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Carrefour sanctioned for abuse of buyer power

By Benard Mulwa

Majid Al Futtaim Hypermarkets limited, which trades in Kenya under the brand name Carrefour has been sanctioned for abusing its superior bargaining position over two of its suppliers – Pwani Oil Products limited and Woodlands limited.

This comes even as the Competion Authority of Kenya pursue to investigations a total of Ksh. 1,108,327,873.60 by the powerful buyer obtained terms of supply outside the scope of normal business practices, which is unfair and detrimental to a supplier.  

The Authority has also ordered Carrefour to refund the Woodlands and Pwani Oil a total of Ksh. 16,757,899 in rabates deducted from their invoice  as well as Ksh. 500,000 that was billed as marketing support – store opening or listing fees.   

Woodlands processes and supplies retail store across the country with refined natural bee honey from Kitui County, while Pwani Oil processes and supplies Fast-Moving consumer goods and washing soap products.

The Authority acting Director General, Dr. Adano Wario said that Abuse of Buyer Power is typically meted out on Small and Medium-Sized Enterprises who accept adverse conditions from their powerful buyers who control critical infrastructure  and access to consumers, such a country wide network of branches.

SME’s account for 98 percent of all business in Kenya, contributing up to 40 percent of GDP and are the source of livelihood for millions of Kenyans, directly or indirectly . However, their centrality to economic progress, SMEs in the country contend with various challenges leading to closure of many businesses in infancy.     

“At the core of the Authority’s mandate execution is promotion of inclusive economic development, Abuse of buyer power defeats this aspiration by crippling suppliers, who are mostly SMEs and whose contribution to our economy cannot be overstated” said Dr. Wario.

Investigation also determined that Carrefour’s supplies are required to provide free products and pay listing fees for every new branch opened as well as post payment to the supermarket’s branches. These practices amount to transfer of the retailer’s costs to suppliers, which is prohibited by the Company Act.

“while appearing to enable an offender to offer lower prices to consumers, this apparent benefit is short-term and unjustifiable when placed against the long-term damage caused to the upstream supplier market, including forced exit, especially by SMEs in the manufacturing sector,” whereas business have the freedom to enter into contracts with each other, these agreements should not unjustifiably disenfranchise the weaker party and must facilitate  negotiations without reprisal, Dr. Wario added.

The Authority’s board Chairman, Mr. Shaka Kariuki said the ACK aligns its interventions with the government’s agender of promoting growth of SMEs and the manufacturing sector, while ensuring that its actions positively impact as many Kenyans as possible, he said, “ our role as a regulator is to promote healthy competition in our markets with the overall objective of creating a conducive business environment for attracting investment into the national economy and to the benefit of consumers” he said.     

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WAMA International opens the third Aldo Store at the Hub Karen Mall

WAMA International has opened its third Aldo Store at the Hub Mall in Karen. WAMA International is licenced to operate ALDO stores in Kenya and creates a unique shopping experience by bringing global brands like ALDO to the Kenyan market. It offers a unique shopping experience for customers in terms of trending fashion and footware.

According to WAMA International Group, Kenya has a friendly business environment to not only foreign but also local investors due to the growing influence of the middle class. This is despite the presence of other challenges such as high taxation rates and a weakening shilling against the dollar.

The ALDO Store has other stores, Sarit Centre and Westgate Mall Finally the third has been opened at the Hub Karen Mall. The first and second stores had some incredible progress in terms of growth, leading to the expansion to the third store. Founded in 1972, ALDO is an established brand that has left a mark in the fashion industry, not only in Kenya but also worldwide.

Customers did enjoy 50% discount for all products on the opening day as well as the rest of the opening week. It’s all about creating an exciting shopping experience with the aim of further penetrating the Kenyan market.

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EAWIBP AND GIZ JOIN HANDS TO EMPOWER WOMEN ENTREPRENEURS

Elizabeth Thande, Chairperson – East African Women in Business Platform (EAWiBP)

By NJOKI KARANJA

The East Africa Women in Business Platform (EAWIBP) in collaboration with GIZ Business earlier today hosted a dynamic capacity building workshop that aims to empower women in agribusiness and as well teach them about branding, digital marketing skills, e-commerce and provide them with knowledge on how to manage e-commerce platforms. The workshop, facilitated by respective experts, includes practical exercises and case studies tailored to the agribusiness sector. The workshop is facilitated by EAWiBP Officials, GIZ Business.

