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  • Ethiopian Delegation to AFSIC – Investing in Africa 2023

    Ethiopian Delegation to AFSIC – Investing in Africa 2023

    FSD Ethiopia is coordinating a delegation from Ethiopia to attend AFSIC 2023 and will be sponsoring the Ethiopian Investment Summit scheduled for Monday, 9th October 2023.  FSD Ethiopia is a development agency that aims to support the development of accessible, inclusive, and sustainable financial markets for economic growth with a vision to contribute to a thriving financial system that delivers real value to the broader economy and to the people of Ethiopia.

    The Ethiopian delegation includes the key financial sector actors, including the Ministry of Finance, Ethiopian Capital Market Authority, Ethiopian Investment Holdings, Ethiopian Securities Exchange, and Ethiopian Investment Commission– a truly comprehensive grouping and an exciting agenda item to look forward to.

    The Ethiopian summit is organized under the theme “Ethiopia – The New Frontier Market, Opening Doors and Creating Opportunities”.  The summit aims to provide a comprehensive overview of Ethiopia’s emerging opportunities and highlight Ethiopia’s recent economic reforms, favorable investment climate, and growing investment opportunities.

    The high-level officials in the panel will discuss significant developments strengthening Ethiopia’s financial architecture. The event will feature a road show to raise capital for the recently established Ethiopian Securities Exchange (ESX). ESX will highlight opportunities for forming strategic partnerships with financial actors in Africa and beyond. Ethiopia investment holding aims to attract investors and inform global finance practitioners of Ethiopia’s capital market and opportunities.

    The Ministry of Finance will promote its far-reaching reforms to mobilize resources for sustainable and inclusive development, key to Ethiopia’s Homegrown Economic Reform agenda. Ethiopian Investment Commission will exhibit the various investment opportunities and a favorable business environment within the country, accomplished through a comprehensive and strategic approach that highlights the unique advantages of investing in Ethiopia.

    The Ethiopian Investment Summit will be held on October 9th from 12:45 p.m. to 2 p.m. The Ethiopian Securities Exchange will launch its roadshow during the Embassy reception at the Ethiopian Embassy in London on the same evening.

    The Ethiopian country delegation to AFSIC  2023 is a unique gathering of key financial sector players. and the Ethiopian Investment Summit promises to be standing room only. Any interested investors who wish to find out more should ensure they register to attend AFSIC event@afsic.net www.afsic.net

    About the Ethiopian Delegation

     Ministry of Finance (MoF)

    The Ministry of Finance is a Ministry within the Government of Ethiopia responsible fiscal policy, public finance, and external economic cooperation. As per Article 16 of the Proclamation No.1097/2018 Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation, the Ministry of Finance is given the powers and duties (among others) to formulate economic cooperation and fiscal policies that particularly serve as a basis for taxes, and duties, mobilize, negotiate, and sign foreign development assistance and loans, establish a favorable legislative framework to promote and facilitate the implementation of PPP-financed infrastructure projects by enhancing transparency, fairness, and long-term sustainability, and prepare the Federal Government fiscal budget.

    Ethiopian Capital Market Authority (ECMA)

     The Ethiopian Capital Market Authority (ECMA) is a federal government regulatory authority with its own juridical personality, accountable to the Prime Minister of the Federal Democratic Republic of Ethiopia. It was established in 2021 by the Capital Markets Establishment Proclamation, which provides the legal foundation for the development of capital markets in Ethiopia. The ECMA is responsible for regulating the Ethiopian capital markets.

    Ethiopian Investment Holdings (EIH)

    Ethiopian Investment Holdings (EIH) is a young and dynamic holding company with a mission to create long-term value for Ethiopia. It was established in December 2021 to serve as the strategic investment arm of the Government of Ethiopia and to execute the state’s ownership of commercial assets. It upholds a philosophy of long-term value creation and is committed to transforming Ethiopia’s resources into assets that generate wealth for current and future generations.

