Africa's foreign direct investment fell to $45 billion in 2022 from $80 billion in 2021.

Egypt's foreign direct investment more than doubled to $11 billion in 2022.

Most foreign direct investment in Africa goes to the energy and infrastructure sectors, mainly in Egypt, South Africa, and Nigeria.

The African Continental Free Trade Area (AfCFTA) is expected to create a $6.7 trillion market of 1.7 billion people by 2030.

Four high-potential sectors for investment in Africa are automotive, agriculture, pharmaceuticals, and transport, expected to see rapid growth under AfCFTA.

Private equity and venture capital investments in Africa reached a 5-year high of $7.70 billion in 2022, up 66% year-over-year.

Venture capital investment in Africa's health and technology sectors has grown around 10x in the last five years.

Agriculture is the most promising sector for investment in Africa, particularly in Ghana and Nigeria.

The UAE aims to boost economic cooperation with Africa, particularly in renewable energy, agriculture, and logistics.

North Africa has a diverse and promising services sector, an abundant workforce, and a large youth population, attracting international investors.

Zambia has a highly open trade environment, being a member of SADC and COMESA, and offering one of the region's lowest profit taxes.

The Zambian government offers incentives to foreign direct investment, including dividend exemptions for five years and a 10% allowance on industrial building construction costs.

The African Development Bank forecasts North Africa's inflation rate at 14.2% in 2023 and 6.9% in 2024, with budget deficits of 3.5% and 3.2% of GDP, respectively.

The bank forecasts North Africa's current account deficit to narrow and economic growth to reach 4.6% in 2023 and 4.4% in 2024.

The Egyptian government targets a 4.1% growth rate, 1.65 trillion Egyptian pounds in investment, and 11.84 trillion Egyptian pounds in GDP for the 2023/2024 fiscal year.

Egypt is expected to receive $11 billion in direct foreign investment and $9 billion in Suez Canal revenues.

The World Bank has approved a $150 million grant to support Nigeria's mining sector and economic diversification.

Africa has received only 3 percent of Official Development Assistance since 1960 and a small share of Public-Private Partnerships, mainly in 7 countries.

Liberia has Africa's most generous incentive regime for investors and is reforming its business climate and judicial system to attract them.

The Via Reservoir Project is a flagship renewable energy project in Liberia that can produce up to 800 megawatts of electricity.

SEZs in Africa offer investment-friendly laws and a ready climate for foreign investors.

Mauritius, Senegal, and Rwanda are creating SEZs to build infrastructure, establish a stable legal framework, and attract skilled labor.

Africa has diverse natural resources to diversify its energy mix and reduce emissions.

The African Development Bank will provide $5 million for renewable energy projects, focusing on solar energy.

Kenya has attracted large energy investments, with 85% going to renewables, by creating a favorable environment.

Egypt is a key regional player with a promising future, focused on clean energy and optimizing natural resources.

Africa has 45% of the world's renewable energy potential, ideal for large-scale solar projects.

The United Nations Economic Commission for Africa urges African countries to utilize their natural resources to promote industrial greenization during the global energy transition.

African countries are introducing green growth plans with incentives for low-carbon investments.

The World Bank found that promoting green growth in Africa is not more costly than traditional growth paths.

The African Green Investment Initiative has allocated $2.6 billion for green energy projects, adding 1.8 gigawatts to the African power grid.

South Africa aims for 70% of new electricity to come from wind and solar by 2030.

Google will invest $1 billion in Africa's digital transformation, focusing on Kenya and Nigeria.

Mauritius is the top-ranked economy in sub-Saharan Africa, offering a sound environment that encourages investment.

Africa's energy sector is a promising investment destination, with local content laws requiring significant ownership stakes from international firms.

Africa's private wealth is expected to rise to $3 trillion by 2031 from $2.1 trillion currently.

Mauritius and Rwanda are expected to see 80% and 60% growth in private wealth, respectively, over the next decade, with Mauritius having over 8,000 high-net-worth individuals by 2031.

The Agility Company has invested in Ghana and built Egypt's largest Amazon warehouse, showcasing their appeal to foreign investors.

Egypt has improved its investment climate by amending laws, introducing a 'golden' approval, and guaranteeing repatriation of investments and returns.

Africa needs $2.7 trillion by 2030 to implement its Nationally Determined Contributions (NDCs).

African countries' debt crises hinder their ability to fund sustainability and climate action.

The Sharm El-Sheikh Adaptation Agenda focuses on five key areas: food, nature, coasts, settlements, and infrastructure.

The Five Regional Forums initiative, launched by the Egyptian COP27 presidency, identifies and connects investable projects with potential financiers.

The African Free Trade Agreement aims to boost the region's economy and reduce poverty by removing trade obstacles and accelerating growth.

The agreement benefits the African market, with 1.3 billion people and a $3.4 trillion GDP.

Egypt aims to expand agricultural investments in Africa for food self-sufficiency, amid challenges in producing key crops like cotton, wheat, corn, and soybeans due to limited land, water, and population growth.

The Ministry of Foreign Affairs has proposed establishing a company in Africa to boost investment.

The Regional Investment Agency of COMESA stresses the importance of foreign direct investment for African countries.

Global foreign direct investment rose 77% to $1.65 trillion in 2021, up from $929 billion in 2020.

The African Development Bank will provide $5 million for new and renewable energy projects, tapping into Africa's 45% of the world's renewable energy potential.

Kenya attracted $21 billion in energy investments due to policy changes and an enabling environment.

Egypt's 'Decent Life' initiative aims to improve rural living conditions through social protection, infrastructure upgrades, and economic development.

The initiative targets 4,500 villages, benefiting 58% of Egypt's population, and is recognized by the UN as a best practice for achieving the SDGs.

The COVID-19 pandemic has caused unprecedented challenges, and multilateral partnerships are essential for a resilient and sustainable recovery.

Development financing can mobilize resources and create shared prosperity.

Zambia has one of Africa's most open trade environments and is a member of the Southern Africa Development Community and COMESA.

The Zambian government offers incentives to foreign direct investment, including exemptions on farming dividends for the first five years.

Africa still needs investment to defeat poverty and face the climate crisis, as its global economic share has barely changed since 1973.

China's lending to Africa has increased fivefold since 2010, outpacing the World Bank's 2.5-fold growth.

The Benban solar power project in Egypt, supported by the World Bank, attracted $2 billion in foreign direct investment.

Foreign Direct Investment into Africa grew 11% over the past year, but its positive impact requires infrastructure, a stable legal framework, and skilled labor.

The lack of key components in most African countries makes only high-upside projects viable.

Big powers' geopolitical interest in Africa can catalyze investment, as seen with South Korea's $2.5 billion US investment in the 1950s.

Liberia's economy depends on iron ore and rubber commodity prices.

Egypt has allocated 130 billion pounds to address global economic challenges, including measures to ensure food security.

The government has implemented measures to protect citizens from the Russian-Ukrainian crisis, including increasing basic goods supply and reducing prices.

South Africa addressed its energy crisis by reducing demand and investing in renewable energy.

South Africa's load shedding plan is more evenly distributed than Egypt's.

Africa's foreign direct investment fell to $45 billion in 2022 from $80 billion in 2021.

Title:

Content: Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
It has reached $11 billion.
UN highlights doubling of foreign direct investment in Egypt
The United Nations Trade and Development Board (UNCTAD) said in its annual report on foreign direct investment flows for the year 2022, on Wednesday in Geneva, that Egypt witnessed an increase in foreign direct investment more than doubled to $11 billion as a result of increased cross-border M & A sales.
Investment flows to Africa fell to $45 billion in 2022 from a record $80 billion in 2021 and accounted for 3.5 percent of global foreign direct investment, the report said, adding that international project financing deals targeting Africa showed a 47 percent drop in value.
The report pointed out that the number of announcements of new projects increased by 39% to 766, and that six of the 15 largest new investment mega projects (those worth more than $10 billion) announced in 2022 were in Africa, stressing that Egypt witnessed an increase in foreign direct investment more than doubled to $11 billion as a result of increased cross-border M & A sales.
The number of new projects has more than doubled to 161, and the value of international project financing transactions has increased by two-thirds to $24 billion.
FDI inflows have risen over the past five years in four of the continent ’ s regional economic groupings, with FDI in the Common Market for Eastern and Southern Africa (COMESA) growing by 14% to $22 billion, and inflows also rising in the Southern African Development Community (SADC) (quadrupled to $10 billion) and the West African Economic and Monetary Union (WEMU) (doubled to $5.2 billion). East African Community (up 9% to $3.8 billion).
According to the report, the largest increase in 2022 was in new field projects announced in energy and gas supply (to $120 billion from $24 billion in 2021), and the value of projects in construction and extractive industries rose to $24 billion and $21 billion, respectively, while the information and communication sector recorded the largest number of projects.
European investors remain by far the largest owners of FDI in Africa, led by the United Kingdom ($60 billion), France ($54 billion) and the Netherlands ($54 billion).

What was the total FDI inflow to Africa in 2022 and how did it compare to 2021?

$45 billion, which was down from $80 billion in 2021

Egypt's foreign direct investment more than doubled to $11 billion in 2022.

Which African countries are driving the venture capital ecosystem?

Most foreign direct investment in Africa goes to the energy and infrastructure sectors, mainly in Egypt, South Africa, and Nigeria.

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Content: (Bloomberg) -- When Africa last played host to the International Monetary Fund and World Bank’s annual meetings in 1973, then Bank President Robert McNamara urged rich nations to show more generosity toward the poor.

A lot has changed since that gathering in Nairobi, but the region still desperately needs investment to defeat poverty and face the climate crisis. Renewed great power rivalry pitting the US-led West against China and Russia is ramping up pressure on the two Washington-based institutions to do more on the continent.

China’s lending to Africa has increased fivefold since 2010, analysis by Bloomberg Economics shows. The World Bank’s funding, by contrast, has grown roughly 2-1/2 times, and the region now faces a worsening funding squeeze amid rising interest rates and weakening currencies.

The continent’s miserly share of the global economy has barely budged since 1973 and African leaders complain they’re overlooked. But don’t ask them to choose between East or West — they want more investment from both.

“The choice is not about whether we’re picking friends and foes,” said Vera Songwe, the former Executive Secretary of the United Nations Economic Commission for Africa. “The choice should be about picking interests that will advance the objectives and interests of the continent.”

Songwe, now a senior fellow at the Brookings Institution in Washington and chair of the Liquidity and Sustainability Facility, says Africa should avoid involvement in any new “Cold-War” competition between the US and China, echoing many of the region’s leaders.

The determination to go ahead with the October annual meetings in Marrakech, Morocco, after an earthquake in mountains above the city last month killed nearly 3,000 is meant to signal the IMF and World Bank’s relevance to the region.

The need for such outreach was made clear when major emerging market powers gathered in August for the BRICS summit in Johannesburg, decrying the Western-led order and broadening their ranks to include Iran and Saudi Arabia. That meeting came a few weeks after Russian President Vladimir Putin hosted African leaders in St. Petersburg.

“What should be announced at least in Marrakech is boosting Africa’s representation within the governing bodies of the IMF and the World Bank,” Morocco’s central bank Chief Abdellatif Jouahri told reporters on Sept. 26.

The meetings are now also taking place against a backdrop of violence that has killed hundreds of Israelis and Palestinians, after Hamas attacked Israel from the Gaza Strip. Morocco has called for an emergency ministerial meeting of the Arab League Council to discuss the situation.

A key theme at the meetings will be the push to expand the World Bank’s resources to provide concessional credit on a much greater scale.

Boosting the ability to provide cheap finance is vital to defeat poverty, confront the climate crisis and deliver the development that the region’s youth demand. Failure to do so risks decades more stagnation and the type of anger that fomented coups in Niger and Gabon in recent months.

“We cannot have a prosperous world unless we also have stable and prosperous Africa,” IMF Managing Director Kristalina Georgieva told Bloomberg in an Oct. 3 interview.

The Biden administration has requested $2.25 billion for World Bank funding from Congress, which Treasury officials say could help “unlock” up to $25 billion in additional lending. And if other rich countries follow suit, the total effort, including private capital, could reach $100 billion.

But the region has already been looking elsewhere. Bloomberg Economics’ analysis shows China now holds about 10% of sub-Saharan Africa’s foreign debt, up from 1% two decades earlier, though its new lending to developing countries has also slowed substantially since 2020.

Even so, the scale of financing required is multiple times more than Africa has been able to attract from both sides combined.

An influential July report co-lead by former US Treasury Secretary Lawrence Summers, to which Songwe was a contributor, sees $3 trillion needed per year by 2030 for developing countries , including $500 billion from international development lenders.

“If you just catalogue all the needs these countries have it’s massive,” said Andrew Dabalen, World Bank chief economist for Africa. “But the key thing is the financing has to be cheap and they have to be transparent about what it is they are actually borrowing for.”

The Washington-based lenders’ inability to deliver anything like the funding needed by the continent is driving pressure for reform.

“The report card on the Fund and the Bank is at best mixed,” said Mavis Owusu-Gyamfi, Executive Vice President at the African Center for Economic Transformation in Accra, who cited their emergency aid during the pandemic as a clear win. “We’ve seen some successes and some great initiatives, and we’ve also seen some failures.”

On the fringes of the Nubian desert in Egypt, the Benban solar power project is a showcase for what can be achieved when development lenders get it right. The World Bank supported construction of the project, which attracted $2 billion in foreign direct investment.

With a current capacity of 1.465 gigawatts — enough to power more than a million homes — Benban has helped Egypt ease electricity shortages and scale back its use of fossil fuels. It’s also created an estimated 18,000 jobs in the north African nation.

“It totally changed our lives," says engineer Ahmed Atef. “Many of the people never had steady employment before the project.”

But other projects didn’t deliver. The World Bank suspended its funding for a Chad-Cameroon oil pipeline in 2006, for instance, after Chad broke its promise to use the income for development and some of the money went to the military instead.

Harsh structural adjustment programs imposed on troubled African economies as the price of borrowing from the Bank and Fund are also remembered with bitterness across the region.

The institutions are now being urged to be more nimble while also granting African nations direct input into the decisions, so that they reflect an African reality. This includes abandoning the tradition where a European leads the IMF and a US citizen is at the helm of the Bank.

“When Africa has a position, it has to start a whole global advocacy campaign to get anybody to listen to us,” said Owusu-Gyamfi. “It’s a bit tiring.”

Half a century has gone by since McNamara challenged the West — in a voice cracking with audible emotion — not to “turn away in cynicism and indifference.” That was music to the ears of Daniel Ritchie, a junior World Bank loan officer at the time, who was at the meeting because he’d learned Swahili as a Peace Corp volunteer in Kenya in the 1960s.

“It was a pioneering move,” said Ritchie, who retired in 1998 and still lives in Washington. “I didn’t realize it at the time, but 50 years later the World Bank is still talking about poverty.”

Indeed, the issue was foremost in remarks by new World Bank President Ajay Banga at the Group of 20 leaders summit in New Delhi last month. “We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, widening disparity, and a crippling war on the borders of Europe,” Banga said.

Certain gauges have improved:  Life expectancy in Africa has increased from 46 in 1973 to 60, according to World Bank data, while infant mortality rates have fallen sharply.

Africa’s poverty headcount ratio, or the share of the population living on less than $2.15 a day, has declined from around 56% at the turn of the century to 35%. But the same metric in South Asia has fallen from almost 40% to around 10% over a similar period.

Some of the things that went wrong for Africa — including the pandemic and global inflation — are not its fault. But poor decisions when money was flowing in when commodity prices were high, and gorging on cheap borrowing that become unsustainably expensive amid raising interest rates, are home-grown problems.

Zambia and Ghana have both received emergency bailouts from the IMF this year after defaulting. Many others face debt distress and are shut out of capital markets.

Andrews Kwame Pianim, a Ghanaian economist who attended the annual meetings in Washington in 1971, recalled the optimism of the era and how the hope faded in the ensuing half century.

“We thought we had the answers: As long as countries just followed the rules things would go the right way. Of course, we didn't have the answers,” he said. “Africans must do the work of economic growth and not expect the IMF and World Bank to do it.”

--With assistance from Yinka Ibukun, Souhail Karam and Antony Sguazzin.

©2023 Bloomberg L.P.

The African Continental Free Trade Area (AfCFTA) is expected to create a $6.7 trillion market of 1.7 billion people by 2030.

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Content: South Africa supports calls for global co-operation to boost trade and address economic challenges and climate change

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Johannesburg, South Africa – 23 January 2023: The 53rd Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, concluded on Friday, 20 January 2023. World leaders and corporate executives expressed hope that the looming recession facing the global economy could be avoided if countries collaborated to boost global trade and investment.

A high-level South African government and business delegation has returned home from the meeting more upbeat than before that the current economic slowdown and rising inflation could be resolved if nations addressed global supply disruptions that are leading to commodity shortages and driving up energy and food prices.

The delegation was led by Minister of Finance, Enoch Godongwana, who was accompanied by leaders of South Africa’s major corporations operating in various sectors of the economy. The delegation also included Minister of Trade, Industry and Competition, Ebrahim Patel; Minister of International Relations and Cooperation, Naledi Pandor; and Minister of Human Settlements, Mmamoloko Kubayi.

This year’s WEF Annual Meeting was held under the theme “Cooperation in a Fragmented World” and covered many interconnected topics including the impact of the ongoing Russia-Ukraine war on the commodity markets, skyrocketing cost of living caused by rising inflation and monetary policy tightening by central banks, climate change, and the growing impact of artificial intelligence (AI) on workplaces and labour markets.

“The South African delegation did a fantastic job in Davos where it sold our country to global investors as a favourable market to do business and invest in. Notwithstanding the energy supply constraints that our country is currently grappling with, South Africa remains an attractive investment destination given its excellent infrastructure, sophisticated financial markets, and a skilled workforce,” says Sithembile Ntombela, Acting CEO of Brand South Africa.

The South African government is currently implementing structural reforms that have opened the energy sector to private investment to boost energy generation and bring an end to load-shedding that is constraining the economy.

