<h1 style="text-align:center;">Women’s History Month 2022</h1>To finish Women's History Month this year, we're highlighting notable female figures from Ethiopia, Rwanda and Uganda that have done or are doing historical things.<figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/53E5hUxm9MMwFV39X8eHHT_9tc8SsfdY8qfNIO8k0ssunKfIX_6BqAcu1hytG-l5dYBAHjNISLMjkvmW1HO0bm2xb00ubwRaT47W_1BeG9oU2HFDcgb29sgYekyhkjGnHJ8Vcvaa"></figure>ETHIOPIAMulumebet Emeru - Africa’s First Female PilotEthiopian Mulumebet Emeru became Africa's first female pilot in1934.&nbsp;“I was overwhelmed. It was a tremendous thrill though I did not realize at the time… that I was Africa’s first woman pilot. But with the war, I gave up flying. Indeed I got married…I would fly several times a week – always over Addis. It was an unusual experience and my friends all envied me.” (Quoted from Selamta, the in-flight magazine). (1)Although her piloting career was cut short by the Italian invasion of May 1936, she remains historic in the hearts of millions. She is also the grandmother of Aman Adinew, owner of METAD Coffee, one of RENEW’s first portfolio companies. After World War II, she was given farmland in Disamo and Harar where wild coffee was growing. She built the Harar farmland into a coffee estate, solidifying the family’s connection to the land and coffee cultivation.<figure class="image image-style-align-center image_resized" style="width:100%;"><img src="/uploads/Wro_Mulumebet_b4bd82fae6.png"></figure>RWANDAChristelle Kwizera - Founder of Water Access RwandaChristelle Kwizera founded Water Access Rwanda in 2014 to address water scarcity and youth unemployment in Rwanda one year before she graduated magna cum laude in mechanical engineering.Under her leadership, Water Access Rwanda is recognized as an innovator in the water sector. It was the first from Rwanda to win the Africa Entrepreneurship Award and the EDF Pulse Africa Award. She leads by example. Christelle was selected as a 2014 MILEAD fellow, recognizing her as an emerging African woman leader among more than 1,200 applicants. (2) Her story and journey continues to be a source of inspiration.&nbsp;<figure class="image image_resized image-style-align-center" style="width:75%;"><img src="/uploads/Christelle_Kwizera_8a77c52dfb.jpeg"></figure>&nbsp;UGANDAWinnie Byanyima - Executive Director of UNAIDS&nbsp;Winnie Byanyima is an aeronautical engineer, politician, human rights activist, feminist, and diplomat.She is a passionate and longstanding champion of social justice and gender equality and she currently leads the United Nations’ efforts to end the AIDS epidemic by 2030. Previously Winnie led the establishment of the African Union Commission’s Directorate of Gender and Development and also served as Director of Gender and Development at the United Nations Development Programme. She founded the Forum for Women in Democracy, an influential Ugandan nongovernmental organization, and has been deeply involved in building global and African coalitions on social justice issues. Winnie has seven given names, one of which is Kyegiragire, which means “I can make myself whatever I want to be”, a name which she says has shaped her attitude to life! She co-founded a 60-member Global Gender and Climate Alliance of civil society, bilateral and multilateral organizations and chaired an UN-wide task force on gender aspects of the Millennium Development Goals, and on climate change. (3)<figure class="image image-style-align-center image_resized" style="width:75%;"><img src="/uploads/winnie_new2_1440x350_bd814c7e90.png"></figure> &nbsp;&nbsp;&nbsp;<hr>(1) <a href="http://www.planetethiopia.com/gallery/image/CQ">http://www.planetethiopia.com/gallery/image/CQ</a>(2) <a href="https://svai.africa/our-people/christelle-kwizera/">https://svai.africa/our-people/christelle-kwizera/</a>(3) <a href="https://www.unaids.org/en/aboutunaids/unaidsleadership/bios/winnie-byanyima">https://www.unaids.org/en/aboutunaids/unaidsleadership/bios/winnie-byanyima</a>&nbsp;

