Multilateral Development Banks Deliver Record Climate Finance of for Low/ Middle Income Economies in 2022

Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies reached a new record of $60.7 billion in 2022, up 46 percent compared to 2019 volumes, a new joint report by the MDBs has found

Of the amount, $38.0 billion, or 63%, went into climate change mitigation finance, and $22.7 billion or 37%, supported climate change adaptation. Mobilised private finance stood at $16.9 billion, the report said.

The announcement comes as delegates meet in Marrakesh, Morocco, for the World Bank Group and International Monetary Fund Annual Meetings, where scaling up public climate finance, particularly for low and middle-income economies, ranks high on the agenda.

Climate finance by Multilateral Development Banks (MDBs

In 2022, MDBs allocated $38.8 billion to high-income economies. Of this, $36.3 billion, or 94%, was for climate change mitigation finance and $2.5 billion or 6%, went into climate change adaptation finance. The amount of mobilised private finance stood at $51.9 billion.

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Surpassing climate finance targets

With the record 2022 climate finance volumes, multilateral development banks have, for the second year in a row, exceeded the 2025 climate finance targets  they set themselves at the UN Secretary General’s Climate Action Summit in 2019. This included delivering a cumulative $50 billion in climate finance for low-income and middle-income economies, at least $65 billion globally, with an expected doubling in adaptation finance to $18 billion; and private mobilisation of $40 billion.

Compared to 2019 volumes, MDB 2022 climate finance for low and middle-income countries increased by 46% ($41.5 billion) and global climate finance by 62% ($61.6 billion).

For example, the African Development Bank’s climate finance investments increased from $2.1 billion in 2020 to $2.4 billion in 2021 and $3.6 billion in 2022. The Bank’s allocation is almost entirely channelled to low-income and middle-income economies.

The Bank Group’s Director for Climate Change and Green Growth Department, Anthony Nyong, said the institution recognizes the urgency to mobilize climate finance at scale to address climate impacts and harness climate opportunities on the continent.

He said: “As shown in the report, external climate funds, including Climate Investment Fund, Global Environment Facility and Green Climate Fund, continue to be the main source of co-financing. More is needed from the private sector. The African Development Bank is committed to rallying domestic and global partners to de-risk private capital to unblock the needed trillions of climate finance for Africa.”

Transparent joint reporting on climate finance

The Joint Report on MDBs Climate Finance is an annual collaborative effort to publish climate finance figures, with a clear explanation of the methodologies for tracking progress concerning their joint climate targets, such as those announced at the UN Climate Change Conference in Paris (COP21) and the greater ambition pledged for the 2021-2025 period.

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This year’s report incorporates the Council of Europe Development Bank and New Development Bank’s climate finance fully into the MDB reporting so that for the first time, all ten MDBs’ climate finance is included in the aggregated data reported. Even without the two MDBs joining the reporting, global climate finance rose to $98 billion in 2022. In addition, this year’s report includes a more detailed breakdown of MDB climate finance in least-developed countries and small island developing states.

The 2022 multilateral development bank report, coordinated by the European Investment Bank (EIB), combines data from the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the EIB, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Afreximbank Partners Morocco on $1billion Trade and Investment Programme

The African Export-Import Bank (Afreximbank)  has entered into a memorandum of understanding (MoU) with the Government of Morocco, represented by the Ministry of Economy and Finance, to develop a US$1billion Morocco-Africa Trade and Investment Promotion programme.

According to the terms of the MoU, the programme shall aim to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators. Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing and trade information and advisory services. It will also include support for engagements, missions, exchange of information and capacity building.

Honorable Minister of Economy and Finance Madame Nadia Fettah
Honorable Minister of Economy and Finance Madame Nadia Fettah

Speaking at the MOU signing ceremony, the Honorable Minister of Economy and Finance Madame Nadia Fettah said that “this agreement marks an important step towards consolidating the relationship between the Kingdom of Morocco and Afreximbank. It also affirms the continued commitment of the Government to increasing trade promotion and cooperation, and the development of Africa.”

