Mauritius Joins Africa Finance Corporation

 

The Africa Finance Corporation (AFC) has admitted Mauritius as its 23rd member nation. This comes few weeks after Madagascar joined the Corporation, becoming the Corporation’s 22nd member. The AFC, an investment grade multilateral finance institution with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa has been experiencing surging growth with a current balance sheet of approximately US$4.5 billion, making it the second highest investment grade rated multilateral financial institution in Africa.

Mr. Samaila Zubairu

Mauritius membership is coming at a time the southern African island nation is registering impressive economic progress across the board, including a near fivefold increase in its GDP per capita in the last 30 years. Moreso, Mauritius has consistently maintained one of the highest-ranking countries in Africa in the UN’s Human Development Index striving to move from a middle income country to a high income country. The government also said that this development is in line with the current economic strategy, titled “Achieving the Second Economic Miracle” which places high emphasis on infrastructure investment which informs the country’s identification with the Africa Finance Corporation (AFC) focus on power, transport & logistics.

With this development, the AFC is now free to start series of engagements with Mauritius and its private sector on the best ways it can contribute towards developing the country’s infrastructure, leveraging AFC’s award-winning approach to deliver high quality, sustainable infrastructure projects. Equally noteworthy is the fact that the Mauritius Africa Fund (MAF), SBM Group and AFC are in discussions currently with regards to the establishment of an Africa-focused infrastructure and industrialization fund (the Fund). The Fund, a Mauritius initiative, will seek to collaborate and mobilize funds from key institutional investors for investment in crucial infrastructure projects and facilitate the setting up of special economic zones across the African continent. It would be similar to the Nigerian Trust Fund (NTF) domiciled at the African Development Bank (AfDB).

Speaking on the development, the President & CEO of the Africa Finance Corporation (AFC) Mr. Samaila Zubairu, expressed the Corporation’s pleasure in welcoming Mauritius as a Member State of AFC. Noting that through its commitment to promoting private sector-led solutions for its development challenges, Mauritius presents an excellent partnership opportunity for AFC’s mandate to develop and finance infrastructure, natural resource and industrial assets for enhanced the productivity and economic growth of African states. He added that the Corporation looks forward to significantly contributing to Mauritius’s growth story.

It could be recalled that the Africa Finance Corporation (AFC) has an A3/P2 (Stable outlook) rating from Moody’s Investors Service and that it successfully raised US$650 million in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobonds all of which were oversubscribed and attracted investors from Asia, Europe and the USA. Combining specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth, the AFC has invested in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications in projects within 29 countries across Africa.

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.

South Africa’s e-commerce startup SnapnSave raises capital from Vunani Capital

With Jumia’s controversial listing on the New York Stock Exchange, Konga’s recent acquisition by the Zinox Group, and barely a poor history at fund-raising this year, it does seem that confidence is gradually returning to Africa’s ecommerce sector (although this is still very much connected to fintech). South African startup SnapnSave, which has developed a cashback grocery coupon app, has raised an undisclosed amount of funding from Vunani Capital as it builds towards its Series A round.

Here Is The Deal 

  • The amount in this round of investment is undisclosed but investment came from VC firm Vunani Capital through its fintech-focused fund.

“We are delighted to be working closely with the team at Vunani. Their expertise in understanding corporate finance and their relationships in Africa will aid the company as we prepare for a Series A raise that will allow us to expand into new markets in 2020,” said SnapnSave co-founder Mark Bradshaw.

Why The Investor Invested

One thing is top on the list of why VC Vunani invested — SnapnSave belongs in the fintech space.

“This investment offers the Vunani group exposure to a new wave of fintech businesses that are using digital platforms to bring benefits to ordinary consumers,” Vunani executive director Mark Anderson said. “SnapnSave is our first fintech investment. We are expecting to enter into more transactions in the fintech space as we diversify our financial services offering.”

What The Startup Does

SnapnSave gives shoppers cash back on their favourite products, wherever they shop, just by snapping a photo of their till slip. 

The startup secured ZAR14 million (US$980,000) in funding from Kalon and Smollan in 2017, taking in the second tranche of that investment last November.
The startup has seen significant growth since it was launched in 2015, and now has more than 350,000 users that have submitted over 1.5 million till slips and earned more than ZAR14 million (US$950,000) in rewards.
Its latest round of funding, which comes from VC firm Vunani Capital through its fintech-focused fund, will be used to further grow and scale the shopper and vendor base of SnapnSave as it builds towards a Series A round. Bradshaw’s fellow SnapnSave co-founder Tina Fisher said with over 200,000 grocery retail points in South Africa, it was clear that shoppers in the market do not just shop at one store for their favourite grocery items. 

