<h1 style="text-align:center;">Peace of Mind Emergency and Care Services for Diaspora</h1>Over the past few weeks, we’ve been encouraged and inspired by our portfolio companies and their response to COVID-19 in East Africa, and how they’re choosing to respond in order to help the community at large. One of these responses is from East Africa Emergency Services (EAES). EAES has recently teamed up with Tebita Ambulance to offer Peace of Mind Services in Addis Ababa, targeted at diaspora in the U.S. who are separated from their loved ones.<figure class="image"><img src="/uploads/tebtia1_7ba81d9c85.png"></figure>This new service allows U.S. Diaspora to sleep better at night knowing their loved ones have a provider lined up in case of an emergency. Medical emergencies are inevitable. But having the right services in place can make all the difference. The key to survival is often having a trained professional on the scene of the emergency as soon as possible.The two services they’re offering are:<ul><li>Peace of Mind Services - provides 24-hour emergency response for your loved ones living in Addis Ababa, Ethiopia. Together, we can make Ethiopia a safer country for those you love!</li><li>COVID-19 Care Packages - A contactless check-in and care package delivery within Addis Ababa. This service includes a thoughtful care package of basic essentials (such as injera, spices, shiro powder, fresh vegetables, coffee and fresh fruit, and personal care items such as soap and toilet paper) and also a friendly check-in with your loved one.</li></ul>Tebita Ambulance is a pioneer in providing pre-hospital and emergency services and first aid training across all of Ethiopia. It is the first private ambulance and emergency service of its kind in Ethiopia. Established in November 2008 by Kibret Abebe, a dedicated professional anesthetist, Tebita has become internationally recognized as the emergency care provider in Ethiopia.Sign up your loved one today (<a href="https://www.eastafricaems.com/peace-of-mind-services.html">link to registration</a>)!<figure class="image"><img src="/uploads/tebtia3_29375274a1.png"></figure>&nbsp;

COVID-19 Response from Our Portfolio Company

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Peace of Mind Emergency and Care Services for Diaspora

