Nightlife

Category: ENVIRONMENT

  • Global fintech giant invests in sustainable communities in West and Southern Africa 

    Global fintech giant invests in sustainable communities in West and Southern Africa 

    Having pioneered the development of online trading and digital investment solutions 22 years ago, global fintech company Admirals is today considered a market-leading provider of an innovative range of online trading and investment products.  

    The Admirals suite of products includes leveraged Contracts for Difference (CFD) products in the over-the-counter market, including Forex, indices, commodities, digital currencies, stocks, and ETFs, as well as listed instruments to retail, professional, and institutional clients. 

    The company is steadily increasing its footprint in Africa, having opened its first African office in Cape Town, South Africa in July 2022, followed by the launch of its Lagos office in Nigeria in February this year.

    Admirals currently serves clients across 176 countries world-wide.  

    With a physical presence in 18 countries across developed and emerging economies, Admirals is deeply committed to bridging the financial inclusion gap that spans across continents, economies, and societies. 

    “Financial freedom is a universal objective,” says Boriss Gubaidulin, Admirals Africa Director. “By offering simplified retail trading and investing processes and solutions, supported by accessible financial literacy and education material, we aim to encourage greater access to global financial markets in a transparent, secure, and sustainable manner,” he says.  

    “As we continue to expand our footprint, we are constantly witnessing the many social, economic, and environmental challenges affecting societies the world over,” he continues. “As a reputable neobroker with a growing base of savvy and socially conscious clients, Admirals is actively living its commitment as an ethical, and socially and environmentally responsible global citizen to drive the betterment of communities in which we operate,” Gubaidulin says. 

    In 2020, Admirals developed and rolled out its global environmental, social and governance (ESG) program which directs its strategic corporate social investment initiatives. These projects range from tree planting and reforestation, clean ocean initiatives, investing in renewable energy and scarce resource management projects, recycling, and the development of better living conditions for local communities. 

    Admirals’ ESG philosophy 

    Admirals has been at the industry forefront by engraining the principles of ESG as part of its strategic business imperatives. Incidentally, Admirals has taken on a carbon-neutral status in 2020, which is firmly integrated into the Admirals overall business model.  

    The company engaged a global third-party rating agency, ClimatePartner, to verify its carbon footprint, as well as certify the CSI projects in which Admirals is involved. 

    Here on the African continent, Admirals has been involved with two sustainable water management and renewable energy initiatives in Sierra Leone and South Africa respectively.  

    Project 1: Clean drinking water in Kono, Sierra Leone  

    Sierra Leone is a largely rural country where households typically use wood fuel on inefficient three-stone fires to purify their drinking, cleaning, and washing water. This process results in the release of greenhouse gas emissions from the combustion of wood. 

    However, these emissions can be avoided by using efficient borehole technology that does not require fuel to supply clean water. 

    Admirals’ support is helping communities in the Kono region to restore 57 wells. In cooperation with the local population, damaged wells are repaired and regularly maintained, which secures the regional water supply. The availability of clean drinking water eliminates the need to boil water, saving an average of 10,000 tonnes of CO2 emissions per year. 

    Not only does this initiative contribute to climate action but it also has a major social impact. In these rural areas, water sources are often located far from residential areas. Women and children, who are primarily responsible for fetching water, may have to travel long distances, sometimes several kilometres, to access water. This not only consumes their time and energy but also poses safety risks, especially for women and girls. 

    Project 2: Investing in the future of South Africa’s sustainable clean energy generation 

    South Africa has been in the grip of a severe energy supply shortage in recent years, and every effort possible is being made to generate additional electricity capacity. Admirals has heeded the call for investors to help drive clean energy projects by pledging its support to one of the country’s largest wind projects.  

    Close to the rural town of De Aar in South Africa, 96 wind turbines have been producing an average of 439,600 MWh of electricity per year since 2017, which is being fed into the South African grid. The aim of the project is to harness the region’s wind energy potential to balance its energy needs in a sustainable way. This diversifies the power supply and improves energy security in regions that are frequently affected by power shortages and outages. 

    The share of electricity now supplied by the wind farm would have otherwise been generated by fossil fuels. The wind power project avoids about 433,920 tonnes of CO2 emissions per year, which makes an important contribution to a clean energy supply and sustainable development with respect to the UN Sustainable Development Goals (SDGs). 

    In addition to the environmental benefits, the project assists the local community by creating jobs and improving the access to healthcare through its Mobile Health Clinic. Offering primary healthcare, dental, eye care services, more than 36 000 residents and members from nearby communities have been screened and serviced by this clinic. 

    The project supports local football clubs by funding equipment, events, travel and much more. It also provides financial funds to the Richmond Untied Ladies Football Club, the only female club in De Aar playing in the premier league. 

    The project supports a math enrichment programme for pupils in 10 primary and 4 high schools to encourage interest in this subject. Three Early Childhood Development Centres were renovated to support about 155 children between 2 and 6. About 108 students are currently on the project’s bursary scheme that covers tuition, accommodation, books, food, and laptops. 

    “Contributing meaningfully to society is one of the cornerstones of our business,” Gubaidulin says. “Admirals considers the environment, our actions, and the influence we can create as global leaders. We are deeply committed to leaving a legacy through shared success and by creating flourishing communities across the globe,” he concludes. 

    —————————————————————————————————————————————— 

    Admirals Group AS 

    Admirals Group AS is a global growing FinTech company, offering a wide range of products and services worldwide, meeting people’s needs and making personal financial management easy-to-use, affordable and secure through its regulated investment firms. 

    The online investment service providers that are owned by Admirals Group AS, are authorized to offer their clients with the ability to trade Forex, and CFDs on, inter alia, indices, metals, energies, stocks, bonds and digital currencies, but also to invest in Stocks and ETFs (product offering may vary depending on each investment service provider’s license obligations and the client’s country of residence). 

    Over the years, Admirals has received internationally recognized and respected awards and recognitions, including the ‘Best Broker of 2022’ awards from both Area de Inversion and Traders.com, as well as the Traders.com award for ‘Best Financial analyst of 2022’.  

    Since founded in 2001, Admirals continues to experience worldwide growth and evolution and is committed to providing its clients around the globe with advanced trading tools, access to financial security and various customer care policies.  Admirals is licensed in the Seychelles, UK, Cyprus, South Africa, Australia, Jordan, Canada and Kenya. 

    For more information about Admirals visit admirals.com. 

    Trading involves risks.  

  • World Environment Day: Host Cote d’Ivoire, Africa Development Bank urge collective action to end plastic pollution

    The Bank co-organized this year’s commemoration event with the Ivorian Ministry of Environment and Sustainable Development, the United Nations Environment Programme (UNEP), and the Netherlands
     
    ABIDJAN, Ivory Coast, June 9, 2023/ — Cote d’Ivoire hosted the 50th anniversary of World Environment Day (https://apo-opa.info/3MYYnjN) on the 5th of June 2023, with the African Development Bank (www.AfDB.org) as a core partner for the annual event.