Read Also: Jumia: Lessons For E-Commerce Companies In Nigeria

“With promotions in retail traditionally being store-specific, more and more shoppers are signing up for SnapnSave to benefit from cash back savings available at any retailer. Leading brands like Coke, Pioneer Foods, Unilever, SC Johnson and more are working closely with SnapnSave to engage with these shoppers,” she said.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

From 2020, Namibian Startups May Get Higher Funding Under The Youth Credit Scheme 

At this age and time, $135 may no longer be enough to start up a business in Namibia. This is what the review of the old Namibian Youth Credit Scheme seeks to consider. The Namibian government is reviewing the country’s Youth Credit Scheme as it seeks to enhance capacity in providing financial services to start-up youth business enterprises. The Namibia Youth Credit Scheme provides start-up loans to young Namibians aged 18 to 35 seeking to establish or expand their businesses.

Here Is All You Need To Know

  • The Namibia Youth Credit Scheme (NYCS) is a youth credit initiative formulated to enable youth of Namibia to access capital, enabling them to significantly participate in the socio-economic development of Namibia, according to a report by the scheme.
  • The NYCS was co-funded by the Ministry of Youth, National Service, Sport and Culture (MYNSSC) and the Social Security Commission of Namibia. It is an integrated support programme, providing simplified business management training as well as loans ranging from N$400 to N$4000 as a means of supporting youth of ages ranging from 18 to 35 years in their efforts to establish small and medium enterprise (SME) initiatives as strategies for self-employment and income generation, thereby improving their living standards.
  • During 2018, the Scheme dispersed seed capital to 218 Namibian youth-led business es countrywide, valued at 1.8 million Namibian dollars. 
  • The loans are given to individuals in groups from the same community (usually 5–10 people). It is necessary for the young people to be recommended by their parents or legal guardians in order to join the programme (they need to either sign a letter or the loan agreement).
  • The review aims to take another look at its funding model for small-medium enterprises, and to ensure that the programs meet current demands.

The Gross Domestic Product (GDP) in Namibia was worth 14.52 billion US dollars in 2018. The GDP value of Namibia represents 0.02 percent of the world economy. GDP in Namibia averaged 5.99 USD Billion from 1980 until 2018, reaching an all time high of 14.52 USD Billion in 2018 and a record low of 1.61 USD Billion in 1985.

“The Scheme was initially launched as a social welfare program through the Commonwealth. Currently, funding starts from 2,000 Namibian dollars (135 U.S. dollars), which is no longer adequate for most start-ups, which poses a challenge to wider national economic development. Hence; the need to review the Scheme,” Emma Kantema-Gaomas, executive director of the Ministry of Sport, Youth and National Service said.

The total population in Namibia was estimated at 2.5 million people in 2018, according to the latest census figures. Looking back, in the year of 1960, Namibia had a population of 0.6 million people.
According to Kantema-Gaomas, the ministry is underway with consultative meetings with key stakeholders to review the amount to be provided to entrepreneurs and unemployed youth, as well as other modalities.

“The prime objective is further to strengthen the program, and come up with a model that will drive sustainability and economic prosperity,” she added.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

President Biya Offers Olive Branch to English Speaking Cameroonians

The Cameroonian President, Paul Biya has offered to entertain the grievances of the separatists’ in south western parts of the country as way of bringing to an end the political crisis that has engulfed the country in the last few years. This overture by President Biya is seen by observers as a positive development as an official acknowledgement of the crisis the country has been wading through in recent times. President Biya had in a public address promised to have a national dialogue with the agitators, saying that the dialogue which will probably start from the end of this month, would be led by the Prime Minister, and would bring together a wide range of people to seek ways to end violence that has plagued the country in recent times.

Paul Biya, President, Republic of Cameroon

It could be recalled that Cameroon has been battling internal insurgency since 2017 after the government cracked down heavily on peaceful protesters in Cameroon’s Northwest and Southwest English-speaking regions who were bringing to the fore, acts of marginalization by the French-speaking majority of the country. The government’s high handedness in quelling the protests led to more protests leading to the death of over 1,800 people and displacing close to a million.