<h1 style="text-align:center;">COVID-19, Bright Spots in RENEW’s Portfolio</h1>We hope you and your loved ones are healthy and safe in these turbulent times. Here in Ethiopia, as of noon on April 7, 2020, there have been 42 cases of COVID-19 and 2 deaths. Nearby, Uganda is reporting 52 cases with 0 deaths. Some have questioned these numbers, but my opinion is that the governments of Ethiopia and Uganda are doing remarkably well in responding to the pandemic with limited resources.Matthew, Brooklyn, our 18-month-old daughter, and I remain in Ethiopia, where we plan to stay for the foreseeable future to continue our work supporting our portfolio and helping East Africa’s private sector weather this storm and recover fast. Here in Addis, our office remains open until the government tells us to shut down or until our team votes to close. We are implementing strict COVID-19 protocols and have moved all in-person meetings to phone and internet meetings. We have also been active with sharing best practices with our pipeline and portfolio companies and have also gone steps beyond that to equip our neighbors with tools and equipment to help curb the spread of COVID-19. In North America, Uganda and abroad, our team is working virtually as most normally do, so the impact on our day to day work culture has been minimal.<figure class="image"><img src="/uploads/tebita_69e17dd0d2.png"></figure>We have been able to continue supporting our portfolio companies and encouraging our team and our companies to use this crisis as an opportunity to get creative. We believe local companies in Africa may be hit harder by local and global instability than companies in developed countries. Supply chains and financing mechanisms are disrupted, and in some cases, entire markets have dried up. We are determined to play our part in not letting the economy lose a decade of progress.We are working on response efforts on many fronts, including running virtual training sessions with companies, acting as extra hands for management, lining up resources to address operational disruptions, leading major marketing initiatives, and helping restructure their financing to free up cash so they can weather (even thrive) during these uncertain times. This week we are running a session on contingency planning (both for COVID and the upcoming election). Let us know if you are interested in receiving a syllabus of the training, entitled “Contingency Planning: What is Your Plan B?” by emailing <a href="mailto:renew@renestrategies.com">renew@renestrategies.com</a>.<figure class="image"><img src="/uploads/da_0_4a0c7e8bd9.png"></figure>Here are some bright spots that are happening with our portfolio companies that go beyond their core business to help their customers during this unprecedented time:<ul><li>EAES | Tebita - Our team has launched a program that will allow U.S. Ethiopian Diaspora to pay for 24-hour peace of mind emergency response services for their loved ones via Tebita Ambulance and East Africa Emergency Services. The service includes on-demand ambulance services, home health check-ins (contactless unless otherwise dictated) and critical food delivery services for those who need to stay home because of old age or compromised immune systems. Visit <a href="https://www.eastafricaems.com/peace-of-mind-services">https://www.eastafricaems.com/peace-of-mind-services</a><a href="https://www.tebitambulance.com/"> </a>to learn more or subscribe.</li><li>RoadRunner | Deliver Addis - The company is working hard to respond to the surge in demand, and the RENEW team is assisting with marketing, relationships, etc. to increase their capacity. You can even get a reusable cloth mask as part of the company's grocery marketplace! We hope this helps consumers get access to critical food and also minimizes the risks of the virus spreading. If you are in Addis, visit <a href="https://deliveraddis.com/">https://deliveraddis.com/</a> to order food, groceries, alcohol or flowers for delivery!