    The Bank co-organized this year’s commemoration event with the Ivorian Ministry of Environment and Sustainable Development, the United Nations Environment Programme (UNEP), and the Netherlands.

    Under the theme, ‘Solutions to Plastic Pollution,’ the event rallied more than 300 people to discuss why Africa should shift towards the circular economy and what the opportunities are.

    Jean-Luc Assi, Côte d’Ivoire’s Minister of Environment and Sustainable Development, restated her country’s ban on the production, import and marketing, possession and use of plastic bags. He said the ban has encouraged businesses to switch to reusable and biodegradable packaging.

    “They are being encouraged. So, let’s all be aware of the need to combat plastic pollution. Let’s act now and all say stop to plastic pollution,” Minister Assi stressed.

    Inger Andersen, UNEP Executive Director, said acting together to end plastic pollution is a major opportunity – particularly for developing countries.

    She said: “If we act with unity of purpose, we can eliminate plastic pollution by 2040. Reduce social, environmental and human health costs. Create hundreds of thousands of new jobs, mainly in developing countries, and new markets and business opportunities.”

    Kevin Kariuki, African Development Bank’s Vice President for Power, Energy, Climate and Green Growth, urged collective efforts in exploring workable solutions to sustainably address plastic pollution, “one of the most pressing global environmental issues of our time.”

    He said the African Development Bank, as the driver of Africa’s development agenda, is well-positioned in promoting initiatives against the continent’s environmental challenges.

    The Bank is implementing programs and special initiatives that contribute to environmental management and sustainability. Two of these are the African Circular Economy Alliance (ACEA) (https://apo-opa.info/3J2U2e9) and the Africa Circular Economy Facility (ACEF) (https://apo-opa.info/3WXU3FW), which aim to promote circularity and sound management of waste – including plastic – in Africa.

    During a panel, Rose Mwebaza, Director of UNEP’s Africa Office, noted that there is no single solution to the plastic pollution crisis.

    “The good news is that all the technological solutions needed have already been invented, with a wave of innovative companies and forward-looking governments joining forces to make plastic pollution history,” she said.

    The African Development Bank led the organization of the Forum of Solutions to Plastic Pollution to help companies to stop plastic pollution in Africa.

    “The solutions already exist,” said Al Hamndou Dorsouma, the Bank’s Climate and Green Growth Manager. “We don’t have excuses! Africa should move to Circular Economy. The future is circular.”
    Distributed by APO Group on behalf of African Development Bank Group (AfDB).
     
  • 12th Edition of Annual Investment Meeting Closes on a Positive Note

    12th Edition of Annual Investment Meeting Closes on a Positive Note

    AIM attracted 10,313 visitors from 175 countries, who engaged in 281 sessions featuring 693
    speakers

    Abu Dhabi, United Arab Emirates, May 25, 2023: The 12th edition of the Annual Investment Meeting
    2023, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan,
    Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, came to a grand close,
    after three days of insightful discussions, engaging exhibitions, and fruitful networking sessions.

    This year’s theme “The Investment Paradigm Shift: Future Investment Opportunities To Foster
    Sustainable Economic Growth, Diversity and Prosperity” aimed to provide a platform for global
    investors, entrepreneurs, and policymakers to explore new opportunities and partnerships that will
    drive sustainable economic growth and development.

    Commenting on the successful conclusion, H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for
    Foreign Trade, said, “The Annual Investment Meeting has been a resounding success.

    The annual event has once again provided a platform for business leaders, investors, and government officials
    to come together and explore new avenues for collaboration and investment. As the world continues
    to face unprecedented challenges, and the rapidly evolving global economic landscape, it is more
    important than ever for us to work together and find innovative solutions to these challenges. At this
    year’s AIM, we have seen first-hand the power of collaboration and innovation.

    From the engaging discussions and insightful presentations to the numerous business deals that have been made, this event has demonstrated the tremendous potential of international cooperation. I am confident that
    the relationships and partnerships that have been forged here at the AIM will help to bring about a
    brighter future for us all. I look forward to seeing the fruits of our collective efforts in the months and
    years to come.”

    His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development
    (ADDED), said: “The success of the Annual Investment Meeting 2023 reflects Abu Dhabi’s status as
    global hub for business, investment, and talent as well as the role it plays in setting agenda and
    leading conversations to address current and future challenges and opportunities.

    This year’s edition of AIM served as a platform to engage with key decision-makers, investors, thought and business
    leaders from around the world to double down on the unique attributes of Abu Dhabi’s soaring
    ‘Falcon Economy’ and the ample opportunities it provides to the global investment community to
    grow, thrive, and expand.”

    H.E. Al Zaabi added: “We remain committed to build on our remarkable achievements and continue
    to thrive as the most competitive destination for industry, trade, and finance by offering unparalleled
    business-friendly ecosystem to help global businesses succeed and flourish.”

    Over the course of the event, AIM attracted 10,313 visitors from 175 countries worldwide, who
    engaged in 281 sessions featuring 693 speakers who shared their perspectives, insights, and
    experiences on investment trends, opportunities, and challenges in various sectors and industries.

    This year’s edition of AIM was particularly notable for the 23 Memorandums of Understanding
    (MoUs) signed on the sidelines of the event, including the six Tolerance and Coexistence MoUs such
    as those between the UAE and the Republic of Kazakhstan, the UAE and the Republic of Armenia,
    and the UAE and the Island of Guinea, among others.

    The MoUs, signed between government entities, financial institutions, and private sector firms from
    different countries, covered a wide range of sectors and industries, including finance, healthcare,
    education, energy, and technology. The MoUs aim to promote strategic partnerships and
    collaborations that will drive investment and economic growth across different regions and sectors.

    The AIM 2023 also featured an engaging exhibition that showcased the latest innovations, products,
    and services from different sectors and industries. The exhibition attracted a diverse range of
    exhibitors from different countries and sectors, who demonstrated their products and services and
    engaged with visitors and stakeholders. Some of the key exhibitors were Abu Dhabi Chamber, Abu
    Dhabi Global Market, WeGo, Saud Bahwan, Emirates Development Bank, and Hong Kong Trade
    Development Council.

    Commenting on the success of the event, Dawood Al Shezawi, Chairman of Annual Investment
    Meeting, said: “As we conclude this year’s Annual Investment Meeting, I would like to express my
    gratitude to all of the participants, speakers, and organizers for making this event a tremendous
    success.

    It has been a privilege to witness the many engaging discussions, insightful presentations,
    and innovative ideas that have been shared over the past few days.

