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Africa Finance Corporation – Changing the Narrative on Africa

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


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New luxurious Vic Falls hotel close to opening

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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.


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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.


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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.


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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.


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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


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De-risking the World’s Future Growth Engine:

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

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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.


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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.


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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


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

RSVP (https://bit.ly/3eSzlmu)


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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


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Youth are Africa’s best asset; invest in them – AFDB President Adesina

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Africa’s underinvested youth are in need of urgent attention  and youth entrepreneurship investment banks must become the focus of global support, the African Development Bank (www.AfDB.org) head Dr. Akinwumi A. Adesina said Monday in a discussion on scaling up financing for the continent’s youth.


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Adesina was speaking at a virtual roundtable at which he presented a novel concept for youth entrepreneurship investment banks. The roundtable, organized by the African Development Bank, came a day ahead of the Summit on Financing African Economies convened by President Emmanuel Macron.

Spanish Foreign Minister Arancha González Laya, Jean-Michel Severino, CEO of Investisseurs et Partenaires; Ashish J. Thakkar, CEO of Mara Phones; Yana Kakar Global Managing Partner Emeritus at Dalberg Advisors; Yvonne Otieno, CEO, Miyonga Fresh Greens, and other representatives of the private sector joined in the meeting.


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Otieno urged the world to believe in the youth and to put their hands in their pockets. “Take a risk on us. You will never regret it,” she said in a moving presentation in which she described her career trajectory which began in a bookshop, progressed through journalism, to starting her own business growing French beans on 1.5 acres of land.

“Failure is only a weakness if you don’t learn from it,” said Otieno.


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With lack of access to finance a serious bottleneck, the proposed youth entrepreneurship investment banks would coordinate financial and non-financial actors and partners to more effectively support youth entrepreneurs.

 “We must support the youth to go beyond looking for jobs. We must unleash the entrepreneurial drive and capacities of the youth to create jobs, Adesina said. “We must grow, finance and support large scale successes of youth -led businesses in Africa.”


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Speaking immediately after Dr. Adesina’s opening remarks, Spanish Foreign Minister Arancha González Laya expressed strong support for the initiative. “Spain welcomes the African Development Bank’s youth entrepreneurship investment initiative, geared towards unlocking entrepreneurship and promoting the growth of businesses of the youth.” she said.

Thakkar, chair of the African Development Bank’s Presidential Youth Committee, advised that the youth investment banks would need to be  scalable and self-sustaining.  He said it was very important to create the right incentive structures for governments to encourage the private sector to play a key role.

Research suggests that Africa needs to create 18 to 30 million jobs annually through 2030, and Ladi Balogun, CEO of First City Monument Bank Group, reiterated the urgency of this challenge. He said time was of the essence in terms of mounting a response as well as accelerating decision-making processes for the extension of financing to entrepreneurs. He also advised working through local money managers to achieve scale.

“We have a ticking time bomb on our hands,” Balogun said.

Participants also commended the African Development Bank for taking a lead role in the effort to support youth entrepreneurs, as well as calling on the Bank to play a number of roles.

Yana Kakar said the African Development Bank has an important knowledge transfer role to play. She added that the Bank has much to share about what is needed in tech-enabled segments versus what might be needed to enable entrepreneurs in more production-oriented segments.

The African Development Bank has demonstrated its strong commitment to the youth of Africa through its Jobs for Youth in Africa Strategy to help create 25 million direct and indirect jobs, and empower 50 million youth by 2025. The institution has also set up a $40 million trust fund in partnership with several European countries to advance youth entrepreneurship and innovation.Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
Communication and External Relations Department
African Development Bank
email: o.terry@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.


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