Today, Watu Credit (Tanzania) Limited (https://WatuAfrica.com/) announced an initiative to expand its asset financing support for Compressed Natural Gas (CNG)-powered three-wheelers across Tanzania. This initiative is part of Watu’s ongoing commitment to environmental sustainability, with the goal of financing at least 1,000 CNG-powered three-wheelers by the end of 2024, intensifying efforts to transition the transport sector to cleaner energy sources.

The initiative was officially launched in the presence of the Ilala District Commissioner, Hon. Edward Mpogolo, who highlighted the collaborative efforts of the government and private sector through public-private partnerships. ‘These efforts align with Sustainable Development Goal No. 7, ensuring access to affordable, reliable, sustainable, and modern energy for all, including that every Tanzanian can access affordable and clean energy by 2030,” stated Hon. Edward Mpogolo.

“Transitioning to cleaner energy is essential, and we are dedicated to financing this project to help the commuters, drivers, and the community adopt clean, safe, and sustainable transport. This commitment helps safeguard our environment because the future of our entire planet depends on the actions we take today,” said Rumisho Shikonyi, Country Manager at Watu in Tanzania.

Watu has been working towards this goal, financing over 200 CNG-powered three-wheelers worth Tshs. 2.2 billion in the past two months alone. This campaign will further amplify their impact, helping them achieve the target of financing at least 1,000 more vehicles and advancing the clean mobility agenda across the continent.

The event also featured prominent stakeholders from the energy and environmental sectors, including Engineer James Mologosho (Principal Engineer Natural Gas – Distribution&Supply at EWURA), Tajiel Urioh, expert in climate policy, carbon markets and energy transition, and Dr Esebi A. Nyari (Mechanical Engineering Lecturer&CNG Project Coordinator at DIT).

Distributed by APO Group on behalf of Watu Credit Tanzania Ltd.

About Watu:
Watu is an asset financing company revolutionizing financial inclusion across Africa. The company is building an ecosystem for unbanked and underserved individuals by providing access to mobility and connectivity tools that enhance digital literacy, economic growth, quality of life and opportunity. So far, Watu has provided over 1 million loans across 7 countries and has positively impacted the lives of more than 4 million people. In addition, Watu actively promotes financial literacy and independence, as well as increased regulatory and safety compliance. For more information, visit Watu’s website https://WatuAfrica.com/

The Islamic Development Bank Group (IsDB) announces the winners of the Private Sector Forum (PSF) 2024 Awards, celebrating outstanding contributions to Islamic finance and development initiatives across 57 member countries.

The IsDB Group, comprising the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development (ICD), and the International Islamic Trade Finance Corporation (ITFC), leverages its diverse tools to support member countries in achieving their development goals.

The PSF 2024 Awards honors exceptional achievements, groundbreaking innovations and impactful initiatives by market practitioners driving positive change through Shariah compliant financial instruments in the areas of trade finance, export credit and private sector development, in six categories:

ICIEC:

Export Credit Agency of the Year: Kazakh Export

The ICIEC cooperated with Kazakh Export, for the export of locomotives to Azerbaijan Railways by providing insurance support for a US$29.8 million lease finance facility of 10 ‘Evolution – Type’ diesel locomotives to Azerbaijan Railways for 10 years, while supporting intra-OIC trade and meets SDG 9 of the UN.

 Most Innovative Investment Development Initiative of the Year: African Development Bank (AfDB)

The ICIEC has signed a risk-sharing arrangement with African Development Bank (AfDB) to support financing dedicated to ESG projects in Côte d’Ivoire. The ICIEC has provided an insurance capacity of EUR194 million (US$210.13 million), backstopping the EUR400 million (US$433.25 million) partial credit guarantee (PCG) issued by the AfDB against the non-payment risk associated with a facility of EUR533 million (US$577.31 million) extended by Standard Chartered Bank to the government of the Côte d’Ivoire.

ICD:

Most Impactful Islamic Financial Institution of the Year: Kazakhstan’s JSC Leasing Group

ICD issued last year a Tenge-denominated sukuk which was rated “A+” by Fitch. With a size of KZT 2 billion, this is the first sukuk in the national currency of one of the Commonwealth of Independent States (CIS).

