MyZA
News, Directory, Events and Other Stuff
In South Africa, the property development and management sectors are integral to the real estate market, each playing a critical and interconnected role. The Role of Property Developers Property developers in South Africa are pivotal in creating new real estate opportunities. They are involved in scouting, purchasing, developing, and managing a range of projects …
Eskom receives global credit ratings boost
Eskom has welcomed the decision by global ratings agency S&P Global to upgrade the power utility’s credit rating to ‘B’ from ‘CCC+’ with a stable outlook on the company’s senior secured and senior unsecured debt.
In addition, S&P Global also upgraded Eskom’s South Africa national scale rating to ‘zaBBB/zaA-2’ from ‘zaB/zaB’.
Eskom Acting Group Chief Executive Calib Cassim said: “Eskom welcomes the decision to upgrade the company’s credit rating by S&P Global. We continue to work with key stakeholders, particularly shareholder ministries as we implement our turnaround plan with a focus on key strategic objectives which include operations and financial recovery; people, culture and ethics, and legal separation of the business.”
The credit ratings agency cited government’s R254 billion debt relief package as key in the electricity company’s credit quality.
“In their rationale, the credit rating agency stated that the upgrade is due to their expectation that the South African government’s R254 billion financial support package, as part of the Eskom Debt Relief Act signed into law on 7 July 2023, will cover Eskom’s debt servicing and repayment obligations over the current and coming two financial years resulting in an improvement of the company’s credit quality.
“The stable outlook reflects S&P Global’s view that Eskom’s creditworthiness will continue to benefit from explicit and timely support from the South African Government, facilitating a strengthening of Eskom’s liquidity position and less risk of default as the debt relief agreement is implemented as stipulated,” Eskom said. – SAnews.gov.za
NeoB
Mon, 11/27/2023 - 10:02
Nine judges in three courts have now ruled that Ezulweni Investments had a binding contract with the ANC
Hazel Matipa’s New Church Street house was one of several properties on the same ERF which fetched a total for R13.5-million
Productivity SA is pleased to announce that the 6-day strike initiated by members of NEHAWU from November, 13, 2023 has been called off after the parties successfully reached an agreement on Monday, November 20, 2023, for a five (5) percent salary increase for employees at levels 12 and below. The salary increase for the 2023/24 …
Nxesi denies allegations of corruption in R5 billion UIF jobs deal
Employment and Labour Minister Thulas Nxesi is set to file court papers to set aside the controversial R5-billion Unemployment Insurance Fund (UIF) jobs deal with Thuja Holdings.
Nxesi briefed the media on Thursday following allegations of his involvement in the UIF jobs deal saga with Mthunzi Mdwaba's Thuja Holdings.
The allegations were made by Mthunzi Mdwaba, the CEO of Thuja Holdings, and former Chair of Productivity SA, in relation to a R5 billion agreement that was concluded in December 2022 between his company and the UIF.
He accused Nxesi and other high-ranking government officials of trying to solicit a bribe from him. The Minister said that the agreement was signed without the knowledge of the executive authority or of National Treasury.
“Today, I signed my affidavit in support of various orders, chief amongst being the setting aside of the agreement. I have brought this application on an urgent basis. In that affidavit I challenge Mdwaba to present his evidence in support of his allegations that I have demanded any payment of a corrupt fee in relation to the agreement.
“If he cannot produce that evidence, I have asked the court for an interdict to stop him from promoting his campaign of false and unsupported lies.
“In simple terms, I have taken the decision to have the agreement concluded by the UIF with Mdwaba set aside, because it was concluded in breach of section 54(2) of the PFMA [Public Finance Management Act],” he said.
The Minister further denied allegations by Mdwaba that he and other Ministers tried to solicit a R500-million bribe in the UIF jobs deal.
“Mr Mdwaba’s allegations of seeking bribes against myself, and others, are false and unsupported by any actual evidence. Let me be clear: I categorically deny these recent allegations of corruption…you must ask why Mdwaba waited nearly a year to come up with these allegations…Mdwaba will now have to prove these allegations in a court of law.”
The Minister also questioned the legality of the Thuja Capital deal stating that the real issue is “whether the deal is legal and valid, and [whether] due processes were followed in terms of the law.”