</li><li>dVentus - We are working with the engineers from dVentus to explore developing a ventilator prototype for Ethiopia. They have a design with locally available products and now we need to prototype and test it. We hope we don’t need it.</li><li>Kijani Baby - The need for reusable diapers is greater than ever. <a href="https://www.wsj.com/articles/as-coronavirus-changes-shopping-nappy-lady-races-to-meet-cloth-diaper-demand-11585906201?mod=hp_lead_pos12">Read more in WSJ</a>. We are working to help the Kijani team contact new buyers, shore up their supply chain and figure out how to legally operate under Uganda’s strict COVID-19 stay at home orders.</li></ul>Looking to the future, the need for capital to help local SMEs restart operations after a global/local shutdown and rehire employees will be critical for the country's stability/future. Our company, <a href="https://www.renewcapital.com/resources/blogs/Following%20Along%20with%20Travel%20Ethiopia">Travel Ethiopia</a>, is among those that are hard hit, and we are working with the company’s founder, Samrawit Moges, to shore up resources, adapt and weather the storm. Read <a href="https://cepheuscapital.com/wp-content/uploads/2019/01/Macroeconomic-Impacts-of-the-Corona-Virus-A-Preliminary-Assessment-for-Ethiopia-r1.pdf">Cepheus’ initial analysis of sectors that will be impacted</a>. As we always do, we are exploring various innovative sources of capital to help meet the needs. If you have any questions or ideas, please let us know. Also, if you would like to arrange a "virtual coffee", we'd love to catch up.<figure class="image"><img src="/uploads/dventus_1_81897a3d1a.png"></figure>&nbsp;

Supporting business in Africa is more important than ever

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COVID-19, Bright Spots in RENEW’s Portfolio

<h1 style="text-align:center;">April 2020 Resource Blog</h1>For this month’s resource blog, we collected articles focusing on the global response to COVID-19. These articles include: best practices for businesses, information on government bailouts, design specifications for ventilators to encourage rapid manufacturing and an article on grief from the Harvard Business Review.<ul><li style="text-align:justify;"><a href="https://www.notion.so/Best-Practices-for-Founders-in-the-wake-of-COVID-19-54f0c0db17064e6f9e5dd456d9cb26de">Best Practices for Founders in the Wake of COVID-19</a>: A resource guide put together by major investors in India for founders to help them with difficult decisions in these uncertain times. The document contains knowledge and best practices from across the startup ecosystem on how to deal with the crisis at hand both tactically and strategically. (Notion)</li><li style="text-align:justify;"><a href="https://qz.com/1819776/here-are-the-coronavirus-bailouts-being-prepared-around-the-world/">Government Bailouts are Beginning: We’re Keeping Track</a>: The article covers information on various government bailouts for corporations, households and small and medium businesses to extend help during these uncertain times. (Quartz)</li><li style="text-align:justify;"><a href="https://hbr.org/2020/03/that-discomfort-youre-feeling-is-grief">That Discomfort You’re Feeling Is Grief</a>: David Kessler, an expert on grief, shared his thoughts with HBR on why it’s important to acknowledge the grief you may be feeling, how to manage it, and how he believes we will find meaning in it. (Harvard Business Review)</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/screen_shot_2020_04_07_at_12_44_49_pm_0_27cadbc6be.png"><figcaption>Image Source: Harvard Business Review: <a href="https://hbr.org/2020/03/that-discomfort-youre-feeling-is-grief">That Discomfort You’re Feeling Is Grief</a></figcaption></figure>&nbsp;

