EIB and BNG Bank facilitate low-cost financing for Dutch public sector entities

June 9, 2023 Paradise Erhuvwu

A new €300 million lending agreement between the European Investment Bank (EIB) and BNG Bank will facilitate low-cost financing for Dutch public sector entities.

The loan follows a memorandum of understanding between the two financial institutions, which stipulates that they will exchange knowledge and experience with the goal of stimulating public investments in the Netherlands. Under the agreement, the EIB is making €300 million available to BNG Bank, which commits itself to on-lend the amount on favourable terms mainly to healthcare and educational institutions.

Since the EIB typically only finances up to 50% of the total cost of a project, a total of €600 million worth of loans can be generated together with BNG Bank. The EIB’s support also means that the interest rates for BNG Bank clients will be even lower than the rates on regular loans.

“As market leader in public sector finance, BNG Bank aims to have an impact on society by helping its clients solve their key transition challenges by providing financing at the lowest possible rates. This EIB loan enables BNG Bank to offer competitive rates to clients in the healthcare and education sectors, in particular. This lending agreement thus fits perfectly with our strategy,” said Thomas Eterman, CCO of BNG Bank.

EIB Vice-President Kris Peeters added: “BNG Bank is very well-placed to help local authorities with competitive financing. The EIB uses its entire arsenal of financial instruments to provide financial support to as many parties as possible, and we’re very glad that we can count on the partnership with BNG Bank to, for example, support the middle-sized segment in the Dutch public sector.”

A first collaboration agreement between the EIB and BNG Bank signed in 2016 saw the signature of a €250 million loan, which ultimately led to €500 million worth of investments in the public sector. This financing mainly went towards social housing cooperations, in support of the Dutch real estate construction sector.

European Digital Bank N26 Welcomes Déborah Carlson-Burkart to Supervisory Board

June 5, 2023 Paradise Erhuvwu

Earlier this week, N26 announced the appointment of international regulatory compliance and governance professional Déborah Carlson-Burkart to its Group Supervisory Board.

Déborah will reportedly work closely “with existing board members Marcus W. Mosen, Jörg Gerbig, Dr. Barbara Roth and Dr. Julian Deutz, as well as N26’s senior management team.”

A respected professional in the finance, banking and insurance space, Déborah brings decades of experience “in the legal, corporate governance and compliance fields to her role.”

A qualified lawyer, LL.M. and certified board member, she sits “on the boards of Swiss aerospace innovator RUAG International and insurer VISANA Group.”

Additionally, Déborah is “a guest lecturer in Corporate Governance and Compliance for the University of St. Gallen’s EMBA program and its Swiss Board School.”

She was previously Managing Director and Head Legal at Rothschild Trust Group (Italy and Switzerland), Alstom Switzerland and MicroStrategy (USA).

Déborah will now “occupy board seats in the Supervisory Boards of both N26 AG and N26 Bank AG, and will take over as Chair of the Nomination Committee from Dr. Robert Kilian, who will step down from his role on the board due to a new private venture that would stand in conflict with his N26 mandate.”

Marcus W. Mosen, Chair of N26’s Supervisory Board, said:

“Déborah provides very valuable experience in corporate governance, compliance and financial crime prevention in regulated industries, and she completes the board team perfectly as the latest addition to N26 AG’s Supervisory Board.”

Déborah Carlson-Burkart, said:

“N26 is on an exciting journey of disruption, and I look forward to working with the team of experts on their board, as well as their experienced management team as they work towards their goals in a changing industry.”

Valentin Stalf, CEO of N26, said:

“At N26, we’ve always believed that innovation and regulation must work together for the industry to move forward. With her background in both the finance and technology industries, Déborah brings tremendous experience to her role and how regulation works across both. I very much look forward to working with her in the coming years.”

As covered, N26 claims it is today “one of the fastest-growing digital banks in the world. As a fully-licensed German bank built on the latest technology, N26 makes banking faster, easier and more trustworthy.”

Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has “welcomed more than 8 million customers in 24 markets to date and has raised close to US$ 1.8 billion from some of the world’s most renowned investors.”

