African Businesses to Get $80 Billion Boost from G7
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THE AFRICAN STORY ADVERTISE WITH US DON’T BE LEFT BEHIND ISSUE NUMBER 774 VOLUME 2 21 - 27 JUNE 2021 President Lungu urged to invoke emergency powers should political violence persist page 3 COVID-19 cases surge in Africa, near first wave peak AFRICAN page 4 Kenneth Kaunda: The last giant of African BUSINESSES TO nationalism and benign autocrat left a mixed GET $80 BILLION legacy BOOST FROM G7 DEVELOPMENT page 7 Third largest diamond unearthed FINANCE in Botswana INSTITUTIONS page 8 2 Echo Report Echo Newspaper 21 June - 27 June 2021 THE AFRICAN STORY News, Finance, Travel and Sport Telephone: (267) 3933 805/6. E-mail: newsdesk@echo. co.bw Advertising Telephone: (267) 3933 805/6 E-mail: [email protected] Sales & Marketing African businesses to get Manager Ruele Ramoeng [email protected] $80 billion boost from G7 Editor Bright Kholi [email protected] development finance institutions Head of Design The G7 DFIs, the IFC, the to rebuild quickly from the inclusive and sustainable prioritize investments in vaccine Ame Kolobetso private sector arm of the African impact of the pandemic. CDC recovery for people, businesses manufacturing, COVID-19 [email protected] Development Bank, EBRD and is committed to building long and economies across Africa response, climate mitigation and the European Investment Bank term investment partnerships in coordination with our adaptation, and gender equity Distribution & Circulation Mogapi Ketletseng have announced that they were in Africa that fuel sustainable development partners, is at on the African continent.” [email protected] committed to investing $80 private sector growth in the core of IFC’s development Monika Beck, member of the billion in the private sector over support of the UN’s Sustainable mandate today. We know that DEG-Management Board, said Echo is published by the next five years to support Development Goals.” the private sector will play a “Many of our African partner YMH Publishing sustainable economic recovery This investment will create major role in financing Africa’s countries have been hit hard YMH Publishing, Unit 3, Kgale Court, Plot 128, and growth in Africa. jobs, boost economic growth, future by creating millions by the pandemic. We quickly GIFP, Gaborone The announcement is a help tackle climate change and of jobs that are essential to developed new services to Postal address: welcome boost to support fight poverty ensuring sustained economic support private sector SME P O BOX 840, the long-term development Werner Hoyer, President of growth and poverty reduction. and to help protecting jobs Gaborone, objectives of African economies the European Investment Bank, We therefore welcome this and livelihoods. In Africa, DEG Botswana Telephone: (267) 3933 805/6. that have been negatively said: “The EIB welcomes G7 important partnership and are has always been specifically E-mail: [email protected] impacted by the crisis. leadership to enhance support proud to provide financing and committed to creating prospects www.echo.co.bw for high-impact investment to work with partners to help for the young, growing The Covid-19 pandemic across Africa during and after create the right conditions to population.”. DISCLAIMER: has caused a severe global the pandemic. Last year the bring more private investment Each DFI has its own Echo Newspaper welcomes concise letters from readers. economic and health crisis. EU Bank’s engagement in to Africa.” investment criteria which are Letters must carry the The announcement is a welcome Africa, as part of Team Europe, David Marchick, Chief aligned to an assessment of full name and address of boost to support the long-term represented the largest ever Operating Officer of U.S. need to achieve development the sender. Letters must development objectives of support for climate action and International Development impact across a range of sectors. conform to the laws of African economies that have investment in fragile states in 55 Finance Corporation (DFC), DFIs play an important role Botswana and to the Press Council of Botswana’s Code been negatively impacted by years of EIB operations on the said: “Under President Biden’s in helping to build markets, Of Ethics. Letters will also be the crisis. It is the first time the continent. We stand ready to leadership, investing more in mitigate risk and pave the way edited for length, libel and G7 DFIs have come together to cooperate further with African Africa is a top priority for DFC for other investors to enter new language. make a collective partnership and multilateral partners to in fulfilling our development markets. commitment to the African tackle both COVID-19 and mandate. DFC is proud to continent. accelerate the green transition be doubling down on our (African development Bank) The IMF estimates that sub- in Africa.” commitment to Africa alongside Saharan Africa needs additional Makhtar