A round-up of news from around Africa, including:

China extends 950m loan to Zimbabwe

Zimbabwe had secured 950m in credit from China to help rebuild its economy, the biggest offer from a single country since the unity government was formed.

The African Development Bank has approved a R100-million investment in the Evolution One Fund, the first specialised private equity fund focused on the acceleration and deployment of clean energy and sustainable technologies across southern Africa. The 10-year private equity fund, managed by Cape Town-based Inspired Evolution Investment Management, will make equity and equity-related investments in sustainable projects and companies with the aim of not only achieving carbon reductions, but also ensuring the sound environmental, social and economic performance of these investments. The fund will seek to invest predominantly in growth-phase businesses, particularly in eight high-growth sectors, namely clean energy/energy efficiency (up to 50% of its investments), efficient and clean manufacturing processes and technologies, air quality and emissions control. Other areas include water quality and management, waste management, agribusiness and forestry, natural products, organics and natural health, and environmental real estate. South Africa will account for 60-75% of the fund's overall investments, while up to 25-40% will be earmarked for other Southern African Development Community countries.

In a breakthrough for microfinance and alternative investment, the LeapFrog Financial Inclusion Fund announced today that it has raised US$44 million. It is the world's first investment fund focused on microinsurance. The fund aims to invest in businesses that will bring insurance and financial services to 25 million low-income people in Africa and Asia. The capital was raised from a diverse set of public and private investors around the world, including the European Investment Bank (EIB), FMO, Omidyar Network, Triodos-Doen, Hivos-Triodos Fund, ACCION International, Calvert Large Cap Growth Fund, wealth manager Felipe Medina, and the LeapFrog team. The team consists of former CEOs and pioneers in insurance and investment in emerging markets.Numerous studies have demonstrated that low-income people in developing countries are willing and able to pay for a safety net that protects their family or business, but they can't access affordable and quality insurance. The 100 Country Landscape Report by the Microinsurance Center estimated a market size of one billion people, but found that less than three percent of these people now have any kind of insurance.

The first evaluation of a pilot in Tanzania to provide affordable Internet access to rural communities through a shared wireless (mesh) community network has been completed, and the results look promising. Eight months ago, IICD helped the Tanzania Telecentre Network (TTN) in the rural district town of Sengerema to set up a pilot to share a wireless (mesh) community network. The goal of the network is to make Internet available - and affordable - to large numbers of people who live in the rural areas around the telecentre.

The African Network of Professionals (ANOP) is calling for participation in its major event – "The Congress of African Professionals". The congress will be held in Accra, Ghana on 11th - 13th November, 2009 at Accra, Ghana. The theme of the Congress is "Professionalism in Africa: Problems and Prospects". There will be a pre-congress workshop on the 10th November, 2009 at same venue. Click here to view confirmed plenary and keynote speakers. The general objective of the programme is to achieve sustainable and equitable development in Africa by developing professionally and building a vibrant, prosperous, united, and stronger Africa. This is done by creating an enabling and conducive environment which is endowed with requisite resources (both human capital and infrastructures) and capable of optimizing its political, economy, socio-cultural and technological strengths and opportunities for the continental growth and development.

The Board of Directors of the African Development Bank (AfDB) Group has approved a $500m investment in the Global Trade Liquidity Program as the second phase of its Trade Finance Initiative. The first phase approved in March 2009 was a $500m in lines of credit to support trade finance by African banks, bringing the combined ceiling for both phase 1 and 2 to $1bn. The initial $500m investment by the Bank makes the Global Trade Liquidity Programme (GTLP) the single-largest contributor to African trade finance. The Bank's presence helped increase the share of GTLP resources specifically targeted for Africa.

Banking Group Standard Chartered has acquired the remaining shareholding in specialist mergers and acquisition firm First Africa for an undisclosed sum. The acquisition was part of the bank's strategy to become a major player in the provision of leverage finance and promoting inward investment into SA and the continent, regional CEO Mike Hart said. He said the bank had initially acquired 25% of the firm - headquartered in SA - in October 2006, and had decided to wholly acquire it to gain a firmer foothold in the mergers and acquisition market in Africa. Hart said the deal would strengthen the bank's ability to take advantage of the growing trade corridors both in Africa and between Africa and Asia.