    The AIM has always been a platform for bringing together leaders from the worlds of business, finance, and government, and this year’s event has been no exception. From the challenges and opportunities to the latest trends
    and developments in investments, technology and innovation, we have explored a wide range of
    topics that are shaping the future of investment and economic development.

    “As we look ahead to the coming months and years, I am confident that the relationships and
    partnerships that have been forged here at the AIM will help to drive economic growth and create
    new opportunities for people around the world. We must continue to work together to find
    innovative solutions to the challenges we face, and to build a more resilient, sustainable, and
    inclusive global economy.

    Once again, I would like to thank everyone who has contributed to the
    success of this year’s AIM, and I look forward to seeing you all again at future events.”

    The AIM 2023 demonstrated the importance of collaboration, innovation, and sustainable
    development in driving economic growth and prosperity, and the next edition of AIM promises to be
    even more exciting and engaging.

  • New Funding Mechanism Initiated for Indigenous and Local Community Women in Central Africa to Achieve 30×30 Goals

    New Funding Mechanism Initiated for Indigenous and Local Community Women in Central Africa to Achieve 30×30 Goals

    BRAZZAVILLE, Congo (Republic of the), May 15, 2023/ — More than 200 participants from 20 countries gathered in Brazzaville, Republic of Congo (RoC) last week for the First Forum of Indigenous and Local Community Women in Central Africa and the Congo Basin.

    The forum was organized by the Network of Indigenous Peoples and Local Communities for the Sustainable Management of Central African Forest Ecosystems (REPALEAC) with support from the Rights and Resources Initiative (RRI) and the Central African Forest Commission (COMIFAC) under the patronage of RoC’s Minister of Justice, Human Rights and the Promotion of Indigenous Peoples.

    Strengthening women-led conservation and climate resilience initiatives in Central Africa

    Rosalie Matondo, the Minister of Forest Economy of RoC, chaired the event and welcomed donors, ministers, representatives from non-governmental organizations, and Indigenous and local community women to share experiences and learn how to scale up direct funding for women-led initiatives in Central Africa.

    “We hope this is just the beginning of a very long partnership,” said Rosalie Matondo at the opening ceremony.

    The Congo Basin’s ecosystem in Central Africa is the world’s second lung after the Amazon rainforest, home to extraordinary biodiversity of crucial importance to global climate goals.

    Aissatou Aissatou Oumarou, Mbororo leader from Chad, vice-coordinator of REPALEAC at the sub-regional level, and president of the forum, said, “We, as Indigenous Peoples, always live in harmony with nature: animals, plants, and people. Now, we are coming together as women and Guardians of Mother Earth to build our own road.” 

    Dr. Solange Bandiaky-Badji, Coordinator of RRI’s global coalition of Indigenous Peoples, Afro-descendant Peoples, and local communities said in her opening remarks, “We are here today because for too long, the incredible contributions of Indigenous and local community women for the protection and management of natural ecosystems in Central Africa and the Congo Basin have not received the attention they deserve. REPALEAC and RRI are committed to ensuring that this forum leads to concrete actions with an implementable roadmap.”

    Cécile Ndjebet, President of the African Women’s Network for Community Management (REFACOF) said, “We don’t need to prove Indigenous and community women’s role in restoring and protecting nature; the evidence is already there. What we need now is to ensure that these women have direct access to conservation funds.”

    New Indigenous-led support mechanism for women and girls

    The women of Central Africa and the Congo Basin worked together to build their own roadmap and Declaration that clearly expressed what they want and need to be able to continue protecting Earth’s most biodiverse landscapes.

    They also agreed to develop a new Indigenous-led funding mechanism to help donors channel this support directly to the region’s women and girls.

    They identified four priority areas through consensus decision-making:

    1. Strengthen the technical and institutional capacities of grassroots organizations, associations, and networks of Indigenous and local community women;
    2. Facilitate access to direct funding for organizations led by Indigenous and local community women;
    3. Support women and girls’ economic activities in the context of climate resilience and “do no harm” philosophy to protect the forests and landscapes of Central Africa and the Congo Basin; and
    4. Monitor and evaluate progress toward the implementation of the roadmap, and share lessons learned.

    Participants appointed Casey Box, Director of Global Strategy at the Christensen Fund, and Solange Bandiaky-Badji, Coordinator of the Rights and Resources Initiative, as mediators to mobilize funds and monitor the progress of donor commitments to support REPALEAC’s implementation of the forum’s roadmap in Central Africa.

    “Communities can expect that donors will hear their voices, take the outcomes of their roadmap and declaration, and send them worldwide,” said Casey Box. “We are committed to being open liaisons to support their mission and help bring more attention to their issues and needs.”

    This Indigenous-led mechanism, which will be overseen by REPALEAC in alignment with its 2018–2025 strategic plan, will empower Indigenous and local community women in Central Africa to make their own decisions about where and to whom funds go.

    “There is incredible capacity in the room today. It is time donors also build capacity and start putting people, especially women and girls, first,” said Casey Box during the closing ceremony.

    International solidarity and knowledge exchange strengthens movement

    In the spirit of global solidarity and knowledge exchange, members of the Women in Global South Alliance for Tenure and Climate (WiGSA) (https://apo-opa.info/42TmaI7), a new advocacy network of Indigenous, Afro-descendant, and local community women launched at CoP27 last year, and the Global Alliance of Territorial Communities (GATC) (https://GlobalAlliance.me/) were invited to share lived experiences and lessons learned from around the world.

    “We are here to learn from each other, for each other, and for our Mother Earth. We are not divided, but united,” said Jenifer Lasimbang, an Indigenous delegate from Malaysia who previously served as State Assistant Minister of Education and Innovation.

    Sara Omi, Embera leader from Panama, President of the Mesoamerican Territorial Women Leader Coordination, and member of GATC said, “This forum has been essential to connect with Indigenous and local women across the world, to understand their needs, and to learn about their processes of resistance and struggle.”

    On the last day of the forum, dialogue between international donors and participants led to several commitments to help further just and equitable development for women and girls in the region.

    The second Forum of Indigenous and Local Community Women of Central Africa and the Congo Basin will be held in 2024 to take stock of funds committed and progress made on implementing the roadmap to continue strengthening women’s engagement in biodiversity conservation and climate resilience.

