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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China’s 3rd and Final Space Station Component Docks

China’s third and final module docked with its permanent space station Tuesday to further a decadeslong effort to maintain a constant crewed presence in orbit, as its competition with the United States grows increasingly fierce.

The Mengtian module arrived at the Tiangong station early Tuesday morning, state broadcaster CCTV said, citing the China Manned Space Agency.

Mengtian was blasted into space on Monday afternoon from the Wenchang Satellite Launch Center on the southern island province of Hainan. It was expected to take about 13 hours to complete the flight and docking mission.

A large crowd of amateur photographers, space enthusiasts and others watched the lift-off from an adjoining beach.

Many waved Chinese flags and wore T-shirts emblazoned with the characters for China, reflecting the deep national pride invested in the space program and the technological progress it represents.

“The space program is a symbol of a major country and a boost to the modernization of China’s national defense,” said Ni Lexiong, a professor at Shanghai University of political science and law, underscoring the program’s close military links.

“It is also a boost to the confidence of the Chinese people, igniting patriotism and positive energy,” Ni said.

Mengtian, or “Celestial Dream,” joins Wentian as the second laboratory module for the station, collectively known as Tiangong, or “Celestial Palace.” Both are connected to the Tianhe core module where the crew lives and works.

Like its predecessors, Mengtian was launched aboard a Long March-5B carrier rocket, a member of China’s most powerful family of launch vehicles.

Tiangong is currently populated by a crew of three astronauts — two males and one female, according to the China Manned Space Agency.

Chen Dong, Cai Xuzhe and Liu Yang arrived in early June for a six-month stay on board, during which they will complete the station’s assembly, conduct space walks and carry out additional experiments.

Following Mengtian’s arrival, an additional uncrewed Tianzhou cargo craft is due to dock with the station next month, with another crewed mission scheduled for December, at which time crews may overlap, as Tiangong has sufficient room to accommodate six astronauts.

Mengtian weighs in at about 23 tons, is 17.9 meters long and has a diameter of 4.2 meters. It will provide space for science experiments in zero gravity, an airlock for exposure to the vacuum of space and a small robotic arm to support extravehicular payloads.

The already orbiting 23-ton Wentian, or “Quest for the Heavens” laboratory is designed for science and biology experiments and is heavier than any other single-module spacecraft currently in space.

Next year, China plans to launch the Xuntian space telescope, which, while not a part of Tiangong, will orbit in sequence with the station and can dock occasionally with it for maintenance.

No other future additions to the space station have been publicly announced.

In all, the station will have about 110 cubic meters of pressurized interior space, including the 32 cubic meters added by Mengtian.


China’s crewed space program is officially three decades old this year, with the Mengtian launch being its 25th mission. But it truly got underway in 2003, when China became only the third country after the U.S. and Russia to put a human into space using its own resources.

The program is run by the ruling Communist Party’s military wing, the People’s Liberation Army, and has proceeded methodically and almost entirely without outside support. The U.S. excluded China from the International Space Station because of its program’s military ties.

Despite that, China is collaborating with the European Space Agency on experiments aboard Mengtian and is cooperating with France, Germany, Italy, Russia, Pakistan and the U.N. Office for Outer Space Affairs (UNOOSA) on a range of projects from aerospace medicine to microgravity physics, according to the Chinese Academy of Sciences.

Prior to launching the Tianhe module, China’s Manned Space Program launched a pair of single-module stations that it crewed briefly as test platforms.

The permanent Chinese station will weigh about 66 tons — a fraction of the size of the International Space Station, which launched its first module in 1998 and weighs around 465 tons.

With a lifespan of 10 to 15 years, Tiangong could one day find itself the only space station still running, if the International Space Station adheres to its 30-year operating plan.

China has also chalked up successes with uncrewed missions, and its lunar exploration program generated media buzz last year when its Yutu 2 rover sent back pictures of what was described by some as a “mystery hut” but was most likely only a rock. The rover is the first to be placed on the little-explored far side of the moon.

China’s Chang’e 5 probe returned lunar rocks to Earth for the first time since the 1970s in December 2000, and another Chinese rover is searching for evidence of life on Mars. Officials are also considering a crewed mission to the moon.

The program has also drawn controversy. In October 2021, China’s Foreign Ministry brushed off a report that China had tested a hypersonic missile two months earlier, saying it had merely tested whether a new spacecraft could be reused.

China is also reportedly developing a highly secret space plane.

China’s space program has proceeded cautiously and largely gone off without a hitch.

Complaints, however, have been leveled against China for allowing rocket stages to fall to Earth uncontrolled twice before. NASA accused Beijing last year of “failing to meet responsible standards regarding their space debris” after parts of a Chinese rocket landed in the Indian Ocean.