The President said that in view of the ongoing quagmire, there is need to convene a major  national dialogue to enable the country seek, within the bounds of the Constitution ways and means of meeting the deep aspirations of the peoples of the Northwest and Southwest, but also of all the other components of the nation.

Observers say that the Cameroonian leadership has been playing the Ostrich with the political problems facing the country in the last three years by their nonchalant attitude to the yearnings and aspirations of the people of southwestern Cameroon. This they said has cost the country enormous goodwill, investment and worsened the security situation in the country. For example, Cameroon’s hosting rights for the 2019 CAF African Nation’s Cup was withdrawn at the last minute because of security concerns are campaign by human right groups against the government’s high handed response to peaceful protests by the people.

Though the President did not specify if representatives for the separatist movements would be invited to participate in the talks, Human Rights Watch said the prospects for talks between the government and separatist leaders were very thin because of breakdown of trust that has festered over a long period. While hailing the decision as being on the right path, many still doubt the government’s sincerity to peace.

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.

New Forex Policy Threaten Businesses in Central Africa States.

The new foreign exchange policy promulgated by the Central Bank of Central African States (BEAC) aimed at tackling financial frauds and money laundering and stems floundering foreign reserves seem to be having the opposite effects as dwindling forex and transaction delays have pushed businesses across the six countries of the BEAC in a bid fix. Many business people have decried the new rules warning that if nothing is done urgently, most businesses will crumble. The BEAC which manages monetary policies across Chad, Cameroon, Republic of Congo, Equatorial Guinea, Gabon and the Central African Republic is said to have implemented the new rules in line with the directive by the International Monetary Fund (IMF) urging it to boost its foreign reserves, which it estimated at 2.7 months of import cover at the end of last year, rather very low for a region with so much oil. The BEAC had agreed to boost this to five months by 2022 and the new rules aim to do that by forcing banks to keep their foreign exchange with the BEAC.

Abbas Mahamat Tolli, Governor, Bank of Central African States

The BEAC said that new rules introduced in June this year will help bring the much desired order to a monetary bloc awash with petrodollars which, owing to lax controls, often end up in offshore bank accounts after bypassing local economies completely. Aside the Central African Republic (CAR) that is not an oil producing country within the group, the others are among sub-Saharan Africa’s top oil producers, whose financial dealings are among the most opaque structures in the world, thus the aim to stem the outflow. As part of the rules, all forex transfers over a 1 million CFA francs ($1,680) be vetted for approval by the bank, and that all export proceeds above 5 million CFA ($8,400) be repatriated in 150 days to a local bank account.

The BEAC equally ordered onshore foreign currency accounts shut – some of which may be re-opened with its approval – and prohibited the use of offshore accounts by companies and businesses that exists within the region without a prior approval from it. All these rules have brought untold hardship for business people who complain that the band is too small and the processing time quite laborious. Moreso, many say they now have to wait for months to get hold of hard currency which has affected their businesses as some of them can’t even meet import orders from suppliers. And those who do, don’t have enough forex to meet their needs. The period it now takes for money transfers to be affected has adversely affected a lot of businesses as foreign partners do not have the patience to wait through such snail speed process for a transaction that ordinarily takes less than 48 hours, says one affected CEO.

Speaking on the development, a spokesperson for the IMF pointed out that the revised regulations do not introduce new … exchange controls or any restriction on capital movements. Rather, they aim at clarifying certain requirements, highlighting that it was expected they would help the region adhere to the “rules of anti-money laundering and combating financing of terrorism.

Oil and Mining companies are lobbying to have the rule reviewed as it is negatively affecting their businesses says oil industry lobbyist NJ Ayuk, whose Centurion Law Group is representing some energy companies in their dispute with the bank. Speaking on the development, a representative of Eramet, a major French mining firm with operations across the region especially in Gabon pointed out that the new foreign exchange regulations do not sufficiently take into account the specific needs of mining activity, which is very export-oriented in markets denominated in U.S. dollars and euros thus the company is having an ongoing engagement with the BEAC. Reacting to the complaints, the BEAC was quoted as saying that the Bank has extended the deadline for the directive from the earlier September 1, to December 1, a development the business people say does not address the situation. Whether the Bank will reverse the rules, or relax it to accommodate the issues raised by the businesses are yet to be seen.

 

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.

