Browsing: UNDP

Foreign Direct Investments

Kenya’s ambitious $10 billion in foreign direct investments in four years

Industry and Trade
  • Kenya seeks to attract $10 billion in Foreign Direct Investments (FDI) in the next four years despite dwindling inflows over the past years. 
  • The Kenya Investment Authority has partnered with UNDP and the World Bank to develop and implement an Investment Facilitation Framework and FDI Attraction Strategy.
  • The framework is aimed at creating a transparent, predictable, efficient and trusted mechanism for effective investment facilitation.

Kenya aims to attract $10 billion in Foreign Direct Investments (FDI) in the next four years despite experiencing declining investment inflows in recent years. The East African country, in collaboration with the Kenya Investment Authority, has partnered with the United Nations Development Programme (UNDP) and the World Bank to formulate and implement an Investment Facilitation Framework and FDI Attraction Strategy.

Rebecca Miano, the Cabinet Secretary (CS) for the Ministry of Investments, Trade, and Industry (MITI) in Kenya, stated that the framework seeks to establish a transparent, …

The Paris Summit for New Global Financing Pact will Benefit Africa

Countries

France will host, in Paris, on June 22 and 23, 2023, the Summit for a new global financing pact. The Summit seeks to rethink the contract between the countries in the Global North and the Global South. The organisers aim to formulate a new pact to address the global economic crisis and climate change.…

Recovery: Sustainable economic growth in Africa post-pandemic 

Industry and Trade
  • African governments saw a series decline in public revenues during the pandemic
  • Unemployment has surged in Nigeria and South Africa due to the pandemic
  • Some economies have emerged strong while others not so much

The African economy is doing its best to recover strongly from the shackles of the COVID-19 pandemic, which shaved off a substantial amount of growth from the continent’s $2.7 trillion GDP.  Economic recovery in Africa is tough but essential.

While Africa is working its way out of recession and extreme poverty, the region is facing multiple setbacks, such as civil conflicts and the recent Russian invasion of Ukraine, which has caused severe food security in several countries.

The pandemic forced most of the countries on the continent to significantly impose lockdowns that crippled financial operations—businesses, mobility, movement within and across national borders, and public gatherings (Relief Web). 

According to Relief Web a humanitarian information services platform,

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Quest for a Safe Haven…. 

Africa's Development

Harrowing tales of men, women and children drowning in the Mediterranean, after taking treacherous journeys by foot, car and boat; crossing borders in search of safer pastures has hitherto proven to be a truth stranger than fiction. However, the deadly voyages are just a tip of the iceberg of the plight suffered by refugees and migrants, who flee their native countries seeking safer havens in foreign lands. Instead, to the few who make it to the other side, they face an uncertain future. For most, this hope is extinguished upon setting foot on foreign soil, where they are met with unspeakable violence, endure untold horrors and experience extreme human rights violations such as assault, detainment and even sexual defilement.  

Consequently, psychological trauma plagues this lot, which in most cases leads to dysfunctional behaviors that impair their ability to cope with social or family life. Heretofore, more than 20,000 migrants and

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AfDB calls on governments to lower costs of starting up businesses in Africa

Africa

The fourteenth edition of the 2019 African Economic Conference (AEC) has commenced in Sharm El Sheikh—Egypt, raising serious ideas towards sending a crucial call to African policymakers to gain a rather strong hold in addressing unemployment among youth in Africa.

According to a statement from African Development Bank (AfDB), African governments are expected to eradicate setbacks and high startup costs that African youth face, in order to create decent well-paying jobs.

The AEC is jointly organized every year by the African Development Bank, the Economic Commission for Africa and the United Nations Development Programme (UNDP) to discuss pertinent issues affecting the continent.

This year’s event is running on the theme: “Jobs, entrepreneurship, and capacity development for African youth”.

Egypt’s Minister of Investment and International Cooperation, Sahar Nasr, gave out a rather vital aspect on the matter during his opening plenary, highlighting that, the conference provided a critical platform to …

Kenya in Paris: Commits to fight global tax cheats

Kenya

Kenya has become one of the latest countries to strengthen the fight on tax evasion and profit shifting with signing of a tax treaty, in the wake of rising malpractices by global multi-nationals.

The national efforts to strengthen the country’s bilateral tax treaties, have received a boost with the signing of a multilateral convention to end tax avoidance in France.

This week, the country signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting Convention at the 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris.

The Convention is the first multilateral treaty of its kind, allowing international collaboration initiatives to end tax avoidance among multinational firms under the OECD/G20 BEPS Project.

READ ALSO:Kenya’s tax evaders put on notice by President Kenyatta

The OECD/G20 BEPS Project delivers solutions for governments …

Japan sees interaction with Africa as more than just competing with China

Economic Growth

The Japanese city of Yokohama prepares to host African leaders and business delegation during the Seventh Tokyo International Conference on African Development (TICAD7) will be held in Yokohama from 28th to 30th August 2019.

This is a Summit-level international conference on Africa’s development which was initiated by Japan since 1993. What is striking about TICAD is that rather than being a stage for bilateral relations between Japan and African countries, it uses a multilateral framework involving the participation of international organizations.

It is also broadly accessible to diverse stakeholders, including those from private enterprise, academia, and civil society, with the number of participants at TICAD VI held in Nairobi, Kenya exceeding 10,000. TICAD is also a place where African ownership is given serious regard.

In addition, follow-up meetings at ministerial level are held annually to enable the respective ministries to properly stay abreast of the status of ongoing projects resulting …

UNDP lauds Tanzania for execution of the Africa Mining Vision

Tanzania

Tanzania is on the right track in implementing the Africa Mining Vision (AMV)-a continental initiative aimed at seeing minerals drive development of endowed countries, it has been observed.

Speaking in Dar es Salaam on 9th May, 2019 during the regional dialogue on `Enhancing National Ownership in the mining sector, the United Nations Development Program (UNDP) Resident Representative Natalie Boucly said that Tanzanian government has undertaken key reforms which are constituent with the AMV principles.

The Africa Mining Vision was adopted by Heads of State at the February 2009 AU summit following the October 2008 meeting of African Ministers responsible for Mineral Resources Development. It is Africa’s own response to tackling the paradox of great mineral wealth existing side by side with pervasive poverty.

Boucly said it was according to the overall findings of the Gap analysis study conducted by UNDP in collaboration with the Uongozi Institute to analyze AMV …