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Emfuleni Kicked out of OK Building for Good

Location: News

The Emfuleni Local Municipality (Evaton, Sebokeng, Vaal Oewer, Vanderbijlpark, Vereeniging) has been kicked out of the OK Building in President Paul Kruger Street, Vanderbijlpark, for good with the owners finally terminating the lease due to the Municipality’s failure to pay rent. The Building housed the Department of Finance, and the owner notified the Municipality in […]

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Absa 10KM Race Deal Opposed Amid Claims of Misleading Financials

Location: News

GOOD Speech by Jonathan Cupido, GOOD City of Cape Town Councillor 30 April 2026 Note to Editor: This speech was delivered today at the City of Cape Town Council Meeting Speaker, we are not debating a race today. We are debating whether this Council still respects the law, the budget process, and the people of […]

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Collaboration With Private Sector in Issuing IDs and Passports Welcomed

Location: News

The Freedom Front Plus (VF Plus) welcomes the announcement that the Department of Home Affairs has expanded its digital banking partnerships as additional financial institutions have indicated that they will assist with issuing identity documents (IDs) and passports. Approximately 840 branches of Capitec, First National Bank, Absa, Discovery and Standard Bank are now involved in […]

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Cross Switch Solidifies Market Position With New Payment Licence in South Africa

Location: Business
Cross Switch

Cross Switch (www.Cross-Switch.com), a leading provider of innovative payment solutions, has reached a significant milestone by securing its own Third-Party Payment Processor (TPPP) licence.

The TPPP, issued by the Payments Association of South Africa (PASA) and sponsored by Absa, is a regulatory status that strengthens Cross Switch's position in the payments ecosystem. This achievement complements Cross Switch's recent certification as a Visa Payment Facilitator (PayFac).

Cross Switch brings a highly flexible payment platform (https://apo-opa.co/3GA0r1Q) to South Africa, enabling business scalability and growth. The company can now independently onboard merchants, fintechs and charities, substantially enhancing its service offering and announcing itself as an essential player in the South African payments landscape.

By obtaining an all-important TPPP licence, Cross Switch has reinforced its commitment to delivering quality, compliant and flexible payment solutions tailored specifically for South Africa's private and charitable sectors.

Cross Switch's entry as a licensed provider brings an adaptable API that allows South African merchants to transact seamlessly on the African continent, including in key markets such as South Africa, Kenya, Morocco and Ivory Coast. For merchants looking to expand into Latin America, Cross Switch also offers Argentina, Brazil, Mexico and Chile — with new countries, both in Africa and in other emerging markets, to be announced very soon!

“This is a vital step in expanding our network and strengthening our presence across the continent,” said Mark Chirnside, CEO of Africa, Cross Switch. “By enabling local merchants with multiple payment options, we're empowering African businesses with the tools to reach broader markets and unlock growth opportunities.”

Cross Switch now enables South African businesses to confidently target rapid expansion and deeper market penetration through frictionless access to local and international payment methods via its flexible API (CS+). The single API empowers merchants to accept payments across Africa and LATAM, and accept the local payment methods.

Cross Switch's immediate future in South Africa involves accelerating merchant onboarding. Contracts already signed represent a client base exceeding 1,000 merchants in South Africa. To complement over 1,000 merchants already using CS+ on the Continent.

Securing this licensing is a significant step forward in the Cross Switch journey. The company strives to realise its vision of delivering modern payment solutions that meet the varied needs of merchants and non-profits. The company's highly flexible payment platform drives financial inclusion and business scalability.

The company is also committed to expanding rapidly, enhancing its payment methods, and integrating advanced reconciliation engines — all underpinned by rigorous fraud prevention and risk management systems.

“Investing in South Africa is a strategic priority for Cross Switch,” said Tim Davis, Group CEO of Cross Switch. “We're resourcing up locally to ensure we're ready to meet growing demand, and this licence and certification enable us to deliver world-class payment services that are both agile and scalable.”

Cross Switch invites businesses interested in exploring robust and flexible payment solutions to connect directly at https://apo-opa.co/4jrGOrw to learn how its tailored offerings can support and amplify their operational ambitions.

Distributed by APO Group on behalf of Cross Switch.

Contact
South Africa: (+27) 21 205 5818
Luxembourg: (+352) 2088 1454
https://apo-opa.co/4jrGOrw

About Cross Switch:
Cross Switch is a payments technology company founded in 2022, operating across emerging markets, with active operations in South Africa, Kenya, Morocco, Ivory Coast and across Latin America. It provides flexible, secure and scalable solutions that support both local and cross-border transactions, helping merchants, fintechs and non-profits expand their reach and streamline their operations. Cross Switch is committed to driving financial inclusion and growth through collaboration, robust infrastructure, high service levels and a strong focus on emerging market needs.