A focus on the global response to COVID-19

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April 2020 Resource Blog

<h1 style="text-align:center;">Econ-Tourism Trip 2020</h1>Over my eight years in Ethiopia, I have hosted over 35 families from the Impact Angel Network on Econ-Tourism Trips and a number of others for one-off trips. It’s always invigorating to have these world changers here with us and to see Ethiopia with the fresh eyes they bring. We work to create an unforgettable experience for them and to answer each of their questions with the thoughtfulness it deserves.This last trip, February 16-22, 2020, was no different. It was a small group, something we like, and the group spent several days in Ethiopia followed by a few days in Uganda. One of the highlights is always the happy hour where we open the doors of our office, The Exchange, to the business community, our development partners and our investors. It’s so fun to listen in on the conversations that ensue and see the enjoyment and light bulbs of understanding that continue to go off for our IAN members who choose to spend their time with us.<figure class="image"><img src="/uploads/ettfeb2_0d25aaf533.jpg"></figure>We hope you consider the October 4-10, 2020 trip. During that trip, we have plans to continue to enhance the experience so our investors can build relationships, connect with other members and entrepreneurs, find ways to give back and share their knowledge, and process the legacy they are building through the Impact Angel Network.

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Econ-Tourism Trip 2020

<h1 style="text-align:center;">Is Money the Problem or is it Management?</h1>On February 27th, RENEW and the <a href="https://www.aspeninstitute.org/programs/aspen-network-development-entrepreneurs/">Aspen Network of Development Entrepreneurs</a> (ANDE) co-hosted a panel at SANKALP in Nairobi called “Is Money the Problem or is it Management?”. The panel was moderated by RENEW’s <a href="https://www.linkedin.com/in/matthew-davis-a948772/">Matthew Davis</a>, and the panel was made up of <a href="https://www.linkedin.com/in/nathalie-gogue-ebo-53a7602/">Nathalie Gogue-Ebo</a> of <a href="https://opencapital.com/">Open Capital Advisors</a>, <a href="https://www.linkedin.com/in/rebecca-harrison-2730bb18/?originalSubdomain=ke">Rebecca Harrison</a> of <a href="https://www.africanmanagers.org/">African Management Institute</a> and <a href="https://www.linkedin.com/in/paul-breloff-5638b67/?originalSubdomain=ke">Paul Breloff</a> of <a href="https://www.shortlist.net/">Shortlist</a>.The goal of the session was to help business owners, investors and the development community get away from thinking that the missing middle gap is just a money problem. At RENEW, we believe that if a stakeholder is ignoring the management gap, it could damage the small and growing business (SGB) impact investing space. The panelists questioned whether anyone would even attend as the venue is known to be a conference for companies to connect with capital. But the fears were unfounded –all the target stakeholders attended, it was standing room only and the panel received great feedback after.<figure class="image"><img src="/uploads/sankalp_kenya_2020_9405_fotor_0eb8fdeafb.jpg"></figure>Here are some of the key takeaways and comments from the panelists.<ul><li>CEOs are very aware of the management gap.</li><li>Recruiting is broken. Often, men over-glorify their CVs while women downplay them. If you just use CVs to recruit, you'll miss good talent. Using data to drive vetting is a better way.</li><li>Many employees and managers don't know what good looks like. There are not enough good models to point too. What leaders are looking for is people to come in and help them build systems, but if they don’t know what a good finance department, sales department, marketing department, etc. team and systems looks like, how can they build it?</li><li>The pay gap between what people think they should get and what they are getting is a problem. Also, remuneration in sub-Saharan Africa is all over the board. There is as much as a 2.5x distribution for similar positions.</li><li>Companies should look to hire managers that buy into the organization’s mission.</li><li>Listen to a potential employee describe the mission of the company back to you and see if they are excited. Ask what the last books were that they read. Consider compassion in your recruits. This is an overlooked attribute.</li><li>Timing is an issue with companies. If you know you need to hire management and you need to raise capital to do that, fine. Investors in the room agreed that it’s ok to pitch for capital and explain which positions you are hiring for. That will help you.</li><li>As a CEO, if you aren’t investing 40-60% of your time finding and developing your staff, you aren’t focused right.</li><li>The people who recruit the best on small budgets are good at storytelling. Up to a point, it’s money, but after that, it’s not. If your employees don’t feel connected to the vision, they will leave. You also need to get success. People want to feel like they are on a winning team.</li><li>Pay people what they are worth even before they ask!</li><li>We don’t have a shortage of talent, just a shortage of good management practices and models.</li><li>Generally, people hire too fast and fire too slow. The advice of "when should you fire someone? When you first think of it" might not be quite right. Perhaps an employee is in the wrong position. However, you should fire employees as soon as you know they don’t align with your company’s values.</li><li>Fall in love with the problem. Everyone on the panel agreed that entrepreneurs aren’t spending enough time developing human capital. The development community isn’t spending enough investing in the ecosystem. Investors aren’t investing enough in it.</li><li>Companies should consider coaches or advocates for women. Men need to step in to help their partners do more for their careers.</li></ul>In summary, it is important to first recognize that there is a management gap. If you do, you are ahead of your peers. Recognize that investing in your people and your culture is one of the best investments you can make. To help you, Open Capital Advisors is augmenting to help fill the management gap; Shortlist is redesigning recruiting; and Africa Management Institute is developing world-class management teams. These are three pieces of the puzzle. ANDE, on the other hand, will continue to serve as the leading champion for the SGB sector and work with its members to address some of the key sector challenges including SGB investing, impact management and talent development.<figure class="image"><img src="/uploads/logos2_dcf60d907d.jpg"></figure>A big thank you to ANDE for co-hosting this event with RENEW. For those of you reading this who aren’t familiar, ANDE is an incredible convener of organizations and practitioners involved in supporting SBGs and entrepreneurship in emerging markets with the purpose of creating jobs, stimulating long-term economic growth, and producing environmental and social benefits. At RENEW, we strongly align with ANDE in believing that SGBs are one of the main drivers that will lift entire countries out of poverty.For the last 10 years, ANDE has been addressing talent development challenges through their talent learning labs and by providing funding opportunities like the <a href="https://www.andeglobal.org/page/AATC">Argidius-ANDE Talent challenge</a> that sought to find highly promising solutions to human capital constraints.Under their <a href="https://www.andeglobal.org/page/ANDEStrategy2019">new strategy</a>, ANDE will continue to serve as the leading champion for the SGB sector and work with its members to address some of the key sector challenges including SGB investing, impact management and talent development.To learn more about becoming a member, visit: <a href="https://www.andeglobal.org/page/Membership">www.andeglobal.org</a>.

A Panel on the Real Missing Middle Opportunity

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Is Money the Problem or is it Management?