The World Bank has approved $535 million to support three credit facilities aimed at helping improve economic governance and stabilizing Ghana's economy. The amount is the biggest ever to be approved for the country in one sitting of the board of executive directors. The Economic Governance and Poverty Reduction Credit is worth $300 million, the Transport Sector Project $225 million and the Natural Resources and Environmental Governance facility $10 million. The entire amount is part of the $1.2 billion the bank plans intends to support the government with over the next three years. According to a statement released in Washington, the facility is to ease the difficult macro-economic situation, the consequence of a combination of domestic and external shocks which has revealed and exacerbated a number of structural challenges in the public sector in general, and in the energy sector in particularly, and which, if left un-tackled, would undermine Ghana's growth and development prospects.

The Industrial Development Corporation has set aside R6.1-billion to rescue troubled local companies over the next two years. The government-owned entity, which used to fund projects, has become South Africa's main source of bailouts in the economic crunch. Since last March it has helped distressed companies to the tune of R800-million in the mining and beneficiation, chemicals, metals and machinery, transport and textile sectors. In the year to March it bailed out 14 companies with R500-million. Since its March year-end, it has injected a further R300-million into five companies. The IDC approved funding of R10.8-billion in the financial year, representing an increase of 27 percent over the previous year. It has budgeted to approve investments of R11.4-million in the current year (R1.5-billion in the rest of Africa) and allocated R71-billion for the next five years. These investments could include projects in solar and wind-power generation, bio-ethanol, a coal mine and power plant in Botswana, petrochemicals, and a platinum smelter and refinery.

World No. 2 brewer SABMiller will sell 10 percent of its South African unit to black investors in a deal worth $750 million to meet the country's affirmative action rules. The London-based brewer of Miller Lite, Peroni and Castle beers said its black staff and black-owned retailers of SAB's alcoholic and soft drinks would be issued with new shares, funded through dividends over 10 years. Companies in South Africa have to meet quotas on black ownership, employment and procurement as part of a government drive to shift more of the mostly white-controlled economy into the hands of the black majority. The black investors will inject a small amount of cash and the rest will be funded via dividends over 10 years. External bank funding will not be required. The transaction will cost SABMiller about $220 million, most of which will be taken as a non-cash cost in its 2011 financial year, and will be excluded from adjusted earnings. At the end of the 10-year transaction period, the shares in local unit South African Breweries will be exchanged for SABMiller shares. The deal boosts SAB's overall black ownership quota to 16 percent, the company said. South African Breweries is one of South Africa's biggest and oldest companies, formed in 1895 a decade after the start of the gold rush. It expanded rapidly abroad after the end of apartheid, becoming SABMiller, with its headquarters in London.

Zimbabwe had secured 950m in credit from China to help rebuild its economy, the biggest offer from a single country since the unity government was formed. Zimbabwe has appealed to the world for a "financial stimulus package" for its devastated economy, and says it needs 10bn to rebuild dilapidated infrastructure and ease a 90% unemployment rate.

South Africa's Exxaro Resources says it had formed a joint venture with Sasol to build a new coal mine to supply Sasol's proposed 80,000 barrels per day coal-to-liquids project. Following the news, shares in diversified miner Exxaro and Sasol extended their gains to more than 4 percent. Sasol, the world's largest maker of motor fuel from coal, plans to build the new project named Mafutha in South Africa's Limpopo province, which is known to have substantial coal reserves located in the Waterberg region. Sasol has said sampling coal for the proposed project in would start before the end of 2009. Exxaro, South Africa's biggest coal supplier to utility Eskom, said in a statement the new mine was in the pre-feasibility stage. Should the project proceed, it would require a new coal mine, the company said. Exxaro said about 170,000 tonnes of coal will be mined for large-scale testing at Sasol's Secunda synthetic fuels facility.

Delta Corp., controlled by SABMiller Plc and Old Mutual Plc, said it plans to boost output almost fivefold by 2014 as Zimbabwe's economy recovers from a decade- long recession. The Harare, Zimbabwe-based brewer aims to increase its annual output to 10 million hectoliters (264.2 million gallons) by 2014, from 2.2 million hectoliters in the fiscal year through March, 2009, by investing $150 million to revamp underutilized equipment, it said. Revenue will grow to more than $1 billion, it said, without providing current figures. Zimbabwe's economy is forecast to expand this year after the Movement for Democratic Change party and President Robert Mugabe's Zimbabwe African National Union-Patriotic Front formed a coalition government to end a political impasse that caused the world's highest inflation rate and prompted a quarter of the country's population to emigrate. Inflation has been curbed after the Zimbabwe dollar was abandoned in favor of other currencies including the dollar and the rand. Delta has a 90 percent share of Zimbabwe's beer market and 85 percent of the soft-drinks market, according to a May 31 report in the Harare-based Herald newspaper.