“The structural reforms that are currently being implemented by the government are making progress in removing investment bottlenecks and reducing the cost of doing business. These reforms will enable South Africa, a preferred destination by local investors and global multinationals looking to expand across Africa, to take advantage of the opportunities presented by the African Continental Free Trade Area (AfCFTA),” says Ntombela.

The AfCFTA, which officially launched in 2021, will create the world’s largest free trade area, stimulate intra-African trade, develop regional value chains, and promote industrialisation across the continent.

The AfCFTA Secretariat and WEF revealed in a report unveiled at this year’s Davos meeting that AfCFTA is projected to create single market that will grow to 1.7 billion people and $6.7 trillion in consumer and business spending by 2030.

By 2050, the continent is estimated to be home to 2.5 billion people and a market with a combined business and consumer spending of $16.12 trillion.

The report titled “A New Era for Global Business and Investment in Africa” lists four high-potential sectors that hold lucrative opportunities for companies looking to invest in Africa.

These sectors are automotive, agriculture and agro-processing, pharmaceuticals, and transport and logistics, which are all expected to see rapid growth in terms of production and trade volumes under AfCFTA.

“Given that South Africa is the most industrialised and sophisticated economy in Africa, it is well positioned to take advantage of opportunities presented by AfCFTA. The development of the free trade area will require massive investment in logistics and telecommunications infrastructure to reduce the cost of doing business and enable free movement of people, goods and services,” explains Ntombela.

With the green energy transition and digital transition in full motion around the world, the delegation that represented South Africa at WEF2023 expressed support for calls to reskill and upskill workforces, particularly the youth, to prepare them for future workplaces and to mitigate job losses.

The delegation is impressed by the progress made by the WEF’s Reskilling Revolution; an initiative launched in 2020 to empower 1 billion people. So far, the initiative has reached 350 million people.

Climate change also took centre stage at WEF with world leaders and business executives committing themselves to supporting the implementation of the Paris Agreement, which calls on all countries to cut carbon emissions to limit global warming to around 1.5 degrees celsius and strive towards attaining net zero emissions by 2050.

This commitment requires countries and businesses to move away from using fossil fuel energy sources like coal and crude oil and adopting clean and environmentally friendly energy sources such as wind and solar power.

The launch of the new Coalition of Trade Ministers on Climate, which brings together over 50 countries, was also a highlight of this year’s  WEF annual meeting.

The coalition aims to tackle climate change by promoting trade and investment that encourages adoption of goods, services, and technologies that mitigate climate change in both developed and developing countries.

“However, the global challenges that were highlighted at WEF 2023 cannot be resolved in a fragmented world in which countries are pulling in different directions. These challenges require collaboration and unity by the nations of the world, where counties are working together to find solutions in an integrated global economy,” concludes Ntombela.

Ends/////

Issued by Brand South Africa

Notes to the Editor

Contact: Phindi Mathebula

Email:phindilem@brandsouthafrica.com

Mobile number: +27 64 890 7414

About Brand South Africa

Brand South Africa is the official marketing agency of South Africa, with a mandate to build the country’s brand reputation, to improve its global competitiveness. Its aim is also to build pride and patriotism among South Africans, to contribute to social cohesion and nation brand ambassadorship.

This electronic communication and the attached file(s) are subject to a disclaimer which can be viewed at https://www.brandsouthafrica.com/terms-and-conditions . If you are unable to view the disclaimer, please email info@brandsouthafrica.com for a copy.

Four high-potential sectors for investment in Africa are automotive, agriculture, pharmaceuticals, and transport, expected to see rapid growth under AfCFTA.

Private equity and venture capital investments in Africa reached a 5-year high of $7.70 billion in 2022, up 66% year-over-year.

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African private equity activity surges to 5-year high in 2022

Private equity and venture capital investments in Africa soared 66% year over year in 2022 to $7.70 billion, the highest aggregate value for the region in the last five years, S&P Global Market Intelligence data shows.

The massive jump was mainly due to the proposed acquisition of hospital operator Mediclinic International PLC, which is valued at more than $5 billion.

Transaction volume, which includes M&A and rounds of funding, has steadily climbed in the region since 2018 and reached 404 deals in 2022. The continent saw a full-year increase in transaction volume even as activity slowed sharply in the final quarter of the year.

Investments with private equity involvement totaled $370 million in the fourth quarter of 2022, down 71% from $1.28 billion in the prior-year period. Deal volume declined 43% over the same time frame.

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Attractive valuations, young demographics

African technology companies offer appealing entry valuations and high growth rates of about 100% annually compared to peers in the U.S., according to Fope Adelowo, principal at Helios Investment Partners LLP, which invests in telecommunications, media and financial services across the region.

"The growth outlook for those sectors are not only quite positive, but they are also, in many ways, noncyclical," Adelowo said. "When you look at the global environment, whether that's people using more digital methods to make payments ... consumers consuming more data, we're really just in the early stages."

African economies are also buoyed by young populations that are "increasingly entrepreneurial and driven by technology-led innovation," Adelowo said. Money moved into venture capital in the region has grown about 10x in the last five years, largely due to that young population, which is "very digitally engaged." That is helping drive innovation to address inefficiencies in many sectors in Africa, Adelowo added.

Health, tech sectors drawing interest

Once the multibillion-dollar deal for Mediclinic closes, that transaction will become the largest private equity capital deployment in Africa in the last three years. Mediclinic's buyers include Remgro Ltd. and SAS Shipping Agencies Services SÀRL. The deal is expected to close in the first quarter.

The technology sector, particularly digital infrastructure, is also attracting investor interest, Adelowo said. There is an imbalance in the supply of data centers, for example, compared to growth expected from consumers that need more data and are spending more time online.

Africa's financial services and fintech sectors are also expected to continue to grow as many African countries increasingly move to a cashless society, Adelowo added.

What trends are emerging for African startups in 2022?

Venture capital investment in Africa's health and technology sectors has grown around 10x in the last five years.

What trends are emerging for African startups in 2022?

Agriculture is the most promising sector for investment in Africa, particularly in Ghana and Nigeria.

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Content: The countdown to Expo 2020 Dubai
Dubai Chamber to host African Business Forum at Expo 2020 Dubai
A survey conducted by the Dubai Chamber with participants in previous sessions of the World Africa Business Forum, including dignitaries, investors, trade and investment leaders and experts, revealed that agriculture is the most promising area for investment in the African continent.
During the questionnaire, the participants ’ ideas, attitudes and views on the various aspects of investment and its prospects in the continent were identified.
He concluded that cash investment is the preferred form of FDI, and that Ghana and Nigeria are the preferred destinations for investment in the African continent, due to growth potential and investment opportunities.
The results of the survey provide important data for participants in the sixth edition of the forum, which will be organized by the Dubai Chamber and Expo 2020 Dubai during the exhibition from 13 to 14 October.
This year ’ s edition of the Forum will be organized under the theme “Trade Leads the Future of Economic Transformations ”, which is characterized by radical and fundamental changes that keep pace with the current stage, and at the same time reflects the keenness of the Chamber to achieve a qualitative shift in form and content, which enhances the Forum ’ s status and leading role in publicizing the commercial opportunities available in Africa.
Dubai Chamber, the official business integration partner of Expo 2020 Dubai, will play a pivotal role in stimulating partnerships with the global business community during the six months of the event.
The Forum ’ s program consists of three sections: the Forum ’ s Insights program, the Global Africa Business Forum ’ s networking program, which specializes in bilateral business meetings between investors and businessmen and investors from both sides to discuss opportunities for cooperation and potential partnerships, and the Expert Center, which provides a fast and reliable investment information platform on African countries.
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Which sectors received the most foreign investment?

The UAE aims to boost economic cooperation with Africa, particularly in renewable energy, agriculture, and logistics.

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Content: 00: 00
Expo 2020 Dubai Today
UAE seeks to boost investment flow with African countries at Expo 2020
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a series of meetings with ministers, officials and businessmen from African countries to discuss ways to stimulate trade and investment flows between the UAE and the continent.
During the meetings, Dr. Al Zeyoudi reviewed the economic opportunities and potential of the UAE-Africa partnership in sectors such as renewable energy, agriculture, minerals and logistics.
During the meetings, Dr. Al Zeyoudi briefed the ministers on the developments in the UAE ’ s economic environment during the past phase, including the 50 projects, new economic legislations and qualitative initiatives launched by the UAE to shift to a new economic model based on knowledge and characterized by flexibility, competitiveness and sustainability.
In his meeting with Dr. Chilichi Kabuibwe, Secretary General of the Common Market for Eastern and Southern Africa (COMESA), Al-Zeyoudi pointed to opportunities to increase the current volume of trade exchange between the UAE and the 21 African member countries of COMESA through greater cooperation in areas such as logistics and advanced technology.
In his meeting with H.E. Ntabazi Harriet, Minister of State for Trade of the Republic of Uganda, Thani Al Zeyoudi focused on investment opportunities in agriculture, minerals and retail sectors, and discussed the possibility of investing in irrigation systems and agricultural technology that can enhance the production of key crops such as coffee, cocoa, tea, cotton and flowers.
In a related context, the renewable energy sector, specifically green hydrogen, was the main focus of the discussions that took place during her meeting with Her Excellency Naha Bint Hamdi Ould Meknes, Minister of Trade, Industry, Handicrafts and Tourism of Mauritania, and Her Excellency Lucia Ibombo, Minister of Manufacturing and Trade of Namibia. for production.
H.E. Al Zeyoudi also held constructive talks with H.E. Sikai Nzinza, Minister of Industry and Trade of Zimbabwe; H.E. Carlos Alberto Fortis Mesquita, Minister of Industry and Trade of Mozambique; H.E. Maween Diggs, Minister of Trade and Industry of Liberia; H.E. Thabiso Paul, Minister of Trade and Industry of Lesotho; H.E. Edward Henga Sande, Minister of Trade and Industry of Sierra Leone; H.E. Ndir Nigel Hahel Mead Hassan, Minister of Finance, Economic Planning and Trade of Seychelles, David Osiani, Secretary General of the Ministry of Industrialization, Trade and Enterprise Development of Kenya, and Admaso Tadesse, President of the Trade and Development Bank of Kenya.
H.E. Dr. Thani Al Zeyoudi stressed that Africa is one of the most attractive markets in the world for foreign direct investment, as it enjoys huge investment opportunities in vital and strategic sectors for the UAE such as renewable energy, agriculture and logistics.
He added: “The UAE seeks to strengthen economic, trade and investment cooperation with the African continent, especially as there are common visions between the two sides to achieve sustainable development through future-oriented projects such as green hydrogen, renewable energy and the deployment of agricultural technology solutions, which was highlighted during joint meetings with ministers and senior officials. ”
Al Zeyoudi said: “The UAE continues to implement its ambitious plans to establish itself as a key global gateway for regional and global trade and investment flows. The UAE also provides opportunities for African exporters to access new markets, thanks to its advanced infrastructure linking the country through ports and airports to more than 400 cities around the world, as well as the legislative and regulatory environment that stimulates business and investments. ”
Al-Zeyoudi expressed his aspiration to continue meetings and discussions with ministers and senior officials from African countries to bring trade and investment relations between the UAE and African countries to new heights of growth and prosperity.
His Excellency Thani Al Zeyoudi ’ s series of meetings with ministers and senior officials from Africa are part of the UAE ’ s efforts to expand trade relations with the world, as part of the UAE ’ s ambitious strategy for the next 50 years to build a more dynamic and competitive knowledge-based economy.
Talks have been announced in recent weeks to reach a comprehensive economic partnership agreement between the UAE and Indonesia and India, and a joint statement of intent between the UAE and South Korea on a comprehensive economic partnership agreement between the two countries was announced on Sunday.
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North Africa has a diverse and promising services sector, an abundant workforce, and a large youth population, attracting international investors.

Title:

Content: Report of the American Chambers: Investment interest in the services sector in North Africa
Tuesday ، 28 February 2023 01: 00 AM
American Chamber
Books by Abdul Halim Salem
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The report of the Council of American Chambers of Commerce in North Africa and the Middle East revealed that the hallmark of the group of North African countries, the abundant workforce, supported by a large number of young people, and the range of jobs requiring high and low skills, pointing out that the service sector in North Africa is diverse and promising, attracting the attention of international and regional investors in sectors such as logistics, maritime services, shipbuilding and most importantly, tourism.
As a result, national governments across North Africa aim to increase their exports regionally and internationally.
The report added that the Middle East and North Africa region has significant natural petroleum resources, which have attracted global capital in oil-related industries, revealing that since November 2022, the region ’ s average oil production has reached about 34.1 million barrels per day, dominated by the Gulf Cooperation Council (GCC) countries.
After decades of focusing on oil products, many Gulf countries are now adopting new export diversification strategies, led by high-tech components, and attracting new investments for unconventional sector projects.
He noted that the Levant countries are a regional home for authentic folklore arts and crafts, and professional talent.
Despite the ongoing political instability in this area, these countries are also involved in agriculture and across different regions.
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What trends are emerging for African startups in 2022?

Which sectors received the most foreign investment?

Zambia has a highly open trade environment, being a member of SADC and COMESA, and offering one of the region's lowest profit taxes.

Title:

Content: Part I: Attracting Foreign Investment into Africa may not come from the Sweet Stories we tell Foreigners

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By Edward Chisanga

I attended an Investment Forum in Utopia last week where Utopian countries had a rare opportunity to speak their minds out to foreigners who had attended in large numbers together with their Heads of State. The Master of ceremony began by introducing the private sector from rich countries present from France, UK, USA, Germany, Netherlands, and others from the EU membership before turning to the Utopian Heads of State and their groups.

What Foreign Investors Heard

Then he called upon one Utopian Head of State to speak on behalf of all the fifty-five African countries in attendance to list compelling factors that would captivate foreign investors from rich countries to go and invest in Africa.

The President began, “Africa is a huge piece of land, most of which is underutilized. All the countries that I represent here boast of huge land available for you investors. Come and invest in Africa, the continent of the future.” Then the President turned to one of the Presidents in his group and allowed him to speak about his country’s promotion of investment.

“Zambia has one of the most open trade environments in Africa and is a member of the Southern Africa Development Community (SADC) and the Common Markets for Eastern and Southern Africa (COMESA). Businesses in Zambia benefit from one of the lowest profit taxes in the region. Increasing regional cooperation through multilateral organisations, including SADC and the African Union should continue to reduce the likelihood of interstate conflict.” Then he highlighted ‘Some of the government incentives to FDI as:

  1. Dividends paid out on farming profits are exempt for the first five years of activity.
  2. Initial allowance of 10% on capital expenditure incurred on the construction or improvement of an industrial building is deductible.
  3. Foreign exchange losses of a capital nature incurred on borrowings used for the building and construction of an industrial or commercial building are tax deductible.
  4. Income earned by companies in the first year of listing on the Lusaka stock exchange qualifies for a 2% discount on the applicable company tax rate in the particular sector. However, companies with more than 1/3 of their shareholding in the hands of Zambians qualify for a 7% discount.
  5. Implements, machinery and plant used for farming, manufacturing or tourism qualify for wear and tear allowance of 50% of the cost per year in the first two years of activity.

He continued, “Investors who invest at least USD250,000 in any sector or product not provided for as a priority sector or product, is entitled to non-fiscal incentives such as investment guarantees and protection against state nationalization and protection against non-commercial risks (Zambia is a signatory of Multilateral Investment Guarantee Agency).”

Then the moderating African President turned to South Africa’s President and gave him the floor. President Cyril Ramaphosa was quick and went straight to the point by referring his audience to his weekly newsletter output, ‘From the Desk of the President,’ and repeated the points he recently made in the United Kingdom, “Government has a bold vision to be a destination of choice for foreign direct investment and this requires far-reaching reforms. These include reducing the cost of doing business for both large and small businesses, improving the quality of South Africa’s institutions, enhancing administrative efficiency and governance systems.”

When the turn of the Ethiopian Prime Minister came, he repeated what he had said at the 2019 Davos Meeting in Switzerland, “Investment in infrastructure has contributed a lot to the growth and attracted FDI, making Ethiopia one of the leading FDI destinations in Africa.”

Based on what the three African countries presented as their selling points to attract FDI, the President speaking on behalf of Africa retorted, “The three African countries that have just spoken present a strong representative basis for me to conclude that Africa is ripe and ready for FDI. “You have heard yourselves from the horses’ mouths,” He proudly said. “There’re similar incentives in Rwanda, Benin, Lesotho, Burkina Faso and all other countries. It’s time for you to come and invest in Africa.”

What Foreign Investors do not hear.

Despite the repeated sweet stories coming from African leaders, there’re equally important things that Foreign Investor don’t hear but that they are aware of.
About Zambia, an UNCTAD Investment Report reports, “Zambia’s infrastructure, whose poor quality is a barrier to investment, should be strengthened by investments in the road network, railways and the construction of power plants. In 2021, a USD 11 billion standard gauge railway project was announced in Zambia, involving US capital, which would expand essential transport links with the outside world. The regulatory environment does not favour entrepreneurial activity, the requirements for commercial licenses being long and costly, and the application of regulations not being uniform. In addition, the protection of property rights and the enforcement of contracts are still weak by international standards.”

As the author of this article is a Zambian living in Zambia, he is aware of the challenges coming the country’s energy sector. We have loadshedding in Zambia which Foreign Investors are aware of. They’re aware that the Mining sector, the country’s brain earner depends on use of energy, yet it is not exempted from malady of shortages. Equally, they know how much Zambia’s private sector suffers from energy shortage and its effect on business.

In South Africa, despite sweet stories, except only in 2021inward FDI flows have been declining significantly since 2010 as Figure 1 below shows. Even if this dwindling trend were to be attributed to other factors, the deteriorating energy situation in South Africa is playing a multiplier effect on FDI and the overall economy. Yet, South Africa like other African countries’ Heads of State turn a blind eye on the matter. As for many other things going unwell, they simply don’t tell the truth about the energy crisis.

In Ethiopia, Laments Omer Redi, “The crisis in the power supply has reached such a critical point that blackouts now occur every other day.” Fortune adds, “It is obvious that Ethiopia is now in such a serious power crisis that it has been forced to introduce load shedding.” There are other voices no longer silent. Said Kevin Daly of London based investment company, “Ethiopia is uninventable now. The political situation is very tenuous, and there is a lack of information and clarity on the economy, and on how things are going to be resolved.”

