Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

(Bloomberg) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns, while relying more on artificial intelligence to mine data and spot new investment opportunities.

“With an abundance of natural resources and young, growing and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment Authority Managing Director Hamed bin Zayed Al Nahyan. “We already routinely incorporate climate-change considerations into all of our investment proposals, and have been steadily expanding our exposure to renewable energy.”

The $710 billion fund, known as ADIA, this year started a climate-change equity portfolio aimed at boosting its green-economy exposure, and is a shareholder in sustainable-energy projects that generate more than 20 gigawatts of power.

ADIA’s 20-year annualized returns through December of last year were 4.8%, the lowest since 2008, according to the fund’s 2019 review. It blamed the absence of strong gains in the late 1990s for the drop. Thirty-year annualized rates of return were 6.6%, compared with 6.5% in 2018. Sovereign wealth funds in the Gulf, where governments are struggling to absorb the impact of lower oil prices, have been making adjustments to generate higher yields.

Africa Prospects
While ADIA continues to see China and India as the global economy’s growth engines, it’s monitoring developments on the world’s poorest continent for opportunities. Nigeria’s stock market is the best-performing in the world after Argentina this year, while dollar bonds issued by Angola, Zambia and Ghana posted the best returns among emerging markets last month. Five of the world’s 10 fastest-growing economies will be found in Africa through 2022, according to forecasts compiled by Bloomberg.

Investors Are Waking Up to Some of the Most-Maligned Markets

ADIA is betting that advances in technology are “likely to bring the greatest changes to the investment industry in the decade to come,” Al Nahyan said in the review released on Tuesday.

In response, ADIA earlier this year made a string of hires to become part of a team that is building out its artificial intelligence and machine learning expertise.

“ADIA has made it a priority to integrate technology throughout our investment process, in ways that support our ability to generate insights and achieve superior returns,” the managing director said.

It employs about 1,700 people and besides developed markets equities, which makes up as much as 42% of ADIA’s portfolio, the fund holds bonds, alternative assets, real estate, private equity, infrastructure and cash.

©2020 Bloomberg L.P.

Read more at: https://www.bloombergquint.com/business/abu-dhabi-wealth-fund-targets-africa-renewables-to-lift-returns
Copyright © BloombergQuint


Source: Infrastructure

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Saudi public investment fund poised to invest in Egypt’s sovereign wealth fund

Saudi Arabia’s Public Investment Fund (PIF) is keen to inject investment into Egypt’s Sovereign Wealth Fund (TSFE) as well as into other projects, reports say citing a statement from the Egyptian government.

Saudi Arabia’s Public Investment Fund (PIF) is keen to inject investment into Egypt’s Sovereign Wealth Fund (TSFE) as well as into other projects, reports say citing a statement from the Egyptian government.

TSFE has according to the statement submitted investment proposals to the Saudi fund. The announcement came during Wednesday’s meeting between Egypt’s Moustafa Madbouly, Ayman Soliman, the TSFE CEO and Saudi State Minister Issam bin Saad.

Saad made the trip to Egypt to review previous works, investment agreements previously signed, and to review the investments that TSFE proposes for the PIF to study. Saudi Arabia is the regional leading backer of the regime of President Al Sisi who came to power in 2013 following a coup d’état against first democratically elected President Mohamed Morsi.

The Gulf country has pumped billions of dollars as well as grants into Egypt’s economy. During his last official visit to Egypt in 2016, King Salam oversaw the signing of several investment agreements worth 60 billion riyals between PIF and the Egyptian government. The investments covered several areas including energy, agriculture and maritime transport.


Source: Infrastructure

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Angel fair Africa africa.com The Investors are virtual for 8th AFA

Forty-three leading global investors from Africa, Europe, US and the Middle East have signed up to participate virtually in the 8th Angel Fair Africa on 5th November 2020.