“This is an issue to be settled by the court. Mdwaba’s 10% bribe allegation will also be placed on record and subjected to the scrutiny of the court.”
LAP Programmes
The Minister said that as preparations to file papers in court continues, further allegations have been made, apparently by an anonymous individual seeking immunity for past crimes committed.
The allegation is that the former Director-General of the department, Thobile Lamati and the Minister colluded in illegally siphoning off R3 billion from Labour Activation Programmes (LAP) 11 programmes.
“On the last issue of R3 billion, I am happy that this will be investigated by law enforcement agencies to establish the processes followed and the roles of all parties concerned. To this end, I have instructed all staff members to fully cooperate with state agencies investigating the matter,” said the Minister.
Nxesi has also mandated the Department of Employment and Labour (including the UIF and LAP), through the Acting DG Dr Alec Moemi , to strengthen internal business processes including risk management, financial controls and consequence management, as well as to increase capacity in project and programme management, governance, and digitalisation to improve effectiveness and efficiencies among others.
He said the UIF and Compensation Fund organisational architecture has been comprehensively reviewed exactly to achieve these objectives. – SAnews.gov.za
DikelediM
Thu, 11/23/2023 - 14:42
Ndifuna Ukwazi welcomes decision
Six South African defendants have reached an agreement with Mineral Commodities Ltd
President Cyril Ramaphosa welcomes the announcement by the State of Qatar that a four-day humanitarian pause has been agreed in the conflict in Gaza.
The President commends the State of Qatar, the Arab Republic of Egypt and the United States of America on mediation efforts that will enable the release of Palestinian detainees and Israeli hostages, as well as the provision of relief aid to Gaza where an Israeli military incursion remains in place.
President Ramaphosa said: “As a member of the international community that stands for peace, justice and the rule of international law in all parts of the world, South Africa welcomes the agreement reached.
“It is my hope that the achievement of this pause will strengthen efforts to achieve an outright end to the current conflict.
“This pause, which regrettably implies a possible resumption of conflict at some point, must be accompanied by tireless efforts to secure a durable political resolution of the decades-long challenge in the Middle East.
“The people of Palestine, Israel and the nations of the region must work together with the international community to entrench the rights, peace and sustainable development of the Palestinian people as part of the multilaterally endorsed two-state solution.”
Distributed by APO Group on behalf of The Presidency: Republic of South Africa.
Housing Development Agency agrees to drop eviction proceedings
BMA, SARS collaborate to ease traffic congestion
Commissioner of the Border Management Authority (BMA), Dr Michael Masiapato, has signed an agreement with the South African Revenue Service (SARS) to ease traffic congestion at the Lebombo border post.
The agreement, which will see the piloting of a system aimed at eliminating delays, was signed during a bilateral visit to the Republic of Mozambique earlier this month.
The collaboration will ensure efficient and coordinated interventions at ports of entry for easy and cost-effective facilitation of legitimate trade and travel while preventing illegal border crossing of goods and people.
The Lebombo border post has been experiencing increased cargo volumes and this has resulted in long queues and blockages on the N4 corridor, preventing smooth flow of trade through the port.
Also, there have been protests between truck drivers and a taxi association in Komatipoort recently which caused long queues for trucks.
SARS and BMA have now forged a collaboration to pilot a system to co-locate in the canopies at the Lebombo border post to ease movement of trucks as part of the commitment made in the BMA implementation protocol.
Truck drivers will be processed without disembarking from their trucks. The drivers will be required to have all required customs documents and immigration passport ready before approaching the canopies.
After marking for arrival, the driver will then proceed straight to the exit canopy to ease flow in the bypass. This will be done with the exception of cases that require elevation to the police, agricultural services, port environmental or port health.
The marking for arrival and exit are both conducted by customs to facilitate imports and exports. The passport control is conducted by the Border Management Authority at the canopies and will no longer be in building 310 as it was conducted previously.
The aim of this process is to eliminate the time spent in the bypass where drivers were previously required to disembark from trucks and walk to building 310 for passport processing. It is also envisaged that through this process the turnaround time for trucks moving through the bypass will be reduced.
