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EDIF records 2.8 billion birr collection in six months

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The Ethiopian Deposit Insurance Fund (EDIF) has announced that it successfully collected 2.8 billion birr from its member commercial banks and small financial institutions over the past six months.

Desalegn Ambaw, CEO of EDIF, revealed that out of 80 member institutions, including 31 commercial banks and 49 small financial institutions, the fund has amassed the significant sum of 2.8 billion birr. He further explained that financial institutions have the option to make payments in two installments, with an initial 50 percent of the required capital of 0.4 percent already paid. The remaining balance will be completed within a two-year timeframe.

The government initially allocated 200 million birr for establishing the fund, with an additional 50 million birr designated for operational purposes thus far. Operating with ambitious targets, EDIF aims to collect a total of 6 billion birr within the fiscal year.

The purpose of the fund is to provide security and assurance to depositors who entrust their savings to commercial banks or small financial institutions. Under this system, depositors are guaranteed compensation in the event of bank or microfinance institution failures, ensuring their financial security.

Furthermore, every depositor in any financial institution, with deposits of up to 100,000 birr, is covered by this insurance scheme. A portion of the collected funds, amounting to 1.5 billion birr, has been invested in government treasury bonds, while the remaining 100 million birr has been deposited into the Mudarabah investment account of the Commercial Bank of Ethiopia in accordance with Sharia principles.

With this initiative, Ethiopia joins the ranks of 147 other countries worldwide that have established deposit insurance funds to safeguard depositor interests and bolster financial stability.

United States Educational and Cultural Exchanges Drive Inclusive Economic Growth

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U.S. Assistant Secretary of State for Educational and Cultural Affairs Lee Satterfield traveled March 19-21 to Lagos and Abuja, where she highlighted a broad range of U.S. public diplomacy programs that help to expand access to education and economic opportunities in the creative industries.

U.S. Educational And Cultural Exchanges Drive Inclusive Economic Growth Assistant Secretary Satterfield’s trip comes on the heels of the recent visit to Nigeria by U.S. Secretary of State Antony Blinken and underscores the United States’ strong commitment to strengthening people-to-people connections with Nigeria that drive innovation, foster knowledge exchange, and unlock opportunities for shared economic prosperity.   

In Lagos, Assistant Secretary Satterfield delivered remarks at the University of Lagos on the importance of cultural diplomacy in Africa and announced three new exchange programs for the creative industries. These new initiatives include: the Africa Creative TV initiative for writers and producers in the film and TV industries; the American Music Mentorship Program, which is in partnership with the Recording Academy/GRAMMYs; and the film-focused, one-year Community College Initiative, which will take participants through the script to the screen process.

She also witnessed the MOU signing ceremony for the establishment of a Window on America at the University of Lagos –– the 26th American Space in Nigeria –– which will serve as a gateway to a wealth of resources; information about U.S. government sponsored exchange opportunities; guidance on how to study in the United States; access to eLibraryUSA, a platform for academic research; career mentorship; and professional development workshops.

In addition to visiting the American Corner Lekki, Assistant Secretary Satterfield participated in a tech and innovation showcase featuring six innovative solutions developed by alumni of U.S. government exchange programs. She also met with leading figures in Nigeria’s film and music industries and discussed harnessing the potential of these industries to drive economic growth, job creation, youth opportunities, and cultural exchange while strengthening bilateral ties between the U.S. and Nigeria.

At the National Museum in Lagos, Assistant Secretary Satterfield launched Nigeria’s first Cultural Property Agreement Implementation Grant, which demonstrates the U.S. government’s commitment to working with Nigeria to protect, honor, and preserve its cultural heritage. Through this grant, museum professionals from the Metropolitan Museum of Art in New York will work with their counterparts at the National Museum Lagos to digitize and improve access to Nigeria’s cultural heritage and raise awareness about the importance of cultural preservation.

In Abuja, Assistant Secretary Satterfield met with Minister of Education Professor Tahir Mamman and the Minister of Art, Culture, and Creative Economy, Hannatu Musawa and discussed a variety of issues ranging from the U.S.-Nigeria partnership on cultural diplomacy, including in film, to expanding access to educational and professional opportunities for women and girls in science, technology, education, and mathematics (STEM).

The Assistant Secretary also engaged with beneficiaries of the U.S. Embassy Abuja Opportunity Funds Program, which helps high achieving but economically disadvantaged students secure admission and scholarships to American colleges and universities. She urged the students to make the most of their opportunity to get a top-notch education in the United States while gaining first-hand experience of American life and culture.

While in Abuja, Assistant Secretary Satterfield delivered keynote remarks at the Women’s International Film Festival Nigeria and participated in a moderated panel discussion where she highlighted the important role of an inclusive and sustainable creative ecosystem in advancing economic growth and strengthening bilateral people-to-people ties.