     Ethiopian Securities Exchange (ESX) Project Office

    The Ethiopian Securities Exchange (“ESX”) is Ethiopia’s first, and only organized securities exchange. ESX is established as a public-private partnership in line with Article 31 of the Capital Market Proclamation (No.1248/2021) and is licensed by the Ethiopian Capital Market Authority (ECMA).

    ESX operates the business of a securities exchange, functions as a Self-Regulatory Organization (“SRO”), and serves as the central market organizer providing an integrated product suite covering the equities, money markets, and fixed income, segments of the capital markets.

    As the pioneer securities exchange, ESX aims to play a critical role in the development and growth of the Ethiopian capital market. ESX’s core objective is to facilitate access to capital and support effective capital allocation in a manner that supports Ethiopia’s economic growth. By developing a well-regulated and efficient capital market ecosystem, ESX will enable the mobilization of financial resources for the Government, and private sector institutions while providing investors a reliable platform to invest in a reliable and efficient environment.

    Ethiopian Investment Commission (EIC)

    The Ethiopian Investment Commission (EIC) is a government institution established in 1992 to promote private investment, primarily foreign direct investment (FDI). The EIC is an autonomous institution accountable to the country’s Investment Board, which is chaired by the Prime Minister.

    The EIC is committed to creating a conducive environment for investment in Ethiopia. It is working to improve the investment climate, streamline the investment process, and provide better services to investors. The EIC is also working to attract new investors and to expand investment into new sectors.

    FSD Ethiopia

    FSD Ethiopia is a development agency that aims to support the development of accessible, inclusive, and sustainable financial markets for economic growth.

    Established in 2021, FSD Ethiopia works on identifying the underlying factors that contribute to financial system failures, enabling market participants to address these constraints and help build a functional and effective financial sector that contributes to economic growth.

    FSD Ethiopia provides technical assistance, grants, and research insights to policymakers, regulators, and market actors to drive large-scale change in financial markets and support sustainable economic development. It works with public, private, and development partners in the financial sector to address critical system constraints to facilitate change that allows the provision of effective, transparent, stable, and inclusive financial systems. It provides tailored services to help diverse stakeholders achieve their goals and design interventions to make Ethiopia’s financial sector function effectively and inclusively.

    About AFSIC – Investing in Africa:

    AFSIC – Investing in Africa has become perhaps Africa’s most important annual investment event. The event is owned by Africa Events Limited. AFSIC is wholly focused on accelerating Africa’s economic emergence by matching investment opportunities in Africa transforming Africa’s business, trade and investment environment, growing Africa’s economy, reducing poverty, and increasing African incomes in all business sectors at a continental scale across all 54 countries in Africa.

    African Investments Limited (www.africaninvestments.co), a sister company to Africa Events Limited, operates two multi award-winning digital platforms, the AFSIC African Investments Dashboard which matches investment opportunities to our global network of institutional investors and the Africa Business Opportunities Dashboard, which matches business, trade and investment opportunities across Africa covering all business products, sectors, countries in Africa and multiple business objectives. The digital platforms won the global 2022 Salesforce Partner Innovation Award for Financial Services.

  • Navigating the Dynamic Landscape of the Global Online Trading Market

    Navigating the Dynamic Landscape of the Global Online Trading Market

    By Boriss Gubaidulin, Africa Director, Admirals

     The global online trading market has witnessed a remarkable upswing, fuelled by technological advancements and the widespread accessibility of the internet. This surge in popularity and increase of the global market size to USD9.32bn in 2022 has been instrumental in democratising investment opportunities, enabling individuals from various corners of the world to partake in online trading.

    Based on a comprehensive analysis conducted by Grand View Research in 2020, the global online trading market showcased a valuation of approximately USD15.47 billion in 2019. Notably, this market has been on an upward trajectory, with a projected compound annual growth rate (CAGR) of 9.7% from 2020 to 2027.

    With the advent of user-friendly platforms and cost-effective trading options offered by numerous online brokerages, retail investors are increasingly recognising the potential of online investing. This realisation has ushered in a new era of financial inclusion, empowering individuals to take charge of their financial futures.

    A closer look at the African Market

     Within the realm of online trading, Africa emerges as a market of untapped potential, poised for remarkable growth, as highlighted by the latest quarterly report from Finance Magnates.

