AU leadership met to discuss infrastructural development

 

 The leadership of the African Union Commission (AUC), the African Development Bank (AfDB) and the Economic Commission for Africa (UNECA) are meeting at the AU headquarters in Addis Ababa, Ethiopia to update on issues of crucial importance with regard to the development agenda of the continent.

 

 Dr. Nkosazana Dlamini Zuma, Chairperson of the African Union Commission, Dr. Donald Kaberuka, president of the African Development Bank and Mr.  Carlos Lopes, Executive Secretary of the United Nations Economic Commission for Africa and the RECs representatives will for two days exchange views on infrastructure development and cross-border transit including the integrated high-speed train network; the implementation of the Inga Dam Project; the Pan African E-network; agriculture, continental free trade area and aviation development in the continent, among others.

 Other items on the agenda of the meeting include:  the development of a commodity strategy that will result in Africa regaining the pricing of key commodities and the establishment of the virtual university by consolidating African initiatives and strategies on accelerated human capital development, science, technology and innovation while capitalizing on the digital revolution and global knowledge. 

Agenda 2063 will also be at the center of discussion during the meeting of the three continental organizations.

 Meanwhile, the three organizations will tomorrow 5 June 2014, meet at the level of the committee of ministers, to follow up on the implementation of the Bahir Dar Ministerial retreat and discuss issues arising from the e-mail from the future of Dr. Dlamini Zuma.

 

 

 

Leading African experts opens an international Forum on investment to Africa

he Africa Finance & Investment Forum was officially opened by Prof Monty Jones, EMRC President, alongside Bruno Wenn, CEO of DEG (Deutsche Investitions - und Entwicklungsgesellschaft mbH), in front of a crowd of 200 plus participants coming from across Africa and beyond, in the DEG headquarters in Cologne on 4th June 2014.

“This is a critical moment for the African continent. We need to explore the best means to ensure that the continent’s private sector can suitably access finance – each and every sector depends on access to finance in order to grow. Without this, there is not growth,” Prof Monty Jones said. “This gathering is therefore significant for everyone working with and in Africa. Lets find solutions that can help us grow.”

Entitled ‘Financing Business Opportunities’ the Forum’s first day spotlighted innovative solutions for access to finance, promoting global trade networks and trade relations between South-South and North-South amongst other related topics.

The likes of Babacar Ndiaye, former & Honorary President of the African Development Bank, Luiz Eduardo Melin, Managing Director of the Development Bank of Brazil (BNDES) and Bamanga Tukur, President of the African Business Roundtable addressed the audience alongside many other financial experts.

The afternoon session saw the three nominees for the EMRC Project Incubator Award present their business projects to the audience. Ismael Yameogo representing Maam Expertise from Burkina Faso, Jacques Mabanza head of Fonds d’Actions Mutuelles of the Congo and Magloire N’ Dakon from Extend Finance of the Ivory Coast gave the audience a breakdown of what they had so far achieved and what they were planning to do with the potential cash prize of US$15,000.

Magloire N’ Dakon from Extend Finance of the Ivory Coast was eventually crowned the winner during the networking evening with the select committee highlighting the project’s sustainability and the role it provided in promoting job creation and income creation.

In addition to the Project Incubator Award, approximately 600 B2B meetings took place over the space of two hours as participants sat down and discussed their individual needs and business opportunities with potential donors and investors.

AFIF2014 partners also include: BNDES (Bank of Development of Brazil); AFREXIMBANK; EIB (European Investment Bank); ICD (Islamic Corporation for the Development of the Private Sector;)IFC (World Bank); UN/WTO – International Trade Centre; ADC (African Development Corporation); Delta State (Nigeria); Shell Foundation and the German Trade/Business organizations AfrikaVerein and SAFRI (Southern Africa Initiative of German Business).

EMRC’s approach to grow and strengthen Africa’s private sector is in parallel with DEG’s policy to promote business initiative in developing and emerging market countries by making long-term financing and advice available to private enterprises investing in these countries.

Continental Reinsurance Plc appoints new Head of Life Operations

Continental Reinsurance Plc, Africa’s largest private reinsurer, outside of South Africa, has appointed Mr Abayomi Oluremi-Judah as the Company’s new Head of Life Operations.

Mr Oluremi-Judah trained and worked as an actuary in the UK and Europe over the past 13 years, and brings his extensive insurance and reinsurance experience to Africa. He holds a Bachelor of Science in Mathematics and Economics (University of Warwick) and is an Associate of the Institute of Actuaries.