In an effort towards fostering the empowerment of women in the agribusiness sector, EAWIBP and GIZ Business for Development today collaborated to host a dynamic capacity-building workshop. The workshop brought together aspiring and established women entrepreneurs eager to enhance their skills in branding, packaging, digital marketing, and e-commerce.

The training insightful sessions delivered by prominent figures in the industry, including Elizabeth Thande, the esteemed Chairperson of EAWIBP. Thande’s expertise provided invaluable insights into the challenges and opportunities within the agribusiness landscape, inspiring participants to leverage their potential and overcome barriers.

Edda Otieno, representing GIZ Business Scouts for Development in Kenya, brought a wealth of knowledge to the table. Her engaging presentation delved into the intricacies of digital marketing and e-commerce, shedding light on strategies that women in agribusiness can employ to thrive in the ever-evolving market.

Participants had the opportunity to actively engage in discussions, share experiences, and network with like-minded individuals. The collaborative spirit was evident as women exchanged ideas on effective branding techniques, innovative packaging solutions, and the transformative power of digital platforms in expanding market reach.
The organizers expressed their commitment to fostering a supportive ecosystem for women in agribusiness, emphasizing the need for continuous skill development to navigate the competitive landscape successfully. The workshop’s success was attributed not only to the expertise of the speakers but also to the enthusiasm and dedication of the participants.

Edda Otieno, Advisor – GIZ Business Scouts for Development

Therefore,the objective of the workshop, which runs from 13th to 14th December, 2023, is to consider strategies for enhancing women participation agribusiness and mainstreaming gender in the implementation of the AfCFTA.

The East African Women in Business Platform (EAWiBP) is a forum that brings together business-women from across the East African Community (EAC). Its membership and Steering Committee comprises of; national apex bodies/ associations/ networks of business-women (including associations of women formal and informal cross-border traders); professional women associations; and civil society organizations working to promote business-women and women’s socio-economic advancement.

In conclusion, the platform works in each East African country through national business and professional associations across the region and by virtue of this currently represents over 20,000 business and professional women in the region. The platform also works closely with the EAC Gender Community Development and CSOs Department to design gender inclusive positions on a variety of issues.

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ILCHAMUS COMMUNITY LEADERS JOINS UDA

By Meresia Aloo

Leaders drawn from the Ilchamus Community in Baringo county have officially joined the United Democratic Alliance (UDA)party , signaling a shift from their previous allegiance to the Azimio coalition. The community members, who were vocal supporters of Azimio during the elections, announced their decision to align with UDA at the party headquarters.

The announcement took place at the UDA party headquarters, where the Ilchamus community representatives were warmly welcomed by the Secretary General, Cleophas Malala, on behalf of the UDA leader. This move comes as a significant development, considering the community’s previous stance of not supporting the government during the elections.

The decision to switch alliances suggests a reevaluation of political affiliations within the ilchamus community and their willingness to collaborate with the government they once opposed. The Secretary General expressed optimism about the newfound partnership, emphasizing the importance of unity in achieving common goals for the benefit of the community and the nation at large.

Political analysts are closely monitoring the situation, anticipating potential ripple effects on the dynamics of political alliances in the region. As the ilchamus community joins forces with UDA, questions arise about the implications for both the coalition they abandoned and the ruling government they are now willing to work with. Only time will reveal the impact of this unexpected shift on the political landscape.

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Indian Consumer right scholar decries lag in consumer protection measures in digital sphere globally

Akshay Yadav, Research Associate, Chair on Consumer Law and Practice, National Law School of India University Bangalore during the 2023 Consumers International Global Congress which opened in Nairobi, the Kenya capital.

The leading Indian Consumer right scholar has   decried the lag in consumer protection measures in digital sphere globally.

Akshay Yadav, Research Associate, Chair on Consumer Law and Practice, National Law School of India University Bangalore said that there is a pressing need for increased transparency and adherence to key standards was a central theme of the discussions.

Yadav made the remarks during the  2023 Consumers International Global Congress which opened in Nairobi, the Kenya capital, Wednesday to promote consumer rights across the world.

The three day conference that was held under the theme of  “Building a Resilient Future for Consumers,” brought together delegates from more than 100 countries composed of senior government officials, international organizations, consumer rights advocates and scholars to review the status of consumer protection across the world.

