06/02/2024
ENS | Africa’s largest law firm Issue 548 | 2024-06
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Dear K***a
Below, please find the latest edition of Africa Business in Brief, a bite-sized round-up of the latest news and developments in Africa.
Africa
AfDB Annual Meetings 2024: AfDB secretary general joins South African leaders to highlight investment opportunities of enlarging the BRICS alliance
The BRICS Alliance, together with the new member additions, provides immense trade and investment opportunities for the African continent, Prof Vincent O. Nmehielle, Secretary General of the African Development Bank (AfDB) Group, said at an event on the sidelines of the AfDB’s 2024 Annual Meetings in Nairobi on Monday, 27 May. "These countries are emerging economies with a growing middle class and a substantial consumer market; expanding into these markets will lead to growth opportunities for the continent," Nmehielle said. The BRICS Business Breakfast, hosted by the South African Chapter of the BRICS Business Council and Brand South Africa, brought together key leaders and policymakers to discuss trade and investment opportunities for Africa, with a special focus on the role of the BRICS nations and their potential partnerships with African countries. BRICS, a grouping of Brazil, Russia, India, China, and South Africa, has recently expanded its membership, to take in new African members Egypt and Ethiopia, as well as Iran and Argentina, among others. The expansion, known as BRICS Plus, is strengthening the ties between BRICS and Africa.
Source: AfDB
AfDB Group Annual Meetings 2024: Climate Action Window launches second call for mitigation project proposals in 37 low-income African countries
The African Development Fund (ADF) has launched the second call for proposals through its Climate Action Window (CAW) on the sidelines of the 59th Annual Meetings of the Board of Governors of the African Development Bank (AfDB) Group in Nairobi. The window was created during the 16th replenishment of the ADF (ADF-16) to support 37 low-income and vulnerable African countries in accelerating and scaling up access to climate finance for actions addressing the impacts and shocks of climate change. Speaking on Monday, 27 May during a special session of donors to the CAW, AfDB Vice President for Power, Energy, Climate and Green Growth Kevin Kariuki said the second call would focus on climate mitigation projects aimed at reducing or avoiding greenhouse gas emissions. The goal is to promote approaches that support achieving net-zero emissions. Kariuki spoke of the effects of climate change across the continent – floods in Kenya and Tanzania earlier this month, cyclone Freddy’s devastating impact in South Africa last year and current droughts in the southern Africa region. Africa’s massive climate financing needs – currently standing at around USD277-billion – can only be met with innovative tools.
Source: AfDB
Improving connectivity and accelerating economic growth across Africa with new investments
On 23 May 2024, Google announced new investments in digital infrastructure and security initiatives designed to increase digital connectivity, accelerate economic growth, and deepen resilience across Africa. To help increase the reach and reliability of digital connectivity for Africa, Google announced Umoja, the first ever fiber optic route to directly connect Africa with Australia. Anchored in Kenya, the Umoja cable route will pass through Uganda, Rwanda, the Democratic Republic of the Congo, Zambia, Zimbabwe, and South Africa, including the Google Cloud region, before crossing the Indian Ocean to Australia. Umoja’s terrestrial path was built in collaboration with Liquid Technologies to form a highly scalable route through Africa, including access points that will allow other countries to take advantage of the network. Umoja, which is the Swahili word for unity, joins Equiano in an initiative called Africa Connect. Umoja will enable African countries to more reliably connect with each other and the rest of the world. Establishing a new route distinct from existing connectivity routes is critical to maintaining a resilient network for a region that has historically experienced high-impact outages.
Source: Google Africa Blog
Benin
Benin joins 16 other countries to accede to the establishment agreement for Afreximbank’s impact investment subsidiary, FEDA
Benin has become the latest African nation to accede to the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of the African Export-Import Bank (Afreximbank). With Benin’s accession to the FEDA Establishment Agreement, the total number of participating African countries has risen to 17, following Nigeria’s accession earlier this month. The accession to the agreement demonstrates Benin’s support for Afreximbank’s efforts to broaden FEDA’s effectiveness by mobilising its member states to sign and ratify the FEDA Establishment Agreement and to support the organisation’s impact investing objectives. The onboarding of new members expands the reach of FEDA’s interventions and reflects the fund’s unwavering commitment to its mandate of providing long-term capital to African economies, with a focus on industrialisation, intra-African trade and value-added exports.
Source: Afreximbank
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