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In addition, under project finance, the MoU provides for the Ministry of Economy and Finance to facilitate access to information on potential pipeline of investment projects in Morocco, or from Moroccan entities to African countries, which would be suitable for financing from Afreximbank. Afreximbank, on its part, would cooperate with the Ministry and relevant Moroccan entities and economic operators to develop and deploy appropriate project structuring and financing solutions.

Commenting on the MOU, President and Chairman of the board of Afreximbank, Prof. Benedict Oramah said “we are delighted to be signing this MOU as it sets the stage for deepening the collaboration and relationship between Afreximbank and the Kingdom of Morocco. Our mandate to transform trade and support economies in Africa is firm and today’s agreement is another crucial step in achieving this objective.”

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The programme, under which Afreximbank aims to support Morocco over three years for the benefit of the country’s economic operators, is to be implemented using loans and guarantee facilities as well as investment banking and advisory services. According to the MoU, the programme is anchored on Morocco’s firm engagement to play a key role in promoting intra-African cooperation and on the efforts of the Ministry of Economy and Finance to establish mutually beneficial partnerships with African/regional financial institutions to promote financial and economic cooperation between Moroccan economic operators and their African counterparts.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

The 7th Babacar Ndiaye Lecture in Marrakech Is Africa’s Wake up Call

Prof Benedict Oramah, president Afriexim bank


Africa will need a system to discover and nurture entrepreneurial talents to grow its economy and create jobs for its young population. This recommendation was made by Jim Clifton, chairman of the globally renowned polling and analytics firm, Gallup, when he delivered the 7th annual Babacar Ndiaye lecture on 14th October 2023. The lecture, which was held at the Fairmont Royal Palm Hotel in Marrakech, Morocco, was under the theme “The New World Order and the Future of Entrepreneurship in Africa”.An initiative by the Africa Export-Import Bank (Afreximbank) in honour of its founder, It was the first time that the lecture series was being held in Africa with the IMF/Annual Meetings being held on African soil for the first time since Nairobi in 1973.

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In his welcome remarks, Professor Benedict Oramah, President and Chairman of the Board of the Bank, reminded the audience of the changing nature of global trade, particularly the slow-down of globalisation at a time when Africa was poised to benefit from rising wages in China. The growth in global trade, following the collapse of the Soviet Union, the emergence of the World Trade Organisation and the opening-up of China had seen global trade accelerate dramatically, rising from $2 trillion to $7 trillion in the year 2000 and $24 trillion by 2022.The uneven benefits of globalisation, Oramah said, had led to a backlash, with populations in the west and some political leaders souring on the idea.

Prof Benedict Oramah, president Afriexim bank
Prof Benedict Oramah, president Afriexim bank

“The discontentment of the army of displaced “Blue Collar” workers [in the west] had unprecedented political consequences, leading to the emergence of anti-globalisation sentiments and movements amongst political parties and candidates across most of the economies of the West,” he observed.These adverse currents have led to an end of what Oramah called the “golden age of entrepreneurship,” characterised by a reversal in the flows of foreign direct investment to developing countries, restrictions on technology transfers, re-emerging trade barriers, including a trade war between the world’s two largest economies and an environment in which building businesses in the developing world has become riskier and more difficult.

These developments pose a challenge to Africa and require the continent to prepare for this new era.“The world as we know it has dramatically changed, and it has changed for the worse at a time when Africa was expecting to benefit from globalisation that pulled almost a billion people out of poverty in China. However, as businesses explore new investment destinations, they can either consider their home country or elsewhere. What of Africa? What must we do to attract these investments in Africa?” Oramah questioned, introducing Clifton as someone with the capacity to help address these questions.In his keynote address, Clifton said one of the major challenges in the world now is that economies are not growing as much as they used to. The search for growth and the desire to boost it has led many countries to focus on innovation and invest in systems to facilitate innovation. Clifton argued that this is the wrong approach pointing out that it is building businesses that brings innovation to life and engenders economic activity. 

