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Sub-Saharan Africa displays resilience amidst global economic slowdown, IMF Report Shows

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Sub-Saharan Africa has showcased remarkable resilience in the face of a sluggish global economy, according to the latest World Economic Outlook report released by the International Monetary Fund (IMF). The region’s ability to weather external headwinds and maintain steady economic growth highlights its potential as a key player in the global market.

The IMF report indicates that Sub-Saharan Africa’s economic performance has remained robust, defying the slowdown observed in other parts of the world. Despite challenges such as low commodity prices and geopolitical uncertainties, the region’s GDP growth is projected to reach a solid 3.8 percent in 2024, outpacing the global average.

“The resilience of Sub-Saharan Africa is commendable, considering the complex economic landscape it operates in,” stated the IMF report. “The region’s diversified economies and ongoing structural reforms have contributed to its ability to withstand external shocks and maintain growth momentum.”

One of the key factors driving the region’s economic resilience is the increasing diversification of its economies. Many countries in Sub-Saharan Africa have been actively reducing their dependence on commodity exports by fostering sectors such as manufacturing, services, and technology. This shift has not only reduced vulnerability to price fluctuations but has also created new avenues for job creation and economic development.

Furthermore, the IMF report highlights the importance of ongoing structural reforms in enhancing economic stability and attracting foreign investment. Governments in the region have been implementing policies aimed at improving governance, strengthening institutions, and promoting business-friendly environments. These efforts have yielded positive results, as evidenced by increased foreign direct investment inflows and improved ease of doing business rankings.

While Sub-Saharan Africa’s economic outlook remains positive, the IMF report also emphasizes the need for continued reforms to address remaining challenges. These include addressing infrastructure gaps, reducing income inequality, and improving access to quality education and healthcare. Additionally, the region is encouraged to diversify its export base further and enhance regional integration to unlock the full potential of intra-African trade.

In light of the ongoing global economic divergence, Sub-Saharan Africa’s resilience offers a ray of hope for the region’s sustainable development. By leveraging its strengths, embracing technological advancements, and fostering a conducive business environment, Sub-Saharan Africa can continue to play a vital role in driving global economic growth while creating opportunities for its growing population.

As the global economic landscape evolves, Sub-Saharan Africa’s ability to adapt and sustain its growth trajectory positions it as an emerging powerhouse in the years to come. By capitalizing on its inherent potential and pursuing comprehensive reforms, the region can chart a path towards inclusive and sustainable development, benefiting both its own population and the global community at large.

The Indonesian Embassy in Tripoli’s Outreach to Libyan Nationals Who Are Alumni of Various Universities in Indonesia

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On April 20, 2024, KUAI and PF. Pensosbud of the Indonesian Embassy in Tripoli held a friendly meeting with 11 Libyan nationals who are alumni of several universities in Indonesia, including UIN Maulana Malik Ibrahim Malang, UIN Sunan Ampel Surabaya, Bandung Institute of Technology, Universitas Brawijaya Malang, Universitas Diponegoro Semarang, and Universitas Gajah Mada.

During the meeting, KUAI conveyed that the purpose of the gathering and the Halal Bi Halal was to extend Eid al-Fitr greetings for the year 1445 H to all alumni and to maintain and enhance the bonds of friendship and good relations. The meeting aimed to boost educational and economic cooperation between Indonesia and Libya. Additionally, information about the Indonesian Festival Handai 2024 was disseminated.​​​

Distributed by APO Group on behalf of Embassy of the Republic of Indonesia in Tripoli, Libya.

Annual Easter Bazaar and Expo kicks off

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The 33rd Easter Bazaar and Expo has officially opened at the Exhibition Center, featuring over 500 domestic and international vendors ranging from real estate developers to food and beverage providers, and manufacturers and importers of home and office equipment. Zewge Jemaneh, General Manager of Century Promotion and Events, announced during the opening ceremony that they expect around 15,000 visitors to attend the event, which he described as a “peace” (or ‘selam’ in Amharic) trade show, bazaar, and festival.

