United Nations Economic Commission for Africa (ECA) and Institute of International Finance (IIF) Host Private Investors virtual parley

The United Nations Economic Commission for Africa (ECA) and the Institute of International Finance (IIF) released the following statement after a virtual meeting of delegates representing African finance and development ministries, and the private creditor community to discuss the role of the private sector in supporting low-income countries through the COVID-19 crisis, and driving post-pandemic development.

“We all agree that access to private capital is essential to economic growth and development, the post-COVID-19 recovery, as well as raising living standards and creating greater prosperity across Africa. Given the importance of private capital, and its growing role in Africa over the last decade, it is crucial that countries with market access and the appropriate macroeconomic framework continue to have the opportunity to this access as a complement to concessional financing. A number of these countries have pursued policies to increase investor confidence, attract investment, obtain greater market access, and lower their cost of capital – these efforts must be encouraged. Similarly, new initiatives to help further lower the cost of capital must be encouraged and implemented swiftly - such as the creation of repo markets for frontier issuances as part of the Liquidity and Sustainability Facility. Where additional liquidity can be provided it must be the priority.”

 Regarding the upcoming discussions about the G20’s Debt Service Suspension Initiative (DSSI) at the International Monetary Fund and World Bank Annual Meetings, the group noted that extending the bilateral DSSI through 2021 would allow much-needed debt relief. All creditor countries are encouraged to participate fully in an extended DSSI.

Representing the private sector, the IIF has helped coordinate the views of over 100 of the world’s foremost asset managers, banks, and other financial institutions providing private finance to nations and companies through Eurobonds, syndicated loans, trade finance and other credit structures across the continent of Africa. These investors bring significant expertise and experience in Africa and other emerging markets and represent total assets under management in excess of $45 trillion.

 

Source: United Nations Economic Commission for Africa (ECA)

US suspends private charter flights to cuba

Michael R. Pompeo, US Secretary of State, has requested that the Department of Transportation suspend private charter flights to all Cuban airports, including Havana.  This action will suspend all charter flights between the United States and Cuba over which the Department of Transportation exercises jurisdiction, except for authorized public charter flights to and from Havana and other authorized private charter flights for emergency medical purposes, search and rescue, and other travel deemed in the interest of the United States.  This Administration will continue to target and cut the revenue the Cuban government earns from landing fees, stays in regime-owned hotels, and other travel-related income.

The Cuban military and intelligence services own and operate the great majority of hotels and tourism infrastructure in Cuba.  We urge travelers of all nationalities to consider this and to make responsible decisions regarding travel to Cuba.  The suspension of private charter flights will deny economic resources to the Castro regime and inhibit its capacity to carry out abuses.

Our message to the Castro regime has been clear:  The United States will continue to stand up for the Cuban people and against the regime’s abuses and its interference in Venezuela to prop up Maduro’s illegitimate hold on power.

Unfortunately, the Castro regime has not changed its repressive and undemocratic behavior.  It continues to imprison journalists and democracy activists, to oversee horrific physical abuse, to perpetuate the de facto dictatorship in Venezuela, to repress freedom of religion or belief, and to silence and intimidate those who speak truth about the reality in Cuba.

source: state department

Victor Williams named CEO of NBA Africa

The National Basketball Association (NBA) has named Victor Williams CEO of NBA Africa, effective Aug. 17, 2020, it was announced by NBA Commissioner Adam Silver. Williams, an accomplished investment banking executive with extensive experience growing businesses across the U.S. and Africa, will be based in the league’s Johannesburg office and report to NBA Deputy Commissioner and Chief Operating Officer Mark Tatum.

In this newly-created role, Williams will oversee the league’s basketball and business development initiatives in Africa and will be responsible for continuing to grow the popularity of basketball and the NBA across the continent through grassroots development, media distribution, corporate partnerships, and more.

For the last five years, Williams served as the Executive Head of Corporate and Investment Banking (CIB), Africa Regions for Standard Bank Group, where he oversaw the strategy, execution and financial performance for Standard Bank’s business with corporate, sovereign and institutional investor clients in 19 countries across sub-Saharan Africa. In this pan-continental role, Williams was responsible for growing a wide range of business lines across Africa, including global markets, investment banking and transactional products and services, and helped lead Standard Bank’s expansion into Côte d’Ivoire, Ethiopia and South Sudan.

“Adding an executive of Victor’s caliber and experience is an important step in our continued efforts to grow basketball across the continent,” said Silver. “We look forward to Victor leading NBA Africa’s operations and helping to accelerate the use of sports as an economic engine across Africa.”

“Becoming CEO of NBA Africa is a compelling opportunity to join the NBA – a widely-respected and admired, globally-oriented sports enterprise,” said Williams. “It allows me to blend my professional experience building businesses in Africa with my passion for the sport of basketball. I look forward to working with our colleagues in Johannesburg and Dakar to help grow basketball’s commercial and social impact in Africa and on the world stage.”

Williams joined Standard Bank in 2011 as Head of Corporate and Investment Banking for East Africa and subsequently led Standard Bank’s Corporate and Investment banking business in Nigeria.

Previously, he worked at Wells Fargo Securities in Charlotte, North Carolina, where he was a Managing Director focused on mergers and acquisitions. In this role, he executed more than $5 billion in merger and acquisition transactions and advised senior executives and boards of directors of corporate and private equity firms on mergers, divestitures, acquisitions, joint ventures, recapitalizations and corporate defense.

Prior to Wells Fargo Securities, Williams was Vice President of Investment Banking at Goldman Sachs in New York City, where he provided strategic guidance to Fortune 500 companies in all aspects of merger and financing analysis and execution.

Williams, a dual citizen of Sierra Leone and the U.S., holds an MBA from Harvard Business School and bachelor’s degrees in applied math and economics from Brown University. He is a member of Harvard Business School’s Africa Advisory Board and has also served on the boards of publicly-listed companies and non-profit organizations in the U.S., Nigeria and Kenya.

source: APO 

Uneasy lies the Head...

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Let me assume that you have viewed my website http://www.trendyafrica.com/ one time or the other, or have you not?? Without much hesitation, rewind your eyes and follow the link to the underlined site.

You would be tantalized with a different view of Africa. Captivating images, mind boggling literature, eye popping headgear's popularly referred to as "gele" and all the other juicy stuff.

Uneasy lies the head that wears "gele" will be the introductory topic for this spot. Mind you, the phrase "gele" may be satirical and may be used as reference to so many other things that characterize my life thus far. ENJOY.