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“There are a lot of innovations but they have no value unless a customer is willing to pay for them,” he stressed. It is important to distinguish between academic talent and the ability to generate ideas from entrepreneurship, which requires a different set of skills, he argued. “We have to understand that while innovation is really important, if we have a system to support and grow entrepreneurs or rainmakers, everything will change.”At a rate of 3% the global economy can grow to $200 trillion over the next generation, which Clifton said would be a failure. To reach $300 trillion which would need growth of 4.5%, there must be a clear understanding of the respective roles of innovation and entrepreneurship. “We have to understand that it’s a cart and a horse situation and I would suggest to you that the cart is innovation, and the horse is entrepreneurship and we have to get really good with the horse,” he said.

According to Clifton, there are about 5 people in every thousand who have the capacity to build huge companies and have the entrepreneurial impact that the late founder of Apple, Steve Jobs had, which means there have to be about 7.5 million of such people in Africa. The challenge, he said, is to find them. The solution is to have a “dragnet” that helps to identify and support these individuals, he said. “This continent has plenty of talent, perhaps more than anywhere else and there’s no reason why you can’t build the biggest businesses in the world here. There are all kinds of minerals here in Africa, but the big money is still in the human spirit, and we haven’t done a good job of unlocking that,” he concluded.

In his closing remarks, Dr Hippolyte Fofack, chief economist of Afreximbank, highlighted the role that entrepreneurs play in economic growth, pointing out that while Africa has abundant labour and natural resources, it needs more capital and entrepreneurship to make up the complete quartet required for production. “Entrepreneurship is one of the most important drivers of growth in both the developed and developing countries. but I would argue that it is even more critical in Africa where it is not a choice but a necessity,” he argued, explaining that the low levels of employment require much more entrepreneurship. “It takes an ocean of entrepreneurs to develop a continent and entrepreneurial governments to effectively facilitate and coordinate their actions as we have heard tonight,” he added.

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Dr Fofack celebrated the role that Afreximbank is playing in supporting entrepreneurship in Africa through its subsidiaries and initiatives such as the Fund for Export Development in Africa, Creative Africa Nexus, African Medical Centre of Excellence and other programmes to support entrepreneurs and small businesses around the continent

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Seychelles Reforms Fishing Sector, Appoints New CEO for the Fishing Authority

The government of Seychelles in an effort to scale up activities within its fishing sector has appointed Dr Jan Robinson as the new Chief Executive Officer of the Seychelles Fishing Authority, effective from the 16th October, 2023.

Dr Robinson has a PhD in Coral Reef Studies from the James Cook University, in Australia, an MSc in Applied Marine Science from the University of Plymouth, in UK and a BSc in Marine Biology from the University of Wales, Swansea in UK.  

Dr Jan Robinson as the new Chief Executive Officer of the Seychelles Fishing Authority
Dr Jan Robinson the new Chief Executive Officer of the Seychelles Fishing Authority

Mr Robinson has over 27 years of experience in fisheries science and management.

Prior to his appointment as CEO, Dr Robinson previously managed research at SFA between 2001 and 2011, Project Manager of the Shared Growth Project (SWIOFish3) and Coordinator of a Fishery Improvement Project for the Indian Ocean Tuna purse seine fishery. 

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President Ramkalawan has also expressed his appreciation and gratitude to Mr Philippe Michaud for the invaluable contribution he has made to the Seychelles Fishing Authority during his time of tenure as acting Chief Executive Officer.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Digital Nomad Visas Are on The Rise in Africa – But South Africa is Far Behind

Namibia is the latest of four African countries to offer digital nomad visas to remote workers. Mauritius, Cape Verde and the Seychelles also all have visa programmes targeting digital nomads, yet South Africa still lags behind.