<h1 style="text-align:center;">Be the Woman who Fixes Another Woman’s Crown…</h1>International Women’s Day (IWD) is a global day to celebrate the achievements of women, while simultaneously acknowledging and accelerating gender equality. Gender parity is an issue that should be on everyone’s radar, especially businesses. At RENEW, we believe that gender equality and gender-smart companies are enabling factors that, in addition to being just, will also help economies in sub-Saharan Africa thrive. As the IWD website states, “the race is on for the gender-equal boardroom, a gender-equal government, gender-equal media coverage, gender-equal workplaces, gender-equal sports coverage and more gender equality in health and wealth.” (<a href="https://www.internationalwomensday.com/">International Women’s Day</a>).In celebration of IWD, and with gender equality always at the forefront of our work and business, we wanted to highlight a few perspectives from some of the amazing women on our team. These women are from diverse backgrounds and are located across four different countries and two continents where RENEW currently has operations. While we still have work to do to continue our push for gender equality, gender-balanced teams, and gender-smart policies, we’ve taken steps and have set goals to make this a reality (read more about <a href="renews-gender-equality-report-card.html">RENEW’s Gender Equality Report Card</a>). In the meantime, we hope you enjoy these perspectives on the challenges and opportunities our team has seen in the impact investing and investment space.Scroll down or click through to the following team members:<ul><li><a href="#dagi">Dagmawit Shiferaw, Project Manager - Ethiopia</a></li><li><a href="#erin">Erin O’Connor, Marketing &amp; Investor Relations - Canada</a></li><li><a href="#kirsten">Kirsten Newman, Associate General Counsel - U.S.A.</a></li><li><a href="#mary">Mary Adoi, Legal Counsel - Uganda</a></li></ul><figure class="image image_resized" style="width:95.82%;"><img src="/uploads/dagi2_0_77e3f8db27.jpg"></figure><a href="https://www.linkedin.com/in/dagmawit-shiferaw-8665943b/">Dagmawit Shiferaw</a>, Project Manager - Ethiopia:Why did you choose to work with RENEW? What drew you to the company? At first, the job description was very interesting; then during the onboarding the whole vision of the company was in line with my values.What does career success look like? What holds you back? Career success for me is to have impactful work, successful results and appropriate compensation. What might hold me back is my desire to spend more time with my family/kids.Are there any opportunities or challenges you face as a woman in this industry? Opportunities in the industry require critical thinking and careful reasoning which I believe the women have and the industry is acknowledging they need this balance. The challenge is that the industry is more time demanding and it might be challenging for women with a family to accommodate this need. Also, some of the industry players are still not recognizing that women can actually be as good or better than men and are either not giving them the opportunity or are not paying them enough.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? As a whole impact investing is a new phenomenon in Ethiopia, but usually women are more attracted to impact investing as they witness the social impacts around them and they are usually trying to solve the social challenges by also improving their family’s livelihood. But as the women-owned businesses are often very small, they are not well represented in the impact investing space.Is there a female executive you look up to? If yes, why? Bethlehem Tilahun of soleRebels. She has been able to execute a big vision and have an internationally competitive brand.Is there any advice you have (or have you heard) for women executives or women in finance? For women executives, don't try to do it all. Delegate, know what’s happening in your business (know your numbers), understand what each division does and set milestones to keep them accountable, then track their performance. This will give you confidence and also the respect from your staff.<figure class="image"><img src="/uploads/erin01_154e147c6d.png"></figure><a href="https://www.linkedin.com/in/erinhoconnor/">Erin O’Connor</a>, Marketing &amp; Investor Relations - Canada:Why did you choose to work with RENEW? What drew you to the company? Having worked in the investment industry, I had heard murmurs about impact investing and it became my mission to join a company where my ideals and values would line up with the work I was doing. I was looking for a company that I could get behind, and one that I would feel good about contributing to at the end of the day. That’s when I found RENEW and joining the team was a no-brainer for me.What does career success look like? What holds you back? Career success for me is being with a company that acknowledges your contributions and being in a role that is challenging and always evolving. What holds me back? I think guts. Just having the guts to really grasp for what I want and go for it.Are there any opportunities or challenges you face as a woman in this industry? I think the investment industry as a whole is still male-dominated and has that “boys club” mentality. As a woman, that can be a challenging barrier to break through at times. I do think more and more companies are making concerted efforts to put more women in higher positions and are striving for more gender-balanced teams, which I think is a great opportunity that is slowly presenting itself.