Headquartered in Berlin, N26 reportedly “has offices in multiple cities around Europe, including Vienna and Barcelona.”

Entrepreneur and top model Nera Lešić was on the list of the best dressed during the Cannes Film Festival, and walked on the Red Carpet 5 times

June 3, 2023 Paradise Erhuvwu

Nera Lešić is already well known in the world, and just one of the successes of this young entrepreneur is her sixth appearance at the prestigious Cannes Film Festival. During the festival, Nera shined on as many as five red carpets, she had the honor of wearing the fasion shows of famous designers during the festival, which further emphasized her impeccable sense of fashion and trends, providing extraordinary inspiration to fashion enthusiasts around the world with her appearance and style.

Nera Lesic was also named one of the best dressed during the Cannes Film Festival along Naomi Campbell and Scarlett Johansson and other famous world stars by the British magazine Hello!

Link: https://www.hellomagazine.com/hfm/493074/cannes-film-festival-2023-best-street-style-moments/

“It is an honor to be invited to the Cannes Film Festival for the sixth year in a row and to share this incredible experience with talented filmmakers, modern experts and media around the world,” said Nera. ˝Walking the red carpet next to Scarlett Johansson, Tom Hanks, Rosie Huntington-Whiteley, Heidi Klum and many other stars, being invited to Naomi Campbell’s 53rd birthday celebration in Cannes is really unreal.˝

She also attended several premieres, among which the film “Hypnotic” stands out, with an exceptional cast led by Ben Affleck and William Fichtner. Nera was delighted with the film, but also with the actors she talked to after the premiere.

˝It’s not easy to get invitations to the Cannes Film Festival, that’s why I really appreciate the opportunity that was given to me. Just some of the movies I watched are Premiere club zero, Rapito (Kiddnaped), La passion de dodin bouffant, Il Sol dell’avvenire and Hypnotic starring Ben and William. I had the honor of sitting next to William and filmmaker Robert Rodriguez. After the premiere, I personally spoke with William, who is an extremely nice and modest man.˝

The founder and creative director of the underwear brand NERA lingerie, which has already presented its brand at Fashion Week in Milan and Dubai, has recently opened two Pop-up Stores in London. That is why it is not surprising that the highlight of her stay in Cannes was the fashion show of her own brand NERA lingerie, at the exclusive final part of the Cannes Film Festival in the beautiful Villa in the center of Cannes. The fashion show attracted a lot of attention from the guests with a combination of elegance and sensuality, showing Nera’s brand as a symbol of self-confidence and femininity.

“Cannes is a place where art, fashion and the film industry meet, and I am proud to be a part of that event and promote my passion for fashion through NERA lingerie. Thank you to everyone who supported me and enabled me to realize my dreams. ” – concluded Nera.

EU financial sector resilient, but fragile, European Central Bank official says

June 2, 2023 Paradise Erhuvwu

May 31 (UPI) — Efforts to control inflation in the European economy run the risk of creating “vulnerabilities” in the banking sector, where conditions remain fragile, the vice president of the European Central Bank said Wednesday.

The ECB highlighted potential economic risks in the May 2023 Financial Stability Review published Wednesday.

Concerns about the health of the global financial sector emerged in the wake of the collapse of Silicon Valley Bank in California in March. Looming fears about a repeat of the recession from the mid-2000s spread to other financial institutions, leading to a shotgun wedding of sorts between troubled Credit Suisse and Swiss investment bank UBS.

Luis de Guindos, vice president of the European Central Bank, said Wednesday that efforts to keep prices stable are essential for a healthy market, though that could result in some collateral damage.

“(A)s we tighten monetary policy to reduce high inflation, this can reveal vulnerabilities in the financial system,” he said. “It is critical that we monitor such vulnerabilities and fully implement the banking union to keep them in check.”

Banking officials told U.S. lawmakers there were subject to a contagion effect, with depositors pulling billions of dollars out of their accounts in a matter of hours amid fears of a broad-based collapse. But officials weren’t convinced.

