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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DailyMaverivk.co.za: Ethiopian peace talks in SA will continue into Monday

The organisers have been maintaining almost complete radio silence about the talks, making it very difficult to assess progress. The  Ethiopian peace talks in South Africa — which had been widely expected to end on Sunday — will continue into Monday, sources said.   “They’re not going to conclude tonight,” one observer said on Sunday evening. An official familiar with the arrangements confirmed this.  It was not clear how well the discussions between the warring parties, the Ethiopian federal government and the Tigray government were progressing.     “Only time will tell,” an official close to the negotiations replied when asked if the talks had made any progress. Another source said the two sides “might agree to a sort of ‘light’ cessation of hostilities or ‘days of tranquillity’. However, just rumours, and impossible to verify.”  The organisers have been maintaining almost complete radio silence about the talks, making it very difficult to assess progress. The substantive talks began in Pretoria on Wednesday after an opening ceremony on Tuesday. The mediation team is led by African Union special envoy Olusegun Obasanjo. The former Nigerian president is supported by former Kenyan president Uhuru Kenyatta and former South African deputy president Phumzile Mlambo-Ngcuka. The mediators of the talks had expressed the hope at the start that the two opposing sides could at least agree to a cessation of hostilities at this first round of formal talks. With the fighting frozen, they could then, either now or at a later second round of talks, begin to discuss the terms of a more formal ceasefire and then discuss the myriad of other issues between them. These include the virtual siege that the federal government has placed on the province of Tigray and Tigrayan demands for the withdrawal of forces of neighbouring Eritrea which have been fighting against them,  alongside the Ethiopian federal troops.  Further down the road, the two sides seem likely to have to discuss the entire constitutional framework of the state. It was Ethiopian Prime Minister Abiy Ahmed’s decision in 2018 to begin centralising power and dismantling the ethno-regional structure of Ethiopia, which prompted his fallout with the Tigray People’s Liberation Front (TPLF). The TPLF — along with other parties representing Ethiopia’s ethnic regions — had been a major component of the Ethiopian People’s Revolutionary Democratic Front which had governed the federal state since 1991. DM

 

Source: Dehai Eritrea Online

EurasiaReview.com: The TPLF’s Obstruction Of Peace: Enabled By Its Western Backers – OpEd

