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African Development Bank President to lead delegation to 33rd African Union Summit

African Development Bank President to lead delegation to 33rd African Union Summit

Ethiopia — The president of the African Development Bank Akinwumi Adesina is expected in the Ethiopian capital for the African Union’s 33rd Assembly of Heads of State and Government.

The summit runs from 8 to 10 February 2020 under the theme: Silencing the Guns: Creating Conducive Conditions for Africa’s Development.

Adesina will arrive in Addis Ababa with a full slate of talks and meetings ahead of him. These include the African Peer Review Mechanism’s annual forum; an African Leadership for Nutrition high-level dinner; and bilateral meetings with, among others, the president of Sierra Leone, Julius Maada Bio, and the CEO of the African Union’s Development agency, AUDA-NEPAD.

Adesina will also participate in bilateral meetings with heads of state and high-level discussions around the continental report on the implementation of Agenda 2063.

The AU Summit also features several side events. One of these, a breakfast hosted by Canadian Prime Minister Justin Trudeau, will focus on Sustaining peace and economic security in Africa.

Following the recent launch of the 2020 African Economic Outlook, the Bank’s Director of Macroeconomic Policy, Forecasting and Research Hanan Morsy will present the findings of the institution’s flagship report to the African Union. Representatives of the AU Commission, government officials, and policymakers will be in attendance.

The African Leadership for Nutrition (ALN), another strategic partnership involving the African Development Bank, the AU Commission, the Bill and Melinda Gates Foundation, and other partners, will be an important focus of the trip. An ALN high-level dinner, with participation from 7 heads of states, will be held on 8 February, to consolidate gains made in securing high-level political engagement on nutrition, and to reflect on progress made to date in tackling malnutrition and stunting.

The meeting is a key milestone ahead of the Nutrition for Growth Summit to be held in Tokyo in December 2020.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.