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Start-up competition She Loves Tech Hackathon comes to Africa

Coding school WeThinkCode_ and female entrepreneur network OYA Venture are bringing the world’s largest startup competition, focusing on women and technology, to South Africa

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Coding school WeThinkCode_ and female entrepreneur network OYA Venture are bringing the world’s largest startup competition, focusing on women and technology, to South Africa.

She Loves Tech, which was started in 2013 by Lean In China in Beijing has quickly spread to over 14 cities across the world. This year it will be holding its inaugural African sessions, with the East African Regional held in Nairobi on July 14th and the South African Regional held in Cape Town on 3 – 4 August 2018.

Given WeThinkCode_’s network of developers and focus on training, the South Africa Regional will take on the unique format of a hackathon. During the two day event, there will be workshops focusing on how to pitch a business idea, panels of thought leaders, as well as other mentoring sessions.

Read Also: Rera.farm is best start-up in Zimbabwe

During the actual women-themed hackathon, teams will be asked to focus on hacking solutions that combat youth unemployment, healthcare, or education – all problems which are deeply relevant to South Africans.

The winning team will win a trip to China for a week-long bootcamp with visits to leading Chinese tech companies and incubators, networking with investors, and cultural visits before the global finals and international conference.

Arlene Mulder of WeThinkCode_ believes the She Loves Tech initiative is a wonderful opportunity for South Africans, especially women, to showcase their innovation and talent. “South African women are strong, resilient and creative. We have the power to design solutions to create a world of possibility,” she said.

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Nigeria wants $2.25 billion World Bank loan

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Nigeria’s Finance Minister, Wale Edun, has revealed that the country is seeking up to $2.25 billion in World Bank loans and expects the bank’s board to approve the request in June.

The move was announced in a statement following the International Monetary Fund/World Bank spring meetings in Washington, D.C as the country also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country.

The World Bank loans would include $1.5 billion for development policy and $750 million for program-for-results, the statement said. It also said that the bank would meet in June to decide whether to approve the plan in its entirety.

The multilateral body is yet to comment on the revelation at press time.

Nigeria one of Africa’s biggest oil producers has struggled lately mainly over industrial-scale crude oil theft, and troubles getting foreign currency, which caused its naira currency to drop to all-time lows against the U.S. dollar. It has since recovered, though.

Already, the country is on record levels of debt, high unemployment, and large amounts of money from the central bank. However, Edun has insisted that the government had cut the money it borrowed from the central bank in half.

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Ghana’s finance minister anticipates debt restructuring MoU with lenders

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Ghana’s Finance Minister has announced that the country’s two main creditors will send him a draft Memorandum of Understanding (MoU) on a restructuring deal in May, signifying a major progress in the country’s debt reform.

Once the MoU is signed, it will make public the deal that was made in January to restructure $5.4 billion in loans with its official creditors, such as China and France.

The restructuring is a big step toward Ghana getting rid of its debt as it works to get out of the worst economic crisis in a generation. It should also allow the country to get more money from its $3 billion IMF program.

Mohammed Amin Adam said he was sure the International Monetary Fund (IMF) and the World Bank would work together at the Spring Meetings in Washington, D.C. In June, the Monetary Fund’s executive board will agree to review its staff-level deal.

From 2023 to 2028, Ghana’s national debt to gross domestic product level was supposed to go down by 15%. This guess says that the number will have gone down every year for six years, ending at 69.96% in 2028.

Ghana didn’t pay back most of its foreign loans in December 2022 because it became too expensive to do so. But now it needs to work out a deal with private holders of about $13 billion in foreign bonds. It has also changed most of its domestic debt.

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