The sukuk proceeds were used to support Kazakhstan’s JSC Leasing Group’s on-lending activities. The ultimate beneficiaries are mostly small and medium-sized enterprises. With the volatility in currency markets representing a major risk for companies with revenues in local currency, ICD provided a local currency financing solution to Leasing Group.

Leasing Group is listed on the Kazakhstan Stock Exchange.

Most Impactful ICD Investee Company of the Year: Tunisia’s Wifak Bank

Tunisia’s Wifak Bank made the transition a fully-fledged Shariah compliant bank in 2016, while the ICD participated in the capital increase reserved for strategic partners including the Tunisian sovereign wealth fund and other Tunisian investors. In line with ISO 26000 standards, Wifak is quantifying its carbon footprint and is attempting to reduce it while also making progress on SDGs 5, 8, 9, and 17. Wifak’s Fitch rating outpaces the sovereign rating as it provides 55,000 individuals/SMEs with access to financial resources and employed over 300 local talents while collaborating with a fintech company to introduce digital payments.

ITFC:

Trade Finance Deal of the Year: Turk Eximbank

ITFC has awarded Türk Eximbank the “Trade Finance Deal of the Year” award. This recognizes their long-standing partnership and Türk Eximbank’s key role in expanding ITFC’s private sector initiatives in Turkey. Since 2009, ITFC has provided Türk Eximbank with approximately US$3.5 billion in financing, with an impressive US$3.2 billion mobilized from external sources.  This collaborative effort has significantly impacted Turkey’s trade landscape, with a particular focus on SMEs and the textile sector.

Outstanding Contribution to Intra-OIC Trade Development: Foreign Trade Training Centre (FTTC)

ITFC has awarded the Foreign Trade Training Centre (FTTC) the “Outstanding Contribution to Intra-OIC Trade Development” award.  This recognizes the FTTC’s dedication to boosting Egypt’s global trade position and its successful partnership with ITFC. Founded by the Egyptian Ministry of Trade&Industry, the FTTC plays a vital role in developing export professionals, strengthening trade ties within the OIC.  Through ITFC-supported programs like TREE and STEP, the FTTC has trained hundreds of new exporters and entrepreneurs, contributing to Egypt’s goal of reaching USD 100 billion in exports within five years.

The winners were announced and awarded on Sunday, April 28th during the 2024 Private Sector Forum at the InterContinental Hotel in Riyadh.

Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).

South Africa and Madagascar got off to winning starts in their bid to win the Rugby Africa Women’s Cup 2024 and qualify for WXV 2 and Women’s Rugby World Cup 2025.

Reigning champions South Africa brushed aside Cameroon 55-0, while tournament hosts Madagascar came from behind to edge Kenya, 29-22.

Whoever finishes top of the standings after three rounds of matches will seal their passage to both England 2025 and WXV 2 in South Africa. The runners-up will compete in WXV 3 in Dubai this September and October.

Hampered by tournament-ending injuries to Aliyah Tchogna-Njamen and Samantha Els, the Springbok Women took time to get into their stride and fell short of the 87-0 win they enjoyed when they played Cameroon for the first time in last year’s competition.

Despite playing with the wind at their backs at Stade Makis, Louis Koen’s side could only manage three maul tries – all scored by hooker Lindelwa Gwala – for a 19-0 interval lead.

But things opened up after the break and they added six more tries to their tally, with left-winger Maceala Samboya joining Gwala in grabbing a hat-trick.

Replacement forward Vainah Ubisi and outside-centre Veroeshka Grain scored tries at the start of the second half as South Africa picked up the pace before Sambola crossed three times in a devastating 10-minute spell.

Eight minutes from time, replacement centre Aphiwe Ngwevu celebrated her return to the squad for the first time this year with a try from a quick tap penalty to make it 55-0.

The Springbok Women have now won all seven of the Rugby Africa Women’s Cup matches they have played, having swept all before them in winning the 2019 and 2023 titles.

Lady Makis Produce Stunning Match-Winner

Meanwhile, Kenya’s Women’s Rugby World Cup and WXV hopes hang in the balance after Madagascar avenged last year’s 29-20 defeat at the same venue.