Concluding

Policy coherence is defined by the OECD as, “The systematic promotion of mutually reinforcing policy actions across government departments and agencies creating synergies towards achieving the agreed objectives.” The wonderful incentive packages must be complemented with other key inputs to build a whole.

For example, just as a motor vehicle cannot move smoothly if one key part falls off, you cannot attract adequate FDI with a list of incentives only when the energy sector, upon which industry depends is in crisis. Fix energy, infrastructure, human skills, corruption, rule of law, security, etc to arrive at a complete package of what attracts FDI. FDI goes to Asia because there’s no infrastructure, human capital, or energy crisis.

All these are well built. Asia also has bigger land than Africa. We cannot keep on using obsolete factors that are abandoned by others to attract FDI. It’s like always saying, “Come to Zambia and see the Victoria Falls.” Foreign Tourists now go to beautiful cities without dust, simply to visit, feel safe and talk to honest and humble citizens with Asians largely qualifying in almost all these. Our cities, including Livingstone, are not ripe for serious tourism that builds wealth.

Foreign Investors or tourists are not our uncles on whose shoulders we will simply cry and await their positive response. They will not come simply because we are democratic and shout that Zambia is ready for business. They are not cajoled by sympathy or simply because Zambia’s leadership change occurs smoothly. They have not come since change from Kaunda to Chiluba or Chiluba to Banda or Banda to Sata which were all peaceful and democratic. We must understand what their needs are. If we don’t provide, they’ll go to Asia.

The Zambian government offers incentives to foreign direct investment, including dividend exemptions for five years and a 10% allowance on industrial building construction costs.

The African Development Bank forecasts North Africa's inflation rate at 14.2% in 2023 and 6.9% in 2024, with budget deficits of 3.5% and 3.2% of GDP, respectively.

Title:

Content: African Development Bank expects North African inflation to reach 14.2% by 2023
North African countries are likely to see a slight increase in economic growth.
Samar Al-Sayed
5: 19 PM, Tuesday, 1 Aug 23
In a recent report, the African Development Bank (AfDB) predicted that inflation in the North African region will continue in the two-digit range, at 14.2% in 2023 and then return to 6.9% in 2024.
According to the bank ’ s forecasts, the regional budget deficit will remain around 3.5% of GDP in 2023 and 3.2% in 2024.
The regional current account deficit is expected to shrink to 0.5% of GDP in 2023 and 0.2% in 2024.
According to the African Development Bank, the global economic environment, including fuel prices, trade patterns, tourism and foreign direct investment flows, should affect the external situation of the region.
Projected growth rate
North African countries are likely to see a slight increase in economic growth to 4.6% in 2023 and 4.4% in 2024, and should make green growth an emergency.
The African Foundation published its annual report on the economic outlook for North Africa for 2023 under the overall theme “Mobilizing private sector finance for climate and green growth in Africa ”.
According to the Bank Group, growth in the region is driven mainly by the services sector, particularly trade and tourism.
In 2022, growth in the region was moderate, at 4.1% compared to 5.4% in 2021.
Supporting inclusive growth
However, there are large disparities between countries in the increase in growth, according to Audrey Verdier Chouchan, regional economist for North Africa and acting head of the Department of State Economics for Central Africa, North Africa and the West.
“To support inclusive growth, the region must implement structural reforms that promote private sector development, improve productivity and employability, and create jobs. ”
The Bank ’ s strategy to preserve the region ’ s economies
To preserve the region ’ s economies, the AfDB calls for coordinated monetary and fiscal policies to address rising inflation and protect small businesses and individuals through targeted public expenditures.
Similarly, maintaining and supporting food security in the region remains a critical objective.
The Bank stresses that countries should invest in agriculture, including the development of improved varieties as well as water and soil management strategies.
The region must strengthen its resilience, particularly within the framework of the “energy transition – water management – food security ” nexus.
Finally, to address fiscal consolidation challenges, countries must continue their efforts to implement reforms, particularly by improving the digitization of tax administration, broadening the tax base, rationalizing public expenditures, and strengthening governance systems.
Implementation of the African Free Trade Area
North Africa should also promote the implementation of the African Continental Free Trade Area (AfCFTA), in order to stimulate intra-African trade and investment.
In addition, North African governments must address rising levels of public debt over the medium term by monitoring debt funds transparently, restructuring state-owned enterprises in a difficult situation, and conducting regular public expenditure reviews.
North African governments, foreign and domestic private investors, multilateral development banks, development finance institutions and the private sector must invest in green growth.
In particular, private sector financing can play a crucial role through investments in clean energy infrastructure, energy efficiency, sustainable agriculture, and land reclamation.
The private sector can also provide the expertise, technology and management skills necessary for the effective and efficient implementation of green development projects.
Thus, countries should invest in the sustainable management of natural capital to provide a complementary financing option for climate and green growth initiatives, thereby contributing to poverty and inequality reduction, job creation and sustainable economic growth.
A crucial role
The report highlights that the AfDB Group and other development partners are playing a critical role in improving the role of the private sector and natural capital in financing climate action and green growth in North Africa.
The North Africa Economic Outlook is one of the flagship reports of the African Development Bank Group, which has been published since 2003.
Government officials, national and regional institutions, the private sector, researchers and academics, as well as the media, attended the launch event, which took place at the Bank Group ’ s regional headquarters in Tunis and via video link.

The bank forecasts North Africa's current account deficit to narrow and economic growth to reach 4.6% in 2023 and 4.4% in 2024.

The Egyptian government targets a 4.1% growth rate, 1.65 trillion Egyptian pounds in investment, and 11.84 trillion Egyptian pounds in GDP for the 2023/2024 fiscal year.

Title:

Content: General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
Parliamentary report calls on the government to develop a detailed plan on the overall framework for reform of the investment environment
The Senate, headed by Chancellor Abdul Wahab Abdul Razeq, will discuss in its plenary session tomorrow, Sunday, the report of the Committee on Financial and Economic Affairs of the Council, on the economic and social development plan for the fiscal year 2024 / 2023.
The plan for the new fiscal year included that the economic growth rate targeted by the plan for the fiscal year 2023 / 2024 is about 4.1%, while the plan targets 11.84 trillion pounds gross domestic product, and achieve 15.2% as an investment rate, 1.65 trillion pounds the volume of total investments.
According to the plan for the new fiscal year, the target unemployment rate is between 7.3% and 7.6%, while the target is to achieve an inflation rate of 16%.
The total public investments amounted to 63.6% to LE 1.05 trillion, while private investments amounted to 36.4% at LE 600 billion.
The remittances of Egyptians working abroad amounted to 31 billion pounds, while non-oil commodity exports amounted to about 32 billion dollars, net foreign direct investment about 11 billion dollars, in addition to 9 billion dollars revenues of the Suez Canal.
On the sectoral growth rates targeted in 2024 / 23, Minister of Planning Hala Al-Saeed said that the telecommunications sector is the highest growth sector at 16.8%, followed by restaurants and hotels at 12%, Suez Canal at 11.9%, construction and construction at 6%, as well as health services at 5.2% and education services at 5.1%.
The minister pointed out that with regard to the development of the investment rate of GDP in Egypt, the plan for the fiscal year 2023 / 2024 targets 15.2%.
The report included a number of recommendations aimed at facing the challenges and developing visions and urgent solutions that can mitigate the expected negative effects in light of the uncertainty and continued uncertainty that still stand in the way of decision-makers and decision-makers due to the high level of goods and services prices, energy and basic metals, the continuation of the external debt world, lack of investments, weak savings and lack of finance. Economic growth, as the population continues to increase, which kills the citizen ’ s sense of the returns of development efforts.
The joint committee report said that the plan was explicit, but some of its indicators were sometimes ambiguous and at other times, explaining that the investment file and what it suffers so far still needs to be strengthened efforts so that it can be stimulated and attracted from all countries of the world.
In light of the increasing uncertainty that requires continued hedging, the fear of an inflationary recession, current increases in global interest rates, weak foreign exchange liquidity, increasing external and internal debt indicators and declining foreign investment attraction, it is necessary for the government to take into account the recommendations and actionable policies as presented.
The recommendations stated that the Commission continues to face an unprecedented global scene, ongoing crises and serious determinations that have a significant impact on the state of the economy.
The Committee stressed the continued consideration of the repercussions and exceptional economic conditions experienced by the global economy and affected by the Egyptian economy and believes that the challenges facing the citizen and the state are still the most important requirements of the state at the current stage, and calls on all national state institutions to address unprecedented crises.
The Committee expressed its belief that the orientation of the State in its economic plan towards the strategy of rebuilding human beings and the development of plans and measures to improve their quality is one of the most important requirements to face crises if the goal and purpose of the positive and ambitious strategy is achieved.
She stressed that the succession of crises gives an important indicator of the ability of the state to plan and respond to emergency crises, and called on the committee to revive the development model based on restoring the role of the state to work together with the private sector to achieve the goals of sustainable development and strengthen the ability to face crises and develop coping plans and improve the conditions of the economy through these plans. In accordance with the general policy of the State and the economic and social development plan.
The report called for the government, through its competent bodies and bodies, to develop a detailed strategic reform plan on the general framework of legislative, administrative and institutional reform of the investment environment at the general, sectoral and geographical levels, and to develop an executive action plan for the implementation of both the investment plan and the strategic reform plan, and to adopt it by the Supreme Council for Investment as soon as possible.
The report also called for the government to form a permanent working group to follow up the development of Egypt ’ s classification and ranking in international investment reports and indicators, and to propose and follow up the implementation of all necessary regulatory, regulatory and legislative measures. Quickly eliminate bureaucracy and facilitate work and work on the application of the principles of governance and disclosure.
The recommendations included the establishment of a specific executive program to facilitate and develop the movement of trade and remove obstacles, especially in the customs field through the mechanisms of linking the system (window) electronically with the networks of international supply chains, which operate with modern and secure technology, and the development of electronic systems to obtain cargo data and documents electronically from the source and shipping line directly before loading and shipping from the port of export. The sequential rise in the prices of imports and commodities and the disruption of trade chains play the vital and main role of the local industry, especially the feeding industries of the main industries, in order to reduce the value of imports and reduce pressure on foreign exchange, which must be on the priorities of the investment strategy and plan.
The recommendations included assigning the government to prepare an executive action plan to create a pro-competitive environment based on several axes, including working in coordination with the Central Bank and the banking sector to increase the percentage of credit granted to the private sector to raise the share of credit granted to the private sector to 50% over the next five years. The modes specified by the state facilitate the procedures for issuing licenses and security approvals with a maximum time limit for issuing approvals.
The recommendations included commissioning the government to develop a rapid implementation plan on investment promotion in light of the National Investment Plan, restructuring the role of the commercial representative offices of the Ministry of Commerce and Industry to play an active role in the promotion plan, in addition to preparing an immediate report through the General Investment Authority on all legislative provisions not in force in the Investment Law, especially those related to land allocation, investment incentives and guarantees. Criminal cases against the representatives of the companies except under specific conditions, and the development of an executive plan and a specific timetable to activate and enforce these provisions and submit this report to the Supreme Council for Investment as soon as possible to follow up the implementation.
The recommendations included the development of a set of strategies to support the transformation of the green economy and maintain the sustainable use of natural resources, the most important of which are, but not limited to, the development of a national strategy to establish a framework for green infrastructure, green finance, green vehicles, and decarbonization. Deer, tourism, technology transfer, manufacturing, agricultural sector and transport with monitoring the negative effects on the environment and excessive consumption of resources.
“Internal and external public debt remains one of the most important problems facing the Egyptian economy, and the debt burden remains a burden on all sectors of the state, ” the report said.
In this regard, the Committee stressed the need to enhance financial transparency in the management of public debt, as well as full and transparent disclosure of information to enhance confidence in financial markets and attract investment, and work on the development of capital markets to ensure the attraction of investors and provide good financing tools and improve the management of public debt.
The Committee stressed the need to work hard to alleviate the inflationary burdens through a series of different community programs, and increase the minimum wage and Takaful pension and dignity as short-term solutions but reflected positively on citizens.
The Committee believes that the challenges facing the Egyptian economy amid unprecedented external indicators and despite all the efforts exerted, but the decline of Egypt's rating in the indicators of international credit rating agencies necessitates the state to address the exposure of the economy to crises through effective government measures that support the economy and the citizen while preserving the gains of the economic reform plan.
The Committee also affirmed the continued support of the State for the integration of the informal sector into the formal sector within the framework of the application of financial inclusion criteria.
The committee said it believes that the policy of self-reliance in production, financing, employment and the use of technology and creative creative energies will enable to increase the capacity of the local economy and external competition in light of the circumstances and crises experienced by the world economy.
While the 2014 constitution stipulated spending 3% of GDP on health, 4% on education, 2% on higher education, and 1% on scientific research as a start, provided that these percentages increase annually to reach the global rates of agreement on education and health, but so far there is still an imbalance in the commitment to the prescribed percentages.
The committee believes that the imbalance should be addressed in light of the high actual investment spending, putting the education sector in the priorities of public spending and investment, and putting education on the list of priorities in public spending, especially private investment spending.
The committee pointed out that there is a need to address the shortage of teachers and sees the need to implement the recruitment of 30 thousand teachers in the first grades of basic education according to the plan, and the need to work clear policies aimed at graduating generations of young people able to keep pace with the changes of the times and occupy future jobs, and to strengthen the link of scientific research and innovation with the national economy. Before the establishment of new universities, whether private, governmental or technological, there are currently universities without faculty members, and therefore many of them rely on secondments from other universities.
The recommendations included the importance of working to encourage and establish digital libraries that help students to research and innovation instead of converting university books with problems into digital books, noting that many students still rely on paper images, and the importance of investing in the dissemination of knowledge free of charge. Of the 12 public universities, the committee questions the extent of evaluating the experience of private universities and the success of the existing ones before the expansion of their establishment, as well as spending on the infrastructure of public universities that suffer from deterioration (the absence of laboratories, the need of university hospitals for therapeutic basics and medical supplies, maintenance and purchase of modern medical devices, and the weakness of the Internet).
In the field of communications and information technology, the committee stressed the importance of continuing the digital transformation in various government agencies, building cadres through the various training programs offered by the ministry through the Digital Builders of Egypt initiative and the Egypt Cubs initiative aimed at secondary and secondary school students, and finally the initiative that the ministry intends to launch.
The committee noted its desire to learn about the ministry ’ s plan to benefit from the trainees and their exploitation plans to serve the national economy and take international experiences in this regard, and expand the establishment of outsourcing centers and data centers as a step on the right path to attract foreign direct investments in the sector and increase digital exports.
In the field of health and population, the committee appreciated the role of the political leadership in caring for the Egyptian citizen to provide a decent life and improve the characteristics of the population, and its keenness to promote the health of citizens within a framework of justice and equity, especially those with low incomes.
In the field of agriculture, irrigation and fisheries, the report stated that it aims to add new agricultural areas of land each year through the exploitation of arable agricultural land in the light of available water resources, taking into account the diversification of its sources, and the preparation and implementation of infrastructure projects in preparation for the reclamation and cultivation of new lands in the desert areas or desert back of existing or new urban communities. 5% - 10%, through raising the efficiency of the use of land and water units, reducing losses in agricultural crops and economic benefit from agricultural residues, developing the agricultural extension system, expanding the extension fields, developing agricultural mechanization and agricultural innovation projects, and adopting the taxonomic map of strategic crops.
He pointed out the importance of activating the role of agricultural cooperatives in providing agricultural inputs, economic marketing of final products and providing food by increasing local production while sustaining available resources, and offering high quality products that provide health safety, while making products available at appropriate prices to consumers. To achieve full coverage of local consumption of fish, to cover the deficit in animal protein, to increase the export surplus in relation to fish wealth, and to pay attention to the desalination of sea water in order to enhance the citizen's share of fresh water to meet the pressure of increasing water needs.
He pointed out the importance of developing water resources by using groundwater and harvesting rainwater and floods to feed the ends of the canals, expanding the use of deep underground reservoirs and harvesting rainwater and floods in the valleys of the Eastern Desert and Sinai, and raising citizens' awareness of the importance of water security and the importance of rationalizing the use of available water resources to keep them from waste and pollution.
In the field of industry, the committee affirmed that it supports the committee to continue the policy of localizing industry, especially the localization of local industries, increasing the jewelry component in the Egyptian industry, and the need to continue to support medium, small and micro industries and provide soft financing through the role of the MSME Development Authority.
The Committee stressed the continued role of the State in measures to protect competition and prevent monopoly in order to stimulate the private sector and foreign direct investment in the field of industry, especially in light of global competition and in light of the serious challenges facing the global economic system.
In the field of energy and electricity, the committee stressed the importance of completing the implementation of the electrical interconnection project between Egypt and Saudi Arabia, which represents a manifestation of the strategic partnership between the two countries in various fields, and the need to complete work to raise the operational capacity of the electricity interconnection line between Egypt and Jordan to benefit various countries in the region and enhance the Egyptian leadership in the field of energy.
The committee pointed to the importance of the agreement signed with Cyprus to establish a marine gas line between the two countries, and called for taking serious steps to enhance the possibility of including Syria and Lebanon in the Mediterranean Gas Forum, promoting biodiversity, sustainable agriculture, renewable energy, reducing pollution and preserving natural resources.
In the field of caring for the interests of Egyptians abroad, the report stressed the need to complete steps aimed at deepening communication with Egyptians working abroad and alleviating their burdens, especially the steps taken to simplify bank transfer procedures.
The committee has reservations about the plan ’ s estimates of the escalation of remittances of Egyptians working abroad reaching $33 billion for the year 22 / 2023, where it is expected to decline by at least $7 billion this year from the previous year; because of a gap between the official price and the unofficial market price (black market) for the dollar, which prompted many to resort to the parallel market in order to get the difference. Cash flows and their return to normal rates.
In the field of scientific research, the committee stressed the need to implement the project to establish the African Space Agency to enhance Egypt ’ s leading role in Africa, and in the development of Egyptian ports and ports, and to complete the development and support of ports and ports with the brotherly State of Sudan such as Qastal, Arqin and Ras Hadriya ports.
In the field of defense and national security, the committee considers the importance of consolidating the values of the Egyptian personality and recommends the need to develop a strategy to build and develop the Egyptian personality and work to build a generation of young people that preserves religious, behavioral and human values in Egyptian society.
In the field of youth and sports, the Committee sees the support and preparation of generations of young athletes who are able to participate in international forums and win championships in order to consolidate Egypt's international status.
Develop cultural, scientific and sports awareness among young people and increase the levels of community awareness, expand the transformation of youth centers and youth and sports facilities into centers to serve the family and community to support the participation of young people in discussing national issues and work on developing their infrastructure and diversity of activities.
In the field of tourism and antiquities, the Holy Family itinerary must be completed, the Holy Family itinerary must be developed, the infrastructure of the Cradle of Religions in St. Catherine must be developed, the e-visa system must be fully operational, and a national initiative to educate citizens about the importance of tourism, taking into account the importance of appropriate discourse for each category of people, in accordance with their knowledge and experience.
Activating the role of Egyptian tourism promotion offices abroad in marketing the Egyptian tourism product, "with the importance of reconsidering the geographical distribution of some of these offices, which number six tourist offices.
It included activating private investment in the tourism field, solving the problems and obstacles facing investors in the tourism sector, especially in the fields of construction and tourism marketing, targeting new tourism markets, for example, the Chinese, Japanese and Indian markets, while working to increase tourist groups from regular markets such as the European and Russian markets.
In the field of media, the plan overlooked the role of the media. A clear media strategy must be taken into account in the plan because of its role in building awareness among citizens of the country's achievements and successes.
In the field of culture, increasing the frequency of mobile theater in remote villages and governorates, in addition to digitizing libraries opened in villages included in the program of a decent life, activating cultural houses and palaces in the border provinces and Upper Egypt, especially North Sinai, and including them in the development plan of Sinai, and diversifying cultural activities in cultural houses and palaces.
She pointed out the need to review the child pension program and the system of support and development of children's milk in terms of values and targeting requirements to improve the quality of early childhood services, review the requirements for placing children in alternative families in order to increase the enrollment of children in these families, and the need to accurately limit the preparation of people with disabilities and reduce the fees for medical tests to obtain integrated services cards.
The committee stressed the need to expand the provision of social care to a larger number of elderly people to compensate for the deficit between the action and the target, which reached 45% after the review based on the recommendations of last year, and activate the function of companion of the elderly living inside their homes.