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? I think working in the investment industry, in general, can be challenging at times in terms of being heard and listened to. However, I don’t think you see this bias as much in impact investing. So many impact investing companies and stakeholders are oftentimes trailblazers for gender equality issues. I think the industry as a whole could learn a lot from this sector.Is there a female executive you look up to? If yes, why? I felt a bit corny writing this, but as much as I tried to think of someone well-known, I kept coming back to my mom. She started her own business in a heavily male-dominated industry, and I was always so impressed with how she gained respect and got herself a seat at the table, oftentimes being one of the only women there. I’ve always been inspired by her strong work ethic, the hours she was willing to put in, and seeing how people respected and listened to her.Is there any advice you have (or have you heard) for women executives or women in finance? “Be the woman who fixes another woman’s crown, without telling the world that it was crooked”. I think it’s good work and life advice for women in any role, in any job.<hr><figure class="image image_resized" style="width:100%;"><img src="/uploads/kirsten_2133d69eb7.jpg"></figure><a href="https://www.linkedin.com/in/kirsten-newman-10301aa7/">Kirsten Newman</a>, Associate General Counsel - U.S.A.:Why did you choose to work with RENEW? What drew you to the company? I was looking for meaningful work in the development space, something that had an international focus and that I could be proud to be a part of. After learning about RENEW, I was intrigued by its unique approach to investing and its belief that investing (and not charity) is the best way to empower developing countries.What does career success look like? What holds you back? To me, career success is being in a role that is challenging and stimulating, that pushes me to grow and learn, but that is also rewarding -- that is making a difference in the world in some way -- and that provides a balance between life and work. Doing impactful, challenging, meaningful work (but also recognizing that life doesn't revolve around work).Are there any opportunities or challenges you face as a woman in this industry? I think there are always challenges for women in the finance industry regardless of setting. In my experience, finance in the development space perhaps presents fewer challenges, as the companies and partners we are working with recognize the importance of gender equality and gender-balanced teams. But the typical stereotypes and barriers of women in finance are always out there, regardless of industry or sector.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? To me, it seems like women are better represented in the impact investing / development space than in the finance industry overall. I think generally in the finance industry, there are still a lot of barriers for women who face the "old boys' club" mentality, but I'm glad to see this being broken down and am pleased with the number of women I encounter in our work at RENEW.Is there a female executive you look up to? If yes, why? I look up to one of the partners at my old law firm -- she was an immigrant, single mother and became a partner at one of the most prominent law firms in the world in eight years (which is basically unheard of these days). She was also only the second female partner in our practice group. She is brilliant, and she stands her ground, never letting anyone in the room speak over her or diminish her voice and opinions.Is there any advice you have (or have you heard) for women executives or women in finance? Overcoming the "impostor syndrome" -- the feeling that you aren't qualified or don't deserve a seat at the table. Own your accomplishments, force yourself to speak out and offer ideas, and recognize that your ideas and input are valuable. Find your voice and use it.<figure class="image image_resized" style="width:100%;"><img src="/uploads/mary_50c9948e6e.jpg"></figure><a href="https://www.linkedin.com/in/mary-adoi-0317b0b8/">Mary Adoi</a>, Legal Counsel - Uganda:Why did you choose to work with RENEW? What drew you to the company? The diversity of the team and hands-on approach to developing economies in developing countries.What does career success look like? What holds you back? Playing a pivotal role in transforming industry and economies across East Africa. What holds me back: Time. With RENEW and similar companies, this impact is a matter of time and concerted effort.Are there any opportunities or challenges you face as a woman in this industry? Surprisingly, none. Coming in, I thought this would not be the case but, I have been pleasantly surprised. The "boys club" has an open door policy.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? Women are underrepresented at the point of investment and deciding where capital is placed; however, there are more women in the business acceleration/ incubation end of investment.Is there a female executive you look up to? If yes, why? Anne Juuko. She is the youngest and first female CEO of Stanbic Bank Uganda and has risen through the ranks in the financial sector. I look up to her because her appointment was based on merit and she played her part well, in a “man's world".Is there any advice you have (or have you heard) for women executives or women in finance? There are no excuses, you have to do your time.