The investors are from Angel Africa List (AAL), Africa Venture Capital and Private Equity Association (AVCA), America Capital Association (ACA), Women-In-Capital (WIC), Viktoria Business Angel Network, Brightmore Capital, amongst others. Asime Partners and MSM Property Fund are supporting the investor participation. The ten selected ventures to pitch to these investors have gone through our one-month Africa Virtual Accelerator (AVA) @ https://www.africavirtualaccelerator.com/in.php. They are, ShopMeAway led by Racine Carr; Kalpay led by Ibrahima Kane; AgroInnova led by Amos Narh; Adi&Bolga led by Abimbola Oladeji; Kladika led by Muthoni Mwangi; Gift Pesa led by Pamela Muriuki; Ejoobi led by Simangele Mphahlele; Kweza led by Ropafadzo Musvaire, Afrijob Network led by Harriet Kariuki and Curacel led by Henry Mascot. Their participation is supported by Google, Impact Hub Dakar, CTIC Dakar, MEST Africa, StartupBootcamp Africa, Viable, Adei Institute and iHub.

NOV. 5th – Angel Fair Africa

 

Abimbola Oladeji of Adi&Bolga said “AVA was a truly intense month-long accelerator experience, packed with lots of learnings and insight delivered by mentors with diverse backgrounds in the startup ecosystem. I’m grateful to have been selected to be part of this cohort and I’m excited for pitch day next week”.

Pamela Muriuki of Gift Pesa said “My experience at AVA has been a serendipitous encounter. I have discovered new use cases for the Gift Pesa platform. The new use cases have more than tripled our market size – this is brilliant. Am now feeling prepared to meet investors with confidence.”

Ropafadzo Musvaire of Kweza said “My AVA journey has been a very engaging and relevant learning opportunity that has also given me access to an incredible network of players in the Africa tech ecosystem.”

Racine Sarr of ShopMeAway said “Focused and well structured! AVA program made me go through all vital parts of my business again but this time with the help of world-class experts. Unlearning and re-learning super-fast, October has been more hot than usual. Thank you, AVA.”

Sewu-Steve Tawia, Head of the Asime Partners family office said, “we have followed the momentum developed by the event despite the COVID pandemic and are happy to help bring the investor community together for what promises to be the best of its kind event in a virtual environment”.

Musi Skosana, CEO of MSM Property Fund observed that “the increased participation of female investors and entrepreneurs in the event signaled a welcomed change in the state of affairs regarding gender parity and the beginning of a new era of female entrepreneurship”.

According to Angela Akua Asante, Founder of TITA Productions, she is excited to be the MC for this year’s event as she is impressed with the caliber of investors and entrepreneurs who are going to pitch as well as constitute the panels for the event.

5th November 2020 on the www.virtualconferenceafrica.com platform.

Angel Fair Africa is an event that brings together accelerators, incubators and emerging businesses from across the African continent and investors to do deals.

Contactinfo@angelfairafrica.com

Africa.com is a media holding company with an extensive array of platforms that reach a global audience interested in African content and community. Africa.com’s interests include a business publisher’s network, content syndication, the website at www.iafrica.com, email newsletters, various social media platforms, and internet domain names ending with the “.africa.com” extension. Africa.com operates from Johannesburg, Lagos, and New York, and has a presence in Cape Town and Nairobi.

Dalberg ( www.dalberg.com ) is a global group of change makers (entrepreneurs, innovators, designers, creative problem solvers, thinkers and doers) working to build a more inclusive and sustainable world where all people, everywhere, can reach their fullest potential. We partner with and serve communities, governments, and companies throughout the world, providing and innovative mix of services.


Source: Infrastructure

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Africa Energy Forum 2020

The Digital Energy Festival 2020

The Africa Energy Forum 2020 joins forces with the African Utility Week and POWERGEN Africa and Oil & Gas Council’s Africa Assembly this October to host a ‘Digital Africa Energy Festival’ – the largest ever energy event for the African continent.

A month-long digital platform featuring a vast array of content & networking offerings, delivering critical information at a time when the industry needs it most.


Source: Infrastructure

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Angel fair Africa africa.com 5th Nov 2020

All Female Investors and Entrepreneurs Panel @ 8 th AFA

The 8 th Angel Fair Africa would feature an all female investors and entrepreneurs panel; thus building on our 2016 all female investors panel. The investors pane, consisting of Hannah Subayi, Partner of Dazzle Angels, Evelyne Dioh, CEO of WIC Capital, Lelemba Phiri, Partner of Enygma Ventures and Maya Famodu, CEO of Ingressive Capital, will be moderated by Salimatou Diallo, Partner of SD Avocats.

