’s third-largest trade partner in the Middle East, with a trade exchange worth $3.6 billion.
According to a report by the Ministry of Trade and Industry, trade between the two countries increased by $43 million during the first nine months of 2019 to $3.622 billion, compared to about $3.579 billion recorded during the same period in 2018.
In 2017, the trade exchange between Egypt and Germany reached its highest level at 5.8 billion euros.
Germany’s total investment in Egypt currently stands at about $7.4 billion across various fields, including construction, industry, tourism, the service sector, agriculture, and information and technology.
In German investment guarantees, Egypt also ranks among the top ten recipients with 18 guarantees worth 1.4 billion euros.
During Mostafa Madbouly, Egyp’st Prime Minister visit to Germany last June, he signed a memorandum of understanding with Bosch to build a factory in an area of 120,000 square …
African governments are harnessing digital technologies to support ongoing reforms and better serve the interests of citizens, according to industry experts at the Global Business Forum Africa 2019 in Dubai.
Innocent Muhizi, CEO, Rwanda Information Society Authority who spoke during a session entitled Rethinking Government – Working with the New Guard, explained how the government agency partnered with companies to develop an e-procurement platform that handles proposals and contracts and said the government in Rwanda operates like a private sector entity by setting KPIs and working towards ambitious targets.
Hon. David J. Francis, Chief Minister, Republic of Sierra Leone, noted that his country was in the process of creating a “new direction government” built around digital innovation, science and technology. He explained that his department has piloted iPads to reduce stationery, introduced an automated public expenditure policy and expanding internet and mobile coverage, providing real-time data to citizens – …
