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Extending the shelf life of fruit

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Over 1 billion tonnes of food are wasted annually, while 783 million people face hunger, according to the United Nations Framework Convention on Climate Change (UNFCCC). Ugandan entrepreneurs Sandra Namboozo (26) and Samuel Muyita (27), founders of Karpolax, have developed a plant-based sachet that extends the shelf life of fresh fruit by up to 30 days. Their sustainable, biodegradable preservation solution has earned them a place in top 10 innovators in the Young Inventors Prize 2025, known as Tomorrow Shapers, which recognises young inventors tackling global challenges. They were selected from 450 candidates by an independent jury.

Despite the steady increase in the global population, around 40% of all food produced does not reach the market, according to the World Wildlife Fund.

Namboozo and Muyita both grew up in farming families and saw first-hand the challenges of post-harvest losses, which have a devastating impact on the profit of small-scale farmers. Determined to find a natural and more affordable alternative to synthetic preservers, they developed sachets, which release a blend of plant-derived volatile organic compounds (VOCs) to slow ripening and prevent spoilage.

“We are the Ocean”

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By Alexis Lamek

From the 9th to the 13th of June 2025, France will co-host, with Costa Rica, the Third United Nations Ocean Conference (UNOC3). For this crucial event, around 100 Heads of State and Government will converge in Nice, as well as tens of thousands of researchers, scientists, economic actors, activists and citizens from around the world. On this occasion, France’s aim will be clear: protecting the Ocean through tangible action.

The Ocean is our common good. It feeds and protects our peoples. It makes us dream and travel. It provides us with sustainable energy, trade, resources and infinite scientific knowledge.

One in three people relies on the Ocean for their livelihood, yet the Ocean is in danger. It’s an area that is still largely unknown, and lacks the global governance and funding necessary for its preservation. The figures are worrying: more than eight million tons of plastic end up in the Ocean every year, according to a study published in the journal Science. Moreover, more than a third of fish stocks suffer overfishing, while ocean acidification, rising sea levels and the destruction of marine ecosystems gain pace, as direct consequences of climate change.

We must act now. More than ever before, we must make sure that multilateral action is equal to the challenges of protecting the Ocean.

Ten years after COP21 and the Paris Agreement, which established a binding global framework to limit climate change, the third United Nations Ocean Conference is a historic opportunity. The “Nice Ocean Agreements” can form an international pact for the conservation and sustainable use of the Ocean, fully in line with the Sustainable Development Goals adopted by the United Nations in 2015.

To this end, the talks in Nice need to be operational and action-focused, aiming for better governance, further financing and greater knowledge of the seas.

When it comes to governance, the Agreement under the UN Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement) is essential. The high seas, which represent more than 60% of the Ocean, are currently the only area not governed by international law. The lack of surveillance and common rules is causing a real social and environmental disaster, with massive hydrocarbon and plastic pollution, illegal and unregulated fishing techniques, and the capture of protected mammals. To end this legal vacuum, we need the BBNJ Agreement to be ratified by 60 countries, so as to come into force.

The protection of the Ocean also requires public and private financing, and support for a sustainable blue economy. To continue enjoying the incredible economic opportunities offered by the Ocean, we need to make sure marine resources can regenerate. In Nice, several commitments will be announced for global trade, shipping, tourism and investment.

Lastly, how can we protect something that we don’t – or insufficiently – know? We need to enhance our knowledge of the Ocean and disseminate it more effectively. Today, we are capable of mapping the surface of the Moon or of Mars, but the depths of the Ocean – which covers 70% of Earth’s surface – remain unknown. Together, let’s mobilize science, innovation and education to better understand the Ocean and raise public awareness.

In the context of ever faster climate change and overexploitation of marine resources, the Ocean is not an issue like any other. It’s everyone’s business. In a context in which multilateralism is being challenged, we must not forget our shared responsibility. The Ocean is a universal bond, crucial for our future. Together, we can make the third United Nations Ocean Conference a major turning point for our peoples, for future generations and for our planet.

Alexis Lamek is French Ambassador to Ethiopia and the African Union

Global Private Credit: A $3 Trillion Asset Class Transforming Global Finance

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Private credit, once a relatively obscure corner of the financial world, has surged into the spotlight as a powerful and increasingly global asset class. As of late 2024, the global private credit market has surpassed $3 trillion in assets under management (AUM), encompassing corporate lending, asset-backed securities, real estate, and infrastructure debt. This marks a dramatic transformation in how capital is allocated and risk is managed in the modern financial system.

