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The European Union and the European Investment Bank, working together in Team Europe, provide new support of 120 million euros (KES 15.8 billion) to Equity Bank to improve the financing of Kenyan companies most affected by the COVID-19 crisis.
The financing plan will support access to finance on appropriate terms for Kenyan SMEs, including in the agricultural sector, through loans of EUR 100 million from the European Investment Bank to Equity Bank and 20 million euros in grants from the European Union (EU).
New technical assistance, supported by the European Union, will further strengthen Equity Bank's capacity to assess, execute and monitor longer-term investment projects in agricultural value chains and further develop the financing offer to long term for agriculture.
“As an inclusive regional financial institution, these facilities strengthen Equity's position to further strengthen the strength of MSMEs who are key players in the value chains and ecosystems of the economy. By ensuring their survival and growth, MSMEs will continue to protect jobs, create more jobs and support lives and livelihoods in society, serving to build resilience as the pandemic subsides. , that vaccines become available in Kenya and that market growth resumes. We value our long-term partnership with the EIB and the European Union who have been accompanying us and our clients on the path to sustainable human development for many years, including their investment in making Kilimo Biashara evolve. We thank them for supporting our efforts to strengthen the role of MSMEs in boosting the economy towards prosperity, and thus supporting lives and livelihoods through market growth. " said Dr James Mwangi, Group Managing Director and Group Chief Executive Officer Equity Group Holdings Plc.
"New EIB and EU support to Kenya's leading partner Equity Bank will help Kenyan entrepreneurs, businesses and smallholder farmers access finance and better weather the economic challenges and business uncertainties caused by COVID- 19. Today's New Agreements Show Team Europe and Kenya Joining Forces to Beat COVID and Help Businesses Thrive. Said Thomas Östros, Vice-President of the European Investment Bank.
“The EU is working to reorganize our cooperation with our African partners in order to tackle common challenges that affect the lives of people, especially young people. We want to rebuild better together from the COVID-19 pandemic to ensure a sustainable, green and fair recovery. The SME sector is a lifeline for employment, including for the most vulnerable populations and in particular in critical sectors such as agriculture. Agreements like the one signed today to help Kenyan SMEs mitigate the negative impact of COVID-19 and will help us achieve that goal. " said Jutta Urpilainen, Commissioner for International Partnerships.
“EU and EIB support for small and medium-sized enterprises will directly support Kenyan entrepreneurs and farmers who need this funding to protect them from the effects of COVID-19. It is a true testament to our friendship with the people and government of Kenya. " said Simon Mordue, European Union Ambassador to Kenya.
Kenya's National Treasury observed a declining growth rate of 6.1% to 2.5% in 2020, making it the worst year for the country in more than a decade. Small and medium-sized enterprises (SMEs), which support the highest proportion of jobs in the region, are the most vulnerable and have limited access to external finance.
The Kenya - Team Europe COVID-19 Response Access to Finance and Kenya Agriculture Value Chain Facility initiatives were officially signed at Equity Bank headquarters in Nairobi during a COVID-19 compliant event to which the European Union Ambassador in Kenya, the EIB Regional Representative in East Africa and Kenyan Stakeholders. EIB Vice-President Thomas Östros participated remotely.
Improve access to finance through agriculture
Agriculture contributes about 51% of Kenya's GDP (26% directly and 25% indirectly), 60% of employment and 65% of exports. The growth of economic activity based on agriculture is hampered by limited long-term financing, which delays its development and modernization.
Increasing private sector access to long-term finance is essential to unlock development potential in all sectors affected by the COVID19 pandemic, including agriculture and agricultural value chains.
Improving the economic resilience of Kenya's COVID-19 activities
The new private sector finance initiative unveiled today will strengthen access to finance for Kenyan SMEs and boost business resilience at a time of global economic downturn and investment uncertainty.
In addition, the new cooperation with Equity Bank will stimulate investment, create decent jobs and contribute to the country's recovery and sustainable development efforts.
The program announced today is part of the EU's broader € 300 million response to the COVID-19 crisis in Kenya and has targeted EIB support for economic resilience in Africa.
Other partnerships with banks to provide access to financing could be forthcoming.
Strengthening cooperation with the main Kenyan financial institutions
Equity Bank is the main private sector support partner supported by the EIB in Kenya.