 

The entrepreneurs panel, consisting of Magatte Wade CEO of Skin to Skin, Jamila Zomah CEO of Africa Dish Out, Isseu Diop Sakho CEO of Mburu, and Sassoum Niang CMO of InTouch SA, will be moderated by Eva Sow, Director of i4Policy.

“The Africa investment and entrepreneurial ecosystem is maturing to the point where we have strong participation of women across the entire value chain. Our all-female panels are meant to showcase this important development” said Eric Osiakwan, Co-Founder of Angel Fair Africa. This year’s investors panelists are actually some of the most active investors during the pandemic. For example Maya Famodu closed her $10m Seed Fund during the pandemic. Lelemba Phiri, Evelyne Dioh and Hannah Subayi have all made significant investments during the period. Therefore their panel will focus on how they ensured these achievements, and the lessons to be learnt therefrom. The entrepreneurs panel, on the other hand, is made up of those who have defied the pandemic to grow their businesses. For example, Jamila Zomah whose Africa Dish Out saw 44% growth. Isseu Diop Sakho of Mburu who actually got money??? during the pandemic. They would be sharing these stories on their panel.

The lockdown in Africa during the pandemic, created a positive domino effect, where we saw mergers and acquisitions (M&A) picking up pace across the continent. Therefore we are replacing our Exit panel with an M&A panel, Here we have Endre Opdal, CEO of HotelOnline, Dare Okundjou, CEO of MSF Africa, Gregory Rockson and CEO of mPharma sharing their recent M&A activities. This panel will be moderated by Winnie Mwangi, a VC and Impact Investment Professional from Kenya.

These feed into our overall theme of exploring Lucy Quist’s Bold New Normal within the new normal of “doing deals in a virtual environment”, featured on:

5th November 2020 on the www.virtualconferenceafrica.com platform.

Being a thought leader, as well as the Chief Diversity and Inclusion Officer of Morgan Stanley, Lucy would open the day with her views on how Africa’s Bold New Normal would work within the World’s new normal.The format will be a fireside chat with Ian Ziddah, Partner of Chanzo Capital. Teresa Clarke, Chairman and CEO of Africa.com will follow with a lunchtime keynote fireside chat on how she exemplified the bold new normal. She left Goldman Sachs in New York, relocated to Johannesburg, South Africa, and proceeded to build Africa.com from the ground up into a media empire, which last year acquired iAfrica. The day will end with Musi Skosana of MSM Property Fund interviewing Tim Draper of Draper. VC on his bold new normal of investing globally from Silicon Valley into companies like Baidu, Tesla, Hotmail, Skype, etc which all redefined their industries.

Angel Fair Africa is an event that brings together accelerators, incubators and emerging businesses from across the African continent and investors to do deals.

Contactinfo@angelfairafrica.com

Africa.com is a media holding company with an extensive array of platforms that reach a global audience interested in African content and community. Africa.com’s interests include a business publisher’s network, content syndication, the website at www.iafrica.com, email newsletters, various social media platforms, and internet domain names ending with the “.africa.com” extension. Africa.com operates from Johannesburg, Lagos, and New York, and has a presence in Cape Town and Nairobi.

Dalberg ( www.dalberg.com ) is a global group of change makers (entrepreneurs, innovators, designers, creative problem solvers, thinkers and doers) working to build a more inclusive and sustainable world where all people, everywhere, can reach their fullest potential. We partner with and serve communities, governments, and companies throughout the world, providing and innovative mix of services.


Source: Infrastructure

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Curtain falls on the African Development Bank 2020 Annual Meetings as Governors endorse President Adesina’s bold development program

Adesina: “I am deeply grateful for the collective trust, strong confidence and support of our shareholders”

ABIDJAN, Ivory Coast, August 28, 2020/APO Group/ — Newly reelected African Development Bank (AfDB.org) President Akinwumi Adesina voiced great optimism about Africa’s future as the institution closed its 55th Annual meetings. The Bank’s Board of Governors today unanimously voted for a second five-year term for Adesina, giving him a mandate to renew a focus on the institution’s priorities, including closer continental integration, boosting renewable energy sources and developing infrastructure.

The election of the president was the centerpiece of the two-day meetings, held virtually for the first time in the Bank’s history amid the ongoing COVID-19 pandemic.