Finishing  Women's History Month this year

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Women’s History Month 2022

<h1 style="text-align:center;">Photo Journey: Ethiopia Then &amp; Now. A Tribute to a Cooking Pot</h1>I remember moving to Ethiopia. It was the end of February 2012 and my second time to set foot in the country, a beautiful and complex nation of more than 80 ethnicities, the birthplace and home to (in my opinion) the best coffee in the world and the only country on the continent of Africa that has never been colonized, yielding a pride and strength one cannot ignore. &nbsp; &nbsp;I was supposed to arrive, find a place to live and put together a plan for a week-long trip for some of our earliest investors, all in the span of less than a week. We now call those trips “Econ-Tourism Trips”, a phrase coined by one of our earliest members, Dr. Andrew Umhau, who also happened to be on that first trip with four other investors. I have very little recollection of how I pulled this first trip off, other than the day they were scheduled to come to my new apartment for dinner. I spent a good part of the day as we drove from one business appointment to the next, scanning the side of the road as we drove, trying to find a cooking pot to buy so that I would be able to cook the dinner. We had spaghetti that night, and I think it turned out ok, but thankfully my dinner menus have gotten more complex for our investors as the years have gone by.<figure class="image image-style-align-center image_resized" style="width:100%;"><img src="/uploads/pot_ff0cc7448f.jpeg"></figure>Today, no one, not even my housekeeper, sees much value in that beat-up old pot, but I’ll likely keep it forever because it represents so much to me about myself, the world, RENEW and Ethiopia, then and now. A lot has changed, and over the next year, we plan to shed light on and celebrate some of these changes.&nbsp;But first, I am grateful that what we believed 10 years ago is still very true today. The following key factors still motivate the RENEW team today and I believe will for the next decade, plus:<ul><li>That Africa’s future lies in its private sector and that many of the problems that aid and charity are trying to fix will be significantly reduced once the private sector is thriving.&nbsp;&nbsp;</li><li>That SMEs are the core of a healthy private sector - when SMEs are strong, an economy is strong. Globally, SMEs create more jobs and support other businesses better than any other business type.</li><li>That with good management and “smart” capital, SMEs can grow to become market leaders that attract capital, create jobs, and drive impact outcomes and economic growth.&nbsp;</li><li>That we are all responsible for gender equality, inclusiveness and climate action and African SMEs can play a key role.&nbsp;</li></ul>There will be plenty of time over the next 12 months to compare the Ethiopian economy, then and now, to celebrate our development partnerships, portfolio and impact and to tell you of our lessons learned. But in the meantime, I thought I would leave you with some photos from the past 10 years.&nbsp;<hr><h1 style="text-align:center;">2012</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/5R4tG5JksNrrdRpg98uJzcqKSpApHcQMG3RELX2GFgW0g6sfgxBT1xCN-Yadn48AjUj_a__ENnm9_KoWVF9PhxoIcqW3JB_5NvUQco-A5xsgZerZLF5B7rNrOTcqk4qZG_Pe3P-p"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/Onuu48Zar1mCU3n5JhKB09NCcWAeuN9ud9O7kFco1MdDmEKedPoD1s7Qb1eSTh15e40sU8wQwqo_mJ6cxE2k8T-tz1QZFL1j_zzMw02UcRywhRFQTjEisGTbNxmcrOkZatk94veH"></figure><h1 style="text-align:center;">2013</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/Y03QSolEETMLTdxqlEx5elyilbbCmkY8AGRLqGoITrZGffijUgeP7O_Nw1UrHX-uhJMXYJSR-ldTT7eGSm4LuHGkBF5DyON5C-0C78e9M6Io8M0aXPOGF1j9vJLlL1OmdjcKt28q"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/mkwYgipM4HiIBeT6TAsLYDZcqDYeVy22wgNukEO_MG2J1X-1koziFylg-h5LuOsJ1KowFekdEidNEzcJq5KZb0Npyq1v7YBXGrHX0CaHpz4O7GS1TQKcFJJHftWO6ukUWxObA2MX"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/QMmdZHnf_mGGuG6jq3OJXmdmwiOuQ16RFqK2jECddMJF7D2nSTXhCpjphCpFqUiNecqt0q4SzxmH_9anc3yXirU1FrdvMwVNpAMLHAvmMlBA0wJjXfKbARIf2ludvLxoSCfgVGbK"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/96UIi59wLvWy2YkYzSwGHDtz55OmobgVIwdxY9-vp6nYr8PscXpAqW5VpXVNVl_jc8I6hdzltEZQ3E8OPIaMN3ja35QBlE_oW-ESiBdC9UKp6RzUYlglQ4587wSTHjgZ2WTJ5jyE"></figure><h1 