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DC Finance’s CEO will be visiting NYC from June 17thto promote the East Coast Family Office & Wealth Management Conference and the firm’s institutional investment, corporate finance, going public and family office events in Israel. Available for meetings

Posted on 21 May 2013 by Africa Business

 

DC Finance, the manager of one of the world’s largest Family Office events, ( www.israelwealth.com), is proud to present the East Coast’s top HNWI & SFOs wealth management event – The Annual East Coast Family Office & Wealth Management Conference, OCT 2nd, at the Union League Club, New York City ( www.nyc-wealth.com).

We are currently seeking firms who wish to support and join this 1st tier event. Mr Denny Chared, DC Finance’s CEO, will be more than happy to meet firms who may be intrested in meeting our target audiance of SFOs and HNWI.

The event will bring together 200 UHNWI, HNWI and SFOs with an average net worth of $400 million, with 50 of the best speakers in the fields of oil and gas investments, real estate, homeland security, high tech investments, philanthropy, private family banks, families in business, direct investing, family office, estate planning, trusts and other various investment alternatives.

Our current confirmed speakers lisr include: Dr. Yossi Vardi, Mr. Martin S. Indyk, vice president and director of the Foreign Policy Program at the Brookings Institution in Washington D.C., and former U.S. ambassador to Israel Mr. Howard Cooper , CEO, Cooper Family Office | Mr. David Sable , Global CEO, Y&R | Mr, Tewodros Ashenafi ,  CEO, SouthWest Energy Ltd, Ms. Kay Koplovitz , Founder, USA Networks and Chairman and CEO of Koplovitz & Co. LLC. Kay Koplovitz | Mr. Dror Berman , Founding Managing Partner, Innovation Endeavors (The Eric Schmidt Investment Fund), Ms. Wendy Craft , Executive Vice President and General Counsel, Fulcrum Equities | Mr. Lowell Sands , Rosewood Resources | Mr. Angelo J. Robles, CEO, Family Office Association Mr. Munib R. Masri, Chairman, Engineering and Development Group | Mr. David Gorman , Americas Advisor, The Table Club | Ms. Candice Beaumont , Managing Director, L. Investments | Mr. Harold F. “Rick” Pitcairn , II, CFA, CIO, Pitcairn and Chairman, Wigmore Association | Mr. Steve Oyer , Partner, Grail Partners | Mr. Ira Perlmuter , Head of Family Office Direct Investing, T5 Equity Partners| Mr. Nirmal Saverimuttu , Principal, Virgin Group | Mr. Andy Unanue , Managing Partner, AUA Private Equity Partners | Ms. Karen Wawrzaszek , Managing Director, Pitcairn | Mr. Warner King Babcock , Chairman and CEO, AM Private Enterprises, Inc. | Ms. Raya Strauss Bendror , President and Co-Owner, Strauss Investment, The Strauss Family | Ms. Nava Michael Tsabari , Academic Director, Family Business Program, Lahav-Executive Education, Recanati Business School, Faculty of Management Tel Aviv University, The Strauss Family | Mr. Guy Schory , Head of New Ventures, eBay | Mr. Shimon Eckhouse , Co-founder and Chairman of the Board, Syneron Medical |  Mr. Jamie McLaughlin , Owner, J. H. McLaughlin & Co., LLC |   Mr. Louis Hanna , Corigin Family Office | Ms. Kay Koplovitz , Founder, USA Network | Mr. Kent M. Swig , President, Swig Equities, LLC | Ms. Steffi Claiden , Founder/Editor-in-Chief, Family Office Review | Mr. Daniel Shakhani , CEO, RDS Capital

 

 

Other events:The trip also supports The 2014 institutional investment conference , March 2014, ( www.tlvii.com ), The Israeli Family Office & Wealth Management Conference, June 2013, ( www.israelwealth.com ), the “Family Wealth” magazine and advisors sourcebook, The Annual Kibbutz Industries Financial Conference, Sep 10th 2013, The Annual Going Public and Raising Capital Abroad Conference Oct 9th 2013 and Israel’s Annual Corporate Finance Conference, Nov 22nd 2013 ( www.israel-finance.com( .

Firms with an interest in meeting our target audience are welcome to reply to this email and we will do our best to schedule a meeting. Please be advised that due to a busy schedule not all requests may be fulfilled.

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Developing World’s Share of Global Investment to Triple by 2030, Says New World Bank Report

Posted on 18 May 2013 by Africa Business

Seventeen years from now, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the latest edition of the World Bank’s Global Development Horizons (GDH) report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Developing countries’ share in global investment is projected to triple by 2030 to three-fifths, from one-fifth in 2000, says the report, titled ‘Capital for the Future: Saving and Investment in an Interdependent World’. With world population set to rise from 7 billion in 2010 to 8.5 billion 2030 and rapid aging in the advanced countries, demographic changes will profoundly influence these structural shifts.

“GDH is one of the finest efforts at peering into the distant future. It does this by marshaling an amazing amount of statistical information,” said Kaushik Basu, the World Bank’s Senior Vice President and Chief Economist. “We know from the experience of countries as diverse as South Korea, Indonesia, Brazil, Turkey and South Africa the pivotal role investment plays in driving long-term growth. In less than a generation, global investment will be dominated by the developing countries. And among the developing countries, China and India are expected to be the largest investors, with the two countries together accounting for 38 percent of the global gross investment in 2030. All this will change the landscape of the global economy, and GDH analyzes how.”

Productivity catch-up, increasing integration into global markets, sound macroeconomic policies, and improved education and health are helping speed growth and create massive investment opportunities, which, in turn, are spurring a shift in global economic weight to developing countries. A further boost is being provided by the youth bulge. With developing countries on course to add more than 1.4 billion people to their combined population between now and 2030, the full benefit of the demographic dividend has yet to be reaped, particularly in the relatively younger regions of Sub-Saharan Africa and South Asia.

The good news is that, unlike in the past, developing countries will likely have the resources needed to finance these massive future investments for infrastructure and services, including in education and health care. Strong saving rates in developing countries are expected to peak at 34 percent of national income in 2014 and will average 32 percent annually until 2030. In aggregate terms, the developing world will account for 62-64 percent of global saving of $25-27 trillion by 2030, up from 45 percent in 2010.