And other life lessons from the badass women at RENEW

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Be the Woman who Fixes Another Woman’s Crown…

<h1 style="text-align:center;">March 2020 Resource Blog</h1>For this month’s resource blog, we collected articles on gender equality and women in the workforce in honor of International Women’s Day on March 8. Read through the articles below to learn more about gender equality in Africa and in the venture capital and private equity space.<ul><li><a href="https://www.mckinsey.com/featured-insights/gender-equality/the-power-of-parity-advancing-womens-equality-in-africa">The Power of Parity: Advancing Women’s Equality in Africa</a> - A McKinsey report makes the economic case for gender parity in Africa. The punchline: $316B could be added to the continent’s GDP in 2025 if all countries matched the progress towards gender equality of their best-performing neighbor. (McKinsey &amp; Company)</li><li><a href="https://www.theguardian.com/global-development/2020/jan/20/worlds-22-richest-men-wealthier-than-all-the-women-in-africa-study-finds?CMP=Share_iOSApp_Other">World’s 22 Richest Men Wealthier than All the Women in Africa, Study Finds</a> - Oxfam calculates that the world’s 22 richest men are wealthier than all the women in Africa, with a total of 12.5B hours a day of unpaid care work. (The Guardian)</li><li><a href="https://www.weforum.org/agenda/2019/04/how-women-vcs-invest-says-a-lot-about-the-inequality-in-their-field">How Women Venture Capitalists Invest Says a lot About the Inequality in their Field</a> - The vast majority of female VCs are investing primarily in early-stage startups, in the seed and series A funding rounds. Part of the reason they are investing mostly in the early stages is that female VCs have trouble pooling the large sums of money needed for later-stage funding, says Jessica Peltz, a partner at VC firm MDC Ventures. “It’s a big problem,” she adds. (World Economic Forum)</li><li><a href="https://www.ifc.org/wps/wcm/connect/79e641c9-824f-4bd8-9f1c-00579862fed3/Moving+Toward+Gender+Balance+Final.pdf?MOD=AJPERES">Moving Toward Gender Balance In Private Equity Markets</a> - Women are significantly underrepresented among the investment decision-makers at private equity and venture capital firms, as well as in the leadership of companies that receive this investment capital. Women hold only 10 percent of all senior positions in private equity and venture capital firms globally, and women-led enterprises collected less than 3 percent of global venture capital in 2017. (IFC)</li></ul><figure class="image image_resized" style="width:100%;"><img src="/uploads/resourceblog_0_a5d3b90294.jpg"><figcaption>Image Source: World Economic Forum: <a href="https://www.weforum.org/agenda/2019/04/how-women-vcs-invest-says-a-lot-about-the-inequality-in-their-field">How Women Venture Capitalists Invest Says a lot About the Inequality in their Field</a></figcaption></figure>