style="text-align:center;">2014</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/Eg4R_dd3WpRLUAgsQQgFijiwnTy8DeD8ar99-DYJ_WMXymTjzbiNzY29W_WJAekVkRBGoL1Yk7tRVEke6aBDQOQMwcN1eXggnPRLi9tcgFddJM_6qh320M5mfcdAqZWMt8CTNil5"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/ikXkEtws52P-Cs0nWPKeYrMFrFE48Sio7KrRhx5bTxvjkCXNeMICm6NHaX0NIkOFRhE9XC6rerA-wsQ_27g6wIj1cbYweqR8d_1N99ArhPt4YUxkL24BZ_sY0FiOjWp7n3rb592L"></figure><h1 style="text-align:center;">2015</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/EEyX0t_QWTTFtRe4UhL30DTkovSP8qV3wfLdl_YoEdippG9ShVY6tdFMz3KG932wLpvM0Q9TzNi0ZSTzhNT9u4GEQN6Z9oSOWO30WlOzwgLqCwxBy1tkYQL8pzZLxiFzFC0oD_he"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/IE7_wGjFCwwtjMJ7SM7Mbxn8vqPqCr4zmqPjUbLnBqZX7IAZeiy40WQIteWZYXvKL8p6b1oDTRuX-JdroCI1mqbEumAgkcFrA0dawwKnS9hIYZo1uNnS5GxYYTqIniXHmRe-lZGY"></figure><h1 style="text-align:center;">2016</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/nFnPdduIX3vazhoEeo1wUQvPZfOXLNGNLb7VwMi7QvqmS7Sk0H7IEgspNq7sInWVQI1lpPL1yFHpCsamDUP5ahbQY97Q0_2mK3Nz3c2A7ejxBi5w_bqk9v80JjVtFcOKQrv9PmsS"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/80R-hFPh1HQJVMF2IdTSOFGKHRKjhoKcbEJSYZZAndskd8w9siV9gxy7enmha87wCjZxINQHbo9mR0Qvc61wSPBDU_BiAqnz3qNn13ggK70ay7b-FLr_1i5wufNHfYEIdhBopIIt"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/cqhEG_Pn0FgeXdEx3ogCs0gUawZcZAtEeCRi3Jn-vX6q3zitlmWMvv_TdQJD9JVH-DuWzRRd0ToeyEJDGEaDwSRD6o4mAr2k7wQAnJApBAqGC_RpP4ImOa2h4hIY39rlTmycknIM"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/i5mgBXNn9ghKVWsJcT-7BcadAsSUEGvVztM3wUxIXudJCON048syqxod0mvoEB0yqo-ucXhDZWqHCZmGhgu9MsRbIldTI7QftBUp1gRaPDktbpfqBnX4i6ykA0V-yGPrjLQoVHme"></figure><h1 style="text-align:center;">2017</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/mJjgzslhW2v9uXyWv7x_pWJHpi9BQBke_W4mq7Kfg5DtObMr7kZnR6gdyWkOd0IbHYt5GvmSj_ivZS1ySvqmRuIJ8nygZKorkqZLANzJQJOIhH5jwE6c3QI3NgDWKN_FBc83wz5R"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/xw6lgKjrK7IZJTMcCkEztf2O-lWCgceK3cIuNkI_LXO-MkgBM1yrEZi26XkG9Z9M9sE-LLcZBfKIKohl8iyuYpMOas_XmUKWV3bosTxfONbVCcBu-78dcgpMkTg1avIveECycZ0w"></figure><h1 style="text-align:center;">2018</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/sR30wmyVMtlbbbyRoms_kagSqdpQxupu1XSh78Fr_8RklaTyUGVGcsnreo2vCFU79WG4Cm9j53SY2UjD-ul2j1uYjbKslx5H3AOzZqNwGB4ErhyJ_N-8Gvdy_X46NR_IB9O3ttR0"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh4.googleusercontent.com/KojdJCugd8DjySdJ4f6oq7pd0dJwKH0FC1Ulc79l3FN6ShRMRI8Rjh1NXQUNwtebsA5JUcFLXa8oJP0vrI9QbM_PP4Q9HC68VwYZlvurOBGFvDbfe0yNwrcr92z0YQJ72y4F-EwT"></figure><h1 style="text-align:center;">2019</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/0Niow17IG6ACfuH1DqU6UeoSquuyvqtByutjpJIuGyUrnqTJYGKTkc9Kh317gp_1wspxD997WvusFMGLZ5r5qmJ2rEEw3i3DXXbN-sikFEA8PY1EGEuXqUyo9ZSTp9TvRufIwhHD"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/snqeoaamzqoMv1MvAgx0ZzReI5Vlp-qmLME5q-NiNLel53_hId0YGMetdBH7pikoLxxuOVBNUC95B2St2mMh7bR3wIthfagV14AEvoUb2RS4lT5VZc7tRkNjoKYCgeXKD2SXeD8q"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/qffEfsxkizxRUpdZ-oMEh8OcEOb0KwohvrZiUgS-pVfxX8ro2uEJN-Nj246TNi_0jFuem5fiUdrpF_N6GdWIc3Ez4r5U3OBX4FsyluCbTlFYuoFZOOUGjU5uoBmKojtLCr3MhY3D"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/ESLmF4MBL13UbK2RE_TDODh9ZcN64_TaR9BuvdtIgIJZ2jB5BssIoa32KeUtaJAdmQfBmBAwhgXAxuZ7gQpwPqdgVVR8fFWovEw-RLrN6CZjqnX2rIDLJPlLOXyMmrSWeSoq5ftU"></figure><h1 style="text-align:center;">2020</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/IPGXYcTFrolAXijFGYwWB1u2LiUQB5lq2IHdS1h4SFA7Edurx3clPUaj9AAnHr0cEttqhoSlTFtlHyqFSgwSIZZZRsQQUntv58Gk2AH69yS-eNNKP5GGHPsggwD6VUIBdy6GVca8"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/pB-JoiN24-jv3dltKojsNYHPcAC3qDILNJj7qtdy_JrnFifyqSU7rgdzUSImFgF4OFUV58SXMLEEiCXaC7UmSGdh8_ww7BENKyvXo_0ciMHdZ_95YzTSdxd1vw5L6FIcihWSWymO"></figure><h1 style="text-align:center;">2021</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh5.googleusercontent.com/WZHEfuMnq9UYZdtTvSydNCRXq3o5l0jhB0NGBc7IgYmTR6YJ3WpXEz67fD-UEuSrMdoRJ0ZL77HlRkdbYmzpIWi6w7ryPUcoM6izT5F6lQtT3lBFZavbRIRMDS-_8MKceQA4HSS0"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/wsWSMUxuL7XqWIG3R-WF3zXsJgi82nRLj1K83bimelDeC1PSDLBfpfnN0WoE-U83efIbyG3lTGn8A6tncp1CPDUcZtBhqzjRRPnfpno9iKs1UEq3yorZ1avjEr2tSRFHNW5MO4CV"></figure><h1 style="text-align:center;">2022</h1><figure class="image image_resized" style="width:100%;"><img src="https://lh3.googleusercontent.com/WVTUjNNmNcyG0s0tTQzZhCtDg-fxjhvxgRSvQJ1qfxDHilvjDOO7zLryYv-RTGe_xNoma1JqqNoyhCEH0t37eZVfNomtFaDNQct4EszxdJKLj3vhADtzDPfiYmvpZMlCJCJevtp1"></figure><figure class="image image_resized" style="width:100%;"><img src="https://lh6.googleusercontent.com/b7CH7LwU0AUJ8lB8p7U0Qh1NNjURVbWobQYid9syPzLmGGi7gr7wTP_Ei_ubqsGw-6v_miriDt1FpaZDD5xBV0MDGJxRtRbWP1i341em0iKCA6dzbCutGkl9zijbrsWhvmNC5Yi4"></figure>&nbsp;

