Inspiring stories from the African continent by gyvwpsjkko

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									           Inspiring stories from the
                   African continent

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Map supplied by Map Studio. Images supplied by Gallo Images and iStockPhoto

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                                                                                                                                                                                                                                                                     Desert                                                  TROPIC OF CAPRICO


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                                                                              $40 million fund
                                                                                       for new
                                                                                                  06 22
                                                                                                  Ghana          Nigeria
                                                                                                                           is calling
                                                                                                                                               Strength in
                                                                                                                                                  numbers    30

                                                                                                                                                                                                                                                                                                                                                           Fixed -line
                                                                                                                                                                                                                                                                                                                                                          Switched on

                                                                              04       DRC                                                                                                                                                                                                                                                                   solutions
                                                                                       Thinking out of the box                                                                                                                                                                                                                                      Tanzania
                                                                              32       Zambia
                                                                                       Power deals
                                                                                                                                                                                                                                                                                                                                                              Seeds of

                                                                              34       Zimbabwe
                                                                                       Builder of hope

                                                                              02      Botswana
                                                                                       Lessons for Africa

                                                                              20       Namibia
                                                                                       Small change, big change

                                                                              24      South Africa
                                                                                      Natural profits
                                                                                                                                                             16                                                                                                                                                                                        14        Africa’s
                                                                                                                                                             Mozambique                                                                                                                                                                             Mauritius    new hub
                                                                                                                                                             A class act

                                                                                                                                         10              26
                                                                              Contents                                                  Lesotho
                                                                                                                                                         Creating local
From   Botswana

            for Africa
                       Africa has the world’s lowest savings rate and financial
                       literacy levels – a recent survey completed in seven
                       African countries (Botswana, Kenya, Namibia, South
                       Africa, Tanzania, Uganda and Zambia)1 showed an
                       average of 49% of adults in these countries do not
                       use financial products at all, not even informal ones.

                       “Africa is seeing a growth in new financial products,
                       like mobile banking” commented the UK’s
                       International Development Secretary, Douglas
                       Alexander, “but it’s no good having competition if
                       consumers don’t understand the services available to
                       them. Financial education can help poor consumers
                       and businesses recognise the benefits of bank
                       accounts and in doing so promote a better business
                       climate in poor countries”.

                       With the help of Stanbic Bank, Botswana’s Ministry of
                       Education and the Botswana National Library Services
                       (BNLS) are taking steps to ensure that the population
                       of the country becomes financially literate at a
                       very young age by introducing a series of financial
                       literacy textbooks, based on Stanbic Bank material, to
                       secondary school students as part of their curriculum.

                       Botswana’s education system is often held up as an
                       example to other African countries (81,2% of people
                       over the age of 15 are literate), but like many other
                       countries with high literacy levels, the government
                       has noticed there is a vast gap between a literate and
                       a financially savvy population.2

                       As part of its effort to empower the nation, Stanbic Bank
                       has donated four financial literacy modules (in the form
                       of booklets) to the Botswana Ministry of Education, and
                       1 800 modules valued at P50 000 to BNLS.

The booklets, titled Money and Banking, Saving and Investing, Personal Finance and
Introduction to Business Finance have received the approval of the Ministry of Education
and the Bank of Botswana governor Linah Mohohlo.

Each booklet is informative, easy to read and no longer than 45 pages. In order to
make financial terms easier to digest, and keep the reader’s attention, the booklets are
illustrated with step-by-step guides and examples that make the information easy to

The first module, Personal Finance, deals with how to open a bank account, banking
procedures, electronic banking, managing banking fees, household budgets and an
introduction to taxes. Money and Banking tackles the importance of banking services
and products, like the advantages of having a cheque account, the difference between a
stop order and a debit order, banking responsibilities and the economic cycle and flow of

The third module, Saving and Investing, is a guide to making money grow, insurance,
budgeting, investing and the costs involved with borrowing money, while the fourth
module, Introduction to Business Finance is all about the smart way to start a business and
what you need to know in order to do it successfully.

Dennis Kennedy, MD of Stanbic Bank Botswana, says the idea to introduce the modules
to the Botswana population started when he noticed people were taking out micro
financing [from furniture, cash loans lenders or clothing shops] and paying excessive
interest rates and charges, out of ignorance.

Dennis realised one of the ways to ensure Stanbic Bank had an informed customer base             Dennis realised one of the
and could play an important role in Botswana to build knowledge in order to build wealth,        ways to ensure Stanbic Bank
one which would be able to help the people to manage their debts, was to introduce a
                                                                                                 had an informed customer
literacy programme that would be accessible to everyone, particularly the youth.
                                                                                                 base and could play an
Dennis believes introducing financial literacy at a young age will help give Botswana
                                                                                                 important role in Botswana
children a solid start in financial matters like budgeting and saving and, in the future, will
help them avoid financial pitfalls.
                                                                                                 to build knowledge in order
                                                                                                 to build wealth, one which
The financial literacy modules were initially used in neighbouring South Africa, where
Standard Bank entered into a partnership with that country’s Department of Education in          would be able to help the
an effort to introduce economics and management science to the school curriculum.3               people to manage their debts,
In order to be relevant to the local market in Botswana, the four modules had to be              was to introduce a literacy
adapted and translated. The information was localised by several students from the               programme that would be
University of Botswana, who through the Kellogg’s Foundation, worked on bank-related             accessible to everyone,
projects during school holidays and were familiar with banking terms, local market
                                                                                                 particularly the youth.
conditions, and Setswana, the country’s official language. One of the tasks involved in
localising the booklets was adding a glossary of terms in English and Setswana.

The new booklets were first rolled out to libraries through the BNLS, which has 23
libraries, 67 reading villages and supplies reading material to 300 primary schools. Once
editing is completed on the secondary school modules, they will also be rolled out to
learners across the country.

From   DRC

           out of
                  the box
                  By any measure, the Democratic Republic of the
                  Congo (DRC) is a country of extremes, it is the third-
                  largest country in Africa, covering an area the size
                  of western Europe; it has the second-largest rain
                  forest on earth (the country is home to almost half
                  of all of Africa’s forests1); and if correctly harnessed,
                  the Congo river – second in volume only to the
                  Amazon – could produce enough electricity to power
                  industrialisation across the whole of Africa.

                  The DRC also has significant mineral resources, for
                  example there are large deposits of cobalt, gold,
                  copper as well as diamonds and fuel.

                  If the country’s potential seems overwhelming its
                  numbers are, inversely, more so. Decades of political
                  upheaval, mismanagement and conflict have seen this
                  country’s Gross Domestic Product (GDP) per capita
                  drop to one of the lowest in the world. The country
                  is ranked 168th out of 177 nations on the United
                  Nation’s Human Development Index (HDI)2; and
                  Jane’s Country Risk ranks the DRC as the 9th most
                  unstable entity in the world3 – a risk profile that has
                  seen little change in the past few years, despite the
                  country’s largely successful democratic elections (the
                  first in 40 years) held in 2006.

                  The DRC’s situation remains fragile in the eyes of
                  the international community, and the largest United
                  Nations (UN) peacekeeping force in the world is
                  stationed in the country (known as MONUC, standing
                  at about 18 000 uniformed personnel).

As a Department For International Development (DFID) report on the DRC comments, the
possibilities are “breathtaking. But the development challenges are huge.”4 With support
from international institutions, economic, financial and structural reforms are helping:
hyperinflation levels, peaking at 511% in 2000, were reduced to rates of about 18%5.

Sectoral reforms have seen increases in private investment to the country, and it is
hoped real GDP growth will rise substantially through improvements in mining and
manufacturing6. In addition to political stability and internal security, the consolidation of
macroeconomic stability and promotion of economic growth have been identified as “pillars”
of the country’s Poverty Reduction Strategy, approved by the government in 2006.

In May 2008, Stanbic Bank opened its first branch outside the DRC capital of Kinshasa,
about 1 500km away in the mining city of Lubumbashi, the hub of the country’s copper
mining belt. The 500m2 full-service bank was constructed in just two months, after
clearing customs; the entire structure (except for the concrete foundation) was pre-
fabricated in South Africa, and delivered to the DRC in a set of five shipping containers.
It is the first time Standard Bank Group’s “Bank in a Box” concept has been implemented
outside of South Africa. Traditionally, these banks are used to test new markets,
particularly in areas with limited infrastructure, but Stanbic DRC’s Deputy MD and
country Head of CIB, Jean Rey, is quick to point out the bank’s presence in Lubumbashi is
“not temporary. It was simply the best solution for the location.”

“The ‘Bank in a Box’ is quicker to build, but it’s not cheaper,” Jean explains. “In
Lubumbashi it was all about how quickly we could start serving our customers.”
                                                                                                 The 500m2 full-service
The successful deployment of the prefabricated building and lessons learned from
                                                                                                 bank was constructed in
teething problems will see a similarly built branch constructed in nearby Kolwezi, about
300km from Lubumbashi, before the end of the year, and this could provide a solution to          just two months, after
Stanbic IBTC Bank’s rapid branch expansion in Nigeria.                                           clearing customs; the
The unit, which inside looks exactly like any branch of Standard Bank or Stanbic anywhere        entire structure
in the continent, is fully self-contained, from a satellite network link (to the country head    (except for the concrete
office) to a generator that provides electricity.                                                foundation) was
With the opening of the Lubumbashi branch, Stanbic is now ideally situated to service the        pre-fabricated in
region’s growing economy. Local operations include mid-tier South African-based mining           South Africa.
company Metorex, who own 80% of the copper and cobalt mining facility at nearby
Ruashi; Anvil Mining, the leading copper producer in the DRC, with three operations in
Katanga; and the Tenke Fungurume Mining Project – working one of the world’s largest
known copper-cobalt resources.

Lubumbashi itself is home to a growing number of processing plants, an estimated 50%
of which are owned by Chinese investors7. This project is not the only Chinese investment
in the region: in 2007 the DRC government announced an agreement with the Chinese
authorities that, The Economist reported, will see [Chinese] state-owned firms “build or
refurbish various railways, roads and mines around the country at a cost of [US]$12 billion,
in exchange for the right to mine copper ore of an equivalent value”.8 The new rail links
will start in Lubumbashi and end in Matadi, the country’s main port.

