<h1 style="text-align:center;">5 Reasons We Remain Long on Ethiopia</h1>When considering investing in Ethiopia, it is impossible to overlook the country's recent challenges including the outbreak of the desert locust (<a href="https://www.theguardian.com/global-development/2020/nov/16/war-ethiopia-locust-swarm">LINK</a>), COVID-19, regional tensions over the Grand Ethiopian Renaissance Dam (GERD) (<a href="https://foreignpolicy.com/2020/12/03/ethiopia-needs-united-states-honest-broker-blue-nile-dam-dispute-gerd-egypt-sudan/">LINK</a>) and the unrest that has occurred in 2020, especially the latest conflict and war in the northern parts of the country between the federal government and the Tigray People's Liberation Front (TPLF) (<a href="https://www.washingtonpost.com/world/africa/ethiopia-tigray-war-aiby/2020/12/04/98b1b95e-35a8-11eb-9699-00d311f13d2d_story.html">LINK</a>). But it’s important to look beyond the headlines and recognize the progress that’s been made since RENEW opened an office in 2012. Here are our top five reasons why we remain long in Ethiopia.&nbsp;<figure class="image image-style-align-center image_resized" style="width:87.84%;"><img src="/uploads/skyline_5_9e9c12f56a.jpg"></figure>1. Investment Law ReformIn 2019, Ethiopia began to implement a new economic policy reform (the Homegrown Economic Reform Agenda). The major goal of the reform program is to open the country’s market for the private sector and to make the country more business-friendly (read our analysis on this reform <a href="https://www.renewcapital.com/resources/blogs/The%20Ethiopian%20Business%20Environment%20in%20Light%20of%20the%20Homegrown%20Economic%20Reform%20Program">here</a>). The Ethiopian government plans to undertake measures that will allow the private sector to take the wheel in leading the economy and includes measures to improve the country’s ranking in the World Bank’s <a href="https://www.doingbusiness.org/en/rankings">Ease of Doing Business</a> ranking.Under the Ease of Doing Business initiative, the government took steps to change its investment laws (the Investment Proclamation and Investment Regulation), which were in effect since 2012. The new investment laws lifted the majority of the sector restrictions that were imposed on foreign investors, improved administrative complications and introduced dispute settlement mechanisms. By way of example, the new investment laws saw the opening of transport services, education, health, cement manufacturing, and wholesale and retail trades via electronic commerce, among others. The new investment law also adopted a negative listing approach; it lists 33 areas that are reserved for domestic investors and anything outside of these areas are now open to foreign investors.2. Improving InfrastructureDuring the last decade, Ethiopia has invested in infrastructure improvements. Having nine major rivers with several tributaries, the country holds one of the highest hydropower potentials in Africa. Based on that, the government has invested in hydroelectric power generation projects such as the GERD, which will be the largest hydroelectric power dam in Africa once it’s fully functional.In addition to power generation, the government has been involved in other infrastructure development projects, including the Addis Ababa-Djibouti railway project, the industrial zone development projects that are being undertaken across the country and the road projects that connect Ethiopia with neighboring countries. As Ethiopia is a landlocked country, the railway line and the road projects connecting the country to Djibouti and other ports will increase the accessibility of Ethiopian products to the international market.3. Privatization of Key SectorsOne part of the Homegrown Economic Reform Agenda is the privatization of some government enterprises, which had a monopoly in controlling the country’s markets. Ethio Telecom, which is the only telecom operator in the country, is a government-owned enterprise that is currently selling part of its membership interest to international operators. In addition to selling part of Ethio Telecom, the government also issued two new licenses for telecom operators. Different international operators have shown an interest to participate in the bid for these newly issued licenses. This will increase the addressability of telecom services to the unconnected portion of the population. In total, the Government of Ethiopia aims to raise at least $7.5 billion USD from selling assets from the sugar industry, telecom, railroads and other infrastructures.