A focus on gender equality and women in the workforce

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March 2020 Resource Blog

<h1 style="text-align:center;">IMF’s USD 2.9 Billion Financing Package for Ethiopia</h1>It has been approximately two years since Prime Minister Abiy Ahmed took power as the head of the government. Since then, the country has gone through various political and economic reform programs.The release of opposition political leaders and journalists are noteworthy events in the political reforms undertaken by PM Abiy. On the economic front, the government has adopted a new Homegrown Economic Reform Program (“Reform Program”) tailored to the country’s needs.The Reform Program was introduced as a tool to leverage the achievements of the Growth and Transformation Plan (GTP) for private sector development. The Reform Program is based on three pillars, i.e., macroeconomic reforms, sectoral reforms and structural reforms. It aims to correct the emerging macroeconomic imbalances prevalent in the country, ease structural bottlenecks and introduce efficient and transparent institutions, among others.<figure class="image image_resized" style="width:100%;"><img src="/uploads/ethiopia_0_154186cf55.jpg"></figure>With this background, the International Monetary Fund (IMF) staff team visited Addis Ababa for consultation with the Government of Ethiopia from October 29 to November 8, 2019. During the meeting, the Government requested a three-year $2.9 billion financing package that could be supported by the IMF under its Extended Credit Facility (ECF) and Extended Fund Facility (EFF). The IMF has approved the loan in support of the Reform Program, which is designed, as per the IMF report, to eliminate macroeconomic imbalances and lay the foundation for sustainable and inclusive growth. This is supported by the Ethiopian Government’s new trend towards allowing the private sector to take the wheel in leading the economy.The IMF financing package will primarily support the implementation of the macroeconomic pillar of the Reform Program. Specifically, the financing will be used to address the foreign exchange shortage prevalent in the country, reduce debt vulnerabilities, reform the financial sector and boost revenue mobilization. Moreover, the IMF package is expected to facilitate the transformation of the economy from public to private sector-led growth.Ethiopia has been one of the fastest-growing economies in the world, averaging around 9% economic growth per year from 2007/08 to 2017/18 (World Bank). However, the economy has recorded a decline in the rate of growth in the past couple years. This is mainly due to the forex crunch that the country is facing. The facilitation of this financing package by the IMF, and its focus, in part, on addressing the foreign exchange shortage, is expected to boost the country’s economic growth. In addition, the IMF funds can be seen as an example that, together with the Reform Program, the government is loosening its stronghold in the economy and providing a new play ground for the private sector.Read more in a recent article by the Financial Times: <a href="https://www.ft.com/content/81993af2-1c23-11ea-9186-7348c2f183af">IMF Poised to Approve Landmark $3Bn Loan for Ethiopia</a>.

A look at the Economic Reform Program and the recent IMF loan.

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IMF’s USD 2.9 Billion Financing Package for Ethiopia

<h1 style="text-align:center;">Gender Equality: When the Market Demands It, the Private Sector Will Respond</h1>I have been asking myself the question, “what will it take to achieve genuine gender equality in companies in sub-Saharan Africa?” After all, we still face massive inequalities in the West. I look eagerly toward the day when we no longer need to bring attention to and advocate for women through wonderful efforts like International Women’s Day. It may take us decades yet, but even in the last few years, sentiments and actions are shifting in what I believe to be the right direction.As consumers, investors, entrepreneurs, governments, the development community, and as women, we must all take responsibility and align our behaviors and policies to ensure we move the public sentiment in the right direction.<figure class="image"><img src="/uploads/destaian_0_2810ad183e.png"><figcaption>Photo by Ian Christmann: <a href="http://ianchristmann.com/">www.ianchristmann.com</a></figcaption></figure>I think we can, and here’s a tangible example of how I can see it working. It upsets me to visit companies in Ethiopia, or anywhere in the world for that matter, where the workers are not using personal safety equipment. When I ask managers or entrepreneurs, they often say, “we provide the equipment, but we can’t make them wear it.” While I know it is difficult to achieve compliance with safety standards across organizations, this comment really frustrates me. First, I believe it starts with leadership. Second, building a culture of compliance and the understanding of “why” something is important is possible. But recently, I noticed something new. I visited one of our portfolio companies that has achieved a host of internationally recognized accreditations. The company is audited annually by related organizations. I also heard from the entrepreneur about the latest string of buyers and their requirements prior to sending a purchase order. I have seen the entrepreneur invest in additional safety features for the building and policies for the work environment. I saw compliance across the company for simple things like earplugs and steel glove usage, and I said to myself...Aha... When the market demands it, the private sector responds. On the issue of safety, I have seen it work. I believe we can do the same thing with gender.The development community, including <a href="https://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a> and their <a href="https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/priorities-priorites/policy-politique.aspx?lang=eng">Feminist Assistance Policy</a>, has set the bar for other stakeholders to follow. They are doing their job. So whether you are an Ethiopian government official, a consumer, an investor or an entrepreneur, let’s do our part. Let’s think about ways we can insist on gender equality and gender-smart policies in the companies you work with. We can do this!