From   Ghana

          $40       million fund
                    for new
                    A US$40 million revolving fund for Ghana’s largest
                    transport union, the Ghana Private Roads Transport
                    Union (GPRTU), will see up to 1 000 new public
                    transport vehicles on the country’s roads, as well as
                    significant investment in refurbishing vehicle terminals
                    around the country, making public transport safer and
                    easier for Ghana’s millions of daily commuters.

                    Modern Ghana has one of the best performing
                    economies in Africa – poverty declined from 52%
                    in 1998 to 28% in 2006, putting the country on
                    course to exceed its 2015 Millennium Development
                    Goals (MDG) of halving her poverty1. Gross Domestic
                    Product (GDP) growth has remained steady at about
                    6% since 2005 and Ghana’s external debt, which
                    stood at US$6 billion in 2001, is almost written
                    off following the successful Heavily Indebted Poor
                    Countries (HIPC) debt relief effort in 20042.

                    But Ghana’s economy is hampered by inadequate
                    transportation networks. The transport sector
                    contributes 5% to the country’s annual GDP.3

                    In 2006 the Ghanaian Transport Ministry reported
                    potential investors were frustrated by the gaps
                    in Ghana’s transport infrastructure.4 The majority
                    of Ghana’s rural population live more than two
                    kilometres from the nearest road facility, because
                    55% of the landscape is inaccessible to modern means
                    of transport. This has led to an increase of up to 50%
                    in the final price of foodstuffs transported from farms
                    to urban areas5.

In 2002 Ghana had about 39 940km of roads, of which only 9 346km was paved.6

Currently, Ghana’s major roads are being improved with funding from the World Bank, which
has committed more than US$200 million to Ghana’s Road Sector Development Program.

To date 125 feeder road projects have been completed and 25 are ongoing, under the
auspices of the Ghanaian Department of Feeder Roads.7

It is against this backdrop that the GPRTU operates. Made up of drivers, owners and
vendors, the GPRTU is Ghana’s largest transport union with more than 800 000 members
and a network of 5 000 terminals spread throughout Ghana. The GPRTU has a 95%
controlling stake of the road public transport sector. Economists estimate that between
12 million and 15 million Ghanaians use public transport every month.

The most frequent users of public transport are traders, who criss-cross Ghana and
neighbouring countries selling agricultural produce. It is common knowledge that these
traders, many of whom are women, carry significant amounts of cash (from the sale of
their goods), especially when they are travelling long distances. This has resulted in a
sharp increase in the number of violent armed robberies on Ghana’s highways.

Besides the scourge of crime, there has also been an increase in the number of fatal road
accidents that, the Transport Ministry believes, is a direct result of the number of
non-roadworthy vehicles on the roads. It is not an uncommon sight to see abandoned,
broken-down vehicles on the side of the road in Accra and other major cities.

In order to boost the road transport industry and make travelling by public transport a     Stanbic will set up banking
safer and more comfortable, convenient experience for commuters, Stanbic Bank Ghana
                                                                                            facilities at key GPRTU
partnered with the GPRTU to establish a US$40 million loan facility in 2007.
                                                                                            terminals in high density
Ghana’s public transport vehicles consist of four-door sedan metred taxis, buses and
                                                                                            areas and commercial
“Tro tro’s”, known as minibus taxis in other parts of the continent.
                                                                                            centres, enabling drivers
Under the loan agreement, GPRTU members will acquire new vehicles at a discounted
rate from six leading automobile companies based in Ghana. The agreement also
                                                                                            and traders to deposit
includes service packages and discounts on parts in order to ensure affordable vehicle      monies at their point of
maintenance and avoid the current trend of dilapidated public transport vehicles. To        departure, and withdraw
kickstart the project, 20 vehicles have already been presented to the union, and 86         them at their destination.
buses have been financed so far.

The long-term vision of the project is an overhaul of all the vehicles owned by GPRTU,
and to move away from small capacity vehicles to vehicles with a capacity for 40
passengers or more. Stanbic is also in the process of negotiating bulk purchase fuel
discounts for GPRTU members, from major local oil companies.

Equally important will be GPRTU and Stanbic’s work in refurbishing vehicle terminals
across the country. Stanbic will set up banking facilities at key GPRTU terminals in high
density areas and commercial centres, enabling drivers and traders to deposit monies
at their point of departure, and withdraw them at their destination. This will reduce the
numbers of in-transit armed robberies for passengers. Stanbic will also help the GPRTU
to establish or upgrade stopovers and rest stops, filling stations and workshops on the
major highways across the country.

From   Kenya

                    As Africa’s booming telecommunications industry
                    continues to attract foreign investment, commercial
                    banks have targeted the sector as an opportunity
                    to grow their lending businesses, at the same time,
                    facilitating significant improvements in telecoms
                    infrastructure and expansion of services.

                    In 2007, Kenya’s state-owned telecoms agency,
                    Telkom, received a much-needed “shot in the arm”,
                    when a syndicate of banks arranged bridging finance
                    of KSh5,85 billion (about US$83 million) to prepare
                    the parastatal for privatisation. Stanbic Bank Kenya
                    was one of four mandated lead arrangers, and the
                    facility agent of the deal.

                    In the last two years, Kenya’s government has made
                    significant improvement to the telecoms sector –
                    developing a national Information and Communication
                    Technology (ICT) policy, liberalising the ICT sector and
                    lowering local and global telephony costs by over 80%1.

                    The privatisation of Telkom Kenya was key to the
                    country’s ICT goals – as the East Africa country’s
                    sole fixed-line service operator, Telkom Kenya is
                    the country’s Internet gateway and sole broadband
                    Internet resource.

                    However, falling revenues and increasing debts meant
                    there were insufficient service and infrastructure
                    resources for Telkom to even consolidate, never mind
                    grow, its position.

                    Like many fixed-line operators on the continent,
                    Telkom Kenya had been negatively affected by the
                    rapid growth of mobile phone networks. In 1999,
                    there were only about 15 000 mobile networks
                    subscribers in Kenya and today, Kenya’s mobile
                    subscriptions stand at about ten million. A United

Nations Conference on Trade and Development (UNCTAD) report indicated that, by
2006, mobile teledensity had increase to 18,5 subscribers per 100 people.2

About 94% of Telkom’s current subscribers (it has an estimated customer base of
300 000 people) are based in urban areas; however, 64,8% of Kenya’s population live
in rural areas, and only 40% of these live above the poverty line. Both of Kenya’s major
mobile networks, Safaricom and Celtel, cover wider geographical areas than Telkom
Kenya, and offer cheaper connection and call charges.

In 2004 the Kenyan government opened up the telecoms market, introducing three new
types of licences: network facilities providers, applications service providers and content
service providers, which directly threatened Telkom Kenya’s monopoly.

Since 2003, Telkom Kenya’s turnover had been declining at an annual rate of 10,5%. In 2006
the company posted a turnover of only KSh16,3 billion, down from KSh20,9 billion in 2003.3

Falling revenues meant Telkom Kenya could not service its financial obligations, the
largest of which were pension and tax liabilities.4

These factors coupled with the growth of the mobile phone market prompted the
government to announce privatisation plans for the parastatal.

Before it could sell off its shares, however, Telkom Kenya first had to get its affairs
in order. As part of the pre-privatisation preparatory work, Telkom Kenya needed to
reduce its workforce, from more than 17 000 workers in February 20075 to about 3 150
employees by early 2008, the largest corporate retrenchment in Kenya in an eight-month        As the 100% owner
period6. To finance this restructuring, Telkom Kenya had to resort to external borrowing.     of Telkom Kenya, the
Because of the company’s cash flow challenges and balance sheet problems, Telkom              Kenyan government
Kenya was not “bankable” on a conventional basis, and so an imaginative loan structure        wrote a call option of 9%
was brokered.
                                                                                              of the shares of Safaricom
Telkom Kenya had one advantage – a 60% stake in Safaricom, Kenya’s leading mobile             Kenya Limited to the
operator with a subscription base of five million. Telkom Kenya’s stake in the company
                                                                                              syndicate lenders.
was valued at US$1,2 billion.

As the 100% owner of Telkom Kenya, the Kenyan government wrote a call option of 9%
of the shares of Safaricom Kenya Limited to the syndicate lenders.

The financing gave time to both the government and Telkom Kenya to clear Telkom’s
balance sheet, which was achieved through the sale of Telkom Kenya’s stake in Safaricom
to the government. This sale cleared, among others, the KSh5,85 billion loan from the
banks and KSh36,3 billion in tax arrears to the Kenya Revenue Authority.7

In December 2007 France Telecom (in consortium with Dubai-based Alcazar Capital
Limited, who subscribed to a 15% stake) successfully purchased a 51% stake in Telkom
Kenya for KSh26,1 billion (about US$390 million) – KSh6 billion above what the
International Finance Corporation had put forward as the corporation’s market value.

In April 2008, France Telecom announced that it would begin offering GSM services to
Kenyans through Telkom Kenya’s existing CDMA technology.

From   Lesotho

                      The biggest diamond of the century – and the 15th
                      largest gem-quality rough diamond ever found – was
                      discovered in one of the world’s smallest countries,

                      The tiny mountain kingdom is perhaps best known for
                      its textiles industry (Lesotho is the largest sub-Saharan
                      exporter of garments to the US under the Africa
                      Growth and Opportunity Act or AGOA1) and exporting
                      water (for hydro-electric power) to South Africa.
                      However its mining and minerals industry has become
                      an increasingly important contributor to the country’s
                      Gross Domestic Product (GDP), particularly with the
                      re-opening of the Letseng diamond mine in 2004.

                      Letseng came to international attention in the mid-
                      Sixties, when it recovered the 601-carat Lesotho
                      Brown (the 16th largest rough diamond in the
                      world). In August 2006, it topped that feat with the
                      discovery of the 603-carat Lesotho Promise. Thirteen
                      months later the mine produced the world’s 18th
                      largest diamond, the Letseng Legacy, which tipped
                      the scales at 494 carats.

