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African Development Fund approves nearly $43 million to boost access to finance and non-financial services for Ethiopian Youth and Women-led MSMEs

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African Development Fund

The program focuses on improving access to finance, providing business development services, and strengthening the entrepreneurship enabling environment

ABIDJAN, Ivory Coast, May 22, 2024/APO Group/ — 

The Board of Directors of the African Development Fund – the African Development Bank Group’s (www.AfDB.org) concessional financing window – approved a grant of $42.86 million to Ethiopia on 22 May 2024 to fund the implementation of the Agri-MSMEs development for jobs Program.  

Aimed at boosting the growth and productivity of youth and women-led MSMEs in Ethiopia, the program focuses on improving access to finance, providing business development services, and strengthening the entrepreneurship enabling environment.

AfDB’s financing is bolstered by a $10 million contribution from the Development Bank of Ethiopia and $6.24 million from the Ethiopian Government. These will significantly boost this promising initiative seeking to eliminate the barriers to finance access for youth and women entrepreneurs’ access in Ethiopia.

The project aims to enhance the growth and productivity of over 8,000 micro, small and medium-sized businesses (MSMEs) led by young people and women. Emphasizing the transformational nature of the project, AfDB Deputy Director General for East Africa, Dr Abdul Kamara, stated, “The project interventions are timely and will support major sector reforms that will help strengthen the strategic and institutional framework for financial inclusion, and youth- and women-led entrepreneurship development in Ethiopia”.  

The project focus on youth and women entrepreneurs will immensely contribute to advancing the inclusive growth agenda and gender commitments of the Bank

The project comprises two pillars. One seeks to expand access to finance and non-financial services for youth and women led agri-MSMEs, with institutional capacity strengthening for the main institutional providers of non-financial services. Not only will it support financial institutions to increase lending to youth and women-led Agri-MSMEs, it will also improve the quality and range of services offered by key public and private sector entrepreneurship service providers.

These enhancements are designed to increase the quality of business development services and promote stronger linkages across different service providers. Ms Martha Phiri, AfDB Director for Human Development confirmed that “the project focus on youth and women entrepreneurs will immensely contribute to advancing the inclusive growth agenda and gender commitments of the Bank”.

The second pilar centres on designing, establishing and deploying the Youth Entrepreneurship Investment Bank (YEIB) (https://apo-opa.co/44QwcvG) framework. Its goal is to offer long-term financial and non-financial support to mitigate risks for youth entrepreneurs and nurture their talents and entrepreneurial spirit. The support includes a management company to oversee an equity investment fund providing long-term patient capital to youth businesses in the form of equity and quasi equity. The management company will also work closely with the national Public Credit Guarantee Scheme under design to provide guarantees to financial institutions to incentivise them to lend to youth businesses, which are most often asset-light, without collateral. It will also work closely with the Entrepreneurship Development Institute under the Ministry of Labour and Skills to build MSME capacity.

The Bank’s Acting Director of Financial Sector Development, Mr Ahmed Attout explained that, “The YEIB aims to transform hurdles for young entrepreneurs by acting as ecosystem anchor, convening stakeholders, achieving financial synergies, and establishing youth entrepreneurs as an attractive investment asset class.”

The project implementation emphasizes collaboration with the Africa Adaptation Acceleration Program, seeking to capitalize on opportunities for strengthening  businesses, while focusing on climate adaptation through capacity building and empowerment initiatives.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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Azentio expands its leadership team with 2 new appointments

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Women in leadership takes centre stage as Azentio welcomes Aarthi Ramesh and Emma Foley

SINGAPORE, Singapore, July 4, 2024/APO Group/ — 

Azentio Software (“Azentio“) (https://apo-opa.co/3XVs4JH)- a leading end-to-end software company specializing in the BFSI sector, today announced the appointment of Aarthi Ramesh as Chief Customer Officer and Emma Foley as Chief Marketing Officer.

