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Celebrating its tenth year, the Anzisha Prize awards its top honour to 21-year-old Egyptian entrepreneur

Africa

Alaa Moatamed, Co-Founder of Presto, a leading delivery management service, takes home the $25,000 Grand Prize

With a pool of talented finalists from more than 15 African countries, the 2020 Anzisha Prize – the premier award for Africa’s youngest entrepreneurs – goes to Alaa Moatamed, a  young female entrepreneur whose venture provides business owners with an affordable and convenient delivery service for customers. EdTech entrepreneur Matina Razafimahefa, 22, from Madagascar emerged as the first runner up ($15,000), while 22-year-old infrastructure entrepreneur, Mohamed Bah from Sierra Leone, was the second runner up ($12,500).

Anzisha Prize Announces Top 20 Very Young African Entrepreneurs as part of 10th Year Celebration

Africa

Meet the new cohort of very young entrepreneurs whose businesses are paving a new entrepreneurial landscape in Africa

The Anzisha Prize has revealed its top 20 finalists for 2020. Winners will be announced at this year’s Anzisha Prize Conference on the 27th of October, where the programme will be celebrating 10 years of supporting very young entrepreneurs.

Rebuilding the African fashion industry in the (post) COVID-19 era: thinking digital and circular solutions. Image credit - fashionomicsafrica

Africa

As factories close their doors and border closures and travel restrictions interrupt supply chains, the workers have been left to feel the worst effects

The disruption of the COVID-19 pandemic on global value chains and its impact on African businesses is already evident. As factories close their doors and border closures and travel restrictions interrupt supply chains, the workers - the most vulnerable and lowest paid people in the fashion supply chain – have been left to feel the worst effects.

‘Africa’s outlook is positive,’ African Development Bank tells Indian investors and officials

Africa

The African Development Bank and India have a long-standing strategic partnership dating back almost 40 years to 1982

The groundwork has been laid for Indian investors who are looking to invest in Africa.

Awakening the entrepreneurial spirit of every young African is key to continent’s future, development leaders agree

Africa

The webinar, themed Investing in Africa’s Future: Youth Empowerment Through Entrepreneurship, invited a range of private and public sector representatives to discuss the challenges young African entrepreneurs face

The African Development Bank joined a number of development leaders in calling for greater support of youth entrepreneurship during a virtual event organized by the Tony Elumelu Foundation. The webinar was timed to coincide with International Youth Day, which fell on Wednesday 12 August, 2020.

Ecobank Group announces the 2020 Fintech Challenge Finalists

Africa

Finalists will compete for the top crown on August 21 and be inducted into the Ecobank Fintech Fellowship to pursue commercial partnerships in Ecobank’s 33 markets cross Africa

Ecobank Group has announced the finalists from the 2020 Ecobank Fintech Challenge.

File image - President of the African Development Bank, Akinwumi Adesina

Africa

In January 2020, sixteen allegations of ethical misconduct were levelled against Adesina by a group of whistleblowers

A much awaited report by an Independent Review Panel has completely exonerated the President of the African Development Bank, Akinwumi Adesina of any ethical wrongdoings.

Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI) selects Top 50 Finalists of 2020 “Africa’s Business Heroes” Competition

Africa

The 50 finalists were selected from over 22,000 applications all over Africa, representing twenty-one African countries, half are female, and work in 18 sectors like agriculture, AI, e-commerce, fashion, healthcare, renewable energy and ICT

Top 50 finalists were selected from over 22,000 applications across all 54 African nations; The finalists represent 21 African countries, half are female, and work in 18 sectors like agriculture, AI, e-commerce, fashion, healthcare, renewable energy and ICT; Finalists will advance to the next round of selection and will participate in an exclusive virtual boot camp on July 28.

African Development Bank Group supports Ghana’s COVID-19 response plan with $69 million grant

Africa

The funds will help to upgrade the capacity of healthcare facilities to isolate, diagnose and care for patients, and provide more test kits, pharmaceuticals, equipment and beds.

The Board of Directors of the African Development Fund (ADF) on Friday approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the nation.

African Development Bank Regional Economic Outlook 2020: In West Africa, harnessing the youth workforce could speed economic recovery in the post-COVID-19 era

Africa

The report points to policies needed to improve skills to empower the West African labour force

Growth in West Africa, poised to expand by 4.0 percent in 2020, now projected to contract by -2.0 percent in 2020; Demand for science, technology, engineering and mathematics increasing, though school enrolment, retention rates poor.

East Africa holds its ground as Africa’s fastest growing region, despite COVID-19 disruption

Africa

Prior to the COVID-19 pandemic, the region’s economic growth was projected at more than 5 percent, well above continent’s average of 3.3 percent and global average of 2.9 percent

COVID-19 curbs East Africa’s growth, but still the strongest in the continent; Report calls for transition to higher value-added activities to build resilience to shocks.

Ibrahim Boubacar Keita poses for a picture during the G5 Sahel summit in Nouakchott, Mauritania June 30, 2020. Reuters image

Africa

Mali’s opposition coalition said security forces detained two leaders of anti-government protests and raided its headquarters on Saturday following violent demonstrations against the president in the capital.

Mali’s opposition coalition said security forces detained two leaders of anti-government protests and raided its headquarters on Saturday following violent demonstrations against the president in the capital.

Dr Matshidiso Moeti, WHO Regional Director for Africa

Africa

WHO and partners launched the Access to COVID-19 Tools (ACT) Accelerator to speed up the development, production and equitable access to COVID-19 diagnostics, therapeutics and vaccines

The World Health Organization (WHO) in Africa joined immunization experts in urging the international community and countries in Africa to take concrete actions to ensure equitable access to COVID-19 vaccines, as researchers around the world race to find effective protection against the virus.