    Distributed by APO Group on behalf of Rights and Resources Initiative (RRI).
    Media contact:
    Nicole Harris
    nharris@rightsandresources.org
    WhatsApp: +1 514-266-9020
    About Network of Indigenous and Local Peoples for the Sustainable Management of Forest Ecosystems in Central Africa (REPALEAC):
    The Network of Indigenous and Local Peoples for the Sustainable Management of Forest Ecosystems in Central Africa (REPALEAC) is a sub-regional civil society organization and a specialized network of the Central African Dense and Humid Ecosystems Conference (CEFDHAC), a platform of civil society organizations working for the good governance and sustainable management of the forests of Central Africa with the Central African Forest Commission Forests of Central Africa (COMIFAC).
    Since its creation in 2003 in Kigali, Rwanda, REPALEAC and its active national networks in Burundi, Cameroon, Gabon, Equatorial Guinea, the Central African Republic, Republic of Congo, the Democratic Republic of Congo, the Republic of Chad, and Rwanda are actions to defend the rights of Indigenous Peoples and local communities as well as the sustainability of the ecosystems to which they are intimately linked and on which their survival depends. For more information, please visit https:// REPALEAC.org/

    About Rights and Resources Initiative (RRI):
    The Rights and Resources Initiative (RRI) is a global Coalition of 21 Partners and more than 150 rightsholders organizations and their allies dedicated to advancing the forestland and resource rights of Indigenous Peoples, Afro-descendant Peoples, local communities, and the women within these groups.

    RRI’s members capitalize on each other’s strengths, expertise, and geographic reach to achieve solutions more effectively and efficiently. It leverages the power of its global coalition to amplify the voices of local peoples and proactively engage governments, multilateral institutions, and private sector actors to adopt institutional and market reforms that support the realization of their rights and self-determined development.

    RRI is coordinated by the Rights and Resources Group, a non-profit organization based in Washington, D.C. For more information, please visit www.RightsAndResources.org.

    SOURCE
    Rights and Resources Initiative (RRI)

  • Benin, Côte d’Ivoire to premier African Development Bank’s African Green Bank facilities

    The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030
    ABIDJAN, Ivory Coast, May 15, 2023/ — The African Development Bank (www.AfDB.org) is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI).

    As Africa’s premier development finance institution, the African Development Bank does not only provide fiscal resources to its regional member countries; it also galvanizes global support in promoting resilient, green, and sustainable growth.

    It launched the African Green Bank Initiative in November last year to support the implementation of African countries’ Nationally Determined Contributions (NDCs).

    African countries still face significant challenges in financing their climate transition. While investment needs resulting from NDCs are estimated at $2.8 trillion by 2030, funds invested on the continent still represent a limited share of global green finance flows, and the share covered by the private sector remains limited.

    The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030.

    The Initiative followed an assessment by the African Development Bank and the Climate Investment Funds in six African countries; Benin, Ghana, Mozambique, Tunisia, Uganda, and Zambia.

    The assessment revealed that green banks have significant potential for attracting new sources of catalytic funds when supporting low-carbon, climate-resilient development through blending capital and mobilizing local private investment for green investments in Africa.

    Bank vice president for Energy, Power, Climate and Green Growth, Kevin Kariuki, noted: “The African Green Bank Initiative is a powerful tool for reducing financing costs and mobilizing private sector investments in climate action in Africa.”

    The Initiative would bolster the capacity of local financial institutions to build a robust pipeline of bankable green projects while de-risking investments and entrenching long-term investor confidence toward climate-resilient and low-carbon projects in Africa.

    According to African Development Bank Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, “this technical assistance will enhance local financial institutions’ climate governance, green projects’ origination and monitoring which is therefore key to attract private capital by entrenching long-term investor confidence.”

    Audrey-Cynthia Yamadjako, the Initiative’s coordinator, said some $1.6 million had already been secured to create the first two facilities. She said green finance facilities, newly created or hosted in existing financial institutions, are “the solution to bring private finance at scale in climate action.”

    Climate Investment Funds, a major global climate finance mechanism, Canada Climate Action Africa, the Green Bank Network, and the European asset management firm, Amundi support the initiative.

    Amundi backs the Initiative through technical assistance activities, including training green facilities’ management and investment teams. Amundi will also mobilize its investment vehicles dedicated to sustainable development in emerging markets and developing economies to support green facilities’ capitalization and thus participate in developing green investments across the continent.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    SOURCE
    African Development Bank Group (AfDB)
  • Using Science to Cope with Climate Change Impact Challenges

    Using Science to Cope with Climate Change Impact Challenges

    WATEX system set to fish out Africa’s hidden Groundwater Goodies

    …. As RTI Exploration Drives the “Water for Peace” Paradigm  

    Story: Mohammed Abu

     In March this year, the Representative of Public Affairs and Congress of the US Millennium Challenge Corporation(MCC) publicly announced that the French company RTI Exploration, after two years of research, had identified, from an innovative technology, about 50 billion m3 of available groundwater, with an annual recharge estimated at 2 billion m3.

    This, historic discovery represents a volume of water almost ten times greater than that of Lake Chad, the country’s largest source of surface water after the Niger River. This revolutionary discovery makes Niger the most groundwater-rich country in the Sahel region.

    This abundant groundwater resource discovered in Niger will increase its irrigation capacity on an area of more than 2 million hectares of arable land covering these aquifer systems, nearly a third of the size of Lake Michigan (57,750 km2).

    This means that smallholder farmers will be better able to feed their families and sell their surplus crops. This allows them to improve their living conditions and livelihoods and build resilience to climate change.

     “This study to map underground aquifers is the first of its kind in Niger. We are amazed by the results of the study, as the available groundwater makes Niger the most groundwater-rich country in the Sahel,” said Diafarou Moumouni Ali, the Supervisor of this activity for MCA-Niger.

    Adamou Hassane, a hydrologist who participated in the study, added that “these results motivate us for the next steps which will be to decide on the use of these aquifers to increase crop yields for the benefit of all Nigeriens-

    Backround

    The initiative is within the context of the MCC’s $442.6 million Niger compact program aimed at addressing two major constraints to economic growth and investment in Niger: lack of access to water for productive uses and physical access and institutional barriers to trade.

    Niger is said to be highly vulnerable to the changing climate and regularly experiences extremes: floods give way to extended droughts, with a backdrop of low and unpredictable rainfalls. This results in unproductive agricultural lands and is causing widespread food insecurity across the country.

    According to the World Food Programme, more than 4.4 million Nigeriens– almost 20 percent of the population– are food insecure and nearly half of children under age 5 suffer from acute malnutrition

    The Context 

    In partnership with the Government of Niger, the MCC compact is increasing rural incomes by improving the sustainable productive use of natural resources for agricultural production and improving trade and market access for agricultural products. The compact has the potential to benefit approximately 3.9 million people.

    For more insights, your favorite, Eco-Enviro News Africa, magazine got the man behind the scientific research driven innovative technological solutions to unearthing the hidden ground water aquifer goodies of countries worldwide with the most recent, being in Niger desert making her the most groundwater rich country in the Sahel region, Dr. Alain Gachet, Founder/ CEO, RTI Explorations.

    The WATEX® System, an algorithm combining spatial, geophysical, geological and climatic data, was invented, tested worldwide and implemented by the team of Dr. Alain Gachet, who is also a former explorer of Elf Aquitaine and founder in 1999 of RTI Exploration.