That game featured three yellow cards to Madagascar but this time it was Kenya who were the multiple offenders.

Tries from Terry Ayesa and Diana Awino had helped to put the Lionesses into an early 12-0 lead, but the Lady Makis managed to pull five points back when number eight Naomi Jelagat was in the sin-bin, with winger Olivia Mamay Nirina Hanitriniaina crossing on the stroke of half-time.

Turning around 12-5 in arrears, Madagascar scored again within five minutes of the restart after some typically slick handling put scrum-half Joela Mirasoa Fenohasina in the clear.

Now restored to their full complement of players, Kenya used their physical advantage upfront to wrestle back the initiative, prop Rose Otieno crossing from close range at the back of a maul.

But Faith Livoi’s yellow card on 56 minutes opened the door for Madagascar again, and the Lady Makis did not need a second invitation to exploit the extra space, scoring two tries to take the lead for the first time in the match.

Centre Valisoa Erickah Razanakiniaina was the first to cross when she finished off a tap-penalty move instigated by Fenohasina. This time Tiana Jinah Razanamahefa was able to add the extras to bring the scores level at 17-17.

Laurence Rasoanandrasana’s try put Madagascar 22-17 up. It was a product of no little ingenuity and skill, the hooker receiving the ball back from a throw to the front of the lineout and bursting down the blindside without a hand laid on her.

Kenya replacement back Helen Achieng temporarily silenced the home crowd – which included the country’s president and first lady – when she wriggled over in the left corner to bring the scores level again. But a deafening roar greeted Madagascar’s fifth try deep into added time when brilliant interchange play involving openside Delphine Sarindra Raharimalala and Hanitriniaina led to the winger crossing for the second time. It was a score fit to win any match.

While South Africa’s win will not impact the World Rugby Women’s Rankings due to the large points differential between themselves and Cameroon, the win for Madagascar will result in a one-place gain.

The Lady Makis will get 1.1 points added to their rating, moving them above Belgium and into 26th place. Kenya will remain 23rd.

The next opportunity Madagascar’s huge following will get to cheer on their team will be on Wednesday for the second round match against Cameroon. South Africa take on Kenya in the other fixture.

Distributed by APO Group on behalf of World Rugby.

Springbok Women head coach Louis Koen made nine changes to his starting team and 11 overall when he named his squad to play Kenya in the Rugby Africa Women’s Cup at Stade Makis in Antananarivo on Wednesday.

Free State Women outside back Sikholiwe Mdletshe will earn her first cap after being named on the left wing, while regular starter Sinazo Mcatshulwa returns at flanker for South Africa’s second match of the tournament, after they outplayed Cameroon 55-0 in the opening match on Saturday.

Koen selected a new midfield, where Jakkie Cilliers will link up with Aphiwe Ngwevu, a try-scorer off the bench against Cameroon. Tayla Kinsey, South Africa’s most capped scrumhalf, will swop places with Rumandi Potgieter after playing her 33rd Test match off the bench at the weekend.

Squad personnel Azisa Mkiva, Roseline Botes and Xoliswa Khuzwayo swap their opening match bench role for starting positions in the front row against Kenya.

Botes (hooker) swops places with Lindelwa Gwala and Khuzwayo (prop) with Sanelisiwe Charlie. Mkiva replaced the injured Aliyah Tchogna-Njamen early in the Cameroon game, which means Amber Schonert, who made her Test debut at the same venue last year, will provide tighthead cover against Kenya.

Vainah Ubisi and Nomsa Mokwai also swop jerseys, with Ubisi starting and Mokwai moving to the bench where she will be joined by Unathi Qolo, who will be keen to start her contribution to the Springbok Women’s quest to qualify for next year’s Rugby World Cup in England.

The Springbok Women’s last Test against Kenya was in September 2023 at the University of Western Cape Stadium in Bellville, where South Africa won by 77-12.

Only five players who started against Kenya in that Test are back and will run out in the starting line-up again: Cilliers, Mcatshulwa, Botes, Byrhandrè Dolf and Lusanda Dumke.

Distributed by APO Group on behalf of South African Rugby.

Note to editors: Audio notes of Louis Koen can be downloaded here (https://apo-opa.co/3JLdzjg).