Internet giant Google is targeting Africa's mobile phone users with the introduction, starting in Uganda, of Google SMS, a suite of mobile applications which will allow people to access news, information and advice on health, agriculture, weather, sport and more via SMS (text). According to a post on googleblog.blogspot.com, Google is aiming to reach a broader base of people, not only those who can afford to access the internet via computer from the convenience of their workplace or home. In many places around the world, people are looking to their phones to find the information they need in their daily lives, says Google. "This is especially true in Africa, which has the world's highest mobile growth rate and where mobile phone penetration is six times internet penetration," Google says. "One-third of the [world's] population owns a mobile phone, and many more have access to one. However, most mobile devices in Africa only have voice and SMS, or text, capabilities, and so Google has decided to focus its technological efforts on the continent on SMS. The service is currently supported through MTN in Uganda only. Google SMS is a suite of mobile applications that will allow people to access news and information via SMS. It also includes Google Trader, a SMS-based marketplace application that helps buyers and sellers find each other. People can use the application to find, sell or buy any type of product or service, from used cars and mobile phones to crops, livestock and jobs. Both Google SMS Tips and Google Trader represent the fruits of unique partnerships among Google, the Grameen Foundation, MTN Uganda and other local organisations.

Dr. Ibrahim Assane Mayaki of the Republic of Niger is the new Chief Executive Officer of the Secretariat of the New Partnership for Africa's Development (NEPAD), headquartered in Midrand, South Africa. Dr. Mayaki born in 1951 holds a Masters degree from the National School of Public Administration (Enap), Québec, Canada and a PhD in Administrative Sciences from the University of Paris I, France. He worked as a Professor of Public Administration in Niger and Venezuela. Between 1996 and 1999 he was successively appointed Minister in charge of the African Integration and Cooperation and Minister of Foreign Affairs. In November 1997, he was appointed Prime Minister, a function he held until January 2000. In August 2000, he set up the Analysis Center for Public Policy. From 2000 to 2004, Dr Mayaki was a guest Professor at the University of Paris XI, where he lectured on international relations and organizations; he also led research at the Research Center on Europe and the Contemporary World within that university. In 2004, he was appointed as the Executive Director of the Platform in support of Rural Development in West and Central Africa, the Rural Hub, based in Dakar, Senegal, from where he was recruited as NEPAD CEO. Dr. Mayaki will take up his assignment in Midrand, South Africa, soon.

The internationalisation of higher education must be managed to help African countries avert a brain drain, says South Africa’s Higher Education Minister Blade Nzimande. "Far too many students are leaving their home countries to study elsewhere," Nzimande said in a speech prepared for delivery at the 2009 World Conference on Higher Education in Paris. He told delegates at the Unesco headquarters that this was part of the outcome of poor access to education in some African countries. According to a conference paper, in 2007 over 2.8 million students were enrolled in higher educational institutions outside their country of origin, which is a 53 percent increase since 1999. Sub-Saharan Africa had the highest outbound mobility rate in 2007 at 5.8 percent, compared with the world average of 1.8 percent. In his opening address at the World Economic Forum on Africa, President Jacob Zuma said the global economic crisis might help to reverse Africa’s brain drain. Recent research conducted among South Africans living abroad suggests this may well be the case, with 72% of respondents indicating they were likely to return.

The Industrial Development Corporation (IDC) had set aside R15 billion to invest in new and existing projects in the rest of the continent over the next five years, the state-owned financier said. Gert Gouws, the IDC's chief financial officer, told Business Report this was part of its mandate, which stated that it must invest in Africa and increase developmental returns from identified countries.The IDC had invested R2.9bn in Africa in the past financial year, but the budget would be cut by nearly half this year to R1.5bn. because the development financier had to allocate R6.1bn for local firms that were hit by the recession. According to the IDC's website, it extended its reach beyond South Africa to the Southern African Development Community in 1998 and to the rest of Africa in 2002. It saw the need to invest in the continent because South Africa's prosperity was inextricably linked to Africa's economic development. Africa represented enormous market potential and untapped resources, and was projected to be one of the last bastions of economic growth. The company invests in projects ranging from mining and mineral beneficiation to agro-processing, infrastructure development and tourism. In the past financial year, the IDC made its first investment in Eritrea: R800 million in the mining sector. The project will produce gold, silver, copper and zinc over its 10-year life span. This will create 400 direct job opportunities and lift government revenue by 7 percent a year over the life of the mine. It is expected to serve as a catalyst to develop Eritrea's mining industry. The IDC has approved funding of R100m for a project in Mali to manufacture chipboard from rice straw. It has invested R166m in Botswana to establish a plastic pipe manufacturing plant.