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Men as Allies: Youth Dialogue Tackles Patriarchal Masculinities for Gender Equality

Location: News

UN Women - Africa
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On 27 March 2025, UN Women South Africa Multi-Country Office, in partnership with the Tshwane University of Technology, and the Departments of Women, Youth, and People with Disabilities, hosted a dialogue on ‘Transforming Patriarchal Masculinities for a Gender-Equal World' for 150 young people. The dialogue, which took place in Pretoria, brought together students from universities, Technical and Vocational Education and Training Institutions (TVETs), and high schools from South Africa's Gauteng Province.

The dialogue, supported by the Embassy of Ireland in South Africa, was convened to compile youth recommendations for the upcoming Women Empowerment Ministerial Working Group (W20) meeting to be held later this year as part of the support to South Africa's G20 Presidency in 2025.

One of the pillars of South Africa's National Strategic Plan (NSP) on Gender-Based Violence and Femicide (GBVF) served as the basis for the dialogue. Pillar 2 of the NSP on GBVF focuses on unlearning toxic masculinities and embracing alternative positive forms of masculinity. This was seen as a key strategy in a country where more than one-third of women have been subjected to violence at least once in their lifetime.

"Engaging young men and boys as allies in gender equality is critical for addressing the root causes of gender-based violence and patriarchy in our society," said Aleta Miller, UN Women Representative for the South Africa Multi-Country Office. "The dialogue creates a valuable platform to amplify the voices of young people to influence global policy discussions on gender equality through South Africa's G20 Presidency."

Civil society organizations, government stakeholders, youth representatives, women's movements, academic institutions, and the private sector discussed how positive, respectful, and inclusive behaviors that promote accountability can help to transform harmful social norms and prevent violence.

The dialogue began with reflections UN South Africa Resident Coordinator Nelson Muffuh and Advocate Joyce Maluleke who provided opening remarks before the keynote presentations. Two impactful presentations were delivered by Professor Langa Malose from Wits University and Rahul Gandhi from the Southern Centre for Inequality Studies. Both shared their experiences to explain how their views about masculinity and its effects on society were shaped.

These were followed by two engaging panel discussions that explored ways for men and boys to serve as successful allies in gender equality promotion and gender-based violence prevention. Sibulele Poswayo from W20 South Africa and Nkere Skosana from the Department of Social Development, along with Precious Banda from Young Women of Africa, Kabelo Chabala of Primestars, Thabo Limema from Absa, and Andiswa Mthembu ofYoung Women for Life, participated in direct discussions with youth participants to create open dialogue about these essential matters.

For Gomolemo Mokemane, a TUT student, the workshop was “very enlightening” because it allowed him to hear different opinions from different stakeholders on gender-based violence. “From attending this dialogue, I walk away with the firm belief that women should be treated as equals and not as competitors or subordinates, that we are all human beings first and foremost and not men and women, and that if we embraced Ubuntu (our shared humanity and interconnectedness), many of our problems would be solved,”

Nhlanhla Ditire also gave his view on gender equality: “To make the world gender equal, men must learn that they have to respect and protect women from a young age. I was nine years old when I lost both my parents, but I told myself that I would never raise my hand on a woman.” Nhlanhla also emphasized the importance of emotional health and saying, ‘When men get angry, it's good to cry it out; crying does not mean that you are weak. Get help, get therapy. Don't break the law."

The discussions concluded with selected representative reading out commitments to gender equality that they believe leaders should consider and adopt in their policies for action towards a gender-equal world.

Distributed by APO Group on behalf of UN Women - Africa.

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African Rare Earth Projects Advance Amid Rising Global Demand

Location: News

Energy Capital & Power
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The global demand for rare earth elements (apo-opa.co/3FI1pbZ) is projected to increase four-fold by 2030, driven by the energy transition and increasing investments in industrialization. African nations rich in rare earth minerals are accelerating exploration and production efforts to capitalize on this growth. With up to eight rare earth projects set for commissioning across the continent by 2029 - boosting Africa's share of the global supply chain to 10% - the upcoming African Mining Week will spotlight opportunities across the rare earth value chain.

Africa's rare earth sector remains largely untapped, thereby attracting the interest of global project developers eager to unlock its full potential. South African asset manager Novare, for example, signed a R1.8 billion agreement (apo-opa.co/3E9EG8f) in February 2025 with American firm ReElement Technologies to develop a rare earth refining and battery manufacturing facility. ReElement will contribute its refining technology while Novare will provide funding for the value addition initiative, with construction expected to begin in the second half of 2025.

In Namibia, the Japan Organization for Metals and Energy Security and Namibia Critical Metals (apo-opa.co/427nfNI) completed a production pilot for the Lofdal Project, one of only two xenotime-type heavy rare earth deposits currently under development worldwide. Meanwhile, in Angola, Pensana (apo-opa.co/43A3nW0) secured an $80 million loan from Absa Bank Limited in January 2025 to expedite the rollout of the Longonjo Project, which is expected to supply 5% of the world's magnet metal rare earths demand – essential for the development of wind turbines and electric vehicles.

