Connect with us

Business

EIB commits to mobilise €2 billion of gender-lens investment in Africa

Published

on

SheInvest already provided women across Africa with better access to finance, as well as with services and products that are better geared towards their needs.


Advertisement

One year after the launch of its SheInvest initiative at the end of 2019, the European Investment Bank (EIB) reached its initial target to mobilise a total of €1 billion in gender-lens investment that is set to boost gender equality and female economic empowerment across Africa. Given the success of its initiative, the EIB now commits to double its ambition and mobilise €2 billion of gender-responsive investment across the continent.

Building on its experience in northern and sub-Saharan African countries as well as in gender-focused lending, the EIB is further stepping up its efforts over the past year to increase investment in projects, sectors and markets that have a transformative effect on gender equality and can enhance the capacity of women to participate in the economy.


Advertisement

SheInvest already provided women across Africa with better access to finance, as well as with services and products that are better geared towards their needs.

EIB President Werner Hoyer, said: “Female entrepreneurs play a key role in fostering economic growth around the world and especially in Africa. Doubling the ambition of SheInvest shows how much we are committed to supporting gender equality and women’s economic empowerment in and beyond Africa. Together with our partners on the continent and through Team Europe, we are contributing to achieving the UN Sustainable Development Goals and furthering the EU development impact. I am convinced that by investing with a gender lens in projects, whether in digital, climate, water and health, we can have a transformational impact on the ground”.


Advertisement

EIB Vice-President Ambroise Fayolle, overseeing EIB’s development activities, said: “Unlocking the potential of women so that they can contribute fully to the economic activity is key to boosting Africa’s growth. I am very proud of the achievement of SheInvest. In just over a year, the EIB has provided credit lines via local banks in Uganda, Senegal and Benin, that will benefit female-led small enterprises.”

EIB Vice-President Thomas Östros, overseeing EIB’s activities for development, diversity and inclusion, added: “Through SheInvest the EIB also invested in high impact funds, such as DPI’s African Development Partners III Fund that will promote access to finance and employment of women in portfolio companies, including tech start-ups founded or co-founded by women. I am delighted that we are continuing and increasing the ambition of SheInvest in line with the EU’s gender action plan and Global Europe targets”.


Advertisement

In addition, a Technical Assistance Programme, the African Women Rising Initiative, is complementing the financing provided through SheInvest. Rolled out in Uganda, Senegal, Cote d’Ivoire and Rwanda, the technical assistance programme is providing capacity building and mentoring to women entrepreneurs and supporting intermediaries in designing financial and non-financial services tailored to their needs.

SheInvest also aims to promote gender-responsive climate financing, acknowledging the key role played by women in climate action and at the same time addressing their vulnerability to climate change impacts. Financing, therefore, targets climate and gender-responsive infrastructure projects, such as projects enhancing women’s access to water, clean, reliable and affordable energy, as well as sustainable public transport. Mainstreaming gender considerations into these kinds of projects will help unlock transformative impacts on the lives of women across the continent.

Investment under SheInvest is guided by the 2X Challenge criteria endorsed by the EIB to increase the impact of its financing for gender equality and women economic empowerment in developing countries.


Advertisement

Business

Africa Finance Corporation – Changing the Narrative on Africa

Published

on

Africa is on a major growth trajectory and the future belongs to Africa .


Advertisement


Advertisement
Continue Reading

Business

New luxurious Vic Falls hotel close to opening

Published

on

By

from DANIEL JONES in Victoria Falls, Zimbabwe
VICTORIA FALLS, (CAJ News) – THE multimillion dollar hotel that is the latest such facility in the prime resort town is set to open its doors in the Victoria Falls in July.


Advertisement

Spencers Creek is building the Palm River Hotel on the edge of the Zambezi River, at a cost of US$24,6 million.

The 71-room four-star hotel, built in partnership with Old Mutual Zimbabwe, targets high end travelers to Zimbabwe’s tourism capital.


Advertisement

Spencers Creek already runs Ilala Lodge Hotel group, another luxurious facility, in the town.

Heather Kay, the Ilala Lodge general manager, said the new hotel would comprise 60 deluxe rooms, two deluxe suites, two honeymoon suites, two family suites, three executive suites, one presidential suite and one Palm River Villa inclusive of three bedrooms.


Advertisement

It is also sensitive to disability as it includes two wheelchair accessible rooms.

“Construction of Block A (Acacia) and Block B (Baobab) made up of predominantly Deluxe rooms and a Presidential Suite, together with a refreshing 20-metre infinity pool are now complete and await the arrival of the first guests,” Kay said.


Advertisement

She said Block C (Combretum) and the main area including the reception, dining hall, bar and fresco restaurant are currently receiving the last of their final touches in preparation for the opening.