Masiapato emphasised that this process will not negate the requirement by authorities to perform their functions for compliance and border law enforcement at ports.
“It is our main priority to ensure efficient trade facilitation and compliance for the development of the region. This process will contribute to efficient processing at the Lebombo border post,” Dr Masiapato said. – SAnews.gov.za
Edwin
Tue, 11/21/2023 - 09:05
Celebrating two years of dynamic collaboration, Chery South Africa and the Absa RUN YOUR CITY Series proudly announce a strengthened partnership for 2024. Coinciding with the second-anniversary milestone since Chery’s relaunch in South Africa, this renewed commitment reflects the success and shared vision that have defined the union between Chery and the acclaimed road running …
Cabinet approves Just Energy Transition Implementation Plan
Cabinet has approved the Just Energy Transition Implementation Plan (JET IP), which will guide South Africa’s transition to a low carbon economy through the scaling up of renewable energy sources.
The JET IP sets out a number of interventions South Africa needs and investments required for the country to transition to a low carbon and climate resilient economy in line with the National Determined Contributions presented to the United Nations.
Minister in The Presidency Khumbudzo Ntshavheni said on Monday Cabinet is of the view that the JET IP demonstrates South Africa’s commitment to a just transition in line with the country’s energy needs.
She said the JET IP will be driven by a combination of reforms in the energy sector, including the Mpumalanga Just Transition, new energy vehicles and green hydrogen, among others.
“The plan further responds to South Africa’s commitments under the Paris Agreement and United Nations Framework Convention on Climate Change as well as NDP [National Development Plan] commitments.
“The Jet IP will enable South Africa to gradually meet its carbon emissions reduction commitments while at same time, it will ensure inclusive economic growth, energy security and employment,” Ntshavheni said during a post-Cabinet media briefing.
Criminal Assets Recovery Account
Cabinet has also approved the use of monies in the Criminal Asset Recovery Account to fight against illegal mining and other crimes.
Ntshavheni said R2 172 359 is allocated to fight illicit mining which continues to be a threat to the South African economy.
“The money is allocated to the SAPS [South African Police Service], SANDF [South African National Defence Force], Department of Home Affairs and Border Management Agency. The SAPS will use the funding to buy vehicles, helicopters, nyalas and will deploy more than 4000 officers for 18 months,” Ntshavheni explained.
Illegal mining and other organised crimes cost South Africa billions of rands each year and it affects the country’s position as an investment destination, the Minister said.
National Petroleum Company Bill
Cabinet has also approved the publication of the South African National Petroleum Company (SANPC) Bill for public comment.
The Bill gives effect to the Cabinet decision to merge PetroSA, South African Gas Development Company (iGas) and the Strategic Fuel Fund.
Ntshavheni noted that the Bill makes provisions for the establishment of a state-owned company that will ensure South Africa participates meaningfully in oil and gas development.
“It will also guarantee the country’s security of energy supply to support economic development and growth. The SANPC will oversee strategic planning, coordination and governance of the country’s petroleum resources and this will contribute to development and job creation,” the Minister explained.
Draft National Public Transport Subsidy Policy
Cabinet also approved the Gazetting of the draft National Public Transport Subsidy Policy for public comment.
The policy proposes that South Africa’s public transport funding should move from subsidising a particular mode of transport to a user-subsidy model.
“Government recognises that the transport sector is at the heart of the country’s development with most households completely reliant on public transport for mobility.”
African Peer Review Mechanism celebrations
Meanwhile, Cabinet has considered and supported the request for South Africa to host the 20th anniversary celebrations of the African Peer Review Mechanism (APMR) from 23 to 30 November 2023.
The Minister said South Africa supports the APRM mission to promote the African Union’s shared values of democratic governance and inclusive development on the continent.
The 20th anniversary celebrations will include the participation of current and former Heads of State and government, and the African Union Commission. – SAnews.gov.za
GabiK
Mon, 11/20/2023 - 13:50
As a young professional, isn’t it time you bought a property or a share in one? You can! Paul Stevens, CEO of Just Property, has some advice for young, aspiring property moguls. In South Africa, with its combination of economic challenges, urban hubs, and a young, dynamic population, sharing accommodation when you’ve got your foot …
Eskom lays out on transmission expansion
Eskom Managing Director of Transmission, Segomoco Scheppers, says the power utility is working hard to expand transmission lines and unlock future generation capacity for the power grid “as fast as possible”.