Egypt is expected to receive $11 billion in direct foreign investment and $9 billion in Suez Canal revenues.

The World Bank has approved a $150 million grant to support Nigeria's mining sector and economic diversification.

Title:

Content: Overview Of The Nigerian Mining Sector: Challenges And Opportunities

TA
Tope Adebayo LP

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Nigeria is richly endowed with abundance of mineral resources. The country boasts of more than 40 valuable mineral deposits including clay and kaolin, gold, gypsum, iron ore, lead and zinc, phosphate, and tin across the 36 States.
Nigeria Energy and Natural Resources
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Introduction

Nigeria is richly endowed with abundance of mineral resources. The country boasts of more than 40 valuable mineral deposits including clay and kaolin, gold, gypsum, iron ore, lead and zinc, phosphate, and tin across the 36 States. Baryte, bitumen, coal, gold, iron ore, and limestone, lead-zinc and coal have been identified by the Federal Government through the Ministry of Mines and Steel Development as Nigeria's strategic mineral deposits on grounds of their economic value1. Quarrying dominates the output of the Mining and Quarrying sector by over 90 percent o2 and recorded a growth of 21.16% in full year 2020 from -5.63% in 2019 and 10.33% in 2018, in contrast with Metal Ores which contracted by -5.85% in full year 2020 from -14.38% in 2019 and 26.34% in 2018, and Coal Mining which contracted by -20.5% in full year 2020 from 13.15% in 2019 and -5.81% in 2018.3 Products such as granite, gravel, marble, sand, and other construction materials are in high demand locally because of a combination of a growing housing deficit and infrastructure development projects4. However, notwithstanding the growth in preceding years, Nigeria has barely scratched the surface of its enormous geological potential, taking into consideration the contribution of less than 1% by the mining sector to her GDP5.

Although the productivity level of the sector is insufficient to meet local demands particularly for industrial minerals, Nigeria has been unable to attract significant investment in exploration of her mineral resources.6 This constraint can be traced to the lack of attractive environment for private-sector mining, paucity of accurate and up-to-date geological information and the systems to manage the information, poor performance of institutions and limited enforcement of regulations, insecurity in the host communities, and insufficient human skills and capacity to effectively manage the sector.7 It is critical that Nigeria positions its mining sector to attract foreign investment and partnerships as is the case in Angola, South-Africa and other African nations who have made veritable progress in creating a better business environment for investors in the mining sector.

Regulatory Framework of the Nigerian Mining Sector

Establishment of the Minerals Act and Powers of the Minister

The mineral sector is regulated by the Minerals and Mining Act 2007 ("the Act"). The Act repealed the Minerals and Mining Act, No. 34 of 1999 and vests control and ownership of all properties and minerals in, under or upon any land in Nigeria in the Federal Government8. It further prohibits the exploration or exploitation of minerals without the grant of requisite permit,9 however, communities where it has been their custom to win salt, potash or soda may continue to do so, and where a mining lease is granted on that portion of community land after the commencement of the Act, a government levied value shall be paid to the community10. The Minister of Mines and Steel Development (Minister) is empowered by the Act to create a viable mineral resources sector. The Act makes it the responsibility of the Minister to ensure the sustainable development of Nigeria's mineral resources, encourage the participation of the private sector by creating an enabling environment, ensure the development of the infrastructure required for mining activities, including urgent development of technical and professional manpower required in the mineral sector, creation of a geo-scientific databank for the collating of detailed data to determine the identity, quantity and quality of Nigeria's Mineral Resources amongst others11.

Departments of the Ministry of Mine and Steel

A Mining Cadastre Office (MCO) was established by the Act for the administration of titles and permits.12 The agency in 2019 issued a total of one thousand two hundred and ninety-six (1,296) mineral titles to entities to carry out various operations in the sector. The titles were issued in the following proportion; Exploration License (EL), five hundred and one (501), Small Scale Mining Lease (SSML) six hundred and two (602), Quarry Lease (QL) one hundred and sixty-nine (169), and Mining Lease (ML) twenty-four13. The Act established the Mines Inspectorate Department, and the Environmental Compliance Department.14 It also gave the Minister power to establish such other departments considered necessary to the administration of the Act. Further to this power, the Artisanal and Small-Scale Mining Department, the Metallurgical Inspectorate and Raw Materials Department and the Steel and Non-Ferrous Metals Department were established. The overall responsibility for the sector and monitoring of the departments rests on the Ministry of Mines and Steel Development.

Incentives and Benefit Provisions

In other to promote investment in the mining sector, the Act provides a number of incentives to operators, this includes the permission given to a license holder to deduct from its assessable profit, a capital allowance of 95% of the qualifying expenditure incurred in the year the investment was made, deduction of all infrastructure costs regardless of ownership and certified exploration costs. It also permits deduction of losses up to a period of four years15. Operators in the sector have also been granted the following benefits; exemption from payment of customs duties in respect of plant, machinery and equipment imported specifically and exclusively for mining operations, grant of expatriate quota for approved expatriates, and personal remittance quota for expatriate personnel, free from any tax imposed by any enactment for the transfer of external currency out of Nigeria.16 The Act further grants the holder of a mineral title a right to retain in foreign exchange domiciliary account a portion of its foreign exchange earnings for use in acquiring spare parts and other inputs required for the mining operations which would otherwise not be readily available without the use of such earning.17 Holders of a mining license are also guaranteed free transferability of funds for the purpose of paying a certified foreign loan, and remittance of foreign capital in event of a sale or liquidation of the mining operations or any interest therein attributable to foreign investment18. An investor is also guaranteed tax relief for a period of three years subject to a discretionary extension of two years.19

Mineral Titles and the Mineral Buying Centre

Mineral titles granted under the Act include a Reconnaissance Permit, an Exploration Licence, a Small-Scale Mining Lease, a Mining Lease, a Quarry Lease, and a Water Use Permit20. With the prevalence of small-scale mining, it became necessary for the government to focus on this group who make up a large proportion of miners in Nigeria. To this effect, this group of miners/artisanal miners were encouraged by the government to form and register an Artisanal Mining Cooperative21 which would enable them obtain Small-Scale Mining Licences. In accordance with the Act, Mineral Buying Centres were also established to ensure that the proceeds recovered under small-scale mining are sold at a fair market price through these buying centres thus, maximizing the efforts of these miners. The essence of establishing the buying centres was to provide access to a regulated market which reduces the exposure of artisanal miners to middle-men who end up taking most of the profit from the mining proceeds. It is also meant to reduce the rate of smuggling and allow the government obtain royalty from products mined. The buying centres are open to artisanal miners who are registered, licensed traders or companies.

Mineral title holders may transfer their title in accordance with the provisions of the Act,22 and a mineral title may also be subject to a surrender23, suspension24, and renewal.25 Where necessary, it may be revoked in accordance with the Act,26 subject to the right of the title holder to appeal against the revocation order.

Environmental Sustainability

The recent clamour regarding energy transition and sustainable development has further necessitated the need to pay attention to the sustainability of our environment. Countries with active extractive sectors are expected to ensure their laws contain provisions geared towards this. The importance of an effective environmental law cannot be over-emphasised, as lack of adherence to exploitation protocols have resulted in degradation of host communities and health problems resulting to harmful conflicts between the host communities and the license holders. Some of these problems have also been identified to be the result of illegal mining operations.27 Holders of mineral titles under the Act are therefore required to ensure that their processes mitigate the negative impact of mining on the environment. To give effect to this, the Act provides for an Environmental Protection and Rehabilitation Program which makes mandatory, contribution by operators to the Environmental Protection and Rehabilitation Fund.28 The fund contributed would act as guarantee to the environmental obligations of title holders.

An Opportunity for Diversification, Wealth Creation and Industrialization

A Case for Maximizing Opportunities in the Mining Sector

With more than half of the country's revenue derived from oil exports, Nigeria's economic progress is practically tied to the boom of the oil market. However, the uncertainty of oil prices, lack of transparency in revenue obtained, lack of proper use and accountability in proceeds generated, alongside the drive towards energy transition necessitates the need for economic diversification. Neighbouring African countries like Ghana and South Africa have found the mineral mining sector to be a good contributor to their GDP. In Ghana, for example, mining is said to account for 5% of the country's GDP and 37% of its exports while South Africa's solid minerals accounts for 18% of its GDP, half of its foreign exchange earnings and approximately 1 million jobs.29 Diversification is an important element of economic growth. According to an estimate by the committee put together to develop a roadmap for the sustainable development of the mining and metals sector in Nigeria, the minerals and mining sector could generate more than US$25 billion by 2025 which makes up 3 percent of our GDP30.

The mining sector is widely recognized as a key driver for industrial development; thus, emphasis is placed on the need to follow through the execution of the industry plan in other to obtain benefits that would accrue from the mining sector. Minerals constitute a large portion of the inputs used in manufacturing and production of numerous economic goods and is an important contributor to the construction and drilling industry, making of automobiles, ICT gadgets, solar panels, furniture, papers and rubbers, medical equipment and energy generation. There is no doubt that if the opportunities in the sector are fully maximized, it would create job opportunities and improve living standard, reduce cost of production for local manufacturers, reduce dependence on foreign exchange for imports of materials, reduce infrastructure deficit, and also enhance competitiveness of our local industries amongst others.

Challenges Ravaging the Sector

There are a number of reasons why investment in this sector has been low. Amongst those already mentioned above, these include illegal miners and the insecurity posed by these miners, perceived instability in the legal and regulatory framework, political interference, lack of transparency, ineffective management by regulatory agencies, little public knowledge of the sector, including environmental and sustainability factors amongst others. These reasons are sufficient to discourage the much needed greenfield and perhaps brownfield investors. A case in point is the ban on mining activities in Zamfara State following the uncurbed incidence of violence by artisanal miners which had a negative effect on the business and capital investment of licensed miners. Nigeria should take a cue from other African jurisdictions. The Angola mining sector for instance, has experienced significant investment flowing from the country's purposeful investment in the stability of its regulatory framework. There is no gainsaying that a conducive business environment which includes the ease of doing business, a functional and stable regulatory framework amongst others, would be a key attraction to investors.

Attracting Responsible Investment to the Nigerian Mining Sector

The need to attract Foreign Direct Investment ("FDI") cannot be over-emphasised as a critical vehicle for economic growth and development. Notwithstanding this benefit, it is important to consider the negative impact of mining especially as it relates to the environment. Research suggests that under appropriate framework conditions, foreign investments in mining frequently have higher environmental performance compared to domestic operations, due to new technologies and practices they bring with them. On the other hand, when these framework conditions, such as effective environmental regulation and transparent public governance, are not in place, there is a risk that serious environmental and social damage can occur.31 Good governance is an important prerequisite for the effective management of the mining sector as many avoidable environmental impacts of mining occur due to regulatory failures.

Thus, ensuring effective assessment of potential environmental impacts before operations begin, designing integrated packages of measures to mitigate potential impacts, monitoring the effectiveness of control measures and adapting them as needed, requiring adequate provisions for mine closure, reclamation and clean-up, taking local populations' concerns into account and ensuring that environmental requirements are applied fairly, without discrimination, to all investors are necessary.32 Indeed all of these measures are contained in the Mining Act, the question however is the extent of effective administration of the provisions of the Act, and the effective implementation of other valuable recommendations made towards ensuring the success of the sector.

Conclusion and Recommendations

The vast mineral resource available in Nigeria is not in doubt. However, indices have shown that the level of development in the industry is at its lowest compared to other African Countries like Ghana, South-Africa, Zimbabwe, Angola etc. The sector remains unattractive currently for many reasons including insecurity in mining communities, fear of loss of investment arising from insecurity, lack of transparency, little or inadequate infrastructure, inefficient enforcement and monitoring institutions. A larger aspect of this challenge is the need to balance the stake of the host communities, the States in which these resources are situate and the constitutional powers of the Federal Government in relation to ownership of mineral resources. In our opinion, the challenges faced by the mining sector mirrors the overall challenges faced by the society at large. There is need for decentralization of various sectors of the economy in other to boost their effectiveness and contribution to the growth of the economy. We are currently seeing this play out in the electricity sector as constitutional amendments are underway to allow States generate, transmit and distribute electricity even in areas covered by the national grid.

However, as the government continues to seek ways to attract foreign investors, Nigerians must in turn prepare for the changes that would occur as a result of these investment, both in terms of the skills that will be required by nationals to stay at the cutting edge of competition as new technologies are introduced to the mining sector,, and the need to develop an effective system for geological and geophysical data, as the availability and access to accurate data is an essential component of mining operations. Notably, the Nigerian mining sector would experience significant visibility where the economic diversification project of the World Bank through its grant of US$ 150.00 million to the Ministry of Mines and Steel (MMS) through the Ministry of Finance is well utilized and the is project properly executed33. The project is aimed at enhancing the capacity of MMS as regulator and facilitator, facilitating sector development and enhancing its competitiveness and attractiveness to investors. Finally, more efforts should be put into formalizing artisanal mining, and policing host communities to forestall the activities of illegal miners, and there should be adequate engagement between the government, the title holders and the host communities. This would minimize hostilities and disruptions currently experienced by operators in the sector.

Footnotes

1 Strategic Minerals; Ministry of Mines and Steel Development.

2 IFC-World Bank Group; (2020); Creating Markets in Nigeria: Country Private Sector Diagnostics.

3 Nigeria Bureau of Statistics; Nigerian Gross Domestic Product Report (Q4 & FULL YEAR 2020).

4 IFC-World Bank; Supra at 2

5 NEITI: 2019 Solid Minerals Audit Report

6 World Bank: Nigeria: World Bank Approves $150 Million to Enhance Mining Sector Contribution and Support Economic Diversification

7 Ministry of Steel and Development; (2016) Roadmap for the Growth and Development of the Nigerian Mining Industry on the Road to Shared Prosperity. Pages 28 - 36

8 Section 1 of the Act.

9 Section 2 of the Act.

10 Section 97 of the Act.

11 Section 4 of the Act.

12 Section 5(5) of the Act.

13 NEITI; Supra note 1 at 2

14 Section 16 of the Act. More specifically, Sections 17 and 18 elaborate on the duties of the established departments.

15 Section 24 of the Act.

16 Section 25 of the Act

17 Section 26 of the Act.

18 Section 27 of the Act.

19 Section 28 of the Act.

<20 Section 46 of the Act.

21 The "Small Scale and Artisanal Miners Association of Nigeria" was registered with the Corporate Affairs Commission in 2019.

22 Section 147 of the Act.

23 Section 150 of the Act.

24 Section 149 of the Act.

25 Section 148 of the Act.

26 Section 151 of the Act.

27 Illegal mining in Abuja: Stakeholders want ministry to revisit ICIR report (icirnigeria.org)

28 Section 121 of the Act.

29 Oxford Business Group; (2016) Nigeria's Untapped Mineral Reserves Could Aid the Goal of Economic Diversification.

30 Ministry of Steel and Development; (2016) Roadmap for the Growth and Development of the Nigerian Mining Industry on the Road to Shared Prosperity.

31 OECD; 2002; Foreign Direct Investment and the Environment - Lessons from the Mining Sector

32 Ibid.

33 World Bank: Nigeria: World Bank Approves $150 Million to Enhance Mining Sector Contribution and Support Economic Diversification

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Africa has received only 3 percent of Official Development Assistance since 1960 and a small share of Public-Private Partnerships, mainly in 7 countries.

Title:

Content: Africa: Finance Minister Samuel Tweah Outlines Issues Affecting Investments in Africa At Choiesul Forum

Nice — Finance Minister Samuel Tweah was among four speakers chosen to open the CHOIESUL FORUM.

The Choiseul Africa Business Forum, a place of cross-fertilization, aims to give key for analysing the growth-generating sectors in Africa and gather, on an interactive mode, African and European leaders to develop a collective intelligence and to contribute to the opening of new scopes of partnerships with the continent.