Diop, IFC’s Managing our G7 and multilateral financing of around $425 billion Director, said: “Ensuring an partners and will continue to between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region. The UK Minister for Africa, Read more Echo James Duddridge, said: “The stories on our UK is proud to back this Facebook page by commitment by world leaders at the G7 Summit to invest more scanning the QR than $80 billion in Africa’s code below with private sector over the next your mobile phone 5 years. “This investment will create jobs, boost economic growth, help tackle climate change and fight poverty. It comes at a crucial time as the continent rebuilds its economies, severely impacted by Covid-19.” Nick O’Donohoe, the CEO of CDC Group, said: “The patient, high quality capital that DFIs provide is urgently needed if African economies are to start Echo Newspaper 21 June - 27 June 2021 Zambia Elections Report 3 President Lungu urged to invoke emergency powers should political violence persist The Democracy and said a declaration of a threatened Motherland Defenders Coalition And Changala has rubbished state of public emergency would is calling on President Edgar the calls for the Electoral be justified if cases of deaths Lungu not to hesitate invoking Commission of Zambia to and damage to public property emergency powers if reports of completely ban international emanating from political political violence continue to observers from monitoring this violence continue while the escalate in the country. year’s general elections amid democracy and motherland The Electoral Commission the Covid-19 pandemic saying defender’s coalition want of Zambia –ECZ recently such a move will rid the country external election observers suspended campaigns for the of credible people to certify the banned from this year’s elections Patriotic Front and UPND in election. on account of escalating covid selected parts of the country Recently, Green Party of 19 cases in the country. and suspended all roadshows Zambia Leader Peter Sinkamba (Phoenix news) countrywide due to escalating political violence. Addressing the media in Lusaka, Coalition Spokesperson, Andrew Ntewewe however said Lungu should invoke emergency powers if violence continues to be recorded despite the measures put in place by the ECZ to curb the vice. Ntewewe is further calling on the ECZ not to hesitate to impose even more stiffer punishment if political players do not change their ways. Meanwhile, Ntewewe is advising the commission to completely ban international election observers as a way of curbing the rising number of covid-19 cases in the country. He said the coalition has lost confidence in the police command in so far as policing this year’s election is concerned. He stated that despite Inspector General of Police Kakoma Kanganja being on a six month probation period, very little improvement has been recorded and has since appealed to President Lungu to take drastic action and ensure the country’s peace and stability are guarded. These calls have however been rejected. Human Rights Activist Brebna Changala has said calls for President Edgar Lungu to invoke constitutional provisions to declare a state of public emergency are meant to prolong the stay in power of the Patriotic Front and must not be condoned so that elections take place as scheduled. Changala has charged that only surrogate organizations of the ruling party such as the Green Party and the Democracy and Motherland Defenders Coalition whose existence and survival depends on PF’s stay in power, have the audacity to call for such drastic measures and has since warned those making these calls to stop overstepping and purporting to speak for the people of Zambia. He told Phoenix News that no underhand methods to postpone or derail the election would be accepted by Zambians who seek to restore the rule of law and order, peace, unity and economic and social development and has reminded stakeholders that Zambia has to maintain its record of beaconing democracy in Africa. 4 Echo Report Echo Newspaper 21 June - 27 June 2021 COVID-19 cases surge in Africa, near first wave peak COVID-19 cases in Africa are isolate and care for patients and sites, to reach priority groups people in Africa. The number countries to ship samples for surging by over 20% week-on- to quickly trace their contacts,” for vaccination of doses administered globally sequencing to better understand week as the continent’s third said Dr Matshidiso Moeti, WHO “The rise in cases and deaths so far would have been enough where and to what degree wave gains pace and nears the Regional Director for Africa. is an urgent wake up call for to cover all health workers and variants are circulating. first wave peak of more than Along with other factors, a lack those countries lagging behind older people, if they had been WHO is at the centre of Africa’s 120 000 weekly cases recorded of adherence to transmission to rapidly expand vaccination distributed equitably.