“The simplest explanation is best,” said Sen. Sherrod Brown, D-Ohio, the chairman of the Senate Banking Committee. “It is first and foremost the bankers’ fault that the banks crashed.”

In Europe, ECB President Christine Lagarde expressed concern that downside risks from “recent financial market tensions ” raised doubts about the bank’s estimate that headline inflation would fall from around 8% to 2% by 2025.

“Some of this uncertainty will recede as the fallout from recent events in financial markets becomes clearer,” she said. “But faced with overlapping shocks and shifting geopolitics, the level of uncertainty will most likely remain high.”

So far, however, her deputy said banks in the EU have been resilient to the stresses witnessed in the U.S. and Swiss financial sectors, through policymakers need to ensure that resilience is preserved.

Banks, it was suggested, may need to set aside more funds to cover any losses and manage their credit risks appropriately.

Digitalise borders to unlock Africa’s full potential

June 2, 2023 Paradise Erhuvwu

Africa’s immense potential to become a global powerhouse is undeniable. It has all of the ingredients including a market of 1.2 billion consumers (rising to 1.7bn by 2030) and a combined GDP worth US$2.5 trillion. So what is holding it back?

The African Union’s (AU) members have all indicated their support for and recognition of the benefits of the Africa Continental Free Trade Area, the Single Africa Air Transport Market and the Free Movement of Persons Protocol. All of them are intended to unlock free trade, tourism, economic opportunities and promote widespread prosperity across the continent.

At the SITA Borders Management Africa Summit in Nairobi this month, speakers and delegates from governments across the continent identified and discussed solutions to resolving the biggest hinderance to these AU flagship programmes realising their full potential, i.e. efficient borders to enable the frictionless flows of people and goods.

In our deliberations we were continually reminded that it is easier and faster to transport mobile phones from China to Africa than to move a few bags of maize across an African border post. At the root of this are inconsistencies in the criteria and processes applied by immigration and customs authorities for issuing visas, travel authorisations, goods import and transit permits, the use of unsuitable and often incompatible equipment and the vulnerability to agile international organised crime and terrorism. All of these have to be tackled with shrinking budgets and diminishing resources.

Therein lies the rub: For economies to grow and a free trade area to work, governments need to balance protecting their countries from trafficking, terrorism, pandemics, and crime while making it easier to move people and goods across their borders and at the same time respecting personal data privacy and its underpinning legislation.

The good news is that proven digital border management technology and emerging digital identities put Africa in pole position to lead the way. A key advantage for Africa is that it faces fewer legacy challenges in the digital space and in many ways, it can move faster. The digital transformation of borders will be inevitable if the continent is to achieve its ambition.

Recognized benefits
Airlines and airports understand the potential of digitalizing border processes. At the coal face of international travel, the industry has long recognized the need for digital immigration processes. The challenges of COVID accelerated this trend. For example, SITA’s 2022 Air Transport IT Insights showed that 75% of airline executives will invest in passenger biometric identity solutions by 2025. This means passengers will be identified by a simple facial scan, making the identification process fast and secure.

However, it can’t be done by one industry in isolation. It needs government and broader industry support.

SITA is leading the way
SITA, the global air transport industry-owned IT and solutions provider, is leading this push. Over the past 30 years, SITA has helped 70 governments – including South Africa and Egypt – make their border crossings faster and more secure. We pioneered what is now the global standard for Advance Passenger Information processing and we are helping governments digitalise key immigration processes so that they can be completed ahead of travel. This helps governments to effectively extend their borders and assess who enters their country long before they arrive. Travelers, on the other hand, only have to complete a simple check on arrival.
The benefit of this approach has been shown to work time and again, particularly at big sporting events such as the World Cup. We helped South Africa in 2010, Brazil in 2014, and Qatar in 2022 to manage the vast influx of visitors.