“We are very pleased to bring Nigerian-born Oluremi-Judah back to Africa to support Continental Reinsurance to realize its vision to be the premier pan-African reinsurer,” said Dr Femi Oyetunji, Group Managing Director/CEO of Continental Reinsurance. "He is an exceptional addition to our Company and will bring outstanding global experience to the role and to the re/insurance industry in Africa.”

Oyetunji further said: “Africa has vast potential to develop a world-class reinsurance market, however to achieve this we need reinsurance skills, including analytical, actuarial, underwriting and asset management skills as well as local knowledge to grow and support Africa’s renaissance and economic development.”

Continental Reinsurance is fully committed to addressing the skills shortage by developing local talent, providing training and knowledge to local markets and to bring the diaspora back to Africa.

Kenya woman scoops lifetime achievement award at a Bankers' event

Kenyan woman, Elizabeth Mary Okelo chairperson of the Kenya Women Finance Trust rounded up a strong performance for women bankers with the Lifetime Achievement Award as winners of the eighth edition of African Banker magazine's African Banker Awards were announced at a prestigious ceremony attended on the 21^st May at the Kigali Serena Hotel.

Vivienne Yeda, Director General of the East African Development Bank, scooped the much-coveted award for African Banker of the Year. Linah Mohohlo was named Central Bank Governor of the Year.

Among the guests were HE Festus Mogae, former President of Botswana, and also HE Paul Kagame, President of Rwanda who received a Special Recognition Award for his leadership and vision. Numerous ministers of finance and bank CEOs were also present.

This year the judges also recognised the smaller financial institutions and those, which have operated in challenging environments. Trust Merchant Bank, an independent commercial bank operating in DR Congo won Best Bank in Central Africa. Mali, whose government successfully transitioned to a democratically elected President after a 2012 coup that crippled the economy, was celebrated by Ecobank Mali who won Best Bank in West Africa. Stanbic Zimbabwe beat tough competition from bigger banks to become Best Bank in Southern Africa, despite challenging economic conditions. 

Two landmark deals were rewarded. Bob Diamond, previously of Barclays Bank, saw the $325m IPO of his new investment vehicle, Atlas Mara Co-Nvest, win Deal of the Year, which was overseen by Citi. And the $3.3bn finance facility for Dangote Industries to build the continent's largest refinery, petrochemical and fertiliser plant was also rewarded, with Standard Chartered who was the lead financier on the transaction receiving the award. 

Commenting on the ceremony, Omar Ben Yedder, Publisher of African Banker commended the landmark achievement by banks. "We are here in Kigali where we have witnessed the transformation of a country. Since we have launched the awards we have witnessed the transformation of an industry. There is no room for complacency because there is much room for growth and development to achieve the transformation we all desire and work towards. But seeing local African banks finance and structure international deals is a step forward and unimaginable a decade back. And I am delighted to see three women pick up three coveted individual awards. Congratulations to them all!” 

The African Banker Awards are organised by African Banker magazine and BusinessinAfrica Events (BIAE). It is a landmark event that celebrates excellence and best practices in African banking and finance.

Winners

Special Recognition Award

HE President Paul Kagame

Lifetime Achievement Award

Elizabeth Mary Okelo

African Bank of the Year

GTBank

African Banker of the Year
Vivienne Yeda, Director General, East African Development Bank

African Banker Icon

Andrew Alli, CEO, Africa Finance Corporation

Central Bank Governor of the Year

HE Linah Mohohlo
Botswana

Finance Minister of the Year

Hon Armando Manuel

Angola

Investment Bank of the Year

Rand Merchant Bank

Award for Innovation in Banking

Nedbank

Socially Responsible Bank of the Year

Nedbank

Award for Financial Inclusion
MasterCard

Deal of the Year – Equity
Atlas Mara Co-Nvest
Citigroup Global Markets

Deal of the Year – Debt
Financing Facility, Dangote Group Petrochemical Plant
Standard Chartered Bank

Fund of the Year
Investec Asset Management

Best Retail Bank in Africa
State Bank Mauritius

Best Islamic Finance Initiative

Banque Islamique de Mauritanie

Best Bank in North Africa

Banque Centrale Populaire

Best Bank in Southern Africa

Stanbic Zimbabwe

Best Bank in East Africa

Bank of Kigali

Best Bank in West Africa

Ecobank Mali

Best Bank in Central Africa

Trust Merchant Bank

Mortgage Bank of the Year

Nigerian Mortgage Refinance Company

Africa is rising, but citizens are yet to see it that way

There are changes in Africa but the citizens still look at the continent the same way they have been doing over the years..seeing problems, bottle necks and limitations to grow.