He was addressing the Transmission Development Plan (TDP) Implementation Forum held at the Eskom Academy of Learning on Wednesday.
Previously, the power utility said it needed to augment the transmission network by approximately 14 200km by 2032 to ensure energy security in the country.
“[There] are currently 46 expansion projects in execution, of which 26 will deliver 1 632km of transmission lines, 11 290MVA and enable over 15 000MW of generation capacity. Of these 26 projects, 50% will deliver 890km of transmission lines, 3 290MVA of transformer capacity and enable the safe and reliable operation of over 10 000MW of new generation.
“This includes specifically Medupi and Kusile [power stations] as well as the Garob 267MW project connecting at Kronos substation in the Northern Cape. The other 50%... are in different phases of procurement and will deliver 435km and 8 000MVA, enabling 4 975MW of new generation capacity, mainly in the Northern and Western Cape,” he said.
Scheppers assured the forum that Eskom is “very focused on ensuring that we expand the grid as fast as possible, while safely managing the power system”.
Into the future
Looking into the future of Eskom transmission, Scheppers said Eskom has approved “the execution of R26 billion in capital investment” for transmission, with two priority programmes already in the pipeline to “accelerate the delivery of the transmission infrastructure”.
“These programmes entail, firstly, the development of 25 projects in existing substations… which will unlock 13 000MW of new generation in the next five years; secondly, 22 expedited transmission projects that will unlock 24 000MW of grid connection capacity by 2033.
“We are developing these 47 projects, which have the potential to unlock 37 000MW of grid connection capacity between 2025 and 2033. These projects are at different stages of implementation in terms of design, procurement and construction,” he said.
Scheppers called on all stakeholders to support the power utility in its plans.
“I cannot overemphasise the fact that the successful roll out of our plans will require continued support from all key stakeholders, including relevant authorities unlocking bottlenecks, as well as the market in terms of construction, contractors, suppliers and consultants.
“We are very grateful for the various NECOM [National Energy Crisis Committee] initiatives, which are proving very effective in addressing some of our historical challenges,” he said.
National Transmission Company SA
Scheppers gave the forum an update on the legal separation of Eskom into the Generation, Distribution and Transmission entities.
According to Scheppers, the separation of transmission entity – dubbed the National Transmission Company South Africa SOC Ltd (NTCSA) – is fully underway.
“We are in the process of getting final approval from the Minister of Public Enterprises for the independent board of directors for this new company. A binding merger agreement has already been signed with suspensive conditions to be fulfilled… in order to transfer the current transmission business into the new subsidiary.
“Following the fulfilment of the suspensive conditions, NTCSA will then be operationalised and employees transferred to the new company on the same conditions of service and without disrupting their years of service. We are busy with the lender engagements that are required for us to obtain consent, and these are already at an advanced stage,” he said.
The National Energy Regulator of South Africa (NERSA) has already approved licences for operating the transmission system, trading in electricity, and for import and export.
“The final licences and associated conditions are being finalised and in fact, we expect that we’ll be in possession of these licences before the end of this month,” he said. – SAnews.gov.za
NeoB
Wed, 11/15/2023 - 11:41
eThekwini residents urged to apply for city’s debt relief
The eThekwini Municipality has encouraged its ratepayers, who are struggling to pay their bills, to apply for the city’s Debt Relief Programme before the year ends.
The city recently reinstated the Debt Relief Programme, which allows ratepayers struggling with their municipal bills to settle their outstanding debt over a maximum period of 36 months.
The programme, which ends on 31 December 2023, is targeting residential and business customers, who are finding it difficult to service their debt to the municipality.
In order to qualify for the relief, the debt must be 90 days or older, and a down payment of 5% deposit for residential and 10% for business customers must be made.
The city’s Head of the Revenue Management Unit, Lihle Ndzelu said, an agreement will be signed and the accumulated interest will be written off.