Digital identities will take this to a new level. Driven by the UN’s International Civil Aviation Organization, which sets global passport standards, the industry is shaping a new digital identity that will replace physical documents such as identity cards or passports. A key driver is that holders will choose what data they would like to share with whom. It is privacy by design. These digital identities can be used at the airport but also at land and sea borders or other touchpoints, such as hotels or major events, as we did in Qatar for the World Cup. All that is needed is a simple scan of your face a biometric touchpoint or on your mobile phone. We see these digital identities being extended to goods and services.

Together these technologies will reshape how borders are managed.

Making free trade a reality
The technology exists today to make an African free trade area a reality. It allows the balancing of protectionist measures to keep national borders safe with a more welcoming face to visitors. It is scalable. And it is inclusive, allowing all elements of public life to be managed from a single identity.
With the right support from governments across Africa, we can pull many levers to unlock free trade and tourism across the continent. Policy and intergovernmental co-operation the two most obvious but digitalization must surely be essential among them.

The writer is the Senior Vice President, SITA at Borders

Storm Destroys Sierra Leone’s Iconic Cotton Tree

May 26, 2023 Paradise Erhuvwu

In the capital of Sierra Leone a key historic landmark has been brought down by a storm.

The iconic natural landmark in Freetown – a towering cotton tree – was hundreds of years old and considered a symbol of freedom.

It was said to have been the site of prayers by a group of formerly American enslaved people when they settled the site of what is now Freetown.

Journalist Umaru Fofana told Newsday how the demise of the historic cotton tree immediately changed the face of the city. “It’s been raining heavy about a week ago and one of the branches fell… then last night amid the rainstorm the entire tree caved in.

The skyline in Freetown is changed, some say forever.

Somebody told me it’s like when the Twin Towers fell.” “The trunk is firmly rooted and it’s hoped the tree would grow again.”

(Pic: The cotton tree in Freetown; Credit: Omaru Fofana)

Human Capital Investment Essential to Lao National Development

May 25, 2023 Paradise Erhuvwu

The Government of the Lao PDR has committed to improving the quality of basic education, enrolling all children and keeping them in school, and improving education financing. Prime Minister Sonexay Siphandone read the National Statement of Commitment to Accelerating Learning Recovery at the first Lao Human Capital Summit today.

Human capital is the knowledge, skills, and health that people accumulate throughout their lives, enabling them to reach their potential as productive members of society. Laos currently has a low human capital ranking, and this first Lao Human Capital Summit sought agreement on how the country can boost its opportunities by investing in its people early, investing efficiently and investing for all.

The summit brought together central and provincial government leaders, under the guidance of the prime minister and the Ministry of Planning and Investment, along with education experts, development partners, civil society and the private sector, to reassess how Laos can accelerate learning and allocate enough resources to bring its schools and learning outcomes up to the standard needed to build a strong economy.

Prime Minister Sonexay told the meeting, “Human capital is a decisive factor in our socio-economic strength and sustainability. The government of the Lao PDR is fully committed to ensuring quality education for all children as defined in the Ninth National Socio-Economic Development Programme. The goal is to ensure an education system that can develop human capital with knowledge, skills, health, and a love of lifelong learning, thereby creating people who can contribute significantly to the development of society”.

Ms Pia Britto, UNICEF Country Representative, explained that Laos currently has a very low human capital ranking relative to its neighbours and economic potential. “The Lao Human Capital Agenda champions investment in people as a growth strategy for the country. When a child born in the Lao PDR today grows up, she will be less than half as productive as if she enjoyed complete education and full health. This is something that must be addressed to ensure a prosperous future”.

Mariam Sherman, World Bank Country Director for Myanmar, Cambodia, and the Lao PDR, told the meeting that the COVID-19 pandemic hit education hard in Laos, with a World Bank survey showing that almost 42% of children stopped attending classes during lockdowns. “A critical challenge facing the country now,” she said, “is how to help children and students catch up with their learning at a time when the economy is struggling”.

At the summit, the government and its partners discussed a national Human Capital Agenda, which will promote investment in the formative years of life for every Lao citizen. By providing basic health care, adequate nutrition, clean water and sanitation, and access to quality education, the country can offer all its people the chance to develop to their highest capacity.