    While developed markets face saturation due to aging populations, Africa’s online CFD trading market is experiencing significant upward momentum, primarily due to a high youth population ratio, high mobile penetration, and technological improvements. Notably, the continent boasts the presence of the world’s five fastest-growing economies, with Nigeria leading the charge, fuelled by its population of over 200 million.

    Even a modest conversion of just 1% of the population into online traders would yield an impressive 200,000 active traders. To put this into perspective, the number of active CFD/forex traders in the United States currently hovers around 200,000, and in Germany, it reaches approximately 100,000.

    Africa’s vast growth potential and evolving regulatory landscape makes it a desirable destination for global expansion, with several reputable players such as Admirals steadily moving into Africa.

    The Impact on Emerging Markets

     Emerging markets are reaping a multitude of benefits from the rise of online trading, which is transforming their financial landscapes in significant ways. One prominent advantage is the enhanced accessibility and financial inclusion it brings. Online trading platforms have opened doors for individuals who were previously excluded from traditional investment opportunities, empowering them to participate in global markets.

    Additionally, online trading enables investors in emerging markets to diversify their investments beyond local markets, reducing dependency on a single economy and thus spreading risk.

    Moreover, lower costs and fees associated with online trading make it more affordable for individuals in these markets to engage in trading activities. Furthermore, the impact of online trading goes beyond personal finance, contributing to economic growth, job creation and the establishment of new businesses.

    This growth, in turn, generates employment opportunities across various sectors such as finance, technology, and customer support services. Overall, the benefits of online trading in emerging markets extend far beyond financial gains, driving inclusive growth, fostering economic stability, and creating avenues for prosperity.

    Embracing Challenges and Opportunities within the African Market

     While the African market showcases immense growth potential, it is not without its fair share of challenges, setting it apart from more developed markets. One significant headwind is the presence of political instability, which can create an uncertain investment environment.

    Additionally, currency fluctuations pose a risk, making it crucial for investors to carefully manage their exposure to mitigate potential losses. Moreover, the higher levels of risk associated with investing in emerging markets can impact investor confidence, requiring a cautious approach and thorough risk assessment.

    Navigating Africa’s often complex and variable regulatory landscape presents another potential hurdle. Whilst regulation across the African regions vary in terms of transparency and sophistication, most countries have been working to refine their regulatory frameworks to promote stability, transparency, and investor confidence.

    Unlocking the Power of AI: From Threat to Empowerment

    Artificial Intelligence (AI) has emerged as a formidable tool that empowers individuals in the realm of online trading, dispelling the notion of it being a threat. With the ability to process and analyse vast volumes of data, including market news, social media sentiment, economic indicators, and historical trading patterns, AI enhances decision-making processes for traders. By quickly extracting valuable insights from complex data sets, AI equips traders with a competitive edge, helping them make more informed and strategic investment decisions.

    Furthermore, AI finds utility in customer support services through the deployment of chatbots, streamlining interactions and providing timely assistance to traders. Additionally, AI plays a crucial role in fraud detection, leveraging its analytical capabilities to identify suspicious patterns and safeguard the integrity of trading platforms.

    However, it’s important to note that while AI provides valuable insights and assistance, its effectiveness is dependent on the quality of human input and requires human assessment for accurate decision-making. AI acts as an enabler rather than a replacement for online trading platforms, working in tandem with human expertise to optimise trading experiences and outcomes.

    By embracing AI as a powerful tool, traders can harness its capabilities to navigate the complexities of the market, fostering growth and innovation within the online trading industry.

    The Rise of Neobrokers: Navigating Innovation and Regulatory Oversight

     A notable trend in the online trading industry is the emergence of neobrokers; app-based platforms that have gained traction among investors. Neobrokers represent a disruptive force, offering user-friendly interfaces and streamlined experiences. However, regulators closely monitor this development to ensure investor protection and mitigate potential risks associated with this innovative approach.