Major investors are also making bold moves in Africa's rare earth sector. Billionaires Jeff Bezos and Bill Gates (apo-opa.co/3FJsOdC) have injected $537 million into exploration and mine development through mining startup KoBold Metals, further accelerating Africa's rare earth ambitions. The funding will be directed toward rare earth mining ventures. Additionally, recognizing the strategic value of rare earths, multinational financial institution the African Development Bank proposed the development of the African Units of Account (AUA) (apo-opa.co/3FOTDxe) - a new currency backed by Africa's critical mineral reserves, including rare earth elements. The initiative would help stabilize regional currency markets and attract more international investment in green energy projects, amidst the growing demand of critical minerals globally and Africa's vast reserves.

The year 2025 continues to mark significant milestones in the growth of Africa's rare earth sector, with the advancement of key projects (apo-opa.co/43uodGd) such as Phalaborwa and Steenkampskraal (South Africa), Makuutu (Angola), Ngualla (Tanzania) and Songwe (Malawi). Amid these developments, African Mining Week serves as a strategic platform for African regulators, industry stakeholders and global investors to engage in deal signings and forge partnerships, further solidifying Africa's role in the global rare earth supply chain.

Distributed by APO Group on behalf of Energy Capital & Power.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

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AMW to Showcase Angola’s Critical Mineral Prospects

Location: Business
Energy Capital & Power

Angola has set a target to become a key exporter of value-added critical minerals in the next 10 to 15 years. As the country pursues this goal, the upcoming African Mining Week (AMW) - Africa's premier mining event - will spotlight Angola's growing potential as global critical minerals exporter. 

Angola has identified 34 of the 54 critical minerals recognized by the European Union across its mineral-rich basins and is ramping up exploration, production and downstream projects to unlock its industry potential. The government is promoting investment across the critical mineral value chain as a strategy to advance economic diversification while unlocking greater revenue generation from the mining industry. 

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference from October 1 -3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting  sales@energycapitalpower.com.

Across the country, various mining developments are taking off. In January 2025, UK-based Pensana secured funding from South Africa's Absa Bank to accelerate the development of the Longonjo Rare Earth Project. The $325 million project is expected to supply 5% of the world's high-grade rare earth carbonate, generate $6 billion in export revenue and contribute $1 billion in tax revenue to regional treasuries, helping Angola diversify its revenue generation. 

Meanwhile, Chinese mining firm Shining Star is set to commence production this year at the 40-million-ton Mavoio-Tetelo copper project in northern Angola. The project is expected to produce 300,000 tons of copper per annum, significantly boosting Angola's mining revenue. Australian firm Tyranna Resources - in partnership with China's Sinomine - is advancing multiple lithium projects in Angola, with ongoing drilling activities identifying additional reserves and expediting mine development. These projects include the Namibe and Muvero lithium mines. Canada's Ivanhoe Mines has also initiated a series of copper exploration projects in Angola's Moxico and Cuando Cubango provinces, contributing to efforts to diversify the nation's mining sector and revenue streams. 

To increase value addition across the manganese sector, Angola is developing a $250 million manganese-to-silica processing facility in partnership with Chinese firm ST New Materials. The project is expected to be operational in 2025. The country is also spearheading projects to produce steel from iron mined in the Kasinga region. 

As Angola seeks to attract new investors across the critical mineral value chain, AMW 2025 will bring together Angolan stakeholders and global investors to discuss partnerships and industry growth opportunities. AMW will host panel discussions, project showcases and exclusive networking opportunities, connecting international investors with Angola's rapidly expanding critical minerals market. 

Distributed by APO Group on behalf of Energy Capital & Power.

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Ministers and CEOs to Convene at Invest Africa’s 12th Annual Mining Series

Location: News

Invest Africa
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Invest Africa (www.InvestAfrica.com), a leading pan-African trade and investment platform, is excited to announce Aon as the Headline Partner for its 12th Annual Mining Series alongside Mining Indaba 2025. With demand for transition metals expected to grow fivefold by 2050 as the world shifts to cleaner energy, Africa's mining sector will play a pivotal role in driving the global energy transition. Mining Series 2025 will convene government leaders, industry experts, and investors to examine how Africa can leverage its resources for sustainable and inclusive growth in an ever-evolving global market.