For more information,kindly visit www.worldbank.org/news

Dangote oil refinery launched in Nigeria

May 23, 2023 Paradise Erhuvwu

Africa’s biggest oil refinery has been opened in Nigeria, where it is hoped it will alleviate chronic fuel shortages.

Nigeria is a major oil producer but most of this is sent abroad while it has to import the refined fuel used in vehicles and elsewhere. As a result the country often faces chronic fuel shortages. This is the problem that the $19bn (£15.2bn) refinery, owned by Africa’s richest man, Aliko Dangote, is intended to tackle. “This is a game-changer for the Nigerian people,” said President Muhammadu Buhari. The plant, which is not yet operational, has the capacity to produce about 650,000 barrels of petroleum products a day – more than enough to supply the country’s needs. It also includes a power station, deep seaport and fertiliser plant.

Nigeria’s existing refineries have been completely shut down for over three years owing to oil theft, pipeline vandalism and structural neglect. If it works as planned, the plant could make a real change to the lives of Nigerians: “Every time there is fuel scarcity, I don’t open my shop because there’s no light [electricity] to work and I can’t buy fuel for my generator,” a young hairdresser from Lagos told the BBC.

At Monday’s launch, Mr Dangote outlined his hopes for the refinery: “Our first goal is to ramp up production of the various products to ensure that within this year, we are able to fully satisfy the nation’s demand for quality products.”

However, it is not clear what impact the plant will have on the price of fuel in a country where retail prices are subsidised. The government says these subsidies will soon be removed – last year they took up at least a quarter of the national budget.

Mr Dangote’s plant in Lagos, which took nearly seven years to build, is said to be the world’s largest single-train refinery, meaning the plant has one integrated distillery system which can produce a variety of products and petrochemicals, instead of having different units for each type of product.

It is one of the last major projects to be inaugurated by President Buhari, who steps down next week after serving two terms in office.

President Buhari will hand power to Bola Tinubu, who won disputed presidential elections in February.

Oil and gas expert Henry Adigun told the BBC that Monday’s launch was “more political than technical”.

Culled from BBC news.

France: EIB Group and BNP Paribas sign new securitisation operation to support small businesses and mid-caps

May 22, 2023 Paradise Erhuvwu

For the third time since 2017, the EIB Group — the European Investment Bank (EIB) and the European Investment Fund (EIF) — and BNP Paribas are launching a synthetic securitisation operation to support French companies.

The transaction consists of an EIB Group guarantee on an existing portfolio of loans granted by BNP Paribas to French small and medium-sized enterprises (SMEs) and mid-caps.

The guarantee enables BNP Paribas to free up part of the regulatory capital allocated to this portfolio, and to deploy €515 million in new loans to SMEs and mid-caps in France over the next two years.

These new financing operations may take the form of bank loans or leasing transactions. The on-lending arrangement granted by the EIB will enable beneficiaries to enjoy enhanced preferential financial conditions.

BNP Paribas Head of French Retail Banking and member of the Executive Committee Marguerite Bérard said: “With the success of previous transactions with the EIB Group, we are thrilled to now be able to commit to making €475 million in new financing available to SMEs and mid-caps at reduced rates over the next two years. This financing comes in addition to our many support schemes for corporate clients designed to accommodate, as closely as possible, the local economic reality. With a view to helping our customers accelerate their energy transition, enhancing the financing conditions for sustainable assets is one part of a long-standing BNP Paribas approach, which includes the use of impact financing.”

EIB Vice-President Ambroise Fayolle explained: “With their third joint securitisation since 2017, the EIB and BNP Paribas are continuing their efforts to facilitate access to finance for SMEs and mid-caps. Financing these entities is an EIB priority — one to be achieved by working with our banking partners to develop attractive credit solutions that help sustain business operations and support investment.”

EIF Chief Executive Marjut Falkstedt added: “The EIF is pleased to be working with BNP Paribas to use our securitisation tools to provide additional resources to SMEs and mid-caps. The BNP Paribas group is a long-standing and trusted partner for the EIF, enabling it to provide effective support to French companies in their search for financing for their investments.”