Speaking to investors Min. Tweah made a compelling case for Africa and Liberia, to thunderous applause from the audience.

He argued that investment challenges in Africa are far more than business climate issues. He argued they are also geopolitical. Geopolitical intetest in Africa from big powers can catalyze investment flows to Africa. He noted that this happened for South Korea which received from the US some USD 2.5 billion in the 50's, an amount that was equal to what the World Bank lent to all countries in the same year.

Minister Tweah noted that Africa has also received only 3 percent of OFFICIAL DEVLOPMENT ASSISTANCE since 1960, wondering if Africa is receiving such paltry amount where has aid been going, with the audience bursting in applause.

He further argued that AFRICA'S share of PPPis small and is concentrated in only 7 countries, saying that if investors went by that statistics, they would be investing in only 7 countries.

For Liberia, the minister presented Liberia as a commodity dependent country which rises and falls with the ups and downs of commodity prices of iron ore and rubber. He invited investors at the Forum to invest in value addition in Liberia as a way of stabilizing and growing the Liberian economy.

The Minister made the case for RUBBER and OIL PALM. He noted that just by adding a small 30 percent value to LIBERIAN RUBBER an investor can experience huge profit margins over current price levels.

Minister Tweah also touted the VIA RESERVOIR PROJECT as the FLAGSHIP CARBON SAVING RENEWABLE ENERGY PROJECT in the Energy sector, with the potential of producing as high as 800 megawatt of electricity. With the CLSG lines running through Cote d'ivoire Liberia Sierra Leone and and Guinea, the Mininier noted that investors should take a look at the feasibility report of this investment.

Minister Tweah informed investors that the Government of Liberia is moving toward a National switch in the digital space, an outcome that will provide boost for the digital economy. He invited digital companies and investors to follow this development.

Minister Tweah touted the recent macroeconomic. performance of Liberia as outstanding, describing the drop in inflation from 31 percent to 6 percent as arguably one of the greatest inflation collapses in history.

He noted that France and developed countries are taking a new look at Liberia on account of the strong policy decisions of the Government of President George Manneh Weah.

He described efforts to reform the Liberian business climate and the Judicial Conference led by Chief Justice Francis Korkpor.

Minister Tweah presented Liberia as having the most generous incentive regime in Africa for investors.

Prior to coming to NICE, MINISTER TWEAH held meetings with 10 companies in PARIS, who are looking to find opportunities in Liberia.

Minister Tweah returns to Liberia on Sunday where he is expect to join discussion on the national budget which is currently before the National Legislature.

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Liberia has Africa's most generous incentive regime for investors and is reforming its business climate and judicial system to attract them.

The Via Reservoir Project is a flagship renewable energy project in Liberia that can produce up to 800 megawatts of electricity.

SEZs in Africa offer investment-friendly laws and a ready climate for foreign investors.

Title:

Content: Free zones may be Africa’s best chance to accelerate wealth creation

By Sylvia Brune

Co-founder of AHOY – a flight booking and concierge app – Sylvia Brune discusses why free zones may be Africa’s best chance to accelerate wealth.

Given the demand for goods and services from Africa’s growing middle classes, the continent has huge potential for growth. Over the past year, Foreign Direct Investment (FDI) into Africa grew by 11%, bucking the global trend and potentially setting a bright precedent for the future.

Whether this upwards trend in FDI will have a positive effect on growth and wealth creation is, however, still unknown. Studies have shown that capital has little impact on an undeveloped foundation. Key components needed to enhance capital’s productivity are infrastructure (not just physical), a stable and transparent legal framework, and skilled labour.

Where these are lacking, investors into the continent have to first ‘build’ the commercial foundation, before commencing their projects. Like spending money on hiring advisors, lawyers, and accountants to navigate the various countries’ economic environments, political systems, and bureaucracy. This adds time and uncertainty to projects, acting as an effective ‘tax’ on any return on investment - meaning only projects with a very high upside will be embarked upon.

Evidence suggests that these key components are indeed lacking across most of Africa, albeit with a small handful of countries on the road to improvement.

Countries, like Senegal and Côte d'Ivoire, have made important strides to improve anti-corruption institutions. Cabo Verde and Gambia have managed to gain local trust with 85% and 84% believing their government is fundamentally sound. And Mauritius and Rwanda have made it into the top 35 countries in the world as measured by economic and personal freedom, with Mauritius marginally beating Norway in the global ranking.

The reality is, however, that corruption continues to undermine the rule of law across most of Africa (which hosts 13 of the globe’s 20 most corrupt countries). Rule of law relates to strong property rights, government integrity, and judicial effectiveness - the basis for a sound investment environment. What is even worse than corruption’s effect on FDI, though, is its effect on retaining and developing talent.

Instability and lack of opportunity continues to result in brain-drain - drawing talent and skill away from the continent. The World Bank estimates one-in-nine Africans with a tertiary education live away from Africa – a 50% growth since the mid-00s.

So, what’s the solution?

Given the long, tough road ahead towards building economically sound environments across Africa, I believe the only solution in the short run, is establishing 100s of Special Economic Zones (SEZs) throughout the continent.

For those unfamiliar with SEZs, they are areas which operate under a different legal framework to the country they inhabit – with investment-friendly laws around commercial transactions, taxes, and the protection of private property. SEZs’ advantage is that you avoid building on top of broken legacy system, instead creating a pre-packaged, investor-ready climate.

These zones have been successfully tested and run in China and the Four Tigers (Hong Kong, Singapore, South Korea and Taiwan) to attract considerable FDI, and experience decades of double-digit growth. This format could likewise be used to boost and sustain investor interest in Africa.

SEE ALSO:

SEZs as talent hubs

While SEZs are known mostly as attractive investment environments, with conducive infrastructure and legal frameworks, the secret to their success rate is actually in their ability to attract and retain talent and skilled labour in specialised hubs.

China showed just how powerful an industry focus within SEZs can be. Because they provide a magnetic effect of highly specialised knowledge hubs - comprised of domestic, regional, and international talent.

Capital is like fuel, it’s only effective where there is a flame to throw it on. And that flame is talent.

The potential is clear, and I believe Africa has a burgeoning pool of talent waiting to be tapped into. But whether they are able to put their talents to best use, collaborate, and innovate freely is uncertain, and will determine whether they stay, or search for opportunities elsewhere.

A common hurdle, for example, is work visa rules between African countries, which means it’s easier for talent to find good opportunities outside Africa than within Africa. Talented individuals want to work alongside other talent. Similarly, talent and specialists from outside Africa face considerable barriers when trying to obtain work permits.

For example, Mr. Eazi’s emPawa Masterclass, like many creative undertakings, is dependent on bringing together the best talent. Earlier this year, emPawa struggled to bring artists, producers, and mentors together from across Africa. Due to visa rules and uncertain processing times, some were only provided with visas after the masterclass was already over, some not at all.

Here, again, SEZs are a solution. SEZs are able to receive visa allocations relating to their area of specialisation, which increases the likelihood of collaboration and innovation - which in turn attracts capital.

The Andela example

There’s plenty of evidence that talent wants to stay, provided there are the right conditions to do so. A great example is tech recruitment platform Andela, which proves that when start-ups in Africa have access to the best talent, including a global support network, and then tap into local opportunity, they can raise substantial foreign capital, and the local business community benefits as well.

Andela trains candidates for six months before pairing them with clients, many are the Fortune 500 and a number of Silicon Valley start-ups. So far, more than 90% of Andela’s first batch of alumni are still working in Nigeria.

SEZs would be able to turbocharge the work of companies like Andela. After talent has been developed, they need environments where they can make most use of their skills.

Already, countries like Mauritius, Senegal, and Rwanda have and are in the process of creating SEZs, with the view to building infrastructure, a stable legal framework, and enticing skilled labour – it’s an exciting time and I for one, am eager to see the results as more African countries follow their footsteps.

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Mauritius, Senegal, and Rwanda are creating SEZs to build infrastructure, establish a stable legal framework, and attract skilled labor.

Africa has diverse natural resources to diversify its energy mix and reduce emissions.

Title:

Content: ECONOMY
Mulla: International partnerships in Africa will enable technology transfer and connect local partners
Thank you for reading the news about Al Mulla: International partnerships in Africa will enable technology transfer and connect local partners.
Minister of Petroleum and Mineral Resources Tarek El-Molla said that talking about the exploitation of energy in the African continent should include energy of all kinds and integration, especially as the African continent has various natural resources that can be exploited to diversify the appropriate energy mix that meets the needs of the continent's peoples while reducing emissions.
This came during the session “Moving Forward in Support of Low-Carbon Development Pathways in Africa and Developing Countries ” during the Day of Decarbonization at the Cop27 Climate Summit.
With regard to the development of the energy sector in African countries, the minister pointed to the Egyptian experience in transforming the challenges of the energy sector over 7 years into success stories based on the state ’ s provision of the appropriate investment climate to attract new investments and build confidence in investment in Egypt with international partners, which led to balanced partnerships with international energy partners.
He added that international partnerships in Africa will allow the transfer of technology and link local partners to it, stressing the importance of building a good work system in all fields such as oil, gas, electricity and renewable energy.
He pointed to the importance of African countries providing incentives to partners because some policies do not include the necessary incentives to attract investments and we must attract them to our countries and allow the participation of the private sector, Al-Mulla concluded that there are great challenges but we have the advantages in Africa to build our future through cooperation and partnership to prosper the continent.
African Development Bank President Akinwumi Adesina praised the Egyptian effort in organizing the conference, pointing out that the African Bank is committed to providing $5 million in new and renewable energy projects where Africa owns 45% of the renewable energy in the world, which makes it eligible to establish giant solar energy projects. He cited the experience of Kenya, where we managed to attract large investments of up to 21 billion dollars in the field of energy, whether oil, gas or new and renewable energy in a short time because we paved the way and worked to change policies and renewable energy represents 85% of the investments in the field of energy and we also use natural gas.
Egyptian industries are promising industries that can catch up with China, but they need to increase funding and encourage investment, and we should focus on the African market in directing industrial activities to achieve the best use of natural resources, especially relying on clean energy.
Helmet von Stroff, CEO of Siemens Middle East, said that this year ’ s conference provided an opportunity to discuss challenges and opportunities towards decarbonization and finding sustainable solutions, stressing the importance of supporting African countries towards a low-carbon economy and providing the necessary technical support, especially for developing countries.
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Kenya has attracted large energy investments, with 85% going to renewables, by creating a favorable environment.

Which African countries are driving the venture capital ecosystem?

Egypt is a key regional player with a promising future, focused on clean energy and optimizing natural resources.

Title:

Content: Ghana must bolster investor confidence through strategic actions

0

Mr. Charles Gassoub, West Africa Vice President, Agility Logistic Parks (ALP), says Ghana needs to take radical steps to regain its position as the best investment destination for foreign investors.

He was speaking at a breakfast meeting organized by the Ghana Investment Promotion Centre (GIPC) and added that the country was no longer the top-notch country investors consider when trying to invest.

“Ghana was the priority for most of the customers, but today, Ghana has slowed down for several reasons, and one of the reasons is that the rest of the African regions are trying to catch up with Ghana,” he stated.

Mr. Gassoub explained that this was partly due to the fact that most of the regions in Africa that were imitating Ghana were now taking steps to catch up with the country, hence the need to be innovative enough for the country to go back to its original state.

He said the country was then the friendliest in terms of business, strategically positioned in the middle of West Africa, coupled with secured political stability, which lured most investors to reach out to the country to invest.

He mentioned that the conducive atmosphere in Ghana was one of the reasons why the Agility Company ventured into the country for business before targeting other African countries.

He added that the company, since its inception, had been mentoring and training some businesses in Africa to meet international standards for businesses since most investors were quite skeptical about meeting the right people for investment.

The West Africa Director, ALP, said the Agility company funds and builds to the customer’s specifications, where the price would be incorporated into a lease of about ten to 15 years. “In a way, we’ll be acting like a bank with no interest.”

He said the company had built the biggest Amazon warehouse in Egypt, stressing that technology was also expanding and changing the dynamics of wholesale and retail business, and cautioning that it was about time Africans put things into perspective for the development of the continent.

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Which African countries are driving the venture capital ecosystem?

Which African countries are driving the venture capital ecosystem?

Africa has 45% of the world's renewable energy potential, ideal for large-scale solar projects.

The United Nations Economic Commission for Africa urges African countries to utilize their natural resources to promote industrial greenization during the global energy transition.

Title:

Content: People 's Network > > International
Promoting the process of industrial greening in Africa (international perspective)
Our reporter Zou Song
May 21, 2024 06: 32 | Source: People's Daily - People's Daily
Small number
The 56th Finance Ministers Meeting of the United Nations Economic Commission for Africa recently called on African countries to seize the opportunities of the global energy transition, make full use of the rich natural resources of the continent, effectively cultivate and enhance the value chain system of industrial greening, and promote the development of industrial greening in Africa to achieve practical results.
An analysis of a report by the United Nations Industrial Development Organization pointed out that energy, power, transportation, construction and other industrial-related fields account for nearly 80% of Africa's total carbon emissions, and African countries are expected to promote the process of industrial decarbonization in the next 30 years to create 3.8 million net new jobs.
At present, more and more African countries are introducing or updating industrial green growth plans to promote investment flows to green and low-carbon industries through incentive policies.
Growing Green Industry Projects
In March this year, a photovoltaic power plant with an installed capacity of 135 megawatts began construction near the Rainbow Mining Company mine in South Africa, and is expected to be completed by the end of this year.
The clean electricity generated by the field will be mainly used for mining and refining minerals such as lithium, cobalt, nickel and platinum group metals, which in turn will be mainly used to manufacture batteries, electric vehicles, wind turbines and hydrogen production systems.
Roger Baxter, CEO of the South African Mining Commission, said that more and more mines are choosing to support construction related to clean energy, and this traditional industry is moving towards the greening of the entire industrial chain.
The use of renewable energy to promote the green transformation of mining not only saves costs, but also makes it easier for mineral products to gain an export advantage.
In May 2023, the first electric buses were commissioned in Lagos, Nigeria ’ s largest city.
The Nigerian government plans to deploy a fleet of 100 electric buses to drive the green transformation of the transport sector.
Nigerian car manufacturing companies will soon launch customized electric vehicles that are more suitable for the African environment, and start-up “Max ” will also launch local brand electric motorcycles.
Saliu, director general of the National Climate Change Commission of Nigeria, said that Nigeria is committed to comprehensively promoting industrial greening, of which electric vehicle manufacturing is the forefront of driving the green development of the transportation industry.
Amal Lee, a climate and diversity consultant at the British International Investment Corporation, said that Africa ’ s abundant solar energy resources can become a competitive green hydrogen production base and drive the green transformation of other industries.
According to the World Bank, the overall cost of driving green industrial growth in African countries is usually no higher than the traditional growth path.
A report released earlier by the United Nations Economic Commission for Africa stressed that promoting industrial greening is an important way out for Africa's future development and a prerequisite for promoting sustainable and inclusive development.
The report recommends that African countries develop support policies to advance the process of industrial greening, while taking a systematic approach to identifying key areas, focusing on energy extraction, manufacturing, transport and value chain upgrading of agricultural, forestry and aquatic resources.
Achieve economic and environmental benefits
The African Development Bank (AfDB) and the Global Green Growth Institute (GGGI) said in a report that most African governments actively support the United Nations Sustainable Development Goals (SDGs) and nationally determined contributions under the Paris Agreement, and some countries have adopted green growth and climate-resilient economic strategies.
The growing political commitment of African countries to green industrial growth will help Africa advance the process of industrial greening.
Avasa Industrial Park is the first national industrial park in Ethiopia and is also known as the first zero-emission textile industrial park in Africa.
In the past eight years of operation, Awasa Industrial Park has learned China's green textile industry technology and experience, and 85% of industrial wastewater has been recycled.
At present, the "Avassa model" is being extended to the whole country.
Ethiopian Investment Commission Commissioner Lelis Neim said the Ethiopian government has invested more than 1.3 billion US dollars to build more than 10 similar industrial parks.
According to reports, Ethiopia's leather industry is also beginning to see results in green development.
The country's leather waste treatment has reached 90 percent through the popularization of environmental protection technology, reducing environmental pollution and reducing the import of materials needed for leather making.
Important progress has also been made in the Africa Green Investment Initiative adopted during the African Climate Summit in September 2023.
The initiative, which has allocated nearly $2.6 billion for green energy projects in eight regional countries, will add about 1.8 GW of clean energy to the African grid.
South Africa in January this year again revised the "comprehensive resources plan", is expected to 2030 new 29 gigawatts of power installed capacity, wind power and photovoltaic power generation installed capacity accounted for 70% of the total.
South Africa has also launched the Independent Generator Scheme, which encourages the private sector to invest in renewable energy projects and sell excess electricity to the national grid.
African Climate Action Platform CEO Jack Kimani believes that many African countries have committed to the development of green industry projects, and promoting the process of industrial greening is a "window of opportunity" for the continent.
Urgent need to expand green international cooperation
Zimbabwean President Mnangagwa said at the 56th meeting of finance ministers of the United Nations Economic Commission for Africa that African countries should actively promote investment in green industry, work hard to set green industry standards, promote technology transfer and encourage regional cooperation.
Farhana Paruk, senior researcher at the Gordon Institute of Business Sciences at the University of Pretoria in South Africa, analyzed that Africa ’ s industrial green transformation faces many challenges, including infrastructure, financing, technology research and development, and African countries need more strategic thinking and more effective policies to promote.
Under its Next Generation Africa Climate Business Plan, published in 2020, the World Bank has provided more than $30 billion in funding for hundreds of projects in Africa, aiming to help sub-Saharan African countries achieve low-carbon and climate-resilient development goals.
The Alliance plans to launch a 500 million U.S. dollar project early preparation and development fund, with the main goal of improving the financing of infrastructure projects in Africa and further promoting investment of 10 billion U.S. dollars in green infrastructure projects in the African region.
The Africa Investment Forum announced four renewable energy and sustainable development projects worth nearly $1.5 billion during its annual meeting in 2023.
The project involves green hydrogen production, hydropower, plastic recycling technology and other fields.
In February this year, the African Development Bank announced a US $188 million loan to help Morocco's green investment plan, which will mainly be used to provide clean drinking water and build renewable energy generation energy storage systems for towns around industrial and mining enterprises.
China actively supports African countries in achieving green industrial growth.
At present, China has implemented hundreds of clean energy and green development projects in Africa, and the cumulative installed capacity of photovoltaic power plants built by Chinese enterprises in cooperation with Africa exceeds 1.5 GW, which is in the forefront of international cooperation on non-green issues.
Wesley Douglas, director of the African Carbon Exchange, told this reporter that China leads the global renewable energy industry and services, and continuously reduces the cost of renewable energy equipment through industrial scale effects and technological innovation, which promotes the green industry in Africa.
People 's Daily (May 21, 2024, 17 edition)
(Editor: Niu Yong, Yue Hongbin)
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African countries are introducing green growth plans with incentives for low-carbon investments.

