East African Business Notifier

Djibouti’s Caisse Nationale de Securité Sociale (CNSS) has invested an additional USD 5.4 million in the capital stock of the Eastern and Southern African Trade and Development Bank (TDB), making it its third investment in the Bank since 2020.  Overall, CNSS has invested over USD 15 million in Class B shares and the value of its shares since its first investment has increased by 26%. In 2013, TDB launched its Class B shares, specifically designed to mobilize capital from institutional investors. The Bank now boasts over 20 institutional shareholders, including pension funds, a sovereign wealth fund, insurance companies, and development finance institutions from across the continent, Europe, and Asia.   Class B shares have attracted much interest from institutional investors, with USD 284 million invested to date, on the back of steady growth in TDB assets and impact in member states. Admassu Tadesse, TDB Group President and Managing Director   said: “ Investment in TDB’s ...

This year's Huawei Cloud Summit demonstrates how Huawei Cloud is the infrastructure of choice for AI applications.  With the theme of "Accelerate Intelligence with Everything as a Service", the 500-strong event brought together executives and experts from diverse industries, such as carrier, finance, and Internet.  Huawei Cloud presented 10 AI-oriented innovations and extensive industry expertise of Pangu models. The objective is an AI-ready infrastructure tailored to each industry for a faster journey towards intelligence.  Jim Lu, President of the European Region and Senior Vice President of Huawei, stated in his speech that, "Intelligence will open up new opportunities for Europe in the next decade. We hope to use ICT to help global customers and partners unlock the full potential of intelligence. Together with so many friends in Europe, we believe we can better support the digital and intelligent transformation of industries." Jacqueline Shi, President of Hu...

  Letshego Uganda, a subsidiary of Letshego Africa Holdings Ltd  and Turaco Insurance Brokers have partnered with Sanlam Uganda  to provide affordable health insurance coverage  to all Letshego customers.  The partnership aims to help mitigate health-related financial risks in line with Letshego’s mission of empowering the underbanked and underserved - driving financial inclusion in Africa.  With a mere 1%  of Ugandans  currently covered by formal insurance plans,  Letshego continues to look for ways to help bridge that gap.  Letshego and Turaco have been in partnership since 2023, providing health insurance to Letshego customers with loans over UGX 550,000 with their flagship product LetsGo Insure . Now with Sanlam Uganda, Letshego and Turaco are able to extend insurance to all customers, regardless of loan size. LetsGo Insure will continue to provide: Hospital Cash and Life Cover . The LetsGo Insure cover for loans under UGX 550,0...

 Africa could be the largest source of global economic growth over the next half-century. But during the same period, the continent could also trigger the next great European war. Goldman Sachs  projects  that Africa’s GDP will grow from roughly $3 trillion today to $44 trillion in 2075, with its share of global GDP rising from 3% to 11%. This increase would make the continent one of the world’s main growth engines, surpassed only by India, which is predicted to add $46 trillion in GDP over the same period.  To put this in perspective, between 2030 and 2075, Goldman Sachs’ model predicts that Chinese GDP will rise by $8.5 trillion less, and the United States’ GDP by $16.5 trillion less, than Africa’s. In fact, by 2075, Nigeria is forecast to become the world’s  fifth-largest economy , with a GDP of $13 trillion, and Egypt the  seventh-largest , with a GDP of more than $10 trillion. Meanwhile, Ethiopia is expected to rank 17th, while South Africa remains aro...

The African Union Commission has entered into a strategic partnership with AfricaNenda which aims to develop an advocacy program to support  Digital Transformation Strategy for Africa  (2020-2030), policy harmonization in Africa, and contribute to implementing the strategy’s roadmap with a particular focus on Inclusive Instant Payments Systems in Africa.  The partnership will accelerate the  expansion of digital public infrastructure  translating into universal access to digital financial services for all Africans.,  The AU Commission and AfricaNenda made the announcement in a  High Level Forum on Inclusive Instant Payments Systems in Africa  aimed at “Advancing innovative solutions to accelerate expansion of Digital Public Infrastructure.” The forum was equally timely as Africa makes progress in intra-African trade through the  African Continental Free Trade Area  where the digital financial services are increasingly boosting economic a...

  Investing in Africa, one of Europe’s leading Africa investment events will host its annual conference in London on October 7, 8 and 9th at the Park Plaza Westminster Hotel.  Over 1500 of the most senior and influential people within the African Investment world are expected to attend including 350+ investors. Investors include Development Finance Institutions (DFI’s), Sovereign Wealth Funds, Pension Funds, Private and Listed Equity funds, Private and Listed Credit Funds, Trade Funds, Infrastructure Funds, Impact Funds, Venture Capital Funds, Family Offices, Foundations and Fund of Funds. The conference will see 350+ speakers providing perspectives on the current investment climate and industry sector highlights discussing opportunities that are arising across Africa.  They will assess the  latest economic trends and fundraising environment and through lively panel discussions, interactive  panels, exceptional networking sessions and punchy project pitchin...