Culled from European Investment Bank

To learn more about the EIB, visit www.eib.org

African leaders defy lacklustre global economy to forge ahead with digital transformation collaborations at inaugural GITEX Africa Digital Summit.

May 22, 2023 Paradise Erhuvwu

African leaders defy lacklustre global economy to forge ahead with digital transformation collaborations at inaugural GITEX Africa Digital Summit.

Generative AI, finance, infrastructure development and investment among core theme explorations at Africa’s most impactful leadership conference programme
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MARRAKECH, Morocco, May 19, 2023/ — African ministers, government and private sector leaders are set to converge in a powerful cross-continental forum in Marrakech this month to press on with digital transformation alliances as the tech world reorganises itself in the wake of the global digital upheaval.

Against the biggest market correction in recent years, Africa continues to march onwards to empower and unify a continent on the cusp of transformative ICT growth, with the GITEX Africa Digital Summit the new focal point steering a pursuit of a unified digital vision.

The influential summit will spearhead an inspiring conference programme at the inaugural GITEX Africa 2023 – the largest tech and start-up show in the African continent, taking place from 31 May-2 June – unifying 500-plus policy makers, government heads, investors and academics to explore how technology and connectivity are redrawing the boundaries of sustainable social-economic development for African government, business and society.

H.E. Lacina Koné, the Director General and CEO of Smart Africa – the pan-African organisation driving the continent’s digital transformation agenda – is a headline speaker. Koné said digital technologies offer new avenues for economic growth in Africa by accelerating job creation and talent development, supporting access to public services and increasing productivity and innovation. However, challenges remain.

“The lack of connectivity in remote and rural regions along with insufficient data protection and high cost of African connectivity have brought new challenges to businesses, governments, and people,” said Koné, who oversees the process of defining Africa’s digital agenda in addition to advancing key continental initiatives. “Intra-governmental cooperation is the key enabler of digital services adoption and acceleration, while mitigating these associated challenges across the African continent.”

Koné will be part of a panel at the GITEX Africa Digital Summit titled: ‘Uniting Towards One African Market’. He will share how Africa’s leaders are building a secure, resilient and sustainable digital future. “Agile enabling regulations are needed to quickly respond to market developments, facilitating entry of new competitors for the benefit of consumers in a united African continent,” he said.

The GITEX Africa Digital Summit will arrive amid a remarkable period of African ICT and broadband growth, with statistics showing the continent has the world’s fastest-growing internet population, up by 20 percent in just one year. Africa’s digital economy has become one of the main drivers of cross-continental progress, coupled with strong talent development and a spike in public private sector investments.

Jérôme Hénique, CEO for the Middle East & Africa at Orange, France; Tonny Bao, Vice President of Huawei, China; and Saad Toma, General Manager of IBM MENA, are among the foremost private sector leaders speaking about the critical pathways advancing the continent’s digital transformation missions, from building a more digital and inclusive Africa to exploring the social and economic impacts of 5G, or how AI can drive business transformation and sustainability.

Other headliners at Africa’s most impactful leadership conference programme include H.E. Syed Amin Ul Haque, Minister of Information Technology and Communications in Pakistan; and Babajide Sanwo-Olu the Governor of Lagos Nigeria, who will deliver a keynote address on what is accelerating Africa to become the next Silicon Valley.

The state of play in Africa’s digital economy will be another key discussion point, addressed by H.E. Belete Molla, the Minister of Innovation and Technology in Ethiopia; and H.E. Cina Lawson Minister of Digital Economy and Transformation in Togo.

“I am honoured to be part of the GITEX Africa hosted by Morocco,” said H.E. Molla. “It creates opportunities to governments, innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. It would help Ethiopia to get connected to the global tech space and leading players.”

Accelerating the epic race for African AI dominance

The next wave of digital transformation accelerated by the power of generative AI along with AI’s impact on African societies will meanwhile stimulate curious discussions at a dedicated AI track on day three of GITEX Africa, where the brightest minds and most innovative thinkers share their insights on AI’s ability to revolutionise industries, from agriculture to finance.