The expo is set to support emerging entrepreneurs and smaller businesses by offering participation at a subsidized rate. Jemaneh highlighted that about 500 traders are expected, providing a vibrant marketplace for banking and telecom services, real estate, insurance offerings, and much more.

He further added that the event offers an affordable opportunity for exhibitors to promote and sell their products and services, with booth rentals priced at 50,000 birr, including setup and other services. The expo, which runs from April 13 to May 6, 2024, aims to boost market development and provide a platform for business growth and networking.

Congolese refugee turns plastic waste into a profitable business

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Raphael Basemi has come a long way since arriving in Kenya’s Kakuma camp in 2009 with just a bag of clothes and his education certificates.

The Congolese refugee now runs the largest community-led recycling enterprise in the camp, providing hundreds of jobs for other refugees and local community members.

“When I look at this plastic, I see a precious material, an employment opportunity for my community, a source of wealth, and a chance to support my family,” he says.

Raphael spent his first six years in the camp working as a teacher. Later, in 2013, he founded FRADI (Fraternity for Development Integrated), a community-based social enterprise that promotes environmental protection and livelihoods for refugees and the host community in Kakuma.

“We realized that there was a language barrier among refugees,” said the 31-year-old father of two. “We started teaching Swahili to the Somali community and English to the French-speaking community. And then we started providing technical skills such as hairdressing, carpentry, and welding.”

It was while studying for a Business Management degree in the capital, Nairobi, that he struck on the idea for a recycling project that would allow him to generate income to support his family and preserve the environment.

When the COVID-19 pandemic hit, he returned to the camp and started the project as a pilot. He did extensive research on policies governing waste management and how they affect refugees wanting to venture into it.

Community comes together

“When I had the idea for this [recycling] project, I sat with my neighbours and told them about my plan,” he says. “Some embraced the idea and supported me. Some did not understand why I wanted to collect garbage and pile it in our community, but they willingly lent a hand.” 

Local community leaders were ready to support the initiative and when he called for volunteers, he received an overwhelming response, with over 2,000 applicants.

“The first month [in early 2020] was a trial-and-error period. We didn’t have money to pay the collectors. After one month, some dropped out, but that did not stop me.”

Support from the County Government and the Department of Refugee Service in Kenya (DRS) came just in time – Raphael was allocated three plastic collection centres to run in Kakuma refugee camp and one in the nearby Kalobeyei settlement.

“It was a long and challenging journey to train volunteers on recycling, set up structures, and find a vendor for the crushed plastic,” says Raphael.

UNHCR, the UN Refugee Agency, and other partners, helped Raphael to establish a shop in the Kakuma Incubation Centre – a UNHCR-funded economic development initiative that supports start-up businesses. There he sells items made from the plastic he recycles such as pegs, buttons, rulers, plates, and cups.

When the Government of Kenya signed the Refugee Act in November 2021, which included significant new policies on refugee economic inclusion and integration, Raphael was able to reach out to larger companies that now collect plastic from him for recycling.

In addition to supporting refugee entrepreneurs like Raphael, UNHCR is working to reduce the environmental impacts of its assistance, including by reducing the use of virgin plastics in the production and packaging of relief items it distributes. Blankets and other items are now made with 100 per cent recycled plastic.

A world without plastic

In the last three years, Raphael has created over 500 jobs for refugees and the local community, allowing them to earn an income and support their families. He has also expanded his operations into solid waste management, dealing with all types of waste, including bones, glass, metal, and organic waste.

“People know me as ‘Raphael Plastic’ or the ‘Plastic Man’,” he laughs. “When I see the volunteers bringing in the plastic they have collected, I see a community that is coming together for a greater cause.”

Despite the challenges that come with being a refugee entrepreneur, such as not being able to access financial services, Rapahel remains optimistic about the future of his business and its potential to help create a circular economy in Kakuma and the Kalobeyei settlement.

Part of his motivation comes from imagining the consequences for the environment if there was no plastic recycling. “I cannot sit and imagine a world like that.”

Distributed by APO Group on behalf of United Nations High Commissioner for Refugees (UNHCR).