C-Care, Uganda, the largest private healthcare provider in Uganda, this week kicked off a spine surgery camp that has benefited victims of Traumatic Spinal Cord Injuries (TSCI) through consultations with orthopedic experts, operations and pain management techniques. The camp has run for 6 days; from Monday, 19 th  February 2024 until today Saturday 24 th  February 2024 and reached about reach 200 individuals living in East Africa in need of surgeries, and consultations. The camp organized by C-Care Uganda, aimed at extending tailored solutions to different spine problems like chronic back pains, neurological symptoms and other spinal conditions, and is hosted at C-Care IHK in Namuwongo Kampala. Officiating the start of the camp, the General Manager, C-Care Uganda, Dr. Miriam Mutero extended her sincere gratitude to the team of specialists that will be participating in the 6-day camp and wished them the best of luck. Dr. Mutero said, “The effects of Traumatic Spinal Cord Injuri...

School proprietors emphasize that technology has not only revolutionized learning but has also become a catalyst for extensive research, particularly benefiting underserved communities.  The impact of digital inclusion in African schools is evident, creating numerous opportunities for students and educators alike.  Sr. Abiyo Rebecca, the headmistress of St. Mary’s Assumpta Girls School, a beneficiary of Airtel Africa’s partnership with UNICEF to advance digital learning across the continent, shares her insights. She states, “Technology is playing a crucial role in bridging the digital gap. Students now conduct research, filling gaps in classroom knowledge.  Our recent success in the Climate Change debate is a testament to this. I am deeply moved by our mission to impart skills, knowledge, values, and to transform the attitudes of young girls, making a meaningful difference.”  Charity R. Bukenya, Airtel Uganda's CSR Manager, expresses her enthusiasm about the collabor...

“Take time to love yourself. You deserve it”, Avina Celeste. It is so important to take time for yourself. The most important relationship you have is with yourself. Many leaders tell themselves:  “It’s so busy, I can’t afford to…(take 8 hours sleeping, or stop to get lunch, or keep up my hobbies).” You need the energy to be fully present even as you’re fretting about the numerous emails piling up in your in-box, let alone the loaded Whatsap. need to be very creative.  Although most leaders have a sense of the fortitude, energy, and stamina they require to be successful, few of them make investments to bolster them. We know that sufficient sleep- 8 hours, proper nutrition, physical exercise, human connection, and time to relax are important, but do we practice them? Or, do you tell yourself, “It’s so busy, I can’t afford to self-care, which casts investments in your resilience as contrary to the best interests of yourself. Take sleep. Several researches say that one-third of a...

106 students graduated from the Aga Khan University in Uganda on Saturday at a ceremony that featured remarks by Princess Zahra Aga Khan and  Jan Sadek, Ambassador of the European Union to Uganda.    “It is a great pleasure to add my voice to the chorus of congratulations you are receiving today,” Ambassador Sadek said. “Today, Uganda is gaining men and women who will serve their fellow citizens as dedicated, ethical and compassionate leaders. This is a therefore a proud day not only for the graduates but for their country.”   “On graduating, you return to a world that is full of daunting challenges but also of endless possibilities,” Princess Zahra Aga Khan said in Nairobi, speaking on behalf of AKU’s founder and Chancellor, His Highness the Aga Khan. “Continue to strive with courage and optimism to grasp opportunities to serve your communities and contribute to a more pluralistic and peaceful world.”   The graduates received degrees from AKU’s School of Nursin...

As the United Nations enters the final stretch of negotiations for a new treaty to end plastic pollution, governments must work to ensure that the agreement not only reduces plastic production, but also strengthens local initiatives to remove and recycle existing plastic waste. Consider the Juan Díaz River, which runs through my hometown of Panama City. Tons of plastic – bottles and other detritus – bob in the river’s currents, owing to poor waste management.  Faced with this problem,  Marea Verde  (“Green Tide”), a non-profit organization that I co-founded, has  installed  a trash-trapping water wheel – dubbed the “Wanda” device – that now collects much of this waste before it reaches the ocean. Local initiatives like ours are necessary to achieve global climate goals. This is especially true for eliminating plastic pollution, which is largely driven by local consumption decisions.  The new UN treaty, in my view, should thus balance top-down efforts to red...