The World Economic Forum on Africa

Published on 12th June 2007

South Africa is hosting the World Economic Forum on Africa from June 13 to 15, 2007. The forum will focus on addressing the capacity constraints and skills’ gaps that frustrate growth on the continent. This year’s forum has attracted more than 700 participants from 42 countries, including five heads of state and a cross-section of CEOs.  Kofi Annan, former United Nation’s Secretary General, is expected to give a special address. This year' s " theme "Raising the bar” aims to build on last year' s "Going for growth " theme by not only showcasing the continent’s development but also focusing more strongly on what action is needed to drive growth in Africa.  It will also look at risks such as rapid urbanization and high youth unemployment in African countries, migration and terrorism. Highlights include the launch of the third Africa competitiveness report, and a strong focus on energy, especially clean and alternative energy.

A New Meningitis Vaccine to End Major Epidemic

Scientists are optimistic that a new meningitis vaccine will end the risk of devastating major epidemic. The new vaccine protects against meningitis A, the deadliest form of the disease. The newly developed vaccine has been tested on 12 to 23- month-olds in Mali and Gambia, and has proved to be safe, without side effects and 20 times more powerful than existing vaccines. WHO Director-General, Dr. Margaret Chan, says the study is important as it brings real hope that the lives of thousands of children, teenagers and young adults will be saved by immunization.

Portugal to Make Africa a Top Priority

The European Union (EU) had itself to blame for China’s growing clout in Africa, Portugal’s EU ambassador, Alvaro Mendonca e Moura, has said.  He vowed to make relations with resource-rich Africa a top priority of Portugal’s coming term as EU President.  “We have to ask ourselves why was it possible for the Chinese all of a sudden to get so much influence in Africa? We have been absent for too long,” said Mendonca e Moura. Portugal, which takes over the bloc’s rotating six-month presidency from Germany on July 1, would make Africa a top priority for its term at the EU helm, Mendonca e Moura told EU watchers.

African Investors Pump USD 625 Million for Infrastructural Development

A group of African investors have pumped 625 million dollars into a newly created fund designed to aid infrastructural development across the continent. Regional banking giants such as ABSA and Standard Bank, as well as the South African Government Employees Pension Fund (GEPF), are among the first institutions to put their faith in the Pan-African Infrastructure Development Fund (PAIDF) which aims to raise a billion dollars within a year. The PAIDF, which will be formally launched at the African Union summit in Ghana at the start of next month, is designed to address what it describes as a critical shortage of equity investment in basic infrastructure. Speaking after a signing ceremony in Johannesburg where the 625 million dollars were handed over, South Africa's Finance Minister Trevor Manuel said the fund provided a "practical and dynamic" way for Africans to invest in infrastructure development. Other investors include the Development Bank of Southern Africa, the African Development Bank, Old Mutual and Ghana's Social Security and National Insurance Trust.

 

Varsities to Launch Monthly Lecture Series

The Regional Learning Centre of the University of South Africa (UNISA) at Kaliti, Ethiopia and the Addis Ababa University announced that they would launch a monthly lecture series entitled Africa, Deliberate Politics and Change. The lecture series will be launched on June 14, 2007 at the Kifle Wodajo Centre for Peace, Democracy and Human Rights. Sandile Schalk, Deputy Ambassador of the Republic of South Africa to Ethiopia would inaugurate the lecture series by presenting a lecture under the title "Prospects for the African Union Move towards the United States of Africa: Challenges".

Kenya Suffers Bomb Terror

 

An explosion went off on Monday morning in a Nairobi street killing one person and injuring 39 people. The impact of the explosion was heard about 500 meters leaving a wave of fear and confusion among Kenyans. Eyewitnesses gave different accounts, one of them being they saw two men arrive by a taxi and unsuccessfully attempting to board a bus headed for the Jomo Kenyatta International Airport. This was then followed by the two men leaving a bag outside a restaurant which exploded. According to a statement by Kenya’s Police Commissioner Major General Hussein Ali, the police were pursuing useful leads. A taxi driver said to have carried the suspects was arrested. This is said to have affected the financial market reversing the bullish run the currency had against the hard currencies in the previous two months.

 

Compiled by Anne Mugoya
Inter Region Economic Network 


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