Nigeria ’s First Digital-Only Bank Kuda Secures $1.6M In New Funding Round

Nigeria ‘s  fintech startup Kuda — a digital-only retail bank —has joined the league of fund raisers, with a new $1.6 million pre-seed funding.

“As far as I’m aware, there is no other digital bank [in Nigeria] that has a micro-finance license,” a representative for the Central Bank of Nigeria was quoted as confirming Kuda’s banking license and status.

Here Is The Deal

  • The $1.6 million pre-seed funding investment was led by investor Haresh Aswani with Ragnar Meitern and other angel investors joining. 
  • By this investment, Aswani will take a position on Kuda’s board.
  • Kuda plans to use its seed funds to go from beta to live launch in Nigeria by fourth-quarter 2019. The startup will also build out the tech of its banking platform, including support for its developer team located in Lagos and Cape Town, according to Ogundeyi.
  • Kuda also intends to expand in the near future. “It’s Nigeria for right now, but the plan is build a Pan-African digital-only bank,” he said.

Kuda CEO Babs Ogundeyi believes the startup can scale and compete in Nigeria on a number of factors, one being financial safety. He names the company’s official bank status and the Nigeria Deposit Insurance Corporation security that brings as something that can attract cash-comfortable bank clients to digital finance.

Ogundeyi also points to offerings and price.

‘‘We look to be the next generation bank where you can do everything — savings, payments and transfers — and also the one that’s least expensive,” he said.

Why The Investors Invested

The investors must have been attracted by the Nigerian Central Bank’s increasing policy towards financial inclusiveness, as well as the staggering number of the unbanked in Nigeria. Nigeria’s first online-only bank hopes to capitalise on this opportunity. Apart from investing, Haresh Aswani the lead investor would now be sitting on the company’s board. 

In both raw and per capita numbers, Nigeria has been slower to convert to digital payments than leading African countries, such as Kenya, according to joint McKinsey Company and Gates Foundation analysis done several years ago. The same study estimated there could be nearly $1.3 billion in revenue up for grabs if Nigeria could reach the same digital-payments penetration as Kenya.

A number of startups — established and new — are going after that prize in the West African country — several with a strategy to scale in Nigeria first before expanding outward on the continent and globally.

San Francisco-based, no-fee payment venture Chipper Cash entered Nigeria this month.

Series B-stage Nigerian payments company Paga raised $10 million in 2018 to further grow its customer base (that now tallies 13 million) and expand to Asia and Latin America.

Read Also: Three Months After Launch, South Africa’s First Digital Bank Hits 500,000 Customers.

What Kuda Does

  • Kuda is a Lagos and London-based company. It recently launched the beta version of its online mobile finance platform. Kuda also received its banking license from the Nigerian Central Bank, giving it a distinction compared to other fintech startups.

“Kuda is the first digital-only bank in Nigeria with a standalone license. We’re not a mobile wallet or simply a mobile app piggybacking on an existing bank,” Kuda bank founder Babs Ogundeyi told TechCrunch.

“We have built our own full-stack banking software from scratch. We can also take deposits and connect directly to the switch,” Ogundeyi added, referring to the Nigeria’s Central Switch — a SWIFT-like system that facilitates bank communication and settlements.

Kuda offers checking accounts with no monthly-fees, a free debit card, and plans to offer consumer savings and P2P payments options on its platform in coming months.

You can open a bank account within five minutes, do all the KYC in the app, and you get issued a new bank account number,” according to Ogundeyi.

Ogundeyi — a repeat founder who exited classifieds site Motortradertrader.ng and worked in a finance advisory role to the Nigerian government — co-founded Kuda in 2018 with former Stanbic Bank software developer Musty Mustapha.As of 2014, Nigeria has held the dual distinction as Africa’s largest economy and most populous country (with 190 million people).

To scale there, and add some physical infrastructure to its online model, Kuda has correspondent relationships with three of Nigeria’s largest financial institutions: GTBank, Access Bank and Zenith Bank.

He clarified the banks are partners and not investors. Kuda customers can use these banks’ branches and ATMs to put money into bank accounts or withdraw funds without a fee.

“Even though we don’t own a single branch, we actually have the largest branch network in the country,” Ogundeyi claimed.

Kuda’s plans to generate revenues focus largely around leveraging its bank balances. 

We plan to match different liability classes to the different asset classes that we create. That’s how we make money, that’s how we get efficiency in terms of income,” Ogundeyi said.