    Now read on for the details of our exclusive Interview with Dr. Gachet

    1.EENA: Courtesy RTI’s three years painstaking research and hard work in the Niger desert, the country is today crowned as the most groundwater rich country in the Sahel region of Africa. What was the motivating factor behind the project and could you share this most exciting moment with our readers?

    AG The motivating factor is to prove that there are solutions to alleviate the consequences of Climate change and create prosperity in a country badly struck by drought and threatened by food insecurity.

    Our WATEX system invented by RTI Exploration allowed us reveal the invisible and quantify new groundwater resources by billions of cubic meters from shallow depths (ranging from 5 to 60 meters) to deeper depths (from 60 m to 500 meters) with almost 2 million hectares of arable soils not cultivated today: people could not imagine that such huge groundwater quantities were lying under their homes, ready for use and to change their lives.

    Beside the surprise and excitement of such discoveries, is to experiment the power of science combined to brain, thanks to the financial support of the US Government. That is the way to save millions of persons and change the destiny of a whole country and more than that, restore hope to the new generation of farmers and herders.

    If little water brings war and conflicts around wells, a lot of water can bring peace through prosperity. That is the ultimate goal of my company expressed through my next book: WATER AND PEACE

    2.EENA: Is Niger the first African country to ever benefit from the exploits of RTI, or other countries preceded her and what were the statistics?

    No, Niger is a part of our exploration field spreading from Afghanistan to South America with a drilling success rate reaching 98% based on 2700+ wells since the Darfour crisis in Chad and Sudan in 2004.

    3.EENA: After Niger which other African country or countries are on RTI’s list to benefit from its game changer technology?

    AGI am not allowed yet to answer to such a strategic question

    4.EENA: What was the motivating factor behind your switchover from mineral exploration to water exploration as a globally reputed mineral exploration geologist ?

    AG  I learnt a lot of geosciences  and I made lots of discoveries during my 20 years of oil exploration, and a lot more in diamonds and gold exploration worldwide. But I understood since the Darfur crisis in early 2004, that we were driving to hell with the Climate Change which would spread like a fireball far beyond Sudan and Chad very soon, because ultimately, you don’t eat gold and diamonds and you don’t drink oil. My straight answer was to find this invisible water using my former exploration tools combined with a new generation of satellites to bring quick and efficient responses to what appeared aa a new challenge for humanity.

    5.EENA: Could you compare and contrast the socio-ecological cost associated with the two exploration divides vis-à-vis the on-going discourse on sustainable development?

    AG We are aware of the impact of mining activities on the environment with human and social associated costs.

    Nevertheless, any civilization needs and minerals and I remain an Engineer using science to cope with any challenge. We can produce commodities in a cleaner way: bringing water to the mining sites will offer new sustainable benefits for the environment such as reforestations, soils remediation using bacteria and fungi (mycorrhization).

    People call me Dr. Gachet but I am not the doctor of humans, but doctor of the Earth, finding the invisible water to heal and clean the wounds inflicted by humanity to the Earth: ESG commitment remains of our ultimate goal.

    EENA: Thank you very much for your time

     

     

     

  • Annual Investment Meeting Signs MoU with Gold Standard to promote dialogue for sustainable development

    Abu Dhabi, United Arab Emirates, 11 May 2023: The Annual Investment Meeting (AIM), one of the world’s largest investment platforms, and Gold Standard, a climate and development organization, have signed a Memorandum of Understanding to promote dialogue for sustainable development at the 12th edition of the conference, which ended its three-day run yesterday, May 10, in Abu Dhabi.

    The partnership with Gold Standard will further AIM’s commitment to sustainable development by having Gold Standard retire carbon credits to offset the emissions generated by the event’s venue, with a maximum limit of $30,000.

    “At Gold Standard we are proud to help this year’s Annual Investment Meeting and to take responsibility for the unavoidable emissions associated with the event by retiring carbon credits on its behalf. At Gold Standard we are taking the lessons we’ve learned from our 20 years in the carbon market, and building financial tools to accelerate investment in sustainable development and carbon emission reduction projects. Events like the AIM Congress are important moments for investors from around the world to get together and look for new opportunities to make an impact,“ said Margaret Kim, Chief Executive Officer of Gold Standard.

    “We are pleased to announce this partnership with Gold Standard, as we believe that closer cooperation and collaboration will further the achievement of our mutual interests and objectives. This MoU will facilitate the promotion of sustainable development and help us create innovative new programs and tools that can be integrated to deliver impacts at a greater scale,” said Walid A. Farghal, Director General of Annual Investment Meeting.

    Gold Standard was established in 2003 by WWF and other international NGOs to ensure projects that reduced carbon emissions featured the highest levels of environmental integrity and also contributed to sustainable development.

    With the adoption of the Paris Climate Agreement and the Sustainable Development Goals, the NGO has launched a best practice standard for climate and sustainable development interventions, Gold Standard for the Global Goals, to maximise impact, creating value for people around the world and the planet we share.

    As part of the agreement, Gold Standard will retire credits froma project that supports the provision of safe water to hundreds of households within the Central Province of Zambia. By providing safe water, the project will ensure that households consume less firewood during the process of water

    purification and as a result there shall be a reduction of carbon dioxide emissions from the combustion process.

     

  • The Metals Company Loses Second Major Investor as Maersk Divests

     

    (Ottawa/Victoria, May 8, 2023) Bad news mounts for the floundering would-be miner The Metals Company (TMC) with The Wall Street Journal reporting the divestment of Danish shipping company Maersk. This follows the divestment last December by Norway’s largest private asset manager, Storebrand.

    Formerly TMC’s second biggest shareholder, Maersk informed the newspaper that it now holds an interest of less than 2.3% in TMC and is in the process of selling all its shares.

    Andy Whitmore, Deep Sea Mining Campaign’s (DSMC) Finance Advocacy Officer stated,

    “TMC frequently cited its relationship with Maersk, presumably to boost its flagging credibility.[1]

    “It makes sense for Maersk to divest to avoid reputational damage by association with TMC – a company heavily criticised on environmental and scientific grounds and with diminished financial prospects, and to also distance itself from the controversial emerging industry of deep sea mining.

    “Unfortunately for Maersk, it has suffered a financial loss as TMC’s shares have been hovering around $0.80 down from $12 at the launch of the company in 2021.”

    This April saw TMC breaching Nasdaq rules for the second time in less than six months and receiving its second de-listing notice for trading below $1 for more than 30 days. Its first notice issued in December 2022 was removed after a temporary share rally.

    TMC also continues to be embroiled in legal proceedings, both suing investors who failed to provide funding during the merger that formed the company, and itself being subject to a class action for non-disclosure and “making false and/or misleading statements” during that merger.