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Photo Journey: Ethiopia Then & Now. A Tribute to a Cooking Pot

<h1 style="text-align:center;">&nbsp;Press Release: Roadrunner Technology Solutions to Expand in Ethiopia</h1>&nbsp;<a href="https://drive.google.com/file/d/1zHV1Spbj3_uXgJvTQyL0-2yt-VKhLeES/view?usp=sharing">Download the Full Press Release</a><hr>Addis Ababa, Ethiopia, March 8, 2022 -- Roadrunner Technology Solutions LLC (Roadrunner), a partner of <a href="https://deliveraddis.com/">Deliver Addis</a> (the d/b/a name of Universal Courier Services PLC), continues to see rising demand for its services and has attracted capital in its endeavor to be Ethiopia’s premier e-commerce and food delivery platform. The company has recently secured an investment from a blended finance vehicle that invests in Ethiopia, Uganda and Rwanda. The investment will help the company expand its delivery fleet, enhance its technology platform, and implement measures and systems to become a leading business in climate- and gender-smart practices.&nbsp;Deliver Addis is a pioneer in the e-commerce space and has been making deliveries in Ethiopia since 2015. Over the past three years, the company has expanded significantly, delivering food to tens of thousands of consumers around Addis. The company also proudly supports more than 130 restaurants and was one of the reasons hundreds of employees in the restaurant industry were able to stay employed during the pandemic. Through its online marketplace, Deliver Addis is now selling groceries, flowers and other consumer goods.&nbsp;<figure class="image"><img src="/uploads/DSC_0080_9599e166a0.JPG"></figure>“We're proud to bring on new partners that share our perspectives on sustainable growth and usher in a new era of service enhancements while continuing to build a forward-thinking workplace,” said Deliver Addis founder, Feleg Tsegaye, recently.&nbsp;“This investment will not only introduce new technology and an expanded fleet to increase Deliver Addis’s capacity, but will also introduce an expanded platform to improve the customer experience and lower delivery times, support women’s entrepreneurship through a new GIG model, and encourage a green economy through the use of E-bikes,” noted JC Oelofse, RENEW’s Group COO, Shared Growth Services. “We are excited about the opportunities this investment will bring and look forward to opportunities to better serve Deliver Addis’s customers.”About&nbsp; RENEW - RENEW is an impact investment firm with offices and teams across East Africa. RENEW specializes in small and medium enterprise (SME) investing and private sector development in Africa. RENEW believes that targeting employment through SMEs is, dollar-for-dollar, the most effective and sustainable way to reduce poverty. The investments made by <a href="https://www.renewcapital.com/what-we-do/investing">The Impact Angel Network</a> and other blended finance vehicles that RENEW manages have been made possible because of RENEW’s partnership with Global Affairs Canada (GAC), USAID and other development partners. RENEW’s blended finance partnerships aim to support high potential, responsible SMEs across East Africa, providing them with the tools, resources and training they need to attract and efficiently use finance to grow, thereby enabling them to play a stronger role in the economy.&nbsp; To find out more, please visit<a href="http://www.renewcapital.com"> www.renewcapital.com</a>.###&nbsp;

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Renew Capital Angels invested in Roadrunner Technology Solutions LLC, which partners with Universal Courier Services PLC (Deliver Addis) to expand the burgeoning logistics and e-commerce industries in Ethiopia. Deliver Addis is a technology-enabled, online delivery company.

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Roadrunner Technology Solutions to Expand in Ethiopia

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 Press Release: Roadrunner Technology Solutions to Expand in Ethiopia

<h1 style="text-align:center;">Creating a Gender-Smart Workspace&nbsp;</h1>An Interview with Yemsrach Chanyalew, Deliver Addis’s HR and Admin Manager&nbsp; In celebration of International Women’s Day and RENEW’s commitment to gender equality in our organization and throughout the work we do, we recently spent time with Yemsrach Chanyalew, who works for Deliver Addis, one of our portfolio companies. Yemsrach is the company’s HR and administration manager, and she spoke to us about her journey to become an executive and the gender biases she’s encountered along the way.<figure class="image image_resized image-style-align-center" style="width:624px;"><img src="https://lh4.googleusercontent.com/gJgERPhWYPY6dAJX0XKAFN2W9AvnRIyxVqrCH4kvZMZHGfGddXT2HHblejfT0iGOjBuQvZDlQ_ap22vQaRKuFPaLqxAg9vYcqEKazC6yFIAT0c_qfOVP8wcgWyMPnaqcdbyEpET3"></figure>This is what Yemsrach shared about her journey.&nbsp;“I graduated with a degree in theatrical art from Addis Ababa University, and though I had an interest in theatrical art, I did not pursue it professionally. To survive, I pledged to myself I would enroll in different sectors to survive and get a job that pays well. I was a full-time sales representative for 11 months at a trade and advertisement company. As time passed I wasn’t able to continue due to health issues. In that role, I spent the day outside in the sun and I found the tasks to be difficult as a female. After that, I joined other companies and worked as a secretary and office manager and then as an office coordinator and HR coordinator at a restaurant.&nbsp;I then decided to become self-employed and to start my own business. I opened a mini-market. I took a risk starting a business when neither I nor my family had any background in the business world. I invested my all. I didn't have a plan B and in the end, I was left empty-handed two years later. But I didn't give up. After closing my business, I joined a new company as an HR assistant and administrator and worked there for almost a year. This was around the time when the pandemic hit. While I was doing market research I landed at Deliver Addis.”Moving deeper in the interview Yemsrach shared what she enjoys the most in her work and her inspirations to work harder. She also shared her future plans and visions for the ecosystem. “I enjoy tasks that are challenging. I love how challenging my work is at Deliver Addis. I'm strict by nature and in a way that makes me enjoy what I do, and I know I can execute it well. I always had an interest in art when I was younger but as I grew throughout my journey in many different work environments I grew more interested in HR. It matched really well with my personality, and it inspired me to pursue it more at greater heights. I'm now doing my second degree in business management and I will graduate this year and then I plan to do my MBA in HR. I have a big vision to open my own training center, where people can practically learn and practice the skills that can help them become professionals in a gender-smart ecosystem.”<figure class="image"><img src="/uploads/097_A2791_970ace6fc4.jpg"></figure>She shared her perspective on why gender equality issues are often overlooked in the workspace.&nbsp;“I think we don’t openly discuss gender equality and its underlying issues openly as a community, and I believe the reason is often culture. The way we were raised or the culture we were raised in has a major contribution to how gender biases are handled in the community. We need to have open and honest discussions on the issues. It would be great if there were associations or specific departments in companies or organizations that mainly focus on issues surrounding gender biases in the workspace.”Stay tuned in the next few months to learn more about resources RENEW has been developing to help companies like Deliver Addis on the journey to becoming gender-smart. Photo by Imran Mazar | <a href="https://www.pexels.com/@timmossholder?utm_content=attributionCopyText&amp;utm_medium=referral&amp;utm_source=pexels">Tim Mossholder</a> from <a href="https://www.pexels.com/photo/male-and-female-signage-on-wall-1722196/?utm_content=attributionCopyText&amp;utm_medium=referral&amp;utm_source=pexels">Pexels</a>

An Interview with Yemsrach Chanyalew, Deliver Addis’ HR and Admin Manager.