The conference underscored the transformative potential of new technologies while emphasizing the need for urgent and dramatic changes to protect consumers and prevent the collapse of trust in the online world.

The key takeways from the conference

Trust in the Online World: The conference emphasized the urgent need for transformative measures to avert the collapse of trust in the online world. New technologies, while offering unprecedented opportunities, also bring significant risks,particularly in areas like Buy Now Pay Later, mobile money, and cryptocurrency.

Consumer Protection Lagging: Participants highlighted the lag in consumer protection measures in the digital sphere globally. The pressing need for increased transparency and adherence to key standards was a central theme of the discussions.

Global Collaboration: The call for international collaboration resonated throughout the conference. Stakeholders stressed the importance of connection and collaboration to strengthen consumer protection standards, ensuring consistency across borders and sectors.

AI Impact: Generative AI’s potential impact on consumers, including misinformation challenges, took center stage. Delegates emphasized the importance of consumer-led regulation, ethical standards, and a global approach to address concerns surrounding AI.

Product Safety: The conference addressed the alarming persistence of banned or recalled products in online marketplaces. Speakers emphasized the necessity for better regulation and voluntary initiatives, with a focus on cross-border collaboration to protect consumers.

Digital Finance Initiative: The launch of the “Building the Consumer Voice into Digital Finance” initiative marked a significant step towards exploring models that enhance consumer protection globally. Ensuring consumer literacy and trust emerged as pivotal for the success of innovative finance models.

Data Governance: Discussions highlighted the need for harmonization of data governance frameworks globally and increased transparency in trade agreements. Collaboration was emphasized as the cornerstone of responsible data governance.

Consumer Literacy in Mobile Money, Tackling Scams, Honesty Around Algorithms, Sustainability were the other topics discussed during the programmes.

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MultiChoice TALENT FACTORY ACADEMY CELEBRATES THE NEXT GENERATION OF AFRICAN STORYTELLERS AS 2023 CLASS GRADUATES

L-R (Deputy Vice Chancellor, Kenyatta University, Prof. Waceke Wanjohi, Multichoice Talent Factory Alumni Ashley Kendi, Cabinet Secretary Ministry of Youth Affairs, Creative Economy & Sports, Hon. Ababu Namwamba).

Nairobi, December 7th 2023

BY NJOKI KARANJA.

MultiChoice Talent Factory (MTF) Academy East Africa class of 2023  graduated at Hermosa Gardens in Karen sending another crop of talented young and vibrant film and TV industry professionals to the industry.This year’s cohort comprised 20 students from Kenya, Uganda, Tanzania, and Ethiopia – all talented, passionate creatives, ready to embark on the next phase of their careers making African content for African audiences.The MTF Academy is an industry-development training programme launched by MultiChoice across Africa in 2018 to develop the continent’s next generation of storytellers.

“We are dedicated to keeping East Africa’s storytelling tradition alive, in a way that is relevant to modern audiences.  We do that by choosing the most talented aspiring filmmakers and empowering them with the latest cutting-edge skills. We are proud of this year’s graduates, and we know they will take the East African film industry to greater heights,” noted Victoria Goro, Academy Directory, MTF East Africa.Over the past 12 months, MTF graduates immersed themselves in a comprehensive program encompassing screenwriting, editing, producing, and directing. Practical skills were honed through a blend of training, study, and hands-on experience in TV and film productions.

As a culmination of their curriculum, students developed feature films set to broadcast in the coming weeks on MultiChoice local channels and showmax.Launched in 2018 by MultiChoice as an industry-development training program across Africa, the MTF Academy has already nurtured approximately 300 young professionals, equipping them with crucial industry skills to ensure high production quality, global competitiveness, and outstanding content tailored for African viewers.

Multichoice Talent Factory Academy Graduates class of 2023

The impact of MTF East Africa Academy graduates on the regional film and TV industry is evident. We are already seeing films by seeing films by MTF alumni from East Africa being recognized through awards across the continent. Engaito won Best MTF Film at the recent eighth AMVCA awards, Egna secured the Best International Award at the Kalasha International Film Festival in Nairobi, and Wavamizi received the Chairman’s Award at the Zanzibar International Film Festival,” added Ms. Goro.“We are seeing production companies started by MTF East Africa alumni producing local films under Maisha Magic East channel, Showmax and Honey Channel. This is a great indicator for success and growth of the industry.