“Customers have up to 36 months to settle all outstanding debt. Once the arrangement is made, customers have to honour it and if a customer defaults on payment or pays less than the required instalment, all written-off interest will be reinstated,” Ndzelu explained.
Ndzelu said the programme also benefits non-profit organisations, including old age homes and homes for people with disabilities, mental hospitals and Early Childhood Development centres.
“They will be granted a substantial 50% capital debt write-off once they enter into a payment arrangement. This benefit is conditional on these organisations not falling into arrears within a period of 12 months after settling their debts.
“The municipality recognises the severe financial strain that some residents are facing. As a caring city, we must do all we can to alleviate the financial burden on the municipality's valued residents,” Ndzelu said.
The municipality has previously approved and implemented the programme from December 2022 to February 2023, but decided to reinstate it after the customers requested it.
For more information on the programme, customers may approach their nearest Sizakala Centre and provide all supporting documentation when applying for the programme. – SAnews.gov.za
GabiK
Wed, 11/15/2023 - 11:54
Judicial Conduct Tribunal into her alleged misconduct adjourns until January
Tourism, Google sign collaborative agreement
Tourism Minister Patricia de Lille has signed an agreement with global tech giant, Google, aimed at promoting South Africa as a prime tourist destination and to provide training and support to the sector in digital training.
The Minister and Dr Alistair Mokoena, Country Director for Google South Africa, signed the agreement in Cape Town on Monday.
This partnership is in line with de Lille’s mission to grow tourism to its full potential, unlock the power of technology in the sector and increase arrivals to South Africa to support economic growth and job creation.
“In an era of digital transformation, collaboration between technology giants and government entities has the potential to reshape industries and enhance public services. As stated in the Tourism Sector Green Paper, there is a ‘lack of support mechanisms for the (tourism) sector, particularly SMMEs, to adapt to a digital future and other technological advancements.
“This visionary partnership between Google and the Ministry of Tourism, focuses on non-monetary exchanges to leverage each parties’ strengths for mutual benefits,” de Lille said.
Google intends to provide support to the Ministry to achieve its mandate through providing access to its initiatives and programmes in South Africa that are beneficial to the sector.
Mokoena said they were excited to partner with the Department of Tourism and to sign the letter of intent which aims to position South Africa as a great tourist destination.
“As a company that prides itself in organising the world’s information and making it universally accessible and useful, we look forward to rolling out various programmes in conjunction with the department, to fast track digital transformation in the sector, helping with digital skills and showcasing South African tourism through our Google Arts & Culture platform,” Mokoena said.
According to the department, the primary goal of this collaboration is to harness Google's technological expertise to support the Ministry of Tourism's efforts in promoting South Africa as a prime tourist destination.
The department said no monetary exchange will take place as a result of the agreement.
The areas of collaboration include:
Collaborating with the Ministry of Tourism, Google can provide insights into global travel trends. This information can guide the Department of Tourism and South African Tourism’s strategies for targeting specific markets and tailoring experiences to visitor expectations.
Specific studies to investigate the impact of digital platforms and online content are to be undertaken by Google and shared at no cost to the Ministry or Department.
Google offers skills training programmes including the Google Hustle Academy and master classes. These digital skills initiatives will be extended to offer training programs for individuals and businesses within the Ministry ecosystem.
This would equip local entrepreneurs with the digital skills needed to market their offerings online, potentially attracting a wider audience of travellers.
Tourism start-ups can be supported by Google programmes such as the Startup Accelerator and the Black Founders Fund.
The training will also include Google Ads training on the fundamentals of Google Ads. To date, more than 2 773 South African SMMES have previously benefited from these support programmes offered by Google.
Google can showcase South African tourism sites and unique cultural heritage to the world through the Google Arts and Culture Portal.
The two will also collaborate in creating a tourism thought leadership seminar through presenting commissioned research results on the opportunity and impact of online content and digital platforms in the tourism sector.
A co-hosted thought leadership seminar will focus on the digital opportunities for accelerating economic growth in the tourism sector.
The aims of the seminar will be to facilitate knowledge sharing and understanding of the digital opportunity in accelerating economic growth and upskilling governments and tourism promotion agencies with global best practices on how to use digital platforms.