Gender Equality

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Creating a Gender-Smart Workspace 

<h1 style="text-align:center;">From Enterprising Adventurer to Adventurous Enterprises</h1>I come from a family of adventurers. They gave me both a passion for new experiences and, from an early age, the privilege and opportunity to travel broadly. It was these adventures to distant lands that brought me close to people.At five years old, I played with joyful Shuar children on the banks of the Rio Upano in Ecuador and, at eight, sat in a field overnight through an earthquake with frightened families in Turkey. It was experiences like these that showed me that no matter where we are from or what our situation, we have more in common with each other than not. I also came to realize the power of connecting with another human being, of trying to understand each other, and the gift of shared laughter.<figure class="image"><img src="/uploads/Screen_Shot_2022_03_07_at_12_26_35_PM_1e774fe22f.png"></figure>Through these adventures, I have learned what it means to be a global citizen and the responsibility that entails. While we are more alike than different, we are not all born into equitable circumstances and provided with the same share of opportunities. These experiences also showed me that we can learn the most when we are willing to step into the unknown, when we are prepared to listen rather than speak, to learn with humility, and laugh at ourselves when we fall down.&nbsp;This passion and curiosity has fueled my journey. It has led me down many delightful paths I could never have imagined, and ultimately, brought me here, to RENEW. With all that the world and its people have given me so far, it is my hope to lead a life of empowering others to chase their own adventures and reach for their own dreams, and maybe even fall into a puddle or two and roll out with a smile on their face.A persistent theme throughout my endeavors to address inequities is the limitations imposed by lack of capital, whether that be monetary or human. We can dream as big as we want and work as hard as we can, but without the right resources and support, only a fortunate fraction of us will succeed, no matter our brilliance or drive. Recognizing this led me to the field of impact investing, to put capitalism to work for good.While in graduate school, I developed a regional expertise and focused my research on Ethiopia and the greater Horn of Africa. Looking beyond the great coffee, phenomenal food, and wonderful people, which is reason enough, I chose this concentration because I truly believe in the country’s potential to be a driving force for economic and political development in the region.Graduating in the onslaught of the pandemic, I was fortunate to be offered a position at a Europe-based impact investment firm focused on agricultural SMEs in the most underdeveloped countries. This gave me the hands-on impact investing experience I sought but left me yearning to put boots on the ground -&nbsp; and ideally, breathing in the mountain air of Addis Ababa every morning.&nbsp; On a crisp October morning in 2021, this became a reality as I stepped off Ethiopian Flight 575 and took the first deep breath of my next adventure. I haven’t missed a morning buna since.

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From Enterprising Adventurer to Adventurous Enterprises