A digital nomad visa allows someone to live in a country that is not their homeland while working remotely for a company based outside the one they live in. Governments that issue digital nomad visas never refer to them as such, choosing to call them residence permits or devising a special name for them. The permit generally expires after 12 months and the option to renew varies from country to country.

“Normally someone who qualifies for this visa is a high-income earner. They will stay in a hotel or rent a big house and spend their money in the local economy,” said Richard Firth, chairman and CEO of software engineering firm MIP Holdings.

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Travel restrictions due to the Covid-19 pandemic dealt a big economic blow to countries reliant on tourism

Normand visa

Several factors have helped drive demand for digital nomads. In particular, travel restrictions due to the Covid-19 pandemic dealt a big economic blow to countries reliant on tourism. After the pandemic, however, travel volumes did not rebound as expected. Digital nomad visas are seen by some governments as a means of reigniting travel inflows.

“It’s a form of a longevity tourism play aimed at high-earning, high-intellectual property individuals. But instead of having the tourist for the usual two or three weeks, these visas last a year or two depending on the country you’re in,” said Firth.

Covid also led to a sharp rise in the number of remote workers, with many businesses more open to the idea of remote work than they were before the pandemic. Employees or contractors that don’t need to be bound to an office can broaden their horizons beyond working from home in the traditional sense, opting to “make the world their office” instead. “We have 550 people now [working for MIP] and all of them work from home. Covid was the catalyst for that,” said Firth.

In the post-Covid era, tourism has contributed between 3% and 4% to South Africa’s GDP each year, a sharp decline from the 6.4% contribution made by the sector in 2019.

Digital nomad visas

Considering the country’s attractiveness as a tourist destination, having a digital nomad visa programme could attract a higher number of visitors for longer stays. President Cyril Ramaphosa acknowledged this in his February 2022 state of the nation address when he promised “a comprehensive review of the work visa system and new visa categories that could enable economic growth, such as a start-up visa and a remote working visa”. Implementation, however, has been sorely lacking.

The Democratic Alliance-led Western Cape government has been agitating for some time for the national government to introduce a digital nomad visa in South Africa. The provincial government, citing home affairs minister Aaron Motsoaledi, said in July that the programme had been delayed because existing legislation doesn’t allow for its implementation.

But progress in making the necessary changes to the Immigration Act has also been glacial.

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“To be fair, we [South Africans] are slow off the mark in just about everything. If you are quick, you get it, but if you are slow, then by the time you get there, someone has eaten that lunch already. The fact is that we are the prime country to supply this type of visa programme and we do want tourists to come here,” said Firth.

He said an estimated 40% of the 120 000-strong software developer workforce in South Africa work remotely for foreign companies. As such, the availability of digital nomad visas in neighbouring countries could threaten an exodus of skills.

“Say you have a person living in South Africa earning in dollars or pounds and converting that to rands. They might decide to take advantage of a nomad visa and choose to live somewhere else. South Africa is already losing because this person is externalising their intellectual property and income, but we would still collect the tax revenue. If that digital nomad visa stretches out for more than 183 days, we will lose the tax revenue from that individual,” said Firth.

In the longer term, South African employees who can work from home may see digital nomad visas offered by other countries in the region as an attractive option. Deteriorating living standards, lack of service delivery, an unreliable electricity supply and increased concerns about safety and security could make digital nomad visas more attractive.

“Safety and security is a big issue. Not many South Africans qualify for an international passport but this is giving many the opportunity to leave. And although they’ll keep working for South African companies, they’ll be socialising in and contributing to a different environment,” said Firth. “Because they are socialising in different circles, their next job may not be from a South African firm, and the country would lose them completely.”

However, South Africans looking to pursue the nomadic lifestyle should pay close attention to the rules and benefits provided by the visa they apply for in a foreign country. Minimum income level stipulations are usually a key requirement for these visa programmes. So, too, is having health insurance or medical aid from a supplier local to the country of choice. Of particular concern, though, are the tax implications for those working outside of South Africa.

