Joachim Chissano, the former President of Mozambique, who stepped down gracefully, is the winner of the inaugural Mo Ibrahim Prize for Achievement in African Leadership. The prize comprises of $5 million over 10 years and $200,000 annually for life thereafter. According to a press release issued by the Mo Foundation in London yesterday, Mr Chissano will additionally get up to $200,000 a year for 10 years towards his public interest activities and good causes. Announcing the Laureate in London yesterday, Mr Kofi Annan, the former UN secretary general and the chair of the Prize Committee, said: "Mr Chissano's achievements in bringing peace, reconciliation, stable democracy and economic progress to his country greatly impressed the committee. So, too, did his decision to step down without seeking the third term the constitution allowed." Mr Mo Ibrahim, a Sudanese-born telecommunications entrepreneur, set up the prize as a way of encouraging good governance on a continent wrecked by corruption, human rights violations and authoritarian rule.

Zimbabwean’s President to Attend EU-Africa Heads of State Summit

Zimbabwe’s President Robert Mugabe has been invited by MPs from Europe and Africa to the European Union-Africa Heads of State Summit in Lisbon Portugal in December.  The European delegation held a meeting with the PAP to discuss and agree on Mugabe's fate. The delegation was led by Michael Gahler and PAP legislator, Marwick Khumalo. The Zimbabwean president has been barred from traveling to the West.

Two Kenyan Women Short Listed for African Investor Awards

Mary Okello, Proprietor Makini Group of Schools and Evelyn Mungai, Evelyn College of Design have been short-listed for the forthcoming annual recognition of companies and individuals who have contributed the most to improvement of the business environment in Africa. The two Kenyan women entrepreneurs are battling it out with four other African women for top honors in the Businesswoman of the Year category of the 2007 edition of African Investor Awards. Mrs. Okello and Mrs. Mungai were short-listed for the top honours after they scored top approval ratings for responsible investing based on improved financing of their businesses.

US$2Billion Broadband Cable Project Endorsed

Information and Communication Technology (ICT) ministers from Eastern and Southern Africa have endorsed a US$2b broadband cable project to connect Africa, and called for its speedy implementation. With a capacity of 3.84 Terrabits/sec, the 50,000 km undersea and terrestrial cable is designed to provide telecommunications connectivity to Africa and connect the continent to the America, India and Europe. A statement read by Uganda's ICT minister, Dr. Ham Mulira, at a press conference in Johannesburg said completion of the project will greatly contribute to reduction of telecommunications costs that have been a hindrance to doing business in Africa.

Nigeria’s United Bank of Africa Spreads its Wings

Nigeria's United Bank of Africa (UBA) the largest financial institution in West Africa with $8 billion assets is keen on buying a small bank as part of its expansion plans in Africa. The bank will join Eco-Bank, which has already expressed interest in the Kenyan and regional financial services market. UBA bought two Nigerian banks in 2005, and subsequently acquired the erstwhile Continental Trust Bank Limited (CTB). The drive into acquisitions abroad is a result of the huge capital base that Nigerian banks have been forced to meet, which have in turn made them stronger and in a position to absorb more business.

The Pakistan-Liberia Friendship Centre

About 600 Liberian students will benefit from technical and vocational skills training at a new resource centre equipped with computers, sewing machines and a library. Pakistani peacekeepers serving with the United Nations Mission in Liberia (UNMIL) have opened the Pakistan-Liberia Friendship Centre at the C.H. Deway High School in Tubmanburg, some 60 kilometres west of Monrovia, the capital of the West African nation.

Compiled by Anne Mugoya

Anne is a Researcher at Inter Region Economic Network