<h1 style="text-align:center;">RENEW’s Legal Corner: March 2022</h1>Our take on the legal developments related to the investment landscape in Ethiopia, Rwanda and Uganda.<figure class="image image-style-align-center"><img src="/uploads/097_A2814_f27fb82728.jpg"></figure><hr>ETHIOPIAParliament Approves the Proclamation Lifting the State of Emergency &nbsp;Following the push several months ago from the Tigray People Liberation Front (“TPLF”) southwards to the capital, Addis Ababa, the federal government of Ethiopia declared a nationwide state of emergency, which later was enacted by the House of Peoples Representative (“Parliament”) as <a href="http://unidoseoul.org/en/?p=7249&amp;ckattempt=1">Proclamation No. 5/2021</a>. The main aim of the proclamation was to avert the threat posed by the TPLF, which is declared a ‘terrorist group’ by the federal government. Accordingly, a command post was established under the state of emergency proclamation, which was empowered to impose curfews, cause the termination of any means of communication and public transportation, and oversee activities of civil society organizations and activities of mass media and journalists, with the authority to revoke their license, among others. When enacted, the state of emergency had an expiry period of six months effective from the date of enactment, November 2, 2021.However, following the successful push back of the TPLF group to Tigray by the federal government, the Council of Ministers proposed for the state of emergency to be lifted as the threat from TPLF is no longer prevalent. As a result, the Parliament approved the recommendation and lifted the state of emergency on February 15, 2022, before the expiry date. According to the statement from the Prime Minister’s Office, the threat has reached a stage where law enforcement could be implemented by regular operation. The approval came after three weeks from the proposal by the Council of Ministers.The lifting of the state of emergency is seen as a positive development for the business community. Perhaps one of the most significant impacts of the lifting of the emergency is seen on the performance of the Ethiopian sovereign bonds. Following the expression of intention to lift the state of emergency by the government, the Ethiopian bonds witnessed a swing from near-worst to best performing. According to Bloomberg, “Ethiopia’s bonds are the best-performing sovereign debt in emerging markets this year.” The bonds have rallied 6 cents on the dollar following the announcement by the Prime Minister’s Office that the security threat had diminished. That brings returns this year to 13%, the best performance out of 80 developing nations tracked by Bloomberg. As a result of the war, the securities lost 28% last year alone, which was the worst performance after El Salvador.Executive Organs Proclamation Published&nbsp;One of the first tasks undertaken by the newly formed government when it took office on October 4, 2021 was restructuring the executive branch of the Federal Government. During its first session, the newly formed Parliament enacted a proclamation that defines the powers and responsibilities of the executive organs of the government. This has created a number of changes in the structure, from their nomenclature to restructuring their responsibilities and accountabilities. However, despite this being the first act of the Parliament, we had to wait for four months until the final proclamation defining their powers and accountabilities was published in the Federal Negarit Gazette. This month, the printouts of the Proclamation have been made available to the public, which is called the Definition of Powers and Duties of the Executive Organs Proclamation No. 1263/2021.&nbsp;One of the major reasons for the restructuring, per the preambles of the proclamation, is the need to establish an organizational structure that allows coordinated work that is efficient and cost-effective, helps reduce wastage and ensures accountability. Previous laws have not been able to establish an accountable organizational structure and designation of institutions and, as a result, it was impossible to ensure the continuity of institutions and uniformity of designation.&nbsp;Accordingly, the organizational structure has tried to classify government bodies into seven major categories, which are:Ministry - A ministry is led by a minister. It is mainly responsible for formulating sectoral policies, strategies and programs, and related matters and oversees and coordinates its implementation. Accordingly, 22 ministries are established per the proclamation. Major changes in this category are: the Ministry of Trade and Industry is divided into two different ministries, which are the Ministry of Trade and Regional Integration and the Ministry of Industry. In addition, the Ministry of Labour and Social Affairs changed its name to the Ministry of Labour and Skills, which under the new structure overtook the roles and responsibilities of the Jobs Creation Commission.&nbsp;&nbsp;Commission - A commission can be accountable to a Ministry, the Prime Minister’s Office or the Parliament. It coordinates the activities of different executive organs, formulates policies and strategies and oversees its implementation. The Ethiopian Investment Commission and the Customs Commission are the noteworthy organs in this category.&nbsp;Authority - An authority performs a regulatory function, issues standards and ensures their compliance with the same. It could be accountable to a Ministry, however, if there is a potential conflict with the activities of an institution to which it is accountable, it could be made accountable to the Prime Minister or other government organs. The Ethiopian Food and Drug Authority is a regulatory organ to note in this category.&nbsp;Administration or Development - An administration or development organ mainly conducts regular development and infrastructure development activities and oversees the same. One major introduction in this category is the introduction of Ethiopian Investment Holdings as a sovereign wealth fund that is independent of the Public Enterprise Holding and Administration and reporting to the Prime Minister. The Ethiopian Entrepreneurship Development is another organ established, which took over the roles and responsibilities of the Federal Small and Medium Manufacturing Industry Development Agency.&nbsp;&nbsp;Service - This is a new designation for government organs. It is used for institutions that are mainly established to provide centralized services necessary for government organs or provide services mainly to citizens. One of the major introductions under this category is the Documents Authentication and Registration Services, which used to be an agency in the past.&nbsp;Office - An office is an institution established for temporary or permanent purposes under special circumstances to conduct mainly activities that require special attention and institutional arrangement by uniformly coordinating different institutions.&nbsp;Institute - An institute is accountable to the relevant Ministry or another government organ that mainly focuses on training, study, research and consulting services. One of the major introductions in this category is the establishment of the Innovation and Technology Gifted and Talented Development Institute, whose powers are to be defined by regulation.&nbsp;&nbsp;Furthermore, one may notice that the number of executive organs that are accountable to the Prime Minister has increased. There are now seventeen executive organs that directly report to the Prime Minister.English Version of Commercial Code PublishedAs part of the economic reform program and to improve the country’s ranking in the World Bank's Ease of Doing Business ranking, the government started the process of updating the <a href="https://www.wipo.int/edocs/lexdocs/laws/en/et/et014en.pdf">six-decade old commercial code</a>. Accordingly, the Parliament adopted the new Commercial Code under Proclamation No. 1243/2021 (“<a href="https://chilot.me/2021/10/25/proclamation-no-1243-2021-commercial-code-english-version/">New Commercial Code</a>”), which came into effect in March 2021. However, the business community, especially foreign investors, has been waiting to get the printouts of the English version of the code. The wait has come to an end this month. The printouts of the English version of the New Commercial Code were made available to the business community.&nbsp;The New Commercial Code has made several changes to the old one, which principally is associated with its incompatibility with the current state of doing business. Many things have changed during the past six decades which made the repealed code outdated and inadequate to regulate current trade developments. Learn more about the changes <a href="https://www.renewcapital.com/resources/blogs/The%20Commercial%20Code%20of%20Ethiopia%20is%20Changing%20How%20the%20Country%20Does%20Business">here</a>.Parliament Approves the Enactment of the Private Employees Pension Proclamation&nbsp;The Parliament enacted a new <a href="https://chilot.me/2021/12/22/private-employees-pension-_draft_-proclamation/">Private Employees Pension Proclamation</a>. This will repeal the decade-old <a href="https://www.ilo.org/dyn/natlex/natlex4.detail?p_lang=en&amp;p_isn=89585&amp;p_country=ETH&amp;p_count=141">Private Employees Proclamation No. 715/2011</a> as amended by Proclamation<a href="https://chilot.files.wordpress.com/2017/04/proclamation-no-908-2015-private-organization-employees-pension-amendment.pdf"> No. 908/2015.</a> Adopting the new proclamation is required to strengthen and improve private organization employees' pension schemes and funds to ensure sustainability and reliability, benefit citizens better, and finally expand and consolidate to contribute to social justice, industrial peace, poverty reduction and development.&nbsp;As we understood from the final draft of the new proclamation, it has made some changes associated with the compliance requirements of employers and employees, manner of payment of retirement pension and gratuity. Now the new private employees pension proclamation is adopted, it will come into full effect once published in the Federal Negarit Gazette. We will be providing a detailed analysis of the changes introduced in the future.<hr>UGANDAUganda Declines to Renew Membership with the International Coffee Organization&nbsp;Uganda recently announced a two-year suspension of its membership from the International Coffee Organization (ICO), noting that the country needed to put pressure on the organization to address unreasonable terms in the International Coffee Agreement drawn up for member states, such as the unfair tariffs and restrictions imposed on imports of value-added coffee. According to an article in the East African, Uganda’s other concerns are the coffee price volatility, which it says is threatening the incomes of local farmers and sustainability of the coffee sector, unfair membership votes and contributions, and the increasing role of the private sector in the decision making of ICO, among other issues.The International Coffee Organization is the principal body in charge of fostering cooperation between international coffee exporters and importers. The surprising decision Uganda made to suspend its membership with the international body has left coffee farmers disgruntled especially considering Uganda is currently the second largest exporter of coffee in Africa with coffee comprising 22% of the country’s total exports and has a goal to be the world’s third-largest exporter of coffee by 2025 behind Brazil and Vietnam. The Uganda Coffee Development Authority has maintained that Uganda’s withdrawal from the International Coffee Agreement will not hamper coffee trade and export. Uganda can continue to export, but there are concerns that the withdrawal might limit market opportunities.&nbsp;<hr>RWANDAEALA Receives Key Bills Paving Way for Regional Monetary Union&nbsp;The completion of the discussion of three pertinent laws by the legislative arm of the East African Community (EAC) finally came to an end on March 1, 2022 with a plenary session to discuss the inception of the long awaited East African Monetary Institute (EAMI). The EAMI is charged with establishing the East African Monetary Union (EAMU) to create regional economic integration among the six member states of the EAC (Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda). According to a Rwanda Times article, the bills under discussion are:&nbsp;<ul><li style="text-align:justify;">The EAC Standardization, Accreditation and Conformity Assessment Bill, which will provide for standardization, accreditation and conformity assessment of products traded in the EAC to facilitate industrialization development and trade to make provision for ensuring protection of health and safety of society and environment in the community;</li><li style="text-align:justify;">The EAC Financial Services Commission Bill, which will promote integration of financial systems in the EAC and harmonize regulation and supervisory practices in the non-banking financial sector; and</li><li style="text-align:justify;">The EAC Surveillance Compliance and Enforcement Bill, which will have the function of assessing the attainment of macroeconomic convergence by EAC partner states and to regularly monitor and enforce adherence to the macroeconomic convergence criteria by the participating partner states.</li></ul>These bills are critical to finally establishing the EAMI. The EAMI aims to pick up from where the East African Central Bank left off by issuing a single currency by 2024 as a means of achieving the ultimate goal of regional economic integration. These efforts were stifled last month when members of the Council of Ministers failed to attend or send representatives to the sitting, consequently leading to the postponement of the discussion on major business. The delay in decision making has been a recurrent obstacle in finally realizing all the EAC pillars of regional integration.&nbsp;Photo by Imran Mazar