During the past week, peace talks between the Ethiopian government and a delegation from the Tigray People’s Liberation Front (TPLF) took place in South Africa. The talks, led by the African Union and which finally commenced after earlier being delayed due to logistical issues, were scheduled to last until Sunday. Meanwhile, on the ground, events in Ethiopia continue to rapidly develop. Ethiopian federal forces have taken control of a string of major towns and cities in Tigray Region, and they are now reported be on the outskirts of Mekelle, the regional capital. The city’s main airport, located some kilometers from the heart of the capital, was also reportedly taken over by federal forces last week following fierce fighting, raising questions about the possibility of a return for the TPLF delegation. In a previous article, An Inversion of Truth: the TPLF and its Commitment to Peace, I examined one of the most blatant examples of disinformation during the ongoing conflict in Northern Ethiopia: the claims that the TPLF is genuinely “committed to peace.” As the historical record clearly demonstrates, this frequently propagated notion is a total inversion of truth. However, there is another critically important, yet often overlooked, dimension to the long story of how the TPLF has only paid lip service to the idea of peace. The group’s decades of flouting international law and acting in a manner that can only be regarded as the complete opposite of peace have been actively facilitated and enabled by its Western backers.          •=> A long history of facilitation and enabling by Western backers After the outbreak of war between TPLF-led Ethiopia and Eritrea in May 1998, Eritrea and Ethiopia would sign an agreement on a moratorium of airstrikes in July 1998. However, rather than using this opportunity as a platform to further consolidate peace, the TPLF quietly began to purchase new fighter aircrafts, as well as refurbish all of its MiG jets. Months later, it went on to launch its second offensive, under the pretense that Eritrea had bombed Adi-Grat – which was utterly false. Although the agreement was brokered by US President Clinton, and despite the fact that American officials – who were presumably mediating and facilitating peace – knew fully well that the TPLF’s claims were false, no tangible actions were taken. Instead, only a bland statement encouraging restraint on both sides was issued, thus shamefully equating victim and aggressor. Later on, in mid-1999, the US (along with other facilitators) proposed the “Technical Arrangements for the Implementation of the Peace Plan”. This was a highly detailed proposal, in fact basically a precursor to the Algiers Agreement of 2000.  For all intents and purposes, the proposal was submitted as a comprehensive “take it or leave it” package. Eritrea accepted it, and Ethiopia seemingly had as well. The term “seemingly” is critical here, as that October, reliable inside information began circulating that the TPLF’s acceptance was not actually genuine. Instead, it was simply a ploy and the group was going to use the period to ramp up preparations for another massive offensive.   When Eritrea conveyed this to the US and other facilitators, the resounding feedback was that there would be serious “punitive measures” taken against the TPLF. But in April 2000, the US special envoy, Anthony Lake, shuttled to Eritrea to plead for changes to the non-amendable agreement as Ethiopia’s leadership had presumably developed second thoughts. Ultimately, this failure would contribute to the TPLF’s huge third offensive in 2000.        •=> Enabling the violation of international law  In accordance with the peace agreement that Eritrea and Ethiopia signed in December 2000 to end the war, the Eritrea-Ethiopia Boundary Commission (EEBC) was established in 2001. Following a lengthy investigation and litigation process, the EEBC issued its long-awaited decisions on 13 April 2002 at the Permanent Court of Arbitration. Although Eritrea accepted the EEBC’s decisions in full, swiftly and continuously expressing its desire to move forward, the TPLF reneged on the peace agreement and completely failed to abide by its international legal obligations and responsibilities. Instead, it persistently sought to obstruct or reverse the EEBC’s decisions, continued to militarily occupy large swathes of Eritrean territory, and sustained a policy of unremitting aggression and hostility toward its northern neighbor. Although the entire EEBC process was guaranteed by the UN, UNSC, and OAU/AU, and witnessed by several international parties, the international community, led by the West, effectively ignored the TPLF’s complete failure to abide by its international legal obligations and responsibilities for demarcating the border. But rather than condemning the group’s illegal military occupation and repeated aggressive actions or calling for the immediate, unconditional implementation of the EEBC ruling, Western countries turned a blind eye, abdicated their responsibility, and remained acquiescent to the TPLF’s persistent violations and aggressive behavior. In fact, the West actually supported and rewarded the TPLF. Substantial amounts of foreign aid flowed, making it one of the world’s largest recipients of foreign aid. The considerable international debts that were accrued by the TPLF were also regularly forgiven, while various other forms of assistance and support continued to be directed toward the regime. Furthermore, the TPLF was frequently held up as a “darling” of the West and it was placed at the heart of the “Africa rising” narrative. Meles Zenawi attended prestigious international gatherings, such as the G7/8 and G20 meetings, and he even became a favored member of the British government’s “Commission for Africa,” alongside Tony Blair and Gordon Brown. Even as the TPLF repeatedly flagrantly rigged elections and regularly won by massive, unbelievable margins (frequently winning between 97 and 100 percent of seats in parliament), Western leaders invariably referred to the Ethiopian government as “democratically elected” and pointedly refused to raise serious concerns. Without a doubt, the TPLF’s biggest supporter as it remained the major obstacle to peace in the region was the US. Utilizing its dominant position within the UNSC and its own considerable diplomatic clout within the unipolar global system, the US, which had helped broker the Algiers Agreement and been one of its witnesses, shielded the TPLF from any pressure or censorious action and also sought to reverse or reopen the “final and binding” EEBC ruling.  