In Nigeria, Kuda enters a potentially revenue-rich market, but its one that already hosts a crowded fintech field — as the country becomes ground zero for payments startups and tech investment in Africa.

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

Our Foreign Policy is ‘Sierra Leone First’ – Nabeela F. Tunis

 

While Sierra Leone will continue to develop economic diplomacy and endeavour to live in peace and harmony with her neighbours, the country will pursue its interest in line with laid down international rules and regulations, and also be part of efforts at building a united Africa so says Honourable Nabeela Tunis, the Minister of Foreign Affairs and International Cooperation of Sierra Leone. Excerpts:

Nabeela Tunis, the Minister of Foreign Affairs and International Cooperation.

How would you describe Sierra Leone’s Foreign Policy direction?

The principal outlines relating to the Sierra Leone Foreign policy objectives are set out in Section 10 of the Country’s 1991 Constitution, to wit “… the promotion and protection of the national interest; the promotion of international cooperation for the consolidation of international peace and security and mutual respect among all nations, and respect for international law and treaty obligations, as well as seeking of settlement of international disputes by negotiation, conciliation, arbitration or adjudication.”

Accordingly and given the thrust of the aforementioned provision, Sierra Leone has invariably observed the tenets of peaceful co-existence with other countries at sub-regional, regional and global levels. This unique characteristic has served as a centerpiece for greater integration at the socio-cultural level. This has further given the leadership of the country the opportunity to revive a trajectory by putting into perspective and energizing its relations mainly with its neighbours as well as countries, with a view to harness Foreign Service creativity through a set of clear goals for efficient cooperation.

It is prima facie evident that a country’s foreign policy involves an assessment of one’s power position relative to the global narrative of alliances, and must reflect the guiding principles of its external behavior with others. Consequently, Sierra Leone became a signatory to the Charter of the OAU and has more often than not, subscribed to a common African position. Sierra Leone has also adopted a pathway of building and sustaining its goodwill with the Bretton Woods institutions, as well as with other emerging players.

Being a member of the Non-Aligned Movement, Sierra Leone’s foreign policy has also been effective within the frameworks of its “non-association” in the rudiments of the Cold War, and in the evolving power play in relations between the West and the European Union on the one hand, and Russia, Iran, Syria as well as other countries opposed to the increasing footprint of NATO and its allies on the other.

It is glaring that the national interest is inextricably linked with the domestic policy of a country and how well it is able to secure the security and welfare of its citizens. Accordingly, His Excellency President Julius Maada Bio has placed premium on “Economic Diplomacy” as the core national interest under “the New Direction Administration.” This policy initiative has shifted the country’s effort from aid assistance from partners to engaging in trade and economic relations, with a view to attracting foreign direct investments to fund its major national projects.

In view thereof, Sierra Leone’s foreign policy direction can therefore be described as a “Sierra Leone First Policy”, in view of what international negotiations bring to the table, and what fundamental issues at the domestic level could be resolved in terms of infrastructural development, lower tariffs for imports of basic commodities, health and other social services. So far, the country is able to maximize its relations for greater assistance and efforts could be increased to lead to expansion in growth, and more importantly, in prestige as a nation.

President Julius Maada Bio’s administration places premium on economic diplomacy as a core national interest. To what extent has this influenced activities within your Ministry?

In the first instance, Economic diplomacy could be referred to as the process through which countries engage at bilateral and multilateral spectra to maximize their national gain in all fields of activity, particularly trade and investment. This concept, though varied, could be applied in various forms by countries to intensify relations for economic development, whilst promoting normal diplomatic relations.

The need to augment this crucial aspect of foreign policy has seen the creation of the division of Economic and Technical Cooperation (ECOTECH), which has intensified the Ministry’s effort in identifying key and significant global players ready, willing and able to do business with Sierra Leone through a ‘win-win’ cooperation. The ECOTECH Division has thus created a technical backstop for liaison with important sectors in the country such as the Ministry of Trade and Industry, the Chamber of Commerce, SLIEPA, etc. in this case, the Ministry can exercise collaborative trade promotion and technical cooperation for effective bilateral assistance from other countries and donor partners.

A key feature of economic cooperation has also involved empowering overseas Missions to engage in constructive dialogue with the business communities in their jurisdictions to realise formidable framework Agreements for cooperation with interested parties.