In 2023 alone, private credit lenders deployed $333.4 billion in new capital, a staggering 64% increase from the previous year. This surge has been driven by a combination of bank retrenchment, the search for higher yields in a volatile interest rate environment, and the maturation of private credit as a credible and scalable financing option. Once a niche product offered to a narrow circle of institutional investors, private credit is now being embraced by a broader audience—including pension funds, sovereign wealth funds, mutual funds, and family offices.

Regional Breakdown of the Private Credit Boom

North America

North America remains the epicenter of the private credit market, commanding approximately $1.24 trillion in assets. This accounts for around 41% of the total global AUM. The U.S. continues to be the largest and most developed private credit market, driven by a sophisticated financial infrastructure, strong legal frameworks, and consistent investor demand. The presence of numerous middle-market companies seeking alternatives to traditional bank loans has made direct lending in the region particularly robust.

Europe

Europe has emerged as a major hub for private credit, with total AUM estimated at around $599 billion. This includes $374 billion in Europe ex-U.K. and $225 billion in the U.K. The continent has seen remarkable growth over the past decade; private credit AUM in Europe grew from $93 billion in 2013 to over $500 billion by 2023. Market dynamics in Europe have been shaped by stringent banking regulations, making it harder for SMEs to secure financing from traditional lenders and creating fertile ground for private credit providers.

Asia-Pacific

Asia-Pacific is one of the fastest-growing regions for private credit, with assets under management reaching approximately $120 billion as of the end of 2023. This marks a more than six-fold increase from $15.4 billion in 2014 to $99.3 billion by 2023. The growth has been fueled by structural economic reforms, expanding middle-class economies, and increased participation from both global and regional institutional investors. Markets like India and Southeast Asia are particularly active, as demand for infrastructure development, real estate financing, and growth capital rises.

Africa

Africa represents a nascent but promising frontier for private credit. With an estimated market size of around $3 billion, the sector is still in its infancy but poised for expansion. Key drivers include the continent’s massive infrastructure financing gap, rapid urbanization, and increasing entrepreneurial activity. Traditional banks often fall short in addressing the financing needs of small and medium enterprises (SMEs), leaving a crucial space for private credit to step in. As financial regulations evolve and investor confidence grows, the continent could become a significant player in the global private credit landscape.

The Prospects for the Future: Worldwide Elements Changing the Market

Although the private credit market is anticipated to keep expanding, a number of significant international factors will influence its course:

  • Institutional Demand: Given the poor returns from conventional fixed-income instruments, big institutional investors are ravenous for yield. In order to fulfill their long-term commitments, sovereign wealth funds, insurance companies, and pension funds are increasingly using private credit.

  • Bank Retrenchment: Banks are less willing to lend to riskier segments as a result of stricter banking regulations and capital requirements, especially in the wake of financial crises. Private lenders are eager to close the large gap that has been created by this.

  • Growth of Emerging Markets: In places like Asia and Africa where access to traditional financing is scarce, private credit is essential. Economic development depends on the expansion of consumer finance, infrastructure projects, and small businesses.

  • Macroeconomic Volatility: The stability of private credit portfolios is being put to the test by changes in interest rates and inflationary pressures. Long-term economic strain may result in increased default rates, especially in overleveraged industries, even though floating-rate debt instruments provide a natural hedge.

  • As mutual funds and public pension funds increase their investments in private credit, the asset class is becoming more and more integrated with public markets. Particularly during periods of financial strain, this calls into question systemic risk, liquidity, and volatility.

  • Technology Integration: New developments in financial technology, such as blockchain-based loan origination and AI-driven credit scoring, are increasing efficiency, risk management, and openness in the private credit sector.

Ending

Private credit has evolved from an opportunistic investment strategy into a structural pillar of global finance. Its rapid growth and geographic expansion underscore the increasing need for flexible, tailored financing solutions across economies. Yet, with this growth comes greater responsibility. The opacity and regulatory gaps that once defined private credit are now under scrutiny, as governments and institutions seek to ensure that this powerful tool does not become a source of systemic risk.

As we look ahead, private credit will likely continue to reshape the contours of global finance—bridging capital gaps, enabling entrepreneurship, and offering investors a dynamic alternative to traditional fixed-income products. The challenge for stakeholders will be to maintain the balance between innovation and prudence as the sector marches further into the mainstream.

