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AU signs US$3M Grant Agreement with ACBF

The African Capacity Building Foundation (ACBF) has extended an US$3m grant to the African Union (AU) in support of its 3-year capacity building program, which aims to build and enhance capacities within its Commission for the implementation of the continent’s development programs.

The AU’s program, set to be implemented over three years (2015-2017) aims mainly to strengthen institutional capacity to ensure that partnerships and collaboration between the Commission, AU organs such as the NEPAD Policy and Coordinating Agency, Pan African Parliament (PAP) and strategic partners contribute to the successful implementation of the continent’s development programs.

Since the inception of the AU and despite remarkable progress made in advancing Africa’s development agenda, further progress is being hampered by capacity weaknesses and gaps within the Commission.

Supporting the strengthening of institutional capacity within the Commission is thus crucial to the success of Africa’s development programs.

“Through partnerships such as the African Union and ACBF, there is a shared responsibility to achieve results and develop a critical mass of Africans to deal with capacity development issues at national and regional levels,” said Prof. Nnadozie, ACBF’s Executive Secretary. He, further more added:  “this signing does not come at a better time than today as the AUC prepares to implement its 3rd Strategic Plan and Agenda 2063 as well as review of the post-2015 Development Agenda. We are happy to pursue our close collaboration with AUC to make the implementation of this project a resounding success and contribute to the capacity development in Africa.”

From her part, Dr Dlamini Zuma, Chairperson of the African Union, expressed appreciation to the long historical partnership and support from ACBF. She acknowledged their commitment to the continent and for accepting the responsibility of bringing their capacity into the discussions around implementation of Agenda 2063.

 “The Commission relies not only on the grant support, but also on the expertise and capacity that ACBF is able to bring into the discussions, as we look at the initiatives on implementation of Agenda 2063” she stated. 

“It is important for Agenda 2063 that we look at division of labor between the RECs and AU so that efforts are not duplicated”, added the Chairperson of the African Union.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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