“Despite strong saving levels to finance their massive investment needs in the future, developing countries will need to significantly improve their currently limited participation in international financial markets if they are to reap the benefits of the tectonic shifts taking place,” said Hans Timmer, Director of the Bank’s Development Prospects Group.

GDH paints two scenarios, based on the speed of convergence between the developed and developing worlds in per capita income levels, and the pace of structural transformations (such as financial development and improvements in institutional quality) in the two groups. Scenario one entails a gradual convergence between the developed and developing world while a much more rapid scenario is envisioned in the second.

The gradual and rapid scenarios predict average world economic growth of 2.6 percent and 3 percent per year, respectively, during the next two decades; the developing world’s growth will average an annual rate of 4.8 percent in the gradual convergence scenario and 5.5 percent in the rapid one.

In both scenarios, developing countries’ employment in services will account for more than 60 percent of their total employment by 2030 and they will account for more than 50 percent of global trade. This shift will occur alongside demographic changes that will increase demand for infrastructural services. Indeed, the report estimates the developing world’s infrastructure financing needs at $14.6 trillion between now and 2030.

The report also points to aging populations in East Asia, Eastern Europe and Central Asia, which will see the largest reductions in saving rates. Demographic change will test the sustainability of public finances and complex policy challenges will arise from efforts to reduce the burden of health care and pensions without imposing severe hardships on the old. In contrast, Sub-Saharan Africa, with its relatively young and rapidly growing population as well as robust economic growth, will be the only region not experiencing a decline in its saving rate.

In absolute terms, however, saving will continue to be dominated by Asia and the Middle East. In the gradual convergence scenario, in 2030, China will save far more than any other developing country — $9 trillion in 2010 dollars — with India a distant second with $1.7 trillion, surpassing the levels of Japan and the United States in the 2020s.

As a result, under the gradual convergence scenario, China will account for 30 percent of global investment in 2030, with Brazil, India and Russia together accounting for another 13 percent. In terms of volumes, investment in the developing world will reach $15 trillion (in 2010 dollars), versus $10 trillion in high-income economies. China and India will account for almost half of all global manufacturing investment.

“GDH clearly highlights the increasing role developing countries will play in the global economy. This is undoubtedly a significant achievement. However, even if wealth will be more evenly distributed across countries, this does not mean that, within countries, everyone will equally benefit,” said Maurizio Bussolo, Lead Economist and lead author of the report.

The report finds that the least educated groups in a country have low or no saving, suggesting an inability to improve their earning capacity and, for the poorest, to escape a poverty trap.

“Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor,” concluded Bussolo.

Regional Highlights:

East Asia and the Pacific will see its saving rate fall and its investment rate will drop by even more, though they will still be high by international standards. Despite these lower rates, the region’s shares of global investment and saving will rise through 2030 due to robust economic growth. The region is experiencing a big demographic dividend, with fewer than 4 non-working age people for every 10 working age people, the lowest dependency ratio in the world. This dividend will end after reaching its peak in 2015. Labor force growth will slow, and by 2040 the region may have one of the highest dependency ratios of all developing regions (with more than 5.5 non-working age people for every 10 working age people). China, a big regional driver, is expected to continue to run substantial current account surpluses, due to large declines in its investment rate as it transitions to a lower level of public involvement in investment.

Eastern Europe and Central Asia is the furthest along in its demographic transition, and will be the only developing region to reach zero population growth by 2030. Aging is expected to moderate economic growth in the region, and also has the potential to bring down the saving rate more than any developing region, apart from East Asia. The region’s saving rate may decline more than its investment rate, in which case countries in the region will have to finance investment by attracting more capital flows. The region will also face significant fiscal pressure from aging. Turkey, for example, would see its public pension spending increase by more than 50 percent by 2030 under the current pension scheme. Several other countries in the region will also face large increases in pension and health care expenditures.

Latin America and the Caribbean, a historically low-saving region, may become the lowest-saving region by 2030. Although demographics will play a positive role, as dependency ratios are projected to fall through 2025, financial market development (which reduces precautionary saving) and a moderation in economic growth will play a counterbalancing role. Similarly, the rising and then falling impact of demography on labor force growth means that the investment rate is expected to rise in the short run, and then gradually fall. However, the relationship between inequality and saving in the region suggests an alternative scenario. As in other regions, poorer households tend to save much less; thus, improvements in earning capacity, rising incomes, and reduced inequality have the potential not only to boost national saving but, more importantly, to break poverty traps perpetuated by low saving by poor households.

The Middle East and North Africa has significant scope for financial market development, which has the potential to sustain investment but also, along with aging, to reduce saving. Thus, current account surpluses may also decline moderately up to 2030, depending on the pace of financial market development. The region is in a relatively early phase of its demographic transition: characterized by a still fast growing population and labor force, but also a rising share of elderly. Changes in household structure may also impact saving patterns, with a transition from intergenerational households and family-based old age support to smaller households and greater reliance on asset income in old age. The region has the lowest use of formal financial institutions for saving by low-income households, and scope for financial markets to play a significantly greater role in household saving.

South Asia will remain one of the highest saving and highest investing regions until 2030. However, with the scope for rapid economic growth and financial development, results for saving, investment, and capital flows will vary significantly: in a scenario of more rapid economic growth and financial market development, high investment rates will be sustained while saving falls significantly, implying large current account deficits. South Asia is a young region, and by about 2035 is likely to have the highest ratio of working- to nonworking-age people of any region in the world. The general shift in investment away from agriculture towards manufacturing and service sectors is likely to be especially pronounced in South Asia, with the region’s share of total investment in manufacturing expected to nearly double, and investment in the service sector to increase by more than 8 percentage points, to over two-thirds of total investment.

