I have been involved in the East African Investment Banking Industry and Capital Markets since 2009.
Firm believer in the growth profile of the last frontier markets in Sub-Saharan Africa, I have founded Nelion Partners Ltd, a Seychelles incorporated investment holding company providing its investors with a unique blended exposure to high potential African Assets.
Political Institutions and Macroeconomic Outcomes in Arab Oil-Rich Economies ...Economic Research Forum
Adeel Malik, University of Oxford
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Opening Session
While commodity volatility affects economic performance and could be associated with multiple economic ills and lack of economic development, only part of the answer lies in economics. The keynote speech will provide a political economy perspective on why some countries are able to develop resilient institutional structures, while others are not, focusing on the nature of underlying institutions in resource-rich Arab economies.
Final project unlocking investment & finance in emerging markets and develo...Damian Attah
Nigeria's GDP has been growing in a slower pace compared to the population growth rate of 2.6%. The year-on-year budget deficit and the slow growth in government revenue has continued to constrain investment in critical social and physical infrastructure that will be needed to be on the path of economic growth. The ineffective fiscal framework and erosion of social trust in government spending has resulted to a tax to GDP ratio of less than 1% compared to the minimum requirement of 15% recommended for an emerging nation like Nigeria. The country's current debt profile of over $73billion and the allocation of 23% of the annual budget to debt servicing makes additional loans quite unsustainable. Funding the critical sectors that will create a transformative growth will require the crowding in of required financing from both the public and private sources and the unlocking of investment opportunities that will attract FDI, ODA and OOF finance. Posing as a government official that is exploring the option of attracting public, private and multilateral funding, the slides seeks to address the following:
(a) What are the estimated financing needs for the country’s development?
(b) Which sources of finance are available to you international and domestically, from both public and private sources?
(c) How will the country access these?
(d) How will you work with multilateral development banks to address barriers to accessing these sources of finance?
Political Institutions and Macroeconomic Outcomes in Arab Oil-Rich Economies ...Economic Research Forum
Adeel Malik, University of Oxford
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Opening Session
While commodity volatility affects economic performance and could be associated with multiple economic ills and lack of economic development, only part of the answer lies in economics. The keynote speech will provide a political economy perspective on why some countries are able to develop resilient institutional structures, while others are not, focusing on the nature of underlying institutions in resource-rich Arab economies.
Final project unlocking investment & finance in emerging markets and develo...Damian Attah
Nigeria's GDP has been growing in a slower pace compared to the population growth rate of 2.6%. The year-on-year budget deficit and the slow growth in government revenue has continued to constrain investment in critical social and physical infrastructure that will be needed to be on the path of economic growth. The ineffective fiscal framework and erosion of social trust in government spending has resulted to a tax to GDP ratio of less than 1% compared to the minimum requirement of 15% recommended for an emerging nation like Nigeria. The country's current debt profile of over $73billion and the allocation of 23% of the annual budget to debt servicing makes additional loans quite unsustainable. Funding the critical sectors that will create a transformative growth will require the crowding in of required financing from both the public and private sources and the unlocking of investment opportunities that will attract FDI, ODA and OOF finance. Posing as a government official that is exploring the option of attracting public, private and multilateral funding, the slides seeks to address the following:
(a) What are the estimated financing needs for the country’s development?
(b) Which sources of finance are available to you international and domestically, from both public and private sources?
(c) How will the country access these?
(d) How will you work with multilateral development banks to address barriers to accessing these sources of finance?
