Category: Market

Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation, it said on Wednesday.

The unit of U.S. tech company Alphabet Inc made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.

Nitin Gajria, managing director for Google in Africa told Reuters in a virtual interview that the company would among others, target startups focusing on fintech, e-commerce and local language content.

“We are looking at areas that may have some strategic overlap with Google and where Google could potentially add value in partnering with some of these startups,” Gajria said.

In collaboration with not-for-profit organization Kiva, Google will also provide $10 million in low interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa so they can get through the economic hardship created by COVID-19.

Small businesses in Africa often struggle to get capital because they lack the necessary collateral required by banks in case they default. When credit is available, interest rates are usually too high.

Google said a program pioneered last year in Kenya in partnership with Safaricom that allows customers to pay for 4G-enabled phones in instalments would be expanded across the continent with mobile operators such as MTN, Orange and Vodacom.

Gajria said an undersea cable being built by Google to link Africa and Europe should come into service in the second half of next year and is expected to increase internet speeds by five times and lower data costs by up to 21% in countries like South Africa and Nigeria.

Source: Voice of America

COTONOU, BENIN – Benin set up a service early in the COVID-19 pandemic to allow people to register their business online, and now the West African country is the world’s fastest place to start a business, according to a U.N. agency.

Sandra Idossou, owner of a store selling art in Cotonou, Benin, submitted her business application online and received approval and legal documents within three hours.

She said if the e-registration system did not exist and she instead had to go stand in line to start a business, she never would have done it.

To create her business, Idossou went online to monentreprise.bj, a platform in Benin to create and formally start a business. The site was launched in February 2020 by the country’s Investment and Export Promotion Agency, which did not want people to come into their offices during the pandemic.

Applicants fill out the required information, download the required documents and make a payment online. The documents arrive at the agency’s headquarters, where staff verify the information and mail business certificates to those who are approved.

Laurent Gangbes, general manager of the Investment and Export Promotion Agency, said in 2019 the agency was at 28,000 businesses created. In 2020, the figure went to over 41,000. He said the agency now processes an application in about three hours.

The online service helped make Benin the fastest place in the world to start a company, according to the U.N. Conference on Trade and Development.

The businesses must be located in Benin; however, people abroad can use the service if they are in the process of setting up a business inside the country.

Economists like Albert Honlonkou see big benefits for entrepreneurs.

He said the online service reduces costs, reduces delays and avoids corruption. It also avoids carrying papers around and, in the COVID period, it avoids contacts.

The Investment and Export Promotion Agency said it will continue to review the procedures and work with the private sector to further improve the process.

Source: Voice of America

Three years ago, nearly every country in Africa agreed to be part of a continental free trade area intended to lower tariffs and boost economies. But the agreement has yet to be fully implemented because of restrictions stemming from the COVID-19 pandemic.

The World Bank says the Africa Continental Free Trade Area Agreement set up the largest free trade bloc in the world, and has the potential to pull 30 million people out of poverty.

The agreement reduces tariffs between African countries and, the World Bank says, could boost Africa’s combined GDP by $450 billion by 2035.

But those prospects may not materialize because many countries in Africa have yet to fully open their economies due to health restrictions to combat the spread of the coronavirus.

Kennedy Adede, founder of Shining Hope for Communities (SHOFCO), which works in poor neighborhoods in Nairobi, says the lack of employment opportunities has to be addressed.

“People are going through a lot of hardship, people are more scared of dying from hunger than dying from this virus and that has become a challenge. How do we solve that? That’s why this is not just about the vaccine alone,” Adede said. “It needs a multi-angle [approach] to fight this economically to ensure that we drive more jobs. If you think in Africa right now, the population of young people is scary and if they don’t trust what we are saying, then we are gone.”

Speaking at a recent webinar, John Nkengasong, director of the Africa Centers for Disease Control and Prevention, said that if Africa was better prepared to combat the pandemic, the free trade area would be flourishing.

“It’s really for us in public health to continue to make sure that we place the public health agenda at the center of political dialogues, at the center of the economic dialogue. Look at the damage the pandemic has caused to our continental aspiration for the continental free trade area. I will argue that without this pandemic, that whole aspiration, the developmental agenda would have been at a very different level today in the continent,” Nkengasong said.