“The deep partnership between the United States and Nigeria goes well beyond just our governments ––in fact, at the heart of our relationship is our people,” Assistant Secretary Satterfield said during her visit.   

Assistant Secretary Satterfield’s visit highlights the commitment the Biden-Harris Administration made at the 2022 US-Africa Leaders’ Summit to deepen ties with Africa in support of inclusive economic growth and shared prosperity. Since the 2022 US-Africa Leaders’ Summit, 20 high-level U.S. government officials have visited Nigeria.

Distributed by APO Group on behalf of U.S. Embassy and Consulate in Nigeria.

Sierra Leone Records Progress in Human Capital Development – But Requires Sustained Investments to Drive Economic Growth and Reduce Poverty

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Sierra Leone has made commendable strides in improving human capital development with the government demonstrating a strong commitment to enhancing the well-being and productivity of its population through significant investments in health and education, according to a new World Bank report launched today in Freetown. The report also highlights the prioritization of social protection interventions like cash transfers to extremely vulnerable groups as a notable intervention aimed at reducing poverty and building human capital.

The Sierra Leone Human Capital Review: Maximizing Human Potential for Resilience and Inclusive Development, provides critical insights into the country’s efforts to foster human capital development and economic growth. The report examines the current state of health, education, and social protection systems in the country and offers recommendations to enhance the effectiveness of human capital investments.

“The future socio-economic stability and prosperity of Sierra Leone is intrinsically linked to the well-being of its people,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone“This report provides a roadmap for the government and its partners to strengthen human capital, which is essential for Sierra Leone to achieve its full economic potential and improve the livelihoods of its citizens.”

‘Human Capital Development’ is the first Policy Cluster in the Government of Sierra Leone’s Medium-term National Development Plan (MTNDP) 2019–2023 with increased financing of inputs in key human development sectors such as health and education. The new MTNDP (2024-2030) also prioritizes human capital development among its five key pillars, with food security as the main flagship. This increased commitment towards social sectors has resulted in improvements in health and education outcomes. For example, maternal and under-5 mortality rates, adult survival rates, as well as expected years of schooling have all improved since 2005. The Free Quality Education, launched in 2018, helped to reduce barriers to accessing education with the Education Sector Plan (2022–2026) laying out the core priorities and presenting a road map to achieving the country’s education goals. There have also been improvements in social protection coverage – the flagship social protection initiative, ‘Ep Fet Po’ cash transfer program, financed through the World Bank-supported Social Safety Net (SSN) Project, provides direct financial support to the most vulnerable populations, thereby contributing to the development of a more resilient and capable workforce.

However, Sierra Leone still faces challenges related to low human development outcomes, high poverty rates, and limited access to basic services, the report notes. The country ranks 151 out of 157 countries on the Human Capital Index (HCI). The HCI value is lower than the region’s average, indicating significant challenges in human capital development. The report highlights that only around two-thirds of today’s 15-year-olds can be expected to survive to the age of 60, and about one-quarter of the country’s children are stunted due to chronic malnutrition. Additionally, the HCI measure predicts that a child born today in Sierra Leone can be expected to be only 35% as productive when he or she grows up as the child could have been if he or she had enjoyed complete education and full health.

“The government of Sierra Leone has demonstrated a strong commitment to human capital. This report makes the case that one of the best investments a country can make is investing in its people,” said Ali Ansari, World Bank Senior Economist and one of the lead authors of the report. “A healthy, educated and skilled population is the cornerstone of Sierra Leone’s journey towards a resilient, prosperous and inclusive future.”

As policy priorities over the short to medium-term, the report emphasizes the need to: (i) prioritize investments in high-impact interventions for foundational learning, health, youth skills and employability; (ii) improve workforce management; (iii) prioritize investments in ensuring a minimum social protection floor for Sierra Leone; (iv) strengthen governance and implementation capacity; and (v) improve national and local level coordination in human capital development. The report also identifies several cross-cutting areas that should be prioritized, including: (i) building resilient and adaptive human development systems; (ii) improving food security; (iii) leveraging technology to enhance service delivery; and (iv) targeting human capital interventions to vulnerable groups, especially adolescent girls, women, youth and the poorest.

The Sierra Leone Human Capital Review is part of the World Bank’s broader commitment to supporting countries in their efforts to build strong human capital as a foundation for inclusive growth. This is in line with WBG’s vision of creating a world free of poverty on a livable planet. The report’s findings will serve as a valuable resource for policymakers, development partners, and stakeholders working towards a prosperous future for Sierra Leone.

Distributed by APO Group on behalf of The World Bank Group.