For the employers there is a dilemma: the presence of employees in a foreign state can create a tax presence for the employer

“Some countries see virtual workers as [positive contributors] but only on condition that taxes are paid locally… Not all countries are open to these modern, cross-border employer/employee relationships and advice should be sought before residing for too long in a territory,” said Lino De Ponte, director of employer services and immigration law at Deloitte African Tax & Legal.

In general, a South African looking to live abroad, regardless of where their employer resides, must first check if South Africa has a double taxation agreement with the country they want to live in. If an agreement exists, then that legislation will apply. If not, then the individual is by default a South African tax resident and the following rule applies: if the individual resides in a foreign country for more than 183 days of a given 12 month period, 60 of which must be continuous, then the first R1.25-million of their income will not be taxed in South Africa. This rule and its application does get tricky, and seeking expert advice before relocating is advisable not only for individuals but for employers, too.

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 “For the employers there is a dilemma: the presence of employees in a foreign state can create a tax presence for the employer; whether the staff member is taxable in their personal capacity or not is often irrelevant,” said De Ponte. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Pick n Pay Launches Smart Shopper App

One of South Africa’s leading retail outlets, Pick n Pay is launching a new Smart Shopper app that does away with the need to carry a physical loyalty card when shopping at any of the retailer’s stores.

The new app also allows Pick n Pay shoppers to track and earn benefits as well as switch loyalty points for airtime and data, the group said in a statement on Wednesday.

“This marks the start of a new era of customer engagement and convenience for Smart Shopper as it aims to become South Africa’s most engaging loyalty programme,” the company said.

Pick and pay

The new app, officially launched today, enables completely digital and card-free Smart Shopper membership

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“The new app, officially launched today, enables completely digital and card-free Smart Shopper membership. Customers can seamlessly register and instantly receive a virtual card, which can be used in-store or online. Smart Shoppers can also opt for digital receipts on the app, which will be available to view immediately after each transaction.”

For the first time, Pick n Pay will also allow customers to swap loyalty points for airtime and data via its mobile virtual network operator, or MVNO, known as Pick n Pay Mobile.

Pick n Pay digital transformation officer Wayne Mhlanga said in the statement that the new Smart Shopper app is just the start of a “road map to revolutionise the programme in the coming months and years”.

“Customers increasingly use smartphones to interact and engage. We intend to meet them where they are,” said Mhlanga. “The app will now give customers more convenient ways to engage with Smart Shopper benefits, such as an easy way to check your points balance and receive the best Smart Shopper offers.”

Smart Shopper app

“We have re-engineered the tech behind the app, and our new machine-learning algorithm is generating more relevant personalised discounts and new product recommendations. These updates lay the groundwork for our future plans to grow the app,” he said.

Pick n Pay said it will soon also launch a new app-only “Smart Shopper Happy Hour” initiative. “Vouchers will be loaded onto the Pick n Pay Smart Shopper app in the morning for customers to claim on a first-come basis. The vouchers are then redeemable within a prescribed shopping hour later that day. Smart Shopper Happy Hour launches with a discount of 50% off customers’ entire shop later this week. As vouchers are limited, customers are encouraged to enable app notifications to ensure they don’t miss out.”

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Customers need to register their Smart Shopper cards to get these benefits. This can be done in the app, or via WhatsApp. “Customers can continue using their current Smart Shopper cards or transition to a virtual card via our app,” the company said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Less Than 10% of Businesses Receive Fair Forex Charges in South Africa

Nigeria Startup Act

A new report says that less than 10 percent of South African businesses receive fair forex charges. This is shocking, especially in the world of international business, forex transactions are the lifeblood that keeps the global economy alive with an estimated daily volume of $7.6 trillion as of April this year. The South African chunk of that amounts to over $19.1 billion.

Local businesses rely on these transactions to navigate the complex world of international trade. However, a recent survey conducted by South African fintech disruptor Future Forex revealed a startling truth – many of these entities partaking in international money transfers are unknowingly taking a significant knock on their bottom-line due to non-transparent forex fees. 