SABMiller Plc plans an eight-fold increase in output at its Pabod Breweries unit in Nigeria by next year and is seeking other potential acquisitions in the West African country. The London-based company earlier this year acquired 70 percent of Pabod, based in Port Harcourt, the oil industry hub of Africa's most-populous nation. The plant currently produces 30,000 hectoliters (792,516 gallons) of alcohol per month, According to Johan de Kok, managing director of the Nigerian unit, the company's target is to produce about 250,000 hectoliters of alcohol by February 2010. SABMiller is the world’s second-largest brewer, having grown by acquisitions including U.S.-based Miller Brewing Co., Royal Grolsch NV of the Netherlands and China Resources Snow Breweries Shenyang Co. The company has brewing or beverage interests in 32 African countries including Nigeria, a nation of more than 140 million people. Since acquiring Pabod, SABMiller has reintroduced brands in Nigeria including Grand Lager and Grand Malt and may bring more to the market, Mark Bowman, who heads the company's African unit, said last month. SABMiller's lager volumes in African countries rose 5 percent in the 12 months ended May 14, excluding new breweries, helping to offset a 2 percent decline in South Africa. Company- wide volumes were unchanged for the year.

South Africa’s sovereign credit rating has been upgraded to the coveted A category by Moody’s Investors Service in a step signalling the country outperformed many of its peers in the face of global recession. Moody's decision to upgrade its foreign currency rating for SA to A3 from Baa1 will help lower the costs of the country's foreign debt and may increase the appeal of its assets to overseas investors. Government bonds and the rand firmed in response to the decision, seen as a spectacular thumbs-up for SA in the midst of its first recession in 17 years and with its budget deficit set to soar. Global rating agencies downgraded many developed and developing countries this year with the financial crisis. Only three were upgraded: Chile, China and SA. Moody's foreign credit rating for SA is now a notch above comparable assessments from rival rating agencies Standard & Poor's and Fitch, which have also placed a negative outlook on their ratings. Historically, Moody's has always been first to upgrade SA, since it became eligible for the process in 1994. Other rating agencies have eventually followed suit. Moody's also lowered its local currency rating for SA, which it sees as more important, to A3 from A2. But investors attach more weight to foreign currency ratings, which determine the cost of a country's borrowing in global markets. South Africa's growth has been more resilient to the global crisis than many other countries at the same rating level with a contraction estimated for 2009 of only 2%.

"The African Grantmakers Network will change the face of global philanthropy. And it will happen right here in Africa", said Sarah Mukasa, Director of Programmes at the African Women's Development Fund, at a meeting organized to establish a network of African grantmakers. After years of careful planning, preparations, consultations and meetings, the AGN was launched in Accra at a meeting convened by the African Women's Development Fund, TrustAfrica and the Kenya Community Development Foundation—and attended by key African grantmakers. "The establishment of an African Grantmakers Network is well overdue", was the opening line of a discussion document circulated at the meeting. TrustAfrica's Executive Director, Akwasi Aidoo, emphasized that the AGN's main function will be to "change the narrative of Africa as helpless and hapless, tilt the balance of stories, and increase the visibility and knowledge of Africa". He went on to say, "this is a network with a solid net across our continent and lots of good work for its people".

Ghana will receive around $1.1 billion in resources from the International Monetary Fund, as the country tries to reduce its widening budget deficit, according to a senior IMF official. The IMF resources include a $600 million loan over three years approved on Wednesday and another $452 million in IMF special drawing rights, IMF mission chief to Ghana, Peter Allum, told reporters on a conference call. The SDR contribution comes from an agreement reached in April among Group of 20 member nations to boost global liquidity through a $250 billion allocation of SDRs to the IMF's 186 member countries, possibly this year. SDRs are the IMF's internal unit of account, which is a currency basket composed of the dollar, euro, yen and pound. Allum said Ghana's economy was generally holding up well in the wake of the global financial crisis, buoyed by prices for cocoa and gold products. The country's budget woes began in 2007 as the government dealt with a record rise in global food and fuel prices, followed by a domestic power crisis and election-related spending. He said the IMF's $600 million loan program, under the Poverty Reduction and Growth Facility for low-income countries, was designed with fiscal, inflation and international reserve goals. It includes a government target to reduce the fiscal gap to 9.4 percent of GDP this year, from a current 14-15 percent. A fiscal target of 6 percent of GDP in 2010 will be discussed with the authorities in talks in September, Allum added.