Our take on the legal developments related to the investment landscape in Ethiopia, Rwanda and Uganda

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RENEW’s Legal Corner: March 2022

<h1 style="text-align:center;">Enabling Rockstars in East Africa!&nbsp;</h1>Though 59 universities produce fresh graduates every year in Ethiopia, a lack of business etiquette and job skills is seen among many of those who aim to enter the workforce. Even if these graduates have the right academic scores, they often lack mentorships and apprenticeships to prepare for the corporate world.&nbsp;One of the focuses of the Government of Ethiopia with regards to its higher education system is to improve the quality and employability of university graduates. RENEW has designed an internship program, launched first in Ethiopia, with the goal of enabling and preparing fresh university graduates for success in their career paths. Our internship program targets fresh graduates from all regions in Ethiopia giving equal opportunity through a diversity conscious and gender smart selection process. Our aim is that interns at RENEW grow as people and professionally through proper guidance in the right career path.&nbsp;“I am proud of how far I have come. I have met talented, easy going, fun, genuine professionals and a great mentor who wants to help me grow at work as well as my life. I am so grateful for my beautiful and new experience here at RENEW.” – Abigael&nbsp;<figure class="image image_resized" style="width:97.32%;"><img src="/uploads/intern_picture_8a9f4ea213.jpg"></figure> Led by a program coordinator, the internship program takes 6 months, shortlisting 10 excellent candidates from marketing, business and economics, legal, and project management studies every year from universities around Ethiopia. Selected interns are provided with onboarding training, business skill development training (communication, negotiation, presentation, work ethic, professional conduct, etc.). This is coupled with technical or project based “on the job training” according to their fields of study and interest, special mentorship sessions with experienced professionals, team outings and CSR activity participation and dynamic research project assignments for different divisions. Other benefits offered to them are appropriate stipends and medical insurances.“When I saw RENEW's flyer for an internship, my gut feeling told me to apply. It has now been more than 4 months since I joined the program, and I have gotten amazing mentorship from senior members of the team and familiarized myself with the professional space.” – Hermela&nbsp;Interns also get a chance to take The Exec’s Program at The Exchange. They are periodically assessed based on KPIs like implementing disciplines, the progress they made in various areas, qualities of their deliverables and the initiative they show to manage up for the team.&nbsp;“For a new graduate, having a chance to get an internship at RENEW has a special meaning. I got the chance to have a practical outlook on the concepts I learned theoretically in my economics studies at the university. It also enabled me to understand more about my strengths and weaknesses that I should keep and improve for my future career.” - SolomonAs RENEW expands to other countries in Africa, we look forward to seeing our internship program enable and empower the youth to be competitive and confident candidates as well as create further job opportunities by collaborating with reputable local universities.&nbsp;&nbsp;

RENEW has designed an internship program, launched first in Ethiopia, with the goal of enabling and preparing fresh university graduates for success in their career paths.

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Enabling Rockstars in East Africa! 