For instance, in late January 2004, through strong prodding by the US, the UN Secretary-General, Kofi Annan, appointed a special envoy, Lloyd Axworthy, former Foreign Minister of Canada, ostensibly to facilitate implementation of the EEBC ruling. Unsurprisingly, this initiative won a chorus of approval from the TPLF, since it closely aligned with the group’s persistent calls for an “alternative mechanism” and its demands for dialogue prior to implementation. That month, Axworthy even described the EEBC ruling as “something that has to be worked at,” and that “needs to be developed”, thus essentially approving of the TPLF’s illegal position and obstruction of peace. In the end, for a variety of reasons, the initiative fizzled. Following the failure of that initiative, in January 2006, Jendayi Frazer, the US Assistant Secretary of State for African Affairs, planned to travel to Eritrea and Ethiopia supposedly to assess the border situation. Asmara provided visas for Frazer’s delegation, although it flatly refused her request to visit the disputed boundary area, sensing the initiative was again an attempt to modify the “final and binding” EEBC ruling. Canceling the Eritrean leg of the trip altogether, Frazer traveled to Addis Ababa, where she held talks with PM Meles and then visited the disputed border area – thus legitimizing the occupation. Her public comments during the visit also sounded almost as if she was reading a document prepared by the TPLF. Effectively, her trip served as tacit approval of the TPLF’s intransigence and basically endorsed its illegal position. Over the subsequent years, there were numerous other instances of unconditional US and Western support for the TPLF as it obdurately blocked peace and sought to reverse or reopen the final and binding EEBC decision.          •=> A misguided approach during the conflict in northern Ethiopia In the two years since the TPLF sparked the ongoing conflict in Ethiopia through its unprovoked attack on all outposts of the country’s northern command, the approach by Western countries has been invariably characterized by an unequal application of punishments and sanctions, bothsidesism, and a lack of genuine denunciation of the TPLF.  >From the beginning of the conflict, the TPLF’s relentless, well-funded disinformation, which muddied understanding and offered cover for its own subversive actions and widespread atrocities, was uncritically accepted and disseminated by a range of Western parties, including officials, experts, and journalists. These parties have also continued to repeat the TPLF’s main talking points, in the process only strengthening the group’s illegitimate demands and extending them a semblance of credibility.  At the same time, a dangerous false equivalency has also been created, drawing a parallel between a legitimate government and a rebel force that has carried out illegal actions that no government anywhere in the world would tolerate. Lest it be forgotten, it is legitimate, in fact a core responsibility and fundamental mandate, of all governments worldwide to maintain security, ensure order, protect infrastructure, and defend civilians. By contrast, it is not legitimate for a group to take up arms illegally against the state and seek to carry out a forcible change of regime or violent insurrection. (Or, for that matter, conduct armed attacks across international borders.) One consistent theme throughout the conflict has been how the TPLF’s repeated destructive advances across the region’s borders, in outright rejection of peaceful overtures and gestures of goodwill, have been met with a seeming “nod and wink” by Western officials, while the resistance and defensive measures against the group’s attacks have sparked Western alarm, led to harshly punitive actions, and the rise of the declaration that, “there is no military solution.”  In fact, high-level TPLF officials have proudly boasted how, on several occasions, Western officials encouraged their “return to Addis” and their establishment of a transitional government. Recently, the TPLF seemingly felt so confident in the continued, unconditional backing of the West that it even unabashedly revealed to Western officials of its active preparations and plans just prior to the launch of its latest offensive in late August. Yet rather than condemnation, Mike Hammer and other Western officials responded to the TPLF’s preparations by conducting friendly “selfie” photos with the group’s leaders (a group that, it should not be overlooked, has carried out major war crimes). It was not long after this much-publicized diplomatic episode, on August 24, that the UN World Food Program announced that the TPLF had stolen 12 fuel tankers from a UN compound that were intended for humanitarian aid. That same day, the TPLF also launched its third major offensive of the war, in the process breaching the ceasefire that had been in effect since March 25, 2022. As a result of its highly flawed, misguided approach, the West has not only raised major doubts about its claims to being a credible mediator, it has also greatly emboldened the TPLF and provided the group with a sense of impunity. Ultimately, this has worked against the possibility for peace as it has strengthened the group’s belief that it can continue to wreak havoc and destruction until it gets what it wants. Troublingly, for the future, this faulty approach also establishes an extraordinarily perilous precedent for when other groups may want to challenge the state’s authority down the line. With the region and international community now looking forward to the possibility of much-needed peace, it is important that the long history and continued actions of those who have obdurately blocked it are not obscured. There can be no doubt that the TPLF has been the central cause of so much of the tension, violence, and instability that have plagued Ethiopia and the wider region. For too long, however, the group has also been facilitated and enabled by its Western backers. Dr. Fikrejesus Amahazion    * Dr. Fikrejesus Amahazion, PhD is a Horn of Africa scholar focusing on African development, human rights and political economy.

