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New entrepreneurship initiative to boost job creation in Libya

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1 year ago

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The Deraya

The Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups

TRIPOLI, Libya, May 30, 2023/APO Group/ — 

The new “Deraya1 – دِرَايَــة Entrepreneurship Initiative” for young entrepreneurs seeks to build a dynamic ecosystem of innovative entrepreneurs and startups in Libya.

Young entrepreneurs in Libya face many challenges, including accessing markets and financial resources, and navigating regulations and administrative procedures. The Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups. The initiative was jointly developed by the Ministry of Local Government (MoLG), and United Nations Development Programme (UNDP), in collaboration with  the European Union (EU) and the African Development Bank (AfDB).

Targeting youth and vulnerable groups, Deraya is open to innovative and aspiring entrepreneurs aged between 18 and 35. Through interactive webinars, the initiative’s participants will be given an opportunity to engage with experienced entrepreneurs, subject matter experts, and role models from Libya, Egypt, and Tunisia and learn from their success stories, wealth of knowledge, and expertise. The initiative will also entail startup weekends in Tripoli, Benghazi, Sebha, and Derna, culminating with a pitch competition where the winning startups will receive financial support, financed by EU and AfDB, to further develop, grow, and take their business ideas to the next level. As a critical step towards sustainability, entrepreneurs will be linked to the municipal business incubators being set up with MoLG with UNDP’s technical support.

Commenting on the launch of the programme, Dr. Bader Al-Deen Al-Tomi, Minister of Local Government, said: “The Deraya initiative plays a pivotal role in the Ministry of Local Government’s strategy to develop entrepreneurship and micro-enterprises at the local level, empower municipalities economically, and provide job opportunities in line with Law 592 and Resolution 15003. We are delighted to work towards these goals in cooperation with our international partners, EU, AfDB and UNDP.”

EU Ambassador Mr. José Sabadell added: “Libya’s economic prosperity will be driven by young entrepreneurs with innovative, forward-looking ideas. They will be the key to a more diversified Libyan economy, a strong private sector and new jobs. Together with our Libyan and international partners, the European Union therefore seeks to offer strong and concrete support to young Libyan entrepreneurs, to realise their business ideas.”

Mr Mohamed El Azizi, Regional Director for North Africa at the African Development Bank, further commented: “Private sector development is key to boosting economic diversification and job creation in Libya. Supporting the trajectory of young Libyan men and women to develop and grow their start-ups has enormous socio-economic potential and will contribute to job creation. It is also important to ensure an adequate business enabling environment and institutional support. The EEYES project, financed by the AfDB through the Youth Entrepreneurship and Innovation Multidonor Trust Fund, and implemented by UNDP, supports these components.”  

UNDP Resident Representative, Mr. Marc-André Franche, said: “Libya has a new generation of young people, women and men, , with promising capacity and big ambitions. The country has the potential to be one of the biggest entrepreneurial ecosystems in North Africa, and through the Deraya programme, UNDP seek to help inspire and provide young entrepreneurs with the necessary resources and assets to realise growth and innovation.”

The Deraya programme is part of UNDP’s Local Peacebuilding and Resilience efforts in partnership with MoLG, aimed at creating socio-economic opportunities for youth and vulnerable groups to promote sustainable growth in Libya, including the establishment of the first Municipality-led business incubator (https://apo-opa.info/3C2SOf1) and the TEC+ Accelerator programme (https://apo-opa.info/3oANCMa).

The Deraya initiative, co-funded by AfDB and EU, is designed and implemented in collaboration with a consortium consisting of Flat6Labs (https://www.Flat6Labs.com/), Tatweer Research (https://TatweerResearch.org/) and MAZAM (https://apo-opa.info/3WUSWHf), bringing in years of experience and specialized knowledge in helping young entrepreneurs launch successful ventures in both the Middle East & Africa regions.

Libya’s economic prosperity will be driven by young entrepreneurs with innovative, forward-looking ideas

Further information and how to apply can be found on the website: Deraya.ly.

Background:
UNDP supports Libya’s transition towards peace, economic recovery, and sustainable development to help the country get on a more robust development path by supporting local authorities to restore essential services delivery and livelihood opportunities and promote peaceful co-existence. Job creation for youth is at the heart of UNDP’s local Peacebuilding efforts. This initiative is part of UNDP’s “Environment towards youth entrepreneurship support and positive migration governance project (EEYES)” programme financed by the African Development Bank (AfDB), and the Strengthening Local Capacity for Resilience and Recovery Project funded by the North of Africa Window of the European Union Emergency Trust Fund for Stability which contributes to addressing the root causes of irregular migration and displaced persons in Africa (EUTF – NOA). The Deraya initiative is implemented in partnership with Flat6Labs, Tatweer and Mazam.

[1] Deraya is an Arabic word meaning knowledge and awareness.

[2] https://apo-opa.info/45tZAYC

[3] https://apo-opa.info/3IKsGt7

Distributed by APO Group on behalf of Flat6Labs.

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Ministers among hundreds of energy-sector leaders to attend AOW event

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1 day ago

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October 4, 2024

By

Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

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Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

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1 day ago

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October 4, 2024

By

PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

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Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

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2 days ago

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October 4, 2024

By

Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

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