Sub-Saharan Africa’s investment rate will be steady due to robust labor force growth. It will be the only region to not see a decrease in its saving rate in a scenario of moderate financial market development, since aging will not be a significant factor. In a scenario of faster growth, poorer African countries will experience deeper financial market development, and foreign investors will become increasingly willing to finance investment in the region. Sub-Saharan Africa is currently the youngest of all regions, with the highest dependency ratio. This ratio will steadily decrease throughout the time horizon of this report and beyond, bringing a long lasting demographic dividend. The region will have the greatest infrastructure investment needs over the next two decades (relative to GDP). At the same time, there will likely be a shift in infrastructure investment financing toward greater participation by the private sector, and substantial increases in private capital inflows, particularly from other developing regions.

Source: WorldBank.org

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Ozwald Boateng Steps in as Guest Editor for a Leading Issue of New African

Posted on 18 May 2013 by Africa Business

Made In Africa Foundation

The Made In Africa Foundation is a charitable organisation, established to support strategic infrastructure projects and create sustainable solutions to some of Africa’s most pressing problems. It works to support technical feasibility studies, to kick start key infrastructure developments and to engage the African diaspora in innovative fund-raising activities. The Foundation was founded in 2011 by international designer Ozwald Boateng OBE, and Nigerian businessman Kola Aluko, and is supported by Atlantic Energy.

 

The leading pan-African current affairs magazine, New African, has just published its May edition, guest edited by the internationally renowned Ghanaian designer Ozwald Boateng , a World Economic Forum Young Global Leader and founder of the Made in Africa Foundation.

This new issue looks at a Future Made in Africa and, in a 60 page supplement, celebrates the Organisation of African Unity’s (now the AU’s) golden jubilee. It has a strong focus on infrastructure, which reflects the work of the Made in Africa foundation – a $400m fund to finance feasibility studies to fast-track infrastructure investment throughout Africa.

Editorial contributors include Tony Blair , President Ellen Sirleaf-Johnson , Tony Elumelu, Mo Ibrahim , David Adjaye , Jay Naidoo , Omar Bongo Ondimba, Minna Salami, Swaady Martin-Leke, and Kandeh Yumkella and Babatunde Fashola .

In its “Trailblazers under 50″ feature, New African presents its selection of 50 Africans under the age of 50, who are breaking ground and raising hopes for Africa’s future.  The list includes Chimamanda Ngozi Adichie, Alex Wek , Didier Drogba, Hadeel Ibrahim , David Rudisha, Bethlehem Tilahun Alemu, Juliana Totich, P-Square, Dambisa Moyo and its very own readers.

In his introductory article “Why our future should be made in Africa“. Boateng insists “If the world is to get beyond boom and bust, it requires African creators, farmers, workers, industrialists and leaders to be given the tools and opportunities to play their part for the good of all”.

Omar Ben Yedder , publisher of New African magazine, commented: “ Ozwald Boateng has done a fantastic job and this really is a collector’s item – one which we hope will be read and studied in schools and universities across Africa. It was a true learning experience working on this issue”.

The May 2013 issue is available on newsstands and local vendors now.

SOURCE Made in Africa Foundation

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“World’s Best Service” Awarded To Crystal Cruises By Travel + Leisure

Posted on 18 May 2013 by Africa Business

Magazine Readers Vote Luxury Line #1 of All Large Ships

Waiters prepare the Crystal Dining Room for dinner. (PRNewsFoto/Crystal Cruises)

LOS ANGELES /PRNewswire/ – Travel + Leisure magazine readers have voted Crystal Cruises as having the “World’s Best Service” of all large size cruise ships for 2013. With a #1 score of 95.41, this is the second year in a row the luxury cruise specialist has won the esteemed guest service award in its ship size category. A complete list of all hotel, resort, airline, and cruise line service winners is published in the periodical’s June issue.

Crystal has maintained exceptionally high service scores throughout its history, even after including gratuities as part of its all-inclusive enhancements a little over a year ago.

“We’re so pleased with the incredibly high-quality execution of our all-inclusive experience. Readers’ service scores mirror the ratings we’ve received from our own guest surveys,” says Crystal President Gregg Michel . “Our crew thrives on delivering the best Crystal Experience possible, down to the smallest detail, so it’s incredibly gratifying to see sophisticated travelers recognize that.”

Crystal is continually refining the guest experience and has made numerous enhancements to its Six-Star service over the past year. Gratuities, fine wines and premium spirits are now all included. Certified Master Sommeliers, Cheese Sommeliers, and Mixologists are always on hand to recommend perfect pairings. New Boutique Adventures and Private options have expanded onshore choices. New associations with Hollywood‘s Magic Castle and USC‘s School of Cinematic Arts offer additional learning and entertainment opportunities. New Fast Track Check-In has eased embarkation hassle. New VIP Airport Services simplify airline travel to and from ships. Maiden calls and new itineraries, including more local overnights and shorter voyages, have increased travelers’ cruise options. And, thanks to a five-year, $100 million investment in extreme makeovers of Crystal Symphony and Crystal Serenity, guests always have a plethora of chic, yet comfortable, spaces in which to enjoy Crystal’s luxurious service.

Crystal’s passion for taking care of guests in an inviting environment of extraordinary space, quality and choices has earned the company more “World’s Best” awards than any other cruise line, resort, or hotel in history, including, over the past year, Travel + Leisure‘s World’s Best Large-Ship Cruise Line (17th consecutive year); Conde Nast Traveler‘s Best Mid-Sized Cruise Line (19th year) and Cruise Ships (#1 and 2); and eight Travel Weekly Magellan Awards.

The 922-guest Crystal Symphony and the 1,070-guest Crystal Serenity sail to all seven continents, with voyages of 5-108 days in the Mediterranean, Western Europe, British Isles, Scandinavia/Baltic & Russia, North Cape & Arctic Circle, Africa, Asia, Australia/New Zealand, South Pacific, South America, Antarctica, New England/Canada, Panama Canal, Caribbean, and a sumptuous annual World Cruise. Until June 28, all-inclusive, value-priced “Book Now” fares start at just $1,630/person.

For more information and Crystal reservations, contact a travel agent, call 888-799-4625, or visit www.crystalcruises.com.