Confirmed speakers include: Mr Dean William Macpherson, Minister of Public Works and Infrastructure, Republic of South Africa; Dr Kgosientsho David Ramokgopa, Minister of Electricity, Republic of South Africa; H.E. Antony Phillipson, High Commissioner to South Africa, United Kingdom; Marna Cloete, President, Ivanhoe Mines; Marie-Chantal Kaninda, President, Glencore DRC; and Brian Menell, Chairman and CEO, TechMet; alongside other prominent leaders from government and industry [(for the full programme, click here (https://apo-opa.co/3PNtMr8)].

"The mining sector is at a crossroads as it navigates the dual challenges of accelerating demand for transition metals and the need for greater sustainability and transparency," said Dr Nolwandle Mgoqi, Chief Executive Officer, Aon South Africa. "Africa holds the key to powering the energy transition, but unlocking this potential requires a forward-thinking approach to risk management, resilient supply chains, and transformative technology. Aon is honoured to partner with Invest Africa in fostering critical dialogue and innovative solutions to shape the future of mining."

“We're seeing a tremendous appetite for investment in Africa's mining sector,” said Chantelé Carrington, Chief Executive Officer, Invest Africa. "Through the Mining Series, our mission is to shine a spotlight on opportunities across the continent and catalyse partnerships that unleash the full potential of Africa's resources while ensuring sustainable and inclusive growth."

Invest Africa is deeply grateful to all our partners for their support of the 12th Annual Mining Series, including: Absa, Afreximbank, Africa Finance Corporation, Aon, Black Mountain, Growth Gateway, Loinette Capital, Premier Invest, and S-RM.

To register for the 12th Annual Mining Series, please click here (https://apo-opa.co/4jtTWg4).

Distributed by APO Group on behalf of Invest Africa.

For media enquiries, contact: 
george.meadows@investafrica.com 
+2776891975 

About Invest Africa:
Invest Africa is a leading business and investment platform with over sixty years of expertise in Africa, dedicated to connecting businesses with unique opportunities across the continent. Our global network comprises more than 400 member companies, including multinationals, private equity firms, institutional investors, development finance institutions, professional service providers, government bodies, and entrepreneurs.

With chapters in Kenya, South Africa, the UAE, the UK, and the US, we leverage our global reach, market intelligence, and extensive network to support and connect businesses. Our mission is to drive socio-economic growth by facilitating sustainable capital flows and providing strategic insights through our membership, consultancy services, and dynamic events programme.

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MEC Diale-Tlabela assesses services at Tshwane TOLAB 

Location: News

MEC Diale-Tlabela assesses services at Tshwane TOLAB 

As part of government's ongoing efforts to ensure citizens receive efficient and effective service delivery, Gauteng MEC for Roads and Transport, Kedibone Diale-Tlabela, on Wednesday, made her first official visit to the Tshwane Transport Operating License Administrative Bodies (TOLAB), since its relocation to the city centre. 

"We were doing monitoring to ensure that services are provided to all public transport operators efficiently and effectively, and also to give support to the staff of the department in doing work on a daily basis," the MEC said.

In a social media post in November, the provincial department announced the move of the Tshwane TOLAB to the ABSA Towers in Lilian Ngoyi Street.

Tshwane TOLAB is one of the Gauteng’s “one-stop service centres” for public transport licensing services. The offices function to receive, process and award road transport operating licenses. 

Wednesday’s visit marked the last day for application of special permits by public transport operators.

Special permits are issued as large numbers of people are expected to travel to various provinces during the 2024/2025 holiday season. 
The Department of Roads and Transport has encouraged public transport operators to be compliant with the rules of the road when undertaking interprovincial trips and use roadworthy vehicles.

The MEC’s visit forms part of her assessment of licensing services by the department and efforts to improve service delivery. It also served to evaluate the day-to-day operations of centres.

During her visit she interacted with various stakeholders including taxi and bus operators who were at the centre to either collect or check on the status of their applications. 

She also promoted and called for safer roads during the festive period. 

MEC Diale-Tlabela pleaded with public transport operators to be safe and compliant with the rules of the road.

“Let us note that road safety is a shared responsibility, therefore let us all work together to prevent road accidents, injuries and fatalities during this period,” the MEC said. -SAnews.gov.za

 

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Advancing Gender Equality in South Africa’s Just Energy Transition

Location: News
African Development Bank Group (AfDB)

A series of impactful events held between November 12-15 marked several strides forward in advancing gender equality in South Africa's Just Energy Transition.  

Organized by the Mpumalanga Green Cluster Agency, the Project Implementation Unit, with support from the Climate Investment Funds (https://apo-opa.co/4iDmV0s) and the African Development Bank, the week-long programme's centre-piece was a one-day workshop on gender. 

It also combined with several other events, most notably as the official launch of South Africa's Just Energy Transition Jobs First Project, the visit of Patricia Pena, Assistant Deputy Minister at Global Affairs Canada and the training of the Project Implementation Unit and provincial governmental officials on the Bank's procurement, financial management, and disbursement rules and regulations.  