Over the past 10 years, the EIB has worked with 17 Kenyan banks and financial institutions to improve access to finance for entrepreneurs, smallholders and business expansion through lines of credit and targeted finance initiatives .
Since 1976, the European Investment Bank has provided over € 1.5 billion in financing to support private and public investment across Kenya.
Background information
The EU and Kenya have a long-standing partnership. EU cooperation with Kenya amounts to € 435 million for the period 2014-2020, covering the sectors of job creation and resilience, sustainable infrastructure and governance. The country is also supported by the EU Emergency Trust Fund for Africa; with more than 58.3 million euros for 2015-2019.
Today's announcement illustrates the commitment of the EU and its Member States in Kenya to support the country's main goals set out in the “Big 4 Agenda”. In 2018, the second phase of the Joint Programming Strategy was signed, aimed at boosting manufacturing, food and nutrition, security, affordable housing and universal health coverage.
Team Europe's total global response to COVID-19 amounts to almost € 38.5 billion, combining resources from the EU, its Member States, the European Investment Bank and the European Bank for reconstruction and development. About 8 billion euros of this aid is intended for African countries. The program announced today is part of the EU's larger € 300 million response to the COVID-19 crisis in Kenya.
Unfortunately, it becomes too normal to fall foul of your bank when purchasing cryptocurrency via fiat using bank transfers or your debit card. Bank accounts can be frozen, transactions delayed, and problems can arise with the intent and destination of funds.
Club Swan (https://ClubSwan.com/en-za/) is a leading innovative service that has brought a secure and reliable solution to the African crypto community. This business has played a vital role especially in South Africa which accounts for the majority of the demand for Bitcoins in the region. The company specializes in buying, selling crypto and allowing customers to spend Bitcoin as fiat using their debit cards around the world, eliminating the need for a bank to buy, sell, and spend money. cryptocurrencies.
With crypto generally being used as a hedge against inflation and currency devaluation in Africa, the demand for the use of cryptocurrencies is evolving more and more as a means of international transactions and savings on international exchange fees. Recognizing these challenges, Club Swan offers multiple currency accounts, the ability to trade in multiple fiat currencies typically 4-8% cheaper than Main Street banks, as well as the ability to transfer your cryptocurrency to others. external wallets through their platform.
As a regulated and accountable organization by the FCA, the KYC process is concluded on all clients which in most cases is executed quickly, in less than 30 minutes, giving clients the opportunity to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, BAT, Paxos, USD Coin and EOS using USD, GBP, EUR, CNY and JPY accounts with over $ 1 billion in transactions through the platform.
The crypto concierge service offered by Club Swan allows businesses and busy individuals to access 24/7 concierge professionals where all requests, large or small, are handled with care and efficiency. Whether it's renting a private jet for business travel during the COVID-19 pandemic, moving to a different city or country, the concierge service is here to help.
With the impending South African budget on 24e In February, there is a growing focus on diversifying savings and investing in alternative assets such as cryptocurrencies in order to mitigate the risk of a potential devaluation of the Rand (ZAR).
“From September 2020 to January 2021, we saw a 310% increase in transactions for our South African customers,” says Martin Lamming, CCO Club Swan.
The United Nations World Food Program (WFP) and the Department of Nutrition, HIV and AIDS of the Ministry of Health today welcome a timely contribution of EUR 550,000 (about 515 million Malawi Kwacha) from the Government of Ireland to support the interventions to prevent malnutrition in Malawi.
"Four out of 10 children are affected by chronic malnutrition," said Benoit Thiry, WFP Country Representative in Malawi. “Ireland's contribution will drive efforts to improve the quality of nutrition services for vulnerable children and women. "
The contribution will be used to promote access to quality health and nutrition services for 30,000 malnourished children, adolescents and women in the Neno district, focusing on maternal, child and child nutrition to reduce stunting and micronutrient deficiencies.
The contribution comes at a time when the country is affected by COVID-19, which threatens efforts to improve nutrition and health in the country.
In addition, the contribution will be used to provide technical support to the Government of Malawi in establishing a National Center of Excellence in Nutrition. The Center will be a national hub for evidence generation, knowledge sharing and information management for nutritional innovation.