SOURCE Crystal Cruises

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Sarama Resources Continues to Consolidate its Position at the South Houndé Project in Burkina Faso

Posted on 15 May 2013 by Africa Business

TSX-V Ticker: SWA
SWA.WT

VANCOUVER, May 15, 2013 /PRNewswire/ – Sarama Resources Limited (“Sarama” or the “Company“) is pleased to report that it has been granted three new exploration permits in Burkina Faso, including one adjacent to the Company’s flagship South Houndé Project, which brings the Company’s exploration landholding in this prospective region to 1,014km².

Highlights

  • Three new exploration permits totalling 240km² granted, expanding Sarama’s total exploration land package in Burkina Faso to 3,339km².
  • The grant of a 127km² exploration permit adjacent to Sarama’s Tankoro exploration property, provides Sarama a commanding presence in the geologically prospective Houndé Belt, with a total landholding of 1,014km².
  • The grant of the Youngou Est and Nianie exploration permits complements Sarama’s existing Youngou exploration property, which borders the Youga mine of Endeavour Mining Corp in the central south of Burkina Faso, bringing the Company’s total landholding in the project area to 363km².
  • Reconnaissance exploration programs to commence in second half of 2013.

Grant of Bini Exploration Permit

Sarama has been granted new exploration permits for the Bini, Youngou Est and Nianie properties by the Ministry of Mines and Energy, bringing the Company’s total exploration property interests in Burkina Faso to 3,339km² (refer Figure 1).

The 127km² Bini exploration property (“Bini“) further consolidates Sarama’s position in the highly prospective Houndé Belt, which hosts the 7.8Moz, 170koz per annum Mana gold mine of Semafo Inc and the 2.2Moz Houndé gold project of Endeavour Mining Corp.  Bini is located centrally within the belt and is adjacent to Sarama’s Tankoro exploration property where the Company has intersected significant gold mineralisation over a 1.9km strike length at the MM Prospect (refer Figure 2).

The property is underlain by a sequence of meta-sedimentary and volcanic rocks and is interpreted to contain north-north-east trending structures, which are thought to be one of the controls on the mineralisation encountered at the Company’s MM Prospect.  Sarama anticipates commencing first-pass reconnaissance exploration activities on the property in the second half of 2013.

The exploration permit gives Sarama the exclusive right to explore for gold and associated minerals during an initial term of 3 years.  Subject to certain statutory obligations being met, the permit is renewable for a further two 3-year terms, after which time, the permit will be eligible for conversion to an exploitation permit.

Figure 1:    Sarama’s Exploration Properties in Burkina Faso

Figure 2:    Sarama’s Exploration Properties in South-West Burkina Faso

Grant of Youngou Est and Nianie Exploration Permits

The Youngou Est and Nianie exploration properties, covering areas of 95km² and 18km² respectively, lie in the extreme south of central Burkina Faso (Figure 3).  Being proximal to Sarama’s existing Youngou exploration property, the permit grants bring Sarama’s landholding in the project area to 363km².

The properties are underlain by volcano-sedimentary and gneissic rocks with the prospective sequence arranged along a north-east striking trend bounded by granite.  The 90,000oz per annum Youga gold mine of  Endeavour Mining Corp is located immediately adjacent to Sarama’s property group and within the same lithological sequence, illustrating the prospectivity of the region.

Sarama anticipates commencing reconnaissance exploration activities on the recently granted properties in the second half of 2013.

The exploration permits give Sarama the exclusive right to explore for gold and associated minerals during an initial term of 3 years.  Subject to certain statutory obligations being met, the permit is renewable for a further two 3-year terms, after which time, the permit will be eligible for conversion to an exploitation permit.

Figure 3:    Sarama’s Exploration Properties in Central South Burkina Faso

Sarama’s President and CEO, Andrew Dinning commented:

“We are pleased to have been granted these new permits in two of our existing project areas.  Our position at the South Houndé Project continues to strengthen with the addition of the Bini property and we look forward to commencing our reconnaissance exploration programs in the upcoming exploration season.

Sarama is well funded with a cash balance of approximately US$11M at the end of March 2013 and is currently finalising regional exploration programs in the south of the MM Prospect which are expected to contribute to the maiden resource estimate planned for Q3 2013.”

For further information on the Company’s activities, please contact:

Andrew Dinning or Paul Schmiede
email:  info@saramaresources.com
telephone: +61 8 9363 7600

About Sarama Resources Ltd
Sarama Resources Ltd is a Canadian company with a focus on the exploration and development of gold deposits in West Africa.  The board of directors and management team, a majority of whom are founders of the Company, are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.

The South Houndé Project in south-west Burkina Faso is the Company’s flagship property and is currently the focus of an aggressive exploration program to increase the size of its maiden discovery and to test gold-in-soil anomalies located in a 30km-long structural corridor.  Recent drilling programs at the South Houndé Project have intersected significant mineralisation in several prospect areas which the Company is actively following up.  The Company has built substantial early-stage exploration landholdings in prospective and underexplored areas of Burkina Faso (>3,300 km²), Liberia (>880 km²) and Mali (>560 km²) and is aggressively exploring across the property portfolio.

Caution Regarding Forward Looking Statements
Information in this news release that is not a statement of historical fact constitutes forward-looking information.  Such forward-looking information includes statements regarding the Company’s planned exploration programs.  Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s publicly filed documents.

There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.

Sarama does not undertake to update any forward-looking information, except as required by applicable laws.

Qualified Person’s Statement

Scientific or technical information in this news release that relates to the Company’s exploration activities in Burkina Faso is based on information compiled or approved by Michel Mercier Michel Mercier is an employee of Sarama Resources Ltd and is a member in good standing of the Ordre des Géologues du Québec and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.  Michel Mercier consents to the inclusion in this report of the information, in the form and context in which it appears.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Sarama Resources Limited

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Morningstar Announces Findings from Third Global Fund Investor Experience Report; United States Scores the Best and South Africa the Worst

Posted on 15 May 2013 by Africa Business

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individuals, financial advisors, and institutions.

 

CHICAGO, May 15, 2013 /PRNewswire/ — Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today released its Global Fund Investor Experience report, which assesses the experiences of mutual fund investors in 24 countries across North America, Europe, Asia, and Africa. Morningstar’s evaluation of investor-friendly practices in fund markets worldwide identified the United States as the best market for fund investors based on criteria such as investor protection, transparency, fees, taxation, and investment distribution, while South Africa scored the worst. This year’s report also includes first-time reviews of fund investor experiences in Korea and Denmark.