Pharmaceutical company GlaxoSmithKline (GSK) has announced plans to invest up to US$97 million over 10 years in improving antiretroviral (ARV) treatment for children and adults in sub-Saharan Africa. The world's second largest drug manufacturer has pledged $16 million in seed funding to a public-private partnership that will develop new paediatric formulations of ARV drugs, GSK said in a statement.

The United Nations-backed Global Fund to Fight AIDS, Tuberculosis and Malaria has signed a grant agreement with Togo worth $20 million over two years, the first part of a five-year grant that will allow the country to scale-up treatment and care for people living with HIV. "This agreement reflects Togo's determination to continue its fight against the AIDS epidemic," said Michel Kazatchkine, Executive Director of the Global Fund, who travelled to Lomé to sign the agreement.

The IDRC Internship awards provide exposure to research for international development through a program of training in research management and grant administration under the guidance of IDRC program staff. The internship is designed to provide hands-on learning experiences in research program management - in the creation, dissemination and utilization of knowledge from an international perspective. In principle, IDRC supports research on all parts of the developing regions of the world. At this time, the Centre Training and Awards Program is not supporting awards which involve research in Burma, Cuba, Iran, Iraq, Eastern Europe or Central Asia. The intern will undertake a program of research on the topic submitted when competing for the internship award, and will be trained in the techniques of research management through hands-on experience with the Centre's policies and practices for grant administration under the mentorship of a Program Officer(s). Deadline for receipt of applications: 12 September 2009 (awards will be announced in December 2009).

Despite the economic slowdown currently prevailing in the region, cables and conductors manufacturing firm East African Cables has reported a 14% growth in its profit after tax during the first half of 2009. In its unaudited half year results released today, the firm reported a KES249m profit in the six-month period ending June 2009, up from KES218m posted during the same period last year. East African Cables Chief Executive Officer, Mr George Mwangi, attributed the firm’s impressive performance during the period under review to growth in its regional markets particularly on its copper business and increased focus on process efficiency. The East African Cables boss further reiterated the firm’s focus to increase its production capability required to meet the expanding product range in the local and regional markets while increasing overall efficiencies. Overall, the group turnover declined by 6% to KES1.7bn in the first half of 2009, down from KES1.8bn posted during the same period in the last financial year. The decline, Mr Mwangi explained, is due to the reduction in the global metal prices and reduced sales in the aluminium business.

Standard Bank, operating as CfC Stanbic Bank in Kenya, has reinforced its emerging markets and African credentials by winning three Euromoney Awards for Excellence. Specifically, Standard Bank was recognised as Best Investment Bank in Africa, Best Investment Bank in Nigeria and Best Equity House in Africa. During 2008, Standard Bank completed many high-profiles and successful transactions across Africa, including: Joint issuing house, arranger and primary dealer to a NGN275bn debt issue programme by the Lagos State Government; Lead mandated arranger on the Tanesco loan, one of the largest single commercial loans ever arranged in East and Central Africa; and Joint issuing house and underwriter to a USD2.5bn regional initial public offer by ETI across Nigeria, Ghana and the West African Economic and Monetary Union region.

Indian business process outsourcing (BPO) company Aegis has acquired Call Centre Nucleus, one of the largest privately owned call centre operators in South Africa, for an undisclosed amount. Johannesburg-based Call Centre Nucleus (CCN) has been in the BPO business for the last seven years and has a capacity of 700 seats, with over 1 000 employees operating out of its two facilities. Its core competence lies in end-to-end inbound customer service in the contact centre arena. CCN had revenues in excess of R150-million for 2008/09, with significant revenues from clients located in the UK. Aegis belongs to Indian conglomerate Essar Group, and has revenues of approximately US$500-million. South Africa will be an integral part of Aegis's growth strategy, and the company will invest up to $60-million (about R500-million) to expand, develop skills, bring in international experience and create up to 5 000 jobs in the country over the long term.