[1]The other sector that is currently experiencing a change in control is the financial sector. The financial sector has historically remained closed to foreign nationals, regardless of their origin. However, a few months after the new administration took power, the sector was opened up to foreign nationals of Ethiopian origin (diasporas). Going forward, the government has pledged to take measures to open the financial sector to foreign investors.4. Regional Integrations and AfCFTAOn March 21, 2018, the African Union member states signed the African Continental Free Trade Agreement (AfCFTA) in Kigali, Rwanda in order to boost trade, economic growth and integration among African countries. The Agreement established a free trade area, a protocol on trade in goods, and a protocol in trade in service. Ethiopia ratified the agreement and deposited the ratification document on April 10, 2019.The agreement gives free access to the market of member countries. Member states are obliged to progressively eliminate tariffs or charges on goods and services originating from member states. As a result, products originating from Ethiopia will have access to the markets of the countries that have ratified the agreement. As of 2020, 28 African countries have ratified the agreement, including: Ghana, Kenya, Rwanda, Niger, Chad, Congo Republic, Djibouti, Guinea, Swaziland, Mali, Mauritania, Namibia, South Africa, Uganda, Ivory Coast (Côte d’Ivoire), Senegal, Togo, Egypt, Ethiopia, The Gambia, Sierra Leone, Sahrawi Republic, Zimbabwe, Burkina Faso, São Tomé and Príncipe, Gabon, Equatorial Guinea and Mauritius. Protocols which relate to intellectual property rights, investment and competition policy are underway.From the regional integration perspective, Prime Minister Dr. Abiy Ahmed brokered a peace deal with Eritrea, which ended the Ethio-Eritrea border conflict that lasted for more than two decades. This resulted in the opening of borders between the two countries and ensured the free movement of people and goods. In addition, the Eritrean ports are now one of the main outlets for Ethiopian products. This resulted in Prime Minister Abiy receiving the <a href="https://www.nobelprize.org/prizes/peace/2019/press-release/">2019 Nobel Peace Prize</a>.5. Macroeconomic TrendsAnother reason to remain long on Ethiopia is the country’s track record for being one of the fastest-growing economies in the world. As per the World Bank Report, the Ethiopian economy has experienced a strong, broad-based growth averaging 9.9% growth from 2007/08 – 2017/18.[2] When compared to the regional average of 5.4%, the Ethiopian economy has been growing exponentially. Though the growth rate will inevitably slow as a result of the pandemic and the conflict, there are signs that the growth rate may still be positive.In terms of population, Ethiopia is the second-most populous nation in Africa with a population of 110,000 million people. Sixty percent of the population is of working age, entailing the availability of an inexpensive labor force. In addition, with the growing population, there is also an increase in the middle-income population. This is expected to increase the domestic demand for goods and services.Ethiopia is also endowed with fertile land suitable for the production of coffee, pulses, oilseeds, cereals, flowers and various fruits and vegetables. Coffee holds the biggest share of Ethiopian agricultural products sold to the international market, and Ethiopia is currently Africa’s largest producer of coffee.Overall, with these development trends, Ethiopia aims to achieve the status of a lower-middle-income country by 2025, joining countries like India, Bangladesh and Vietnam.[3] Of course, there are still a number of bottlenecks that the government is expected to tackle in order to achieve that status, but we remain hopeful.