“We launched the first Global Fund Investor Experience report in 2009 to examine the treatment of mutual fund shareholders in 16 countries with the goal of advancing a dialogue about best practices worldwide. Since that time we’ve had numerous conversations with regulators and investment companies in multiple countries about their existing policies and ways to improve,” John Rekenthaler , vice president of research for Morningstar, said. “Working with our analysts around the world, we expanded our survey to 24 countries this year. We hope our survey findings will help investment companies, distributors, and regulatory bodies around the globe continue to focus on improving the environment for investors.”

Morningstar researchers evaluated countries in four categories: Regulation and Taxation, Disclosure, Fees and Expenses, and Sales and Media. Morningstar weighted the questions and answers to give greater importance to factual, empirical answers as well as the high-priority issues of fees, taxes, and transparency. Morningstar assigned countries a letter grade for each category and then added the category scores to produce an overall country grade. The report’s authors gathered information from available public data and from Morningstar analysts. Below are the overall country grades, from highest to lowest scores and then in alphabetical order:

United States:  A

Sweden: B-

Korea:  B+

Switzerland: B-

Netherlands:  B

United Kingdom: B-

Singapore:  B

Australia: C+

Taiwan:  B

Belgium: C+

Thailand:  B

Canada: C+

China:  B-

France: C+

Denmark:  B-

Italy: C+

Germany:  B-

Japan: C

India:  B-

Hong Kong: C-

Norway:  B-

New Zealand: C-

Spain:  B-

South Africa: D

The United States garnered the highest score for the third time with a top grade of A. While the United States is not a leader in the area of Regulation and Taxes, it has the world’s best disclosure and lowest expenses. South Africa, in contrast, received the lowest grade largely because of poor disclosure practices. The new countries reviewed in this year’s report—Korea and Denmark—earned grades of B+ and B-, respectively.

New Zealand showed the largest improvement from the 2011 study rising to a C- from a D- because of positive regulatory changes and an encouraging expansion of disclosure requirements. Morningstar anticipates that the New Zealand government’s ongoing review of all fund regulations will result in even more improvements and investor-friendly practices in the years to come.

Among the key findings of the study:

  • Bans on advisor commissions are spreading around the world. In the UK, the Retail Distribution Review (RDR) has already brought such a ban into effect, while similar moves are underway in Australia and the Netherlands.
  • While the U.S. and European fund markets are roughly similar in size, U.S. investors pay significantly lower fees than European investors.
  • Fund companies in most countries continue to treat the names of portfolio managers as trade secrets, leaving investors no way to determine who is responsible for a fund’s success or failure.
  • Australia and New Zealand do not require funds to publicly disclose full portfolio holdings, while France, South Africa, Korea, and the UK only disclose holdings to current owners.

To read Morningstar’s complete Global Fund Investor Experience report, click here.

SOURCE Morningstar, Inc.

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Redi Tlhabi interviews Banda & Ramphele on South 2 North

Posted on 15 May 2013 by Africa Business

This Friday on Al Jazeera’s new global talk show South 2 North, Redi Tlhabi interviews two remarkable African leaders: Joyce Banda, Malawi’s first female president, and Dr. Mamphela Ramphele, founder of Agang, South Africa’s new party political platform.

President Banda became only the second woman to lead an African country in April 2012, following the example of Liberian president Ellen Johnson Sirleaf. Time Magazine recently named Banda one of the most influential people in the world, while Forbes called her the most powerful woman in Africa in 2012.


Ramphele, a former vice-chancellor at The University of Cape Town and past managing director of The World Bank, was a co-founder of the Black Consciousness Movement with Steve Biko. In February 2013, she launched Agang, a new party political platform intended to challenge The African National Congress in South Africa.

What gender-related challenges have Banda and Ramphele had to overcome? Are there more opportunities for women in the political arena in Africa today? Do women do politics differently? Is there space developing for opposition politics in Africa?

Watch Redi ask the important questions on this week’s episode of South 2 North, which premieres at 19:30 GMT on Friday, 17 May 2013 and also screens Saturday at 14h30, Sunday 04h30 and Monday 08h30.

For more information, visit http://www.aljazeera.com/programmes/south2north/, where all episodes are available to watch online.

You can also tweet your questions, comments and opinions to @AJSouth2North or find South 2 North on Facebook: http://www.facebook.com/pages/South-2-North/255419671252120.

Catch up on last week’s episode of South 2 North, where Redi discussed re-imagining Africa, at http://www.youtube.com/watch?v=bMHlrLuaCC0.

 

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Gurwitch Products Debuts nyakio™, a New Founder-Driven Skincare Line Utilizing Beauty Secrets and Ingredients From Africa, Exclusively With HSN

Posted on 14 May 2013 by Africa Business

– Available Now on HSN.com –

NEW YORK, May 14, 2013 /PRNewswire/ – Gurwitch Products, a manufacturer and marketer of global prestige cosmetics and skincare brands, today announces the launch of nyakio™, a collection of skincare products formulated with luxurious and sophisticated ingredients indigenous to Africa. The brand’s founder and namesake, Nyakio Kamoche Grieco, is an American beauty entrepreneur of Kenyan descent who was inspired by her Kenyan family’s personal beauty secrets to create nyakio™. The nyakio™ assortment is available now for purchase exclusively on HSN.com and will debut on air, May 14.

“The launch of nyakio™ is the culmination of a dream to share my family’s beauty secrets through results-driven formulas that utilize the best natural African ingredients,” said Grieco.  “I am excited to join HSN’s roster of beauty authorities and to bring the rich sophistication of Africa to life for women everywhere.”

Just as Africa represents many cultures and ethnicities, nyakio™ products were formulated to benefit women of all ages, skin types and backgrounds.  Through its brand promise, ‘rich in heritage, effective for all skin … naturally™,’ nyakio™ products deliver highly effective skincare that hydrates, revitalizes and leaves all skin more youthful-looking.