The International Finance Corporation (IFC), a member of the World Bank Group, is investing US$30-million (about R243-million) in South Africa's Sasfin, enabling the financial services group to increase lending to small and medium enterprises (SMEs) that often struggle to obtain funds from large commercial banks. The IFC's investment will consist of up to $10-million in equity, a loan of $10-million, and up to $10-million in trade finance guarantees. Sasfin will use the funds to increase the products it offers to smaller businesses, strengthen its environmental and social lending practices, and boost foreign trade by South African companies. The IFC will also support Sasfin as it expands operations across South Africa and potentially to other parts of Sub-Saharan Africa, including Malawi, Botswana and Ghana. The IFC's investment will provide Sasfin with long-term capital, which has become increasingly expensive and scarce as many institutions cut back credit lines amid the global financial crisis. By increasing financial services for smaller businesses, the partnership will also help create jobs and boost economic growth.

Businesses in Africa recognise the need to tackle sustainable development issues, a new survey has found. The survey, carried out by consultancy Africapractice, found that 97% of African businesses surveyed intended to increase their investments to address sustainable development challenges over the next five years. Furthermore, many expected new business opportunities to emerge from creating a "green" economy. The survey sampled 103 small- to medium-sized African businesses operating across 16 African countries in a range of sectors, from agriculture to finance, extractive and support services. The survey asked what the most challenging sustainable development issues facing businesses were. All respondents recognised the need to address sustainable development issues, the survey found. Reputation and brand building was the least important driver for companies to address sustainability challenges, compared to finding new business opportunities in the 'green' economy, which came in as the second most important driver." However, there was no consensus around the main motivation for companies to address sustainability challenges. The survey found that partnerships were also important for African businesses, with 66% citing collaboration with the public sector as the most effective way to create a positive and sustainable impact. According to the survey, if the private sector's interest in creating a new "green" economy was harnessed, Africa would be on the road to a less destructive and more equal economic development model. The private sector had been a strong engine for growth and development in Africa over the past decade, the survey said. According to the survey, large multinationals had been vocal on their role in driving sustainability for Africa's economy and environment, but little had been heard from African businesses and what they could do to address sustainability issues on the continent.

Skye Bank Gambia Limited, a subsidiary of Skye Bank (Nigeria) Plc, has been issued a license to conduct business in the Gambia by the Central Bank of the Gambia, according to a press release issued by the Banking Regulator. The license brings to thirteen (13) the number of commercial banks operating in the Gambia.

Five banks in Nigeria received have $313 million credit and direct investments from the African Development Bank (AfDB), a document obtained by Daily Trust has shown. Access Bank Plc received $35 million out of the amount while Zenith Bank Plc and the United Bank for Africa (UBA) got $170 million and $50 million respectively. Guarantee Trust Bank (GTB) Plc received $40 million while Fidelity Bank Plc got $18 million. $100 million was approved for Intercontinental Bank Plc but yet to be disbursed. AfDB has also approved $85million for the Lekki Toll Road Project. Only $4.755 million has been so far disbursed for the project. Another $100 million was approved and disbursed to the Nigeria Liquefied Natural Gas (NLNG). So far, AfDB has approved $589 million to private sector in Nigeria. $417.755 million or 86.6 percent of the amount has been disbursed. The bank said that out of $591.7 million approved for the public sector in the country, $78.5 million was disbursed to areas like agriculture, infrastructure, social sector and regional projects among others. Agriculture was allocated $60 million, while infrastructure got $86.2 million. Social and multi sectors received $84.7 million and $4 million respectively. $162.1 million was allocated to regional projects.

Oceanic Bank PLC has been confirmed to be very stable despite the challenges of the global financial meltdown by the internationally acclaimed rating agency, Fitch Ratings, which gave Oceanic Bank 'B' with stable outlook rating using the long-term Issuer Default rating (IDR). The bank's other ratings are affirmed at short-term foreign currency IDR 'B', support '4', National Long-term 'BBB+.

The Bankers Association of Zimbabwe has set up a US$200 million loan facility to finance tobacco and cotton growers for the 2009/10 farming season. This is meant to support the agricultural sector, the backbone of the economy. The country recently received a US$60 million loan facility from a Tunisian Africa Bank to boost tobacco production. The two cash crops are emerging as the country's major foreign currency earners. Speaking at a business conference organised by the Ministry of Economic Planning and Investment Promotion in Harare, president of the Bankers Association of Zimbabwe, Dr John Mangudya said the loan facility was a clear testimony of how the financial sector was serious in supporting the agricultural industry.