"Africans still do not see the opportunities available when forigeigners come and see them and grab to make it big," Veny Swai Progamme Officer,Fredrich Naumann Foundation, East Africa.

James Shikwati, Director of IREN asks whether Africa rise, is it a myth or a reality? Are there challenges and opportunities  and what strategies need to be employed to bring out the reality.

Unemployment has reached crisis level, says PS

Kenya’s Permanent Secretary in the Ministry of Youth Affairs Kinuthia Murugu has decried the high rate of unemployment among the youth saying it has reached a crisis level.

Murugu said most of the youth in the Kenya who constitute over 60 per cent of the population are languishing in abject poverty due to unemployment.

He noted that the hardest hit are those from poor families, majority of whom are migrating to urban centres in search of employment where they end up in a more hopeless situation as they struggle to make ends meet.

Speaking during the closing of street families’ rehabilitation exhibition at KICC, the PS said efforts aimed at fulfilling the aspirations of the youth are being sought.

“In an effort aimed at fulfilling the aspirations of the youth, the Government through the ministries of Youth Affairs, Local Government and the Street Families Trust Fund launched the National Youth Service Reformed Youth Training Programme in 2003,” said the PS.

He further disclosed that the Local Government ministry initiated measures to address unemployment through the street families rehabilitation fund in partnership with various government ministries, private sector, development partners, local authorities and children’s institutions.

Murugu said the objectives of the programme was to help the street families rediscover their talents as well as equip them with the necessary skills to prepare them for formal or self-employment.

He said 300 former street children were admitted to the NYS college in Gilgil on the 26th of April 2003 while the second lot of 500 youths joined the college six months later where they were trained in vocational fields such as tailoring and building.

According to the PS, some of them were able to secure formal employment after the training.

“Its therefore recommended that those who have not been able to secure employment be facilitated by the trust fund to acquire tools of trade to enable them engage in self-employment,’’ said the PS.

The PS, however, said besides unemployment, another challenge facing the NYS graduates was lack of “exit strategy since majority of them did not have anywhere they could call home”.

Lake Basin reopens Sh500m rice facility

THE Multi-Million shillings rice mill owned by the Lake Basin Development Authority has now started normal operations following a three months lull that was caused by the post election violence.

LBDA Managing Director Joseph Khaemba says that the Sh.500 million mill started operations two weeks ago.

Khaemba said that they have some 300 bags of rice paddy that will enable the mill to operate for some time as they look for ways and means of getting more paddies.

He said there is a major shortage of rice paddy at the moment in the country. Khaemba who was briefing the press on the status of the Mill which was funded through funding from the African Development says that they will be forced to buy paddy even from Tanzania if need arises.

The MD who was optimistic that things will be all right indicates that they have put in place short team measures aimed at making the mill run normally.

Khaemba says that they will also get some paddy from their own farms such as Bunyala and Sangallo so that the rice mill can operate normally.

He notes that here is a major rice shortage in the country coupled with few supplies of Paddy which they can mill at the facility that has been upgraded.

Khaemba says that they lost millions of shillings in terms of rice lost and property that was vandalized by members of the public during the post poll violence in December.

He says that looters carried away rice and other assorted items belonging to a number of non governmental organizations.

Khaemba says that they lost close to 15 million shillings during the post election violence. He says that they are at the moment looking for a strategic partner for the mill that he says is quite feasible He says that thugs stole rice, maize and office equipments and carried away some computers in addition to damaging some them.

Khaemba however says that the mill itself remained intact and can still operate normally. He also notes that the mill has been operating below its required 20,000 metric tones per year.

The MD notes that the mill crushes only 3000 metric tones per year which he notes is far below its required capacity. Khaemba says that they want to go out of their way to get rice from far flung areas in addition to providing extension services.

He also says that they will increase sugar prices after rebranding their products so that they can meet increasing demands at the production level. The thugs also damaged two Lorries and the perimeter wall of the premises during the chaos.

He says that they will in future have their own nucleus estates in order to meet the paddy shortfall that is being realized at the moment in the country.