Nigeria Startup Act

Exposing Lack of Transparency

The Future Forex survey, compiled from over 250 company responses across various industries, exposed a concerning lack of transparency and fairness in pricing when it comes to forex transactions. It found that 92.8% of respondents were either in the dark about how their banks or forex providers were charging them for each transaction, or were being significantly overcharged on their transactions. 

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The lack of transparency by banks and other forex providers was particularly alarming, with more than 75% of respondents being unaware of what they’re being charged each time they perform a cross-border transaction. 

This murkiness extends to the exchange rate margin, with 34% of participants not knowing about this critical aspect of forex dealings, which is the lion’s share of the fees charged by a provider. 

Harry Scherzer, CEO of Future Forex says: “This seemingly innocuous detail can actually have profound financial implications for businesses, who in turn are likely to be facing higher costs than they are aware of.” adding, “The exchange rate margin, often referred to as the spread, is the gap between the rate at which a forex service provider buys a currency and the rate at which it sells it.” 

He further explains that when sending R1 million to the USA and converting that amount to dollars, using a spot rate (current exchange rate) of R19 to $1, a bank might charge the sender R19.38 for each dollar bought. Therefore, the spread in this case would be R0.38 per dollar, or 2% of the transaction value. You will be incurring a cost to the sum of approximately R20 000 for this transaction – excluding processing and admin fees. 

According to Scherzers insights, exporters and importers are the backbone of South Africa’s international trade, and bear the brunt of these hidden costs. A small discrepancy or hidden cost in each transaction, when multiplied by sheer volume, can result in significant, and often unjustified fees. 

In the world of international business, forex transactions are the lifeblood that keeps the global economy alive with an estimated daily volume of $7.6 trillion as of April this year. The South African chunk of that amounts to over $19.1 billion. 

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Scherzer affirms that Future Forex is poised to fill this gap stating, “Future Forex is poised to fill this gap, leading the charge for transparent, client-centric forex services.” The firm will also be leveraging automation, technology, and support to offer South African businesses the best possible forex rates.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

MultiChoice Wins First Round in Legal Tussle Over Rugby

The urgent application by eMedia Holdings against MultiChoice Group over Rugby World Cup broadcasting rights was struck off the roll on Tuesday in the high court in Johannesburg. eMedia group for legal and business affairs Philippa Rafferty said the judge agreed that the matter was urgent, “so we are obviously very disappointed that the court struck the matter and did not want to engage on the merits of the case”.

“Ultimately, the merits of this case will have to be dealt with, particularly as the same blackout applies to the Cricket World Cup. We are considering our options, going forward,” Rafferty said.

MultiChoice South Africa CEO Marc Jury
MultiChoice South Africa CEO Marc Jury

eMedia has at no stage purchased or even attempted to purchase the rights concerned. The high court directed eMedia to pay the costs of MultiChoice and SuperSport, including the costs of three counsel.

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MultiChoice issued a statement in which it said: “The effect of the high court’s decision is that the position remains that the Springbok matches at the Rugby World Cup will continue to be broadcast only on SuperSport and the SABC. The matches are not broadcast via Openview because eMedia has at no stage purchased or even attempted to purchase the rights concerned.”

The SABC channels are carried on Openview, but the public broadcaster does not air the rugby matches when they’re on, showing Openview customers alternative content.

MultiChoice and SuperSport welcomed the judgment.

In an affidavit responding to eMedia and filed with the court, MultiChoice South Africa CEO Marc Jury said eMedia’s case is a “classic example of free-riding — seeking to profit off another’s expense without contributing at all”.