“By tapping into Google's technology through digital skills training and the sharing of insights, South Africa's industry, notably SMMEs, can be present their offerings in innovative ways, engaging potential tourists, and inspiring them to explore the country,” Minister de Lille said. – SAnews.gov.za
DikelediM
Mon, 11/13/2023 - 14:00
MEDIA INVITE 13 November 2023 RE: A BID TO IMPROVE SKILLS DEVELOPMENT IN THE AUTOMOTIVE SECTOR Following the signing of a Memorandum of Understanding (MOU) between the Department of Trade, Industry and Competition (the dtic) with Productivity SA and six other organisations for the implementation of a training programme called the Quality and Productivity Improvement …
MEDIA INVITE 13 November 2023 RE: A BID TO IMPROVE SKILLS DEVELOPMENT IN THE AUTOMOTIVE SECTOR Following the signing of a Memorandum of Understanding (MOU) between the Department of Trade, Industry and Competition (the dtic) with Productivity SA and six other organisations for the implementation of a training programme called the Quality and Productivity Improvement …
Tourism partners with Google SA
Tourism Minister Patricia de Lille will on Monday sign an agreement with Google, which will see the Ministry of Tourism and the digital platform collaborate on several areas of work.
This is in line with the department’s work of enhancing the use of technology to market South Africa’s tourism offering.
De Lille will sign the agreement with Dr Alistair Mokoena, the Country Director for Google South Africa.
In an era of digital transformation, collaboration between technology giants and government entities has the potential to reshape industries and enhance public services. According to the Department of Tourism, the agreement will map the way to a visionary partnership between Google and the Ministry of Tourism, focusing on non-monetary exchanges to leverage each other's strengths for mutual benefit.
“The primary goal of the partnership is to harness Google's technological expertise to support the Ministry of Tourism's efforts in promoting South Africa as a prime tourist destination. The partnership aims to facilitate knowledge sharing, skills development, and the use of digital tools to enhance tourism experiences and sustainability,” the department said in a statement.
The areas of collaboration include digital skills training, culture and heritage sites promotion, and thought leadership.
“By tapping into Google's technology through digital skills training and the sharing of insights, South Africa's industry, notably SMMEs, can present their offerings in innovative ways, engaging potential tourists and inspiring them to explore the country.
“The collaboration is in line with the goal of increasing international arrivals and growing domestic trips in South Africa. This in turn will help tourism businesses grow, help the country’s economic growth, and support job creation efforts,” the department said. – SAnews.gov.za
Edwin
Sun, 11/12/2023 - 10:56
Biodiversity agreements to be implemented by private rhino, lion owners in Limpopo
The Department of Forestry, Fisheries and the Environment (DFFE), together with the Sustainable Finance Coalition, has developed Biodiversity Management Agreements (BMAs) to be implemented by three private rhino and lion owners in Limpopo.
The agreements were developed in consultation with the Wilderness Foundation Africa (WFA).
The BMAs, which are valid for a period of five years, are linked to the implementation of the Biodiversity Management Plans (BMPs) for the iconic species.
“These are the first BMAs to be developed and implemented in South Africa. These agreements offer unique biodiversity tax incentives for the landowners in terms of the Income Tax Act (ITA, Act 58 of 1962),” the DFFE said in a statement.
BMAs allow for a person, organisation or organ of State to manage a species or ecosystem through an approved BMP or to implement a part of that BMP, in accordance with National Environmental Management Biodiversity Agreement (NEMBA, Act No. 10 of 2004) and associated regulations.
The DFFE said the catalytic nature of the BMAs and their corresponding tax incentives are examples of South Africa’s innovative and effective conservation, as well as sustainable finance efforts.
In terms of the BMAs, the landowners undertake to carry out certain measures that contribute to the efforts of achieving the objectives for the conservation and management of wild lions and rhino, and undertake to comply with all legal obligations relating to the management of lions and rhino, as appropriate.
The landowners, who concluded the BMAs for the Southern Black Rhino and the African Lion, manage the species in open system protected areas in Limpopo.
The landowners are required to carry out numerous conservation-related measures and be responsible for any costs related to the management of the animals. These costs may be deducted through the associated tax incentive once all tax requirements are met.