East African Community partner states are seeking to set up a standardised payments system based on the European Union's Single Euro Payments Area (Sepa) model, where a zone for the euro was created in which all electronic payments were considered domestic. The plan, according to Central Bank of Kenya governor Prof Njuguna Ndung'u, is for the EAC to replicate the European Union's economic integration model culminating in one central bank, one multinational payment and settlement system and one currency. The race is now on for the five partner states of Kenya, Tanzania, Rwanda, Uganda and Burundi to nominate one central bank to handle all the transactions.

South African President Jacob Zuma has appointed Absa Group chairwoman Gill Marcus to take over from Tito Mboweni as governor of the SA Reserve Bank on 9 November 2009. Marcus, who has held a number of executive positions in the private sector, served as deputy finance minister from 1996 to 1999, and as a deputy governor of the country's central bank from 1999 to 2004. Mboweni, whose contract ends on 8 August, was re-appointed by the President, but he indicated that he did not want to stay on. The primary objective of the Reserve Bank is to protect the value of South Africa's currency in the interest of balanced and sustainable growth in the country. Ms Marcus has extensive knowledge of the institution she is now called upon to lead, having served as deputy governor of the Reserve Bank from 1999 to 2004. Mboweni, who has held the position of governor for nearly 10 years, described his successor as an excellent leader who was no stranger to banking.

Tendai Biti, Zimbabwe's Finance Minister, has announced a 39% increase in government spending, including a 20% rise in the public service wage bill, thanks to aid pledges of around $500m. Presenting what was effectively his second budget since being appointed in February Mr Biti reaffirmed his commitment to a balanced budget with no government borrowing during 2009.

Brewing giant SABMiller has announced plans to build a US$125-million (R990-million) brewery and soft drink bottling plant in Luanda, Angola. The new projects will double SABMiller's investment in the Southern African country in the past 18 months. Growing demand for leisure beverages in Angola has prompted the expansion. The latest figures on the SABMiller website put the annual beer consumption at 32.1 litres per Angolan. With its joint venture partner Empresa Cervejas de N'gola, SABMiller already has a brewery and three soft drink facilities in the oil-rich country, also the second biggest producer of diamonds in the region, but has no qualms about opening another one. The company remains optimistic about the potential of the Angolan market, as the economy has weathered the global financial crisis remarkably well. By the end of 2009 SABMiller and Empresa Cervejas de N'gola will employ over 2 000 people across their five plants. The brewer first invested in Angola during the 1990s, when it landed a government contract to refurbish the Lubango brewery in southern Angola. The plant had been abandoned during the civil war that raged from 1975 until 2002 and claimed thousands of lives.

South Africa is one of five wine-producing countries to join forces to form the New World Wine Alliance. The alliance plans to challenge European Union (EU) rivals under this banner. Europe is currently the world's largest wine producer and exporter. So-called New World wines are produced outside the traditional European wine-cultivation areas in countries such as South Africa, Argentina, Chile, the US, New Zealand, Mexico, and Australia, which is the current market leader in the UK. The new alliance includes South Africa, New Zealand, California, Chile and Argentina - all of which will use their partnership as a marketing tool to further penetrate the global wine market and see off competition from European countries.The group will be officially launched at the next Prowein international wine and spirits trade fair, taking place over three days in Düsseldorf, Germany, in March 2010. In a world first, they will also exhibit their wines there as a joint force. Meanwhile, the New World Alliance will stand together as a unit to rattle EU winemakers. In 2006 the EU proposed a shake-up of its wine sector, prompted by growing competition from the New World, dwindling wine consumption in the region, and a fear that imports would eventually outstrip exports.

Ethiopia's Gebisa Ejeta is the 2009 World Food Prize laureate. The plant scientist was acknowledged, among other achievements, for his development of a drought-resistant and high-yield sorghum variety. Sorghum is one of the world's five most important grains and feeds 500-million people in Africa alone. He follows in the footsteps of the renowned Monty Jones of Sierra Leone, the only other African laureate, who took the award in 2004 for his work in hybrid rice varieties that can grow in harsh African conditions. Among other projects, Jones worked on the development of the "miracle" hybrid rice, Nerica. Ejeta's research into sorghum has changed the fortunes of thousands of small scale sub-Saharan farmers by increasing their crop yield. It has also helped drive the development of the commercial sorghum seed industry in Sudan. His selection as 2009 World Food Prize laureate was announced in June 2009 by US Secretary of State Hillary Clinton and World Food Prize Foundation president Kenneth Quinn. Ejeta is currently professor of agronomy at Purdue University in Lafayette, Indiana.