Looking beyond the 2020 challenges at the investment opportunity

sunrise_0.jpg

5 Reasons We Remain Long on Ethiopia

<h1 style="text-align:center;">It’s That Time of Year... For Financial Optimization</h1>During the last quarter of each year, many around the world spend time preparing for the Christmas holiday and tax season! If you are in the United States, there’s an option to optimize your impact investing with a vehicle called a donor-advised fund (DAF).According to a recent article in Axios (<a href="https://www.axios.com/covid-19-spurs-generosity-among-holders-of-donor-advised-funds-7894b4f9-04c5-4b00-87f1-2b52df090e0a.html?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosdeepdives&amp;stream=top">COVID-19 spurs generosity among holders of donor-advised funds</a>) more than $120B sits in DAFs and in 2020 at Vanguard Charitable, donors made $1.3B in grants, which was about 25% higher than 2019.Accredited, entrepreneurial-minded givers from the United States can invest in companies in East Africa with RENEW from a DAF which would have the potential of earning a return on their charitable capital. It may be helpful to think of a DAF as a philanthropic checkbook. A donor transfers assets (e.g., cash, securities, other rights or assets) into a DAF account with a non-profit organization (like divisions of <a href="https://www.schwab.com/donor-advised-fund">Charles Schwab</a> and <a href="https://www.fidelitycharitable.org/open-account.html">Fidelity</a>, <a href="https://www.impactassets.org/our_products/donor-advised-fund">ImpactAssets</a>, the <a href="https://www.ncfgiving.com/open/">National Christian Foundation</a> and <a href="https://impactfoundation.org/open-an-account">ImpactFoundation</a>) that is set up to manage DAFs and facilitate transfers into and out of DAFs in line with IRS rules. Donors then receive a charitable deduction in the amount of the value of the assets transferred to the DAF in the year in which they make the deposit. The funds sit in the account until the donor is ready to make grants to charitable entities or to make impact investments. Any returns earned on the investments are returned to the DAF and can be reinvested or donated.&nbsp;<figure class="image image_resized" style="width:97.28%;"><img src="/uploads/sunset_ethiopia_0_1eef1006e0.jpg"></figure>To make impact investments using a DAF, you’ll need to work with an intermediary like ImpactAssets or Impact Foundation, organizations that specialize in the work necessary to diligence and make an investment using a DAF. This is possible, even if your DAF is held at Schwab or another institution.ImpactAssets is an independent public charity first launched in 2001 by Calvert Foundation. The primary tool of ImpactAssets is known as the Giving Fund, an enhanced DAF that facilitates investments of $25,000 or more and provides socially responsible and impact investment options – enabling philanthropists to both “give and invest for the greater good.”Impact Foundation is an intermediary that can facilitate charitable investments of $100,000 or more. Impact Foundation was founded to provide a streamlined way to fund transformational businesses, make loans to charity, and grow the amount you have to give away. Impact Foundation has a working partnership with the National Christian Foundation to assist NCF donors in making private equity and venture capital investments.Want to learn more? Here are some more resources:<ul><li><a href="https://renewstrategies.formstack.com/forms/daf_for_impact_investing">Download an Interview with Sally Boulter of ImpactAssets</a></li><li><a href="https://drive.google.com/file/d/1JF7QJfASnwqf31gWmkWX8wQfWhgvCFPx/view">Download RENEW’s DAF Q&amp;A</a></li></ul>Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you have questions. And if you aren’t already a member, we invite you to <a href="https://renewstrategies.formstack.com/forms/renew_investor_accreditation_form">apply to join the Impact Angel Network</a>.*The information contained in this blog and the resources linked above is for informational purposes only and no representation is made that the information is accurate or complete, nor should it be relied upon as such. In addition, this information is not intended as legal or tax advice. For such advice, please consult your attorney or tax advisor.

For U.S. Investors: Should a DAF be part of your impact investing planning?