                      Letseng is the world’s highest diamond mine, situated
                      in the kingdom’s Maluti Mountains 3 100m above sea

                      Approximately 14% of the stones produced at
                      Letseng weigh more than 10,8 carats, an industry
                      record. The mine also has the highest dollar-to-carat
                      ratio of any mine in the world. The international
                      standard price for diamonds ranges between US$74
                      and US$90 a carat. The average price per carat for a
                      Letseng diamond is US$1 997.2

                      Besides being renowned for their size, Letseng
                      diamonds are also celebrated for their quality. About
                      90% of diamonds recovered from Letseng are gem

quality, with a significant portion graded as “D” colour, which means they are absolutely
colourless (and therefore highly valuable).

In January 2007, Letseng produced a 215-carat “D” colour diamond, which was sold on
tender for US$8,3 million. The Lesotho Promise and Letseng Legacy fetched
US$12,4 million and US$10 million respectively. Due to the high quality of Letseng’s
stones, prestigious international jewellery houses like Laurence Graff, Harry Winston and
Ehud Laniado are regular buyers.3

Diamonds were first discovered at Letseng in 1957. Between 1960 and 1970, Letseng’s
diamond pipes were divided into small claims that were mined by artisan diggers.4

In 1977 De Beers Consolidated Mines took over, producing 280 000 carats between
1977 and 1982, when operations were closed down.5 The closure of Letseng under De
Beers was driven by a dispute with the Lesotho government over prices and taxing, and
a crippling diamond mine recession.6 Letseng was by no means uneconomical but, by De
Beers’ standards, it was a small mine.

Letseng’s remaining resources after the closure included 12 million tons of kimberlite at
the satellite pit, 50 million tons of ore in the old main pipe and five million tons of low-
grade stockpiled ore.7

Letseng lay fallow for almost two decades until it was bought by a South African
consortium made up of JCI and black economic empowerment (BEE) company Matodzi                 Letseng is an important
Resources. The Lesotho government retained a 24% stake and earned 7% royalties on              contributor to the
the mine’s gross revenue, in addition to a 35% tax rate.8
                                                                                               Lesotho economy.
In September 2006, JCI and Matodzi sold 76% of Letseng to Gem Diamonds for                     The mine employs 700
US$143 million, and the Lesotho government increased their stake to 30%.
                                                                                               people, 90% of whom
In February 2007, when Gem Diamonds was listed on the London Stock Exchange, the               are local Basotho.
valuation of Letseng had risen by 43% to US$205 million.9
                                                                                               The mine also creates up
Letseng’s current processing capacity is 2,6 million tons per annum. This figure is            to 800 jobs in indirect
expected to double by mid-2008 after commissioning of the second treatment
plant is completed. This measure will optimise the mine’s life to 33 years. It will also
elevate Letseng’s status to the seventh largest diamond mine in the world in terms of
throughput, and the 11th biggest earner.

Since 1999, Letseng has worked closely with Standard Lesotho Bank’s Dave Rose; the
bank “provides Letseng with an infrastructure, and facilitates access to the sophisticated
foreign products we need to trade profitably,” explains Financial Manager Jon Tully.

Letseng is an important contributor to the Lesotho economy. The mine employs 700
people, 90% of whom are local Basotho. The mine also creates up to 800 jobs in indirect

Lesotho’s economy depends heavily on inflows of workers’ remittances and receipts
from the Southern African Customs Union (SACU). The other major source of income is
the royalties it receives from sale of water to South Africa, through the country’s major
hydropower facility.

From   Malawi

            Seeds    of security
                     In Malawi, the “hungry season” arrives in January or
                     February – towards the end of the rainy season, when
                     old crops have been exhausted and the new crop isn’t
                     yet ready to eat.

                     In 2005 it came early. Above-average rainfalls the
                     previous December had led to hopes of a good
                     harvest. But, at a critical time, when the maize crop
                     was at the stage of cob formation and pollination,
                     the rains failed. In addition, the heavy rainfalls of the
                     earlier months had caused flooding in some areas,
                     destroying crops.

                     Maize production dropped to the lowest levels in a
                     decade. It was estimated over 34% of the population
                     (about 4,2 million people) would have insufficient
                     harvests or income to meet their minimum food
                     requirements. Crop assessments indicated an
                     expected food gap of 400 000 tons2.

                     With few exploitable mineral resources, Malawi’s
                     economy is heavily dependent on agriculture. The
                     sector represents about 80% of the country’s
                     exports3 and employs 85% of the country’s working
                     population, the majority of whom are subsistence
                     farmers4. This leaves most households vulnerable to
                     drought and floods – and, in shortfall years, to volatile
                     international prices.

                     About 800km south of Malawi, South Africa had
                     experienced a bumper harvest and was sitting on a
                     surplus of five million metric tons of maize. Under
                     normal market conditions, this would have been out
                     of reach for Malawi’s government. Market prices had
                     been driven up after Hurricane Katrina forced the
                     Japanese to secure maize from South Africa instead

of its usual US sources; the poor road network between South Africa and Malawi added a
further premium for transport.

Donor and food aid agencies were mobilised and international appeals were issued, but it
would take months before any maize reached Malawi through these schemes.

At the same time, the Standard Bank Group had hedged significant stores of maize on
behalf of a neighbouring country – the scheme featured a buy-back option, and the
country didn’t need to buy the maize back. This meant cheaper maize could be offered to
Malawi; in September 2005, the government of Malawi signed an options contract with
Standard Bank – “giving it the right, but not the obligation, to buy additional maize at
a [fixed] price”.5 The contract covered a maximum of 60 000 tons of maize at a cost of
approximately US$18 million, “enough to meet the food gap if donor and private sector
commercial imports did not reach anticipated levels”6.

The contract was structured as an “over the counter” call option, which meant the
cost included delivery to Malawi, reducing the impact of transport prices. The deal
represented “one of the first-ever instances of macro level hedging by an African
government”7, and provided the government with the means to “trigger additional
imports at short notice, put a price cap on the cost of maize from South Africa and
[provide] protection against the risk that prices would move higher.”8

In the following months, as prices increased and the food shortage grew more severe,       One of the factors that had
the government exercised the call option; the majority of the maize was allocated to       contributed to the severity
humanitarian operations. The International Development Association (IDA) concluded
                                                                                           of the 2005/6 food crisis
that maize purchased through the option contract had a better delivery performance
than most other procurement procedures9. During the delivery period, spot prices of
                                                                                           was the lack of seeds
maize rose by between US$50 and US$90 [per metric ton] above the ceiling price of          and fertiliser for Malawi’s
the contract.                                                                              bottom-end and subsistence
One of the factors that contributed to the severity of the 2005/6 food crisis was the      farmers.
lack of seeds and fertiliser for Malawi’s bottom-end and subsistence farmers. Previous
agricultural subsidies had been cut in response to international pressure (hoping to
stimulate competition and a viable private market). Over a three-year period, maize
production fell by over a million metric tons.

Towards the end of 2005 government re-established its subsidy programme, using a
coupon system entitling each farming household to two bags of fertiliser and enough
maize seed to plant half an acre. In 2006 Malawi enjoyed its biggest ever harvest, about
2,6 million metric tons of maize, a surplus of over half-a-million tons.

Standard Bank has now structured a fertiliser programme for the government. For various
reasons, some of the fertiliser ordered through the subsidy scheme arrives late, after
the growing season. To keep the fertiliser on the ground, the scheme effectively sees
Standard Bank “purchase” a portion of the fertiliser (this year the group is securing
50 000 metric tons), with a compulsory option for the government to buy back the same
stock at the same [set] price the next planting season.

Standard Bank is now looking at developing fuel schemes for Malawi.

From   Mauritius

            new hub
                        The “paradise island” of Mauritius – perhaps , best
                        known for its sugar plantations and package holidays,
                        – is fast becoming the region’s hub for African-Asian

                        With its strategic Indian Ocean location (the island
                        is a four-hour flight from Johannesburg, and six
                        hours from Mumbai), investors have been drawn to
                        Mauritius by the nation’s favourable tax treaties,
                        strong economy and stable political infrastructure.

                        As a result, a large number of global multi-nationals
                        are using Mauritius as a hub for many of their
                        financing needs for their operations spread around
                        the globe.

                        Mauritius has one of the fastest-growing economies
                        in Africa, with a real Gross Domestic Product (GDP)
                        growth rate of 5,6% (2007)1 and has attracted more
                        than 32 000 offshore entitites to date, many aimed
                        at commerce in India, South Africa and China.2 Early
                        in 2008, it was reported that Mauritius had become
                        the largest source of foreign investments in India3
                        (together with Singapore4).

                        A number of multi-national African companies,
                        including MTN, South African Breweries (SAB) and
                        Group Five, have also set up treasury offices on the

                        Once reliant on agriculture, (sugar cane is grown on
                        about 90% of cultivated land and accounts for about
                        15% of the country’s export earnings.5) Mauritius’
                        economy diversified in the 1980s and 1990s, and the
                        services sector, dominated by tourism and financial
                        services, has emerged as the most important sector
                        for the economy6, accounting for more than 70% of
                        the GDP in 20077. Investment in the banking sector
                        alone has reached more than US$1 billion8.

The island’s strong textile manufacturing sector has come under pressure as liberalisation
of the market and the dismantling of earlier preferential (developing country) trade
agreements saw Mauritius competing with larger low-cost developing countries such as
India, China and Thailand. However, the island is well positioned to take advantage of the
African Growth and Opportunities Act (AGOA), which should increase exports particularly
to the United States.

Textiles and apparel imports from Mauritius [to the US] under AGOA in 2007 were
US$108 million9.

The government of Mauritius has also declared its intention to transform Mauritius
into a regional information hub, a “cyber island”,10 where, it is hoped, Information
and Communications Technology (ICT) will become the fifth “pillar” of the country’s
economy, alongside sugar, textiles, tourism and financial services.

Seacom, a Mauritius-based company, is constructing a submarine cable network that will
link east Africa, the only part of the world without submarine cables connectivity,11 with
South Africa, Europe and Asia.