    In addition, the latest TMC quarterly report reveals it is under investigation by the Securities and Exchange Commission over aspects of the merger and its purchase of Tongan mining licences.

    The cash flow projected for TMC and its failure to raise revenue augers poorly for its viability. TMC’s latest figures show only $46.8 million in the bank as of 31 December 2022. Despite an unsecured loan from partner Allseas and claims the company can cut expenses, it seems unlikely it can continue for more than a year.[2]

    Faced with this financial crunch the company confidently asserts they will get a mining licence from July 2024. It has – with its sponsoring State Nauru – pushed hard for this to happen via the International Seabed Authority. TMC talks down the difficulties it faces, but they are growing all the time with an increasing number of countries stating opposition to it getting a licence and even Nauru saying will not let TMC apply for a licence in July if standards are not in place.

    Catherine Coumans, MiningWatch Canada notes,

    “As a small Canadian start-up with serious cash-flow problems, TMC must keep talking up the chances of starting deep sea mining as soon as possible. Yet this same talk is making several countries more vocal in rejecting a rush into an entirely new extractive industry.

    “The divestment of Maersk – following on from Storebrand’s divestment in TMC and Lockheed Martin’s recent divestment from UK Seabed Resources – shows a move away from risk associated with seabed mining among the bigger corporate players.”

    Credit(Mining Watch,Canada)

    [
  • Green Entrepreneurship: A Key Driver for Competitiveness and Sustainability Highlighted at the Annual Investment Meeting’s Entrepreneurs Investment Summit

    Green Entrepreneurship: A Key Driver for Competitiveness and Sustainability Highlighted at the Annual Investment Meeting’s Entrepreneurs Investment Summit

    The Summit discussed new strategies and opportunities in green investment for entrepreneurs

     Abu Dhabi, UAE, 9 May 2023 The Entrepreneurs Investment Summit opened its doors to industry leaders and experts from around the world to discuss new strategies and opportunities for investment. Held at the 12th edition of the The Annual Investment Meeting (AIM), which took place at the Entrepreneurs Room located at the Abu Dhabi National Exhibition Centre, The Summit witnessed a range of distinguished speakers who shared their thoughts and insights on the subject.

    The forum commenced with opening remarks from Dr. Hashim Hussien – Executive Director World Entrepreneurs Investment Forum. He said, “This summit marks a new beginning for the Interpreters Forum Secretariat, with more focused events that aim to create an optimal platform for entrepreneurs to connect with major investors, experts, and unicorns. We are focusing on Arab and African entrepreneurs, but we have also invited entrepreneurs from all over the world to share their experiences and build more resilient enterprises.

    Over the next three days, we will hear from 55 speakers from 23 countries, representing Europe, Asia, Africa, Latin America, and of course, the Arab region. We will be discussing issues that challenge entrepreneurs and economic development worldwide, as well as the ecosystems regionally and internationally. Thank you for coming together to invest, network, and share experiences, and I hope you have a successful and enjoyable summit.

    In addition, H.E. Dr. Khaled Hanafy – Secretary General – Union of Arab Chambers said, “This event, the Entrepreneur Investment Summit, is a crucial platform for addressing the challenges and opportunities that exist in the Arab world. However, before we delve into these issues, let me shed light on some of the Givens or facts that characterize the Arab world.

    To begin with, the 22 Arab countries are not homogeneous. Each country has its unique mix of factors of production, including labor force, which makes it challenging to generalize about the region. Secondly, around 88% of the Arab world’s population has access to the Internet, and 94% own mobile devices. Thirdly, poverty is a prevalent issue in the region, with around 40% of the population living below the poverty line. Of this percentage, 50% are youth aged between 18 and 30. When it comes to entrepreneurship, while there is a significant number of small and medium enterprises (SMEs) in the Arab world, only 1.3% of them are startups, which is a considerably low rate. Given these Givens, it is imperative that we consider how to address these challenges.

    As the Union of Arab Chambers, we are organizing this summit to represent the private sector in the Arab countries. The private sector accounts for almost 70-75% of the GDP and employment in the region and is a leader in growth and development. Thus, we aim to emphasize that the private sector cares deeply about entrepreneurship and investment in SMEs. We understand that there are bugs and problems in some Arab economies, but we also believe that there is potential in every Arab country.”

    H.E. Dr Ali Saeed Bin Harmal Al Dhaheri – First Vice Chairman- Abu Dhabi Chamber of Commerce & Industry said, “As part of the annual investment meeting 2023, we are excited to welcome you to the Arab African Entrepreneurs Summit. Over two days, this summit will showcase bankable investment opportunities led by intrapreneurs, SMEs, and micro-investments from African and Arab regions. It will provide a platform for sharing best practices to stimulate joint investment opportunities between Africa and the region, contributing to African economic integration.

    “The Abu Dhabi Chamber’s new strategy spanning 2023-2025 aims to drive economic cooperation and create business opportunities for the private sector, locally, regionally, and internationally. Our participation in this event aligns with our commitment to support policies, adaptive innovation, and digital transformation to build a knowledge-based economy”

    Continental African trade is estimated to be $80 billion US dollars in 2041, according to the African African bank. Plans are underway to strengthen trade exchange between Africa and the Arab region, with initiatives such as the Arab Africa guarantee fund and Cairo’s plan to increase exports to Africa to $10 billion US dollars by 2025. The UAE has emerged as one of the largest investors in Africa among the GCC states, with the Abu Dhabi Fund for Development financing more than 66 projects and 28 African countries valued at $16.6 billion US dollars between January 2016 and July 2021. The African entrepreneurs summit will build on these initiatives by creating solid partnerships between SMEs and entrepreneurs in Africa and our region.”

    Following the opening remarks, ‘The Entrepreneurs Investment Summit’ commenced. This was marked by the presence of several distinguished guests, including HE Dr. Ahmed Abu El Gheit, Secretary General of the League of Arab States, HE Dr. Haidara Fatou, Deputy Director General and Managing Director of the Directorate of Global Partnerships and External Relations, and Director General’s Special Representative for Africa, H.E. Sameer Abdulla Nass, President of the Union of Arab Chambers.

    H.E. Dr. Ahmed Abu El Gheit – Secretary General League of Arab States said, “We are working collaboratively towards a historic milestone for entrepreneurs, with a strong focus on community development and creating opportunities to support SMEs that can drive economic growth and increase investment opportunities. The introduction of digital techniques has made it easier for investors to take an interest in these opportunities. The Arab world recognizes the importance of transitioning towards shared opportunities between the private and public sectors, and empowering local industries to prepare for economic growth, employment, and the best interests of the region.”

    H.E. Dr. Haidara Fatou – Deputy General and Managing Director, Directorate of Global Partnerships and external relations, and Director General’s Special Representative for Africa, said “The need to achieve Sustainable Development Goals (SDGs) has become more urgent, and investment opportunities have arisen at a critical time for the community.