Ramesh joins Azentio with over two decades of experience in the IT industry, both within the services and SaaS space. Most recently she served as Vice President at Freshworks, managing a large portfolio of strategic accounts across Asia Pacific, Middle East and Africa. During this time, she contributed significantly to the company’s growth, including as Head of GTM Operations, where she played a pivotal role in scaling the operations function and aligning it with the company’s IPO objectives. Prior to Freshworks, Aarthi had a long successful stint with Cognizant as global COO for a large business unit.

At Azentio, Ramesh will primarily be focused on delivering excellence in customer success. In her role, Aarthi will ensure customer satisfaction and retention by overseeing all customer-facing activities. This includes managing customer success teams, support services, and customer experience strategies to ensure seamless onboarding, adoption and ongoing engagement with Azentio products suite.

Aarthi and Emma are both driven and effective leaders who bring a wealth of experience, vision and innovation that will play a pivotal role in shaping the future of Azentio

Commenting on the announcement, Aarthi said, “I am delighted to join Azentio and lead our efforts towards achieving complete customer centricity. With my extensive background in both product and services and my dedication to driving customer success, I am confident I can significantly benefit both our business and our customers.”

Foley brings with her over 20 years of B2B marketing experience primarily focused on the tech space in the MEA, APAC and European markets. Most recently serving as the Head of Marketing for Europe, Middle East & Africa at Temenos, Foley is immersed in building high performing teams to drive transformative marketing models. Her expertise in leveraging data analytics to enhance marketing efficiency and effectiveness is expected to play a pivotal role in shaping Azentio’s marketing strategies into the future.

Her primary focus will be in ensuring Azentio’s value propositions are clear, compelling, and simple for customers as well as supporting the business in its strategic growth plans throughout the Middle East, Africa and South East Asia, with a significant focus on digital marketing technology as well as data-driven marketing initiatives.

Speaking about her appointment Foley commented, “I am thrilled to join Azentio, a company I have known and regarded highly for its cutting-edge solutions and customer-first approach. I look forward to leveraging my experience to contribute towards the company’s growth, driving marketing strategies that resonate with our customers and set new standards in the industry.”

Sanjay Singh, CEO at Azentio added, “Aarthi and Emma are both driven and effective leaders who bring a wealth of experience, vision and innovation that will play a pivotal role in shaping the future of Azentio. As our company continues to grow, I am confident that both of these leaders will help us to achieve Azentio’s vision and growth ambitions while championing innovation and a customer first mindset.”

Distributed by APO Group on behalf of Azentio Software Private Limited.

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Siemens and PANA Infrastructure Join Forces in Groundbreaking Initiative to Modernize Nigeria’s Power Sector

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Siemens

By integrating innovative technologies and forming strategic partnerships, PANA Infrastructure provides sustainable solutions that support Nigeria’s growth across a range of industry sectors

ABUJA, Nigeria, July 3, 2024/APO Group/ — 

Siemens (www.Siemens.com​) and PANA Infrastructure announce a strategic collaboration to tackle Nigeria’s Electrical Infrastructure sector; The initiative aims to enhance power stability and create job opportunities in Nigeria; Combining expertise, they aim to enhance Nigeria’s power sector.

Siemens, a leading global technology company, and PANA Infrastructure, a Nigerian conglomerate with an increasing footprint across Sub-Saharan Africa, have formally announced a strategic partnership aimed at modernizing and upgrading Nigeria’s electric power infrastructure through the provision of grid automation, and smart infrastructure solutions across Nigeria. This collaboration, solidified through a formal agreement signifies a pivotal step towards addressing Nigeria’s pressing electricity challenges while fostering economic growth and technological advancement in the region.

“This collaboration underscores our commitment to fostering sustainable development and advancing technology in Nigeria,” stated Sabine Dall’Omo, CEO of Siemens Sub-Saharan Africa. “By combining Siemens’ expertise in smart grid technologies with PANA Infrastructure’s deep market insights, we aim to ensure a reliable power supply and drive economic progress in the region.”