Mauritius is also “engaged in the creation of a seafood hub”. 12 The country’s Exclusive
Economic Zone (EEZ) stretches for 200 nautical miles, covering an area of more than
1,8 million square kilometres, and presents numerous opportunities “for lagoon-based
intensive farming and high seas intensive farming using modern, high-tech floating cages

More importantly, Port Louis is now ready to act as a platform for fish landing, processing   “As an African bank
and re-shipment.”13 An interim trade agreement between the European Union (EU) and
                                                                                              with global reach, we
Mauritius was initialled in December 2007, which included provisions on fisheries and
other issues.
                                                                                              are ideally positioned to
                                                                                              capture the cross-border
“As an African bank with global reach, we are ideally positioned to capture the cross-
border flows that pass through this region,” states Standard Bank Mauritius MD Chris          flows that pass through
Clarkson. In the past year or so, the bank has grown from just 12 to 104 employees.           this region,” states
Since launching commercial banking services, Standard Bank has facilitated a number of        Standard Bank Mauritius
key deals and transactions on the island.                                                     MD Chris Clarkson.
In 2007, Standard Bank imported all of Mauritius’ fuel (the island has no fossil fuel
resources), via the State Trading Corporation (STC). In July 2007, the STC signed an
agreement worth US$2 billion with India-based Mangalore Refinery & Petrochemicals Ltd
(MRPL) to import one million tonnes of fuel per annum over a three year period. MRPL
has added that it is now looking to Mauritius as a base for exporting fuel into Africa14.

Standard Bank also financed national carrier Air Mauritius’ purchase of two new airbuses
– tourism is still the largest contributor to the island’s foreign exchange earnings, and
Mauritius aims to boost its tourism numbers by about 10% each year in order to reach a
target of two million visitors (from 907 000 in 2007) by 2015.

In the textile sector, Standard Bank has started a relationship with the second largest
textile manufacturer in Mauritius, the Star Knitwear Group, when the bank assisted the
group in constructing a new shopping centre in the capital, Port Louis.

From   Mozambique

         A class
                    Along with Afghanistan, Chad, Ethiopia, Mali and
                    Niger, Mozambique has one of the lowest literacy
                    rates in the world (about 47,8%). It also has a
                    strikingly young population1, with nearly half the
                    country’s population of 20 million people under the
                    age of 152.

                    Education is a luxury, not many Mozambicans can
                    afford it – an estimated 70% of the population still
                    live below the poverty line.3

                    Between 1975 and 1992, Mozambique was gripped
                    by civil war and much of its basic infrastructure like
                    schools and colleges were crippled or destroyed.
                    While there have been enormous strides in
                    Mozambique’s political and economic development,
                    education is still struggling to catch up with the
                    population’s needs. One of the side effects of low
                    literacy and education levels is that Mozambique’s
                    population is one of the least banked in Africa.

                    Ten years ago only 1,7 million children attended
                    primary school and the network of lower primary
                    schools was only 6 114.4 By 2003 the number of
                    primary school children enrolled had risen to 2,8
                    million, while the network of primary schools had
                    increased to 8 077.5

                    Like many states around the continent Mozambique
                    has a shortage of qualified teaching staff. Teachers
                    face the multiple challenges of low wages, lack of
                    teaching material and peer support. This has led to
                    overcrowded classrooms and high student-to-teacher
                    ratios as high as 100 students to one teacher in some
                    parts of the country.

                    Mozambique’s high HIV/Aids rate is also taking its toll
                    on the limited teaching fraternity. The prevalence of
                    HIV amongst the economically active population (15
                    to 45 years old) in Mozambique is estimated at 16%6.

Children whose parents have been affected by HIV/Aids are more likely to drop out of
school if their parents die or fall ill.

For many children access to basic education is further hampered by poverty, gender,
location and in some cases, the educational background of the head of the household.
Reports indicate that children with an uneducated parent or guardian have a greater
chance of being uneducated than children who are raised in a family where the head of
the household has some kind of education.7

In Mozambique the literacy rate among women in particular is very low, and there are
disparities between the ratio of boys and girls registered at schools across the country.8
This has been attributed to poverty and infrastructure. UNICEF says that many families
keeping their daughters away from school is a survival tactic because they dispatch them
to work as domestic workers so they can contribute an income to the household.

In other cases, especially in rural areas, schools are far and with no means of transport
young girls have to walk, which leaves them vulnerable to abuse. UNICEF, together with
other partners, is working with the Mozambique Ministry of Education and Culture to try
and improve the situation.

Recently the government introduced the Child Friendly School initiative (CFS). The aim
of the CFS programme is to create a safe, supportive teaching and learning environment
in schools.
The initiative also involves providing life skills, programmes on HIV prevention, safety
programmes for girls, teaching material, community support programmes and education           Standard Bank
drives that highlight the importance of education. The programme further provides
                                                                                              Mozambique has
educators with school management and basic governance courses.
                                                                                              identified education
Standard Bank Mozambique has identified education as a key focus area in their
                                                                                              as a key focus area in
corporate social investment (CSI) programme, and has been rolling out a number of key
initiatives that will empower Mozambique’s students.                                          their corporate social
                                                                                              investment (CSI) program.
In 2006, the bank donated 2 000 books to the Matola High School library as part of the
Mozambican government’s Um Olhar de Esperance (A look of hope) campaign.

In June 2006, executive members from the bank participated in the construction of two
classrooms at ADPP, a technical college in the fishing village of Costa de Sol, and donated
eight scholarships to students.

In November the same year, the bank began their most important initiative, helping
impoverished schools jump into the technology arena with the donation of computer
equipment. A high school in the Nampula district, with a population of 5 800 students,
received a new computer room equipped with 25 computers and a printer. The computer
lab will also service 11 000 students from neighbouring high schools.

In May and November 2007, in the Manica and Tete regions respectively, the bank
donated two more computer rooms, equipped with 25 computers and a printer, to each
of the local high schools.

To facilitate the study of English language in schools, the bank also sponsored the
printing of 2 000 English Teacher Tool Kits in March 2007.

Elephants feeding in Amboseli National Park, Kenya
From Eyes Over Africa by Michael Poliza
(available at
“If you go through the high
grass where the elephant
has already gone through,
you don’t get soaked with
the dew.”
- African Proverb
From   Namibia

                      big change
                      In his first year as MD of Standard Bank Namibia,
                      South African-born Mpumzi Pupuma doubled the
                      bank’s profits after tax – to over N$270 million. He
                      attributes this feat to a “change of mindset” in the
                      bank, achieved through a series of intensive change
                      management and motivational workshops conducted

                      Mpumzi, a larger-than-life character, is no stranger
                      to big challenges: growing up in rural Eastern Cape,
                      South Africa, his first job (in 1975) was as a bank
                      clerk, “licking envelopes and manually doing stop
                      orders.” Twenty-six years later he returned to the
                      Eastern Cape – this time as Provincial Director for
                      Standard Bank, having completed his undergraduate
                      and post-graduate studies; in 2005, he took over as
                      Provincial Director of KwaZulu-Natal.

                      When Mpumzi arrived in Namibia in 2007, he spent
                      a month meeting staff – and then went to his
                      executives with a proposal: “What we need is a big,
                      audacious goal,” he announced. The goal, of course,
                      was to double 2006’s profit of N$122,5 million. It was
                      a brave statement not just for a new MD, but also for
                      a bank that, the previous year, had declared a drop in
                      profits from banking services.

                      Mpumzi’s strategy involved giving his Exco (Executive
                      Committee) more recognition – and mandate – as
                      a decision-making body, and creating “Mancos”,
                      or management committees, which would be
                      represented by their executives. He also linked
                      performance directly with rewards, by making

his Exco responsible for performance appraisals. These principles of enablement and
ownership were extended to every single branch, and every employee in Nambia.

Mpumzi acknowledges two influential individuals in this implementation: Jonathan Black,
who worked with Mpumzi to developed a game plan for each department, using the
CAPS programme; and Anton van der Post, veteran “change agent”, consultant and self-
development facilitator, who conducted approximately 180 two-day workshops with staff
across the country.

“The first thing Mpumzi did was he turned a belief system into a success story,” says
Anton. “He held roadshows, and told his staff: ‘We are going to be really successful’.”

“My job was to listen to the staff and work out what were the things that were holding
them back.”

Anton’s role enabled staff to develop solutions to the problems they had identified – and
to work with Mpumzi to find answers to the questions they couldn’t resolve alone.

“Often, management doesn’t listen – a manager feels he or she should have all the
answers. But the point is, you can go and find the answers once you know the questions.”
                                                                                              “The aim of the
“Anton is the bearer of bad news, for the MD,” jokes Mpumzi. “He allows the staff to          exercise,” explains
empty themselves – they trust him, because he’s an outside person, and they air their
                                                                                              Anton, “is not to point
frustrations. After each session, he calls me in and sits me down – and I try and answer or
address the issues that have been raised. Then we go back to management, and ask them
                                                                                              fingers about ‘what you
what they can do to improve it.”                                                              are doing wrong,’
“The aim of the exercise,” explains Anton, “is not to point fingers about ‘what you are
                                                                                              but to work out what
doing wrong,’ but to work out what people are doing right – and what’s holding them           people are doing right –
back, what’s affecting their productivity.”                                                   and what’s holding them
In a culture that recognised (and rewarded) ideas, unexpected sources soon provided           back, what’s affecting
solutions: a teller came up with a brilliant idea for an ongoing operational issue. Each      their productivity.”
month end, the bank was extremely busy and often struggled to cope with the high
volume of business. It was impractical to employ additional full-time staff (because the
bank was not as busy month-round), and not feasible to hire untrained “temps” (both for
security reasons, and because of the significant training that would be required for each
new employee). The teller identified an existing cadre of trained personnel who not only
knew the bank’s systems, but might also appreciate additional income from part-time
work – in the form of the bank’s pensioners, and women who had left the bank to be at
home with their children.