At the International level, the Ministry continues to follow up on our commitments with sub regional and regional Organisations such as Mano River Union (MRU), ECOWAS and the African Union (AU) for partnership on key objectives. The Free Trade Area Agreement (AfFTA) recently launched by the AU is one such collaborative measure for cooperation, which Sierra Leone intends to exploit fully. Continued efforts at the level of the United Nations and key global bodies by our Missions abroad, as well as engagement at summitry levels by H.E. President Bio are also certain to yield significant results.

What are the mechanisms put in place by the Ministry to encourage foreign direct investment and how effective have they been in attracting greater foreign partnership and investments to Sierra Leone?

Foreign direct investment in Sierra Leone is one of the goals of the new direction as encapsulated in the National Medium- Term Development Plan (2019-2023) of H.E. President Bio, and this is germane for all sectors of the Governments.

Consequently, and in view of Sierra Leone being a strategic location within the axis of the MRU, this Ministry continues to design important frameworks for Sierra Leone to be considered a destination and a hub within the sub-region. A key objective is therefore to attract investment for the creation of a strategic Economic and Trading Zone in the eastern part of the country within the context of the FTA coming into force.

Of importance is solid investment in both soft and hard infrastructure, being the basis for improved economic development. In that regard, this Ministry continues to engage non-traditional donor partners such as China, India, Russia, Turkey, etc. for investment in hardcore infrastructure, which should attract Sustainable business companies for long term investment in the country.

What kind of Support is the Sierra Leonean Government receiving from the International Community and the development partners in its efforts to achieve its development targets?

It is abundantly clear that Sierra Leone has received various kinds of support from the International Community over the years. One such support has been budgetary support.

Budgetary support refers to a method of financing a partner country’s budget through a transfer of resources from an external financing agency to the partner government’s national treasury. The funds thus transferred are managed in accordance with the recipient’s budgetary procedures. Budget support includes General Budget Support (GBS) and Sector Budget Support (SBS). SBS aims at contributing to accelerate progress towards the government’s goals within a specific sector (as identified in the sector strategy). On the other hand, GBS, as the case may be involves the dialogue between donors and partner governments, which focuses on overall policy and budget priorities.

The overall objective of budget support is to facilitate the achievement of the Government’s goals. More particularly, it intends to contribute to the achievement of a number of specific objectives, such as: establishing a favourable and stable macro-economic environment; improve government service delivery; focus on the needs of the poor; to name but a few.

The International Community has also provided support through grants or loans, which is common with the Bretton Woods institutions such as the IMF, the World Bank and the ICRB, although with conditionality. Aid has also been received from specific regional blocs such as the Saudi Fund for Development, Japan and China via TICAD, FOCAC, etc., as well as lines of Credit from Development Banks of India and China, among many others. Specific programs organized to raise funding such as Investment for a including the scheduled Russia-Africa Summit for October 2019.

During perilous times in the country’s history ranging from the civil conflict to the mudslide in 2017, a series of interventions have been received in assistance of a direct kind. Non-traditional donor partners, in particular, China, have also most often than not provided direct bilateral assistance to Sierra Leone without conditionality.

How is the Ministry mobilizing and leveraging Sierra Leonean Diaspora business communities for investment and trade in Sierra Leone

It is a necessary fact that fruitful engagements be effected with the Sierra Leone diaspora, in particular, the business community, with a view to transporting creative ideas and enlarging the business portfolio in Sierra Leone.

In view thereof, the Ministry is in the process of completing the Management and Functional Review process, which aims at subsuming the Office of Diaspora Affairs under its purview. The unit, if subsumed under the Ministry will certainly embark on compiling and registering of all Sierra Leonean businesses abroad with a view to providing adequate information for inward investment in Sierra Leone.

Further, our missions abroad have also been encouraged to submit quarterly reports on engagements with the respective Sierra Leonean communities abroad, with a view to facilitating their contacts with the host countries.

What Strategies have the Ministry of Foreign Affairs and International Cooperation adopted to develop a strong regional nexus and closer cooperation with other African countries for mutual development pursuits at the global arena?

The Ministry is aware of the need for building and sustaining international support and goodwill at the regional level, being a member of the MRU, ECOWAS and the AU. Active participation in these regional bodies over the years has proven to be conclusive in respect of strengthened relations with all the countries within the African Union.