GCC Currency Union: Necessary Precursors and Prospects - Emilie J. RutledgeEconomic Research Forum
Emilie J. Rutledge, United Arab Emirates University
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Central Bank Independence and Institutional Reforms
Optimal monetary policy response to commodity price shocks requires the presence of credible and strong institutions, which are often absent in resource-rich Arab economies. It also requires clarity about central bank versus government objectives and clear institutional arrangements about the role of each. Among the ways to achieve credibility and instill a clear division of policy responsibilities is to promote central bank independence (CBI). This section aims to examine the independence of monetary institutions in several Arab resource-rich economies as well as other institutional reform required for an effective and well-functioning GCC currency union.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
The Impact of Investment on Nigeria Economy 1970 – 2012iosrjce
Empirically investigation relationship between foreign investment and economic growth in Nigeria
between 1970 to 2012 was set up. The paper makes the proposition that there is endogeniety, that there is
bidirectional relationship between foreign investment and Economic growth are jointly determined in Nigeria
and there is positive feedback from foreign investment and economic growth. The overall policy implication of
the result is that policies that attract more foreign investment to the economy, greater openness and increased
private participation will need to be pursued and reinforced to ensure that the economy capture greater
spillovers from foreign investment and attains higher economic growth rates, based on this the study
recommended the provision of adequate infrastructure and policy framework that will be conducive for doing
business in Nigeria, so as to attract the inflow of foreign investment to stimulate growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
Impact of Foreign Direct Investments on Domestic Investments in Nigeriaijtsrd
This study examines the impact of foreign direct investments on domestic investments in Nigeria. Specifically, the study seeks to ascertain the effect of foreign direct investment, per capita income, consumption expenditure, savings and debt burden on domestic investments in Nigeria using an inferential statistic like the regression analysis after determining stationarity of the variables using the ADF Statistic, as well as the cointegration of variables using the Johansen approach. Findings revealed that foreign direct investment, per capita income, consumption expenditure, savings, interest rate and debt burden are statistically significant in explaining domestic investment in Nigeria. The F test conducted in the study shows that the model has a goodness of fit and is statistically different from zero. In other words, there is a significant impact between the dependent and independent variables in the model. The study therefore recommends that There is need for government to formulate investment policies that will be favourable to local investors in order to complement the inflow of investment from abroad. Government should provide adequate infrastructure and policy framework that will be conducive for doing business in Nigeria, so as to attract the inflow of FDI. Policies that would improve per capita income of Nigeria should be pursued as this will stabilize and accelerate the rate of investment in Nigeria. Anionwu, Carol "Impact of Foreign Direct Investments on Domestic Investments in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd26725.pdfPaper URL: https://www.ijtsrd.com/management/accounting-and-finance/26725/impact-of-foreign-direct-investments-on-domestic-investments-in-nigeria/anionwu-carol
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
Switch case study Singapore Economic Development Board - Englishtalktoswitch
The Singapore Economic Development Board is a key driver of the city state's economy, helping businesses from around the world succeed in Asia. Here's how content marketing agency Switch helps them engage with key international decision makers. English version.
GCC Currency Union: Necessary Precursors and Prospects - Emilie J. RutledgeEconomic Research Forum
Emilie J. Rutledge, United Arab Emirates University
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Central Bank Independence and Institutional Reforms
Optimal monetary policy response to commodity price shocks requires the presence of credible and strong institutions, which are often absent in resource-rich Arab economies. It also requires clarity about central bank versus government objectives and clear institutional arrangements about the role of each. Among the ways to achieve credibility and instill a clear division of policy responsibilities is to promote central bank independence (CBI). This section aims to examine the independence of monetary institutions in several Arab resource-rich economies as well as other institutional reform required for an effective and well-functioning GCC currency union.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
The Impact of Investment on Nigeria Economy 1970 – 2012iosrjce
Empirically investigation relationship between foreign investment and economic growth in Nigeria
between 1970 to 2012 was set up. The paper makes the proposition that there is endogeniety, that there is
bidirectional relationship between foreign investment and Economic growth are jointly determined in Nigeria
and there is positive feedback from foreign investment and economic growth. The overall policy implication of
the result is that policies that attract more foreign investment to the economy, greater openness and increased
private participation will need to be pursued and reinforced to ensure that the economy capture greater
spillovers from foreign investment and attains higher economic growth rates, based on this the study
recommended the provision of adequate infrastructure and policy framework that will be conducive for doing
business in Nigeria, so as to attract the inflow of foreign investment to stimulate growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
Impact of Foreign Direct Investments on Domestic Investments in Nigeriaijtsrd
This study examines the impact of foreign direct investments on domestic investments in Nigeria. Specifically, the study seeks to ascertain the effect of foreign direct investment, per capita income, consumption expenditure, savings and debt burden on domestic investments in Nigeria using an inferential statistic like the regression analysis after determining stationarity of the variables using the ADF Statistic, as well as the cointegration of variables using the Johansen approach. Findings revealed that foreign direct investment, per capita income, consumption expenditure, savings, interest rate and debt burden are statistically significant in explaining domestic investment in Nigeria. The F test conducted in the study shows that the model has a goodness of fit and is statistically different from zero. In other words, there is a significant impact between the dependent and independent variables in the model. The study therefore recommends that There is need for government to formulate investment policies that will be favourable to local investors in order to complement the inflow of investment from abroad. Government should provide adequate infrastructure and policy framework that will be conducive for doing business in Nigeria, so as to attract the inflow of FDI. Policies that would improve per capita income of Nigeria should be pursued as this will stabilize and accelerate the rate of investment in Nigeria. Anionwu, Carol "Impact of Foreign Direct Investments on Domestic Investments in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd26725.pdfPaper URL: https://www.ijtsrd.com/management/accounting-and-finance/26725/impact-of-foreign-direct-investments-on-domestic-investments-in-nigeria/anionwu-carol
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
Switch case study Singapore Economic Development Board - Englishtalktoswitch
The Singapore Economic Development Board is a key driver of the city state's economy, helping businesses from around the world succeed in Asia. Here's how content marketing agency Switch helps them engage with key international decision makers. English version.