The pandemic formed a backdrop that underscored the Bank’s critical leadership role in assisting African countries to marshal responses to its health and economic impacts. A wider commitment to grow Africa’s resilience by building back its economies post-pandemic with an eye to mitigating climate change and assuring more equitable growth, is also an important agenda for the Bank.

In a 16-point communique, Governors lauded the Bank’s swift response to the pandemic, endorsed its strategic priorities, and urged greater emphasis on building out primary healthcare infrastructure and supporting member countries meet their Paris Agreement commitments.

“We urge the Bank Group to deepen its collaboration with the African Union and the Regional Economic Communities (RECs) to fast-track Africa’s integration and economic and social transformation particularly in view of the implementation of the African Continental Free Trade Area, which has the potential to increase growth, enhance competitiveness, improve the business climate, as well as ensure greater investment and development of regional and continental global value chains,” the communique stated.

In closing remarks, Chairperson of the Board of Governors, Niale Kaba, the Ivorian Minister of National Planning, noted the Governors achieved consensus.

“I note with satisfaction that we were able together to face up to all of these challenges. Let me seize this opportunity to tell you this was the outcome of collective work and I was able to benefit from the wise advice of many regional and non-regional governors for us to be able to reach a common ground.”

Kaba also observed that the meeting’s virtual format had deprived Cote d’Ivoire of the opportunity to showcase its beauty to visitors. The Minister, whose term as Chairperson has come to an end, commended Bank Secretary General Vincent Nhemielle for his partnership and dynamism in organizing the meetings virtually.

She also congratulated Adesina on his re-election. He is the Bank’s eighth elected president and the first Nigerian to hold the post.

“I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President,” Adesina said. “It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself. “I look forward to working closely with each and every one of you for the urgent and difficult task of supporting Africa to build back better, smarter and boldly from the COVID-19 pandemic.”

Adesina’s first term focused on the High 5 priorities: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

Bank Governors are typically the finance and economy ministers or Central Bank Governors of the 54 African regional member countries and 27 non-regional member countries.

Ghana’s Foreign Minister Kenneth Ofori-Atta assumed the Chairmanship of the Board of Governors from Niale. “It is with great honor and humility that I accept on behalf of the Republic of Ghana to chair the Board of Governors and host the Annual Meetings for 2021,” Ofori-Atta said.

The 2021 Annual meetings will be held next May in Accra, Ghana.

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

Media Contact:
Olufemi Terry
Senior Editor
Communication and External Relations Department
o.terry@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: AfDB.org


Source: Infrastructure

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Dr. Akinwumi Adesina re-elected as President of the African Development Bank Group

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group

ABIDJAN, Ivory Coast, August 27, 2020/APO Group/ — Dr. Akinwumi A. Adesina has been re-elected to serve a second fiveyear term as President of the African Development Bank Group (AfDB.org) on Thursday, August 27, 2020 by the Board of Governors of the Bank.

A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as President of the Bank on May 28, 2015.

As newly re-elected President, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020.

The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire.

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group, which was held virtually for the first time in the Bank’s history.

Minister Niale Kaba, said, “I am delighted that the Board of Governors have re-elected Dr. Adesina for a second term in office as President. As shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”

Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

During Adesina’s first term, the Bank achieved impactful results on the lives of 335 million Africans, including: 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation.

The Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest in the history of the Bank.

The African Development Fund received a $7.6 billion pledge from donors, a 32% increase, for support to lowincome countries and fragile states. The Bank was ranked the 4th most transparent institution globally by Publish What You Fund, bolstering its strong governance credentials for transparency and accountability.

Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic. The Bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.

Adesina said, “I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President. It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”

The African Development Bank is Africa’s premier development finance institution, comprising 54 regional and 27 non-regional member countries.

“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group. We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts,” Adesina said.

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

Media Contact:
Nafissatou Diouf
Ag Director
Communication and External Relations Department
African Development Bank
email :n.diouf@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: AfDB.org


Source: Infrastructure

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South Africa’s Infrastructure Fund is here, minus corruption vows National Treasury

South Africa’s R100bn (about $5.8bn) Infrastructure Fund is here, but there will no repeat of the large-scale corruption witnessed in 2010, says National Treasury director-general Dondo Mogajane.