The nyakio™ collection includes: nyakio™ Kenyan Coffee Face Polish, nyakio™ Kenyan Coffee Body Scrub, and nyakio™ Hydrating Face Oil with Kola Nut. The products range in price from $34-$55.  Additional products will be introduced in 2013, and all will be available for purchase on HSN and HSN.com.

“Like all of the beauty properties in the Gurwitch portfolio, nyakio™ is a founder-driven brand, with an authentic story and unique point of difference,” said Claudia Poccia , President and CEO of Gurwitch Products, whose portfolio also includes Laura Mercier cosmetics and ReVive skincare. “We look forward to partnering with HSN to bring Nyakio’s story directly to our target consumers, in a format that will allow them to develop a real connection with the brand and its founder.”

For additional information about nyakio™, visit @NyakioBeauty on Facebook, Twitter and Pinterest, or join in the conversation with HSN on HSN.com and @HSN on Facebook, Twitter, Pinterest and Instagram.

SOURCE Gurwitch Products

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SA ECONOMIC GROWTH HIT BY MINING SECTOR

Posted on 14 May 2013 by Africa Business

Will the Chinese purchase divested mining interests?

South Africa’s economic growth is lagging somewhat behind that of its peers in the developing world. IMF forecasts for 2013 indicate that emerging and developing economies will grow by 5,5% while SA’s GDP is expected to grow between 2,5% and 3%.

Global ranking

Country Name

GDP in Millions of US dollars (2011)

27

South Africa

408,237

39

Nigeria

243,986

60

Angola

104,332

88

Kenya

33,621

105

Zambia

19,206

One of the key reasons for slower growth is SA’s foreign trade structure and reliance on Europe. President Zuma used the opportunity at the World Economic Forum in Davos earlier this year to ensure foreign investors that South Africa is on the right track.

2012 will be remembered for the negative impact of labour unrest and resultant production stoppages in the mining sector. Mining reduced GDP by 0,5% in the first three quarters of the year. This excludes the biggest slump in the sector during the fourth quarter 2012.

Other significant features of the growth slowdown in 2012 were the slowdown in household consumption spending, poor growth in private fixed investment spending and a slump in real export growth.

South African’s inflation rate slowed to a five-month low in January 2013 after the statistics office adjusted the consumer price basket while food and fuel prices eased. In December, the inflation rate fell to 5,4% from 5,7% Statistics South Africa stated.

Government cut the price of fuel by 1,2% in January 2013, as a stronger rand in the previous month helped to curb import costs. Since then, the currency has plunged 4,8% against the dollar and fuel prices are on the rise, with prices increasing in March by a further 8%, adding to pressure on inflation.

South Africa’s strengths

· South Africa is the economic powerhouse of Africa, leading the continent in industrial output and mineral production, generating a large portion of the continent’s electricity.

· The economy of South Africa is the largest in Africa, accounting for 24% of the continent’s GDP in terms of PPP, and is ranked as an upper-middle income economy by the world bank.

· The country has abundant natural resources, well developed financial, legal and transport sectors, a stock exchange ranked amongst the top 20 in the world, as well as a modern infrastructure supporting efficient distribution of goods throughout the Southern African region.

South Africa’s weaknesses

· South Africa suffers from a relatively heavy regulation burden when compared to most developed countries.

· Increasing costs for corporates with rising wages.

· Poverty, inequalities sources of social risk mixed with high unemployment and shortage of qualified labour.

Mining

Output in the mining sector remained weak in December with total mining production down by 7,5% y-o-y after falling by a revised 3,8% (previously -4,5%) in November. On a monthly basis production rose by a seasonally adjusted 1,2% compared with 12,0% in November. Non-gold output was down by 5,0% y-o-y, while gold production slumped by 21,2% in December. For the fourth quarter, total mining production fell by a seasonally-adjusted and annualised 4,6% q-o-q as output of most minerals dropped.

For 2012 as a whole, mining volumes fell by 3,1% after contracting by 0,9% in 2011. Mineral sales were down by 15,6% y-o-y in November after falling 13,7% in October. On a monthly basis sales rose by a seasonally-adjusted 2,3% in November, but sales were down by a seasonally-adjusted 10,2% in the three months to November after declining by 6,8% in the same period to October. These figures indicate that the mining sector is still reeling from the devastating effects of widespread labour strikes in the third and early fourth quarters.

Prospects for the mining sector remain dim as the industry faces headwinds both on the global and domestic fronts. Globally, commodity prices are not likely to make significant gains as demand conditions remain relatively unfavourable. Locally, tough operating conditions persist. Rapidly rising production costs, mainly energy and labour costs, are likely to compel mining companies to scale back operations or even halt them in some cases.

This will have a negative impact on production, with any improvements coming mainly from a normalisation of output should strike activity ease. These numbers, together with other recent releases, suggest that GDP growth for the fourth quarter was around 2,0%, with overall growth of 2,5% for the year as a whole. Overall economic activity in the sector therefore remains generally sluggish while upside risks to inflation have increased due to the weaker rand.

Retail

Annual growth in retail sales slowed to 2,3% in December from 3,6% in the previous month. Over the month, sales rose by a seasonally-adjusted 1,0%, causing sales for the last quarter of 2012 to decline by 0,2% following 2,1% growth in the third quarter.

As a whole, 2012 retail sales rose by 4,3%, slightly down from 5,9% in 2011. Consumer spending is likely to moderate during 2013 as weak consumer confidence, heightened worries about job security and high debt, make consumers more cautious about spending on non-essential items. The overall economic outlook remains weak and fragile, while inflation may increase due to the weaker rand.

Manufacturing

Annual growth in manufacturing production slowed to 2,0% in December 2012 from 3,7% in the previous month, versus the consensus forecast of 2,9%. The increase in output was recorded in seven of the ten major categories. Significant contributions came from petroleum, chemical products, rubber and plastic products. Over the month, total production fell by 2,2% on a seasonally adjusted basis following a 2,6% rise in November.

On a quarterly basis, however, production improved by 1,6% in the final quarter of 2012 following two quarters of weaker growth. Both local and international economic conditions are expected to improve only moderately during 2013. A weak Eurozone will continue to hurt the large export-orientated industries.