FULL TITLE:
What is the Cutting Edge for Microfinance in Rural Areas and Arid and Semi-Arid Land?
ROOM: Tsavo A
Translated session: English & French
PANEL:
Chair: Mr. Wolday Amha, Executive Director, Association of Ethiopian Microfinance Institution (AEMFI), Ethiopia
Panelist: Mr. Issa Barro, Inclusive Finance Specialist, United Nations Capital Development Fund (UNCDF), Senegal
Panelist: Mr. Mwangi Githaiga, Managing Director, Kenya Women Finance Trust (KWFT), Kenya
Taxation for Domestic Resource Mobilization (DRM) in KenyaSally A.
Kenya is heavily dependent on donor aid. As a middle income country there is concern of decrease in foreign aid and thus need for Domestic Resource Mobilization (DRM). My target audience are the citizens of Kenya as well policy makers and the donor community.
DRM is a reliable and sustainable source of development finance. Raising more revenue from internal sources helps countries devote needed resources to reduce poverty and hunger, bridge infrastructure gaps and provide public services. DRM fosters the social contract between people and government, facilitates a virtuous cycle of transparency, accountability, efficiency and strengthens democratic engagement and institutions.
The rise of the middle class is also likely to boost returns in Africa over the next several decades. IFC expects Africa’s combined middle and high-income groups to reach 160 million people by 2030. That’s an increase of about 100 million, more than the entire population of Germany.
https://www.ashtonglobal.com/africa-frontiers-fund/
Taxation for Domestic Resource Mobilization (DRM in KenyaSally A.
Kenya is heavily dependent on donor aid. As a middle income country there is concern of decrease in foreign aid and thus need for Domestic Resource Mobilization (DRM). My target audience are the citizens of Kenya as well policy makers and the donor community.
DRM is a reliable and sustainable source of development finance. Raising more revenue from internal sources helps countries devote needed resources to reduce poverty and hunger, bridge infrastructure gaps and provide public services. DRM fosters the social contract between people and government, facilitates a virtuous cycle of transparency, accountability, efficiency and strengthens democratic engagement and institutions.
Premium Property Outlook: 2015 in Retrospect (Nigeria) VICTOR NKWOCHA
A real estate performance review report for premium developments in Nigeria (Lagos, Abuja and Port-Harcourt) for 2015. Published by Fine and Country, Prepared by Victor Nkwocha
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
1. Unlocking superior returns via a diversified
African Investment Platform
May 2015
Investment Presentation
Strictly Confidential
2. Disclaimer
This Investment Presentation (“IP”) constitutes a ‘Private Offer’ as defined by Regulation 21 of the Capital
Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 under the Capital Market Act,
and should not therefore be deemed to be an offer to the public.
This IP is for private and confidential use by the recipient, its employees and advisers, and may not be
reproduced, referred to or provided to other parties in whole or in part. The recipient of this IP, by accepting
delivery thereof, agrees to return it and related documents to the Company if the recipient elects not to
invest.
This IP is only meant for the person to whom it has been addressed and is strictly not for the use or
consideration of any other person.
It is illegal to copy, reproduce or distribute this Information Memorandum to any person including the media
houses (who are not to publish any contents herein whatsoever).
2
3. 1. Executive Summary
Founded in March 2015, Nelion Partners Limited (or “Nelion Partners” or “Nelion”) is a Seychelles incorporated
investment holding company, dedicated to provide its investors with a diversified exposure towards the fast
growing African economic landscape.
Nelion’s investment strategy is the address attractive opportunities in the following asset classes:
• Listed Equities with a focus on the Energy, Banking, Insurance and Retail mid-Cap opportunities,
unlocking value out of mid-term holding positions based on strong fundamentals
• Money Market placements taking advantage of attractive market conditions and LCY prevailing rates
• Real Estate residential assets with mid-term holding strategies for undeveloped serviced plots in fast
growing middle income areas
• Private Equity investments via Seed and Venture capital initiatives, leveraging the founding partners’
network
Nelion completed a first capital raising initiative in May 2015, with the subscription of 46 individual investors
(besides the 4 founding Partners) for a total consideration of USD 400k (underpinning a 35% oversubscription).
Proceeds from the first capital call are channeled into Kenyan and Nigerian listed Equities as well as pre-IPO
Private Equity opportunities.
Nelion is currently considering the issue of additional shares in order to support the geographic expansion of
the portfolio, the formalization of the Investment Management framework and the diversification into
alternative Asset classes (Venture Capital & Real Estate).
3
5. Africa’s Growth Story in 6 Drivers:
Macro & Political Stability: Political and economic risk rating of African countries are comparable to the BRIC
countries, while Governments reduced inflation from 23% (1995-2005) to 8% (2005-2013), debt from 105% to
52% and currency volatility from 29% to 12%.