Using digital identities to modernise border controls

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We all want secure, safe and easy travel.  However, with traveller numbers surging to record levels and governments wanting to unlock tourism’s full economic potential, resource-strapped immigration, intelligence and border agencies face a critical challenge:  How to handle rising demand without compromising security?

It’s a question they will grapple with when meeting this week in Addis Ababa to discuss digitalised biometric-powered traveller processes and how they can be used to promote social-economic development while countering organised international crime, terrorism and the spread of contagious diseases. 

Travel and tourism have a central place in this conversation as they are critical to national growth and prosperity.

This is a global challenge but with the right approach, even small steps can unlock big improvements, and African nations are well-placed to lead.

Growth in demand for travel

African air travel is growing fast.  Last year, passenger numbers jumped nearly 15%, and capacity expanded by 11%, according to the International Air Transport Association (IATA).  Long starved of investment, African governments are improving airport infrastructure to boost visitor numbers.   Ethiopia’s US$7.8 billion, four-runway, Bishoftu mega-airport may be the continent’s biggest but it is one of several developments.  Morocco is investing US$4.1 billion in airport expansions ahead of the 2030 FIFA World Cup and Luanda’s new Dr Agostinho Neto International recently opened for business.

The border challenge in focus

Increased passenger numbers and shiny new terminals won’t deliver the full benefits unless borders keep pace.    

Simultaneously, to improve global security, the UN Security Council has resolved to strengthen member states’ ability to track potential terrorist movements.  Despite successes in South Africa and Angola many African countries are still thinking about how to develop or enhance such capabilities.  

From static systems to dynamic responses

Border security must remain the priority alongside infrastructure expansion. However, it must reflect the technology advancements that are changing traveller expectations and presenting new security threats.  

Borders must not become bottlenecks.  Interoperability, speed, coordination and adaptability are fundamental.  Dynamic, digitalised tech-driven borders let governments adjust policies and procedures in real-time, strengthening security and enhancing their countries’ attractiveness as destinations for travel, trade, tourism and investment.  It requires a mindset shift to think of borders as a vital part of an integrated, connected system instead of just a checkpoint.

Why integration matters

Effective borders involve immigration, customs, public health, intelligence and law enforcement agencies.  A siloed approach fuels fragmentation, inefficiencies and creates serious security gaps, whereas an integrated model brings together data and decision-making across agencies. Integration delivers a single-window view of each traveller or item entering a country.  It makes assessments simpler, responses faster and leaves resources focused where they’re needed most.

The good news is that African countries aren’t hamstrung by outdated legacy systems so they can leapfrog advanced Western economies by adopting an integrated borders concept.

A better experience at the border

IATA reports that over 70 per cent of travellersface long queues and repeated document checks. This causes frustration and drains resources even when most travellers are not a risk.

By pre-clearing travellers before they arrive, using secure digital identities and tapping into real-time data, border agencies will relieve congestion and process people more efficiently.  Because airport and border experiences make indelible first and last impressions, improved traveller and shipper experiences will promote a positive image of an airport and a country.

Start small. Think big.

Some of the most effective changes start small with a consistent, collaborative and modular approach.

The advancement of digital travel credentials (DTCs) is a case in point.  Worldwide there is soaring demand for faster, contactless travel processes – with over 60% of passengers saying they would pay for a DTC.   Aruba’s pre-clearance DTC pilot has proven it is possible to move passengers through the border in just eight seconds, while also improving passenger data accuracy and compliance.   

How countries can quickly make progress

These focused steps can soothe immediate pain points and lay the groundwork for more ambitious transformation.

It needs near-term and long-term views, i.e.

  • what can be improved now with minimal disruption?
  • how will these improvements contribute to a larger vision of a fully digital, integrated, dynamic, and even more secure border?

Small actions, thoughtfully executed, can build momentum for big change.

A unique opportunity for Africa

Borders will always be about anticipating and managing risk. But by rethinking how people, goods and information move across borders, African governments can build more secure, efficient and agile systems that are aligned with how the world works today and, crucially, that balance security with the economic benefits of increasing travel and tourism.

Pedro Alves is a Vice President Global Business Development at SITA (Société Internationale de Télécommunication Aéronautique), the global air transport industry-owned IT-tech organisation that works with over 75 governments— including every G20 nation — to modernise airport and border operations.