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SuperSport said it makes an annual investment of R3.3-billion in South African sport and has made a cumulative contribution in excess of R14.4-billion over the past five years.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Leading Accelerator and Investor, Flat6Labs, Expanding to the Rest of Africa

Flat6Labs, the distinguished accelerator and investor known for its operations in the Middle East and North Africa (MENA) region, is poised to embark on a transformative journey that will extend its influence across the entire African continent. This was disclosed by Faten Aïssi, Deputy Director of Flat6Labs during the conclusion to the “Scale Up Tunisia” program, Tunisian startups celebrated their achievements on October 11, 2023. The initiative, led by Flat6Labs and backed by various partners, including the Fast project, the International Finance Corporation (IFC), and the French Development Agency (AFD), marked a significant milestone in Tunisia’s entrepreneurial ecosystem. Technical support was provided by Expertise France, and collaboration with the Tunisian Caisse des Dépôts et Consignations (CDC) further enriched the program.

Flat6labs

Empowering the Entrepreneurial Ecosystem

The primary objective of the “Scale Up Tunisia” program was to strengthen the entrepreneurial landscape in Tunisia. It placed a particular emphasis on fostering female entrepreneurship and regional development. The results were remarkable, with the program leading to the creation of 63 jobs, with almost half of them filled by talented Tunisian women.

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Over the course of 18 months, 20 startups, including seven led by women, underwent an intensive learning process. They received more than 500 hours of tailored coaching from 32 seasoned mentors. The coaching encompassed vital areas like agile methodology, sales strategies, market access, investment readiness, and legal and regulatory compliance.

Creating Opportunities and Access to Global Markets

Faten Aïssi, Deputy Director of Flat6Labs, lauded the program’s impact, highlighting how it opened doors for Tunisian startups on the global stage. She emphasized the role of the program in facilitating access to international markets and supporting startups in raising critical funding. Notably, five startups managed to secure over 2 million Tunisian dinars in investments, showcasing the program’s tangible benefits.

According to Aïssi, the leading venture capital firm is gearing up to venture into Africa, further solidifying its commitment to entrepreneurship across the region.

Collaboration with Esteemed Partners

Crucially, the “Scale Up Tunisia” initiative garnered robust support from prestigious partners. The Fast project, IFC (a World Bank Group member), and funding from the French Development Agency (AFD) were instrumental in making the program a success. The involvement of Expertise France and collaboration with the Tunisian Caisse des Dépôts et Consignations (CDC) provided essential technical support, further enhancing the program’s reach and effectiveness.

Showcasing Innovative Ventures

The closing ceremony of “Scale Up Tunisia” was a pivotal moment for the startups nurtured by the program. It provided a platform for these budding entrepreneurs to present their innovative projects to both Tunisian and international investors. This exposure is crucial for startups as it eases access to the necessary funding required for their continued growth and success.

Diverse Entrepreneurial Pitches

The startups’ pitches covered a diverse range of sectors and industries. Notable presentations included:

  • Kamioun: Founded and led by CEO Fares Belghith, Kamioun operates as a mobile platform serving small retailers and restaurateurs in Greater Tunis. The platform optimizes the supply chain, resulting in faster orders and cost-effective deliveries. The startup has exciting plans to expand its services, including internal stock management and bill payment solutions.
  • Anavid: Co-founded by Ahmed Chaari, Anavid specializes in artificial intelligence and real-time video surveillance analysis. The company focuses primarily on the retail sector, aiming to reduce losses associated with shoplifting by providing real-time video analysis, which offers valuable insights to store managers.
  • Dabchy: Under the leadership of CEO and co-founder Ameni Mansouri, Dabchy serves as a marketplace for buying and selling new or used fashion items for women and children. With a significant user base, this e-commerce platform actively promotes sustainable fashion and recently expanded its operations into Egypt.
  • Ijeni: Safi Negra, CEO and co-founder of Ijeni, leads a multiservice platform in Tunisia that connects local service providers with individuals and businesses seeking specific services. Ijeni offers a wide range of services, including cleaning, gardening, beauty and wellness, healthcare, and handyman services. The platform’s primary goal is to simplify access to high-quality local services while offering service providers an online platform to broaden their reach.
  • We-Settle: Co-founder and COO Wela Moula leads We-Settle, a fintech startup offering a modular solution for processing and paying bills. The platform aids small and medium-sized enterprises (SMEs) in efficiently managing their digital invoices, saving them significant time through AI-driven invoice processing and electronic signatures. Clients can make direct payments through online banking and monitor their payment status in real-time.