The recent recovery in infrastructure spending by the public sector will probably support the industries producing capital goods and other inputs for local projects. But the growth rate will be contained by slower capital expenditure by the private sector in response to the bleaker economic environment both locally and internationally.

Therefore, while a moderate recovery in manufacturing production will continue in 2013, no impressive upward momentum is expected. Overall economic activity remains generally sluggish while upside risks to inflation have increased due to a weaker rand.

Infrastructure

A new economic plan, the National Development Plan (NDP), is likely to be adopted in 2013 promoting low taxation for businesses and imposing less stringent employment requirements. This a measure that the ANC is pursuing ahead of the 2014 national elections. The NDP will encourage partnerships between government and the private sector, creating opportunities in petrochemical industries, metal-working and refining, as well as development of power stations.

Construction companies are especially likely to benefit from government plans to invest $112-billion from 2013 in the expansion of infrastructure as part of the NDP. Some 18 strategic projects will be launched to expand transport, power and water, medical and educational infrastructure in some of the country’s least developed areas.

Energy companies will also benefit, following the lifting of a moratorium on licences for shale gas development. Meanwhile, there will be significant opportunities, especially for Chinese state-owned enterprises that have recently made high-profile visits to South Africa, to acquire divested assets in the platinum and gold mining sector as large mining houses withdraw from South Africa.

According to government reports, the South African government will have spent R860-billion on new infrastructure projects in South Africa between 2009 and March 2013. In the energy sector, Eskom had put in place 675 kilometers of electricity transmission lines in 2012, to connect fast-growing economic centers and also to bring power to rural areas. More than 200 000 new households were connected to the national electricity grid in 2012. Construction work is also taking place in five cities including Cape Town, Port Elizabeth, Rustenburg, Durban and Pretoria to integrate different modes of transport.

Business Climate

Due to South Africa’s well-developed and world-class business infrastructure, the country is ranked 35th out of 183 countries in the World Bank and International Finance Corporation’s Doing Business 2012 report, an annual survey that measures the time, cost and hassle for businesses to comply with legal and administrative requirements. South Africa was ranked above developed countries such as Spain (44) and Luxembourg (50), as well as major developing economies such as Mexico (53), China (91), Russia (120), India (132) and Brazil (126).

The report found South Africa ranked first for ease of obtaining credit. This was based on depth of information and a reliable legal system.

Foreign trade

SA’s trade deficit narrowed to R 2,7-billion in December from R7,9-billion in November on account of seasonal factors. The trade balance usually records a surplus in December due to a large decline in imports. Exports declined 9,8% over the month. The decrease was mainly driven by declines in the exports of base metals. Vehicles, aircraft and vessels (down R1,1-billion), machinery and electrical appliances (down R0,9-billion) and prepared foodstuffs, beverages and tobacco (down 0,8-billion). Imports dropped 15,8% m-o-m.

Declines in the imports of machinery and electrical appliances (down R3,3-billion), original equipment components; (R1,8-billion), products of the chemicals or allied industries (R1,5-billion) and base metals and articles thereof (R1,2-billion) were the main drivers of the drop.

The large trade deficit for 2012 is one of the major reasons for the deterioration in the 2012 current account deficit forecast to 6,2% of GDP from 3,3% in 2011. South Africa’s trade performance will remain weak in the coming months on the back of unfavourable global conditions and domestic supply disruptions. Weak global economic conditions will continue to influence exports and growth domestically.

Skills and education

The need to transform South Africa’s education system has become ever more urgent, especially given the service delivery issues that have plagued the system. While government continues to allocate a significant amount of its budget to education (approximately 20%), it has not been enough to transform the schooling system. Coface expects the government to continue to support this critical sector, but that an opportunistic private sector will take advantage of government inefficiencies.

South Africa’s education levels are quite low compared to other developed and developing nations. South Africa began restructuring its higher education system in 2003 to widen access to tertiary education and reset the priorities of the old apartheid-based system. Smaller universities and technikons (polytechnics) were incorporated into larger institutions to form comprehensive universities.

Debt

The total number of civil judgments recorded for debt in South Africa fell by 9,8% year on year in November 2012 to 35 268, according to data released by Statistics South Africa. The total number of civil judgments recorded for debt decreased by 15,2% in three months ended November 2012 compared with the three months ended November 2011.

The number of civil summonses issued for debt fell 23,9% year-on-year to 70 537. During November, the 35 268 civil judgments for debt amounted to R414,1-million, with the largest contributors being money lent, with R142,5-million. There was a 21,9% decrease in the total number of civil summonses issued for debt in the three months ended November last year compared with the same period in 2011. A 23,9% y-o-y decrease was recorded in November.

South Africa maintains respectable debt-to-GDP ratios, although these grew to 39% of GDP by end-2012, substantially higher than the 34% for emerging and developing economies as a whole. When Fitch downgraded SA earlier this year, it specifically mentioned concerns about SA’s rising debt-to-GDP ratio, given that the ratio is higher than the country’s peers.

South Africa is uniquely exposed to foreign investor sentiment through the deficit on the current account combined with liquid and deep fixed interest markets. SA’s widening deficit on the current account is a specific factor that concerns the rating agencies and is one of the metrics the agencies will use to assess SA’s sovereign risk in the near future. Further downgrades are the risk – potentially driven by foreign investor sentiment about political risks.

Political landscape

Persistent unemployment, inequality and the mixed results of BEE (Black Economic Empowerment) intended to favour access to economic power by the historically disadvantaged populations have led to disappointment and resentment.

Social unrest is increasing. Recent events weakened the ruling coalition which came under fire for its management of these events. Tensions could intensify in the run up to the 2014 presidential elections. South Africa has a well-developed legal system, but government inefficiency, a shortage of skilled labour, criminality and corruption are crippling the business environment. South Africa also has a high and growing youth unemployment, high levels of visible inequality and government corruption so we would keep an eye on the escalating service delivery protest trends.