“The person who comes up with constructive questions is the kind of person the bank
looks at for management,” comments Anton, “not people who just moan.” The difference
between the two, he explains out, is that a constructive employee highlights the problem
– and then presents what he or she believes are possible solutions.

“If you want to be heard,” Anton continues, “the number one requirement is that you
produce the results. No matter where you are in the bank, if you deliver, people will
listen. Most big moaners don’t produce results. Mpumzi demands all sorts of things – but
he’s produced results.”

From   Nigeria

          is calling
                      In May 2001, the Mobile Telephone Networks (MTN)
                      group made history when it became the first GSM
                      network in Nigeria to make a call, following the
                      Nigerian Communications Commission (NCC) GSM
                      operating licence auction in January of that year.

                      MTN Nigeria marked the single biggest investment
                      made by the MTN group outside South Africa, and
                      financing for the venture was co-arranged by Stanbic
                      IBTC Bank Plc (formerly Stanbic Bank Nigeria) and
                      Nigeria International Bank Limited.

                      Before 2001, there were only 450 000 phone lines in
                      Nigeria, the continent’s most populous country, with
                      an estimated 138 million inhabitants1. Seven years
                      later, the country’s profile is completely transformed;
                      Nigeria is in the midst of a telecoms boom, and is now
                      Africa’s leading mobile phone market with 42 million
                      customers spread over five networks. Teledensity
                      [phones per 100 people] has grown from 0,4 to 24.2

                      Mobile phones are now an integral part of Nigerian
                      life and have not only helped change the lifestyles of
                      ordinary Nigerians but have also shifted the country’s
                      business landscape.

                      Since the emergence of GSM operators in 2001, the
                      telecoms sector has become a key contributor to
                      Nigeria’s GDP. Private sector investment in Nigeria’s
                      telecoms industry has grown from US$50 million
                      before 2001 to US$11,5 billion in 2008; in 2007 the
                      Federal government earned over US$2,5 billion from
                      Spectrum licensing fees alone.3

                      One million indirect employment opportunities have
                      mushroomed since the expansion of the telecoms
                      market and, to cope with the growth of the industry,
                      the NCC has taken steps to make sure there is enough
                      trained Nigerian manpower.4

The NCC took over running of the Digital Bridge Institute (DBI) in Abuja, which has
expanded its base and merged with Telecommunications Training Schools in Kano and
Oshidi and, recently, the NITEL Training Institute in Kano and Lagos. DBI is currently
undergoing restructuring but plans are to train 1 000 ICT professionals annually.5

The introduction of mobile networks has had a knock-on effect on the entire telecoms
industry. Nigeria now has 1,5 million active fixed wireless lines, 26 fixed line operators
and 112 Internet service providers.6

MTN Nigeria is the biggest GSM network with 14 million subscribers and a market
share of more than 44%. In 2007 the rapid growth of MTN Nigeria saw it surpass the
operations of its sister network MTN South Africa.

MTN has been the market leader in the Nigerian telecommunications revolution and the
second largest investor in the Nigerian economy, after the oil industry.2 To date MTN has
invested US$1,8 billion in telecommunications infrastructure. Since its launch in 2001,
MTN has rolled out services to 223 cities and towns, and more than 10 000 villages and
communities spanning 36 states.

“At MTN, the challenge we have set for ourselves is to help ensure that we link up every
city, village, hamlet, river and creek in Nigeria,” says CEO of MTN Nigeria, Ahmad Farroukh.9

MTN’s mission is to cover 95% or more of the Nigerian population by the end of its              MTN’s digital microwave
licence year. To achieve their goals, the network is constructing base transceiver stations,    transmission, the 3 400
switches, Friendship Centres and an extensive transmission network between major                kilometre Y’elloBahn,
regions. MTN’s digital microwave transmission, the 3 400km Y’elloBahn, is reportedly the
                                                                                                is reportedly the most
most extensive digital microwave transmission infrastructure in Africa.10
                                                                                                extensive digital microwave
Recently MTN became the first GSM network in Nigeria to adopt an additional numbering
                                                                                                transmission infrastructure
system, 0806, having exhausted its initial subscriber numbering range 0803. MTN was
also the first network to introduce 3G products to Nigeria, in 2006.
                                                                                                in Africa.
Besides MTN’s vast investment in infrastructure, it has poured resources into training
programmes for its staff members. MTN currently employs 1 500 Nigerians on a full-
time basis. MTN has put in place a skills transfer programme that enables expatriates to
transfer useful skills and expertise to their Nigerian counterparts.

Stanbic IBTC Bank has been intimately involved in MTN Nigeria’s expansion, from the
network’s inception in 2001 when the bank, then trading under the name Stanbic Bank
Nigeria, assisted in arranging a syndicated loan that partially funded the network’s
US$285 million GSM license fee.

Working with Standard Bank Group, Stanbic IBTC Bank also arranged MTN Nigeria’s
naira bridging finance facility in 2002, as well as co-arranging a US$395 million loan the
following year. In 2004, Stanbic IBTC Bank raised a further US$200 million for MTN and,
in 2006, assisted with restructuring the company’s funding arrangements in Nigeria11.

MTN anticipates that by 2011, the Nigerian market will increase to 52 million subscribers.
To expand infrastructure network and to meet the already existing demand, Stanbic IBTC
Bank recently brokered a syndicated US$2 billion five-year funding facility that will help
finance MTN Nigeria’s plans.

From   South Africa

                      There are approximately 250 to 300 certified organic
                      farms in South Africa and 500 organic farmers, including
                      individual farmers from group schemes. Most of South
                      Africa’s small organic farms are owned by white families
                      but, according to Lina Keyter, CEO of South Africa’s
                      Agri Academy (one of Standard Bank’s social partners),
                      the government’s land transfer programme has helped
                      create an emerging black organic farming community.
                      This is especially evident in Limpopo where there are
                      several successful organic farming cooperatives and
                      individual farmers.

                      Former schoolteacher turned organic vegetable farmer
                      Dianah Shivambu started her career as a farmer six
                      years ago, on her family’s farm near Tzaneen. Her first
                      venture was breeding chickens that would eventually
                      be slaughtered offsite, for local businesses. With
                      the help of a neighbouring poultry farmer, Dianah
                      rejuvenated her farm’s existing chicken pens. Within
                      two years she was managing six chicken pens each
                      housing 1 000 chickens, and had hired two employees.

                      In 2005, Dianah (who, with 17 other farmers,
                      forms part of the Nkomamonta Organic Farmers
                      Association) went on organic farming training courses
                      funded by the government. The following year Dianah
                      planted her first organic vegetable crops. Since
                      then she has successfully harvested crops of organic
                      brinjals, butternut, onions, green beans, sweet
                      peppers and sweet corn.

                      Initially, she says, organic farming was a challenge
                      as there is more manual labour involved than with
                      conventional farming.

                      “We don’t use conventional fertilizer. We make our
                      own compost manually from leaves, grass, different

types of shrubs and manure. We also don’t spray our crops – instead we plant marigolds
that act as insect repellent. Organic farming is a very hands-on type of work,” she
explains. Her next venture is to expand her existing vegetable crop and produce late-
harvest organic mangos for export.

While South Africa’s demand for organic produce is on the increase, international demand
is much greater and more lucrative. Global sales of organic food and drink increased
by 43% between 2002 and 2005 and demand is concentrated in Europe and North
America, where there is a shortage because production is not meeting demand.1

Through SA Agri Academy’s Market Access Development Programme (MDP), Dianah has been
trained to recognise sustainable markets where she can sell her products and negotiate prices.
The two-week programme arms organic farmers with knowledge about local and international
food safety standards, market research and food packaging methods – and partners local
farmers with overseas produce buyers during face-to-face ‘Agri Match’ visits.

Butternut farmer Maria Letsoalo has also gone through the MDP. Maria is a member
of the Limpopo Organic Farmers Association. All the members of the Association farm
butternuts in order to have a substantial volume and secure a lucrative share of the
market. Their biggest customer is the Spar Group.

Maria lives and works on a government-subsidised settlement with 63 other farmers.
The farmers work 4 000 hectares of land, of which 50 hectares is dedicated to organic
produce. Maria’s butternuts are not yet 100% organic, as she and the other farmers have          While South Africa’s
only recently converted to organic farming and, though they adhere to strict organic             demand for organic
farming methods, their seeds are not organic.
                                                                                                 produce is on the increase,
“Once we are fully organic, which should be in the next three years, we plan on selling          international demand is
our produce to the international market,” says Maria. “It takes a while to get vegetables
to grow because they need to build a high resistance against disease without help from
                                                                                                 much greater – and more
any chemicals,” she says.                                                                        lucrative.
Her farm also does not have a state-of-the-art irrigation system so Maria, along with
four other labourers, waters 50 hectares of land manually at least twice a week. Maria is
planning to diversify her crop and, in future, will also farm organic beetroot and spinach.

Sophia Mlangemi has always yearned to be a farmer. Her wish came true last year when
the Department of Land Affairs gave her a grant to buy a farm. Now Sophia and her
husband own a 165-hectare farm in Tzaneen. Sophia farms mangos on 17,3 hectares of
the land and harvested her first crop in December 2007.

“I harvested 15 tons and sold them for R1 200 a ton,” she says proudly. The mangos
were sold to an atchar manufacturer. Sophia’s mangos are also not 100% organic. The
previous owner of the farm treated the mangos conventionally and Sophia has slowly
started introducing organic compost to the crop. She hopes by next year the mangos
will be certifiably organic. In addition to mangos, Sophia farms organic avocados and
vegetables. She is positive about the future, especially since she completed her training
at SA Agri Academy. “The training helped me understand so many things I hadn’t
considered before. I’m now working on becoming an international and local supplier.”

From   Swaziland

                        It is impossible to tell any story about Swaziland – the
                        third smallest country on the African continent –
                        without confronting the spectre of HIV/Aids. In 2007,
                        the kingdom overtook Botswana as the country with
                        the highest HIV prevalence in the world. The 2005
                        estimates put the number of people living with HIV at
                        220 000 (a fifth of the entire population); the average
                        life expectancy has dropped to just shy of 32 years1.