“We are proud to support the Gender Equality in Just Energy Transition Workshop and South Africa's Jobs First Project, advancing Mpumalanga's green economy goals, job creation, and a just, low-carbon transition,” stated Nkosinathi Nkonyane, Mpumalanga Green Cluster Agency CEO. 

Assistant Deputy Minister Pena of Global Affairs Canada remarked: “We congratulate the Government of South Africa for the leadership, ambition, and partnership with us. Through the Climate Investment Funds, we are supporting advocacy and outreach programmes to build leadership from within.” 

These events gathered stakeholders from national and provincial government officials, Just Energy Transition Project Management Unit, civil society organizations including women's groups and youth organizations, bilateral and multilateral development agencies, academia, and the private sector to drive inclusive and sustainable change. 

Through direct engagement with local voices, the Project is fostering a collaborative environment where grassroots insights are prioritized, building a foundation for a more inclusive energy transition that centres around community needs. 

A highlight of the week was the launch of South Africa's Just Energy Transition Jobs First Project. Supported by the African Development Bank, Climate Investment Funds, Irish Aid, Agence Française de Développement, and ABSA Bank, this project focuses on strengthening institutions, and empowering local communities in Mpumalanga by creating sustainable employment opportunities through gender equality, social inclusion, and skills development.  

Dr Babatunde Omilola, Human Development division manager at the African Development Bank underscored: "This project is a key milestone in advancing a just energy transition for South Africa, prioritizing sustainable energy, job creation, gender equity, and social inclusion—ensuring the shift to a green economy benefits all, especially in Mpumalanga." 

South Africa's Just Energy Transition Jobs First project activities were discussed with one of the strategic partners UVU Africa on a female farmers project in Bushbackridge.  

Beneficiaries will receive training on sustainable and smart agriculture and receive a digital kit (tablets and data) to support their work. Suhana Bisnath Head Strategy and Product Design at UVU Africa stated: "We look forward to further collaborating with partners across sectors to ensure the ‘just' in Just Energy Transition is realised in every corner of Mpumalanga and beyond. Together, we can create a model of progress that prioritises inclusivity and innovation, building a future where no one is left behind".   

Other initiatives discussed include the creation of a Gender Desk within the Mpumalanga Green Cluster Agency to facilitate dialogue among women actors, mapping of women entrepreneurs, and increased collaboration among women networks in the province. AFD's mandate in South Africa supports the Just Energy Transition by addressing poverty, inequality, and the social dimensions of energy transition through a policy-based loan focused on governance, energy access, and economic diversification. Gender equality is a key priority, with AFD collaborating with the Mpumalanga Green Cluster Agency to integrate gender considerations into the SAJJOF project. 

Together, the gender workshop and the South Africa's Just Energy Transition Jobs First project reflect a commitment by the Bank and its partners to integrate gender and social inclusion into climate initiatives. These efforts align with the wider goal to foster the “just” part of the Just Energy Transition leaving no one behind especially women, children and vulnerable households.  

“We are very excited to be supporting the SAJJOF project and look forward to welcoming the rising stars of South Africa's energy transition who are showing the world how women can lead the way” said Nina Kolybashkina, Gender and Social Inclusion Lead at Climate Investment Funds. 

For more information, explore the Women-led Coal Transitions report here (https://apo-opa.co/4gca7gc). 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact: 
Sonia Borrini
Climate Change and Green Growth Department
s.borrini@afdb.org  

For more information on South Africa's Just Energy Transition Jobs First Project please contact:
Elaheebocus, Nawsheen : n.elaheebocus@afdb.org. 

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African Youth Tech Venture Entrepreneurs Embark on Groundbreaking Korean Innovation Tour

Location: News
African Development Bank Group (AfDB)

Twenty promising youth entrepreneurs from African technology ventures and enterprise support organizations have embarked on a two-week study tour of the Republic of Korea, seeking investment and insights from the country's innovative tech ecosystem. The African Development Bank Group's (www.AfDB.org) Innovation and Entrepreneurship Lab selected these young entrepreneurs from 133 ventures that participated in last month's Africa Tech Startup Forum.  

Held under the auspices of the Lab's Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support project, the Forum selected entrepreneurs who pitched the best business models during the weeklong virtual market access and acceleration program preparing, training, and connecting technology ventures with opportunities. 

Representing eight African nations -- Egypt, Ghana, Kenya, Morocco, Nigeria, Rwanda, South Africa, and Uganda – the delegates span diverse technological sectors, including agritech and health. Their ambitious itinerary includes visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, unicorn companies with valuations exceeding $1 billion and the Global Digital Innovation Network, a foundation supporting the expansion of South Korea's tech startups. 

Uche Ezadinachi, the founder of Kenya-based health technology venture Zuri Health, expressed enthusiasm about the opportunity. “I am excited to go to Korea because the country has made serious technological developments. The [country] is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa,” she said.  

