EMGA Secures US$ 20M Debt Finance for Costa Rica’s Banco Improsa

LONDON, Oct. 31, 2022 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) for the second time working with Banco Improsa, secures this US$20M facility from the Spanish Agency for International Development Cooperation (AECID) – AECID (advised by COFIDES).

Commenting on the transaction, Felix Alpizar, General Manager of BANCO IMPROSA, said: “Banco Improsa is very honored to be recognized by AECID and COFIDES for both its track record and programs to finance and support Costa Rican micro, small and medium-sized enterprises (MSMEs). With this credit we will continue our contribution to the economic and social development of the country.”

EMGA’s Head of Investment Banking Sajeev Chakkalakal said, “A pleasure again to facilitate Banco Improsa’s continued vision of supporting SMEs within Costa Rica and complete this funding solution with AECID (advised by COFIDES).”

José Luis Curbelo, chairman and CEO of COFIDES, stated that “we are pleased to support AECID in its first impact project with EMGA and IMPROSA in the Central American region. The transaction will be used to finance small and medium enterprises in Costa Rica, which will contribute to the creation and maintenance of quality jobs and reducing inequalities. We look forward to continuing these strategic partnerships, which enhance economic growth in developing countries by strengthening the private sector through sound financial support.”

Carlos Jiménez Aguirre, General Manager of FONPRODE and Head AECID’s Financial Cooperation Department expressed that “the formalization of this transaction reflects Spanish Cooperation’s aims to contribute to expand the financial support for Costa Rican micro, small and medium-sized enterprises (MSMEs), as MSMEs play a key role in creating and maintaining decent jobs and reducing inequalities. Our intention is to expand this kind of support to other Central American countries in providing access to finance to MSMEs, with a special focus on mainstreaming gender and climate change strategies in private sector activities.”

Emerging Markets Global Advisory LLP, based in London, helps emerging market based financial institutions and corporates seeking new debt or equity capital.

Banco Improsa was founded in 1995 and is a niche bank with a specialization in providing financial solutions and services to MSMEs, which account for most of its portfolio. It has an extensive track record in providing support and advisory services to MSMEs. Banco Improsa’s key success factor lies in its commitment to high standards of personalized, agile, and flexible service, which, together with customized financial solutions, have enabled it to achieve a solid position in these segments. Banco Improsa is part of Grupo Financiero Improsa (GFI).

Fund for the Promotion of Development (FONPRODE), managed by Spanish Agency for International Development Cooperation (AECID) with the support of COFIDES (Spanish Development Finance Institution). AECID is the main management body of Spanish Cooperation and is oriented towards the fight against poverty and the promotion of sustainable development. COFIDES provides support management for FONPRODE with reimbursable financing operations that promote social and economic development of partner countries through investments or transfers of economic resources with a reimbursable nature. FONPRODE may finance non-reimbursable and reimbursable debt and equity. Examples of refundable financing offered by FONPRODE are loans to financial service providers aimed at financial inclusion.

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues several aims; internationalization of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

Jeremy Dobson

info@emergingmarketsglobaladvisory.com

GlobeNewswire Distribution ID 1000753987

Deloitte Global Selects Joe Ucuzoglu as Next Global CEO; Deloitte Global CEO Punit Renjen Announces Retirement After Record Growth

NEW YORK, Oct. 31, 2022 /PRNewswire/ — The Deloitte Touche Tohmatsu Limited (Deloitte Global) Board today announced the selection of Joe Ucuzoglu as Deloitte Global CEO, subject to a ratification vote by Deloitte member firm partners. Ucuzoglu has been the CEO of Deloitte US since 2019. Deloitte operates in 150 countries with more than 415,000 professionals and revenue in our latest fiscal year of $59.3 billion.

As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Ucuzoglu will succeed Punit Renjen, who has served as the Deloitte Global CEO since 2015. Upon retirement, Renjen will become Global CEO Emeritus. As Deloitte Global CEO, Renjen developed and executed a global strategy that resulted in Deloitte revenue growing from $35 billion to more than $59 billion in just seven years. Today, Deloitte is the leading professional services organization in the world, recognized as the strongest and most valuable commercial services brand, a leader in audit quality, and one of the world’s best places to work.