    As neobrokers simplify access to markets and foster a more inclusive environment, they have the potential to encourage risk-taking behaviours among traders. This balance between innovation and regulatory oversight becomes crucial as regulators strive to strike a delicate equilibrium, ensuring market integrity and investor safeguards, while fostering innovation and accessibility.

    The evolution of neobrokers is a fascinating development to watch within the online trading industry, and regulators remain vigilant in adapting to this changing landscape to maintain a fair and secure trading environment.

    Additionally, the rise of AI and neobrokers presents new dimensions to online trading, empowering traders with advanced data processing capabilities and innovative platforms.

    However, regulatory oversight remains crucial to ensure investor protection and maintain market integrity. By leveraging the benefits of technology, embracing regulatory developments, and fostering a balanced approach, the online trading industry is poised for continued growth, fostering financial inclusion, and transforming the way individuals participate in global markets.

    In conclusion, the global online trading industry is undergoing a transformative phase, with remarkable growth and opportunities unfolding. Emerging markets, such as Africa, hold immense potential for expansion, driven by factors such as accessibility, diversification, lower costs, economic growth, and job creation.

    Trading involves Risk.

     

     

  • First Nebraska-Ghana Trade & Investment Mission in Pictures

    First Nebraska-Ghana Trade & Investment Mission in Pictures

  • Ghana-Nebraska Captains of Industry Identify Areas for Mutual Collaboration

    Ghana-Nebraska Captains of Industry Identify Areas for Mutual Collaboration

    The Nebraska-Ghana Trade and Investment Program and Husker Harvest Days event, which saw the participation of twenty-two (22) Ghana Government officials and Private Businesses, has ended successfully in Lincoln, Nebraska.

    The event, held from 11th to 14th September 2023, UNDER THE THEME – FACILITATING OPPORTUNITIES, has been described by participants as one of the most well-organized Trade and Investment Programs, which is poised to make significant impact, in establishing and building relevant and much needed partnerships.

    Senator Ken Schilz, the Lead and Co-founder of Nebraska GhaNeb LLC, expressed his satisfaction, with the quality of the Ghanaian delegates, their understanding of the sectors, in which they operate, and most importantly, their desire to establish long term and profitable business partnerships.

    Both GhaNeb LLC and Agrihouse Foundation have positioned ourselves to support to facilitate the opportunities and relationships, that have been established.

    We are confident, that creating this platform will help businesses expand their operations and contribute to economic development of both Nebraska and Ghana. Senator Schilz added.

    Speaking to some participants, Cecil Sunkwa-Mills of T & C Farms, said, what stood out for the me, was the Business Presentations, where they learnt from the various Nebraska State legal practitioners, policy makers and farmers on focused issues, that addressed, the Legalities of Doing Business in Nebraska, Regenerative Agriculture, Digital Marketing for Retail Sales and Data Mining.

    Dr. Solomon Gyan Ansah, the Director of Crop Services at the Ministry of Food and Agriculture, expressed his deep admiration for the extensive array of machinery and equipment utilized by farmers in Nebraska. He noted that these advanced tools have significantly contributed to enhancing crop productivity in the region.

    The Chairman of the Ghana Federation of Livestock Inter-Professionals (GHAFLIP), Alhaji Akakade Moro, also shared similar sentiments about the event.  Describing it as not only insightful but also an eye-opener to the agricultural sector in Ghana.
    The delegates, who also met with leaders of Kreikemeier Farms, Lincoln Premium Poultry, RWH Energy, EZ Politix, Sandhills Global and Certified Piedmontese, expressed their satisfaction with the detailed business discussions, they had.

    ‘’We have together identified areas of Trade collaborations. There are meaningful technologies and enhanced equipment, that we will need. Talks and negotiations have already begun, and we are hopeful to seal some deals soon’’. Mashud Mohammed, Ghana’s 2021 National Best Farmer added.

    A pivotal highlight of the program for the Ghanaian delegates, was the visit the Husker Harvest Days event grounds, the renowned and illustrious showcase, acclaimed as the largest irrigated agriculture exposition in the United States.
    All the delegates spoke about the positive interactions they had with Exhibitors and vendors, their appreciation of cutting-edge technologies. They are positive of future collaborations.