“We will ensure that [which] we had seen during the construction of the 2010 infrastructure roll-out does not happen. We’ve got lessons we’ve learnt from what we picked up when we rolled out the 2010 infrastructure,” says Mogajane.

The National Treasury, the Development Bank of Southern Africa (DBSA) and the newly established Infrastructure South Africa have partnered to make the Infrastructure Fund a reality.

This is two years after President Cyril Ramaphosa announced an Infrastructure Fund.

Once fully up and running, the fund will be used as gap funding for infrastructure investments, according to the parties. The National Treasury, DBSA and Infrastructure South Africa have entered into a memorandum of agreement, outlining each entity’s roles and responsibilities.

The support from the Infrastructure Fund will include blended co-funding, capital subsidies, as well as interest rate subsidies and government guarantees. The government has earmarked R100bn over 10 years, with the first R10bn provisioned in the February national budget.

“The R10bn is there, we didn’t touch it,” says Mogajane. That is despite considerable pressures on the fiscus arising from the COVID-19 crisis, which necessitated a reprioritisation of government spending.

Public procurement and the riddle of corruption

In the build-up to the 2010 Soccer World Cup, South Africa experienced an infrastructure boom, aided by the construction of stadiums and associated facilities.

However, that was marred by endemic corruption which resulted in major construction companies incurring massive fines for collusive pricing and tendering.

In recent weeks, National Treasury tightened emergency procurement regulations to stem the occurrence of widespread corruption. The initial regulations were intended to speed up the procurement of personal protective equipment (PPE) and make the process less onerous.

READ MORE South Africa VS Coronavirus: Public finances looking prickly

But the PPE procurement process has been mired in controversy. President Ramaphosa’s spokesperson is currently on a leave of absence following revelations her husband might have allegedly irregularly benefited from a PPE tender. The National Treasury and DBSA have moved to dispel perceptions that the Infrastructure Fund will fall foul of governance.

Maximum vigilance

“… As custodians of public finance, we will ensure that we are like eagles and hawks on top of the funds,” assures the National Treasury director-general, pointing out that, “we’ve got procurement rules in place, and we will be strengthening them.” The Infrastructure Fund process should be transparent, fair and competitive, adds the National Treasury’s most senior official.

“We are not going to accept – whether it’s the corruptor or the corruptee – … into this space,” insists Mogajane. The National Treasury will facilitate funding requirements through the budget process and finance 50% of the Infrastructure Fund’s running costs.

But why the two-year delay? “Unfortunately, [there has been] … no proper pipeline of projects,” explains Mogajane. Now, however, there are 55 projects – and others with potential.

READ MORE Social infrastructure investment, a development priority in Africa

“I couldn’t agree more with Mr Mogajane on the corruption … [and] making sure our procurement is in no way compromised,” says Patrick Dlamini, the DBSA CEO. “We want this thing to work. We are not going to disappoint you on this one.”

Infrastructure pathway to greener future

Dlamini explains there is a lot of funding becoming available from international bodies, which will be able to come in and blend finance. Crucially, this funding will come on stream during the early stages in the form of risk capital.

Dlamini envisages that brownfield projects, greenfield projects, sustainable development and green energy will form part of the infrastructure mix. “We will see all manner of projects talking to the sustainable development of this country,” says the DBSA CEO.

A key consideration will be how projects will contribute to South Africa’s low carbon trajectory. “We are one of the signatories to the United Nations. How do we [then] drive the ambition of the Paris Accord,” says Dlamini.

Some of the answers lie in sustainable infrastructure development. Kgosientso Ramokgopa, the Infrastructure South Africa CEO, said: “The fund is an instrument. There is a robust exercise in terms of prioritising and packaging projects.”

By Xolisa Phillip, in Johannesburg


Source: Infrastructure

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$39b Nigerian infrastructure company gets green light

The Central Bank of Nigeria (CBN) has received approval to create an infrastructure development company that would finance the revamp of critical transport infrastructure throughout the country.

The company would leverage local and international funding, and would be co-owned by the CBN, African Finance Corp., and Nigerian Sovereign Wealth Investment Authority. It would be exclusively managed by an independent infrastructure fund manager.

The company would initially inject $39 billion in Nigeria over five years.

BY KALI PERSALL

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