It’s That Time of Year... For Financial Optimization

<h1 style="text-align:center;">Press Release: Roadrunner Technology Solutions Attracts Investors Despite Challenges</h1>&nbsp;<a href="https://latest-api.renewcapital.com/uploads/Press_Release_Roadrunner_FINAL_f7a7e698b8.pdf">Download the Full Press Release</a><hr>&nbsp;Roadrunner Technology Solutions Attracts Investors Despite Domestic and Global Challenges&nbsp;Denver, CO and Addis Ababa, Ethiopia, November 19, 2020 -- Despite the global COVID-19 pandemic and domestic challenges in Ethiopia, 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 is pulling ahead to become one of Ethiopia’s largest and fastest-growing e-commerce platforms. This strong growth has helped the company attract a follow-on investment from RENEW’s <a href="https://renewcapital.com/what-we-do/investing">Impact Angel Network</a> (IAN) and attract interest from a number of venture and equity investors eyeing the tech sector in Ethiopia as an up-and-coming opportunity in Africa. Deliver Addis is a pioneer in the e-commerce space and has been delivering since 2015. Over the past three years, the Company has expanded significantly, delivering food to tens of thousands of consumers from 140+ restaurants and, through its online marketplace, is now selling groceries, flowers and other consumer goods.Since receiving an initial investment from the IAN in 2017, the company has expanded their online offerings and their delivery capabilities. Since April, the company has been growing at an impressive rate and has been able to acquire new customers throughout the pandemic, which has caused a major cultural shift with consumers ordering food rather than eating in a restaurant. The company has been supporting economic recovery initiatives throughout COVID-19 for small and medium-sized enterprises (SMEs) by expanding their range of products and services. Deliver Addis has also been continuously improving on their technological capability to help customers discover better places and products around them, as well as expanding and enhancing their current fleet and logistical capabilities.&nbsp;<figure class="image"><img src="/uploads/rr_press_release_0_16642eabe2.png"></figure>"E-commerce and companies like Deliver Addis are seeing a rise in demand around the world due to COVID-19,” noted RENEW’s CEO, Matthew Davis, recently. “But, even without this, the company is growing as Ethiopian consumers are coming online and the world’s 12th largest populated country begins to privatize key sectors of their telecom and banking sector. Because of this, Deliver Addis and Roadrunner are well-positioned to capture a market we believe will continue to experience considerable growth in the coming years."“The future looks bright for Deliver Addis as we continue to focus on customer acquisition and provide high-quality services to our customers in Ethiopia,” said Founder and CEO of Deliver Addis, Feleg Tsegaye, recently. “We’re grateful for the Impact Angel Network’s continued commitment to our vision and growth as we continue to grow the leadership team and create additional employment opportunities for youth and vulnerable groups."The investments made by the Impact Angel Network have been made possible because of RENEW’s partnership with <a href="https://www.international.gc.ca/global-affairs-affaires-mondiales/home-accueil.aspx?lang=eng">Global Affairs Canada</a> (GAC). RENEW’s blended finance partnership with GAC aims to support high potential, responsible SMEs in Ethiopia, 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 Ethiopian economy.About the Impact Angel Network and RENEWThe <a href="https://renewcapital.com/what-we-do/investing">Impact Angel Network</a> is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation that often lacks capital due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims to promote sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.&nbsp;###&nbsp;To find out more, please visit <a href="https://renewcapital.com/">www.renewcapital.com</a>.

da_mascot_promo.jpg

Press Release: Roadrunner Technology Solutions Attracts Investors Despite Challenges