    The delegates also had the opportunity to meet with Southeast Community College and Nebraska State University, who are looking at having Ghanaian students, enrol in their institutions in the immediate future.

    Alberta Nana Akyaa Akosa, the Executive Director of Agrihouse Foundation, enthusiastically expressed her excitement about the impactful and meaningful partnership, Agrihouse Foundation, has established with GhaNeb LLC, which has made the organizing  of the 1st Nebraska-Ghana Trade and Investment Program possible.

    I am excited about the future and the important role, we are playing with GheNeb LLC, in facilitating these relationships established. I am happy we have showcased our potential to support in driving innovation and growth in the agricultural sector, creating new avenues for both regions to prosper, she added.

    “The partnerships formed during this program are not just agreements on paper; they represent the fusion of expertise, resources, and visions from two different regions. These collaborations will drive innovation, promote sustainable practices, and ultimately contribute to the growth of our agricultural sectors. It’s incredibly exciting to witness the potential these partnerships hold for both Ghana and Nebraska,” stated Mad. Alberta.

    This symbolizes the collective commitment of both GhaNeb LLC, Agrihouse Foundation, and the participating regions to work hand in hand in augmenting the agriculture value chain.

    The Ghanaian delegation who participated in the 1st Nebraska-Ghana Trade and Investment Program and experienced the Husker Harvest Days included; Hon. Yaw Frimpong-Addo, Deputy Minister of Food and Agriculture (Crops), Mr. Fifi Fiavi Kwetey, General Secretary of the National Democratic Congress, representing former President John Dramani Mahama.

    The rest were,  Dr. Ansah Solomon Gyan, Director of Crop Services at the Ministry of Food and Agriculture, and Michael Kofi Akoto, Trade Promotion and Commercial Officer at the Embassy of Brazil, Mr. Mohammed Mashud, Chief Executive Director of Cudjoe Abimash Farms, Nana Osuman Abdulai, Managing Director of A.N.O Enterprise/Nana Atta Akara Co. Ltd, Al-Ayadi Fares Mohammed Khear, Irrigation Service Manager at Interplast and Alhaji  Akakade Moro, Chairman of the Ghana Federation of Livestock Inter-Professionals (GHAFLIP).

    Others included, Mashud Mohammed, Operation Manager at Agripower, Dorothy Opoku, General Manager of Agricultural Manufacturing Group Limited, Kwabena Danquah, General Manager of Operations at Agricultural Manufacturing Group, Seidu Abubakar, Project Specialist for Commercial Agriculture at Savannah Zone Agricultural Productivity Development Project (SAPIP), and Sunkwa-Mills of T&C Farms.

    Fidelity Bank’s Head of Agribusiness, Patrick Opoku, and Real Estate Investors Monica and Collins Atta Oteng, of Collinmon Investment Limited, were also present.

    SOURCE

    AGRIHOUSE FOUNDATION

     

  • President Ramkalawan attends official opening of G77 and China Summit in Cuba

    President Ramkalawan attends official opening of G77 and China Summit in Cuba

    16 September 2023 | Foreign Affairs

    Havana, Cuba 15 September 2023: The President of the Republic of Seychelles, Mr Wavel Ramkalawan joined fellow leaders of the Group 77 and China Summit of Heads of State and Government currently taking place in Havana Cuba. The two-day summit is taking place under the- guided theme “Current Development Challenges: The Role of Science, Technology and Innovation. ”

    The official opening ceremony was held on Friday morning (15th September), where President Ramkalawan was formally welcomed at the International Conference venue by the President of Cuba, President Miguel Diaz-Canel Bermúdez.

    During the opening ceremony President Diaz-Canel Bermúdez, welcomed and expressed appreciation to world leaders of the various G77 plus China members states for responding to the call of the summit and for their presence in Cuba. The Secretary General of the United Nations, Mr António Guterres took the floor before the G77 and China Heads of State and Government Summit was officially declared open.

    The ceremony was followed by the delivery of statements by Heads of State and Government during the General Debate session. The President was accompanied at the official opening ceremony by the Minister for Foreign Affairs and Tourism, Mr Sylvestre Radegonde.