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” she added. 

The delegation, which is more than one-third women and entirely composed of entrepreneurs aged 18 to 35, will participate in several high-profile events, including, K Startup Grand Challenge, an accelerator program supported by the South Korean government, Africa Innovation Networking Gala, and COMEUP Korea, an event connecting Korean startups with global investors, corporations, and media. 

David Chen, co-founder of Rwandan health data venture Kapsule, highlighted the tour's potential for relationship-building. “This is an opportunity for us to have face-to-face interactions and build relationships. This trip will help us link with other health technology companies operating in Asia,” he said. 

Financially supported by the Korea-Africa Economic Cooperation Trust Fund, the Africa Tech Startup Forum is part of the African Development Bank's broader Jobs for Youth in Africa Strategy.  

Martha Phiri, the Bank's Director of Human Capital, Youth and Skills Development, underscored the program's significance. 

“This is a pivotal initiative that plays a crucial role in enhancing the skills of young entrepreneurs. These skills will empower young entrepreneurs to expand their ventures, which leads to significant employment creation,” she stated. 

Ndeye Absa Gningue, Innovation Platform Officer, managing the Bank's Innovation and Entrepreneurship Lab, said: “Platforms like the Africa Tech Startup Forum provide young people with the opportunity to nurture their potential. We will continue to work with them so they can blossom.” 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:  
Leonard Makombe
Communication Specialist
Communication and External Relations Department
email: media@afdb.org 

About the African Development Bank Group: 
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

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Africa’s Mineral Wealth and Path to Economic Transformation Showcased at CMA 2024

Location: News
Energy Capital & Power

Africa's holds significant reserves of minerals critical for the global energy transition. The continent boasts roughly 30% of the world's mineral reserves, including immense deposits of cobalt, manganese, natural graphite, copper, nickel, lithium and iron ore.  

As such, this year's Critical Minerals Africa (CMA) 2024 Summit – held from November 6-7 in Cape Town – convened industry leaders, policymakers, service providers and investors to address the urgent demands of Africa's critical mineral value chain. The Summit featured a robust agenda that sought to shine a spotlight on opportunities for Africa to accelerate its mining sector while utilizing its natural resources to promote value addition and drive socioeconomic development. 

CMA 2024 featured a Ministerial Forum that included the participation of mining ministries from Eswatini, Malawi and Argentina, as well as representatives from Tanzania. High-level speakers during the forum showcased a number of projects aimed at maximizing mineral production while discussing how to leverage mineral resources to promote economic growth and sustainability. 

The Republic of Malawi's Minister of Mining Monica Chang'anamuno highlighted several ongoing projects in the country, such as the Kasongo Initiative, which aims to increase the production of rare earth metals, graphite and lithium resources. 

Meanwhile, Eswatini's Minister of Natural Resources and Energy Prince Lonkhokhela announced ambitious targets to raise to the contribution of the country's mining sector to its GDP. With aims to increase the share from 1% to 50% in the short- to medium-term, the strategy is supported by new surveys revealing commercial deposits of lithium, copper, cobalt and other base metals.  

To bolster investment in mid- and downstream infrastructure, the Summit also featured the participation the President of the Chamber of Mines of Zimbabwe Thomas Gono, who stated, “Historically, we exported raw materials, missing out on the potential benefits. With Africa's young workforce, we now have an opportunity to drive revenue and create jobs through skills development and local beneficiation.” 

With the participation of Tanzania's Chamber of Mines, it was announced that the country aims to expand exploration in critical mineral-rich basins from 16% to 50% as part of a strategic push into rare earths, lithium and tanzanite production. Meanwhile, Zambia's Chamber of Mines discussed ongoing strategies aimed at helping the country address logistics and energy deficit challenges in the mining sector. 

The Summit featured a panel discussion with high-level representatives from mining companies and development institutions including Pensana, the Africa Policy Research Institute and the U.S. Development Finance Corporation. The panel also featured the participation of Clifford Chance, Frost & Sullivan and Chatham House and explored how regional initiatives – such as the Lobito Corridor – have the potential to fast-track Africa's critical minerals market expansion.  

An Investment Forum held during the Summit showcased innovative financing measures to advance the flow of capital across the African market. The session featured representatives from finance institutions the World Bank, ABSA, Moshe Capital, the African Finance Corporation and ASAFO & Co. 

Additionally, midstream and downstream opportunities were showcased during a panel session that featured the participation of organizations such as Orion Minerals, AZ Arnaturen, Women in Green Hydrogen, Isondo Previous Metals and the Southern African – German Chamber of Commerce and Industry. The panel also featured representatives from Konrad Adenauer Stiftung, the SA-DRC Chamber of Commerce, the Curtin Institute for Energy Transition, the Electric Mobility Association of Kenya and the Congolese Battery Council. 