The World Bank found that promoting green growth in Africa is not more costly than traditional growth paths.

The African Green Investment Initiative has allocated $2.6 billion for green energy projects, adding 1.8 gigawatts to the African power grid.

South Africa aims for 70% of new electricity to come from wind and solar by 2030.

South Africa aims for 70% of new electricity to come from wind and solar by 2030.

South Africa aims for 70% of new electricity to come from wind and solar by 2030.

Google will invest $1 billion in Africa's digital transformation, focusing on Kenya and Nigeria.

Title:

Content: Optimists talk about Africa as the next economic frontier

By 54m ago

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BY DELIA DE VILLIERS

For years Africa has been shrouded in controversy when it comes to its future potential. The optimists talk about Africa as the next economic frontier, while the sceptics point to a low growth rate, poverty and conflict as key challenges standing in the way of notable development.

Yet, the continent has grown its economy by around 5 percent a year over the past decade, is as urbanised as China and has as many cities as Europe with a population of more than one million, according to Future Agenda.

The World Bank reports that sub-Saharan Africa is “home to more than 1 billion people, half of whom will be under 25 years old by 2050”, suggesting that the workforce of the future is based here. They go on to say that Africa is a “diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty”.

While potential is not a measure of performance, what is productive is to consider the motivations of businesses opting either to enter the African market or expand operations on the continent. And that’s notwithstanding the challenges, or as Shaw Mabuto, partner at private equity firm Spear Capital, puts it: “While there are undoubtedly risks in Africa, they are well known and understood. Investors can mitigate for them.”

Spear Capital is particularly excited about the opportunities in the ESG (environmental, social, governance) space in Africa. “There are many businesses that have been able to thrive in spite of the prevailing environment and lack of government support. With the right backing, companies across the continent can grow successfully while at the same time making the world a better place and providing returns to their investors,” Mabuto says.

Google’s recent announcement of plans to invest $1 billion (R15.6bn) to support digital transformation in Africa is another very positive indicator of the potential of the continent. The investment, which was announced in October 2021, will be used to enable affordable internet access and building helpful products, for investments in entrepreneurship and technology, as well as to empower businesses as they continue or embark on their digital transformation.

This positive sentiment about Africa’s potential is echoed by a number of businesses who have chosen to expand their operations on the continent.

Picking your next market is key

When SweepSouth decided to scale their business across the African continent in 2020, they chose Kenya as the first territory to launch their on-demand home services model outside of South Africa’s borders. Three months ago they started operations in Nigeria, and plans are now afoot to expand further into Africa.

“There are so many factors that go into choosing a new market, so we decided to look at countries where people experience the same sort of home-care needs South Africans required when SweepSouth was started,” says Aisha Pandor, SweepSouth chief executive.

Kenya and Nigeria were obvious choices, representing big-market regions with a high growth opportunity, ever-increasing internet penetration and digital literacy, and the potential for positive impact on employment, education and economic growth via smart, scalable technology solutions.

“Kenya appealed to us because it felt like an in-between in terms of culture, market segment and dynamics, and also smartphone and internet penetration when compared with West Africa. And Nigeria is a really exciting new venture that we hope will serve as a base for further expansion into the West African region,” says Pandor.

West Africa, too, is increasingly recognised as an area of economic and growth interest for businesses looking to get a foothold on the continent.

Integrated PR and marketing agency Irvine Partners recently opened an office in Ghana in response to an increasing number of their global clients needing support there. The agency already has wholly owned offices in South Africa, Kenya and Nigeria, and has realised the potential of this West African country.

“Most of our clients’ interest in the region stems from Ghana’s position as a tech hub within sub-Saharan Africa and its growing financial services industry, but we’re also seeing many other industries looking to invest in and expand into the country. Strategically, it makes a lot of sense for us to have a presence in the country and we’re optimistic about its potential,” says managing director Hayley van der Woude.

Beyond the obvious

Importantly, the interest in Africa extends beyond the traditionally popular economic areas such as Lagos, Nairobi and Accra, with Mauritius serving as a prime example of potential beyond the obvious. It is currently the top-ranked economy in sub-Saharan Africa, according to the World Bank’s Ease of Doing Index and is recognised for offering a sound political and economic environment that strongly encourages investment thanks to a sophisticated banking system, a favourable tax regime and low inflation.

These are among the main reasons.

The Business Exchange (TBE), a South African-launched serviced office offering, not only expanded operations to Mauritius but also designed an investment opportunity for others with their sectional title shared office investment that offers a safe and affordable way to get into this bustling market.

“Mauritius, in our view, is fast becoming one of the hottest investment hubs on the continent. Major international brands, including Samsung, Broll, Expedia and NBA (North America’s National Basketball Association), are based at our serviced office space there, which speaks to the interest in the location and offers an indication of its dynamism as a business destination,” says David Seinker, the founder and chief executive of TBE.

Embracing innovation

Lastly, but certainly very significantly, when it comes to businesses where customer-centricity is key, such as banking and telecoms, African players compete more effectively than their international counterparts, according to a finding in the Boston Consulting Group’s digital maturity index.

“It’s also hardly surprising that these are two sectors where Africa has led the world when it comes to technology-led innovation,” says Ngadi Job Goshi, the general manager at Liferay Africa. “Ultimately, while Africa may be less digitally mature than other markets, there can be no doubt that businesses on the continent are unafraid to embrace technology and innovation. And, in the customer-centric ways in which they’ve done so, despite facing adversity and strong headwinds, there are lessons for the rest of the world in the tenacity and ingenuity birthed and nurtured in the African soil.”

Delia de Villiers is the senior account manager, Irvine Partners.

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What trends are emerging for African startups in 2022?

Which African countries are driving the venture capital ecosystem?

Which countries are preferred FDI destinations in Africa?

Mauritius is the top-ranked economy in sub-Saharan Africa, offering a sound environment that encourages investment.

Africa's energy sector is a promising investment destination, with local content laws requiring significant ownership stakes from international firms.

Title:

Content: Centurion Law Group Navigates Legal, Regulatory And Tax Frameworks At African Energy Week (AEW) 2023

(MENAFN- African Press Organization)

A Technical Track hosted by pan-African legal and business advisory group, Centurion Law Group, held during the 2023 edition of African Energy Week (AEW) ( ) – taking place in Cape Town from 16-20 October – explored the legal, regulatory, and tax frameworks throughout Africa.

The technical track kicked off with opening remarks by Centurion Law Group Managing Director and Partner, Zion Adeoye, who moderated the session and spoke on Africa's position as one of the world's most attractive destinations for investment and how legal and regulatory frameworks are being put in place to advance local content development in the continent's energy sector.

“Africa remains one of the most attractive destinations for investment,” Adeoye stated, adding,“It is very clear that for the next two to three decades, oil and gas development will be very active. In Africa, local content manifests in several ways – shareholding in the company and utilizing local manpower. In the extractives industry, investors always have the problem of balancing the best hands to work on their projects and adhering to local content laws in terms of getting the right content barriers across the industry.”

Following the presentation, a panel featuring the participation of international legal representatives from Mauritius, South Africa, Equatorial Guinea, Guinea, Russia, South Sudan, Ghana, and Nigeria explored the regulatory and legal frameworks throughout the continent and abroad.

“In Mauritius, we allow investors to engage in transactions more easily in Africa,” stated Keseena Chengadu, Head of Investment at Centurion Law Group, adding,“It's good to use us as a hub when internationals want to invest in Africa. We offer assistance to internationals with engaging in transactions, which can be very challenging.”

“South Africa is comparatively significantly industrialized, and it results in a few advantages for potential investors,” stated Gari Matarirano, Energy and Infrastructure Attorney at Centurion Law Group, when speaking on the southern African country, adding,“First off, the reliability of professional service firms, the tax system, is quite sophisticated with a strong source of funding through the financial system.”

“In Ghana, we have a robust regulatory framework,” stated Yorm Ama Abledu, Senior International Attorney at Centurion Law Group, adding,“As lawyers, we are able to guide clients and allow them to speak with the right authorities to deal with so that they are compliant with the law.”

The speakers spoke on local content development laws in Africa, highlighting the benefits and challenges related to investing in the continent while adhering to specific laws that could require as much as between 25% and 40% local participation.

“The markets are not very saturated, but the population is constantly growing, so it's a nice place to invest. But the fear of an investor is that they have to give up an average localization percentage of 25%,” stated Alexey Khromov, Law Intern at Centurion Law Group, adding however that,“The Government should think in the best interest of the communities, but also think about how to make your country more attractive as an investment destination.”

“In South Sudan, the country has given opportunities for foreign investors in terms of employment, but our investment promotion and requirement laws required 80% national workers in any company engaging in the country,” stated Rachel Tanda, Attorney at Centurion Law Group.

Additionally, Tamara Jombai, Attorney at Centurion Law Group touched on the individual requirements for companies seeking to participate in African markets, stating that,“When you are coming into a country, you need to decide on the size of the company and the kind of project you will be doing, which will determine what you will do.”

Furthermore, it was noted during the panel discussion that African countries feature diverse and robust taxation agreements, with Mauritius boasting 46 double taxation agreements across the world, which serves to help entities do business throughout the continent while using Mauritius as a hub. Meanwhile, the determination of doing business in South Africa is made in accordance with common law principles, wherein a foreign company engaging in the southern African country is subject to codified rules for certain types of income such as dividends, royalties, and interest.

Speaking on South Sudan's tax regulations, Grace Yella, Director for the Economic and Monetary Community of Central Africa at Centurion Law Group stated that,“There is a wide range of options for investors to settle business in the East African region. Each country has particularities when it comes to tax. The similarity is they opt for each investor to have the possibility to have their own declaration – they choose what to pay as tax. The authorities then have to carry out investigations to confirm that what has been submitted correlates to your commitments.”

The panel closed off by noting that Africa is diverse in its legislation and regulatory requirements, highlighting that international investors seeking to do business in the continent are subject to a variety of frameworks. With a burgeoning energy sector and fast-growing population, the panelists noted that Africa's growing industries and economies will continue to serve as a promising investment destination for international firms.

Under a mandate to make energy poverty history by 2030, AEW 2023 kicks off its strategic program on 17 October, and will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent's entire energy sector.

Distributed by APO Group on behalf of African Energy Week (AEW).
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Africa's private wealth is expected to rise to $3 trillion by 2031 from $2.1 trillion currently.

Title:

Content: Archive / Global News
World Today – Two small countries driving strong growth in Africa ’ s private wealth
You are now following the news of two small countries driving strong growth in Africa's private wealth from the World News section and now we leave you with the full details
MOHAMMED, Abu Dhabi, March 4, 2023 09: 22 PM – Rwanda and Mauritius combined account for less than 5 percent of Nigeria ’ s GDP, but the two small countries are driving strong growth in private wealth in Africa which is expected to rise to $3 trillion by 2031 from the current 2.1 trillion.
According to Henley Global Consulting ’ s Africa Private Wealth Report, Africa ’ s smaller and better-regulated economies are fast becoming centres of wealth and home to more millionaires on the continent.
Private wealth in Mauritius is expected to grow by 80 percent over the next 10 years, compared with 60 percent for Rwanda.
Great for Mauritius.
The number of high net worth individuals in Mauritius will reach more than 8,000 by 2031, making it one of the fastest attracting markets for high net worth individuals in the world, along with Australia, New Zealand, Switzerland and Malta.
In 2022, Mauritius became the first African country in terms of per capita wealth, due to the significant growth in the number of wealthy people who have flocked to it in recent years, taking advantage of the easy environment to do business, with Mauritius ranked 13th globally in the latest World Bank report on the indicators of the business environment; and ranked by the New World Index as the safest country in Africa.
Adult Retreat
As small countries attract more wealth, countries that have historically been the epicenter of private wealth in Africa are experiencing a steady exodus of millionaires.
Over the past 10 years, about 4,500 people with more than $1 million have left South Africa.
Although South Africa remains a major bastion of wealth in Africa, with a strong market for luxury real estate and wealth management services, it has faced significant economic and security challenges in recent years.
Of the 2,668 billionaires in the world, 15 are born in South Africa, but only 5 still live there.
Nigeria, Africa ’ s largest economy, has seen a sharp decline in total wealth, having suffered in recent years from high unemployment, corruption and over-reliance on oil exports.
Positive outlook
The outlook for private wealth on the continent is largely positive, as African countries have become less reliant on extractive industries, and business conditions continue to improve in many countries.
On the other hand, rapid population growth is a magnet for financiers looking for larger consumer markets.
Khaya Munzima, editor-in-chief specializing in economic affairs at the South African Broadcasting Corporation, believes that the continent has a lot of potential that helps to grow private wealth, especially in the central sectors that include agriculture, mining, information and communications technology, real estate and others.
“Africa is the second largest continent in the world with a population of 1.2 billion people, which is important for consumer activities that attract private wealth. ”
“The global economy is so interconnected that it is undeniable that the impact of the Russian conflict in Ukraine has been enormous on Africa, and there is an urgent need to pay more attention to the development of the financial sector, which is a key pillar of private capital. ”
Challenging the business environment
For experts, the African countries best able to improve the business environment will be the most profitable for the most part.
The World Bank estimates that of the 35 least business-friendly countries in the world, 27 are in Africa.
In this context, experts point to several challenges that hinder financial flows to many African countries, including corruption, bribery and extortion, as well as security and political instability.
Investment consultant Khea Sithol says some African countries are treating foreign firms as tools to absorb the crises they face.
“They stalk and blackmail foreign companies when they feel they need more money, hard currency, or more taxes to run parts of the country. ”
The economic system in many African countries poses a real challenge to the wealthy, as the legal framework governing investment relations is linked to the survival or demise of power in a highly volatile political environment.
Important indicators
136,000 people in Africa have assets of more than $1 million, of whom about 7,000 have assets of more than $10 million and 305 have assets of more than $100 million.
21 individuals in Africa have net assets of more than $1 billion, most of whose investments are in real estate, mining, telecommunications, luxury goods trading and agriculture.
39,000 South Africans own $651 billion in South Africa, of which $370 billion is concentrated in Johannesburg and Cape Town, the two richest cities in Africa.
• 27% decline in private wealth in Nigeria over the past 10 years, and 10,000 private Nigerians currently own about $228 billion.
We hope to be able to convey the full details of two small countries that are driving strong growth in Africa ’ s private wealth.
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Mauritius and Rwanda are expected to see 80% and 60% growth in private wealth, respectively, over the next decade, with Mauritius having over 8,000 high-net-worth individuals by 2031.

The Agility Company has invested in Ghana and built Egypt's largest Amazon warehouse, showcasing their appeal to foreign investors.

What trends are emerging for African startups in 2022?

Which African countries are driving the venture capital ecosystem?

Which countries are preferred FDI destinations in Africa?

Egypt has improved its investment climate by amending laws, introducing a 'golden' approval, and guaranteeing repatriation of investments and returns.

Title:

Content: Egypt News
Agriculture minister: African continent has huge natural and economic resources
Thank you for reading the news about the Minister of Agriculture: the African continent has huge natural and economic resources and now with the details of the news
The African continent possesses vast natural and economic resources, including millions of hectares of arable land, vast riches of mining, natural gas, forests, natural pastures and wildlife, and retains a large proportion of the world ’ s natural resources from renewable and non-renewable sources of energy.
During the session on trade and investment at the China-Africa Agricultural Forum, which is currently held in China in the presence of more than 12 ministers of agriculture in Africa and a number of specialized companies, the current situation of global and regional agricultural trade exchange, which suffers from some difficulties due to many challenges and interlocking crises, including the Russian-Ukrainian crisis, the situation in the Middle East and climate change.
He pointed out that investment between countries depends primarily on the availability of data and information on investment opportunities and incentives in each country, as the lack of flow of this information greatly affects the movements of capital, in addition to the fact that there are many investments afraid of the lack of guarantees that allow the exit of funds or investment returns.
He said that political stability and conflicts affect the flow of investment, as the main factor in attracting investments is to ensure stability in any country where projects are established. It's a very important matter.
He said that payment systems, banking services and settlement mechanisms should be developed, especially in countries that do not have a large amount of dollar reserves, and that the slowdown in growth and the acceleration of inflation led to stagnation in the movement of trade with high prices of fuel, energy and transport, and those challenges facing emerging markets, weak capital flows, inflationary explosions, political tensions and military escalation.
On the reasons for the weak trade exchange, Al-Qusayr said it is due to the weakness of logistics, high costs of transport, transport and insurance, increasing risks due to wars, disasters and conflicts, and the disruption of supply chains due to crises and interlocking challenges. And Ukraine, "which greatly affected the movement of trade.
Al-Qusayr added that many importing countries, especially poor or developing countries, may not have a payment settlement system. Many of them do not have the financial means to form suitable reserves to enhance their food security, as well as many materials are exported as raw materials without manufacturing operations, thus losing added value and thus affecting the volume of trade between countries.
Al-Qusayr reviewed the efforts of the Egyptian state in stimulating the investment climate and was represented in amending the investment laws to allow the existence of guarantees and incentives for investment announced and the approval of one "golden" approval for projects.
As the state guarantees the exit of investments and their returns at any time without restrictions in addition to the fact that investors and stakeholders are involved in the manufacture of laws and legislations, also the Egyptian state expanded in the establishment of free zones and economic zones.
The Minister of Agriculture put forward the measures required to stimulate and stimulate investment, namely, improving international trade is an incentive for economic and social development, improving the standard of living and increasing investments, as well as an important tool to promote integration between countries and the need to increase investment first and second, especially in economic infrastructure and social infrastructure to enhance employment, increase productivity, improve energy efficiency and reduce greenhouse gas emissions. Free trade between countries.
He called on major countries and development partners to provide concessional and catalytic financing, especially to support the capacity of African countries and emerging economies to finance adaptation and mitigation programs.
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Which African countries are driving the venture capital ecosystem?