Barclays Bank has been named the Best Bank in Africa at the Regional Awards of Excellence. According to the African Regional Awards of Excellence released by Euromoney magazine yesterday, Barclays won in the Best Bank category while South African ABSA Bank scooped the Best Debt House award. Commenting on the award, Barclays Bank Zimbabwe managing director George Guvamatanga said that the award showed the bank's commitment to developing the nation.

Oceanic Bank International Plc has reported a significant growth in performance measurement indicators as it rounded off the 2008 financial year ending December 2008 with N188.22bn gross earnings, thus confirming its leading position in the finance industry. The bank also announced a bonus of one for ten to reward its shareholders. According to the bank's result released in Lagos, the gross earnings figure represents a 151 per cent growth or N113.28bn over N74.94bn posted at the preceding full financial year. Analysis of the Bank's financial report for the period under consideration indicated that Oceanic Bank significantly increased its market share as it garnered N835.21bn in deposits com-pared to N693.93bn in 2007.

Seacom has announced that its 1.28 terabyte-per-second, 17,000km submarine fibre-optic cable system linking south and east Africa to global networks via India and Europe has been completed and commissioned. Backhauls linking Johannesburg, Nairobi and Kampala with the coastal landing stations have been established, and Seacom is working with its national partners to commission the final links to Kigali and Addis Ababa. The entire system will be operated and controlled through Seacom's network operations centre, which is based in Pune, India. Seacom CEO Brian Herlihy said the launch marked the dawn of a new era for communications between Africa and the rest of the world, opening up new opportunities for government and business across the continent, at a fraction of the current cost. Plentiful and readily available bandwidth will also result in lower telecommunications costs and new opportunities across many sectors, including the call centre and business process outsourcing industries. Seacom will provide the catalyst for African consumers, business and government to realise the benefits of connectivity and collaboration across the globe.

Cape Town has been officially appointed as the venue where the draw for the 2010 Soccer World Cup final — at which all the qualifying soccer teams will be allotted into groups — will take place. The week-long event will culminate in a draw on December 4 at which the 32 participating teams will be divided into eight groups and is the last milestone before the tournament kicks off next year, according to local organising committee chief Danny Jordaan. The draw is expected to attract more than 2000 guests, including all the qualifying teams' coaches and captains, and will be held at the city's Green Point Stadium, which is still under construction. Cape Town mayor Dan Plato said construction was on track and the stadium would be completed in time for the draw. To date, 800000 of the 3,2-million World Cup tickets have been sold, with 240000 snapped up by South Africans, 57000 sold in the US and 27000 in Australia. Not many tickets have been sold in the rest of Africa, although Ghana is an exception. Jordaan was confident all the tickets would be sold, despite some concerns over what was perceived to be a poor turnout at this year's Confederations Cup. Contrary to popular belief, ticket sales at the Confederations Cup were the third-highest in history, he said. Of the 2-million tickets left, many have been reserved for Fifa's commercial partners and guests. By November all 32 teams that will participate in the event will have qualified.

Three visitor information centres have been launched in Nelson Mandela Bay (Port Elizabeth), to ensure that tourists arriving in the city for the 2010 Fifa World Cup get the best information and advice. The three centres are based at Port Elizabeth Airport, Boardwalk Casino and Entertainment World, and the lighthouse at the Donkin Reserve. Similar centres are planned for other cities around the country, including Polokwane, Bloemfontein, Rustenburg and Nelspruit. These one-stop shops will supply tourists with information on a range of services, including accommodation, tours, vehicle hire, entertainment, adventure and travel advice. Developed at a cost of R6.7-million, the centres are one of South Africa's World Cup legacy projects, aimed at benefiting the country's citizens and visitors well beyond 2010. Visitors to the centres will be able to make use of user-friendly touch screens linked to a central database of tourism products. They will also have access to free internet and an online booking system. According to Tourism Minister Marthinus van Schalkwyk, more than 450,000 visitors are expected to arrive in South Africa for the World Cup, and the visitor centres will play a pivotal role in ensuring that the country delivered a world-class event.

The Center on Philanthropy and Civil Society at The Graduate Center of The City University of New York is accepting applications for the spring 2010 Emerging Leaders International Fellows Program. This program provides nonprofit sector leadership training through seminars, applied research and mentorships. The program is designed for young scholars and practitioners from outside the United States who are interested in building Third-Sector capacity in their home countries or regions. The deadline for receipt of application materials is September 3, 2009.