    SOURCE

    STATEHOUSE NEWS

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  • AFRY is again awarded with the highest Platinum level in EcoVadis Sustainability rating

    AFRY is again awarded with the highest Platinum level in EcoVadis Sustainability rating

    By:Mohammed A. Abu

    AFRY has once again received the highest Platinum rating in EcoVadis’ global sustainability and social responsibility rating an  official source disclosed in Stockholm,Friday.

    With a total score of 79 out of 100 AFRY is placed among the top 1 percent of all assessed companies in sustainability performance in EcoVadis rating.

    EcoVadis is the world’s largest and most trusted provider of business sustainability ratings. The assessment examines performance across 21 indicators in four themes: Environment, Labour & Human Rights, Ethics and Sustainable procurement.

    The methodology is built on international sustainability standards, including the Global Reporting Initiative, the UN Global Compact, and the ISO 26000, covering 200 spend categories and 160+ countries.

    “Receiving the highest sustainability ranking in EcoVadis is a testament to our dedication to not only meet today’s environmental and social challenges but also to pave the way for a more sustainable future.

    It reflects our commitment to responsible practices, innovation, and to accelerate the sustainability transition” says Henrik Tegnér, Head of Strategy and Sustainability at AFRY.

    “Sustainability is an integral part of AFRY’s business strategy, and this commitment is reflected in our mission to accelerate the transition towards a sustainable society.

    “AFRY’s aim is to deliver sustainable solutions for generations to come and take responsibility for the impact we have as a company”.Mr.Tegner intimated.

    For further information, please contact: Andrea Giesecke, Head of PR and Sustainability Communication Andrea.giesecke@afry.com 0046762655216

  • G20 summit: UAE, Saudi Arabia, India, US announce historic trade corridor deal

    G20 summit: UAE, Saudi Arabia, India, US announce historic trade corridor deal

    BY MARISHA SINGH

    SEPTEMBER 10, 2023

     The UAE, Saudi Arabia, India, EU, US and other G20 partners agreed to explore a shipping corridor project to augment trade between Europe and Indian subcontinent

    The leaders of the world’s biggest economies announced a landmark deal that creates a multinational rail and ports link through the Middle East and South Asia. The India-Middle East-Europe Economic Corridor agreement was announced on Saturday at the first day of the G20 summit in New Delhi.

    The US, Saudi Arabia, EU, UAE and other G20 partners agreed to explore a shipping corridor project to augment trade between Europe and India. It aims to link Middle East countries by railway and connect them to India by port, helping the flow of energy and trade from South Asia through the Gulf to Europe.

    G20 backdrop for historic deal

    A memorandum of understanding for the deal was set to be signed by the European Union, India, Saudi Arabia, the United Arab Emirates, the US and other countries on the sidelines of the summit.

    US President Joe Biden said it was a “real big deal” that would bridge ports across two continents and lead to a “more stable, more prosperous and integrated Middle East.”

    He said at an event announcing the pact that it would unlock “endless opportunities” for clean energy, clean electricity, and laying cables to connect communities.

    The US President thanked UAE President Sheikh Mohamed bin Zayed for his key role in securing the milestone rail and ports deal linking the Middle East and South Asia.

    “I do want to say thank you, thank you, thank you,” Biden said at an event to unveil the initiative. “I don’t think we’d be here without you.”

    The establishment of the corridor aims to significantly enhance connectivity and integration between participating countries and will be comprised of two different pathways – the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe.

    The cross-border ship-to-rail transit corridors will reduce shipping costs across the network and facilitate trade in goods and services to, from, and between the UAE, Saudi Arabia, India, and Europe.

    India’s Prime Minister Narendra Modi said, “Today, as we embark upon such a big connectivity initiative, we are sowing the seeds for future generations to dream bigger.”

    The deal will benefit low and middle-income countries in the region, and enable a critical role for the Middle East in global commerce, Jon Finer, the US deputy national security adviser, told reporters at the bloc’s annual summit in New Delhi.

    “Linking these key regions, we think, is a huge opportunity,” said Finer.