Our alumni are contributing to the continent-wide move towards inspired storytelling, keeping viewers and communities informed, entertained, and connected,” added Ms Goro.On his part, Nzola Miranda, Managing Director, MultiChoice Kenya noted: “MTF East Africa plays a pivotal role in growing the next cohort of African storytellers by providing a talent pipeline for local productions.

As we recognize this year’s cohort, we are passionate to produce motivated young individuals with the required skill set needed to create high quality African content for African audiences.“As Kenya’s most loved storyteller, we see MTF East Africa Academy as the crucial pathway to ensuring that we tell more African stories,” concluded Mr. Miranda.This year, outstanding graduates will have the opportunity to further enhance their skills through internships with leading MTF partner organizations and grow their skills through internships at industry leading MTF partner organizations.

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Australian consumer rights advocate calls for efforts against greenwashing

Erin Turner, CEO of Consumer Policy Research Centre Australia

Erin Turner, CEO of Consumer Policy Research Centre Australia on Thursday called for global concerted efforts against greenwashing.Turner told the Consumer International Global Congress that is taking place in Nairobi that much needed scrutiny is now being placed on green declarations in order to drive the uptake of credible green claims.” We need coordinated efforts to ensure that consumers are not doped into believing that the products they are purchasing are green,” Turner said.According to the Intergovernmental Panel on Climate Change, up to 70% of greenhouse gas emissions can be reduced through changes to consumer behaviour.Turner added that providing ‘adequate information’ to consumers is also an essential consumer right to help consumers make better informed choices.The Australian consumer rights advocates noted that it important to make sure that the information that’s put out by businesses is accurate and useful for people.”There are a lot of companies out in the marketplace that might say that they’re giving you a green option or an eco or sustainable option, but they don’t necessarily give you the detail about what they really doing and this makes it really hard for you as an individual to figure out well how to make a good sustainable choice,” Turner said.Karen Bett, Senior Policy Manager, Data Equity and Inclusion at the Global Partnership for Sustainable Development Data said that governments and consumer rights advocates should partner to address misleading claims on green goods in order to rebuild trust.Bett observed the big role that consumers can play in setting the standards because you cannot develop standards that does not have the voice of the consumers in that standard. She also highlighted the big role for advocacy from consumer organizations to educate consumers and also create that awareness.”There’s our role to keep the government in check to make sure that government is regulating well and also keeping the private sector in check so that the products that are developing is actually not just driven by profits but also driven by the public good and sustainability so as to improve people’s lives,” Bett

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Engineers must play a central role for Africa to achieve inclusive and sustainable socio-economic development under the “Agenda 2063”: Mudavadi

Presidential advisor on Women Rights Harriette Chiggai delivering Prime Cabinet Secretary Musalia Mudavadi’s Speech during the fifth international conference of Pan-African Society of Agricultural Engineers at the University of Nairobi.

Prime Cabinet Secretary, Musalia Mudavadi has urged engineers to take centre stage and steer the ship of Africa’s Agenda 2063.

Mudavadi said Africa’s agenda 2063 master plan identifies strategic incentives key to accelerating Africa’s economic growth and development as well as reclaiming and promoting common identity by celebrating its history and vibrant cultures.

This, he said, calls for the need to focus on repositioning Africa to be a dominant player in the global arena.

” For this reason, my plea is to pay attention to the priority areas of Agenda 2063 where engineers must play a critical role. These include well-educated citizens leading to a skills revolution underpinned by Science, Technology and Innovation,” said Mudavadi, in a speech delivered on his behalf by President William Ruto’s adviser on Women’s Rights Harriette Chiggai.

Mudavadi’s remarks were presented during the fifth international conference of Pan-African Society of Agricultural Engineers (PASAE) in collaboration with Kenya Society of Environmental, Biological and Agricultural Engineers (KeSEBAE) at the University of Nairobi.

The Prime Cabinet Secretary also said that engineers must play a critical role in modern agriculture for increased productivity, blue economy for accelerated economic growth, environmentally sustainable and climate resilient economies and communities as well as a world class Infrastructure criss-crossing Africa.

He said the conference comes at a time when the country is facing El Nino rains and the engineers may help in dealing with its ravages.