Under Renjen’s leadership, Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives. Renjen also spearheaded Deloitte’s WorldClimate initiative, which includes near-term (2030) greenhouse gas reduction goals which have been validated by the Science Based Targets initiative (SBTi) as 1.5°C-aligned, science-based targets.

“The Deloitte Global Board and I want to thank Punit for leading Deloitte to extraordinary growth and meaningful societal impact, and for his decades of commitment to the organization,” said Sharon Thorne, Deloitte Global Board Chair.

Speaking of his successor, Renjen said, “Joe is an exceptional leader. We have worked together side by side for many years, and I believe he is an excellent choice to serve as the next Deloitte Global CEO. He has been a member of the Deloitte Global Executive team for the last several years, and I am confident that, under his leadership, Deloitte will continue to deliver outstanding results for our people, clients, and the communities in which we live and work.”

In response to his nomination, Joe Ucuzoglu, Deloitte US CEO and the next Deloitte Global CEO said, “It is my great honor to be chosen to lead this extraordinary organization. I believe deeply in Deloitte’s responsibility to lead through the unprecedented pace of change the world is experiencing, and to meet the rapidly expanding needs of our stakeholders. I want to thank Punit for his excellent leadership of Deloitte.”

“It has truly been an honor and privilege to lead Deloitte over the past several years,” said Renjen. “More important than any commercial outcome, I am proud of the incredible societal impact we have been able to make as a purpose-driven enterprise. And I am looking forward to some exciting endeavors, including dedicating time to several societal causes about which I am deeply passionate, including sustainability and climate.”

Deloitte Global’s rigorous and comprehensive nomination, selection and member firm partner ratification process occurs every four years and includes all Deloitte member firms. The member firm partner vote to ratify Ucuzoglu will take place throughout the month of November, and he will assume the Deloitte Global CEO role upon Renjen’s retirement on 31 December 2022.

As Ucuzoglu prepares to assume his new Deloitte Global responsibilities, the Deloitte US firm’s well-established succession process occurs every four years and is underway.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.

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Minister Nkosazana Dlamini Zuma congratulates newly reconstituted National House of Traditional and Khoi-San leaders

The Minister of Cooperative Governance and Traditional Affairs (COGTA), Dr Nkosazana Dlamini Zuma has congratulated the reconstituted National House of Traditional and Khoi-San Leaders (NHTKL) and wished the newly elected leadership well in executing their responsibilities. 

The reconstitution of the National House, conducted in terms of the Traditional and Khoi-San Leadership Act, 2019 (Act No 3 of 2019), follows the reconstitution of all the Provincial Houses of Traditional and Khoi-San Leaders. 

The reconstitution of the sixth House was presided over by Deputy Judge President of Gauteng, Judge AP Ledwaba.

The members of the House elected Kgosi Thabo Milton Seatlholo as the new Chairperson and unanimously elected Nkosi Langa Mavuso as the Deputy Chairperson.

The Minister congratulated all traditional leaders who took an oath or made affirmations as members of the NHTKL and further wished well the elected Chairperson and Deputy Chairperson.  

The Minister urged on the new leadership to ensure that the House continues to promote the role of traditional and Khoi-San leadership within a democratic constitutional dispensation; constitutes to nation building; the preservation of the moral fibre and regeneration of society.

She further urged them to work with all stakeholders to preserve the culture and traditions of communities; facilitate socio-economic development and service delivery; and the transformation and adaptation of customary law and customs so as to comply with the provisions of the Bill of Rights in the Constitution.

The Minister committed to working with the House and provide it with updates on work being undertaken as part of the Inter-Ministerial Task Team, led by Deputy President David Mabuza, established to respond to issues raised by Traditional and Khoisan leaders. “Working with our provincial counterparts, we will continue to pursue our responsibilities emanating from the establishment of the IMTT. But we will need you to join hands with us in this process,” the Minister said.

The Minister appealed to the House to work closely with the National Initiation Oversight Committee as well as the Provincial Initiation Coordinating Committees to register, visit, and ensure that all initiation schools are safe, respect human rights and plant good morals to the young people who participate. 