"Nutrition is of vital importance throughout a person's life," said Seamus O 'Grady, Ambassador of the Irish Embassy in Malawi. "The Government of Ireland is pleased to renew its commitment to supporting Malawi's efforts to end malnutrition, especially at the sub-national level (Neno district) and to reach those who are furthest behind, which in this case are women and girls. ".
The Government of Ireland is one of the largest donors to WFP's nutrition program in Malawi. WFP is working with the Government of Malawi, development partners and communities to improve the nutrition of vulnerable people through the implementation of the National Multisectoral Nutrition Policy.
Good nutrition is essential for the full physical growth of children. In Malawi, malnutrition remains a serious challenge and contributes to preventable child deaths. 37% of Malawian children are affected by stunting (being too short for their age) while only 8% of children aged 6 to 23 months meet the minimum acceptable diet. Stunted children are more likely to drop out of school and repeatedly experience lower productivity later in life.
CEX.IO Limited (www.CEX.IO) announces extension of its regulatory permissions. Granted by the Gibraltar Financial Services Commission, CEX.IO Limited has received the Money Lender License.
This license allows CEX.IO customers to instantly borrow funds against their cryptocurrency holdings without credit checks via the new CEX.IO LOAN service.
The digital asset-backed lending service provides much needed capital to various crypto market participants, including investors, traders, HODLers, startups, entrepreneurs, and large enterprises. At the same time, CEX.IO LOAN users can borrow any amount between $500 and $500,000 with flexible durations (ranging from seven days to one year) and a competitive loan interest starting at 14% to 8.4% per year.
With a 50% Loan-to-Value (LTV) ratio, registered and verified CEX.IO customers can borrow funds instantly against their Bitcoin (BTC) and Ethereum (ETH) assets. The cryptocurrency exchange's new customers have to open an account and complete the necessary Know Your Customer (KYC) checks before requesting a loan on the CEX.IO LOAN service.
After a successful request, the customer's collateral is placed in a secure cold storage. At the same time, CEX.IO Limited credits the loan to the borrower's user account in USD or EUR. The customer can then withdraw it to a card or bank account or use the sum to trade digital assets on the platform. Upon the full repayment of the loan's principal and interest, CEX.IO Limited automatically releases the cryptocurrency collateral back to the borrower.
Besides security, convenience, and accessibility, CEX.IO Limited considers regulatory compliance as one of its top priorities. For that reason, the cryptocurrency service has a number of licenses in multiple jurisdictions, including the United States, Cyprus, and Gibraltar.
Since last year, the company has been licensed as a Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Services Commission under Gibraltar’s highly reputable DLT regulatory regime. However, the extension to its regulatory permissions allows the firm to provide additional products and services to its customers all within a safe and well-regulated environment.
"Our new service makes cryptocurrency-backed loans accessible for participants of the digital asset market who require extra capital. With the new Moneylending license, CEX.IO LOAN can accomplish this goal, and we are delighted that Gibraltar's regulators and Government have shown their support for our LOAN service. Through innovation and an expanding ecosystem of licensed products, we are committed to creating value on the cryptocurrency market," Anton Chashchin, Commercial Director for the CEX.IO LOAN service, said.
"The crypto industry in Gibraltar has been growing substantially since we put the DLT Regulations in place. Given the pace at which the industry is evolving, it is no surprise that firms such as CEX.IO Limited are expanding their offering. It has been a pleasure for us to assist CEX.IO Limited in their expansion plans from a legal and regulatory perspective, which, thanks to the professionalism of all involved, has been a seamless task", - stated Anthony Provasoli, Partner at Hassans International Law Firm Limited, which has assisted CEX.IO with legal and regulatory matters in Gibraltar.
Distributed by APO Group on behalf of CEX.IO Limited.About CEX.IO LOAN:
CEX.IO LOAN (https://loan.CEX.IO) is a part of the CEX.IO Group, with this service provided by CEX.IO Limited, Gibraltar. Founded in 2013, CEX.IO (www.CEX.IO) operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare's ten best exchange services and Coin Metrics' trusted service providers. With a multi-functional digital asset exchange, CEX.IO serves over 3 million customers worldwide with a team of over 250 professionals and offices in the UK, USA, Ukraine, Cyprus, and Gibraltar. From entry-level cryptocurrency users to professional traders as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.