<h1 style="text-align:center;">Ethiopia Accedes to the New York Convention</h1>In a positive step towards attracting increased foreign investment, Ethiopia has adopted the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly known as the “<a href="http://www.newyorkconvention.org/">New York Convention</a>”. The New York Convention is an international treaty created by the United Nations in 1958 and is widely considered the foundation for international arbitration. Ethiopia, which will officially become party to the Convention on November 22, 2020, is the 165th nation and 33rd African nation to accede to the Convention <a href="https://www.renewcapital.com/blog/2020/ethiopia-accedes-new-york-convention#item1">1</a>.The New York Convention has two primary functions. First, it requires courts in signatory states to enforce arbitration clauses in legal agreements. In other words, when parties to a contract have agreed to resolve a dispute through arbitration, that agreement must be upheld and a party cannot try to circumvent that by instead bringing the dispute to a court <a href="https://www.renewcapital.com/blog/2020/ethiopia-accedes-new-york-convention#item2">2</a>. Second, it creates the basis for enforcing arbitral awards in another country <a href="https://www.renewcapital.com/blog/2020/ethiopia-accedes-new-york-convention#item3">3</a>. Let’s look at an example of this.&nbsp;<figure class="image"><img src="/uploads/new_york_convention_0_cdcf5b55a9.png"></figure>A party from a country that has not adopted the New York Convention (Country X) and a party from the United States (which has adopted the Convention), enter into a commercial agreement. In that agreement, they choose to resolve disputes by arbitration in the U.S. A dispute arises, the parties go to arbitration, and the U.S party “wins” the arbitration. Unless the party from Country X has assets in the U.S., the arbitral award will likely not hold much value. This is because there will not be an easy, surefire way for the U.S. party to enforce that award in Country X, where the other party’s assets are located. Having the award doesn’t mean much if there is no way to collect. The New York Convention fills that gap and provides the mechanism for the U.S. party to enforce the award -- arbitral awards rendered in any country party to the Convention will be enforced and recognized in each other country party to the Convention, subject only to certain, limited defenses.Parties can adopt the New York Convention with certain “reservations”. Ethiopia has adopted it with three reservations: (1) the Convention will only apply to the recognition and enforcement of awards made in the territory of another contracting state; (2) Ethiopia will only apply the Convention to disputes arising out of legal relationships which are considered “commercial” under the laws of Ethiopia; and (3) there will not be any retroactive application of the Convention <a href="https://www.renewcapital.com/blog/2020/ethiopia-accedes-new-york-convention#item4">4</a>. These reservations are not uncommon but will limit the scope of the Convention in Ethiopia. Existing legal agreements will not benefit from the Convention without a new agreement to arbitrate entered into after November 22.Ethiopia’s accession to the New York Convention will give foreign investors more certainty and security that their investments will be protected. Though Ethiopia previously had domestic rules regarding enforcement of foreign arbitral awards, adopting the New York Convention is seen as a “best practice” in the international community, and it adds to the list of recent reforms Ethiopia has undertaken to create a more attractive environment for foreign investment.<hr>To find out more about RENEW or the IAN, contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a>, follow us on Twitter <a href="https://twitter.com/RENEWLLC">@RENEWLLC</a> or find us on Instagram <a href="https://www.instagram.com/impactangelnetwork/">@impactangelnetwork</a>. Apply to join the Impact Angel Network: Application: <a href="https://renewstrategies.formstack.com/forms/renew_investor_accreditation_form">LINK</a><hr>1. “Status: Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958)”, United Nations Commission on International Trade Law, <a href="https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2">https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2</a>2. New York Convention, Article II.3. Ibid, Articles III-V.4. “Status”, <a href="https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2">https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2.</a>

As of November 22, 2020, Ethiopia will be the 165th nation to adopt the Convention

new_york_convention_0.png

Ethiopia Accedes to the New York Convention

<h1 style="text-align:center;">November 2020 Resource Blog</h1>For this month’s resource blog, we’re focusing on one of the greatest resources in your business, the people. Specifically, these articles will help you keep your people motivated, inspired and understood.<ul><li><a href="https://hbr.org/2020/06/stay-motivated-when-feedback-is-scarce?utm_medium=email&amp;utm_source=newsletter_daily&amp;utm_campaign=dailyalert_not_activesubs&amp;deliveryName=DM82727">Stay Motivated When Feedback Is Scarce</a>: It’s easy to fall into catastrophic thinking — especially when you’re working remotely. Learn how to motivate yourself and others. (HBR) Time: a 4-minute read</li><li><a href="https://hbr.org/2020/06/what-to-do-when-work-feels-meaningless?utm_medium=email&amp;utm_source=newsletter_daily&amp;utm_campaign=dailyalert_not_activesubs&amp;deliveryName=DM82910">What to Do When Work Feels Meaningless</a>: Understand how to focus on what you can control, taking advantage of the opportunities in a crisis, and how to use the opportunities in a crisis to connect with your purposeful future. (HBR) Time: a 3-minute read</li><li><a href="https://hbr.org/2020/06/what-your-youngest-employees-need-most-right-now?utm_medium=email&amp;utm_source=newsletter_daily&amp;utm_campaign=dailyalert_not_activesubs&amp;deliveryName=DM82910">What Your Youngest Employees Need Most Right Now</a>: The pandemic has presented unprecedented challenges for those who are just beginning their careers. Learn how to support the youngest members of your team. (HBR) Time: a 3-minute read</li></ul>Interested in learning more about a specific topic? Contact us and let us know what interests you at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a>.&nbsp;<figure class="image"><img src="/uploads/hbr_picture_0_eb1ed862b4.png"></figure>&nbsp;

