President Obama and First Lady Michelle Obama land in South Africa
The U.S. African Development Foundation announced a three-year commitment July 3 to support President Obama’s Young African Leaders Initiative, beginning in October 2013.
The Initiative is President Obama’s effort to invest in the next generation of African leaders, launched in 2010. Its new flagship program, the Washington Fellowship for Young African Leaders, announced June 29, is designed to support young African entrepreneurs in ways that accelerate economic growth and strengthen democratic institutions across Africa.
The U.S. African Development Foundation will award up to 200 young Africans taking part in the Washington Fellows program from 2014 to 2016 with $25,000 entrepreneurship grants to initiate or expand their business and social enterprises in their home countries. USADF will help ensure that the opportunity to participate extends to the best and the brightest, even in remote and marginalized communities in Africa.
Obama announced the Washington Fellows program at a town hall meeting with students in Johannesburg, South Africa, in June. “We’ll focus on civic leadership and public administration and business and entrepreneurship, the skills you need to serve your communities and start and grow businesses and run effective ministries,” he said.
To read full article visit: AllAfrica.com
Photo taken from: the New York Times
Ekra: “Our Role Is To Ensure That Africa Trades With Itself”
The overspill of the credit crisis in the developed world drove a huge new demand for Afreximbank’s trade finance products, leading it to develop new partnerships with other multilateral institutions, the Bank’s chairman and president says.
THE GLOBAL CREDIT CRISIS THAT began in 2007 created a vacuum in the availability of finance for African counterparties, one that prompted a surge in demand for Afreximbank’s products. This, in turn, drove major changes to how the organisation funded its operations, according to Jean-Louis Ekra, the Bank’s chairman and president.
Very few African financial institutions had direct exposure to the kind of complex financial products that prompted the near collapse of banks in the developed world. However, the crisis rapidly turned into one of liquidity squeeze. Needing to cover positions at home and rebuild capital buffers quickly, banks in Europe and the US stopped lending. African banks who had previously relied on credit lines from their global counterparts found themselves cut off.
This absence of liquidity was reflected in a broader pull back from Africa by international investors and banks, who were looking to retrench and reduce their exposure to riskier assets. This compounded the problems caused by falls in commodity prices, prompted by weaker industrial demand in markets that consume Africa’s natural resources. With money hard to come by, companies started to turn to Afreximbank en masse.
Read the full article: African Business Magazine