China’s increasing space capabilities was also featured in the latest Pentagon defense strategy released Thursday.

“In addition to expanding its conventional forces, the PLA is rapidly advancing and integrating its space, counterspace, cyber, electronic and informational warfare capabilities to support its holistic approach to joint warfare,” the strategy said.


The U.S. and China are at odds on a range of issues, especially the self-governing island of Taiwan that Beijing threatens to annex with force. China responded to a September visit to Taiwan by U.S. House Speaker Nancy Pelosi by firing missiles over the island, holding wargames and staging a simulated blockade.

Source: Voice of America

Ground Search of Native American Boarding School Site in Kansas Delayed

A plan to search for unmarked graves at a former Native American boarding school in Kansas is on hold amid a disagreement between the Shawnee Tribe and state and city officials overseeing the site.

The Kansas Historical Society announced last year that the Kansas Geological Survey at the University of Kansas would conduct a ground-penetrating radar survey at the Shawnee Indian Mission in Fairway.

However, Fairway officials said last week the proposal was on hold indefinitely after Shawnee Tribe Chief Ben Barnes raised concerns that the tribe was not consulted about the proposal and future plans for the 4.86-hectare (12-acre) site.

The Shawnee Tribe pushed last year for a study of the site, formerly known as the Shawnee Indian Manual Labor School. It was one of hundreds of schools run by the government and religious groups in the 1800s and 1900s that removed Indigenous children from their families to assimilate them into white culture and Christianity.

Fairway City Administrator Nathan Nogelmeier said in a statement that the Kansas Historical Society (KHS), which owns the site, met with Barnes in August and offered him the opportunity to consult before the work began.

On Monday, Barnes said that as he was leaving a meeting at the historical society he was given a short paper saying the organization had begun the process of working with the university on the ground-penetrating work.

“That’s not consultation,” Barnes said. “Consultation is a well-defined term. It’s not as I’m leaving stuff a piece of paper into my hands.”

Several experts told the tribe the proposal was insufficient and didn’t follow federal law concerning consulting with tribes in such situations, Barnes said.

In his statement, Nogelmeier said the historical society and the city of Fairway expect the Shawnee Tribe to try to persuade the Kansas Legislature next year to convey the land from the state to the Shawnee Nation.

“The KHS is on record opposing such a conveyance due to its historical significance to Kansas not just while it operated as the manual labor training school but due to other events and time periods as they related to Kansas’s history,” Nogelmeier said. “Further, Chief Barnes has not made any commitments about what he and the Shawnee Nation view as the future use of the land if they become owners of the site.”

While acknowledging that the tribe is not opposed to conveyance, Barnes suggested the state and Fairway officials are trying to use the issue as a political ploy and the timing of last week’s statement raises questions about whether the tribe is welcome in the process.

“I find that insinuation troubling,” Barnes said. “We have always been clear about our vision for the site. Regardless of who owns it, it centers on protection and restoration. To say otherwise is patently false, and they know it’s patently false.”

The move to inspect the mission’s grounds came after the U.S. Department of Interior announced a nationwide initiative last year to investigate federally operated Indian boarding schools. That would not have included the Shawnee Indian Manual Labor School, which was founded in 1939 and run by Methodist minister Thomas Johnson.

At one point, it had 16 buildings on about 800 hectares (2,000 acres) and nearly 200 students a year ranging in age from 5 to 23. The current 4.86-hectare (12-acre) site holds three buildings, which are on the national and state historic registries.

Source: Voice of America

Tanzania, Malawi eye smooth trade

 

TANZANIA and Malawi have resolved to speed up the process of addressing various challenges facing the private sector in order to facilitate trade between the two countries.

The two countries have also agreed to use Lake Nyasa to smoothen economic opportunities, including transportation of goods, services and people for the development of citizens in both nations.

The agreements were reached during the 5th Joint-Permanent Commission for Cooperation held in Dar es Salaam, where the countries signed two agreements to collaborate on defence and security issues.

Minister for Constitution and Legal Affairs Dr Damas Ndumbaro said the agreements focus on cooperation between Tanzania Police Force and Malawi Police Force as well as immigration departments of both countries.

“This meeting has enabled the two nations to agree on various areas, with the main focus being on trade, investment, defence and security, infrastructure, foreign affairs and social issues,” said Dr   Ndumbaro who represented Minister for Foreign Affairs and East African Cooperation.

Dr Ndumbaro further said that other opportunities which emerged from the meeting include the intention by Malawi to use Mtwara and Mbamba Bay road in Nyasa District in Ruvuma Region to transport goods and services.

Malawi has also agreed to cooperate with Tanzania in education and training through Centre for Foreign Relations in Dar es Salaam.