The application of this conservation tax deduction is achieved through the Coalition’s Finance Solution Approach, which supports the Global Biodiversity Framework goals and sustainable finance needs.
The owners of the animals will also submit annual reports on progress on the implementation of the BMAs to the Minister.
The BMPs for both the black and white rhino and the African lion are presently being reviewed, which means the BMAs will be modified and updated once these are finalised to ensure alignment.
The implementing agent for the Rhino BMPs is the Rhino Management Group and for the Lion BMP, it is the National Lion Working Group. – SAnews.gov.za
Edwin
Sun, 11/12/2023 - 13:16
The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is working on the establishment of a $1-billion African Film Fund to be launched in 2024 to support the continent's film industry, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, at Afreximbank, announced in Cairo today.
Addressing the opening of the 2023 CANEX Summit held as part of the third Intra-African Trade Fair (IATF2023), Mrs. Awani said that the fund would oversee film financing, co-finance with large studios, finance African filmmakers and finance producers and directors of film projects across the continent.
She noted that during CANEX WKND 2022, the Bank had increased the financing it was making available to the creative sector from US$500 million to US$1 billion and that the Bank currently had a pipeline of over US$600 million in film, music, visual arts, fashion, and sports deal.
“The very first film we financed recently premiered at the Toronto Film Festival,” Mrs. Awani said, adding, “The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.”
Acknowledging that the film and audiovisual industries in Africa accounted for US$5 billion of the continent's GDP and employed an estimated five million people, with the potential to create over 20 million jobs and generate US$20 billion in revenues annually, Mrs. Awani noted that the sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.
The sector was also confronted with infrastructure and technology gaps, lack of capacity and shortage of skilled professionals and limited market access and international exposure, as a result of which African creative and cultural products often struggle to gain exposure and access to international markets.
Earlier, Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted how the creativity of Africans had influenced various aspects of modern life, including music, fashion, art, design, social consciousness, business, sports, film and TV. He said that the exploitation of black creativity by the West had had lasting effects and that, despite admiration of black excellence, Africa still faced branding challenges due to external perception fuelled by the traditional media's depiction of poverty, famine, civil wars and migration on the continent.
Mr. Kodjoe said that the world craved culturally specific global content and that Africa was a key player in meeting that demand. With the continent's young population and high connectivity, studios, networks, promoters and brands were investing in solutions to reach diverse audiences. Films and TV shows with diversity performed better than others by 30 per cent and Afrobeats was taking over global airwaves. By 2030, Africa was projected to produce up to 10 per cent of global creative goods export worth roughly $200 billion or four per cent of Africa's GDP.
Also speaking, H.E. Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, said that the creative sector in Africa was rapidly growing and making a significant contribution to the inclusive growth and sustainable development of African economies.
“I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want - revenue from intra-African trade as well as revenue from the rest of the world.”
Ambassador Muchanga urged African nations to convert their vast potential into plans and projects that yield tangible results, stressing the need to also invest in protecting international property rights.
CANEX is an Afreximbank initiative to support Africa and the African Diaspora's creative and cultural industries by providing financing and non-financing instruments to boost growth. The seven-day CANEX Summit is intended to further develop conversations and provide additional business-to-business and business-to-government opportunities. It includes a fashion show featuring a range of bold and exciting designs from across Africa and the Diaspora and a CANEX Music Factory, hosted by renowned South African producer Oskido, which will provide songwriters and beat makers with the opportunity to record their work.
Creative Africa Nexus (CANEX) programme set up by Afreximbank seeks to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financing and non-financing instruments and interventions aimed at supporting trade and investment in Africa's creative sector.
IATF2023, Africa's largest trade and investment fair opened on 9th November and will run till 15th November 2023.
Distributed by APO Group on behalf of Afreximbank.
Media contact:
Deborah Ross
Senior PR Account Director
BrandComms
+44 (0) 759 3602 128
âdeborah.ross@brandcommsgroup.com
Follow us on:
X (Twitter): https://apo-opa.info/41qI9VY
Facebook: https://apo-opa.info/3MGRNQi
LinkedIn: https://apo-opa.info/3KBxMYQ
Instagram: https://apo-opa.info/3UA1jH1
About the Intra-African Trade Fair:
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent's transformation through industrialisation and export development.