    No immediate details of the value of the deal were available.

    UAE, India talks

    The UAE President Sheikh Mohamed and Prime Minister Narendra Modi met on the sidelines of the summit to discuss strengthening economic partnerships between the two countries.

    The leaders discussed boosting their Comprehensive Economic Partnership Agreement (CEPA) and other “promising opportunities”, as per state news agency WAM.

    Sheikh Mohamed and Modi touched on topics including reinforcing bilateral co-operation, especially in the economic, investment, development, renewable energy and food security sectors as both countries seek sustainable growth.

    They also addressed the importance in accelerating mutually beneficial action in the areas of sustainability, environmental conservation and climate change mitigation, aside from regional and international developments of mutual interest.

    Saudi Arabia, US sign MoU

    Saudi Arabia and the US additionally announced the signing of a memorandum of understanding for developing a protocol for establishing intercontinental green transit corridors through the kingdom to connect the continent of Asia with the continent of Europe, on the sidelines of the summit.

    The project aims to facilitate the transit of renewable electricity and clean hydrogen via transmission cables and pipelines, as well as constructing rail links.

    It is also intended to enhance energy security, support efforts for the development of clean energy, promote the digital economy through digital connectivity and transmission of data via fiber cables, and promote trade and transportation of goods by rail and through ports.

    SOURCE

    GULF TIMES

     

     

     

     

     

     

     

     

  • Masdar, Africa50 align efforts to hasten clean energy transition across Africa

    Masdar, Africa50 align efforts to hasten clean energy transition across Africa

    Africa50 and Masdar will also explore opportunities to collaborate on the implementation of the Alliance for Green Infrastructure in Africa

    Abu Dhabi-based Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform.

    The clean energy giant will identify, drive and scale clean energy projects across the continent.

    The UAE’s clean energy leader and Africa50 have signed a memorandum of understanding (MoU), which will work to bridge the infrastructure funding gap and mobilise public and private finance.

    The agreement will see both parties work collaboratively to catalyse sustainable development of the clean energy sector in Africa.

    Masdar has committed $2bn of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by Dr Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate.

    The Africa Climate Summit is the first of four global climate summits ahead of COP28,

    SOURCE

    GULF TIMES

     

  • UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    COP28 President-Designate Dr Sultan Al Jaber has announced a UAE finance initiative that will provide $4.5bn to help tap Africa’s clean energy potential.

    The announcement was made during his keynote address at the inaugural African Climate Summit in Nairobi, Kenya.

    The landmark initiative brings together vital public, private, and development capital from UAE institutions, ranging from Abu Dhabi Fund for Development (ADFD) and Etihad Credit Insurance (ECI) to Masdar and AMEA Power.

    Africa50, which is an investment platform established by African governments and the Africa Development Bank, has also joined the UAE finance initiative.

    Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities.

    Call to climate action

    The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.

    The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.

    In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.

    These include restoring the financial sustainability of local utilities and modernising basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures.

    During his address, the COP President Designate said: “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”

    He added: “The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”

    Action agenda

    Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s ‘Action Agenda’.

    In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 per cent of the global total, and less than a quarter of the $60bn a year the continent needs by 2030.

    The initiative aims to right this imbalance by bringing together key stakeholders to fast track the development and delivery of infrastructure, generation and distribution solutions.

    UAE finance initiative to be part of Etihad 7

    The initiative will be part of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA).

    Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

    ADFD is supporting with $1bn of financial assistance to address basic infrastructure needs, offer finance solutions and increase mobilisation of private investments. The ECI is providing $500m of credit insurance to de-risk and unlock private capital.

    Masdar, active in 22 countries in Africa, is committing an additional $2bn of equity as part of the new initiative. Masdar will mobilise an additional $8bn in project finance and through its Infinity Power platform.

    Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.

    AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilising $5bn, of which $1bn will come from equity commitment, and $4bn from project finance.

    Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to enable additional private sector investment. The COP28 Presidency has also called on international financial institutions and foundations to join the effort.

    The announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first ‘Global Stocktake’ of climate progress since the 2015 Paris Agreement.