Dr Ndumbaro explained that despite the existing good diplomatic relations between both countries, Malawi has showed intention of using Mtwara Port and Mbamba Bay due to the fact that the route is shorter compared to other routes the country is using to import goods.

The Minister further called on the Malawian government to continue valuing Kiswahili and stressed on its use. He also asked the country to continue teaching the language at various levels of education.

On his part, Malawian Minister for Justice Titus Mvalo said all the issues agreed upon in the meeting have been reached at the appropriate time where the Heads of State of both countries are committed to see the cooperation between Tanzania and Malawi brings economic benefits to people of both nations.

He further said that Malawi government was making efforts to promote the growth of Kiswahili in the country, among others adding the subject into the country curricular.

“One of the main quality of Kiswahili is that it has no tribalism basis, we are proud of this language… it is a traditional language with African origin which connects many people in the continent”, Mvalo said.

Mvalo, however, called upon all sectors to ensure that they meet regularly in order to monitor implementation of all issues agreed in the meeting.

The 5th Joint-Permanent Commission for Cooperation (JPCC) has been held for three days from Oct 26 to 28 this year. —

Source: Nam News Network

Engaging communities in Malawi to end child marriage and help girls finish school

MACHINGA, Malawi — “I had to go against some deeply-held traditions to persuade my people that girls need access to education, just like boys,” said village head Patete, watching as a group of girls walked to school in Malawi’s Machinga district.

In the past this would have been a rare sight in the village, as many girls stayed at home while boys went to school. Less than one-third of girls continue their education past primary school, mainly due to being married off early, falling pregnant or taking on duties in the family home. Nearly 50 per cent of girls in Malawi are married by age 18 — one of the highest child marriage rates in the world — and almost 30 per cent become mothers while they are themselves still children.

These are damaging norms that village head Patete is intent on changing, by challenging the way his community perceives women, girls and their roles in society. He has for years campaigned for recognition of the importance of gender equality, and recently attended a training session as part of the UN’s Spotlight Initiative, led by UNFPA and funded by the European Union. The training focused on ending all forms of violence against women and girls and increasing awareness of human rights and gender equality.

“It is something that in the past was somehow socialized in us, that women should do more work,” village head Patete said. “For instance, even if we are coming back from the field, the women carry all the farming equipment while the men stride ahead. At home, the wife has to cook again, while the husband is resting.”

Violence against girls and women is widespread in Malawi, with one-third of women reporting to have experienced violence, including sexual violence. “This training has given me a much broader outlook on these challenges. It has reinforced my view that we are abusing women,” he explained.

Fighting for education

The Spotlight Initiative provides safe spaces where women and girls who have experienced or are at risk of violence can go for shelter, support and a place to heal. The initiative also trains participants to become mentors, so they in turn can empower adolescent girls and young women to exercise their sexual and reproductive health and rights and prevent gender-based violence — including by challenging harmful practices among their own communities.

Now 20 years old and back in school, Stella John was pressured into an early marriage at age 17. She is a member of her village’s Spotlight Initiative safe space and said, “If it wasn’t for their intervention, I would have been a housewife by now.”

Since she turned down a marriage proposal, she faced social stigma and discrimination among her community but found a refuge in the safe space, which offered her counselling and advice and helped her to focus on her goals.

After it was brought to his attention, village head Patete recently annulled the forced marriage of another 17-year-old girl to her 20-year-old boyfriend. “Many people think that if they marry off their daughter after she becomes pregnant, it’s a befitting punishment,” he explained. “On the contrary, that’s a big mistake. What the girl needs is a second chance. All those who are marrying off young girls are committing a crime.”

Championing girls’ rights in Malawi

In 2021, UNFPA followed up on more than 700 cases of child marriage, helping to annul more than 60 percent of them, together with community elders and local leaders who also supported the girls in returning to school.

Almost 70,000 women and girls accessed services through UNFPA-supported safe spaces, including sexual and reproductive health, psychosocial support and counselling. Of these, more than 23,000 attended the safe space mentoring programme, gaining new skills and strategies to target sexual and gender-based violence.

More than 1.4 million young people were reached with sexual and reproductive health and rights information and services across Malawi, and over 840,000 young people were reached with different types of youth-friendly health services, including information about family planning and sexual and reproductive health and rights.

Mr. Patete has since approached fellow community leaders to highlight the plight of women and girls and the responsibility of the leaders to change the way communities treat them, encouraging an end to harmful practices. “It’s hard to change the old ways of doing things, but we are making progress,” he said.

For Ms. John, the struggle has been uphill but worthwhile. She told UNFPA, “It’s not easy to be known as someone who turned down marriage for school, but that is what is driving me to fulfil my dream of becoming a doctor.”

Source: United Nations Population Fund