The entrepreneurial boom in Africa is undeniable, and although this dynamism is laudable, a worrying reality is looming in the background.
According to a report released by TechCabal Insights on International Women’s Day, only 1.5% of funds raised by African start-ups between 2019 and 2023 were allocated to women-led businesses.
This observation highlights the persistent challenges faced by women entrepreneurs on the continent, particularly in STEM (science, technology, engineering and mathematics) fields, where female underrepresentation limits their access to financing. Despite these obstacles, notable successes are emerging, particularly in the financial sector.
In order to ensure the sustainability of these successes, it is imperative to significantly increase investment funds intended for African women entrepreneurs, as underlines Evelyne Dioh, executive director of the WIC Capital fund. This pioneering fund aims to support businesses led by women in French-speaking West Africa, thereby helping to foster inclusive economic growth on the continent.
“The prejudices exist, but at the same time, we have figures and data showing that women entrepreneurs manage to achieve more with the limited funds they manage to raise.” – Evelyne Dioh, Executive Director of WIC Capital.
A new era begins: Congo joins the league of LNG exporters
The African nation of Congo joins the league of liquefied natural gas (LNG) exporters with the launch of its first cargo, marking a significant milestone in the Congo LNG project.
Initiated by ENI and its local partners, this project promises economic growth opportunities for the country while contributing to the global energy balance. The first shipment, destined for the Italian regasification station in Piombino, Tuscany, symbolizes this significant progress.
The Congolese government is targeting production of more than 600,000 tonnes of LNG this year and 3 million tonnes next year, with an expected profit of more than 44 million euros in the 2024 budget, thus hoping to meet the needs of a country where 41% of young people are unemployed.
IMF and UAE come to the aid of struggling Egypt
Egypt’s Central Bank, with the support of major Gulf lenders and donors, is taking drastic measures to stem the recent economic deterioration. The move includes a long-awaited currency devaluation, facilitating an expanded $8 billion IMF lending program.
Simultaneously, a massive $35 billion investment from the UAE, part of which is allocated to the Ras al-Hikma development project, aims to inject funds into Egypt’s ailing economy.
While this liquidity injection may ease the financial crisis in the short term, concerns are being raised about its long-term implications for Egyptian consumers, particularly in terms of inflation. However, according to geopolitical analyst Hichem Lehmici and secretary of GIPRI,
“Egypt is embarking on a very ambitious economic strategy with megaprojects. Between the new capital, the construction of a nuclear power plant already practically completed, the high-speed train which will connect Cairo, Alexandria to El Alamein, and other projects, including the creation of an artificial river which will effectively create a sort of new canal between the Nile and the Mediterranean, which is the largest project of its kind on a global scale in terms of geoengineering,” underlined the geopolitical analyst Hichem Lehmici.
“However, it can simply be said that the issue of inflation for a population that already represents almost 60% of people in poverty and almost 30% below the poverty line represents a huge problem for the Egypt. On the other hand, there is also the issue of corruption, which is not sufficiently addressed by the government, as well as another problem, which is the industrial dimension behind many investments. But these investments are concentrated. mainly on the residential economy, and the vision is not exhaustive enough So, with regard to industrialization and in particular support for SMEs, but the industrial question remains a major weakness for Egypt,” he said. -he adds.