For more information, please visit www.IntrAfricanTradeFair.com
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank's total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, please visit: www.Afreximbank.com
In a boost to South Africa's healthcare resilience, the first Phakamisa Sustainability and Innovation Summit has paved the way for more effective, efficient, and equitable delivery of high-quality healthcare across the country.
Hosted at the Embassy of Sweden, the first-of-its-kind summit focussed on prevention and early detection, capacity building and health equity, and optimising the use of innovation to build sustainable healthcare systems. The Summit delved into issues of growing concern, including noncommunicable diseases such as cancer, diabetes, and heart disease, which have increased dramatically in South Africa in recent decades. [1] Pre-eminent speakers came from across the healthcare ecosystem, including Deputy Minister of Health, Dr Sibongiseni Dhlomo, as well as representatives from businesses, patient groups, non-governmental organisations, and the United Nations.
To kick off the event, global pharmaceutical company AstraZeneca signed a partnership agreement with Rare Diseases South Africa, supporting the creation of a national registry for rare diseases and providing training and help for young patients and caregivers aged 18-30 affected by rare diseases. 1 in 15 South Africans is estimated to be affected by rare diseases, the collective name for more than 7,000 different conditions. The partnership will increase understanding of the burden of rare diseases in South Africa and improve equitable health care for those affected.
In addition, AstraZeneca also announced an expansion of its existing collaboration with Medsol AI Solutions, which deploys state-of-the-art Wi-Fi ultrasound probes to detect lesions at high risk of breast cancer in seconds. The AI (Artificial Intelligence) rapid detection app has already been rolled out in rural Melusi and Daspoort Poli Clinics in Tshwane to help with early disease detection. It will now be expanded to breast cancer screening programs at Tintswalo Breast Health Clinic, Groote Schuur Hospital Breast Clinic and Quadcare Clinic in Alexandra.
Pelin Incesu, Area Vice President, Middle East and Africa, AstraZeneca, stated, "In partnership with the government and other stakeholders, AstraZeneca is working tirelessly to strengthen South Africa's healthcare system by focusing on providing equitable access to care and medicines and exploring innovative technology that can detect disease at an earlier stage, improving patient outcomes. The Phakamisa Sustainability and Innovation Summit provides a platform to collectively explore new ways to prevent emerging threats to health like non-communicable diseases, to diagnose patients earlier and quicker, and to ensure all healthcare practitioners have the skills to deliver top-quality care to patients, no matter who they are or where they live.”
Dr Sibongiseni Dhlomo, Deputy Minister of Health, Republic of South Africa, said, “We are committed to delivering quality healthcare services for all South Africans, and that means working with partners across the public, private and third sector to ensure our health system is sustainable and resilient, able to meet current and future challenges. With non-communicable diseases rising, prevention, early detection, and capacity building are at the forefront of these efforts.”
Kelly Du Plessis, Rare Disease South Africa added, “These agreements are the next step in our mission to create a better tomorrow for the millions of South Africans who have been or will be, diagnosed with a rare disease or congenital disorder in their lifetime. The Phakamisa Sustainability and Innovation Summit is a fitting occasion to announce these partnerships, as improving care for those with rare diseases will help to strengthen our entire health system.”
[1] Republic of South Africa, Department of Statistics: https://apo-opa.co/47kDNCI. (Accessed November 2023)
Distributed by APO Group on behalf of AstraZeneca.
For media enquiries, please contact mediamea@astrazeneca.com
About Phakamisa:
Phakamisa is AstraZeneca's access to healthcare initiative in South Africa. Now in its 11th year, Phakamisa, which means “upliftment”, brings together different organisations and is helping to reduce the burden of non-communicable disease including breast cancer, prostate cancer, and lung cancer. The programme has reached over 1.63 million people through outreach activities led by community healthcare workers with over 19 700 women identified with breast issues (https://www.MyPhakamisa.com/).
About AstraZeneca:
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries, and its innovative medicines are used by millions of patients worldwide. Please visit Astrazeneca.com and follow the Company on Twitter (https://apo-opa.co/3QOeunc).