Africa needs $2.7 trillion by 2030 to implement its Nationally Determined Contributions (NDCs).

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Content: Mohieldin: Climate finance initiatives must be aligned with developing countries ’ priorities
Wednesday ، 20 September 2023 04: 00 PM
Mahmoud Mohieddin
Books by Abdul Halim Salem
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Dr. Mahmoud Mohieldin, climate leader of the Egyptian Presidency of the Conference of the Parties to the United Nations Convention on Climate Change (COP27) and UN Special Envoy for Financing the 2030 Agenda for Sustainable Development, stressed that climate finance initiatives must be closely related to the Sustainable Development Goals, consistent with the priorities of UN Member States, and contribute to the implementation of local scientific research findings in developing countries.
While Africa as a whole contributes no more than 3% of its carbon emissions, it is one of the regions most affected by climate change. At the same time, financing barriers and debt burdens in many African countries limit its ability to finance sustainability and climate action. Nationally Determined Contributions (NDCs), as well as the need to mobilize $1.3 trillion annually until 2040 to fund its Sustainable Development Goals.
He stressed that financing climate and development action in Africa requires addressing the debt crisis through the Sustainable Debt Coalition, supporting the African Carbon Markets Initiative, promoting investment in nature and supporting the African bioeconomy, activating credit guarantee mechanisms and enhancing credit to help mitigate financing risks and investment in climate and development projects.
This week ’ s working paper proposes specific measures to finance climate action in developing countries, including adopting new concessional financing policies that include low interest rates, long-term repayment and grace periods, reducing financing and investment risks by activating credit risk guarantee mechanisms, improving the legislative and regulatory environment for businesses to allow money to flow, encouraging the private sector to participate in climate action, and contributing to reducing developing countries ’ debt through debt swaps and special drawing rights. Activating foreign exchange guarantee mechanisms and supporting local institutions and projects in developing countries.
Mohieldin said that the Sharm El-Sheikh Adaptation Agenda launched by the Egyptian Presidency of COP 27 and the Climate Pioneers Group focused on five main areas of action: food and agriculture, nature and water, coasts and oceans, human settlements and infrastructure, and proposed practical pathways for the flow of finance and investments for projects in these sectors.
He added that the initiative of the five regional forums, launched by the Egyptian presidency of COP 27 in cooperation with the regional economic commissions of the United Nations and the Climate Pioneers Group, and the UAE presidency of COP 28 in the implementation of its second edition, aimed at finding projects that can be invested, financed and implemented in different regions.
He explained that the initiative has resulted in more than 400 projects that have been liquidated into about 100 projects to be presented to potential funding bodies, pointing out that seven deals have been completed so far, with work continuing to complete more deals before the start of the 28th Conference of the Parties in Dubai at the end of November.
Mohieldin expressed his hope for the success of COP 28 in achieving the transition towards equitable financing for climate and development action in developing countries, and stressing the complementarity between climate finance and development.
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African countries' debt crises hinder their ability to fund sustainability and climate action.

The Sharm El-Sheikh Adaptation Agenda focuses on five key areas: food, nature, coasts, settlements, and infrastructure.

The Five Regional Forums initiative, launched by the Egyptian COP27 presidency, identifies and connects investable projects with potential financiers.

Which African countries are driving the venture capital ecosystem?

The African Free Trade Agreement aims to boost the region's economy and reduce poverty by removing trade obstacles and accelerating growth.

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Content: General Supervision
Elham Aboul Fath
Editor-in-Chief
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Expert: Egypt ’ s experience in infrastructure projects plays a big role in Africa ’ s development
Dr. Mohamed Mostafa El-Kady, urban planning expert, said that the Egyptian experience in the implementation of infrastructure and construction projects can play a major role in the development of Africa, pointing out that encouraging direct investment and the entry of construction companies to Africa is a goal of the Egyptian state at the current stage to deepen its leadership role within the African Union countries.
He pointed out that the African Union countries can benefit from the experience of Egypt and Egyptian companies in implementing various infrastructure projects very quickly and efficiently in cooperation with foreign capital interested in investing in African markets.
He pointed out that cooperation in the field of reconstruction, housing and infrastructure between Egypt and African countries has roots stretching back to the 1950s and 1960s in the periods of liberation of African countries from foreign occupation.
He stressed that the goal of Egyptian-African integration to achieve development has become a strategic choice that cannot be overlooked, especially in light of the global crises that always weigh on the continent and its effects to the extent that it has not been able to achieve its priorities in development.
He said that the acceleration and success of the integration agreements depends on whether they can achieve the multiple national, regional and continental interests of the AU member states, which the Egyptian state can provide through Egyptian companies specialized in the construction of roads, bridges, docks, housing and infrastructure, in addition to consultants specialized in planning new cities and residential complexes.
Dr. Mohamed Mostafa El Kady pointed out that the African Free Trade Agreement (AfCFTA) brings significant economic and social benefits to the region as it aims to gradually remove barriers to intra-African trade.
In its report issued on June 30, 2022, the World Bank believes that one of the most important economic and social gains of this agreement is increasing incomes, reducing poverty and accelerating economic growth, and also believes that it provides benefits to the African market, which has more than 1.3 billion people and a combined GDP of $3.4 trillion.

The agreement benefits the African market, with 1.3 billion people and a $3.4 trillion GDP.

Egypt aims to expand agricultural investments in Africa for food self-sufficiency, amid challenges in producing key crops like cotton, wheat, corn, and soybeans due to limited land, water, and population growth.

Title:

Content: The Ministry of Agriculture recommends the establishment of a joint stock company for agricultural investment in Africa
0 2
The Committee on Agriculture and Irrigation of the Senate, during its meeting this evening under the chairmanship of Engineer Abdul Salam al-Jabali, Chairman of the Committee, discussed the proposal submitted by MP Mohammed al-Sebai, undersecretary of the Committee, on the expansion and promotion of agriculture by proxy in African countries to achieve self-sufficiency of food.
At the beginning, Al-Sibai reviewed his proposal, explaining that despite the strategic importance of national food security, this sector has not found sufficient care and attention by successive governments, and this indicates the decline of many strategic crops such as cotton, wheat, maize, beans and oil crops, where we find that self-sufficiency of wheat 47.7, maize 56.3% and beans 20% hinder the development of this sector. Progress in achieving high productivity rates and achieving self-sufficiency.
He pointed out that the most important causes of this problem are limited agricultural land, limited water, population growth rates and poor efficiency of agricultural land use, calling for the need to go to agricultural investment in Africa, which serves Egypt's efforts to achieve food security.
Abdel Salam Al-Gabali stressed the importance of this proposal at this time, in which the country seeks to achieve self-sufficiency of strategic crops it needs, in light of the challenges it faces due to the global crises that negatively affected the world food market.
Al-Jabali raised a number of questions to the government representatives participating in the meeting in order to come up with viable recommendations, the most prominent of these questions, what is responsible in the government for that file, and what are the obstacles before it?
He pointed out that this file can help the country in its steps to provide important crops and provide foreign currency.
For his part, Dr. Adel Abdel Azim, head of the Agricultural Research Center, stressed the importance of agricultural expansion in Africa, saying, “Success factors exist in Africa, and we have great Egyptian competencies and experiences that qualify us for success. ”
Abdel Azim pointed out that there are some Egyptian experiences in that direction, and that there is a study to expand it, and that the African Export Bank provides facilities and guarantees for investment in Africa, declaring the readiness of the research center to participate strongly in that expansion.
For his part, Maher Maghrebi, director of the African Farms Project, said that the state has already implemented agricultural projects in nine African countries, and its goal was development and not investment in the first place, adding: We put a proposal last year to plant one million feddans in four African countries, but the studies have not been completed yet and implementation has not started yet.
Ambassador Ihab Awad, Assistant Foreign Minister for African Affairs, said: “We have positive past experiences, but they are not of the desired size, pointing out that the ministry prepared a proposal to achieve investment expansion in Africa based on a study of some successful models in some countries, through the establishment of a company or entity in coordination with government agencies and the private sector. ”
For his part, Assistant Minister of Irrigation for Nile Water Affairs Mustafa Senussi said that the ministry has already prepared a study on the implementation of an integrated system in the cultivation of crops and the establishment of investments in a number of African countries, pointing out the importance of this also in building strategic relations with those countries.
He stressed the importance of the idea of establishing a company or entity that regulates agricultural investment in African countries so that it is under the auspices of the state and the management of the private sector, stressing that this idea helps to improve the economic situation in Egypt and saves the state the burdens of providing foreign currency.
He pointed to the importance of preparing the axes of the idea well, since agricultural investment cost is very high, and takes a long time to achieve a return.
He called on MP Abdel Fattah Denkul to extend an invitation to businessmen in the field of agriculture to study these investment opportunities in Africa under the supervision and care of the state.
MP Mohamed Saad al-Shalma pointed to the need to ensure the element of security in those African countries, before starting investments there, so as to reassure investors, and supported by MP Wajih Sanbel, calling for expanding the base of the private sector in that system, if the element of security is guaranteed.
MP Amr Abu al-Saud pointed to the importance of having a body to coordinate efforts, as there is a strategic dimension.
MP Gamal Aboul Fotouh, undersecretary of the committee, said that the proposal solves a problem suffered by the country and is considered a future project for Egypt, pointing to the importance of establishing a company that includes agricultural production and agricultural processing.
MP Mahmoud Abu Sedira proposed the establishment of a joint stock company under the auspices of the sovereign fund for investment in the agricultural sector, and that coordination with investors and the use of African experts in this field.
At the end of the meeting, the committee recommended the establishment of a joint stock company in coordination between the government and the private sector aimed at expanding agricultural investment in African countries and achieving self-sufficiency of strategic crops.

The Ministry of Foreign Affairs has proposed establishing a company in Africa to boost investment.

The Ministry of Foreign Affairs has proposed establishing a company in Africa to boost investment.

The Ministry of Foreign Affairs has proposed establishing a company in Africa to boost investment.

The Regional Investment Agency of COMESA stresses the importance of foreign direct investment for African countries.

Title:

Content: Monday 17 October 2022
Chairman of the Board of Directors and Editors
Abdurrahim Ali
Editor-in-Chief
Dalia Abdul Rahim
Chairman of the Board of Directors and Editorial Board
Abdurrahim Ali
Editor-in-Chief
Dalia Abdul Rahim
ECONOMY
COMESA: Foreign investment needed to help African countries overcome current conditions
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Heba Salameh, CEO of the Regional Investment Agency (RIA) of the Organization of the Common Market for Eastern and Southern Africa (COMESA) member states, stressed that attracting foreign direct investment has become an imperative to help African countries overcome the repercussions of the current global economic situation.
In her speech today at the opening of a workshop organized by the Regional Investment Agency (RIA) in Victoria Falls, Zimbabwe to showcase global best practices in the areas of investor aftercare, investment facilitation services and promotion of investment opportunities in COMESA member countries, Salama said that last year the global economy showed a recovery from the impact of the Coronavirus pandemic, with foreign direct investment around the world reaching $1.65 trillion in 2021 compared to $929 billion in 2020, up 77%. Report of UNCTAD.
She added that the world then witnessed new developments, which affected economies in various countries and created waves of stagnation and inflation, which highlights the role of promotion agencies and investment bodies in African countries to redouble their efforts to balance the effects of COVID-19 and the global situation on foreign direct investment, and compensate for those effects on the overall economies of countries, through modern practices in attracting direct investments.
The CEO of the Regional Investment Agency (RIA) pointed out that the Regional Investment Agency (RIA) of COMESA has taken it upon itself during the past two years, since the outbreak of the Corona phenomenon, to provide international best practices to the investment promotion agencies in COMESA countries in order to follow up and implement them, which positively reflects on the process of attracting foreign direct investment in the countries of COMESA.
Salama pointed out that the RIA has organized over the past two years 37 regional training programs benefiting more than 1500 trainees from all recreational agencies and investment authorities in the countries of the grouping. These programs included various fields of attracting and promoting foreign direct investment, including e-marketing, mental image enhancement campaigns, investment promotion strategies, statistics of foreign direct investment, and identification and promotion of investment projects.
It is noteworthy that the Regional Investment Agency of the member countries of the Common Market for Eastern and Southern Africa (COMESA RIA) is organizing today a three-day workshop in Victoria Falls, Zimbabwe to strengthen the capacities of investment promotion agencies and bodies in the countries of the Community to attract foreign direct investment.
The workshop aims to help investment agencies and bodies in the countries of the Community to increase their competitiveness to attract foreign direct investment, in light of the growing importance of the role played by these investments in improving the growth rates in the countries, especially in Africa, with the increasing repercussions of the global economic situation on emerging countries in particular.
The workshop, presented by international experts from the world ’ s largest companies and think tanks in the field of attracting and promoting direct investments, will be attended by officials of investment promotion bodies and agencies from 17 of the 21 COMESA member countries.
The workshop will discuss the best international practices in the fields of aftercare for investors, investment facilitation services and promotion of investment opportunities, in light of the repercussions of the Corona crisis and the Russian-Ukrainian war, as well as exchange of experiences and best practices in the field of investment in the world, especially the countries of the grouping.
The 21 member countries of the Common Market for Eastern and Southern Africa (COMESA) are Egypt, Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Eritrea, Estuatini, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tunisia, Uganda, Zambia and Zimbabwe.

Global foreign direct investment rose 77% to $1.65 trillion in 2021, up from $929 billion in 2020.

The African Development Bank will provide $5 million for new and renewable energy projects, tapping into Africa's 45% of the world's renewable energy potential.

Kenya attracted $21 billion in energy investments due to policy changes and an enabling environment.

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Egypt's 'Decent Life' initiative aims to improve rural living conditions through social protection, infrastructure upgrades, and economic development.

Title:

Content: Minister of Planning: "A decent life" initiative draws new features for the Egyptian countryside
Wednesday ، 31 August 2022 06: 26 PM
During the meeting.
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Minister of Planning and Economic Development Hala El Saeed participated in a panel discussion entitled "A decent life: an initiative as a model for African rural transformation" held within the fourth session of the eighth technical committee of the African Union on the topics of public service, local governance, urban development and decentralization, whose meetings Egypt is hosting this year.
During her speech, Dr. Hala Al-Saeed said that Egypt's hosting of the meetings of the Technical Committee of the African Union this year comes within the framework of Egypt's pivotal role in strengthening regional and international cooperation mechanisms in all fields that enhance the development and prosperity of the African continent.
She pointed out that the initiative is an unprecedented development project, as it is a comprehensive and integrated Egyptian development experience, and is one of the largest development experiences and initiatives in the history of Egypt, and even the world, both in the size of its financial allocations and the number of beneficiaries.
Al-Saeed explained that "a decent life" aims to improve the living conditions of the villagers through the provision of protection and social care, upgrading the level of infrastructure and urban services (drinking water, sanitation, paved roads and adequate housing), improving the quality of human development services (education / health / sports and youth services / cultural services...), promoting development and increasing employment opportunities. By stimulating investment, providing soft loans for small businesses, and expanding vocational training services.
Al-Saeed added that the scope of the initiative extends to more than 4,500 villages and their dependencies (all rural residents and half of Egypt ’ s population), reaching about 58% of the total population of the republic. The project will be implemented over three years at a total cost of approximately EGP 1 trillion, thus enhancing the country ’ s efforts to localize sustainable development goals and achieve balanced regional development, which is one of the pillars of Egypt ’ s Vision 2030. The structural reforms launched in April 2021 aim to transform the Egyptian economy into a productive, knowledge-based economy that is competitive in the global economy by encouraging inclusive growth, creating decent and productive jobs, diversifying and developing production patterns, improving the investment climate and business environment, localizing local industry and increasing the competitiveness of Egyptian exports.
Al-Saeed stressed that the initiative also contributes to achieving the objectives of the National Human Rights Strategy, whether related to service and political rights, economic, social and cultural rights, or the rights of women, children, people of determination, youth and other social groups. To improve the quality of life and the availability of basic services, and to achieve the satisfaction and aspirations of citizens.
The Minister of Planning and Economic Development pointed out that the implementation of the initiative is based on the participatory approach adopted by the State in the formulation, implementation and follow-up of all development plans and programs. This success culminated in its registration on the United Nations Goals Accelerators (July 2020) and International Best Practices (July 2021) platforms of the United Nations Department of Economic and Social Affairs (UNDESA).
Al-Saeed explained that a decent life is one of the most important international initiatives aimed at localizing the sustainable development goals in rural communities, in light of the fact that the objectives of the initiative converge with many of the United Nations goals for sustainable development and the vision of Africa 2063.
Al-Saeed said that the success of the initiative represents the starting point and the main motivation behind the state ’ s keenness to transfer its experiences to African brothers in light of the positive returns achieved by this pioneering initiative at the level of various developmental and economic levels, as this integrated development project contributed to enhancing the positive indicators achieved by the Egyptian economy as a result of the development efforts exerted by the state in recent years. It is one of a limited number of countries in the world that have achieved positive growth in light of the pandemic, in conjunction with the success of the Egyptian state ’ s efforts to reduce poverty in all areas in rural and urban areas.
The minister pointed out that the initiative ’ s contributions also extended to the areas of green transformation and climate change, as this phenomenon has repercussions on key economic sectors such as agriculture, water resources and energy, infrastructure, trade and supply chains, as well as its effects on public health, food security, education and employment. She stressed that the effects of climate change and its economic and social repercussions prevent the peoples of developing countries from benefiting from development efforts, and represents pressure on the economies of those countries, including Egypt, especially with increasing challenges in light of the negative repercussions of the Corona pandemic, opening new horizons for regional cooperation in the field of climate action, in light of Egypt hosting the upcoming COP27 Conference of the Parties in November 2022 in Sharm El Sheikh.
The joint development challenges and the limited capacity of African countries to face the risks of climate change individually are what inspired the Egyptian state to develop the features of the Decent Life for a Climate Resilient Africa initiative, which will be launched on the sidelines of COP 27, where the initiative aims to strengthen the implementation of the United Nations Framework Convention on Climate Change and the Paris Agreement. By integrating the principles and mechanisms of climate action into sustainable urban development in Africa, through an integrated approach that combines and balances adaptation, resilience and mitigation of climate change, providing innovative solutions to improve the quality of life of rural communities in Africa, providing them with basic services, economic opportunities and eradicating poverty through green development projects and efforts.
The minister also stressed the importance attached to this promising African initiative to adopt best practices derived from the success stories already implemented in the continent, using the best scientific expertise, resources and human capacities available, taking into account the lack of a unified development model applied to all African countries with different needs, capacities, priorities and climate risks. To improve the quality of life of rural communities, improve the capacity of risk management and preparedness for climate events at the community level, by providing additional opportunities for green economic activities including agro-industries, processing and waste recycling activities, and support basic services including education and health.
The Arab Republic of Egypt looks forward to supporting the African countries for this initiative and their active participation in the round of consultations scheduled to be held on the initiative at the end of September in Cairo, where these consultations will contribute to enhancing the consensus and common understanding of the initiative and enable it to achieve its objectives and improve the quality of life in rural areas in Africa through an approach that supports the continent ’ s efforts to face the consequences of climate change.
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The initiative targets 4,500 villages, benefiting 58% of Egypt's population, and is recognized by the UN as a best practice for achieving the SDGs.