For many years, CEX.IO Group has been working to expand its ecosystem with new solutions, including the B2B fiat-to-crypto exchange solution CEX.IO Direct, the technical solution for liquidity aggregation CEX.IO Aggregator, and a verification and compliance platform Identance. Recently, the group started offering the staking service called CEX.IO Staking.
Recognized in 22 countries across Sub Sahara Africa, the world’s leading express provider is one of the best employers represented on each continent; DHL Express (www.DHL.com/en/express) is certified as “Global Top Employer” for the seventh consecutive year.
DHL Express, the world’s leading international express services provider, has again been recognized as one of the best employers worldwide. This year, the company was certified by the Top Employers Institute in 48 countries and on each continent of the globe, except Antarctic. The Institute particularly recognized DHL’s strong performance in the areas of Values, Business Strategy, and Ethics and Integrity.
“We are delighted to be certified in so many countries all over the globe”, says Hennie Heymans, CEO DHL Express Sub Sahara Africa. “Thanks to our passionate and powerful people we are ensuring that global trade continues and that our customers remain in business while so many areas of life have come to standstill. Our people are at the heart of our company and their safety has always been a top priority to us. Receiving this award is a great recognition of efforts in creating great conditions for our teams to develop and thrive within the world's most international company.”
DHL Express annually invests a double digit million Euro amount in its employees around the world. The company runs various HR initiatives to continuously improve the working conditions of its teams and equip its international workforce with the knowledge that they need to be motivated to deliver the best quality service for customers each day. Due to the remarkable efforts of the DHL staff during the COVID-19 pandemic, the company paid each employee around the world a one-off bonus of 300 EUR.
“We take great pride in being truly committed to putting our people first and for that reason being recognized as a Global Top Employer for the seventh year in a row is an award we hold in great esteem” says Paul Clegg, Vice President HR at DHL Express Sub Sahara Africa. “The last 12 months have been testing for everyone, including our employees - the majority of whom have been frontline workers during the pandemic. During times like these it is more important than ever to stay committed to upholding only the highest workplace standards and we’re pleased to be recognised for that with this award”.
The Top Employers Institute program certifies organizations based on the participation and results of their HR Best Practices Survey. This survey covers 6 HR domains consisting of 20 topics such as People Strategy, Work Environment, Talent Acquisition, Learning, Well-being and Diversity & Inclusion and more.
Distributed by APO Group on behalf of Deutsche Post DHL.Media contact:
Megan Collinicos
VP Marketing Sub Sahara Africa
DHL SSA Regional Services
Tel +27 (0) 214093613
Mobile +27 764118570
[email protected]
About DHL – The logistics company for the world:
DHL (www.DHL.com) is the leading global brand in the logistics industry. Our DHL family of divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, energy, automotive and retail, a proven commitment to corporate responsibility and an unrivalled presence in developing markets, DHL is decisively positioned as “The logistics company for the world”.
DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 63 billion euros in 2019.
On 17 December 2020, a loan agreement between the Development Bank of Namibia (DBN) and the Development Bank of Germany (KfW) had been signed. KfW provides refinancing for DBN’s non-agricultural small business loan scheme which forms an integral part of Ministry of Finance “Economic Stimulus and Relief Package to Mitigate the Impact of COVID-19”.
The interest-reduced loan amounts to approx. N$455 million (or 25 million EUR). DBN will provide the actual loans to non-agricultural SMEs that have experienced significant losses of income as a result of the Covid-19 pandemic. The relief measure is aimed at supporting cash flows and continued economic productive activities. The loans can also be used for investing into new business areas that help strengthening resilience of companies for future shocks. The loan is backed by the government guarantee, underscoring the resolve of the Government of the Republic of Namibia to promote access to affordable finance for SMEs, especially during these unprecedented times. “The extension of this loan facility comes as a good shot in the arm for the SME sector at this point in time. It is complementary to the suite of support packages extended to the SME sector as the engine of economic recovery, growth, jobs and wealth creation”, stated Mr Ipumbu Shiimi, Minister of Finance.
The DBN forecasts that the funding offers much sought financial relief to around 200 SMEs. The DBN will customize the loans based on individual enterprise needs. Industries such as tourism, hospitality, and transport and logistics, having experienced the largest loss of revenue due to lock-down related effects nationally, regionally and globally will be prioritized.