    “It is essential to address global challenges, create jobs, and drive economic growth. Several nations are experiencing a decline in the number of start-up businesses, and many young people are unable to find employment after leaving school. This makes it crucial to invest in youth to ensure future generations can thrive.”

    H.E. Sameer Abdulla Nass – President at – Union of Arab Chambers said, “I would like to highlight the Arab Chamber’s efforts to increase trade and investment among Arab countries. Unfortunately, the current level of trade, which is only 50% among 22 countries, falls short of our expectations. Therefore, we need to focus on creating recommendations and bylaws to enhance trade relations among union countries. Entrepreneurship has always been a crucial concept in our region, and we need to emphasize its importance.

    “We must support the digital economy and entrepreneurship to secure a better future for upcoming generations and build a strong trading network between Africa and the Arab region. It is imperative to establish better links between SMEs in Africa and Arab regions to overcome any challenges and create new opportunities. Through this summit, we hope to provide a platform that facilitates trade and generates recommendations to strengthen these links.”

    The summit also hosted several panels, with experts sharing their insights on topics such as ‘Supporting Green Entrepreneurship: Greening SMEs for more Competitiveness and Sustainability – Opportunities for SMEs in a greener value chain’. Speakers for this panel included Rasmus Wiinstedt Tscherning, Managing director, Creative Business Network, Denmark:, Douja Ben Mahmoud Gharbi, CEO RedStart Tunisia Accelerator and President DAMYA Angels, Dr. Ahmed Nasser, Green Hub, Osama Rais, Head of the Entrepreneurship Unit and Digital Transformation Expert, Arab Organization for Agricultural Development and Hatem Mohammad AbouOllo, Founder of Saber Incubators & Accelerators.

    Rasmus Wiinstedt Tscherning – welcomed the participants and the panellists for this session. The pane started with key remarks by Douja Ben Mahmoud Gharbi who said, “It is important to provide support to women entrepreneurs because they have a significant role to play in identifying successful business opportunities. Climate change, pollution, and waste management are real-world problems that require innovative solutions. As we face these challenges, we need entrepreneurs who can introduce new business models, technology, and innovations that can be connected with large corporations that are responsible for impacting our environment and social well-being. Therefore, it is crucial to work on promoting the green economy as it will have a transversal impact on all the other sectors of the business ecosystem.”

    Dr. Ahmed Nasser said, “Our expertise lies in digital and western transformation, which emphasizes scalability and autonomy. To achieve digital transformation, it’s crucial to understand that it can apply to communities, villages, and different business sectors. The key is to use suitable technologies to transform businesses, and proper training and education are essential for a successful transformation. We have developed solutions such as virtual reality and augmented reality for training and self-learning.

    Digital transformation can have a significant impact on businesses, including cost savings and more efficient supply chains. Our company is also working on a new platform to support startups with an easy-to-use and cost-effective solution. We believe that digital transformation will play a crucial role in promoting a green economy, but we also need professional criteria for growth and secure platforms to manage businesses. We aim to support more startups in the future.”

     Osama Rais said, “Our focus is on bringing innovative solutions to drive the shift towards agricultural waste reduction and clean energy in greenhouses. We aim to do this while maintaining our commitment to the planet’s decarbonization and overall health. To achieve this goal, we believe in the importance of changing the mindset of the youth to direct their organizational efforts towards personal development and purposeful work.

    Digital transformation is key to all our efforts, from planning and analyzing data to achieving a global picture of food security and developing effective logistics policies. We believe that by bringing together innovative solutions and cutting-edge technology, we can drive progress towards a greener, more sustainable future.”

    Hatem Mohammad AbouOllo said, “We specialize in city branding and revitalization and have a website, but there are also startups that invest in businesses oriented towards quality of life. Our focus is on high-tech, fast-growing businesses, and we’ve studied the 15 best practices worldwide to create our framework for city branding and revitalization. As part of this framework, we emphasize smart city solutions, not just in terms of infrastructure and facilities, but also in terms of activation and programming.

    To encourage visitors, residents, and local economy players to contribute to the environment, we launched a crowdsourcing platform where people can plant trees. Companies that we work with also use this platform to offset their carbon footprint. When it comes to consumers, our objective is different.

    Instead of traditional gifts like flowers or chocolates, we promote the idea of sharing gifts that are healthy and sustainable, like a tree planted on a special occasion or milestone in someone’s life. For example, a new parent might receive a tree to plant when they have a baby, or a company might give a biogas plant to an employee as a gift. We aim to align consumer psychology with smart technology through our crowdsourcing platform.”

    In addition, a special session on ‘Fostering International Partnerships Energy and Environment – Call for High Impact Cleantech’, by UNIDO ITPO Italy was conducted. Key panellists as Phillip Sellwe, Managing Director Bayon Holdings, Botswana, Samuel Okioro, Co-founder Drop Access, Kenya and Roger Mori Pizzino, CEO Ciclo, Peru discussed their expert insights. The session aimed to promote international collaboration and partnerships for the development and implementation of clean and smart energy technologies.

    Phillip Sellwe, pointed out that international partnerships face common obstacles such as cultural differences, intellectual property protection issues, time zones, legal and regulatory framework. He emphasized the need for clear and mutual goals transparency as well as respect for cultural differences to overcome or manage these obstacles. He cited successful collaborations in clean tech products between Tesla and Panasonic, and General Electric and Perceiver as examples, and encourages working together to achieve clean tech goals.

    Samuel Okioro – said that his company aimed to provide real-time access to cell-based and other grains, reduce post-harvest loss of fresh food both on the farm and the household by manufacturing coal preaches that utilize solar energy solar power. Roger Mori Pizzino highlighted the importance of the structure of buildings as they are responsible for 39% of the planet’s greenhouse gases.

    He explained that his startup aims to increase the sustainability indicators for construction companies by making eco-materials from recycling construction and demolition waste. Their solution is based on two value propositions: construction companies pay them for their waste, and they turn it into equal materials that they finally sell back to the same construction market.

    Next in line wsa a Special Initiative by UNIDO Global on ‘Clean and Smart Energy for Inclusive and Sustainable Industrial Development, spearheaded by Mr. Wu Yabin, Head UNIDO ITPO Beijing was conducted. He said, “Global Call Containment, is an event that identifies and promotes innovative energy solutions for sustainable development. This year’s theme is clean, smart energy, with three main tracks: green hydrogen, energy efficiency, and clean energy innovation. The event is open to all, including multinationals, SMEs, and startups, and participants receive benefits like matchmaking with financial institutions, coaching, and technical support. The Global Call is a successful institutional partnership among ITPO offices and external partners, and follow-up actions will help award winners penetrate industry sectors.”