A look at the greatest resources in your business, the people

hbr_picture_0.png

November 2020 Resource Blog

<h1 style="text-align:center;">RENEW and The Exec's Featured on EBS’s Ethio Business</h1>RENEW was featured on EBS’s Ethio Business show on Thursday, November 12, at 8:30 PM EAT. RENEW’s partners, Matthew and Laura Davis, and Project Manager, Dagmawit Shiferaw, speak about RENEW’s investment in the country and the development community ecosystem that is supporting the private sector in Ethiopia. Enjoy the direct link to the episode below and check out RENEW’s YouTube (<a href="https://www.youtube.com/channel/UC9TBp70IOmBxIKozLPviBFQ">LINK</a>) for short clips from The Exec’s Program.<a href="https://www.youtube.com/watch?v=R2MPimOIESM&amp;feature=youtu.be">LINK TO YOUTUBE</a>Thanks to the work RENEW is doing with the development community, including Global Affairs Canada, RENEW currently offers two core training programs: The Exec's Program and CFO100. Below we recall what Tesfalidet Hagos and Amakelech Lulu had to say about <a href="https://latest-api.renewcapital.com/uploads/RENEW_Exec_s_Curriculum_0a694da586.pdf">The Exec’s Program.</a>&nbsp;<figure class="image"><img src="/uploads/xec_fotor_0_5a15a1761c.jpg"></figure>“RENEW’s Exec’s Program helped me to start thinking more strategically. I am not working as a technician anymore, but instead like an entrepreneur. As a manager, it has helped me free myself so I build systems, properly delegate jobs, and design standard indicators. I now see my company from a higher position instead of getting constantly caught in the day-to-day issues.” - Tesfalidet Hagos, Founder and CEO Luna, and Fresh Corner“The Exec’s Program has given me a lot of confidence related to my financial management. Now I say to my finance manager ‘What is this?’ and ‘How can I do that?’ Through the program, I learned not to be intimidated by financial management, and I learned how to follow up and ensure I have proper cash flow management. Now, I sit with my finance manager regularly. At first, he was surprised because he’d never had a company owner ask him these kinds of questions. He was surprised that I knew the right terms for things. I had even taken an accounting course before, but it hadn’t prepared me to be an entrepreneur.” - Amakelech Lulu, Founder, and CEO of Gishen PharmacyApply for our Training Programs:<ul><li>The Exec's Program - None currently available.</li><li>CFO100 - None currently available.</li></ul>