                        Swaziland is generally ranked as one of the more
                        prosperous countries in Africa2 – it is not poor enough
                        to merit an IMF programme, for example – but
                        years of hard-won relative economic stability are
                        being undermined by the effect of HIV/Aids on the
                        country’s workforce.

                        This is particularly true in the subsistence agriculture
                        sector; about 70% of Swazis live in rural areas and
                        depend on subsistence farming on Swazi National
                        Land (owned by the Crown). Increased morbidity
                        and mortality related to HIV/Aids mean a direct
                        loss of productive labour; the diversion of resources
                        (including labour and cash) to caring for sick relatives;
                        and possible reductions in crop yields and related cash
                        inputs and incomes.

                        HIV has also created a generation of orphaned and
                        vulnerable children3 – as many as 108 000 youth.4

                        In 2006/7 drought conditions aggravated the
                        increasingly fragile agricultural economy; more
                        than a quarter of the country’s population required
                        emergency food aid5.

                        It was into this environment international development
                        organisation Save the Children (SC) looked to pilot a
                        new cash assistance programme in 2007 – in which

pre-identified recipient families would be eligible to receive 50% of their food basket, and
the balance in the form of cash (the equivalent of the market value of a half food basket).

“What we believe,” explains SC Swaziland’s Emergency Programme Manager Rosie
Jackson, “is that, by giving people cash, children and their families can eat a more diverse
diet [the standard food hamper includes maize, beans and oil], and are free to prioritise
other areas – such as education.”

Distributing the cash, however, posed a challenge; most of the recipients were in rural
areas, without access to formal banking structures or services. Because assistance was
calculated on a household basis – depending on the number of dependents – amounts
were also different for each beneficiary. For the pilot to work, it was essential to find a
distribution network that was secure, easy to access and manage.

Standard Bank Swaziland had already been working with the Swazi Posts and
Telecommunications Corporation (SPTC) to set up a system, using regional post office
branches, for the payment of pensioners living in rural areas. SC approached Standard
Bank who, together with SPTC, adapted the concept. Over 6 000 beneficiaries were
identified to receive cash aid – representing approximately 40 000 individuals. Each
beneficiary would receive money through a Standard Bank account, and withdrawals
                                                                                                  The cash pilot project was
could be made using either an ATM or at a designated local post office.                           launched in November
Before the programme could launch, SC worked closely with the Swazi government to                 2007 – monthly payments
make sure all the programme beneficiaries had proper identity documents – to ensure a             (worked out at the exact
secure and documented process, withdrawals could not be made without presentation                 market equivalent to the
of an identity document, and payments could not be received on behalf of other                    food that would have been
beneficiaries; the process was remarkably successful, thanks to government buy-in, and
                                                                                                  supplied) were E30 per
was completed in just two months.
                                                                                                  person per month, plus
At the same time, SC conducted on-site training across all operational areas, about
savings and investments, and how to use an ATM (towards the end of the project, about
                                                                                                  an additional E40 per
30% of participants were using the ATM network for this purpose). Post office staff               household to cover costs
members were also trained to help recipients fill in cash withdrawal slips – to facilitate this   such as transport.
process, the post office was provided with a list of beneficiary names and total amounts.

The cash pilot project was launched in November 2007 – monthly payments (worked out
at the exact market equivalent to the food that would have been supplied) were E306 per
person a month, plus an additional E45 per household to cover costs such as transport.

In addition, once-off payments of E400 per household were made at the start
(November) and end (April) of the project; the lump sums were designed to provide extra
assistance during the planting and harvest seasons; many families used the money to
start small agricultural businesses – such as buying chicks, and selling eggs or poultry.

SC’s close relationship with the communities in which it operates meant instances of
abuse were very low – and were easily identified and managed.

“The system is fully reconcilable,” says Standard Bank’s Hogan Thring, Head of Global
Transactional Banking, who helped develop the custom payment solution for SC, “and
shows that it is possible to set up accountable, accessible infrastructures for the unbanked.”

From   Tanzania

                       Tanzania made banking history in East Africa, when
                       a syndicate of local banks raised US$240 million to
                       fund the recovery of parastatal Tanzania Electric
                       Supply Company (TANESCO).

                       The deal was the single largest corporate financed
                       deal ever done for a parastatal in East Africa, as well
                       as being the second largest single commercial loan
                       ever arranged in East and Central Africa after the
                       Celtel Tanzania syndicated loan.

                       The TANESCO six-year loan amortises after 18 months,
                       and has a government guarantee.

                       “Even more significant,” wrote Joseph Mwamunyange
                       in Nairobi’s The East African, “is the fact that Tanzania
                       has circumvented the standard practice among
                       developing countries of borrowing from the World
                       Bank by relying on its own local institutions.”

                       Stanbic Bank was the lead mandated arranger of the
                       deal and was given the mandate to arrange up to
                       US$240 million in local currency. The TANESCO loan
                       marked the first time the government of Tanzania
                       turned to the private sector to come up with the
                       financing for a critical infrastructure sector – and
                       the syndicate had its work cut out financing and
                       structuring a deal of this magnitude for the troubled
                       parastatal, which was facing a number of challenges.

                       TANESCO is Tanzania’s main energy supplier,
                       but is struggling to meet the country’s energy
                       requirements. TANESCO has been in operation for
                       44 years and has a monopoly on the transmission and
                       distribution of power in the country.

Of Tanzania’s 39 million inhabitants, only 10% have access to a reliable electricity supply.
In the rural areas less than 2% of the population have access to electricity.1 The World
Bank says that despite the high levels of poverty in the rural areas, surveys show that a
household will spend up to 10% of its monthly income on candles, kerosene and batteries.2

The demand for power is growing across the country by more than 50MW a year, fuelled
partly by the expansion of gold and nickel mining in the north.3 Analysts estimate that
Tanzania has the capacity to produce 4 000MW of power, which can be used in local and
export markets.4

Up until 2001 hydropower supplied Tanzania’s power grid with 97,5% of its energy
requirements.5 But that changed between 2003 and 2006 when the country
experienced a drought that drastically reduced the resources of the hydropower dams,
which by 2006 could only supply 30% of the country’s electricity requirements.6

To supplement the shortfall, TANESCO bought thermal power from two independent
power producers, IPTL and Songas, who generate over 289MW of electricity combined.

In addition TANESCO had its own in-house thermal generation assets that had a capacity to
generate 110MW but, due to operational constraints, only managed to produce 50MW.

As the drought intensified and the dams were able to generate only a third of the
country’s energy requirements, TANESCO decided to institute load shedding.

By 2006 it was clear that Tanzania had a serious power crisis, driven by the shortage of
independent power suppliers and a need for additional thermal generation assets.

In 2006 TANESCO took active steps to reduce its dependence on hydropower and                     Stanbic Bank was the lead
increased thermal generation output to 54%. Its ambition is to increase thermal                  mandated arranger of the
generation output to more than 60% in 2009. In order to achieve this goal, it sought
                                                                                                 deal and was given the
additional funding.
                                                                                                 mandate to arrange up to
Stanbic and its partners faced a number of challenges providing TANESCO with funding
                                                                                                 US$240 million in local
approval. The state-owned entity was running at loss and had a poor service reputation.
The syndicate also had the task of raising an extraordinary large sum in shillings, in a local
banking environment that, at the time, had never seen finance deals larger US$78 million.

What helped seal the deal, explains John Ngumi, Stanbic Regional Director of Investment
Banking, was the fact that TANESCO, despite its woes, was a strategic national asset that
directly affected Tanzania’s entire economy. TANESCO also boasted a well thought-out
recovery plan, which is endorsed by the World Bank; and, ultimately, tangible shareholder
support for strategy, financing and support. The new top management team that was put in
place instilled confidence in lenders and investors that the recovery would be seen through.

TANESCO’s financial recovery plan stipulates that the power supplier will increase
revenue by seeking new clients, tapping into new markets and developing better
collection strategies – and a more customer-oriented focus.

From   Uganda

                     in numbers
                     Uganda represents just 1,7% of Internet users on
                     the African continent, with an estimated 750 000
                     users (about 2,6% of the population)1, but this figure
                     could see a significant rise in the next five years as a
                     US$106 million partnership between the government
                     of Uganda and the Tropix/Founder Computer
                     Company is set to supply up to 300 000 laptops to
                     the country, mainly to civil service employees.

                     Uganda is considered an “early adopter” of
                     Information and Communication Technology (ICT) – it
                     was one of the first countries in sub-Saharan Africa to
                     get full Internet services, and liberalised its
                     telecommunications network in 1997. However,
                     access to computers and the Internet have
                     traditionally been limited by the high entry-level cost
                     of technology (a standard PC costs several times the
                     average monthly salary) as well as relatively expensive
                     Internet tariffs.

                     Now, by leveraging its numbers – the civil service is
                     the largest employer in Uganda, with more than
                     255 000 people2 – the Ugandan government has not
                     only been able to procure the laptops at a competitive
                     price (about US$699 a unit), it has also made them
                     affordable by negotiating a loan scheme with Stanbic
                     Bank, allowing qualifying civil servants to pay off the
                     computers over a period of 24 to 48 months, at an
                     interest rate of 20%.

                     April 2008 saw the arrival of the first 3 000 units,
                     and Stanbic Bank Uganda MD Philip Odera believes as
                     many as 20 000 computers could be delivered by the
                     end of the year.

                     The laptop scheme emerged out of a series of custom
                     loan facilities developed by Stanbic in partnership
                     with the government, specifically for state employees.

A facility of USh15 billion was created for the country’s largest military force, the UPDF
(estimated at between 50 000 and 70 000 soldiers); USh10 billion were allocated to the
Uganda Police Force (with more than 25 000 employees3). These programmes saw more
than 40 000 and 17 000 new accounts opened, respectively; and USh2 billion were
provided in loan facilities to more than 1 700 prison personnel.

In addition to a preferential interest rate – 18%, compared to a country average at the
time of about 30% (with micro-finance rates as high as 54%), Stanbic’s large branch and
ATM network (71 branches, and 128 ATMs) made it easier for citizens to access financial
services, streamlining processes such as salary payments, debt collection and offering
24-hour access to cash.