The highly valued support will contribute to preserving continuity of SME business activities and build a foundation for recovery, said CEO of DBN, Martin Inkumbi. Although the Bank will, through its normal SME lending window give attention to startups, the overwhelming priority for this
Covid-19 relief measure loans will be to preserve business continuity and hopefully preserve jobs.
“We are proud to able to support the Namibian economy with affordable access to credit for businesses in Namibia affected by the COVID-19 pandemic and by this, to support employment and income opportunities during and after the Corona crisis", said Barbara Pirich, director of the KfW office Windhoek in Namibia at the signing ceremony.
Beyond its emergency support character, the credit line complements the existing German-Namibian development cooperation in the focal area of sustainable economic development and contributes to the promotion of broad-based economic growth supported by the private sector, highlighted Mrs. Sauer, Counsellor for development cooperation at the German Embassy
The new relief programme is part of the German financial cooperation and builds on COVID-19 related support provided via technical cooperation implemented by GIZ in partnership with the Ministry of Industrialization and Trade and Ministry of Finance which targets Start-Up Businesses as well as SMEs.
“Start-up Namibia”, for example has disbursed approx. 600 Startup Survival Grants (worth N$15 000.00 each) to formally registered startups not older than five years. While the GIZ-programme “Promotion of Business Advisory and Transformation Services” is offering a grant scheme “Pitching for Recovery P4R)” in which micro enterprises in all 14 regions have the opportunity to receive financial support and coaching for their ideas on how to recover their businesses. In a close cooperation with between GIZ and the Development Bank of Namibia (DBN), selected SMEs and companies from the tourism sector are also offered a supportive restructuring of their loans.
Background
During the global COVID-19 pandemic, Germany has so far provided N$850 million to Namibian partners to fight the pandemic and to mitigate the respective challenges on livelihoods and businesses in Namibia. Beyond approx.. N$530 million that have been mobilized to support SMEs and Start-ups to support their business continuity and recovery, N$250 million was mobilized to support Namibia in mitigating the challenges of the COVID-19 pandemic in the conservation and tourism sector. This builds on more than N$70 million that have been dedicated to various COVID-19 related immediate support measures in ongoing programs, e. health and prevention measures in informal settlements and markets or public transport
The Board of Directors of the African Development Bank (www.AfDB.org) Group on Wednesday approved the Lusophone Compact Guarantee Program (LCGP or the Compact), with a maximum risk exposure of up to EUR400 million. The new Compact offers a big boost to business development initiatives for the Bank’s non-sovereign portfolio in its Portuguese-speaking African member countries.
The program is designed for new non-sovereign operations (“NSOs”) in the Lusophone countries of Africa, notably Angola, Cabo Verde, Equatorial Guinea, Guinea- Bissau, Mozambique, and São Tomé and Príncipe, ( known as the PALOP), and enables the Bank to manage its risk capital over the next five years 2021-2025, while at the same time diversifying and growing its NSO portfolio over the medium to long-term.
The Bank has been active in the development of specialized risk sharing vehicles, initiatives and programs which can facilitate the use of risk transfer on specific types of Bank portfolios or assets, and this program is expected to increase the number of private sector and Public Private Partnership (PPP) projects in the PALOP as well as trade between stakeholder countries.
“Over the past five years, the Bank has been committed to exploring ways to increase its lending capacity while proactively managing its credit exposures and headroom more efficiently, and mobilizing additional financial resources and investors to the continent’s development,” Bank Vice President for Corporate Services, Mateus Magala, said.
As the anchor member of the Lusophone Compact, the Government of Portugal would act as the guarantor of this program, for exclusive use by the Bank. The LCGP would allow for individual Bank projects to be covered for up to the full maturity of the loan (up to 15 years) and up to a maximum of 85% of the total Bank loan principal amount, in accordance with pre-determined eligibility criteria.
The Guarantee forms a very important pillar of the wider Lusophone Compact aimed at promoting and enhancing the use of financing, risk mitigation and technical assistance instruments, to unlock private sector financing.
