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Egypt, Germany sign two agreements for €150.5M

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CAIRO – 23 December 2018: Egypt and Germany signed two technical and financial cooperation agreements worth €150.5 million.

 

The agreements were signed by Egypt’s Minister of Investment and International Cooperation Sahar Nasr and the German Ambassador to Cairo, Julius Georges Lowe.

 

Nasr clarified that the first agreement is for technical cooperation through a grant of €48 million in the education sector in support of the initiative of President Abdel Fatah al-Sisi to invest in human resources, in addition to supporting the sectors of infrastructure and environment, agriculture, water and sanitation.

 

She added that the second agreement is a financial cooperation agreement agreed between the two sides to finance a number of projects worth €102.5 million in the electricity sector, new and renewable energy, energy efficiency and agriculture as well as small and medium enterprises.

 

The Minister stressed that the priority goes for the neediest areas within the grants to support small and medium enterprises, so as to benefit women and young people, noting that during the negotiations of the agreements, they agreed that the deals to be linked to the training of young people on various skills and benefit from German expertise in the manufacturing sector.

 

She referred to Egypt’s keenness to intensify and diversify its economic, development and investment cooperation with Germany as part of the implementation of the agreement between Egypt’s president and German Chancellor Angela Merkel during their recent meeting in Berlin.

 

How Egyptian-German relations recovered during Sisi’s rule

CAIRO – 28 August 2018: Following June 30 revolution against the Muslim Brotherhood-affiliated former President Mohamed Morsi, Egyptian relations with Germany, along with many other countries, were strained. However, diplomatic, and subsequently economic relations with Germany have been restored in a short time. President Abdel Fatah al-Sisi arrived in Berlin on Sunday, Oct.

 

Nasr stressed on the importance of increasing German investments under the strategic relations between the two countries, stating that Germany’s investment in Egypt is about $641.4 million, with a number of 1103 companies in the sectors of chemicals, oil, telecommunications, gas, automobile industry, iron and steel.

 

Egypt, Germany sign economic protocol worth €129 million

CAIRO – 31 October 2018: Egypt and Germany signed a number of bilateral agreements on the sidelines of President Abdel Fatah al-Sisi’s four day visit to Berlin, which started on Oct. 28. The two officials signed a protocol of economic cooperation worth €129 million ($146.47 million) during the meeting of Egyptian-German cooperation committee, presidency spokesman Bassam Radi said.

 

For his part, the German ambassador to Cairo praised the cooperation with Egypt, pointing out that these agreements come in the framework of strengthening relations between the two countries, and indicates the current strategy of cooperation between Egypt and Germany, stressing his country’s keenness to increase its support to Egypt during the next stage on the economic level.

 

He also praised the economic reform measures that the Egyptian government is working on, which reflects positively on the development cooperation between Egypt and Germany and improving the investment environment which encourages German companies to increase their investments in Egypt, stressing the strategic and deep relationship between Egypt and Germany.

 

He honored the improvement of the Egyptian economy, stressing that the German Construction Bank and the German Agency for International Cooperation have the ability to provide more expertise and capabilities to serve the economic and development cooperation of the two countries after the establishment of two offices in Cairo.

 

Minister of Trade and Industry Amr Nassar said that Egypt’s exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017.

 

Egypt’s exports to Germany hit €717M in H1 2018

CAIRO – 20 September 2018: Egypt’s exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017, according to Minister of Trade and Industry Amr Nassar.

 

Trade exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, Nassar said earlier.

 

Total Egyptian investments in Germany recorded $35.5 million in the fields of finance, medicine, furniture, appliances, medical supplies, tourism and trade, the minister added.

 

Trade Exchange bet. Egypt, Germany hits €5.81B in 2017

CAIRO – 21 June 2018: Trade Exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, according to Minister of Industry and Foreign Trade Amr Nassar. The minister clarified that the current German investments in Egypt amount to $641 million through 1080 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance.

– EGYPT TODAY

Press Release

Emil Ekiyor Named In “Indiana 250” Most Influential List

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Emil Ekiyor, Founder at InnoPower (Image: Supplied).

IBJ Media has named Emil Ekiyor, one of Africans in the Diaspora leading accomplished community leader and entrepreneur, in the 2024 Indiana 250, the annual list of the 250 most influential leaders in Indiana. The Indiana 250 Most Influential List, now in its third year, recognises the state’s most influential and impactful business and community leaders, representing public and private companies, law firms, universities, not-for-profit, government and community organizations. Mr Ekiyor, is recognised for his accomplishment as a community leader and entrepreneur dedicated to empowering African and African American communities. The list is available at Indiana250.com.  

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Born in Nigeria, Emil embarked on an educational journey to the United States at age 15. He excelled academically and athletically in high school, earning a full scholarship to the University of Central Florida. As a college football team captain, Emil demonstrated stellar leadership and strategic skills. He went on to have a six-year professional football career with the Tampa Bay Bucs, Indianapolis Colts, Atlanta Falcons and Oakland Raiders. Upon retiring from the NFL, Emil transitioned into entrepreneurship and community leadership roles.