Nearly 18 months into the pandemic, just 2.5% of Africa’s 1.3 billion people are vaccinated. The African CDC wants to vaccinate 60% of the population by the end of 2022.

The agency says Africa had received 123.5 million vaccine doses by mid-August. The continent secured the vaccine through bilateral agreements and COVAX, a global initiative that seeks to provide vaccine to developing countries.

African countries will also share some 400 million Johnson & Johnson vaccine doses, which are being manufactured in South Africa.

But Nkengasong says Africa is still not receiving enough vaccine.

“When COVID just started, it was very difficult for anyone in Africa to know somebody who has died of COVID but now is a common thing we know, and that is pushing that you see lines of people out there. So the first doses of vaccines that we supplied in the continent, some of those ended up in wastage because we were dealing with misinformation. The challenge we have now is that people are saying here we are with open arms, ready to get the jab, but the jabs are not there,” Nkengasong said.

Africa’s economy is still expected to grow 3.4% this year, but that’s of little consequence to the tens of millions who are struggling to find a steady income as the virus takes away jobs and lives.

Source: Voice of America

Electricity and Water Affairs Minister, Wael bin Nasser Al-Mubarak, said Bahraini youth’s involvement in managing the national projects and attaining civilisational achievements at all levels reflects the vision of the government, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, on enabling youth leaders to play their role in achieving the kingdom’s aspirations, and contribute to its sustainable development process.

Al-Mubarak made the statements while meeting remotely with the affiliates of the third intake of the ‘Hipo Youth’ advanced leadership programme, held between August 1 and September 8, and organised by the Bahrain Institute of Public Administration (BIPA) and the Youth and Sports Affairs Ministry, in cooperation with INJAZ Bahrain, JAFCON and the Bahrain Institute of Banking and Finance (BIBF).

The minister said that the success of the service government institutions depends on the new and creative ideas of youth leaders to upgrade government work and improve the quality of services delivered to the citizens.

He asserted that the Electricity and Water Affairs Ministry gives top priority to empowering its youth competencies and enhancing their administrative skills, noting that the Ministry’s efforts to promote the innovation and creativity culture, especially among youth competencies, has paid off, as it contributed to maintaining the efficiency of the services and increasing production.

BIPA Director-General, Dr. Raed Mohammed bin Shams, praised the administrative and leadership experience of Engineer Wael bin Nasser Al-Mubarak, stressing the importance of transferring his expertise to the young generation who will lead the nation-building and development process in the coming period.

He added that the “HIPO Youth” programme will continue its role in linking national young competencies with distinguished government leaders in order to develop their knowledge skills and scientific methods to help them launch projects that will bring about more achievements to the public and private sectors.

Source: Bahrain News Agency

Information Affairs Minister, Ali bin Mohammed Al-Romaihi, today received the Chairman of the Board of Directors of “Bahrain FM” company, Khalid Mohammed Mattar, in the presence of board member, Shaikh Badr bin Rashid Al Khalifa, company CEO, Omar Shaheen, and Bahrain FM Director, Imran Al-Aradi.

They discussed areas of cooperation between the Information Affairs Ministry and Bahrain FM company, in order to develop the media sector in the kingdom.

Al-Romaihi affirmed the Information Affairs Ministry’s support for the radio station, by providing it with all necessary capabilities, wishing the Board of Directors and the executive management every success.

Source: Bahrain News Agency

Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa has underlined the pioneering role of the Supreme Council for Women, under the presidency of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, Wife of His Majesty the King, in advancing Bahraini women at all levels. He stressed the council’s efforts in achieving the aspirations of HM King Hamad bin Isa Al Khalifa, pointing out the support of the government led by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

The Minister of Finance and National Economy was speaking as he received SCW Secretary General, Hala Al Ansari. He congratulated her on the 20th anniversary of SCW, commending the council’s pioneering role in boosting the status of Bahraini women.

He also reviewed with the SCW Secretary General the Bahraini model in the field of equal opportunities and gender balance.

Discussions also focused on a wide range of issues, including the SCW’s role in integrating women’s needs in development, in addition to the indices of the national plan to empower Bahraini women.

For her part, Al Ansari expressed sincere thanks and appreciation to the Minister of Finance and National Economy for his cooperation and keenness to support SCW and Bahraini women.

She affirmed the importance of enhancing cooperation to attain the desired goals.

Source: Bahrain News Agency