The COVID-19 pandemic has caused unprecedented challenges, and multilateral partnerships are essential for a resilient and sustainable recovery.

Title:

Content: Wednesday 08 September 2021
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Editor-in-Chief
Wael Lotfy
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Editor-in-Chief
Wael Lotfy
The first session of the Egyptian Forum for International Cooperation
The participants in the first session, within the activities of the Egypt Forum for International Cooperation and Development Finance, which was held under the title: "The Role of Multilateral Partnerships in Post-COVID-19 Reconstruction Efforts", stressed that the Coronavirus pandemic caused unprecedented challenges at the health, economic and social levels, which had negative effects on development work.
Participants called for joint action among relevant stakeholders to achieve a resilient and sustainable recovery from the impact of the pandemic, as its challenges continue to grow, and stressed the importance of multilateral cooperation in recovery efforts through discussions between leaders and decision-makers from the Middle East and Africa (MEA) region and international financial institutions.
Participants in the panel discussion moderated by Bloomberg News presenter Manus Krani, which included high-level speakers, agreed that development finance should be used to mobilize resources, noting that it contributes to social and economic stability and creates shared prosperity for the international community, and highlighted the importance of promoting knowledge sharing and sharing of successful experiences as one of the most important mechanisms for effective international cooperation and sustainable development.
For her part, Dr. Rania Al-Mashat, Minister of International Cooperation, stressed that the world needs to work together to achieve the Sustainable Development Goals, in order to rebuild more effectively and address the repercussions and challenges imposed by the Corona, pointing out that the sharing of successful development experiences between countries is one of the tools of multilateral cooperation to achieve integration in development efforts.
Al-Mashat said that the continuation of the response to the COVID-19 pandemic and its repercussions will not be achieved without joint cooperation, and that the sustainable development goals will be achieved only through collective action, which requires the participation of relevant parties to ensure the cooperation of governments, the private sector and civil society in order to reach an inclusive and green economy.
Bourji Brandi, President of the World Economic Forum, praised Egypt ’ s successes and reforms in various economic sectors, pointing out that Egypt is one of the few emerging countries that have achieved economic growth of more than 3 percent despite the repercussions of the Coronavirus outbreak.
We are working and partnering with Egypt in efforts to reduce the gender gap, increase women ’ s participation in the workforce and reduce and improve the wage gap.
Nimbu Nandi Ndayitwah, Deputy Prime Minister and Minister for Foreign Affairs of Namibia, said the pandemic added to existing challenges and called for work to achieve the UN Sustainable Development Goals (SDGs) to make the world feel better.
“If we analyze the role of the African Trade Area, we will find a role to be played by governments, the private sector and civil society, and in our experience of providing the coronavirus vaccine, there was a model of cooperation with all parties, especially between the government and the private sector.
She pointed out that this does not achieve justice and we have only succeeded so far in vaccinating 10% of the population and that it was necessary to implement the Paris Agreement with one partnership and multiple responsibilities and the need to accelerate the SDGs and achieve equality in order to accelerate the recovery from COVID-19.
Ousmane Mae, Minister of Economy, Planning and Regional Development of Cameroon, said that governments have made an effort to meet the challenges, but we need more to face the Coronavirus pandemic, stressing the need for the international community to recognize the importance of joint action and multilateral cooperation to address the challenges.
In order to be stronger, multilateralism must go hand in hand with the rethinking of global development strategies after being affected by wars, terrorism and epidemics that showed the fragility of global economies.
While Keiko Miwa, Regional Director for Human Development at the World Bank Group, said that no one is safe from the challenges and difficulties of the Coronavirus unless everyone is safe and all vaccines must be made available to everyone, so there was a large movement to prepare for vaccination against COVID-19 and train workers.
She praised the experience of developing education in Egypt and said that what Egypt has done has contributed to moving away from indoctrination and going to question banks and new systems for exams.
For his part, Solomon Kwainor, Vice President of the African Development Bank Group for Private Sector and Infrastructure, pointed out that if the world and Africa do not get vaccinated, the world will not succeed in doing business in Africa, which needs to vaccinate its citizens.
He stressed the need to improve transport and electricity as essential elements of production and spoke with great appreciation of the cooperation with Egypt and what he witnessed during his visit to Egypt, especially at the Vaxera factory, which is producing a vaccine.
He added: "I think we need more cooperation, and I discussed in Egypt the role of the private sector and there are successful examples such as the Vaxera project, and we can transfer it to Africa, and there are other examples of success stories in Egypt and Senegal that can be blinded in the African continent.
The forum, which was launched this morning under the patronage of President Abdel Fattah al-Sisi, witnessed the participation of Prime Minister Mostafa Madbouly, and the ministers of international cooperation, manpower, supply, education, planning, local development, health, environment, communications, information technology, transport, social solidarity, agriculture, industry and trade.
health, workforce and local development.
The Forum has high-level participation from government representatives from Africa, Europe and Latin America, heads of international and regional financial institutions and representatives of the private sector and civil society.

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Egypt has allocated 130 billion pounds to address global economic challenges, including measures to ensure food security.

Title:

Content: Planning: 130 billion pounds allocated to face the repercussions of global economic challenges
Saturday ، 25 June 2022 12: 27 PM
Dr. Ahmed Kamali Deputy Minister of Planning
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Dr. Ahmed Kamali, Deputy Minister of Planning and Economic Development, participated in the session "Challenges of State-building in Africa: Resilient Institutions for Peace and Sustainable Development", held during the third edition of the Aswan Forum for Peace and Sustainable Development entitled "Africa in an Era of Consecutive Risks and Climate Vulnerability: Pathways for a Peaceful, Flexible and Sustainable Continent".
Dr. Ahmed Kamali said that Egypt has exerted rapid efforts and strong flexibility over the past few years, in responding to global shocks and crises to mitigate, adapt and recover from the short-, medium- and long-term effects of the epidemic and the events of the Ukraine crisis, adding that Egyptian institutions played a key role in ensuring effective and efficient performance and delivery of public services. Epidemic.
With the increasing uncertainty, the Ministry of Planning and Economic Development has focused on investing in human capital to equip public sector institutions with the skills and knowledge to adapt to changing circumstances through national and international training programs, as well as promoting multi-stakeholder cooperation and dialogue.
Kamali pointed out that the Ministry, through the National Institute for Governance and Sustainable Development, has launched the Egyptian Women Leaders Program, which has trained more than 3,873 Egyptian government employees from 12 Egyptian governorates to ensure institutional performance and deal with the challenges of government work, as well as the “She for a Digital Future ” program, which has trained 2,000 women so far.
Kamali referred to the programs launched by the Institute at the African and international levels, which included the African Women ’ s Leadership Program, and within the framework of various international partnerships.
Ahmed Kamali said that the Institute offers international training courses in the areas of governance and sustainability, pointing to the Leadership for Government Excellence Program with King ’ s College London and the American University in Cairo, the Innovative Governance for the Digital Age Program with Thunderbird School, the Global Leadership Executive Program with George Washington University, and the Good Governance, Anti-Corruption and Digitalization Program with the Herty School of Government.
Dr. Kamali pointed to the institutions of the Ministry of Planning and Economic Development, which included the Sovereign Fund, the National Institute for Governance and Sustainable Development, the National Planning Institute, the National Investment Bank, and the Cairo Demographic Center, adding that the Ministry of Planning succeeded in automating the successive stages of the preparation of the National Investment Plan through the development and adoption of the "Integrated System for Investment Plan Preparation and Monitoring."
Kamali added that the ministry has also developed and promoted Egypt ’ s Vision 2030, launched in 2016, which has been reconsidered and updated to ensure better alignment of national goals with the Sustainable Development Goals and enable the country to adapt to crises such as COVID-19.
Kamali added that the ministry has taken great steps in formulating the National Structural Reform Program, which aims to raise the productive capacity and competitiveness of the economy, in addition to achieving comprehensive, balanced and sustainable growth, by focusing on three main priority sectors, including the industrial sector, the agricultural sector and the ICT sector.
Kamali added that within the framework of the structural reform program, the Egyptian government has committed to continue investing in infrastructure development, given the critical role it plays in enhancing the business environment and enhancing private sector participation, which aims to adopt a number of policies, including the adoption of several institutional and legal reforms aimed at removing structural and regulatory barriers, thus facilitating the process of doing business and contributing to a more favorable business environment. Advance and review the law of intellectual property rights in accordance with international laws and standards.
On the measures taken by Egypt to face the Russian-Ukrainian crisis, Kamali explained that the state ’ s efforts to confront the crisis included implementing a package of financial and social protection measures to mitigate the repercussions of the global economic repercussions on the Egyptian citizen, and continuing to achieve food security.
On food security measures, Kamali pointed out that an additional supply incentive was granted to the local wheat price for the current agricultural season to encourage farmers to provide the largest possible quantity, while diversifying the sources of basic food commodities and increasing their stocks for a period of at least six months. its price and assign the Supply Investigation Department to make sure the new pricing is applied.
Dr. Kamali added that the measures taken included the provision of safe stocks of wheat, the allocation of 130 billion pounds to face the repercussions of global economic challenges and mitigate their effects on citizens, 2.7 billion pounds to include 450 thousand new families for the beneficiaries of "Takaful and Karama" program, in addition to the allocation of 190.5 billion pounds to the National Authority for Social Insurance to pay a pension increase by 13% with a minimum of 120 pounds starting from 1 April 2022. 24 to 30 thousand pounds by 25% to ease the pressure on citizens, with the implementation of the salary increase on April 1, 2022 instead of July 1, 2022, where 36 billion pounds are arranged to disburse the periodic bonus to the civil service law addressees, the special bonus for those who have not been addressed, and the additional incentive, in addition to the approval of an 8% increase in labor pay with a minimum of 100 pounds per month. The basic wage, a special bonus for those not addressed by the Civil Service Law with a minimum of LE 100 per month.
Regarding regional cooperation, Kamali referred to the Afro-Arab Trade Bridges Program, which is a model for an African institution that emerged in the midst of economic corrections and proved its resilience in the context of regional cooperation.
Over the past decade, 15 African countries have created sovereign funds, currently managing up to $24 billion in assets, he said, adding that African sovereign funds act as “a new breed of state-owned investors ” who play a key role in attracting capital to their local economies, rather than global financial markets, and thus play a greater role in creating resilience of African economies.
Commenting on the Egyptian experience, Kamali concluded, the Egyptian sovereign fund prioritizes innovative financing instruments and creates unique investment opportunities by investing a wealth of resources to unlock the value of Egypt ’ s untapped assets.
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The government has implemented measures to protect citizens from the Russian-Ukrainian crisis, including increasing basic goods supply and reducing prices.

The government has implemented measures to protect citizens from the Russian-Ukrainian crisis, including increasing basic goods supply and reducing prices.

The government has implemented measures to protect citizens from the Russian-Ukrainian crisis, including increasing basic goods supply and reducing prices.

South Africa addressed its energy crisis by reducing demand and investing in renewable energy.

Title:

Content: Request for a briefing to the government on the uncertainty of the government ’ s vision to exit the energy crisis
1
Dr. Maha Abdel Nasser, Member of the House of Representatives and Deputy Chairman of the Egyptian Social Democratic Party, asked for a briefing addressed to the Prime Minister, Minister of Electricity and Renewable Energy, and Minister of Petroleum and Mineral Resources on: The blurring vision of the government to get out of the energy crisis through the wise management of the policy of reducing loads and harnessing solar energy as a permanent solution instead of useless routine solutions.
Nasser said that during nearly a year, the Egyptian state witnessed a noticeable increase in the frequency of power outages or what the government calls the load reduction plan, due to high temperatures at times, and at other times the arrival of domestic energy consumption to its peak, according to the statements of the Prime Minister and former Minister of Electricity and Renewable Energy. In addition to poor planning in the management of load mitigation, resulting in unprecedented economic costs, effective solutions and alternatives to address that crisis are already on the ground.
The MP pointed out that there are many neighboring countries in a much worse situation than Egypt, but with wisdom and good use of the available tools and data, they were able to cross that crisis in an ideal and exemplary manner only because of the real will to solve and address.
She added that although precise figures on the total economic cost of reducing loads in Egypt are not yet available, data and statistics from those countries indicated that the losses incurred by the Egyptian state by analogy are very large.
For example, nearly 40 African countries estimated that a 1% increase in power outages led to a 2.86% reduction in GDP between 1997 and 2007, including South Africa, which estimated its losses in reducing burdens between 2007 and 2019 at about $2.3 billion, but managed to cope with this crisis similar to the current Egyptian state crisis with great success, through the implementation of an action plan. It aims to reduce the demand for traditional energy sources and increase investment in renewable energy as well as implement a policy of careful scheduling in reducing electricity loads to get out of this complex crisis.
South Africa has adopted a clear and accurate timetable for cutting electricity contrary to what is currently happening in Egypt, which contributed to reducing the economic and human cost resulting from it, and helped citizens to organize their work daily and weekly, which contributed to reducing the negative reaction. More than 6 hours such as Upper Egypt governorates and cities.
She explained that the South African government had a clear strategy to end the power outage by expanding investment in renewable energy, especially solar energy, in the year South Africa announced that strategy, the number of solar units used on rooftops of companies and homes significantly increased, thanks to tax incentives and financing facilities provided.
The government has also removed the licensing cap for renewable energy, gas and battery storage projects, which has also led to increased investment in those projects.
In addition, more than 100 projects with a capacity of 10,000 megawatts are currently underway, thanks to the South African government ’ s policy of easing restrictions and accelerating steps to enable consumers to connect to the public electricity grid and even make a profit from their surplus consumption.
As a result, South Africa has seen a large inflow of foreign direct investment in renewable energy, thanks to the favorable investment environment created by the government without excessive and unfair loans, without magical solutions from another world, and without flimsy justifications that indicate only the failure of the launchers.
In contrast, we find in Egypt that the government ’ s consumption rationing schedules include long periods of time from 2 pm to 9 pm, during which the power supply can be cut at the rate of three hours per day randomly without meeting specific dates, in addition to the fact that the Egyptian government does not apply the policy of reducing loads fairly in any way, as mentioned above. The most recent was what the Prime Minister announced recently when he confirmed that the Egyptian state is in the process of importing shipments of natural gas and diesel of about one billion and 180 million dollars to solve this crisis by the end of July, without stressing on ending it radically in the future.
She explained that this solution is a short-term solution does not get the country out of the energy crisis in any way, it is a purely consumer solution and not a therapeutic solution, which will inevitably lead to the government to continue to raise electricity prices, and may be forced to close generating stations and rationing consumption every time the supply of natural gas, which we import billions of dollars, while the state suffers from the scarcity of the dollar component. depleting solutions that consume the State's meagre dollar resources.
Here, we would like to inform the government if it does not know the geography of the Egyptian region correctly that the Egyptian state is located within a solar belt that enjoys an abundance of direct radiation that can generate more energy than the country ’ s current production of electricity if properly exploited. The government has delayed promoting Egypt ’ s solar potential in global forums and has focused on presenting itself only as a natural gas hub, which has not happened in the first place amid reports that Zohr ’ s reserves are collapsing eerily.
She stressed that if the government has succeeded in marketing new tourist cities, hotels, hospitals and health facilities to foreign and Egyptian investors, we do not know why it turns a blind eye to marketing its existing potentials in the field of solar energy in order to find an ideal solution to this grinding crisis!
Based on the above, the MP called for the establishment of a national committee of specialists and experts, not only members of the executive branch, to address the energy crisis urgently and quickly, following the model of South Africa, whose task is to coordinate between government bodies and ensure the full implementation of an emergency action plan.
In the short term, the plan should include a clear vision for the implementation of a fair and secure load reduction until its complete suspension, through clear information, accurate scheduling and a fair distribution of power cuts between all regions of the Republic.
The government also called for removing the risk of investing in renewable energy through the use of better practices that reduce red tape and provide tax incentives for small businesses and residential and commercial properties to use renewable energy.
The MP concluded her request: We inform the government that the current electricity crisis is a golden opportunity that it must exploit in the best way to raise awareness of the importance of renewable energy and stimulate investment in it, which will contribute to achieving sustainable energy security for the Egyptian state.
Finally, we kindly request you to transmit the briefing request to the Committee on Energy and Environment or the plenary for discussion.

South Africa's load shedding plan is more evenly distributed than Egypt's.

South Africa's load shedding plan is more evenly distributed than Egypt's.

South Africa's load shedding plan is more evenly distributed than Egypt's.