Just a few years ago, such public-private partnerships would not have been possible – in
the late Nineties, Uganda’s banking sector was labelled as “in crisis”1; several banks had
been forced to close and more were under management by the state central bank, the
Bank of Uganda.

The turning point came in 2002, with the sale of state-owned Uganda Commercial Bank
(UCB) to Stanbic. Privatisation brought stability and transformation, UCB’s 67 branches
were upgraded, networked, integrated with Stanbic’s existing infrastructure, and a             Privatisation brought
customer-focused culture was created.                                                          stability – and
During this process, Stanbic discovered the majority of public servants were simply not        transformation: UCB’s
banking. The lack of infrastructure and support meant banking services were either             67 branches were
impractical (for example, school teachers would have to take an entire day off work on         upgraded, networked, and
payday to collect their salaries) or entry levels (that is minimum or opening balances) were
                                                                                               integrated with Stanbic’s
prohibitively expensive.
                                                                                               existing infrastructure and
The informal “formal” processes that developed as a result were highly problematic.
                                                                                               customer-focused culture.
“For example,” explains Paul Omara, Head of Distribution PBB, “a district education
officer would open one account in the name of his district. On payday, he would carry the
district’s salaries in cash to his office; this would be used to pay the head teachers, who
would then travel back to their villages and pay the teachers.” In several instances, the
money would not make it past the head teachers.”

Similar systems used by the military and the country’s Police Force had equally
predictable results: fictitious names (“ghosts”) were used to claim salary benefits for
non-existent employees. In one instance, a former Army Commander was sentenced to
three years imprisonment for “causing the loss” of about USh60 million, used to pay
ghost “kiwani” (fake) soldiers.

“We were able to streamline the process,” says Paul, “by opening individual accounts and
using our superior IT platform to pay them electronically, in real time.”

In partnership with Stanbic, the Ministry of Finance and the Uganda People’s Defence
Force were able to access comprehensive personnel details for the first time; the army’s
payroll is now configured so that, on payday, soldiers’ salaries are credited to their
accounts with literally the touch of a button – and the money can be accessed at any
time, simply by visiting the nearest ATM. All the State employees are now required by law
to open banks accounts before salaries are paid.

From   Zambia

                     On the back of rising metal prices, a series of major
                     finance deals have seen more than US$1,12 billion
                     injected into Zambia’s copper industry, revitalising a
                     sector that, just six years ago, was considered on the
                     verge of collapse.

                     Zambia is one of the continent’s wealthiest nations
                     when it comes to diverse mineral resources. Besides
                     being a major producer of copper and cobalt, Zambia
                     also mines selenium, silver, zinc, lead and small
                     amounts of gold and platinum.

                     But it is copper that continues to generate most of
                     Zambia’s foreign exchange revenue. Zambia is the
                     world’s seventh largest producer of copper, and the
                     second largest producer of cobalt.1 Its mining industry
                     generates 3,3% of the world’s copper and 19,7% of
                     its cobalt.2

                     In the first quarter of 2008 international metal prices
                     peaked at record highs and according to the Bank of
                     Zambia (BoZ), Zambia’s copper and cobalt exports
                     generated about $989,8 million – this despite the
                     fact that copper mines were operating below capacity
                     due to the crippling effect of flooding in some mines
                     in the Copper Belt.3

                     By 2010 economists project Zambia will be producing
                     between 900 000 and one million tons of copper as
                     new mines come into operation4 and the demand for
                     copper from industrial giants like China increases.

                     The most recent mine to come into operation in
                     Zambia is The Lumwana Copper Mine Project. Owned
                     by Australian mining house Equinox Minerals Limited,
                     Lumwana is based in Zambia’s impoverished North
                     Western Province, a region where mining is not as
                     common as in the established Copper Belt that lies
                     about 220km to the west.

Lumwana’s copper rich deposits were first discovered in the 1930s, but large scale mining
operations only began in April 2007, after Equinox Minerals Limited secured one of
Zambia’s biggest financing deals, involving 15 financial institutions and a total investment
of US$1 billion. The deal won several awards for the 2006 Mining Deal of the Year from
a number of finance journals including Project Finance, Project Finance International and
The Banker (FT).

Rated as Africa’s biggest open cast copper mine, Lumwana is expected to produce
roughly 20 million tons of copper ore per annum in the next 37 years.

Besides copper ore, Lumwana’s copper pit shells are also rich in uranium and Equinox
Minerals recently released positive results of their second uranium mining feasibility study.5

If the Lumwana Uranium Project’s Environmental Impact Assessment (EIA) is approved by
the Environmental Council of Zambia, and the government successfully enacts legislation
for the processing and export of uranium that is consistent with International Atomic
Energy Agency, construction of a uranium plant could begin before the end of 2008.6

Besides the contribution it makes to Zambia’s balance sheet, Lumwana has also become
the major employer in the North Western Province. When it is fully operational, Lumwana
is expected to have a staff compliment of 4 700 Zambians, most of who will be recruited
from surrounding villages.

In order to support local business and the community, Equinox Mineral Limited is running
a programme to develop infrastructure by building a new town from scratch. Thus far six          The mines’ dedicated
local schools, three clinics and two women’s centres have been constructed. In addition,         transmission link from CEC
1 000 staff houses have almost been completed.                                                   is critically important from a
A second deal, the first large-scale black empowerment management buyout (MBO) in                safety perspective. Zambia
Zambia, saw ownership of power transmission company Copperbelt Energy Corporation                has some of the deepest
(CEC) return to Zambian hands, coupled with significant investment in the company.
                                                                                                 mines in the world, which
In April 2007 CEC announced it would spend about US$60 million in the next three                 are waterlogged and need
years to upgrade its systems, allowing it to increase power supply to the country’s copper
                                                                                                 to be drained regularly with
mines (including Lumwana) by 40%.
                                                                                                 electrical pumps. Power
CEC is an important player in the Zambian copper industry as it currently purchases 60%
                                                                                                 failures could result in
of the electricity generated by Zesco, the local energy utility, which it on sells to mining
companies in the Copperbelt.
                                                                                                 fatalities and would also
                                                                                                 have a severe impact on the
The mines’ dedicated transmission link from CEC is critically important from a safety
perspective. Zambia has some of the deepest mines in the world, which are waterlogged
and need to be drained regularly with electrical pumps. Power failures could result in
fatalities and would also have a severe impact on the economy.

In December 2007, CEC offered 25% of its shares to the Zambian public through an
Initial Public Offering (IPO) on the Lusaka Stock Exchange. To create interest and make
the shares affordable to staff, shares were offered to CEC employees at a discounted
price. Standard Bank Group advised on the CEC MBO deal, while Stanbic Bank Zambia
acted as the receiving bank where interested future shareholders could submit their

From   Zimbabwe

           of hope
                   A laminated paper drawing illustrating an island and
                   a bundle of sticks might seem insubstantial weapons
                   against HIV/Aids in Africa, but these props form the
                   foundation for one of the continent’s most innovative
                   HIV/Aids training programmes, the award-winning
                   Bridges of Hope (BOH).

                   With a few deft movements and a little imagination, two
                   of the sticks are transformed into a “bridge” that spans
                   treacherous crocodile-infested waters, reaching out to
                   the tiny island – the repository of each person’s life goals
                   and dreams.

                   When people try and cross the bridge alone (it’s barely
                   2cm wide), they often fall, and fail. Success is made
                   easier when a second bridge is added in parallel. The
                   clear message is that, without help, it’s difficult to
                   achieve our goals. The lesson is simple: if we identify and
                   use the support we need, anything is possible.

                   BOH founder Peter Labouchere, who is based in Victoria
                   Falls, Zimbabwe writes: “We naturally move towards
                   whatever we focus on most, and how we imagine our
                   future to be.”

                   “The best way to solve a problem, “is not to focus on
                   the problem, but on the outcomes we really want in our
                   lives […] To effect sustainable change, we must enable
                   people to make their own well-informed choices about
                   what they do, linking these choices to achieving what is
                   really important to them in life, their own values-based
                   desired future outcomes.” In BOH-speak, their own
                   “future islands”.

                   The concept for BOH came to Labouchere nearly a
                   decade ago when he was working for the Voluntary
                   Services Overseas (VSO) in London, preparing an HIV/
                   Aids awareness training for volunteers about to go

Most awareness campaigns and material placed strong emphasis on “the problem, and how to
avoid it”; Labouchere believed that for any sustainable behaviour change to occur, programmes
needed to tap into the audience’s outcomes – their broader dreams, ambitions and goals – so
that they could create a tangible link between the message, and how it could affect their lives.

“The issues surrounding the pandemic are huge and complex,” Labouchere explains, “and these
need to be explored and their realities acknowledged and understood. However, focusing just
on the risk, consequences and prevalence of HIV/Aids often produces a ‘Fear Response’ which
ignores, rationalises or denies the reality of the problem.”

BOH takes a very different approach, exploring and addressing issues around HIV/Aids within a
context of “how to stay healthy, improve relationships, [live] longer and achieve your goals and
dreams in life”.

“As soon as we scrape the surface of the subject of HIV/Aids,” Labouchere says, “it quickly
opens up an array of issues touching all fundamental aspects of life – love, relationships, sex,
gender, culture, reproduction, religion, death, politics and economics. It cannot possibly be
addressed effectively as a purely ‘health’ issue.”