“We indeed appreciate your being here to celebrate this distinctively Pan-African international conference on African soil to discuss African solutions to African problems. In the normal course of things, we would be meeting in Europe or the Americas to ostensibly discuss Africa on foreign soil,” he noted.

Mudavadi said Africa not only desire engineers to lead innovations in technology made in and for Africa, but also help in the adaptation of soft-skills in the productive sectors of agriculture and manufacturing.

He said the genesis of Agenda 2063 was the realisation by African leaders under the newly minted African Union (AU), of the urgent need to refocus and re-prioritise Africa’s agenda from celebrating attainment of political independence and winning the struggle against apartheid.
” Agenda 2063 is therefore our blueprint and master plan for transforming Africa into the global powerhouse that it ought to be. It is the Continent’s strategic framework that aims to deliver on inclusive and sustainable development,” said the PCS.

Mudavadi also urged the engineers to consider the African Continental Free Trade Area (AfCFTA) agreement, which at implementation, will create the largest free trade area in the world.

The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion and has the potential to lift 30 million people out of extreme poverty.

He said Kenya is committed because it is aware that the scope of AfCFTA is large and will result in self-reliance.

Among other things, AfCTA will reduce tariffs among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade.

” Kenya is at the forefront of lobbying for full implementation of AfCFTA because it will reshape markets and economies across the region and boost output in the services, manufacturing and natural resources sectors,” explained Mudavadi.

He, however, said achieving its promise to full potential will depend on putting in place significant policy reforms and trade facilitation measures and implementing AfCFTA require deep reforms necessary to enhance long-term growth in African countries.

Mudavadi said it is time to build the Africa that the continent desires with participation from an all-inclusive engineering fraternity.

“As PASAE and KeSEBAE, you must stay the course of recalibrating meaningful change, not as an option but as a necessity for survival. I therefore call on all engineers to support the democratic leadership on the continent so that we may reap the benefits of more responsive, efficient and effective engineering systems.”

On her part Chiggai urged the upcoming engineers to take advantage of the growing technologies globally and be more innovative and pro-active in helping find solutions to the current challenges facing the world in different spheres.

Agenda 2063 is Africa’s development blueprint to achieve inclusive and sustainable socio-economic development over a 50-year period.

Ends

CAPTIONS FOR PHOTOS

President William Ruto’s advisor on Women Rights Harriette Chiggai together with delegates following proceedings during the fifth international conference of Pan-African Society of Agricultural Engineers at the University of Nairobi. (Photo Andrew Kuria)

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Consumer protection advocates calls for strengthening of customer rights

Samuel Ochieng, President Emeritus Consumer International

By Ronald Njoroge

Samuel Ochieng the Chief Executive at Consumer Information Network has urged the government to strengthen customer rights as a means to enforce constitutional rights.

Ochieng told journalists in Nairobi that even though consumer rights are enshrined in the constitution, they are still left at the mercy of corporates.

“Consumers are supposed to be protected instead of concentrating on lost government revenue,” Ochieng said during the Consumers International Global Congress.

The three day event that runs from Dec. 6 to Dec. 8 brought together the consumer movement with leading influencers from across business, civil society and academia to tackle pressing global issues.

Ochieng also called for the strengthening of the consumer protection act so that Consumer protection Authority is established with full prosecutorial powers instead of the present situation with the Kenya consumer protection advisory committee.

He also opposed the weak data protection laws that has seen corporates abuse customers private information for purposes of advertsing.

Rigathi Gachagua, the deputy president of the republic of Kenya said that Kenya is honoured to host the 2023 Consumers International Global Congress in Nairobi.

Gachagua said that it is commendable that Kenya is among the few countries in Africa, which have made substantive progress in establishment and implementation of e-Transaction Laws, Cybercrime Laws, Data Protection Privacy Laws, Consumer Protection Laws, among other key frameworks of protecting consumers in the physical and digital spaces.

He revealed that countries like Kenya may boast of strong legal frameworks on protection of consumers.

“But blossoming of illicit trade points to possible limited awareness among the public. Raising awareness on such threats is critical to consumer protection,” he added.  

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COP28: Global and African partners pledge $175m to Alliance for Green Infrastructure in Africa (AGIA)

By Benard Mulwa

Dubai, 3 December 2023

In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the continent.