At CMA 2024, research firms including Rystad Energy, Moore Global and Project Blue presented insights on market trends in the global mining industry, while Tronic Metals, Tanzania's State Mining Corporation and South Sudan's state-owned Nilepet provided updates on their activities across the mining value chain. 

A Leaders Forum during the Summit featured the participation of international mining companies Glencore DRC and KoBold Metals as well as representatives from the University of Cape Town and the Minerals Council of South Africa. The forum showcased how governments across Africa can promote innovation in the continent's mining space to attract new investment and increase critical minerals production to drive socioeconomic and GDP growth.  

Distributed by APO Group on behalf of Energy Capital & Power.

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Call for global investors to register for post MTBPS engagement

Location: News

Call for global investors to register for post MTBPS engagement

Global investors, who wish to participate in engagements on the Medium-Term Budget Policy Statement (MTBPS) after it has been delivered by the Minister of Finance, have been encouraged to register for the roadshows that will be led by National Treasury.

Finance Minister Enoch Godongwana will present the 2024 Medium Term Budget Policy Statement (2024 MTBPS) to Parliament on Wednesday, 30 October 2024.

“The Republic of South Africa, rated Ba2/BB-/BB- (Moody’s/S&P/Fitch) has mandated Absa and J.P. Morgan to arrange a Global Investor Call (GIC) and a non-deal domestic roadshow to engage investors post tabling the MTBPS,” National Treasury said on Thursday.

The GIC is scheduled for Wednesday, 30 October 2024 at 16:00 SAST / 14:00 GMT / 10:00 EST, followed by a series of in-person fixed income investor update meetings in Cape Town on Thursday, 31 October 2024, and Friday, 1 November 2024, and in Johannesburg on Monday, 4 November 2024. Absa will be arranging logistics. 

The GIC and investor meetings will be led by the National Treasury Director-General, Dr Duncan Pieterse, and will be supported by senior officials.

The in-person international investor meetings will commence in New York on Monday, 18 November 2024, and in Boston on Tuesday, 19 November 2024, followed by investor meetings in London on Thursday, 21 November 2024, and Friday, 22 November 2024. J.P. Morgan will be arranging logistics. 

This is part of National Treasury’s regular post-Budget and MTBPS investor engagements.

The link to pre-register for GIC is https://www.netroadshow.com/events/login?show=b14749a4&confId=71747.
- SAnews.gov.za

 

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Thu, 10/24/2024 - 11:53

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African Development Bank and Absa Unveil Multi-Billion Rand Financial Package to Expand Sustainable Capital Markets, Boost Economic Growth for Women and Youth

Location: Business

African Development Bank Group (AfDB)
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The African Development Bank (www.AfDB.org) and Absa Group, one of Africa's leading financial services providers, today celebrated a landmark agreement to mark the execution of a transformative financial package aimed at increasing funding for underserved segments, across South Africa and the continent. The target audience includes women-owned businesses, youth entrepreneurs, and small and medium-sized enterprises (SMEs).

In addition to enhancing Absa's regulatory capital, the facility will promote access to finance, deepen domestic capital markets, and ensure continued access to global supply chains for issuing banks in regional member countries, including low-income and fragile states.

The financial package includes:

  • A subordinated sustainability-linked (Tier 2) loan amounting to R1.7 billion, complemented by a non-financial support package of R18 million for capacity building and technical assistance targeted at SMEs, youth, and women-owned enterprises.
  • Subscription of R1 billion into Absa's inaugural social (Tier 2) bond issuance, with proceeds earmarked for providing affordable housing loans to female homeowners.
  • A trade finance Risk Participation Agreement (RPA) facility valued at $150 million, designed to underwrite the risks of trade transactions originated by African issuing banks, reinforcing Absa's role as a regional bank.

Several components of the package have already been executed, including the successful issuance of Absa's first Tier 2 social bond on the Johannesburg Stock Exchange in July 2024. The R1 billion proceeds from this bond will be allocated towards affordable housing loans specifically targeting women, empowering them as first-time homeowners in low-income segments.

Leila Mokaddem, Director General of the African Development Bank's Southern Africa Region, stated: “This partnership with Absa Group underscores our commitment to driving sustainable and inclusive economic growth across Africa. Through this financial package, we are not only fortifying Absa's capital base but also ensuring that essential funding reaches women, youth, and entrepreneurs, fostering a more equitable and prosperous continent. This collaboration aligns seamlessly with our strategic priorities of supporting Africa's industrialization and enhancing the quality of life for its people. “

Absa has secured a R1.7 billion sustainability-linked Tier 2 loan aimed at general corporate business purposes while incentivizing the extension of finance products to women-owned SMEs as a key performance indicator. As part of this agreement, Absa is collaborating with the African Development Bank to enhance skills among both Absa staff and women business owners. A capacity-building training program has been launched to address the unique challenges faced by female and youth entrepreneurs, by providing mentorship and financial solutions.