As a start, Sierra Leone being the Coordinator of the Committee of Ten (10) on Reform of the United Nations Security Council has been successful in corralling the African countries towards a united and common position on reform issues, and Sierra Leone seeks to leverage this position for increased interaction in its relations with other African countries.

A “priority list” on all region, including Africa, is being finalized by this Ministry to present a clear set of objectives on ways of developing practical cooperation with emerging African economies where comparative advantages and favourable concessions could be mutually exploited for win win cooperation. Additionally, our Mission in Addis Ababa continues to be robust in its update on issues discussed at the AU Secretariat.

This Ministry further seeks to advise the Office of the President on participation at summit/events to build confidence at the highest levels.

How does your Ministry intend to sustain the global image and goodwill Sierra Leone has been enjoying since the inception of President Bio’s administration?

The foreign policy objectives of the country are invariably linked to boosting the image and prestige of Sierra Leone. The flagship project of H.E. President Bio in terms of promoting free quality education, coupled with the renewed fight against corruption are certain to create a new standard in relations between Sierra Leone and the International community.

For its part, this Ministry will certainly endeavor to reinforce the message of a disciplined leadership ready to do business in a resource-rich country which is ripe for business, in a transparent manner with its international partners as well as with the global business community.

 

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.

South Africa ’s e-health startup Erada Raises $318k For malaria diagnostics tool

Apart from fintechs, logistics and transport, Venture Capital firms seem to be going after Africa’s e-health startups this year. South Africa ‘s e-health startup Erada is the latest to join the league of fund raisers, with a new EUR288,000 (US$318,000) foundation grant from the De Beers Group to support its saliva-based Malaria Asymptomatic and Asexual Rapid Test (SMAART) test.

Here Is The Deal

  • De Beers Group, which has mining operations in South Africa, Botswana, Canada and Namibia, has provided the grant through its Venetia Diamond Mine in Limpopo, close to the border with Zimbabwe and Botswana.
  • The foundation grant from mining firm De Beers Group will be utilised in the final stages of Erada’s work prior to the product’s global launch, planned to coincide with World Malaria Day in April 2020. SALVA! will complete its field trials before full commercialisation and distribution in 2020.
  • The (SMAART) test developed by Erada is known as SALVA!, and is the world’s first ever saliva-based rapid diagnostic test for malaria. It includes a simple device for standardised collection of saliva, and can detect parasites circulating in an infected human before symptoms start to show, assisting in early detection of malaria.

“This generous grant from De Beers Group makes it possible for Erada to complete much of our vital preparatory work before we conduct field trials and finalisation of commercialisation of SALVA!,” said the startup’s founder Dr Benji Pretorius.

“The introduction of SALVA! is going to play a major part in achieving effective diagnostic testing and surveillance; as well as prevention and treatment of this disease, and therefore will be a major catalyst in meeting the WHO’s 2030 target to reduce malaria incidence and mortality by 90 per cent, ” Dr. Benji Pretorius said.

Read also: South Africa: e-health Startup SmartBlade Raises $635k

Why De Beers Group Invested In The Startup

“Mining and exploration operations face a number of unique challenges related to exposure to endemic diseases such as malaria, emergency medical care and in some cases a lack of available health services. Our investment in a local business which has the potential to transform the lives of millions of people worldwide is a logical extension of De Beers Group’s long history of supporting world and community health projects,” said Gerrie Nortje, general manager of the Venetia mine.

“Through this foundation grant, we are proud to be playing a pivotal early part in the eradication of one of the most pervasive and destructive diseases on the planet.”

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

First Set of Nigerians from South Africa Arrives Wednesday 11th September

 

With the completion of diplomatic formalities and other immigration requirements, the first set of the over 600 Nigerians who agreed to the federal governments offer for voluntary evacuation from South Africa in the wake of the xenophobic inspired attacks on Africans from other nationalities in South Africa. The attacks which has raised a lot of issues, and caused soured relationship between South Africa and many African countries almost led to a diplomatic spat with Nigeria. Also it took the shine of the World Economic Conference which took place in Cape Town South Africa last week, as many attendees used that opportunity to bring to the fore South Africa’s culture of xenophobia.

Air Peace Chairman, Allen Onyema

The first set made up of about 320 in number will leave South Africa on Wednesday according to the Nigeria Mission in South Africa. The federal government had in the wake of the crisis in South Africa sent an envoy to the President of South Africa, Mr. Cyril Ramaphosa condemning the attacks on Nigerians in particular and other African nationals. The government also promised to work with the government of South Africa to tackle issues of crime in the country especially those linked to Nigerians in that country.