The new pledges will also advance AGIA towards its first close of $500 million of early-stage project preparation and development blended capital. The Alliance is a partnership of the African Union Commission, the African Development Bank, Africa50 and other partners. It works to unlock up to $10 billion private capital for green infrastructure projects and to galvanise global action to accelerate Africa’s just and equitable transition to Net-Zero.

Among the signatories of the memorandum of intent were representatives of the African Development Bank, Africa50, France, Germany, Japan, the Arab Bank for Economic Development in Africa (BADEA), Banque Ouest-Africaine de Développement (BOAD), Proparco and the Three Cairns Foundation.

The Union of the Comoros President and Chairperson of the African Union Azali Assoumani, Madagascar’s President Andry Rajoelina and African Union Commission Chairperson Moussa Faki Mahamat witnessed the signing ceremony.

Germany’s Minister for Economic Cooperation and Development, Mrs Svenja Schulze, said, “Germany is very pleased to join the launch of the Alliance for Green Infrastructure in Africa. We congratulate the African Development Bank on this important Africa-led initiative and want to highlight AGIA’s commitment to the 1.5 °C target and its dedication to accelerate Net-Zero emissions in Africa.”

She added, “Today marks an important step towards our shared goal of a just and equitable green transition in Africa. Supporting the commitment towards green infrastructure, we are planning to contribute up to €26 million to AGIA starting in 2024.”

Tomoyoshi Yahagi, Japan’s Deputy Vice-Minister of Finance, said, “As part of the pledge made by Prime Minister Fumio Kishida yesterday, Japan will provide US$10 million to AGIA to support Africa in undergoing a just and equitable transition to Net-Zero and achieving the 1.5 °C pathway. We encourage other donors to contribute to this important initiative.”

Emmanuel Moulin, Director General of the French Treasury, said, “By addressing the gap in funding green infrastructure project preparation and development, AGIA will play an instrumental role in Africa’s transition to Net-Zero. Directing concessional resources to such an initiative is in line with France’s vision and solidarity policy for sustainable investment in Africa. This is why we have supported AGIA since inception and we are glad that the Summit on a New Global Financing Pact further raised momentum for the initiative. We are therefore delighted to announce a contribution of €20 million to AGIA and we hope that our contribution will catalyse more private and concessional resources.”

African Development Bank Group President Dr Akinwumi Adesina said: “We need private sector financing at scale to tackle climate change and fill Africa’s huge infrastructure gap in a sustainable and climate-resilient manner. By working together and pooling our resources together through AGIA, we are committed to accelerating these efforts. The Bank Group plans to contribute up to $40 million, after approval from its Board of Directors.”

Sidi Ould Tah, President of BADEA said, “We have pledged $40 million to support AGIA. We are glad to be part of this vital partnership, aiming at enabling transformational green infrastructure projects in Africa, and accelerating the continent’s transition to Net-Zero in a sustainable manner.”

Alain Ebobissé, Africa50 CEO, said: “AGIA is set to become Africa’s largest fund focused on project development, which is a critical component to scale up the delivery of bankable green projects and help the continent achieve its climate goals. This initial fundraising round which includes strong African and international organisations is a great sign of investor confidence in AGIA. We are pleased to be part of this landmark initiative.”

Serge Ekué, President of BOAD: “As part of our 2021–2025 Djoliba strategic plan, we have committed that about 25% of our new financing will be aimed at strengthening the resilience of our member countries to climate change. Our interest in AGIA reflects this ambition and will be in line with our strategic approach of mobilising increased climate resources in our region.”

Françoise Lombard, CEO of Proparco said his company alongside the French government, “is proud to support AGIA, an initiative aiming to unlock Africa’s potential for green infrastructure by targeting one of its main constraints: the lack of existing bankable projects in this area. The innovative blended structure of the initiative will allow AGIA to mobilise and channel public and private resources towards project preparation and development, the riskier stages of any infrastructure project. In addition, With AGIA, we are one step closer to bridging the infrastructure gap in Africa and one-step further towards Net-Zero.”

Mark Gallogly, cofounder of the Three Cairns Foundation, said, “We support AGIA’s mission to catalyse economic development and green infrastructure in Africa. More risk-tolerant, early-stage equity is essential to increase the number of clean energy and climate-related projects across the continent. We commend Africa50 for leading this initiative.”

AGIA was launched a year ago at COP27 in Sharm El Sheikh, Egypt, by the African Union Commission, the African Development Bank, and Africa50 and other partners.