We are committed to addressing Nigeria’s critical power infrastructure with the use of advanced low voltage, medium voltage, and smart grid management technologies

According to Mr. Daere Akobo, Chairman of PANA Holdings, “this strategic collaboration with Siemens is a pivotal opportunity to transform Nigeria’s power sector. We are committed to addressing Nigeria’s critical power infrastructure with the use of advanced low voltage, medium voltage, and smart grid management technologies. This collaboration is in alignment with the transformation agenda in the power sector by the Nigerian government to significantly improve power supply in the country, in a manner that translates to economic progress for all Nigerians.”

The agreement signed between Siemens and PANA Infrastructure, focuses on enhancing grid reliability and stability, deepening electrification rates to meet the rapidly growing demand for electricity in Nigeria.

Simultaneously, recognizing Nigeria’s potential for substantial investments in industrial modernization, the partnership will concentrate on unlocking Nigeria’s potential in the industrial power sector. This initiative aims to revolutionize Nigeria’s industrial landscape by harnessing the power of advanced technologies and solutions to enhance productivity, efficiency, and quality. Through local capacity development, enhancing employees’ skills and capabilities, Siemens and PANA Infrastructure will pave the way for a new era of industrial excellence in Nigeria.

“Siemens reaffirms its commitment to Nigeria, with a focus on identifying and developing strategic business opportunities within the region. By leveraging a go-to-market strategy that includes knowledge platforms, collaborative business strategies, integrated sales and marketing teams, and global support, Siemens strives to bring significant business value to the Nigerian market,” says Sabine Dall’Omo.

Meanwhile, PANA Infrastructure has positioned itself as a key player in understanding and envisioning the needs of industry stakeholders and local communities. By integrating innovative technologies and forming strategic partnerships, PANA Infrastructure provides sustainable solutions that support Nigeria’s growth across a range of industry sectors.

This strategic collaboration between Siemens and PANA Infrastructure represents the convergence of proven expertise and application know-how, ensuring the highest quality of solution implementation for Nigeria’s industrial power sector. By addressing key challenges in Nigeria’s power and industrial sectors, including electricity losses, rural electrification, capacity building, local production, technology transfer, and quality standards, this partnership aims to drive sustainable growth and development in Nigeria.

Distributed by APO Group on behalf of Siemens AG.

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Afreximbank announces Board changes and increase in authorized capital

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Afreximbank

Mrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed

CAIRO, Egypt, July 3, 2024/APO Group/ — 

African Export-Import Bank (“Afreximbank” or the “Bank”) (www.Afreximbank.com) is pleased to announce the following Board changes which took place at the Bank’s 31st Annual General Meeting held recently in Nassau, The Bahamas,

Board Changes

Class “A”

Mrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed. Mrs. Jafiya is the Permanent Secretary, Federal Ministry of Finance of the Federal Republic of Nigeria.

Mr. Amadou Hott was elected to fill the position of the African Development Bank nominated board seat. Mr. Hott is currently the Special Envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa. Prior to this appointment, Mr. Hott was Senegal’s Minister for Economy, Planning and Cooperation.

Class “B”

We look forward to their support and insight as we strive to build a prosperous Global Africa

Mr. Noël Mekulu Mvondo Akame was elected to replace Mr. Jean-Marie Mani. Mr. Mekulu Mvondo Akame is currently the Director General of the National Social Insurance Fund (CNPS) of Cameroon.

Class “C”

Ms. Yu Wen was elected to replace Ms Lili Yang. Ms. Yu Wen currently serves as the General Manager of the International Department at the Export-Import Bank of China (CEXIM).

Increase in Authorised Share Capital

The shareholders of the Bank also approved an increase in the authorised share capital from US$5 billion to US$25 billion. The increase recognizes the rapid growth of the Bank in response to the challenges facing the African continent. It also creates capacity for the Bank to support the growth and development envisaged for the African continent in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.

Commenting on these significant developments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank remarked:

“Afreximbank is most grateful to departing Board Members for their services to the Bank and Africa. They were for many years, part of a formidable team, that made significant contribution to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds. We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”

 He added: “the overwhelming endorsement by Shareholders of the historic increase of the Bank from US$5 billion to US$25 billion reflected their firm belief and trust in the Board and Management of the Bank and in the Bank’s mission. This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.”

Distributed by APO Group on behalf of Afreximbank.

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