<h1 style="text-align:center;">Lets #BreakTheBias for International Women’s Day</h1><a href="https://www.internationalwomensday.com/theme">International Women’s Day</a> (IWD) is fast approaching on March 8, 2022, and this year's theme is “Break the Bias” (#breakthebias). The goal for this year’s campaign aims to turn a spotlight on the gender biases people carry around with them, and to actively move forward to collectively create a world free of bias, stereotypes and discrimination.&nbsp;At RENEW, we aim to encourage ourselves and those around us to examine and change our biases. Below is a video we’ve been sharing during <a href="https://www.renewcapital.com/what-we-do/market-building">The Exec’s Program</a> to help highlight the biases many tend to have. Watch the video, answer the riddle and consider sharing it in your community.&nbsp;<div class="raw-html-embed"><iframe src="https://www.facebook.com/plugins/video.php?height=314&amp;href=https%3A%2F%2Fwww.facebook.com%2Fmindspace.me%2Fvideos%2F550888202442564%2F&amp;show_text=false&amp;width=560&amp;t=0" width="1000" height="562" style="border:none;overflow:hidden" scrolling="no" frameborder="0" allowfullscreen="true" allow="autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share"></iframe></div>&nbsp;

International Women’s Day (IWD) is fast approaching on March 8, 2022, and this year's theme is “Break the Bias” (#breakthebias)

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Lets #BreakTheBias for International Women’s Day

<h1 style="text-align:center;">A Globetrotter Who Found Her Way Back to Uganda</h1>I recently celebrated my one-year anniversary at RENEW. The journey has been a rollercoaster, in a positive way.&nbsp;A few months before joining RENEW, I completed my MBA at Warwick Business School. Going back to business school full-time was challenging initially, as I had spent years working in the SME investing field and developed a passion and increased desire for investing and transforming businesses to achieve their long-time vision, and I took a break to embark on an educational adventure. The reason I say it was an adventure is because for the last thirteen years, my life had been a series of adventures, where I called different places home and had a lot of introspection and exposure to different cultures.&nbsp;<figure class="image"><img src="/uploads/Diana_76e9ca7187.png"></figure>I was born and raised in Kenya, and I would classify myself as someone that is really patriotic and proud of my roots. After seventeen years growing up in Kenya, I moved to Canada for my final year of high school and that is when my journey of being a global citizen began. It was here that I was initially exposed to an environment that was incredibly diverse with students from Canada, Kazakhstan, China, Nigeria, to mention but a few. As a naturally curious person, I was fascinated by the divergence in values, perceptions of the world and desires of different individuals. However, one thing that was clear was despite our differences there was a general understanding as to what makes us human and the priorities of different nations, including economic empowerment. Soon after completing high school, I moved to Rutgers University in New Jersey, U.S.A. to pursue a bachelors of science in finance. While at Rutgers, which again was an incredibly diverse environment, I gained key tools that have formed the foundation of who I am. It was during this adventure that I believe I began to find my purpose. Upon graduating from Rutgers, I was itching to put into practice what I had learned. It was clear to me that my desire was to play a significant role in the development impact and economic empowerment of Kenya. The question was, how could I play a significant role, at the time when there was a wave of economic and social change. It is this passionate desire and indebtedness to my homeland that led me to move back home to Kenya, after living abroad for five years.After a challenging but active job search, the opportunity to join Pearl Capital Partners (PCP) presented itself and it seemed like the perfect fit because it focused on African emerging markets, Kenya included, and they were attracting a great degree of private equity and venture capital funding. Additionally, it tied into my long-term goal as the firm’s investment thesis was to invest in businesses that would generate social and environmental impact alongside a healthy financial return. Thus, getting a foot in the door at my age would open vast opportunities. While at PCP, I was immersed into substantial work from the beginning and was exposed to investment opportunities across eastern and southern Africa. I was fortunate enough to not only be involved on the investment side, but also got to represent the fund on different boards and be part of a team that was driving companies to become robust businesses that could scale.&nbsp;In February 2017, I moved to the Uganda office after being promoted to senior investment analyst and transitioned to the role of investment team lead. The general assumption is that Uganda and Kenya, given that they share a border, have cultures that are more or less similar. However, I was shocked to realize that while our cultures have similarities, there are certain cultural nuances that differentiate Kenyans. I soon realized that I had to tame my initial “aggression” or zeal to close investments in Uganda and had to initially take some time to appreciate and learn the country. As I flashback to July 2018, when I closed my first investment as a deal lead, I recall the feeling of euphoria and sense of self-actualisation that was awakened. The due diligence process and approval process was tough as the fund’s investment committee scrutinized the investment to detail. This accomplishment validated my long-term vision and inspired me to pursue my long-term goal of obtaining my MBA.In 2018, I began the long and grueling process to go back to business school. While it was tough, I was focused on the fact that my long-term career goal was to be a senior leader in the SME investing field and to have the ability to invest in businesses that could catalyze growth in Sub-Saharan Africa. To achieve this goal, it was essential that I develop strong soft skills such as managerial and leadership skills and to widen my network. My MBA experience at Warwick was a transformative and amazing experience. The challenging, yet scintillating, multicultural learning experience, provided the ideal environment to broaden my perspectives, whilst providing the perfect platform to share insights. Further, the expected differences of the students in the cohort were a hallmark of my experience and provided the opportunity (despite the COVID-19 pandemic) to unify the student cohort through thoughtful, honest and genuine intellectual forums.Fast forward to the end of the MBA program, I wasn’t sure where my career would take me - London, Nairobi, Paris or Kampala. As fate would have it, the opportunity to join RENEW presented itself, and it was clear that there was a reason that I needed to move back to Kampala. During the onboarding process in Addis, I felt at home knowing that I was part of a team that shared the same values. That is the desire to address the missing middle and support SMEs in Africa in order to scale and be regional champions. The multi-faceted approach that RENEW takes from the Exchange, to the Asset Management Division and finally the Shared Growth Services team fascinated me and I knew that I was part of a team that had a compelling vision and took a pragmatic approach in investing.&nbsp;People ask me what I’m most proud of on this journey. The answer is simple: my constant evolution and growth as an individual while staying true to my long-term vision and values. While the journey has led me back to Kampala, I can say with confidence that I’m excited about the adventure ahead, wherever it will lead me.&nbsp;&nbsp;