Tech

Mastercard Foundation partners AfCFTA, TradeMark to launch fisheries programme

Published

5 days ago

June 26, 2024

Mastercard Foundation has teamed up with the African Continental Free Trade Area (AfCFTA) Secretariat and TradeMark Africa, in a four-year fisheries programme aimed at empowering African women and youths.

The scheme, which is to be implemented across seven countries, will enable over 240,000 beneficiaries gain work opportunities and boost trade in fish and fish products by about $100 million by 2028.

Tagged “Women and Youth Economic Empowerment in Fisheries” programme, the project will enhance the participation of women and youth in fisheries in line with the adopted AfCFTA Protocol on Women and Youth in Trade.

The announcement of the programme which was made during the 14th Meeting of the Council of Ministers responsible for Trade in Zanzibar, is also designed to address structural challenges women and youth face when participating in the fisheries value chain.

A statement by AfCFTA Secretariat signed by H.E. Wamkele Mene, said the programme will “offer training, facilitate access to markets and finance, catalyze supply chain linkages, create digital solutions, simplify trade regimes, enhance compliance to standards and enable streamlined cross-border market access.”

“This programme is a culmination of work between the AfCFTA Secretariat and the Mastercard Foundation. This work started with the development of the AfCFTA private sector strategy, where priority value chains were identified to boost intra-Africa trade and production,” he said.

“TradeMark Africa will implement the programme to benefit Small, Medium and Micro Enterprises (SMMEs) in Kenya, Uganda, Tanzania, the Democratic Republic of Congo (DRC), Zambia, Nigeria and selected Island states.

“While the AfCFTA presents a unified preferential market opportunity, women and youth may not automatically benefit from such prospects if they are not adequately supported.

“The AfCFTA presents huge opportunities, while fostering entrepreneurship and job creation in a market of 1.4 billion people.

“The AfCFTA’s Protocol on Women and Youth in Trade has been developed to foster inclusive economic development by eliminating barriers to trade for women and young people in Africa.

“We are glad the programme aligns with our vision of bringing this marginalised group along on this journey to increase intra-Africa trade in “Creating One African Market” to ensure prosperity for all Africans. We encourage the potential beneficiaries to take advantage of this program.”

Mr. Daniel Hailu, Executive Director of Pan-African Programs at the Mastercard Foundation, stated:

‘’This program has the potential to catalyse dignified and fulfilling work opportunities for young men and women, foster intra-African trade, and contribute to economic growth and poverty alleviation.

“Together, we are laying the foundation for a more equitable and sustainable future for all.”

Related Topics:afcfta Empowerment Featured Fisheries Mastercard Foundation TradeMark Africa

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Tech

African startups invited to pitch for $1m “Future of Capitalism” challenge

Published

11 hours ago

July 1, 2024

Isaac Dachen

Organizers of the annual “Future of Capitalism” competition have invited African startups to pitch for the 2024 edition which carries a $1m prize tag.

In a press release issued by the competition’s founder, Leo Lion, the “Future of Capitalism” competition “allows founders to accelerate their startups with an investment of up to $1 million.”

The global startup competition is looking for innovative tech that will help businesses work smarter, the release said.

The release said the Leo Lion Foundation is committed to using business success and commercial acumen as a platform to support social projects across the world.

A statement posted on the website of the Leo Lion Foundation said:

“Do you want to realise your ambitions and use your business success to make a difference? The Future of Capitalism Tech Startup Competition is the right choice for you.

“The competition aims to invest in tech startups that want to make both a commercial and a social impact.

“Either by using business profits to support social causes or through providing a technology that could positively impact the people’s lives.

“The “Future of Capitalism” competition is on the lookout for tech startups that will transform how businesses operate, and founders who want to improve the world we live in.

“If your technology can transform how businesses operate – from improving productivity, security, logistics or sustainability to streamlining financial processes and enhancing customer experience, or perhaps something else – then this is the competition for you.”

Applications for the competition are now open and will close on Monday, September 30, 2024.

Eight shortlisted finalists will be invited to London for the chance to pitch their innovation in front of a prestigious panel of judges, including tech investment professionals, experienced entrepreneurs and angel investors, the statement said.

Tech

IFC partners Deutsche Bank to boost trade finance in Africa

Published

2 days ago

June 30, 2024

Isaac Dachen

The International Finance Corporation (IFC) has entered into a partnership with Deutsche Bank aimed at boosting trade finance in Africa.

In a statement by the IFC which is a member of the World Bank group, the risk-sharing facility with Deutsche Bank of up to €215 million will help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile and conflict-affected states.

The partnership with Deutsche Bank is expected to help meet the demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back, ultimately supporting the ongoing flow of trade on the continent.

“Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa,” the statement said.

It added that the initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.

“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Goule, Vice President for Industries. IFC.

“This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.

“IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent,” he added.

Also speaking on the partnership, Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank, said:

“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets.”