Block D (Duiker-berry), Block E (Ebony) and Block F (Fig) are being constructed and expected to be finished this November.

Kay said the hotel is elegantly appointed with comfort and space in mind and the interior design of the rooms is focused on bringing the stylish use of natural tones, locally sourced materials and artwork reflective of the area together.

She said the tastefully modern style of the Queenslander is reflected in the inside as well as the outside, giving a new sense of luxury in the resort city providing guests with comfortable modern convenience.

A river deck on the edge of Zambezi and a large alfresco dining area under a canopy of trees offering an A’la carte service, an outdoor bar, conferencing and events facilities, a pool that transforms into a star wonder-lit completes the luxury.

Palm River has made plans for a shuttle to transport clients between town and the lodge via some areas of interest such as the rainforest, Big Tree, Victoria Falls Bridge and Zambezi National Park.

The Palm hotel is one of a number of tourism developments in Victoria Falls.

President Emmerson Mnangagwa toured the site before construction last year in August.

Construction was delayed by challenges posed by COVID-19.

Recently built lodges in the area include Shearwater Village Explorer, Wild Horizon’s Old Drift and Mbano Manor Hotel and Mpala Jena Camp.

– CAJ News


Advertisement
Continue Reading

Business

De-risking the World’s Future Growth Engine:

African Trade Insurance (ATI) joins The Canada-Africa Chamber of Business

Published

on

By

n our 27-year history as a Chamber of Business (www.CanadaAfrica.ca), the latest range of risk insurance instruments from the African Trade Insurance (ATI) Agency is a major leap forward for Canadian institutional investors and African countries – standing to unlock billions in investment capital.


Advertisement

ATI facilitates inward investment in Africa by providing insurance against trade and investment risks. This month the organization joined The Canada-Africa Chamber of Business.

‘ATI is a game-changer. From discussions with private equity and pension fund representatives, ATI has the potential to ensure both the perceived and real risks on the continent are well-managed; ensuring investment committees can proceed on deals that until recently may have been deemed too risky,’ says Sebastian Spio-Garbrah, Chair of the Board, Chair of the Board at The Canada-Africa Chamber of Business.


Advertisement

The Canada-Africa Chamber of Business invites interested parties to learn more.

Join us on Thursday 20 May 2021 at 10:00 ET/ 16:00 CAT / 17:00 EAT


Advertisement

View the Full Virtual Program (https://bit.ly/3ooyuNB)

RSVP (https://bit.ly/3eSzlmu)


Advertisement

ATI has a good market position in Africa, based on the scale of its underwriting penetration and benefits from significant local expertise and understanding in a number of African countries. It currently insures trade and investments worth over USD6 billion or an average of 1-2% of GDP annually in its African member countries. ATI’s partners and clients include African Governments, lenders, traders (both domestic & international) and project developers.

‘It has become increasingly clear that to achieve “the Africa we want” the role of private sector must become central in mobilizing the needed resources. Alliances like this one present excellent opportunities to address the development challenges facing our region.’ – Manuel Moses, Chief Executive Officer, ATI

‘During my career on Bay Street, it was clear solutions were needed to unlock the billions of investable capital in Canada. ATI has since developed a suite of products that in my view has dramatically changed the landscape in recent years’  – Deepak Dave, Chief Risk Officer, ATI

ATI’s African Member states contribute, along with international governments, multilaterals and private sector to the pool of capital underwriting investments, without holding any influence over ATI operations. The Nairobi-based multilateral has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATI obtained an A3/Stable rating from Moody’s.Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

For More Information:
Garreth Bloor
President
The Canada-Africa Chamber of Business
Tel: +1.647.667.1223
Email: garreth@canadaafrica.ca
Manulife Building RTO
55 Bloor Street West
PO Box 19553
Toronto
Ontario M4W 3T9

About The African Trade Insurance Agency:
ATI was founded in 2001 by African States to cover the trade and investment risks of companies doing business in Africa. ATI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. In 2020, ATI closed the year with a gross exposure of US$6.3 billion and a net profit of US$39.4 million, owing to a strong demand for ATI’s insurance solutions from the international financial sector and from African governments. Since inception, ATI has supported US$66 billion worth of investments and trade into Africa. 
www.ATI-aca.org

About The Canada-Africa Chamber of Business:
The Chamber is committed to accelerating trade, business and investment between Canada and African markets, through world-class networking and information sharing opportunities.

Founded in 1994, the Chamber is based in Toronto and Ottawa, with members located throughout Canada and African markets.

The Chamber is an independent, not-for-profit organization with strong working links with both Canadian and African businesses and governments.
www.CanadaAfrica.ca


Advertisement
Continue Reading

Trending