    Another highlight was a panel discussion on ‘Improving SMEs Access to Finance: Finding Innovative Solutions to Unlock Sources of Capital in MENA Region and the African Continent’. This panel discussed the barriers to finance in 2022/2023, and the tools for improving access to finance and unlocking sources of capital for SMEs.

    It featured speakers as Reem Badran, Founder MENA Business Women Network Panelists, Dr. Wissam Fattouh, Secretary General Union of Arab Banks (TBC), Pauline Koelbl, Founder/Managing Partner – ShEquity’s, Baybars Altuntas, Chairman, World Business Angels Investment Forum, Michel Fossaert, Board Member – World Union of SMEs, Mohamed Hreimou, Executive Manager – Emirati Entrepreneurs Association, and Ali Muqaibal, Chief Executive Officer, Sharakah – Oman.

    Reem Badran said, “SMEs in our region represent a significant potential for economic growth and job creation, but two major obstacles are preventing them from reaching their potential: operating in the informal sector and lack of access to finance. The finance gap for MSMEs in our region is significant, with many SMEs not obtaining sufficient bank lending.

    The traditional lending method is proving insufficient, so FinTech platforms can be leveraged to reduce barriers to SMEs’ access to finance. Banks must change their way of thinking regarding SMEs, or FinTech start-ups will take a significant share of the market. In the West, big banks are already acquiring and absorbing FinTech start-ups to facilitate lending for segments that cannot be served using traditional lending mechanisms.”

    Pauline Koelbl said, “Investing in African women is not just charity, but a proven way to achieve sustainable development goals. McKinsey reports show it can add to African GDP by 2025. Rather than just microfinance, an ecosystem approach combining cash investment and VC investment can stimulate growth and impact sectors. Women’s innovative solutions can address challenges faced by people on the continent. To build a sustainable world, we must invest in women and put money on the table.

    Baybars Altunas explained that access to finance is a common concern for capital and equity markets, but it’s important to differentiate between startups and SMEs. SME owners typically focus on growing their business with no exit strategy, while startups have an exit strategy in mind and aim to turn their business into a success story within five to seven years. Access to finance sources for entrepreneurs today include ICO, IPO, crowdfunding, angel investors, and more.

    However, small businesses need more than finance to compete globally, and angel investors can offer mentorship and networking opportunities. The COVID pandemic accelerated the growth of the startup economy, with traditional business owners now investing in startups to stay competitive in the digital age.

    On the other hand, Michel Fossaert highlighted that 50% of SMEs lack access to finance, and with economic challenges in some countries, it will become more difficult for them to obtain loans from banks. He suggests innovation is needed in cooperation with banks, and proposes a mix of donor guarantees and private investment as a solution for SMEs to access loans and equity. He focuses on the agricultural sector in Africa as an opportunity for growth and job creation.

    Mohamed Hreimou leads the Emirati Emerging Entrepreneurs Association, which connects MSMEs with government bodies to improve local content and increase in-country value. They focus on building capabilities through training and expanding opportunities for entrepreneurs to access finance. One issue they’ve identified is the lack of a unified database for categorizing companies, which they are working on to help financing institutions better understand which companies are eligible for funding.

    Ali Muqaibal explained that their organization supports various pillars of the ecosystem, with access to finance being a key focus for entrepreneurs and SMEs due to collateral requirements and poor credit reporting. They offer different types of financing, including venture capital, and work with regulators to increase additionality in the ecosystem.

    One initiative they have undertaken is creating credit goals with a central bank to provide ratings for SMEs and establish a credit guarantee agency to incentivize more companies to access funds. They are also investing in crowdfunding and advising local platforms on the business model and regulatory procedures. Overall, their goal is to help more companies gain access to finance and elevate the ecosystem.

    Reem concluded the session by asking the panel’s thoughts on how to bridge the gap and who would be best for funding i.e Government, donors, NGO, etc. Dr. Wissam shared his thoughts initially by stating that the government should present and finance SMEs to bridge the gap at least partially.

    According to experts, SMEs represent 90% of the businesses and more than 50% of employment worldwide and contribute to up to 40% of national income GDP in emerging economies, making it very important to think about new sources of capital for SMEs. However, many SMEs in the MENA region and African continent face significant barriers in accessing formal credit and financing. This panel explored innovative solutions and tools that can be used to improve SMEs’ access to finance and unlocked sources of capital, enabling them to grow, create jobs, and drive economic development.

     

     

     

  • Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    The company also signed a MoU with Asian Development & Investment Bank (ADIB) to launch their new Green Tech Fund

    Abu Dhabi, UAE, 9 May 2023:  Mensha Ventures, signed a Memorandum of Understanding (MoU) with its strategic partners from China, including the Asia Development & Investment Bank, Hoover Investment Group and Shenzhen Sinomaster Investment Group (SMT), to jointly invest $1 billion in green energy infrastructure projects in the region. The MoU was signed on the sidelines of Annual Investment Meeting which runs in Abu Dhabi.

    The primary objective of this partnership is to bolster the UAE’s sustainable capabilities and capacity by developing green energy infrastructure projects. This initiative will help the UAE achieve its renewable energy targets while reducing its carbon footprint. This partnership will help the companies leverage its collective expertise to create a lasting impact on the environment and society.

    While this partnership is expected to open up new avenues for sustainable investment opportunities in the region, it will also drive economic growth and contribute to the UAE’s vision for a sustainable future. Overall, this partnership between Mensha Ventures and its strategic partners from China marks a significant milestone in the UAE’s efforts to achieve a sustainable future.

    Further to the above, Mensha Ventures Chairwoman Dr Tan and the Asian Development & Investment Bank (ADIB) Mr Sun have signed an MoU to launch their new Green Tech Fund. The fund will have a primary focus in the GCC and aims to build portfolio companies with global expertise and best-in-class industry knowledge in Green Technology. Leveraging Chinese leading innovation and specialized manufacturing, the focus sectors will drive cutting-edge sustainable solutions into the local ecosystem.

    The Green Tech Fund’s focus sectors will specialize in New Energy, including EV infrastructure, engineering, storage, and transportation. It will emphasize the transition to clean energy through the means of electrical and green hydrogen energy. Mensha Ventures will be advocates and ambassadors, along with its strategic partners, in the movement of transitioning to a sustainable future globally, and importantly, here in the GCC.

    The GCC region has seen a significant push towards sustainable solutions in recent years, with countries in the region aiming to reduce their carbon footprint and achieve their renewable energy targets. The Green Tech Fund aims to play a vital role in this transition by investing in innovative green technology projects and driving sustainable solutions into the region’s ecosystem.

    Overall, the launch of the Green Tech Fund marks a significant milestone in the region’s efforts to achieve a sustainable future. By bringing together the collective expertise of Mensha Ventures and the Asian Development & Investment Bank, the Green Tech Fund aims to make a lasting impact on the environment and society.