Emil currently serves as CEO of InnoPower Indy Inc., driving innovative community empowerment programs. He has also served as President of the Indianapolis Black Expo Indy chapter and Indy Youth Sports, while serving on nonprofit boards like Friends of Education, Teach for America Indy and the Boys Scouts of America.

With a commitment to advancing black talent and closing wealth gaps, Emil brings collaboration, innovation and courage to his community leadership. He continues to create sustainable change as a beacon of hope for African and African American communities.

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Press Release

The Nigeria Office for Philanthropy to Showcase I-PHILANTHROPY Platform at 2024 IMBW @ RALLY

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Nigeria Office for Philanthropy (NPO) Chairperson, Thelma Ekiyor Solanke (Image: Supplied).

The Nigeria Office for Philanthropy (NPO) is set to introduce its groundbreaking I-PHILANTHROPY platform at a high-profile roundtable discussion during the 2024 innoPower Minority Business Week @ RALLY, taking place on August 27-28 in Indianapolis. This landmark event, hosted by NPO Chairperson Honorable Thelma Ekiyor Solanke, will explore innovative solutions for creating access to capital in disenfranchised communities.

I-PHILANTHROPY is a cutting-edge digital solution that leverages technology to support Nigerian small business owners and create unprecedented access to capital for micro-enterprises. The platform’s success in Nigeria offers a promising model for addressing similar challenges faced by underserved communities in the United States.

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“I-PHILANTHROPY represents a paradigm shift in financial inclusion and support for micro-enterprises,” said Honorable Thelma Ekiyor Solanke. “We’re excited to share our experiences at innoPower Minority Business Week @ RALLY and explore how this model can be adapted to empower disenfranchised communities in the USA.”

The roundtable will discuss:

– I-PHILANTHROPY’s impact on capital access for Nigerian micro-businesses.

– Potential applications of the model in US minority communities.

– Strategies for engaging diaspora and global participants in local economic development.

– Opportunities for international collaboration in supporting grassroots entrepreneurship.

This showcase is a highlight of innoPower Minority Business Week @ RALLY, a premier event that combines innoPower’s focus on empowering minority-owned businesses with RALLY’s emphasis on innovative solutions to global challenges. The conference brings together entrepreneurs, investors, community leaders, and innovators to share knowledge, build networks, and drive economic empowerment.

“The I-PHILANTHROPY platform aligns perfectly with our mission to foster growth and success among minority-owned businesses,” said Emil Ekiyor, Founder at innoPower. “This roundtable offers a unique opportunity to learn from international best practices and explore new strategies for addressing capital access challenges in our communities.”

Erica Schweyer, Executioner at RALLY, added, “By bringing together diverse voices from technology, business, and philanthropy, we aim to catalyze transformative ideas that can have real-world impact on disenfranchised communities both in the US and globally.”

 

Sign up for the Roundtable and receive a 88% discount https://innopower.formstack.com/forms/imbwdiscount

 

About Nigeria Office for Philanthropy (NPO):

NPO is at the forefront of leveraging technology for social good in Nigeria. Their I-PHILANTHROPY platform is revolutionizing how global participants can support Nigerian micro-enterprises and contribute to local economic development.

About innoPower Minority Business Week @ RALLY:

This collaborative event combines innoPower’s focus on fostering growth and success among minority-owned businesses with RALLY’s emphasis on innovation and transformative ideas. It brings together entrepreneurs, investors, community leaders, and innovators to share knowledge, build networks, and drive economic empowerment.

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Swedfund invests USD 30 million in Access Bank to fund underserved MSMEs in Nigeria

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Swedfund invests USD 30 million in Access Bank Nigeria Plc to reach underserved MSMEs (micro, small and medium enterprises) at scale. By providing long-term capital and capacity building to unbanked and under-banked companies in Nigeria, the investment is expected to support sustainable private sector development and inclusive growth.

Nigeria, with a population of 230 million, has an unemployment rate at a staggering 33%. Additionally, over half of the rapidly growing population is below the age of 30, which further exacerbates the need for job creation and workforce development. As Nigeria also copes with a multitude of crises, including insecurity, food shortages and inflation, the resilience and power of MSMEs is critical to driving sustainable development and reducing poverty.

Swedfund’s investment aids in advancing sustainable private sector development, encouraging inclusive growth, and expanding access to finance. Access Bank, known for its strong market presence and with a committed MSME strategy, serves as an effective partner to reach MSMEs in need of financing in Nigeria, says Kitanha Toure, Regional Director of West Africa at Swedfund.

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Access Bank is systemically important and well-positioned to reach a significant number of MSMEs in Nigeria. Swedfund’s investment will contribute to direct and indirect job creation and other tax-generating activities as well as improved access to finance for rural and underserved groups, female- and youth-owned companies.

Access Bank is eligible to meet the 2X Criteria, a global baseline standard for gender finance, and recognised as the best SME bank for women entrepreneurs in Africa.

The loan is part of a syndicate led by the Dutch development finance institution, FMO, with a total value of USD 295 million. The syndicate consists of other Nordic and European development finance institutions such as BII, BIO, Finnfund and Norfund.

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