Dr. Adel Alsharji, Chief Operating Officer at UAE-headquartered Presight, the Middle East’s leading international big data analytics company powered by AI, will deliver the keynote address on the Societal Impact of Artificial Intelligence.

“The societal impact of AI is multifaceted and far-reaching globally, and it is already reshaping sectors, such as healthcare, finance, agriculture, education, and manufacturing and therefore the way we live,” said Dr. Alsharji.

“The African continent is showing a speedy AI adoption rate and a readiness to explore and harness the potential of AI for driving economic growth and addressing local challenges, ultimately benefiting the greater good of people.

“As AI advances, we can anticipate further innovation and positive applications. It is crucial, however, to embrace AI responsibly, ensuring ethical considerations are in place as we navigate this transformative landscape.”

Mustapha Zaouini, the Chairman of AI in Africa, will speak on a panel on Responsible Generative AI. He said while Africa has unique challenges such as disparity in internet access, the continent is steadily embracing AI.

“Africa is exploring AI to solve pressing issues like poverty, unemployment, and inequality,” said Zaouini. “However, readiness varies across countries, and there’s a need to invest in infrastructure, education, and policy-making to fully harness this fast-evolving technology.

“Access to AI technologies can level the playing field so it is essential not to be left aside. Ensuring equitable access to technology and bridging the digital divide are crucial steps to prepare for AI’s impact in Africa.”

Digital cities evolution and plotting the path to a net zero future

With the global push towards a net zero economy, technology’s role in advancing sustainability is more important than ever.

A panel at GITEX Africa’s Digital Cities conference track will explore how technology can advance an African-centric Net Zero agenda, addressed by Dr. Shaoshan Liu, Founder and CEO of PerceptIn in the USA; Mohammed Essaidi, MEA Chairman of the Global Cities Alliance, IEEE in Morocco; Laurent Roussel, President of Francophone Africa & Islands at Schneider Electric; and Gilles Babinet, French Government Representative of Digital Champions Group (EU) in France.

Other preeminent speakers at GITEX Africa include Emmanuel Gadret, CEO of Francophone Africa at Deloitte, who will share his insights into charting Africa’s path to prosperity by unlocking economic and data sovereignty; and Dr. Ray Johnson, CEO of the Technology Innovation Institute in the UAE, who will dive into generative AI’s ubiquitous role in fuelling economic growth.

A historic launch in the world’s next biggest digital economy

The inaugural GITEX Africa will make its historic debut from 31 May-2 June 2023, welcoming more than 900 exhibitors, start-ups, and visiting delegations from 80 countries for three days of intensive outcome-focused public-private sector collaborations in the world’s next biggest digital economy.

More than 250 hosted investors from 34 countries with US$200 billion worth of assets under management will also seek breakthrough technologies and potential African tech scale-up co-investment opportunities. As the ultimate start-up incubator and magnet for flourishing VC funds, GITEX Africa will deliver an unmatched scouting platform for these investors, of which 70 percent are coming from outside of Africa.

GITEX Africa is held under the High Patronage of His Majesty King Mohammed VI, and hosted by the Digital Development Agency (ADD), the public entity leading the Moroccan government’s digital transformation agenda under the authority of the Moroccan Ministry of Digital Transition and Administration Reform.

KAOUN International will lead the partnership for this much awaited business endeavour, urging the global tech community to go to Africa, leveraging the power of the trusted GITEX Global brand in Dubai, the world’s largest tech event.

With tech-friendly policies in a continent that is now far more accessible, African investment is rocketing. Analysts predict the tech market is on track to scale from $115 billion to $712 billion by 2050, while according to Briter Bridges, African start-ups raised a total of US$5.4 billion across 900+ deals in 2022. Meanwhile, a youthful populace coupled with Africa’s rapid urbanisation is accelerating digital economic growth, with 70 percent of the Sub-Saharan African population under 30 years of age and 45 percent of Africans set to live in cities by 2025.

More information is available at www.GITEXAfrica.com