The Lusophone Compact initiative is built on a five-year General Memorandum of Understanding (“MOU”) that was signed by the Bank, the Government of the Republic of Portugal (“GOP” or “Guarantor”) and the PALOP countries to attract and unlock private sector investment and trade in, and among PALOP nations. The initiative became effective in December 2018. The PALOP remain the least economically integrated within their respective geographical regions and despite their deep shared history, even among themselves.
This new Guarantee Compact is seen as a valuable tool that will serve as an additional instrument to intensify the Bank’s efforts in the financing of critical transformative NSOs in the African Lusophone countries.
The program complements other Bank initiatives to support member countries to strengthen their investment climates, increase investments and to facilitate pipeline development.
“Given the adverse impacts that the COVID-19 pandemic has had on the African continent and the need to build resilience as fiscal pressures rise, the private sector plays a critical role in the process of economic recovery. Initiatives such as the LCGP will play a strategic role in equipping the Bank through a programmatic guarantee to avail headroom to contribute to boosting economic resurgence in these countries,” Samuel Mugoya, Bank Director, Syndication, Co-financing and Client Solutions, noted.
SouthBridge Group (www.SouthBGroup.com), the official financial advisor of the Togolese government, today announced two transactions with Olam International Limited and its subsidiary Arise Special Economic Zone.
SouthBridge Group, an innovative, pan-African financial advisory and investment firm, working with corporates, sovereigns and multinationals across the Continent, concluded two significant transactions in the Republic of Togo, today.
Sani Yaya, Togo’s Minister of Finance, commented: « We are delighted with the support provided by the Southbridge Group for the completion of these two transactions at the heart of the National Development Plan and the Government's Roadmap. The commitment and professionalism of Southbridge's team was key to the successful completion of these two transactions despite the health crisis. It is once again proof of the attractiveness of the Togolese economy ».
SouthBridge advised the Government of Togo to facilitate a strategic partnership with Olam International Limited, a global agri-business firm, headquartered and listed on the Singapore Exchange (SGX), and the Arise Special Economic Zone, an Olam subsidiary, jointly owned with the Africa Finance Corporation.
The State of Togo and Arise signed an initial agreement on July 8th, 2020, which created an integrated industrial platform in order to attract investors and develop multi- sector industrial collaborations within the country including the production and processing of agricultural products, locally.
As per the agreement, this project will be developed by a private company, owned and operated by the State of Togo (35%) and Arise (65%) trading as Plateform Industrial Adétikopé SAS (PIA SAS). The company will be considered as a ‘zone developer’ pursuant to Togolese Free Trade Zone laws. The total investment for the project is EUR200 million.
Additionally, the Togolese government sold 51% of Nouvelle Société Cotonnière du Togo (NSCT), to Olam, for EUR34.4 million. It includes EUR15.3 million for Olam’s equity stake plus 51% of net working capital (EUR19.1 million). Therefore, Olam pays a 70% premium to the Togolese Republic for this acquisition.
Donald Kaberuka, Chairman and Managing Partner of SouthBridge Group, commented on these operations: « they are a landmark for Togo and its partner Olam. It is a step change in the economic transformation of the country and its cotton/textile industry.
This partnership between the global agri-business player Olam and the Republic of Togo augurs well for the country’s economy. SouthBridge is proud to have been associated and facilitated this outcome ».
Lionel Zinsou, Chairman and Managing Partner of SouthBridge Group commented:
« Our involvement with these operations fully corresponds to the Group ambition. We intend to contribute to the emergence and uprising of Africa and Togo, which remain at the forefront with these two transactions.
They demonstrate how much having a global vision on the entire value chain from production to industrialisation is crucial for our countries to capture added value and build future growth ».
Frannie Léautier, Senior Partner of SouthBridge Group, also commented: « The development benefits of this public-private partnership are transformational, and I am very honored to have worked with the Government of Togo, Olam and Arise to deliver on these transactions.
When we started working intensively on these two complex transactions, the pandemic hit. We continued to work seamlessly via Zoom and Teams, bringing together the key stakeholders from four continents and five time zones, managing to close this complex transaction in record time, 100% negotiated by video links ».
Rugby Africa (RugbyAfrique.com) is elated to announce it will be granting EUR 276,490 for the successful and safe preparations for the restart of its 2021 rugby season, after a very challenging 2020.