Charles Russon, Absa Group interim CEO designate remarked: “The finalisation of this package concludes a three-year process that significantly enhances our capacity to fund social initiatives aligned with our commitment to being a force for good. This partnership enables us to increase funding for women and youth in South Africa while facilitating greater trade opportunities across the continent. “

“This partnership aligns with the African Development Bank's strategic objectives of advancing green, social, and sustainability instruments in the domestic capital markets, supporting African capital market development and regional financial integration,” said Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank. He emphasised that it is designed to empower Absa to effectively disburse funds for highly impactful social and sustainable economic development initiatives.

The $150 million trade finance facility will drive trade support across Africa, addressing the continent's annual trade finance gap of over $100 billion. This initiative will enhance access to financing for key sectors such as agriculture, transport, and manufacturing, while fostering financial sector development and regional integration.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:             
African Development Bank:  
Natalie Naudé,
Communication and External Relations Department,
email: media@afdb.org

Technical Contacts:
Peter Onyango,
Chief Capital Markets Officer,
Financial Sector Development Department,

Bleming Nakati,
Regional Lead,
Private Sector Operations, Southern Africa

Absa:
Carli Cooke,
Head of Media Relations,
email : prmedia@absa.afrca

About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

About Absa Group:
Absa Group Limited (‘Absa Group') is listed on the Johannesburg Stock Exchange and is one of Africa's largest diversified financial services groups.  Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.  

Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic. 

For further information about Absa Group Limited, visit www.Absa.africa. 

Read moreAfrican Development Bank and Absa Unveil Multi-Billion Rand Financial Package to Expand Sustainable Capital Markets, Boost Economic Growth for Women and Youth

New Course Records for Xaba and Kipngetich at Absa RUN YOUR CITY JOBURG 10K

Location: MyPR

Glenrose Xaba delivered another distance running masterclass at the Absa RUN YOUR CITY JOBURG 10K on National Heritage Day (Tuesday 24 September 2024). After setting a 31:12 national record at the Absa RUN YOUR CITY DURBAN 10K in July and winning last month’s Absa RUN YOUR CITY TSHWANE 10K in 31:51 which was the fastest …

Read moreNew Course Records for Xaba and Kipngetich at Absa RUN YOUR CITY JOBURG 10K

Gelant, Mulaudzi, and Kipngetich Set for Showdown at Absa RUN YOUR CITY JOBURG 10K

Location: MyPR

With only one race remaining in the 2024 Absa RUN YOUR CITY Series, South Africa’s top runners are gearing up for an intense showdown against their East African rivals. Reigning Absa RUN YOUR CITY DURBAN 10K champion, Elroy Gelant, and newly crowned SA 10km Cross Country champion, Kabelo Mulaudzi, are set to go head-to-head with …

Read moreGelant, Mulaudzi, and Kipngetich Set for Showdown at Absa RUN YOUR CITY JOBURG 10K

Gelant on Course to Make History as Kipngetich Returns for Absa RUN YOUR CITY JOBURG 10K

Location: MyPR

Following the best season of his career, which included his first sub-28-minute 10km at the Absa RUN YOUR CITY CAPE TOWN 10K in May and a third Olympic appearance in August, Elroy Gelant now has his sights set on making history at the Absa RUN YOUR CITY JOBURG 10K on National Heritage Day, Tuesday, 24 …

Read moreGelant on Course to Make History as Kipngetich Returns for Absa RUN YOUR CITY JOBURG 10K

Pitch In For A Cleaner Egoli—Join Event Organisers In Prepping The City For The Absa RUN YOUR CITY JOBURG 10K!

Location: MyPR

Jozi runners and the Absa RUN YOUR CITY Series Team together with event sponsors and partners will unite at a rewarding ‘City Clean-Up’ at Absa Towers West on Saturday, 21 September 2024, between 08:30 – 10:00 in the buildup to the 7th annual Absa RUN YOUR CITY JOBURG 10K, South Africa’s biggest Heritage Day celebration. …

Read morePitch In For A Cleaner Egoli—Join Event Organisers In Prepping The City For The Absa RUN YOUR CITY JOBURG 10K!

Rip Curl GromSearch Presented By Sea Harvest Finals At Seal Point – Quick Facts

Location: MyPR

Seal Point, Cape St Francis – It is time for the final event of the Rip Curl GromSearch Series presented by Sea Harvest. The tournament is the culmination of a year-long series that has taken place at various venues along our coastline, including Long Beach in Cape Town, Nahoon Reef in East London, Dairy Beach …

Read moreRip Curl GromSearch Presented By Sea Harvest Finals At Seal Point – Quick Facts