The evacuation which was to start last week with Air Peace providing one of its Boeing 777-300ER series to airlift Nigerians willing to be evacuated free of charge was stalled due to the slow documentation process. The process which started on the 3rd of September 2019, could not achieve much as many of the Nigerians there have expired passports and other travel documents. Because of the delay, the Airline had to postpone its evacuation plans till everything is put in place. According to the Chairman of Air Peace, Allen Onyema, had said the evacuation set to start today (September 6) had thus been postponed to early next week by which time the embassy would have sorted the issue of travel documents. This is because the Nigerians in South Africa have to obtain travel certificates because many of them do not have travel documents and their passports have expired.

He added that since September 3, the airline had placed its Boeing 777 aircraft on standby awaiting a green light from the federal government. The government had on Thursday acknowledged the plans for evacuation by the private operator. Air Peace opted earlier this week to airlift Nigerians who have been affected by the latest upsurge of xenophobic violence in South Africa. South African outlets have been targeted in parts of Nigeria and its embassies closed for security reasons. “The Air Peace flight to South Africa will take off from the Lagos Airport and also return to Lagos. As earlier stated, the take off could be Sept 9 or Sept 10,” he said.

Earlier, a spokesman of the ministry of foreign affairs announced the plan of the airline to evacuate Nigerians who wish to return to Nigeria “free of charge.” Nigerians have lauded the gesture which some hold should have been government’s responsibility.

 

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.

Ethiopian Airlines Upgrades, Promises Awesome Passenger Experience

 

Ethiopian Airlines, Africa’s fastest growing airline and one of the world’s most profitable airlines has started series of upgrades aimed at giving passengers to top class experience. Operating at the forefront of technology, Ethiopian Airline with the tag line –The New Spirit of Africa- has become one of Ethiopia’s major industries and a veritable institution in Africa. The Airline has continued in its efforts to create regional hubs across Africa by making its Addis Ababa Bole International Airport hub one of Africa’s busiest, it has over time expanded to West Africa through its part ownership and cooperation with ASKY Airlines based in Togo, and Malawi Airlines in southern Africa.

Mr. Tewolde GebreMariam, group CEO, Ethiopian Airlines.

It is Africa’s most popular airline group commanding a lion’s share of the pan African network including the daily and double daily east-west flight across the continent. Currently, the Airline serves 100 international and 21 domestic destinations operating the newest and youngest fleet.In its seventy plus years of operation, Ethiopian has become the continent’s leading carrier, unrivalled in efficiency and operational success.

To this end, the Airline’s newest development has had passengers’ expectant as Ethiopian introduces onboard internet access with seamless reliable connectivity on its long haul flights on its brand new A350 fleet using the latest broadband satellite technology (Ka-band). According to Airline sources, with the state-of-the-art broadband satellite technology, passengers can rest assured that they will enjoy reliable connectivity for sending emails, shopping online or even chatting on social media while flying over the clouds.

Speaking on the development, the Group CEO of Ethiopian Airline, Mr. Tewolde GebreMariam, said that, “we are glad to introduce inflight internet connectivity with the latest broadband satellite technology, Ka-band, offering our passengers seamless digital experience as they fly Ethiopian”, he noted that the launch of the onboard wi-fi internet is part of Ethiopian Airline’s relentless efforts to further add to passengers’ comfort keeping pace with the technology of the day. He added that “as customer-centric airline, we will remain focused on continuous service excellence, taking advantage of emerging technologies and infrastructure.”

To access the new services, the Airline said that passengers can access the inflight connectivity service by purchasing vouchers at Ethiopian Airlines sales outlets including Addis Ababa International Airport customer service desk, boarding gate and cabin crews onboard the fights. Online sales through credit/debit card and ShebaMiles miles are also additional options for passengers to enjoy the service. The inflight WiFi can be accessed with smart phones, tablets and laptops.

Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Q-400 double cabin with an average fleet age of five years. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that led it to become the leading aviation group in Africa with Six business centers: Ethiopian International Services; Ethiopian Cargo & Logistics Services; Ethiopian MRO Services; Ethiopian Aviation Academy; Ethiopian ADD Hub Ground Services and Ethiopian Airports Services. Ethiopian is a multi-award-winning airline registering an average growth of 25 per cent in the past eight 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.