Digital Lab Launches “Innovations Map” to Connect Libya’s Digital Innovators

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The Digital Lab, a Libyan initiative fostering innovation and digital transformation, has officially launched its highly anticipated innovations map (https://LDIL.gia.gov.ly) platform. This user-friendly online tool will serve as a comprehensive resource, connecting innovators, entrepreneurs, researchers, and investors across the country. The launch ceremony was held at the headquarters of the General Information Authority in Tripoli.

“The launch of the Digital Lab’s Innovations Map represents a positive step forward in realizing our national digital transformation strategy,” stated Abdelbaset Albaor, chairman of the General Information Authority.” This platform is a testament to the collaborative efforts between the General Information Authority, Libyan institutions, and our international partners. It showcases the great initiatives taking place, laying the groundwork for a thriving and innovative digital ecosystem to take root in Libya.”

About the Digital Lab

The Libyan Digital Lab is a collaborative think tank hub established under the supervision of the General Information Authority with the support of the E-nable (https://E-nable.ly) project, funded by the European Union and implemented by Expertise France. This initiative aims to boost creativity and innovation and accelerate Libya’s digital transformation journey.

The Digital Lab team comprises representatives from various key government institutions in Libya responsible for digitization, technology, and innovation. Through a series of workshops and training sessions provided by the E-nable (https://E-nable.ly) project, the team has benefitted from the technical expertise of international digital specialists and experts. Notably, a study tour to Paris (https://apo-opa.co/3x97Fp3) offered valuable insights into the French approach to digital strategy and the practical applications of digital tools used by French institutions.

Digital technologies can act as a catalyst, supporting key policy objectives, including supporting economic resilience, boosting SMEs’ competitiveness, facilitating the green transition and developing new digital skills.” Said Marton Benedek, Head of Cooperation at the EU Delegation to Libya. “The Digital Lab, created by E-nable, is a tangible outcome aimed at enhancing innovation capacities and investing in strategic value chains, networks and digital ecosystems. The EU will continue supporting the Libyan institutions to keep pace with the digital transformation and adapting the governance systems to our digitalized world.

Empowering Innovation Through Collaboration

The Digital Lab’s dedication to cultivating a vibrant innovation ecosystem in Libya has culminated in the launch of its innovations map (https://LDIL.gia.gov.ly). This centralized platform maps innovation activities across Libya, capturing everything from private sector initiatives like the on-demand delivery apps to governmental e-services that streamline business registration or public procurement operations.

The platform offers several key benefits:

Enhance visibility: Showcase Libya’s innovation potential and ongoing projects to a wider audience.
Facilitate collaboration: Enable innovators to connect with potential collaborators and partners across the government, public, and private sectors.
Boost knowledge sharing: Serve as a platform for sharing best practices, successful solutions and case studies, and valuable digital resources.

“We at Expertise France are delighted to witness the launch of the Innovations Map, the result of the Digital Lab’s dedication to supporting digital innovation in Libya,” expressed Julien Schmitt, Country Representative and Programs Director at Expertise France in Libya. “The Innovations Map is a valuable tool that will not only enhance Libya’s visibility in the digital world but also fuel the development of a more inclusive and collaborative innovation landscape in Libya.”

The Innovations Map (https://LDIL.gia.gov.ly), which is the first significant outcome achieved by the Digital Lab, is envisioned as a continuously evolving platform encompassing digital innovations and initiatives from all Libyan regions. This is because users themselves can contribute their innovations to the map. The platform is expected to be a positive tool for driving Libya’s digital transition, unlocking new opportunities, and elevating Libya’s position as a hub for innovation.

Distributed by APO Group on behalf of Expertise France.

Contact:
Sarah Belamin
Communication Officer – Expertise France Economical program in Libya
sarah.belamin@expertisefrance.fr
+218946660453

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About The European Union:
The European Union is made up of 27 Member States, which have decided to gradually pool their know-how, their resources, and their destiny. Together, over a period of over 50 years of enlargement, they have built an area of stability, democracy, and sustainable development, while maintaining their cultural diversity, tolerance and individual freedoms. The European Union is determined to share its achievements and values with countries and peoples beyond its borders.

About Expertise France:
Expertise France 
is the French public agency for international technical assistance. It aims to contribute to sustainable development based on solidarity and inclusiveness, mainly through enhancing the quality of public policies within the partner countries.

Expertise France is implementing a range of EU-funded projects in the economic sector in Libya by utilizing highly qualified national and international experts. These projects include SLEIDSE, EU4PSL, PAMRI, and Raqam-e projects, which have successfully contributed to raising awareness about entrepreneurship and coding, supported the private sector, engaged and empowered CSOs and women entrepreneurs, and facilitated access to finance.

About E-NABLE:
E-NABLE is a three-year project funded by the European Union and implemented by Expertise France. It aims to improve the capacities of key economic institutions for a sustainable, diversified, and digital economy to institutionalize the private sector’s economic growth with the support of both private and public sector organizations.