The Fund, will see 11 of the 39 Unions; Namibia, Kenya, Uganda, Tunisia, Zimbabwe, Algeria, Zambia, Madagascar, Côte d’ivoire, Senegal, Ghana eligible for the funds. A very targeted approach has been taken to ensure funds are applied where they will have the greatest, immediate impact and highlights the attractiveness of Rugby Africa competitions
Khaled Babbou President of Rugby Africa, “This is an exciting day for rugby on the Continent. It clearly illustrates Rugby Africa’s support for its Unions. We have been through extraordinary challenges this year and it is essential that we do everything possible to keep this much - loved sport alive and striving in Africa.”
Selection Process
RA EXCO used the following criteria in awarding the funds:
40% of the fund scored on Development –The strength and development level of domestic competitions and the existing support workforce necessary to develop clubs and leagues in a country. A Union Development Questionnaire (using a scoring tool developed by World Rugby) was used in consultation with each Union.
60% of the fund scored on Performance – The participation and results of Rugby Africa Unions during the 2018 or 2019 season i.e. Rugby Cup (Men and Women), Sevens (Men and Women) and U20 Barthès Trophy
Depending on their scores, Unions are eligible to receive between EUR 43,736 and EUR 5,027 as part of the Fund. Rugby Africa staff will work closely with the Unions to draft a program to be presented to Senior Management and EXCO for approval before release of the funds which is expected early in 2021.
“We are very comfortable with the robust judging criteria used to ensure the fairness of the process and how much each Union will receive,” said Steph Nel: Rugby Service Manager for Africa, World Rugby.
Use of funds
The 11 recipient unions will carefully consider their areas that need the most urgent development or improvement. This could be for example the restart of the domestic leagues, training camps for the national teams to properly prepare ahead of the International/Rugby teams. Some of the unions may require to bolster the staffing of the national teams, and with the Olympic games in the near future, use the funding to pay for participation in the preparation tournaments.
Andrew Owor, Vice President of Rugby Africa: “We have all lived in unprecedented times this year due to the pandemic. One could never have imagined that globally, all sporting events would be shut down for a number of months. Without the much- needed cash injection, it would have been impossible to see the restart of our competitions, for them to be competitive and to put the players in the best possible position to play entertaining rugby that fans have so sorely missed.”
This Fund is different to the Emergency Solidarity fund that saw Rugby Union paying EUR 117k to 31 Unions for immediate food and medical relief. It assisted the most vulnerable communities with food parcels and / or to supply clubs with masks, sanitisers and medical supplies.
The Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDBG), and Coris Bank International – Burkina Faso (the Bank or CBI – Burkina Faso) (https://Burkina.Coris.bank), a member of the Coris Bank Group, have entered into an agreement to finance private sector enterprises in Burkina Faso, affected by the Covid-19 pandemic.
Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Diakarya Ouattara, Managing Director of CBI – Burkina Faso, signed the Line of Financing agreement for EUR 15 million under the Commodity Murabaha Financing Structure dedicated to the Islamic Window of the Bank.
On this occasion, the CEO of ICD, commented that: “The Line of Financing facility will be utilized by CBI – Burkina Faso to support economic activities of eligible private sector businesses that have been affected by the Covid-19 outbreak. This facility is part of ICD’s USD 250 Million Support Package to assist Member Countries recovering from Covid-19 Pandemic”.
In his speech, Mr. Diakarya Ouattara, the CEO of Coris International Bank has “praised the quality of the partnership between the two institutions and recalled that in 2016 the Bank benefited from the first line for an amount of 17 million Euros over a 4-year maturity. This has enabled them to support several SMEs / SMIs through the financing of projects in various vital sectors such as health, education, agriculture, agro-food industry and transport. He also thanked ICD for extending this facility in these difficult times where banks need liquidity to support their affected clients, especially SMEs”.
Coris Bank Group is an existing client of ICD and this LOF facility is the third one provided by ICD to the Group; including LOF facilities extended to CBI Burkina Faso and CBI Mali for EUR 17 Mn in 2016 and EUR 6 Mn in 2018, respectively.
Since its inception and as a testament to ICD’s firm commitment to develop the private sector within its member countries, ICD has extended Line of Financing facilities to several financial institutions present in Sub Saharan Africa for the development of the private sector, including SMEs.