The “Scale Up Tunisia” program, powered by Flat6Labs and supported by a network of esteemed partners, has demonstrated its value in empowering Tunisian startups. The proactive approach to supporting female entrepreneurs and regional development has led to concrete job creation and significant investments. The program’s positive impact is evident, and the future expansion plans of Flat6Labs into Africa reflect a continuing commitment to fostering entrepreneurship in the region. The startups presented at the closing ceremony showcase the immense potential and creativity within Tunisia’s entrepreneurial landscape.

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Flat6Labs is a seed and early-stage venture capital firm that operates in the Middle East and North Africa (MENA) region. They are currently running the most renowned startup programs in the region, investing in more than 100 innovative and technology-driven startups annually 1. Flat6Labs has locations in Egypt, Lebanon, Tunisia, Bahrain, Jordan, and the United Arab Emirates (UAE). 

Flat6Labs Africa Flat6Labs Africa

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con

Liquid Intelligent Accelerates Digital Transformation in Tanzania

Nic Rudnick, Group Chief Executive Officer, Liquid Intelligent Technologies

Liquid Intelligent Technologies, a business of Cassava Technologies, a pan-African technology group, has partnered with wingu.africa a pioneer provider of carrier-neutral data center services in Tanzania. The company is also the foremost specialist carrier-neutral data center group in East Africa to introduce the second Azure Hyperconverged Infrastructure (HCI) stack. This investment from Liquid Tanzania will provide a more conducive environment for local businesses to accelerate their digital transformation journeys.

“In 2021, we were the first to bring Azure Stack to Tanzanian businesses, helping them gain access to cloud solutions that met the local data regulatory requirements and efficiently run latency-sensitive business applications.

This is yet another milestone we achieved as we continue to work towards empowering our customers to adopt cloud and contribute to making Tanzania a digital economy,” said Manish Govindji, Acting CEO of Liquid Intelligent Technologies Tanzania.

Nic Rudnick, Group Chief Executive Officer, Liquid Intelligent Technologies
Nic Rudnick, Group Chief Executive Officer, Liquid Intelligent Technologies

An Innovative Solution for Businesses to Meet the Local Compliance Standards

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The innovative solution offered by Azure Stack HCI ensures that businesses meet the local compliance standards by letting customers run applications designed for virtualized infrastructure. Additionally, with the carrier-neutral offering from the Wingu group, companies have a further advantage of choosing the connectivity service provider.

“The Wingu group is thrilled to collaborate with Liquid Intelligent Technologies in introducing Tanzania’s second Azure Stack, a pivotal step in accelerating the nation’s digital transformation. By offering local businesses access to cutting-edge cloud solutions, we aim to empower them to thrive in the digital age.

“Our carrier-neutral data center complements this initiative, allowing companies to choose their preferred connectivity service provider. Together with Liquid, we are contributing to Tanzania’s digital economy, fostering economic ties, and leveling the technology playing field for local businesses. 

“This partnership signifies a significant milestone in expanding technology access and affordability in Tanzania. We look forward to a future of increased connectivity, innovation, and growth for the region,” said Nicholas Lodge, Co-Founder and Chief Strategist at wingu.africa.

Solutions to Enhance Digital Transformation

Liquid’s continuous investment towards extending its fibre backbone and improving access to affordable digital solutions is critical to enhancing digital transformation in Tanzania and the rest of the continent. Ensuring local businesses have access to high-speed connectivity and digital services fosters economic and technological ties across countries.

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Also, it levels the technology playing field for businesses as they push themselves to a global stage to compete against their counterparts in more developed economies.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry