<h1 style="text-align:center;">Innovation in the Healthcare Industry, One Ambulance Ride at a Time</h1><figure class="image image-style-align-left image_resized" style="width:31.92%;"><img src="/uploads/logo_eaes_3_52c969544c.png"></figure>To continue our Q&amp;A series with the employees of RENEW’s portfolio companies, I recently had the pleasure to speak with one of the emergency medical nurses from Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC (TEBITA), a partner of <a href="http://www.eastafricaems.com/">East Africa Emergency Services, LTD</a> (EAES).Haile Aseged, born in Northern Shoa, has lived in Ethiopia’s capital Addis Ababa since he was 6 years old. Haile sat down with me to talk about how TEBITA and EAES are transforming Ethiopia’s healthcare industry.<figure class="image"><img src="/uploads/blog_collage_0_d872174cba.jpg"></figure>As a child, what was your dream career? As a child, I dreamed of being a doctor. I was good at my studies and have always wanted to work in the medical industry. I had good grades when I was a student. But, by the time I finished high school, I was not assigned by the government to study medicine due to the super competitive environment of being assigned to a medical college. So, after graduating high school, I immediately began working at Ethio Telecom as a daily laborer. While working there, I never stopped trying to pursue my dream of studying medicine. I applied to Ethiopian Military Health Science College to study nursing and passed the entrance exam. I studied nursing there and became a first aid caregiver. After graduating college, I worked as a first aid caregiver at the Ethio-Eritrea War for a year, and then joined several hospitals throughout Ethiopia to serve in my profession.How did you hear about TEBITA? I have known Kibret Abebe (the founder of TEBITA) long before joining the company. While I was working at the Ethiopian Fire and Emergency Services, Kibret was one of our clients. I also met him while taking emergency medical service training courses at Addis Ababa University Medical College (Black Lion Campus), where he used to work before founding TEBITA. Ever since Kibret established TEBITA, I’ve been very fascinated with his work and his dream of becoming one of the top emergency caregivers in Ethiopia and the region. I used to tell Kibret that I was interested in working with him, and when I heard there was an opening, I immediately applied for the position of ambulance crew head.In your own words, what are TEBITA and EAES trying to achieve at the local and national levels? I believe TEBITA is making enormous changes to the healthcare industry in Ethiopia. It is known that Ethiopia is one of the countries with the highest rate of car accidents and deaths associated with accidents. But, this is mainly due to the lack of pre-hospital caregivers in Ethiopia. I believe Kibret opened this company with the aim to minimize the death rate that happens during the pre-hospital handling. TEBITA is revolutionizing the healthcare industry by addressing the service gap that occurs between the scene of an accident and the hospital, and minimizing death rates in the process. Although the government is trying to reduce the rate of car accidents occurring in the country, reducing the death rate during pre-hospital handling has been difficult. But, when emergency responders like TEBITA join the market, this problem will be fixed, and we finally will be able to start reducing the death rate. Most patients travel to hospitals in taxis, which makes saving their lives difficult once they reach the hospital. At TEBITA, we provide first aid services in our ambulances, which greatly improves the likelihood of the patient surviving. With this, we are minimizing the burden on the government and at the same time saving lives.What makes TEBITA and EAES unique from their competitors? At the moment there is very little competition in the emergency services sector in Ethiopia, as compared to other countries. Our main competitors are hospitals giving diagnostic services and providing ambulance services to patients. Not all nurses can be caregivers, and here at TEBITA anyone who is joining our company has to go through additional training to become an emergency responder. We give pre-hospital care to clients while transporting them to nearby hospitals, which makes the hospital’s job much easier. In addition to providing emergency services, we give first aid trainings and sell first aid kits.What kind of social impact has TEBITA and EAES created in the local community? Here at TEBITA, we believe that patients should not have to come to hospitals to get emergency health services, rather providers should go to them. Ambulance service does not simply mean transporting people from the scene of the accident to a nearby hospital, it is much more than that. An ambulance possesses care-providing equipment, such as: oxygen, face masks, nasal catheters, and emergency medicine. Every paramedic at TEBITA has this equipment in a kit so they can reach patients located in places where the ambulances cannot go. In addition to the emergency care services we give to clients, we also give services to elderly citizens traveling to hospitals regularly; we transport them in a safe way. All these services were not available before TEBITA, so this has positively impacted individuals needing such services. We see the impact everyday, we hear people’s feedback, and it is encouraging us to do more. We have changed the whole picture of the industry.How has working for TEBITA changed your life? I love what I do; I see the impact on the people everyday. This gives me a mental satisfaction to know I have saved someone’s life, even more than the money I get. Even financially, working at TEBITA has improved my life so much. And while my family does not like that I am busy all the time, they can always see the pleasure I get from doing what I do. They also understand that I do not want to disappoint my patients. Seeing me happy doing my job makes them very happy. My son even talks about TEBITA at home and gets very excited when he hears the ambulance siren.Has your job at TEBITA empowered you as an individual? Yes, it has empowered me a lot. I have always wanted to work in the medical sector. But working at TEBITA makes me realize everyday that I am doing what I love, which is saving lives.What education / training have you received to date that prepared you for your role at TEBITA? In addition to the nursing courses I took at the Ethiopian Military Health Science College, I have taken several trainings on emergency medical services from places such as: Addis Ababa University Medical College (Black Lion Campus), Fire and Emergency Services, and I have also worked in OPD (Outpatient Department) in several private clinics for 16 years throughout Ethiopia. After completing my trainings at the Black Lion Hospital, I also worked as a paramedic nurse and as a first aid caregiver at government hospitals in Addis Ababa and other cities. My experience in the sector has equipped me to become ambulance crew head at TEBITA and to give trainings on fire and emergency response.What is your favorite part about working for TEBITA as an Emergency Medicine Nurse? I love interacting with the clients and getting positive feedback. And getting ready for dispatch and rushing to save lives - this is the best part of my job. Also working at the stadium where major soccer games are taking place is one of the highlights of the job.Where do you see yourself in 5 years? 10 years? In the next 5 to 10 years, I see myself helping to grow TEBITA as a company. Because I am involved in the core business of the company, I feel like an owner of the company. Our company has plans to expand to air ambulance services, and growing the company from an emergency care provider in just Ethiopia to other East Africa countries. I dream of having dispatch centers all over Ethiopia to reach patients quickly, and growing our services in the region in the long term.

RENEW continues our Q&A series by profiling an employee of TEBITA, a service partner of EAES.

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Innovation in the Healthcare Industry, One Ambulance Ride at a Time

<h1 style="text-align:center;">Word on the Street</h1>The globetrotters are at it again! Investing on the Frontier’s hosts, Matt and Laura Davis, bring you the fourth episode in our podcast series from Washington D.C. After spending some time in the States to connect with investors, and celebrate the holidays with friends and family, Matt and Laura will be heading back to Ethiopia to dive into the work that 2016 will bring.But before we get too far ahead of ourselves, Matt and Laura provide several real time updates on what’s happening “on-the ground” and “in-the-field” in Ethiopia over the course of this latest episode. The word on the street is that Ethiopia has lately been receiving mixed reviews in the press, so Investing on the Frontier hosts walk listeners through the country’s most recent headlines to bring a little clarity and analyze Ethiopia’s current investment and economic environment. So, be sure to listen in to the fourth episode to get the latest scoop on all things Ethiopia!&nbsp;

Tune in to the fourth episode in RENEW’s podcast series, Investing On The Frontier, for some real time updates.

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Word on the Street

<h1 style="text-align:center;">Announcing the Impact Angel Network 2016 Advisory Board</h1>We are delighted to announce the chairs of the Impact Angel Network for 2016, who together make up the IAN Advisory Board. Joining us for a second term are 2015 chairs Alan Gardner, Andrew Umhau, and Jeff and Donna Turi. David Grizzle, Jodi Morris, and Joel and Beth Marquette are joining us this year as our newest chairs.Alan Gardner, Charlotte, NC Two-time Econ-Tourism trip participant Alan Gardner is an Impact Angel Network chapter chair in Charlotte, North Carolina. He resides outside of Charlotte with his wife Gwen on a beautiful farm and has had a longstanding interest in Ethiopia. He recently retired from Wells Fargo. This is Alan's second year serving on the Board.Andrew Umhau, M.D., Chevy Chase, MD Renowned D.C. internist, Andrew Umhau, M.D., is an Impact Angel Network chapter chair in Washington, D.C. Dr. Umhau has a deep appreciation for culture and travels regularly to Haiti and Ethiopia. Read about his experience in Ethiopia. This is Andrew's second year serving on the Board.David Grizzle, Washington, D.C. David Grizzle is an Impact Angel Network chapter chair in Washington, D.C. David and his wife Anne are long-time residents of Washington, D.C. Former COO of the Federal Aviation Administration, David and Anne are now involved in many other great initiatives. David first became acquainted with the IAN several years ago on a visit to Ethiopia, and he's been incredibly supportive of the network ever since. This is David’s first year serving on the Board.Jeff and Donna Turi, Wilmington, DE World-traveling, experience collectors, Jeff and Donna Turi reside in Wilmington, Delaware. Donna is a senior vice president at Wells Fargo and Jeff is a director at Siemens Healthcare. Making trips regularly throughout the world, Jeff and Donna participated in an Econ-Tourism trip in Ethiopia in November 2013 and have been very engaged in sharing the IAN experience ever since. This is their second year serving on the Board.Jodi Morris, San Francisco, CA Jodi Morris has a passion for travel, education and impact investing, which all goes hand in hand with her new role as an Impact Angel Network chapter chair in San Francisco. She works as a strategy advisor, writer and speaker at her firm <a href="http://connectinggrowthglobally.com/">Connecting Growth Globally.</a> Jodi and her husband Bob live in the Marina District of San Francisco. This is Jodi’s first year serving on the Board.Beth and Joel Marquette, Minneapolis, MN Beth and Joel Marquette are a natural fit as Impact Angel Network chapter chairs in Minneapolis, having spent five months living in Ethiopia with their four children in 2013. Beth works as an HR consultant, while Joel is an electrical engineer. This is their first year serving on the Board.RENEW is honored to have the valuable knowledge and expertise of each of our chairs, and we look forward to an exciting 2016 with them!<figure class="image"><img src="/uploads/advisory_board_98faf7bdd3.jpg"></figure>

RENEW is pleased to announce the Impact Angel Network chairs for 2016.

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Announcing the Impact Angel Network 2016 Advisory Board

<h1 style="text-align:center;">Ethiopia: Then &amp; Now</h1>Matt and I often reflect on how we would like to better document and share the changes we have seen in Ethiopia since we first arrived to open our office in February 2012. The changes are almost beyond comprehension, and we often wish we had installed time-lapse cameras at various points around Addis Ababa to capture the exceptional growth this city has experienced over the past few years.I was part of the “advance team” in January 2012, coming several days before Matt and a group of brave investors arrived in Addis Ababa. Now, we have six investments and will soon be the largest private equity (PE) investor in Ethiopia by volume of deals. Since then, RENEW has come a long way, as has the country in which we reside. We are thrilled to participate in and observe the incredible story that is Ethiopia’s growth.<figure class="image"><img src="/uploads/then_now_855e40e184.jpg"></figure>Infrastructure – Trains, planes and automobiles Matt knows a time before there was even a ring road in Addis Ababa. Now, there is not only a ring road (a highway of sorts), there are also stoplights throughout the city, a six-lane highway connecting Addis Ababa to Adama (the busiest corridor for transporting goods), a light rail system to transport city residents, and a railway will soon be commissioned to take containers from Addis Ababa to the Port of Djibouti. We still become concerned when we see people walking their livestock on the ring road, but then again, change takes time.Private Equity – They said it was impossible When we first came to the country, RENEW was the second foreign PE group to open an office in Ethiopia. Now, there are several additional firms working alongside RENEW. We still receive the occasional question from investors about whether private equity is really possible here, but in general, viewpoints have evolved and investments are being made. As more investors come, desk officers at related government organizations are starting to understand the needs and terminology of the private equity community. We do our part to educate businesses, banks and other stakeholders in the investment community about private equity through seminars and one-on-one conversations. Shark Tank Addis anyone?Real Estate Development – Scaffolding, scaffolding and more scaffolding If you leave Addis Ababa for even a couple of days, you’ll likely come back to a new building (or ten) going up. Every day, it seems like a new hotel or apartment building or corporate office is constructed and opens its doors. I would never pretend to be an expert on the real estate industry in Ethiopia, where the government owns the land and leases it for residential and commercial use. But, by all accounts, there has been incredible growth since we arrived four years ago, and it does not seem like it will be slowing down anytime soon. One of our investors recently commented that she thinks we should start a scaffolding business. Not a bad idea!Quality of Life: On the up and up The quality of life becomes better each month we are here. Last month, we spent some time in the rural coffee region of southern Ethiopia, and I was astonished to find that there was an operational 3G cellphone network throughout the area. Even a year ago, this wouldn’t have been the case. Ericsson has done an incredible job of implementing said networks in locations where they’ve been asked to do so by the government of Ethiopia. Other areas we see progress in include the addition of upscale restaurants and infrastructure present in cosmopolitan cities around the world.As 2015 comes to a close, I'm sure that we will see even more exciting development and change in the coming year - Matt and I can't wait to see what's in store.

RENEW's Laura Davis reflects on the tremendous change Ethiopia has experienced since first arriving in 2012.

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Ethiopia: Then & Now

<h1>METAD PLC: A Force of Innovation in Ethiopia's Coffee Industry</h1><figure class="image image-style-align-left image_resized" style="width:28.87%;"><img src="/uploads/metad_logo_w_tag_rgb_2_24d4122529.jpg" alt="A Graphic of METAD, an organization committed to producing, processing and exporting premium Ethiopian coffee from seed to cup, sharing Ethiopia's rich coffee heritage with the world."></figure>Partners of RENEW, Matt and Laura Davis, recently visited one of METAD Agricultural Development PLC’s farm sites to check on the coffee pre-harvest preparation. 75 kilometers beyond Yirgacheffe, deep in the heart of some of Ethiopia’s best coffee country, METAD’s 200 hectare Hambela farm includes a washing station, dry mill, beds for sun drying, a large warehouse and guest bungalows. Altogether, METAD employs 28 permanent staff and 700 seasonal staff, 70% or more of which are women, and they partner with more than 700 out growers to provide best practices on growing, harvesting and selling coffee.One such permanent METAD employee is Solomon Teklemariam. A native of Addis Ababa, Solomon studied agriculture at Hawassa University, which prepared him for his role as METAD’s coffee quality manager. During Matt and Laura’s visit to the Hambela farm, Solomon was their capable guide, providing detailed and informed answers to all of the questions they had about the farm’s pre-harvest activities. The RENEW team and several IAN members who have visited the METAD laboratory in Addis have met Solomon and learned from his cupping expertise.<figure class="image"><img src="/uploads/solomon_collage_a1295fed11.jpg" alt="Renew Capital Team members engaged in a discussion with Solomon about his significant contributions to METAD and the Ethiopian coffee value chain."></figure>The RENEW team sat down with Solomon to learn more about his important role at METAD and his contribution to one of Ethiopia’s most prized value chains - coffee.When did you start working at METAD? I started working at METAD less than a year ago (maybe eight months), but I used to work as a consultant before joining the company full time. Back when the Ethiopian Commodity Exchange (ECX) was first established, I used to work there with Aman Adinew, the CEO of METAD. So, I have known Aman long before METAD was even started when I used to work as a cupper at the ECX.What coffee related education and/or training have you received to date? I studied agriculture science in college, and after graduating I immediately joined the ECX as a coffee cupper, where I gained ample experience in the coffee industry. Prior to joining METAD I took several trainings on coffee cupping and quality grading. At the ECX I used to work as a Q-Grader (quality grader of specialty coffee). Around five or six years ago, I took a coffee quality training course facilitated by the Ethiopian government and received a certificate. I also took a training course from Coffee Quality Institute (CQI) on coffee tasting and quality grading from the seed to the final tasting stages. I received a certificate from CQI, which is upgraded every three years. Then, I received a basic training certificate from the Haron Agronomy Department on coffee processing from the nursery to cupping. I have also received training from the Jimma University research center on coffee disease control.What is your position title at METAD, and what are your responsibilities? I am the coffee quality manager at METAD. My main responsibilities are: training and supervising farm managers, as well as quality control from the nursery to the final production stage - picking, sorting, washing, processing, drying, heat/moisture control, controlling coffee parchment. The process of quality control continues until the coffee reaches the warehouse and is shipped to its export destination. I also tag the coffee for customers until the export is done, test and control coffee, including cupping and sample storing and registering works.In your own words, what is METAD’s philosophy or outlook on Ethiopian coffee? What is METAD trying to achieve at the local and international levels? METAD aims to provide specialty coffee for customers that is geographically traceable. Any customer looking to see the origin of the coffee they buy can easily track its origins from seed to cup. Quality and traceability are the two important components of coffee processing that have not been done in Ethiopia before. METAD is one of the pioneers in this section. As the international specialty coffee market requires the best quality coffee, METAD aims to sell this kind of coffee to clients. We also provide trainings to the farmers we buy coffee from on various issues to help them produce high quality coffee. The company aims to serve the world the best quality Ethiopian coffee, which helps METAD obtain its organic coffee certification and helps the farmers that the company buys from receive a premium price for their crop.What kind of social impact has METAD created in the local community around the farm? METAD has provided various trainings for the farmers in the Hambela and Gedeb area, where both METAD’s farms are located. The farmers also benefit from the out growers program with METAD, as they will get premium prices for their coffee due to the company’s organic certifications. METAD also supports the farmers and their families by building schools and providing learning equipment for them, building town halls for holding meetings and is currently working on providing clean water for the farmers.Has working for METAD changed your life for the better? Definitely, I have worked with Aman before, and I have enjoyed his mentorship. Working at METAD has changed my life because I am able to gain experience and improve my skills, and I also earn a better salary than I did from my previous jobs. My family is very happy because I enjoy what I do.What is your favorite part about working for METAD as the coffee quality manager? I enjoy working at the laboratory because it is less tiring, but when it comes to the actual work and testing the quality of the coffee, spending time at the farm is important. My job is not limited to one place, so I enjoy both farm work and office (laboratory) work. The most satisfactory part is working at the farm and controlling the quality and agronomy.Have you tried METAD coffee, and if so what do you think? Yes, I have tried it many times. In fact, I only drink METAD coffee - both at the farm and at the office. It is one of the best coffees in Ethiopia and this is one of the reasons I joined the company. METAD provides a high quality coffee, and in my opinion as a cupper, has a unique future and is ranked above 90% for specialty coffee - especially the coffee from Hambela.How has your position at METAD inspired you? It has inspired me to be one of the best coffee quality graders in Ethiopia. I believe working at METAD is a good opportunity for me because it is one of the top coffee producing companies in the country. In 5 to 10 years, I want to be a well-known coffee cupper and quality grader in Ethiopia. I want to improve my skills in agronomy, coffee trade and the overall process from seed to cup. I want to be an expert on coffee. I also want to improve economically, to provide a better life for my family and myself. This all depends on the performance of METAD, which I plan to contribute my best effort to.

METAD is an Ethiopian specialty coffee company with a vision for crop-to-cup coffee. The Company has strengthened Ethiopia’s coffee brand in the international market, and helped local farmers improve the quality and value of their harvested crop.

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RENEW has a Q&A session with METAD's coffee quality manager to discuss this important sector.

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METAD PLC: A Force of Innovation in Ethiopia's Coffee Industry

<h1 style="text-align:center;">Ready for an Adventure?</h1>RENEW strives to provide members of the Impact Angel Network (IAN) with an unforgettable investment experience. One such element of the investor experience is the opportunity to travel to Ethiopia and participate on an Econ-Tourism trip. What is an Econ-Tourism trip? Each trip is unique, but the following information provides a general overview of the adventure.WHAT:RENEW encourages all members of the IAN to travel to Ethiopia and participate on an Econ-Tourism trip, during which they meet with entrepreneurs, tour their facilities, see the current state of the businesses first-hand, and help choose the next set of investment opportunities for the IAN.WHERE:Addis Ababa, Ethiopia.WHEN:RENEW hosts trips for members several times throughout the year.AGENDA:Econ-Tourism trip participants usually arrive on a Sunday to rest, relax, and sightsee around Addis. The team will plan several meetings with various prospective businesses from Monday to Wednesday, and many participants will leave on Thursday for a cultural trip around Ethiopia. Participants also enjoy one-on-one meetings with the entrepreneurs of RENEW's portfolio companies to learn more about their experiences building successful businesses in Ethiopia.OUTCOME:Econ-Tourism trip participants are usually surprised to see so much development, growth and opportunity in Ethiopia. They notice signs of a rising middle class and are encouraged by the people they meet who want to work and build their country into an economic powerhouse. Our investors see first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.As Econ-Tourism trip participants speak with Ethiopian entrepreneurs, they often comment about the positive attitudes and drive of the management teams they meet, the signs pointing to growth in the agriculture, healthcare, energy, and technology sectors, and the work of the companies to improve the lives of employees.DETAILS:The RENEW team prepares members for the trip by suggesting flight and hotel options, planing side trips to exciting destinations around Ethiopia, advising on cultural and business customs, and creating an agenda filled with meeting entrepreneurs, seeing business opportunities and getting to know the unique culture of Ethiopia.SIDE TRIPS:Trip participants can also take side trips to beautiful and historic spots around Ethiopia, such as the monolithic rock-cut churches of <a href="http://whc.unesco.org/en/list/18">Lalibela</a>, the lake district of <a href="https://en.wikipedia.org/wiki/Lake_Awasa">Awassa</a> in the Great Rift Valley, or <a href="https://en.wikipedia.org/wiki/Bishoftu">Debre Zeit</a>, a resort town known for its crater lakes. Our in-country team takes care of all of the logistics and planning for these side trips.UPCOMING TRIPS:The RENEW team will be hosting an Econ-Tourism trip from February 18 to 24, 2017. If you have any questions regarding the IAN, Econ-Tourism trips in general, or about the upcoming trip in February, please feel free to reach out. &nbsp;

Participate on a RENEW Econ-Tourism trip and visit the unique and exciting country of Ethiopia.

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Ready for an Adventure?

<h1 style="text-align:center;">The Collection</h1>SHOP AND SHAREWe are excited to unveil <a href="http://thecollection2015.myshopify.com/">The Collection</a>, a curated selection of products from the Impact Angel Network's portfolio. The Collection is designed to enable network members and friends of RENEW to share the IAN cheer - and impact - this holiday season. Enjoy select spices from Mama Fresh, finely roasted Arabica coffee from METAD, and Color Cloud Hammocks from the textile company we are planning to invest in next.<figure class="image"><img src="/uploads/hompage_favorite_final_0_0c14bc428d.png"></figure>Mama's Spices Add a touch of Ethiopian flavor to your life with spices from <a href="https://thecollection2015.myshopify.com/products/mamas-berbere">Mama Fresh</a>. Though typically used in Ethiopia as a seasoning for stews that accompany injera, Mama's spices are versatile enough to be a staple in the American kitchen. Try them sprinkled on salad, roasted walnuts, french fries or roasted sweet potatoes, or as a seasoning on burgers, chicken or steak on their way to the barbecue.Hambela Holiday Blend Enjoy a cup of specialty coffee from <a href="https://thecollection2015.myshopify.com/products/hambela-holiday-roast">METAD's</a> Hambela farm in Ethiopia’s world-renowned Oromia region, a region in southern Ethiopia that produces distinctive coffees from traditional varieties of Arabica coffee. This delicious cup of coffee is freshly roasted in the U.S. and is sure to delight all coffee lovers.Color Cloud Hammocks 'Adventure-in-a-bag' <a href="https://thecollection2015.myshopify.com/products/color-cloud-hammock">Color Cloud Hammocks</a> are the perfect gift for your friends and loved ones who are on-the-go. Made in Addis Ababa by the IAN's upcoming investment, an Ethiopian textile company, the hammocks are easy to transport, can be hung in minutes and will be sure to elicit a smile with their bright and fun color combinations.<figure class="image"><a href="http://thecollection2015.myshopify.com/collections/all"><img src="/uploads/shop_the_2015_collection_67d282b8fe.png"></a></figure>Every bag of coffee you purchase employs an Ethiopian for three days.* Every bag of spice you purchase employs a baker for one day.* Every hammock you purchase provides wages for a skilled textile worker for eleven days.*<a href="http://thecollection2015.myshopify.com/collections/all">Shop The Collection</a> and share in the IAN's story of impact in East Africa.

A curated selection of products from the Impact Angel Network's investments in Ethiopia.

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The Collection

<h1 style="text-align:center;">Financing Ethiopia’s Ambitious Economic Plans</h1>Economists, business leaders, investors, development partners, government leaders, local and international journalists and a host of others focused their attention on Addis Ababa last week with The Economists’ <a href="http://www.economist.com/events-conferences/emea/ethiopiasummit-2015">2015 Ethiopia Summit</a>, held at the Sheraton on October 28th and 29th.<figure class="image"><img src="/uploads/img_8243_1_128a3eec8e.jpg"></figure>His Honorable Excellency Prime Minister Hailemariam Desalegn of the Federal Democratic Republic of Ethiopia opened the event, sharing some high level thoughts on Ethiopia’s economic accomplishments and plans. Next, Dr. Arkebe Oqubay, a senior advisor to the Prime Minister and the former mayor of Addis Ababa, gave a very succinct overview of the government’s development plans as described in the Growth and Transformation Plan II, which in some ways was formally launched at the event. Dr. Oqubay detailed how the government is aiming for continued economic growth at around 11% per year and plans to focus on growing the manufacturing, agriculture and export industries. The government is also aiming to help create two million jobs in the next ten years. He described how the government looked closely at the economic development plans and accomplishments of countries such as China, South Korea, Vietnam and Brazil, and used several of their lessons learnt and best practices to map out the country’s future economic goals.Both Dr. Oqubay and Prime Minister Desalegn mentioned the need for increasing local and foreign investment, encouraging groups like RENEW and the Impact Angel Network (IAN) to invest in textiles, leather, agro-processing, clean energy, steel, cement and chemicals. And, while some of these investments are larger than RENEW and the IAN’s focus (our sweet spot is $500K to $1.5M per deal), Dr. Oqubay stressed the need to invest in small and medium enterprises to fuel growth at all levels in the private sector.The government appeared determined to continue building, and in some cases owning, critical infrastructure, including EthioTelecom (a government owned entity), industrial parks, and the railway system to Djibouti, which is estimated to cut transportation costs by one half. At the same time, government leaders at the summit were clear that they would not be opening up the banking sector to foreigners for at least another five years, as they feel they do not yet have the capacity to regulate international banks. Dr. Oqubay spoke about the current challenges of the country (infrastructure and human capital), which the government will continue to work on within the context of their ‘state led capitalism’ plan.<figure class="image"><img src="/uploads/img_8257_1_8bc617077f.jpg"></figure>Later in the day, RENEW’s Matthew Davis, along with a powerhouse panel of international and local investment bankers, took the stage to discuss the “financing of Ethiopia’s ambitious plans.” Matthew’s fellow panelists included Davinder Sikand, Partner of The Abraaj Group; Helaway Tadesse, Senior Vice President and Chair of Management Credit Committee of Zemen Bank; and Sergei Stankovski, Managing Director of Goldman Sachs. Matthew’s main points were to be successful in Ethiopia investors need to “get small”, “play by the government’s rules” and “don’t complain about the challenges.”<figure class="image"><img src="/uploads/img_8260_2_dae07cca2d.jpg"></figure>Following the panel, Hailu Tessema, one of the owners of Mama Fresh Injera PLC (a RENEW portfolio company), held a one-on-one interview with the Xan Smiley, the Editor-at-Large of The Economist, about “doing business in Ethiopia.” Hailu challenged the assumption that obtaining debt financing was an issue for companies in Ethiopia, and stressed how the Ethiopian government has helped ensure small, local companies are having access to foreign markets through partnership with companies like RENEW, which are helping increase exports and modernize cottage industries like injera manufacturing.Overall, the summit was a success and important for Ethiopia, as it brought the country’s economic progress and plans into the global spotlight, and gathered investors from around the world to hear about the prospects and challenges of investing in one of the next great investment frontiers.

RENEW reflects on its time at The Economist's 2015 Ethiopia Summit.

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Financing Ethiopia’s Ambitious Economic Plans

<h1 style="text-align:center;">Above the Clouds</h1>It’s been on my list for 17 years to climb Mt. Kilimanjaro, Africa’s highest peak. From October 17 to 24, 2015, Matt and I left the world of cellphones, emails, computers, internal team and portfolio board meetings behind to challenge ourselves in a different way.The 55-mile hike might be classified as little more than an extended “walk”, except for one major exception: the elevation change. But living in Addis Ababa, at 2,356 meters (7,730 feet), certainly helped prepare us for this adventure. We spent the first night at an elevation we were used to and went slowly up from there. After about 3,700 meters (12,000 feet), we were mostly above the clouds for the remainder of our trek. I love clouds, and it was mesmerizing to watch the weather change beneath us, and the fog and cloudbanks roll up the mountainside throughout each day. Basecamp was at 4,750 meters (15,520 feet) and at about 12:20 AM on Wednesday night, we started our final ascent.We left later than the other groups, but somehow our guides got us to the top first. Slowly placing one foot ahead of the other, with the oxygen getting thinner and thinner with every step, we made it to Stella’s point and then the grand finale, Uhuru Peak at 5,895 meters (19,340 feet), just as the sun cracked the horizon. Our guides timed it perfectly. With a bottle of non-alcoholic champagne to toast the accomplishment and our second wedding anniversary, it was a moment I will never forget.<figure class="image"><img src="/uploads/nov_essentials_kilimanjaro_36476295b8.jpg"></figure>The trek also allowed ample time to think and journal about what we are doing at RENEW, and it really helped me crystalize and ‘renew’ some of the lessons I have learned after living and working in Ethiopia for almost four years. These are …&nbsp;<ol><li>You can be very productive when you are offline - Being offline for a week allowed us to focus and have productive thoughts and conversations. We had hours to remember, talk and brainstorm about what is and will be in our personal lives and in the work we are doing with the Impact Angel Network in Africa.</li><li>Listen to the locals - One of our guides had been climbing the mountain for 28 years and the other 17. We went at their recommended hiking pace, we drank water, ate food and rested when they told us to, and we were fine. Our guides had many stories to tell us about Westerners (Mzungus) who thought they could do it better than the guides…and they did not fair so well.</li><li>Poly, Poly - The term means ‘slowly, slowly’ in Swahili. Doing things slowly is not in our nature in the West, but doing some things slowly may be the difference between a successful and failed summit attempt.</li></ol>&nbsp;In some regards I would like to think I came down the mountain a different person. Both Matt and I descended with a clarity and vision for a few key areas of our life, the IAN and RENEW.My advice - don’t wait. If you have those things you’ve always been meaning to do, make a plan and get them done. You will be glad you did.

Adventures and lessons learnt while climbing Mount Kilimanjaro, Africa's tallest peak.