Egypt arrests doctors, silences critics over virus outbreak

Africa

Egyptian security agencies have tried to stifle criticism about the handling of the coronavirus health crisis by President Abdel Fattah el-Sissi's government

A doctor arrested after writing an article about Egypt’s fragile health system. A pharmacist picked up from work after posting online about a shortage of protective gear. An editor taken from his home after questioning official coronavirus figures. A pregnant doctor arrested after a colleague used her phone to report a suspected coronavirus case.

In times when Black Lives finally matter, building purpose-driven businesses is key to economic empowerment

Africa

The Opportunity Fund will invest only in companies led by people of color, and is the first such fund to be created in response to growing protests

Earlier this month and following the death of George Floyd, SoftBank announced a $100m investment fund for minority-owned businesses. The Opportunity Fund will invest only in companies led by people of color, and is the first such fund to be created in response to growing protests, in the US and worldwide, against racism and lack of equal opportunities for black people. While the initiative is not the first of its kind in the US or abroad (South Africa has several financial institutions dedicated to providing financial support to black entrepreneurs), its significance is much stronger now.

The grant, awarded from the country’s ADF-15 Performance-Based Allocation, will help bolster Ethiopia’s COVID-19 National Emergency Response Plan (NERP).

The Board of Directors of the African Development Fund (ADF) on 3 July approved a grant of $165.08 million to support Ethiopia’s response to the health and economic impacts of the COVID-19 pandemic, including helping to ease fiscal pressures on the economy.

Ecobank Group spearheads new private sector initiative to end malaria

Africa

Malaria remains one of the continent’s deadliest diseases, with more than 400,000 fatalities in 2018 alone. Malaria not only impacts the health of communities across Africa, but prosperity too, as the disease limits economic growth and increases poverty amongst the workforce.

The Ecobank Group has confirmed its commitment to support ending malaria, launching the first-of-its-kind Zero Malaria Business Leadership Initiative in partnership with Dakar-based not-for-profit strategic communications and advocacy organization, Speak Up Africa, and the UN-hosted RBM Partnership to End Malaria.

European Travel Bans are counter-productive and hurting the Oil & Gas sector’s ability to support Africa’s economic recovery

Africa

Restrictions of visa issuance are de facto preventing a lot of projects to move forward and to successfully contribute to the recovery of the continent

The continuation of travel restrictions and suspension of visas and travel between Africa and Europe is heavily restraining the oil & gas industry’s recovery efforts. Because of its international nature, the oil & gas sector relies on global value-chains and successful cooperation and movement of people, goods and services between foreign and local contractors. The ongoing travel bans and restrictions of visa issuance are de facto preventing a lot of projects to move forward and to successfully contribute to the recovery of the continent.

U.S. welcomes independent probe of report that cleared African Development Bank chief

Africa

Adesina had been accused of abuse of office by a whistleblower at the bank, including favoritism in hiring. He has denied the allegations.

U.S. Treasury Secretary Steven Mnuchin on Thursday welcomed the African Development Bank’s decision to appoint former Irish President Mary Robinson to lead an independent probe of a report that cleared the bank’s chief of wrongdoing.

Guinea-Bissau Prime Minister Umaro Sissoco Embalo. File image

Africa

He did not state the reason for the dismissal of the ministers, who are all members of Embalo’s MADEM-15 party or parties loyal to the president.

Guinea-Bissau President Umaro Sissoco Embalo has dismissed five government ministers, including the ministers of defence and the interior, according to a decree released on Sunday.

Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

Africa

Ghana supplies 70% of all cocoa beans imported into Japan and cocoa is seen as one of the nation’s most essential import commodities

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer.

African Development Fund approves COVID-19 response grants for six Southern African countries and São Tomé & Príncipe

Africa

The funds will facilitate the procurement of laboratory and medical supplies

The Board of Directors of the African Development Fund on Tuesday approved nearly $8.9 million in grant funding to bolster COVID-19-related control measures in six Southern African Development Community (SADC) countries. Separately, the Board approved $683,000 in grants to São Tomé & Príncipe, to support the two-island nation’s response to the pandemic and its impacts. The grant funding comes under the Bank’s COVID-19 Response Facility.

Angola committed to meeting energy objectives amid COVID-19

Africa

Until 2025, power demand in Angola is expected to grow at a substantial rate, with the overall system load reaching 7,200 MW

Africa Oil & Power, the African Energy Chamber and the U.S.-Angola Chamber of Commerce united to present, ‘Powering Forward: The Pathway to Grid Stability, Increased Capacity and a Diversified Angolan Economy,” on Thursday; The webinar addressed how Angola can continue to prioritize its development of national transmission and distribution capacities in the long-term, with a view toward increasing electrification, job creation and economic growth; Panelists included Maria da Cruz, President & CEO of the U.S.-Angola Chamber of Commerce; Paul Ghiotto, Deputy Political-Economic Chief/Energy Officer, Political-Economic Section, U.S. Embassy Luanda and Frederico Martins Correia, Energy, Resources & Industrials Partner, Deloitte.

Republic of Benin COVID-19 Laboratories Commence Operations after Grant from the Arab Africa Trade Bridges (AATB) Program

Africa

The grant, which falls under the umbrella of the Arab-Africa Trade Bridges Program’s response to the COVID-19 crisis, provides immediate emergency funding to fight against novel coronavirus

The Arab Africa Trade Bridges (AATB) Program, led by the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) has granted emergency funding to the Republic of Benin to facilitate its COVID-19 ‘Screen-Isolate-Treat’ strategy as it fights to halt the spread of the virus.

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