Labour force

The unemployment rate fell to 24,9% in the fourth quarter of 2012 from 25,5% in the third quarter, mainly reflecting an increase in the number of discouraged work seekers. Over the quarter, a total of 68 000 jobs were lost while the number discouraged work seekers rose by 87 000. The formal non-agricultural sector lost 52 000 jobs over the quarter, while the informal sector, in contrast, employed 8 000 more people. The breakdown shows that the highest number of jobs were lost in the private households category (48 000), followed by the trade and transport sectors, which shed 41 000 and 18 000 jobs respectively.

The agricultural sector led employment creation over the quarter, adding 24 000 jobs. Both local and international economic conditions are expected to improve only moderately during 2013.

Weak confidence and high wage settlement will make firms more cautious to expand capacity and employ more people this year. Government is likely to be the main driver of employment as it rolls out its infrastructure and job creation plans. The unemployment rate will therefore remain high in the short term.

Although the reduction in the unemployment rate is good news, it mainly reflects the large number of discouraged work seekers. Overall economic activity remains generally sluggish while upside risks to inflation have increased due to a weaker rand. Coface believes that this will persuade the Monetary Policy Committee to keep policy neutral over an extended period, with interest rates remaining unchanged for most of 2013. A reversal in policy easing is likely only late in the year or even in 2014.


 


Issued by:                                                                              Sha-Izwe/CharlesSmithAssoc

ON BEHALF OF:                                                   Coface

FURTHER INFORMATION:                                  Charles Smith

Tel:          (011) 781-6190

Email: charles@csa.co.za

Web:       www.csa.co.za

Media Contact:

Michele FERREIRA /
SENIOR MANAGER: MARKETING AND COMMUNICATION
TEL. : +27 (11) 208 2551  F.: +27 (11) 208 2651   M.: +27 (83) 326 2268
michele_ferreira@cofaceza.com

 

BUILDING D, DRA MINERALS PARK, INYANGA CLOSE

SUNNINGHILL, JOHANNESBURG, SOUTH AFRICA
T. +27 (11) 208 2500 –
www.cofaceza.com

About Coface

The Coface Group, a worldwide leader in credit insurance, offers companies around the globe solutions to protect them against the risk of financial default of their clients, both on the domestic market and for export. In 2012, the Group posted a consolidated turnover of €1.6 billion. 4,400 staff in 66 countries provide a local service worldwide. Each quarter, Coface publishes its assessments of country risk for 158 countries, based on its unique knowledge of companies’ payment behaviour and on the expertise of its 350 underwriters located close to clients and their debtors. In France, Coface manages export public guarantees on behalf of the French state.

Coface is a subsidiary of Natixis. corporate, investment management and specialized financial services arm of Groupe BPCE.. In South Africa, Coface provides credit protection to clients. Coface South Africa is rated AA+ by Global Ratings.

www.cofaceza.com

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Successful infrastructure project bonds require improved regulatory frameworks, says AfDB study

Posted on 14 May 2013 by Africa Business

TUNIS, Tunisia /African Press Organization (APO)/ African countries need to improve their regulatory frameworks in order to ensure the successful launch of African infrastructure project bonds, says a new report launched by the African Development Bank (http://www.afdb.org).

Read the report: http://j.mp/10RPwzm

Africa is ready for the launch of such infrastructure bonds provided some conditions are met, says the report, titled “Structured Finance – Conditions for infrastructure project bonds in African markets”.

With Africa having now no other option than to tap into its own internal resources, the book “points in the right direction,” said Donald Kaberuka, President of the African Development Bank, in the foreword. “I hope it will be useful for all Africans who are involved in infrastructure development.”

The report is of the view that domestic capital markets can contribute to funding some of the most important local and regional infrastructure projects. Given the limited ability of local banks to provide long-term funding and the shrinking international assistance, the report encourages project sponsors to turn to domestic institutional investors by issuing infrastructure project bonds.

The legal and regulatory framework for bond issuance exists in many countries which are active issuers of bonds for their own funding needs. However, competition between the sovereign and other issuers is a potential issue in all markets.

Many of the ingredients for infrastructure project bond issuance are present, but more needs to be done to make it attractive for sponsors to tap local markets. From a sponsor’s perspective, issuing an infrastructure project bond must offer the optimal tenor and pricing compared to other options. It is therefore essential that governments do more to reduce local market rates and lengthen the yield curve.

According to the report, a crucial barrier in African markets is the enabling environment for infrastructure. The regulatory and tariff framework in many sectors is incomplete. Many countries have established public-private partnership (PPP) laws and institutions, but often they lack the resources and capacity to prepare bankable projects for the market. As important, there is often a lack of advocacy and political support for driving concessions and PPP projects through government, and too few are coming to market, although it remains early days in many countries.

There is a crucial role for governments in promoting infrastructure project bonds. Governments can play a greater role in supporting stable economic conditions, developing local capital markets and strengthening institutions. Those actions will encourage all issuers to come to market, particularly corporations for whom bond issuance has been limited to date. Promoting reform and corporatization of utilities and parastatals, including professional management and a clear regulatory environment, are preconditions for such entities to issue in the local bond markets – an important landmark in the development of local capital markets and the emergence of infrastructure project bonds.

“The African Development Bank can play various roles in that regard,” said Cedric Mbeng Mezui, the report’s lead author. “It can provide technical assistance in infrastructure, capital markets and domestic issuance, and work with intermediaries. For specific projects, it can use instruments such as the partial credit guarantee as well as any new tailored instruments, to enhance bond issuance and catalyze the market. Direct funding for projects in early-stage preparation and through debt and equity investments at financial close will help promote the overall market. Finally, the AfDB can play a role in unblocking the political bottlenecks that obstruct projects from being developed and implemented,” he added.

For Moono Mupotola, Regional Integration Manager, AfDB, “the book was prepared with a number of objectives in mind: firstly, to highlight the opportunity for project bonds; secondly, to elaborate on the conditions for efficient capital markets; thirdly, to explain the crucial role of constructive government policies; and finally to highlight lessons learned in other markets that might be useful for Africa.”

The report was launched during the IMF and World Bank Spring Meetings in April 2013 by Charles Boamah, AfDB Finance Vice-President.

 

SOURCE

African Development Bank (AfDB)

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