    Credit(Gulf Times)

  • BRICS: CONSIDERATIONS AND IMPLICATIONS OF A SINGLE BRICS CURRENCY

    BRICS: CONSIDERATIONS AND IMPLICATIONS OF A SINGLE BRICS CURRENCY

    By Franco Macchiavelli

    Market Analyst at Admirals and Certified European Financial Advisor (EFA) (Nr 35591)

    5 September 2023

    The 15th BRICS Summit, hosted by South Africa in Johannesburg from 22 to 24 August, culminated in the widely anticipated announcement of a soon-to-be expanded BRICS bloc, with the admission of six new member countries to this economic grouping as from January 2024.

    In the build-up to this year’s BRICS Summit there has also been some speculation that the grouping might discuss the issuance of a joint currency to compete with the dollar as the reserve currency with world hegemony.

    However, this issue was not addressed during the event. South Africa’s representative stated that such an approach was never considered, and India’s foreign minister also dismissed the possibility.

    Data from the IMF’s 2023 World Economic Outlook shows that together, these five economies – Brazil, Russia, India, China, and South Africa – account for roughly 40 per cent of the world’s population and 20 per cent of global trade flows. Despite the logic behind the idea to introduce a new currency in place of the dollar, the truth is that this would be rather complicated to implement – at least in the short to medium term.

    If the idea were to come to fruition, there would be two main approaches:

    1. Create a new central bank that would issue a single currency to replace the national currencies of each of the five countries (Brazil’s real, Russia’s rouble, India’s rupee, China’s yuan and South Africa’s rand). However, this would require these countries to give up their monetary sovereignty, which would limit their ability to manage the value of their own currency according to their economic needs. To understand this better, if Brazil wanted to depreciate its currency to improve its exports, but the other countries did not agree, Brazil would not be able to make this decision unilaterally. Therefore, we are talking about an important risk in the management of each country and the different factors that affect its growth and economic and monetary management.
    2. 2. A different scenario would be to adopt the currency of one of the member countries as the BRICS’ own currency, such as China’s yuan. However, this would also present major challenges, as the remaining countries would again lose their monetary sovereignty, this time to China, which could limit their ability to make independent economic decisions. If for example China wanted to implement a rate cut to boost domestic economic growth, the remaining BRICS nations would be affected collaterally without having been able to influence China’s decision, also affecting the other economies that might not be experiencing the same characteristics and conditions as China.

    In short, both paths are complicated to pursue and present significant obstacles for member countries.

    What is certain, however, is that these countries aim to reduce their dependence on the dollar in the future. Currently, when the BRICS sell their products to the rest of the world, they receive payments in dollars and accumulate these dollar-denominated reserves. However, fluctuations in the value of the dollar over the years have posed a significant depreciation risk for these countries.

    Most of the BRICS have been accumulating dollar reserves for years, and with the effect of inflation, these have been affected because they have mostly not imported goods, but accumulated reserves.

    What would happen if instead of accumulating dollar reserves, they accumulated reserves in another currency through trade among the members themselves?

    This brings to mind the recent case of trade between Russia and India:

    India has been buying oil from Russia at a significant discount to the price in the West. However, these purchases have been paid for in rupees. So, if we talk in terms of trade, Russia sells oil to India and receives payment in rupees, but collaterally faces a significant currency risk, i.e., that rupees depreciate over time even more than the dollar.

    Moreover, rupees are only accepted in India and do not have the global hegemony to buy any asset across the world, which complicates the management of its international reserves, unlike the dollar, which is accepted globally in the purchase and sale of any good, asset or service.

    Ultimately, despite the search for alternatives to the dollar, replacing it with a new currency poses considerable challenges for the BRICS, and makes it unlikely to manifest itself in the near future due to the complexity of its implementation.

    Naturally the addition of six additional nations – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will multiply the complexities significantly.

    It will be interesting to see what impact the BRICS expansion will have on the global economy and geo-politics but for now the dollar will continue to be the dominant trading currency.

    Disclaimer: The views expressed in this article reflect those of the writer and does not represent the official view of the Eco-Enviro News Africa,magazine.