Browsing: Ethiopia

A nation-wide tree planting initiative kicked off on the morning of Monday 29th July aimed at breaking the world record of planting 200 million saplings on a single day. India currently holds the world record. They, however, beat that record and planted 350 million trees with hours.

Officially launched by Ethiopia’s Prime Minister Abiy Ahmed in May, the nation-wide reforestation program, also popularly known as green legacy, is aimed at recovering the trees and forests that have been lost over the years.

Getahun Mekuria, Ethiopia’s Minister of Innovation and Technology, tweeted estimates of the number of trees being planted throughout the day Monday. By early evening, he said 353,633,660 tree seedlings were planted in 12 hours.

Staff and representatives from the UN family, African Union, Diplomatic Corps and Ethiopians from all walks of life gathered in Gulele Botanical Gardens and in a park in central Addis Ababa to play their …

Africa escaped the global decline in foreign direct investment (FDI) as flows to the continent rose to US$46 billion in 2018, an increase of 11% on the previous year, according to UNCTAD’s World Investment Report 2019.

Growing demand for some commodities and a corresponding rise in their prices as well as the growth in non-resource-seeking investment in a few economies underpinned the rise.

While FDI in some large economies on the continent – such as Nigeria and Egypt – contracted, this was outweighed by a surge in flows to others, most significantly, South Africa.

“The African Continental Free Trade Area (AfCFTA) agreement will bolster regional cooperation. This, along with upbeat growth prospects, augurs well for FDI flows to the continent,” UNCTAD Secretary-General Mukhisa Kituyi said.

FDI flows to Sub-Saharan Africa climbed by 13% to $32 billion, recovering ground after successive contractions in the two prior years. Southern Africa saw …

The Ethiopian banking sector is comprised of the National Bank of Ethiopia (NBE), two government-owned banks and sixteen private banks.…

RENEW’s Impact Angel Network (IAN), one of the most active equity investors in Ethiopia with an expanding presence in East Africa, have successfully exited two investments to a regional private equity fund and a family office.

RENEW and the IAN provided two rounds of angel financing to support the launch of an Ethiopian production company that exports to international markets. With the recent buyout of these positions, these investments realized gross internal rates of return (IRR) of 26.70% and 17.58%, respectively.

The IAN’s investments helped a start-up company become a leader in its industry in Ethiopia. The company has received international awards and certifications on account of a superior product and exceptional processes.

It now purchases from thousands of smallholder farmers and employs hundreds of Ethiopians in permanent and temporary positions.

The company’s success can be attributed to the strong leadership and disciplined management of a visionary entrepreneur and committed …

Of the estimated up to 45,000 MW potential, 30,000 MW is estimated to be economically feasible which is equivalent to an electricity generation of 162 TWh.…

RENEW and the Impact Angel Network (IAN) have committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda.

RENEW and the IAN, now one of the most active investment groups in East Africa focusing on small and medium enterprises (SMEs), designed the fund to address a pressing need to close the financing gap for women-owned companies in Sub-Saharan Africa.

Some of the investors are meeting this week at the third Impact Angel Network (IAN) International Gathering in Washington, D.C.

RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments.

RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, …

The World Bank has increased emergency support for the three Southern African countries affected by a devastating cyclone that killed hundreds in March to Tshs.1.6 trillion ($700 million), the lender said on 3^rd May, 2019.

More than 1,000 people were killed across Mozambique, Zimbabwe and Malawi after Cyclone Idai, the worst cyclone in decades, lashed the Eastern Indian Ocean coast bringing heavy winds and rains.

New World Bank President David Malpass, who is in Africa for his first foreign trip, toured the affected areas in Mozambican port city of Beira on 3^rd May, 2019. The bank said it was activating the International Development Association`s (IDA) Crisis Response Window (CRW) to provide up to Tshs.1.2 trillion ($545 million) in total for the three countries.

“This is in addition to the nearly Tshs.345 billion ($150 million) in resources that have recently been made available from existing projects. Together, total …

AfCFTA, when fully ratified, will cover more than 1.2 billion people with a combined GDP of USD2.5 trillion.…

Private capital remains an important driver of investment activity in much of Africa

Office yields remained largely stable in most African markets over the past two years, anchored by patient domestic capital as local investors assume a longer-term perspective, a new analysis by Knight Frank shows.

The analysis, published in a new Knight Frank report dubbed Africa Horizons, shows that of the 35 office markets covered, yield remained stable in 16 locations in the two years to 2018 and rose in six, while 13 markets recorded declines.

Africa Horizons provides a unique guide to real estate investment opportunities on the continent, examining developments in agriculture, hospitality, healthcare, occupier services (office), capital markets, residential and logistics property sectors.

“By taking a longer-term perspective, and in some cases a lower return profile, local investors have remained more active than headline figures suggest. This explains how yields in most major markets have remained …

The third edition of the China Trade Week (CTW), a “One Belt, One Road” initiative inspired event will take place in Ethiopia from May 2 to 4 at the Millennium Hall in Addis Ababa.

MIE Groups, the founder of the conference will host the three-day event in collaboration with the Ethiopian Prana Events.

Established in 2013, China Trade Week had its first event in the United Arab Emirates (UAE) which was warmly welcomed by the local business community, it was followed by the first African event in Kenya in 2015 which had an even bigger response. It later debuted in Ethiopia in 2017.

The trade fair seeks to pull over 100 investors and exhibitors from sectors including construction materials and machinery, lighting and energy, clothing and textiles, electrical goods and electronics, automotive parts and accessories, health and beauty, print, packaging and plastic, baby and infant products and food and beverage.…