hrpressrelease.png

RENEW and The Exec's Featured on EBS’s Ethio Business

<h1 style="text-align:center;">RENEW Welcomes Paul Reynolds to Leadership Team and Kirsten Newman as General Counsel</h1>&nbsp;Download the Full Press Release<hr>RENEW Welcomes Paul Reynolds to Leadership Team and Kirsten Newman as General Counsel&nbsp;Denver, CO and Addis Ababa, Ethiopia, October 13, 2020 -- RENEW is pleased to announce the following position changes at RENEW:<ul><li><a href="https://www.linkedin.com/in/paulreynolds5/">Paul Reynolds</a> joins RENEW’s executive team as a managing partner in Addis Ababa, Ethiopia.</li><li><a href="https://www.linkedin.com/in/kirsten-newman-10301aa7/">Kirsten Newman</a> has been promoted to the general counsel position.</li><li><a href="https://www.linkedin.com/in/tomscrivencfa/">Tom Scriven</a>, RENEW’s partner and previous general counsel, will be returning to private practice in Colorado and will remain a partner and on RENEW’s Investment Committee.</li></ul>RENEW, an impact investment and management consulting firm based in East Africa since 2012, announces further expansion with a new executive team member and an internal promotion. This includes RENEW’s new managing partner, Paul Reynolds, from Inchcape, and Kirsten Newman’s promotion to general counsel. RENEW also announces that Tom Scriven, RENEW’s partner and previous general counsel, will be returning to private practice and will remain a partner and on RENEW’s Investment Committee.Paul Reynolds joins RENEW’s leadership team bringing three decades of global investment banking and investment experience. Having been lead adviser on 175 announced transactions worth over €250 billion, Paul has extensive government and board level experience in EMEA and India. Paul built sustainable businesses for Cazenove in the UK (2001-2005), and for Rothschild in the UK (2005-2008), the Middle East and India (2008-2012) and Benelux and Nordic regions (2012-2016), as well as a number of not-for-profit enterprises. In 2017, Paul joined Inchcape (INCH.L) to drive its business development across Africa and investments in Ethiopia. Paul is a trustee of Rainbows4Children (Ethiopia), non-executive director of the Investor Relations Society of South Africa and Kilya Capital in Kenya, Chairman Emeritus of the Middle East Investor Relations Association, Supervisory Board member of Capital Tool Company, and remains a Rothschild Senior Adviser. Paul will be helping to lead RENEW’s investment advisory practice and support the firm’s regional expansion.<figure class="image"><img src="/uploads/pr_kirsten_paul_3_3eabd4f81b.png"></figure> Kirsten Newman, who has been with RENEW since September 2018 as associate general counsel, has been promoted to RENEW’s general counsel. Kirsten is responsible for the legal tasks related to the investment activities of RENEW and for serving the legal and compliance needs of RENEW LLC. Prior to joining RENEW, Kirsten worked as a senior associate in the energy and infrastructure project finance group at Skadden, Arps, Slate, Meagher &amp; Flom. In this capacity, she advised commercial and investment banks, private equity firms, developers, borrowers and issuers in various types of finance transactions, with an emphasis on project finance. Kirsten has extensive cross-border experience, advising on transactions in more than a dozen countries. Kirsten previously studied and worked in London, beginning her legal career in Skadden's London office, advising on international M&amp;A and capital markets deals. Kirsten received her J.D. from the University of Minnesota Law School, magna cum laude and Order of the Coif. She holds a B.A. in psychology, summa cum laude, from the University of Minnesota.Kirsten will be taking over as general counsel from Tom Scriven, who will be returning to private practice in Colorado and will remain a partner and on RENEW’s Investment Committee. Tom has been a partner with RENEW since 2012 and helped build the firm's investment practice and development consulting business with RENEW's founders, Matt and Laura Davis. He has led numerous transactions in East Africa and served as board chair for several portfolio companies.“RENEW has aggressive plans to scale into East Africa, and we look forward to fresh perspectives and insights from the new members of our leadership team,” noted RENEW’s CEO, <a href="https://www.linkedin.com/in/matthew-davis-a948772/">Matthew Davis</a>. “SME investing in East Africa is challenging, but a potentially rewarding and high-impact investment strategy. I am very excited to have Kirsten and Paul helping guide RENEW to our next stage of growth. We’re also grateful for the immense contributions Tom has made to RENEW as general counsel, and we will continue to benefit from his wisdom on our Investment Committee.”About the Impact Angel Network and RENEWRENEW’s<a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer"> Impact Angel Network</a> is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lack capital and management capacity due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims to promote sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.&nbsp;

Announcing the following position changes

RENEW Welcomes Paul Reynolds to Leadership Team and Kirsten Newman as General Counsel