Source: Government of South Africa

Government saddened by Jeremy Mansfield passing

Government sends its deepest condolences to the family, friends, and colleagues of South African radio veteran, Jeremy Mansfield, who passed on after his battle with cancer. Mansfield is known for dynamic presence on radio and for his role in raising funds for charity. 

He started on Capital Radio 604 in 1985, and signed off in his final radio broadcast at Hot 91.9FM in 2021. Mansfield also captured the hearts of listeners with his shows on Radio 702 and Highveld Stereo. He ended a13-year run on the Rude Awakening, a breakfast show on 94.7 Highveld Stereo in 2010. He also presented SABC 2’s A Word or 2 , M-Net’s Front Row and on Supersport. Mansfield wrote a number of joke books, of which Vrot Jokes is a South African bestseller.

“Mansfield contributed immensely to the world of entertainment via the radio as a communication platform. He has left an indelible mark on South African radio,” said GCIS Director General, Phumla Williams. 

Source: Government of South Africa

Communications and Digital Technologies hosts International Philately exhibitions, 8 to 12 Nov

International Philately exhibitions

The Deputy Minister of Communications & Digital Technologies, Hon. Philly Mapulane invites members of the media to a media launch of the International Philately Exhibition that will be convened in Cape Town from 08 – 12 November 2022 under the theme: “South Africa’s Road to Democracy”,

In line with the theme, the event is aimed at celebrating South Africa’s rich history leading to a democratic dispensation through showcasing stamps designed and collected throughout the world depicting events, heroes and heroines leading to South Africa’s democracy

It is expected that about 1500 delegates from about 60 countries are expected to participate during the exhibition which will showcase 1600 frames of stamps from all over the world as well as exclusive letters written by Nelson Mandela from Pollsmoor Prison

The media launch will serve to give members of the media more background on this important international event and will be an opportunity to interact with the Deputy Minister and some of the important stakeholders to the event.

Source: Government of South Africa

“Co-opetition” set to get Transnet to the top

Transnet National Ports Authority (TNPA) Captain, Thokozani Mthethwa, says collaboration, or “co-opetition” is one of the ways the continent will achieve the goals set out in the 2050 Strategy.

“Each port has its own Master Plans and Port Development Framework Plans to adequately respond to and plan for future growth. These plans guide how capacity will be increased over the short- to long-term to respond to the anticipated demand,” Mthethwa said.

Taking part in the Webinar on Progress Report: 2050 Africa’s Integrated Maritime Strategy, organised by the Government Communication and Information System (GCIS) – in partnership with Mail & Guardian – Mthethwa said in order to implement the new TNPA Operating Model, they need an operating structure that is fit for purpose and capacitates the relevant teams to build a “reimagined TNPA”.

The 2050 Strategy is themed, ‘Think Africa Above All’. 

“Our structure acknowledges that the ports/operations are the drivers of the strategy and need to be resourced accordingly,” Mthethwa said.

Mthethwa said Transnet’s mandate is to assist in lowering the cost of doing business in South Africa, and “ensuring the security of supply by providing appropriate port, rail and pipelines in the most cost effective and efficient manner, within acceptable benchmarks”.

This, she said, will stimulate a transformed maritime economy through adaptable infrastructure that is fit for purpose.

Cooperate Affairs South African Maritime Safety Authority (SAMSA), Vusi September, said the mandate of SAMSA is to ensure the safety of life and property at sea, and to “promote the Republic’s maritime interests, and prevent and combat pollution of the marine environment by ships”. 

Mthethwa said this also includes monitoring coastal and offshore activities, managing maritime communication system, and regulating coastal and inland waterways .

Mthethwa said the vision of SAMSA is to develop an African-driven solution, a solution that is overarching, multi-layered, all Inclusive, multi-disciplinary and coherent.

“The long-term vision is to address Africa’s multi-faceted maritime challenges and opportunities,” he said.

Cosatu Parliamentary Coordinator, Mathew Parks, said with South Africa remains most unequal nation.

“Rising levels of poverty. Declining levels of state capacity to enforce law and difficulties of enforcing laws at seas,” Parks said.

Parks also mentioned that wholesale defiance of labour laws by some employers especially at sea still a problem faced with.

“Unions need to expand footprint in ports, rail, transport and especially in fishing and maritime. Employers need to allow union access,” he said. 

Source: South African Government News Agency