 

Source: Dehai Eritrea Online

Peace Talks on Ethiopia’s Tigray Conflict Are Extended

NAIROBI — Peace talks between warring sides on Ethiopia’s Tigray conflict have been extended into Monday.

An official familiar with the arrangements for the talks confirms that discussions continue in South Africa between Ethiopia’s federal government and representatives from the northern Tigray region.

The African Union-led talks seek a cessation of hostilities in a war that the United States asserts has killed up to hundreds of thousands of people, an estimate made by some academics and health workers.

The first formal peace talks began last week, and South Africa’s government had said they would end Sunday. Representatives of the warring sides have not responded to questions.

Neighboring Eritrea, whose forces are fighting alongside Ethiopian ones, is not a party to the talks, and it is not clear whether the deeply repressive country will respect any agreement reached. Witnesses have told the AP that Eritreans were killing civilians even after the talks began.

 

Source: Voice of America

Coffee Ceremony: it Relaxes and Unites

There are times I am so busy at work or school that I don’t get to hang out with my friends as much as I would have liked. On one of these days, I met a friend I hadn’t seen in a while. I left work late and was rushing home for lunch so that I could get back to work on time. My friend suggested we had lunch around where we met because I was already running late and wouldn’t be able to make it back to work on time. Well, she was right and I did want to spend time with her, but I told her I needed to go home.

“Why? Is there some kind of emergency?” she asked.

“No, I just don’t want to miss my family’s coffee time after lunch.” I replied, hoping she wouldn’t take it the wrong way. She laughed and let me go saying she understood because she, too, loves her family coffee time, which is in the evening.

People relish their coffee time in Eritrea. The whole process takes up to two hours and is referred to as a coffee ceremony.

First, the stuff needed for the ceremony is prepared: coffee beans, a brazier full of burning charcoal, tiny coffee cups, water, milk and sedges spread on the floor, setting the mood. The coffee beans are placed on a pan known as ‘menkeshkesh’ and roasted on the brazier. The aroma of the roasted beans and the smoke that fills the room make you joyful. For many people it’s the favorite part of the coffee ceremony, and the sound of roasting coffee beans and the aroma signal the beginning of the ceremony to family members in the house who come to the room. The roasted coffee beans are then ground and put in the coffee pot. Water is added to the pot which is then placed on the brazier to be boiled. When it is done it is served on the tiny coffee cups. This is only the first round. Some people have their coffee with milk but most everybody as is. Popcorn, biscuits and slices of bread are also served as snack during the coffee ceremony.

Water is added again to the pot, and some more ground coffee if needed, and placed on the brazier for the second round. When it is done, it is served again on the tiny coffee cups. The same process goes on for the third round, which is called ‘bereka’.

The coffee ceremony is not just about drinking coffee. It is a time for family get together. Family members who don’t drink coffee and children, who aren’t allowed to have it, all come together to spend quality time with their family. Parents use the time to ask their children about their studies or catchup on what’s going on in their lives outside home. The coffee ceremony strengthens the bond in the family.

Every family has their own coffee time. My family’s is immediately after lunch, and every member is expected to get home for lunch. I really relish it because it allows me to relax and let go of the stress from work or school. If I don’t get to have my relaxing coffee time I just go on the whole day feeling as if I missed something.

I think most people have their coffee in the evenings, when everyone comes home after a long day working or studying. I have a friend who doesn’t particularly like coffee but still wants to be home for it. So he doesn’t like to go out early in the evening. If he has to, it is often later in the evening when the coffee ceremony is over.

Some families even have their coffee ceremony very late in the evening. Our neighbor start their coffee ceremony at 11 pm.

When I asked them why they do that when they first moved to the house, they told me because that is the only time they can all be home and share part of the day with one another. The mother, who works as a cook at a restaurant, and some other members of the family work in the evening and get home late in the evening.

Coffee ceremony is a big part of the Eritrean culture. It is common in all kinds of social gatherings: weddings, birthdays, mourning and when guests come to visit. It makes people feel relaxed and the atmosphere light, encouraging people to chat and get to know one another well because of the amount of time the ceremony takes.

 

Source: Ministry of Information Eritrea

Announcement from the Ministry of Health (31-10-2022)

One patient has been diagnosed positive for COVID-19 in tests carried out today at Testing Station in the Central Region.

On the other hand, three patients who have been receiving medical treatment in hospital in the Central Region have recovered fully and have been discharged from the facility.

The total number of recovered patients has accordingly increased to 10,085 while the number of deaths stands at 103.

The total number of confirmed cases in the country to date has increased to 10,189.

 

Source: Ministry of Information Eritrea