<h1 style="text-align:center;">October 2020 Resource Blog</h1>For this month’s resource blog, we’re focusing on good habits to follow to achieve success in your business and personal life. Specifically, October’s articles recommend a list of good habits that should guide you towards success. Read the articles below to learn more.<ul><li><a href="https://www.forbes.com/sites/entrepreneursorganization/2018/03/28/how-to-form-good-habits-in-your-personal-business-life/#492021cf6332">How to Form Good Habits in Your Personal &amp; Business Life</a>: Learn about the 3-step pattern that behavioural psychologists say should help you achieve good habit-forming success in your business and personal life. (Forbes) Time: a 4 minute read</li><li><a href="https://www.investopedia.com/articles/personal-finance/092515/10-habits-successful-people.asp">10 Habits of Successful People</a>: A list of the 10 most often-cited habits of successful people, including organization, relaxation and taking action. Check out the article for the other 7 habits. (Investopedia) Time: a 5 minute read</li><li><a href="https://www.entrepreneur.com/article/287162">28 Best Habits to Have in Business</a>: Your behavior comes from habits that we use on a daily basis. Learn how to cultivate good habits to put your progress on autopilot. (Entrepreneur) Time: an 8 minute read</li></ul>Interested in learning more about a specific topic? Contact us and let us know what interests you at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a>.<figure class="image"><img src="/uploads/habits_0_dae48bc95a.png"></figure>

A look at good habits for your business and personal life

habits_0.png

October 2020 Resource Blog

<h1 style="text-align:center;">The Journey Often Leads to a Beautiful Destination</h1>When I was growing up, I used to hear words like “debit, credit, tax, laws, amendments”, since I belong to a family of Chartered Accountants. This is why, when the time came for me to choose a career, I chose Chartered Accountancy without giving it a second thought. Not because it runs in my family, but because I feel connected with this area of work. To read laws, understand their nitty-gritty details, and to help society follow them and thus, be apart of nation-building; it all excites me. I knew it wouldn’t be very easy to get to my goal. Only 0.04 percent of people obtain the ‘CA’ designation in a population of 1.37B in India.From the start, I knew there was no fun in choosing the easy way out. I knew I had to be strong and determined to reach my goal. There would be days when I would be anti-social, locked in four walls with hundreds of books. But this hardship was worth pursuing if it brought a prefix of ‘CA’ in front of my name.<figure class="image"><img src="/uploads/shailandfamily2_0_cdbc2db0ae.png"></figure>With that, my journey started. There were sleepless days and books all over and around me. In spite of giving every bit of me, I faced failures. But I kept pushing myself with positivity and determination and kept thinking about the time when I knew it would all be worth it one day.I learned it’s okay to fail, but it’s not okay to not start again. It’s okay to cry, but it’s not okay to not feel determined again. For me, acceptance is the key to success. Accepting the situation and giving every possible effort to make it awesome. I always embrace failures as it makes you a better and grounded person. Failure teaches you a lot of lessons which success might not.Finally, after all those struggling years, with my family’s support and my determination, I went from Shail Bhandari to CA Shail Bhandari. I still remember the day of my accomplishment. I didn’t get overwhelmed, I didn’t scream in joy like other CA aspirants on achieving the feat. I was grounded and calm because I realized that my journey brought me more joy than the outcome.After obtaining my CA, I faced another dilemma: whether to join my family business or start a separate venture as a professional. Working in my family business would be an easy option as I would be backed up for all my work. But choosing an easy way was never my cup of tea. I wanted to work beyond my boundaries and that is what brought me to RENEW.I connect so much with RENEW. We work in a challenging and growth-oriented environment and things are not always smooth. We all know this and still choose this road and journey. I believe that keeps the team going every day with new challenges and constant learning! We fail, we grow and we learn.<figure class="image"><img src="/uploads/shailandfamily_3769bdf188.png"></figure>I was nervous and yet excited to be part of the team. We belong to different countries, speak different languages, have diverse beliefs, but we have one goal: to be the most successful SME investment firm and that is what connects us. We share different thought processes and cultures and embrace them all. Challenges make us tougher, stronger and a better person. We know how bad the situation may be, but we have the ability to stand up again and make things happen in our favour.The journey still continues with lots of ups and downs, lows and highs, but with a constant belief of a beautiful and peaceful journey and destination!