Peter moved back to Africa, and began facilitating BOH training, in addition to establishing a
support group in his area for people living with HIV/Aids.
                                                                                                          BOH takes a very different
In 2003, his work globally with Standard Chartered Bank (training peer educators to use BOH)              approach, exploring and
won the Global Business Coalition on HIV/Aids (GBC) Award for Business Excellence. As a
                                                                                                          addressing issues around
result, Standard Bank Group introduced BOH training for all their HIV Champions (now known
as Wellness Champions).                                                                                   HIV/Aids within a context
                                                                                                          of “how to stay healthy,
The BOH programme has since been used in more than 60 countries around the world, with
715 Standard Bank Wellness Champions trained through BOH.                                                 improve relationships,
                                                                                                          [live] longer and
A key feature of BOH’s success is that it is interactive and allows participants and trainers to use
the great African tradition of story telling, using visual aids and symbols to get their points across.   achieve your
The simple education-through-activities approach (like the “Walking the Bridges” exercise,
                                                                                                          goals and
mentioned earlier) makes it accessible and relevant to a wide audience. The bridges themselves            dreams in life”.
have become a powerful symbol – representing life skills, social support, safer sexual
behaviour… In a later exercise (there are 20 BOH activities, which can be done together or
individually) called “Your Future Island”, participants are given the opportunity to develop
their own positive outcomes for their life and identify the steps for starting towards this goal,
including how they will stay safe from HIV infection.

BOH trainers are able to select the activities they believe will be most effective – there’s no set
time requirement – and are able to adapt activities to almost any situation (in one instance, a
BOH trainer used a real river with real crocodiles to teach fellow funeral guests about creating
their “future islands”).

At present, 320 of Standard Bank Group’s Wellness Champions are BOH certified. This
means they have facilitated or co-facilitated a minimum of five BOH training sessions, either
in the workplace or in their community, after completing the BOH training; 125 Wellness
Champions in South Africa have also received Sector Education and Training Authority (SETA)
accreditation, an acknowledgement of prior learning, for their BOH work.

Botswana                                    Lesotho                                      Namibia                                         Tanzania
Stanbic Botswana                            Standard Lesotho Bank                        Standard Bank Namibia                           Stanbic Bank Tanzania
Duduetsang Chappelle-Molloy                 Roger Snelgar (MD)                           Mpumzi Pupuma (MD)                              John Ngumi (Director,
(Marketing Manager)                                         Investment Banking: East Africa)                         T +266 52 241 200                            T +264 6129 42629                     
T +267 361 8229                                                                                                                          T +254 (0) 20 425 8254
                                            Malawi                                       Nigeria
DRC                                         Stanbic Malawi                               Stanbic IBTC Bank Nigeria                       Uganda
Stanbic Bank DRC                            Margaret Kubwalo (Regional Head GIO)         Hector Okposo                                   Stanbic Bank Uganda
Jean Rey (Deputy MD and Head of CIB)          (Relationship Manager, Telecoms)                Paul Omara (Head of Distribution)                            T +265 1 770 328                                      
T +243 99 555 6539                                                                       T +234-1-2709499 Ext. 374                       T +256 772 610 296
Ghana                                       Standard Bank                                South Africa                                    Zambia
Stanbic Ghana                               Mauritius Jerome Espitalier-Noel             Standard Bank South Africa                      Stanbic Bank Zambia
Mawuko Afadzinu                             (Marketing Manager)                          Lucet Piquito (Manager Corporate                Irene Musonda (Marketing Manager)
(Head of Marketing and Public Affairs)       Social Investments)                                       T +230 207 9600                                    T +260 1 229071 (Ext 2313)
T +233 21 6876708                                                                        T +27 (0)11 636 0296
                                            Mozambique                                                                                   Zimbabwe
Kenya                                       Standard Bank Mozambique                     Swaziland                                       Stanbic Bank Zimbabwe
Stanbic Kenya                               Sandra Zumbire                               Standard Bank Swaziland                         Sydney Kahzanje
Victoria Ncheeri                            (Acting Marketing Manager)                   Hogan Thring (Head Global                       (Head of Human Resources)                          Transactional Banking)                
T +254 020 3268 000                         T +258 843 984110                                               T +263 4 786 23400
                                                                                         T +268 404 6587

Article notes
Botswana                                    Malawi                                       Mozambique                                      Tanzania
1 DFID report. “UK backs lessons in         2 Humanitarian Practice Network:             1    UNICEF Mozambique at a glance              1 , Wind of Change
  banking to help Africa’s poor”. 25          “Tackling vulnerability to hunger in       2    CIA Fact Book                                Blows in Tanzania by Daniel Dickinson
  January 2008                                Malawi through market-based options        3    CIA Fact Book                              2 – Tanzania
2 CIA Fact Book                               contracts”                                 4    UNICEF –              Strives to Improve Energy Access
3 Botswana Consumer              3 Foreign and Commonwealth Office                 mozambique/education_2043.html               Rates with World Bank and Global
  Driven.                                     Country Profile                            5    UNICEF -              Environment Facility Support
                                            4 Foreign and Commonwealth Office                 mozambique/education.html                  3, Wind of Change Blows
DRC                                           Country Profile                            6    2008 UNGASS Country Progress                 in Tanzania by Daniel Dickinson
1 DFID Country Profile                      5 Humanitarian Practice Network:                  Report for Mozambique                      4 Demand for Electricity in Tanzania
2 2007/2008 UNHDI report                      “Tackling vulnerability to hunger in       7    UNICEF -              Fuelled by Industrial Growth –
3 Jane’s Country Risk March 2008              Malawi through market-based options             mozambique/education.html                    Business Wire, 25 March 2008
4 DFID Country Profile                        contracts”                                 8    UNICEF –                   5
5 2006 levels, cited by reports from the    6 Humanitarian Practice Network:                  infobycountry/mozambique statistics        6 www.
  US Department of State and the World        “Tackling vulnerability to hunger in
  Bank                                        Malawi through market-based options
6 World Bank country brief                    contracts”                                 Nigeria                                         Uganda
7 The Economist “A ravenous dragon”         7 International Development Association      1    July 2008 estimate, CIA World Factbook     1 International Telecommunication
  March 13 2008.                              Paper – “IDA Countries and Exogenous       2                               Union, September 2007
8 The Economist “A ravenous dragon”           Shocks”, October 2006                      3                             2 Uganda Bureau of Statistics at
   March 13 2008.                           8 Humanitarian Practice Network:             4 – Private        
                                              “Tackling vulnerability to hunger in            Investment in Telecoms Hits 11.5bn –       3 Yasjin Mugerwa “Uganda needs more
Ghana                                         Malawi through market-based options             Patrick Ugeh                                 Police personnel”. Daily Monitor
1 Ghana and          contracts”                                 5 – Private                  Uganda, April 26 2008.
  The World Bank: 50 Years of Reliable      9 International Development Association           Investment in Telecoms Hits 11.5bn –       4 Andrew Meldrum “Banking sector
  Partnership,                                Paper – “IDA Countries and Exogenous            Patrick Ugeh                                 in crisis”. African Business February
2 Ghana and          Shocks”, October 2006)                     6 – Private                  1999.
  The World Bank: 50 Years of Reliable                                                        Investment in Telecoms Hits 11.5bn –
  Partnership                                                                                 Patrick Ugeh
3 Kojo Aboagye-Debrah, Business             Mauritius                                    7                                Zambia
  Developer, Stanbic Bank Ghana             1 CIA World Factbook                         8                          1
4 –              2 CIA World Factbook                         9                          2
  Ghana’s 1st national transport policy,    3 The Telegraph, Calcutta. PLAYING           10                          3 www. Zambia Copper Mining Ouput Up
  Yaaba Yamikeh, 30/08/06                      OSTRICH by SL Rao, May 5 2008             11   I-net bridge. “MTN, Standard                 12 percent in Q1
5 –              4 The Times of India. “Safe haven: FDI            announce huge deal”. October 2007.         4 Stanbic Bank: Blue Print Zambia
  Ghana’s 1st national transport policy,       leaps 56% in ‘08” 3 May 2008,                                                               February 2008, contact Yvonne
  Yaaba Yamikeh, 30/08/06                   5 CIA World Factbook                                                                           Mhango, Yvonne.Mhango@
6             6 SADC Trade, Industry and Investment        South Africa                            
  Africa/Ghana-TRANSPORTATION                  Review 2007/2008                          1 - Global Statistics of the        5 Equinox Releases Positive Lumwana
7 Ghana and        7 CIA World Factbook, 2007 estimate            Organic Market                                  Uranium Feasibility Study, April 29
  The World Bank: 50 Years of Reliable      8 CIA World Factbook                                                                           2008,
  Partnership                               9                                                                              6 Equinox Releases Positive Lumwana
                                            10 SADC Trade, Industry and Investment       Swaziland                                         Uranium Feasibility Study, April 29,
Kenya                                          Review 2007/2008                          1 2008 estimate, from the CIA World               2008,
1 Kenya Broadcasting Corporation            11 “East Africa: Submarine Network to          Factbook
  “Formation of grand coalition to boost       Lower Internet Costs” by John Odyek       2 US Department of State Background
  investor confidence”. April 16, 2008         in the New Vision (Kampala), 22 April       Note: Swaziland
2 Mobile Teledensity         2008.                                     3 While “orphaned” may refer to the loss
  On the Rise, Zachary Ochieng              12 SADC Trade, Industry and Investment         of one or both parents, “vulnerable”
3 Telkom Kenya Sale          Review 2007/2008                            is often applied to children whose
  Likely to Fall Behind Schedule, Michael   13 SADC Trade, Industry and Investment         parents (or relatives), while still living,
  Omondi                                       Review 2007/2008                            are ill to the extent that it has a similar
4 www.allAfrica.comTelkom Kenya Sale        14 The Hindu Business Line. “MRPL will         effect on the social and financial
  Likely to Fall Behind Schedule, Michael      export fuel to Mauritius from August”.      dynamics of the household – including
  Omondi                                       July 07 2007.                               children assuming the responsibilities
5 Kenya: Telkom to Send Half of Its                                                        of ill parents, or shouldering the
  Workers Home. Business Daily (Nairobi).                                                  burden of caring for ill parents or
  23 January 2008 Michael Omondi                                                           relatives.
6 Kenya: Telkom to Send Half of                                                          4 UNGASS Swaziland Country Report
  Its Workers Home. Business Daily                                                       5 CIA World Factbook
  (Nairobi). 23 January 2008 Michael                                                     6 Swaziland’s currency, lilangeni or,
  Omondi                                                                                   emalangeni in plural, is pegged to the
7 Telkom Kenya                                                       South African rand.
  up for grabs – Joyce Joan Wangui

SBSA 704849-5/08

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