On-going Economic Reforms: Widespread business-friendly reforms and cross border trade agreements are
making it easier to do business in many African countries,
Access to International Capital: Capital inflows of USD 84 billion p.a. with the highest return on FDI (9%+) across
all emerging markets
Seismic Demographic Shift: World’s largest working age population by 2035 of 1.1bn
Enhanced Complexity of Economic Pillars: Africa represents a large and growing opportunity in critical
industries: fast-moving consumer goods, Financial Services, Real Estate, Information & Technology, Healthcare,
Education as well as infrastructure, etc.
Commodity Boom: Africa is resource rich and cost competitive to source many minerals / commodities
2.1 Africa: the last Frontier
Africa is home to six of the ten fastest-growing economies in the world. The Gross Domestic Product (GDP) per
household in Africa has more than doubled in the last 15 years with around 85 million households currently
earning at least $5,000 a year.
Rapid growth in population and urbanization has continued to lead consumers within the African continent to
purchase more goods and services, in a development that has made it easier for companies to reach
consumers with products, services, and communications.
Africa’s overall economy should advance in 2015, expanding by 4.5%, showing resilience despite weak
commodity prices, terrorism threat and the now curbed Ebola West African epidemic.
5
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6. 2.2 Kenyan Macroeconomic Outlook
Kenyan Real GDP growth is estimated at 4.9% and 5.7% in 2013 and 2014 respectively. Besides the
recorded performance, Kenya has been classified as a middle-income country after a statistical
reassessment of its economy increased the size by 25.3% in September 2014. The East African
nation effectively becomes Africa’s ninth largest economy, surpassing Ghana, Tunisia and Ethiopia
GDP performance in 2014 was largely led by expansion in manufacturing, construction, trade and
financial services sectors with a slowdown felt in both Tourism and Agriculture sectors. Global market
prices for key export commodities, Tea and Coffee, remained depressed resulting in the lower agriculture
performance while negative travel advisories by some key tourist source countries, due to insecurity
concerns, occasioned the reduced tourist arrivals
Advancement in manufacturing and construction is expected to carry on through 2015, supported by
the higher expenditure allocation by the Government, to Infrastructure and Energy projects (22.6% of
Budget) as Kenya progresses towards becoming a regional trade and energy transit hub. Overall, the
continued stability of macro factors and high business confidence shall weigh in positively on Kenya’s
GDP performance in the year while continued slackening in tourism and Agriculture export earnings will
likely dampen growth outlook in 2015. IMF projections estimate Real GDP growth to reach 6.2% in 2015
against Kenya Government treasury estimate of 6.9%
The Kenyan economy’s short to medium-term forecast is for sustained and rising growth based on
ü Increased investor and business confidence in the wake of peaceful March 2013 elections;
ü A stable macroeconomic environment;
ü Lower international oil prices;
ü Long-Term Stability of the Kenya shilling, despite the recent volatility; and
ü Ongoing reforms affecting security, governance and justice.
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7. 2.2 Kenyan Macroeconomic Outlook (cont’d)
Kenyan GDP Growth
5.8%
4.4%
4.6% 4.7%
5.5%
5.9%
5.1%
4.2%
3.8% 3.8%
4.8%
5.7%
5.8%
5.8%
5.3% 5.4%
6.3%
6.8%
3%
4%
5%
6%
7%
8%
2010 2011 2012 2013 2014 2015 F
Kenya SSA EAC
GDP Contribution per sector
Highlight of major Growth Drivers
• The Lamu Port Southern Sudan-Ethiopia Transport (LAPSSET) Corridor is the upcoming second largest
Kenyan transport corridor, unlocking enormous regional trade potential towards the Northern land locked
countries (Ethiopia, South Sudan).
• Growth in Foreign Direct Investments is fuelled by natural resources, current infrastructure development
and a market leadership role in the Greater East African region.
• Oil and Gas resources: Despite the current global uncertainties, Kenyan oil reserves are currently
estimated at around 1 Billion barrels. Alongside the sizeable natural gas discoveries in North Eastern
province, the country is embarking on a major infrastructure-development plan.
7
8. 2.2 Kenyan Macroeconomic Outlook (cont’d)
Highlights of the Performance of the Nairobi Securities Exchange
In 2014, Nairobi All Share Index posted a +19.2% return in 2014 making that a three year Bull Sequence,
recording an overall return of close to 120% since January 2012.
Over the past 5 years, the Nairobi Securities Exchange has also outperformed its regional and global peers,
including main sub-Saharan African, European and US indexes.
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100
150
200
250
Feb-‐10 May-‐10 Aug-‐10 Nov-‐10 Feb-‐11 May-‐11 Aug-‐11 Nov-‐11 Feb-‐12 May-‐12 Aug-‐12 Nov-‐12 Feb-‐13 May-‐13 Aug-‐13 Nov-‐13 Feb-‐14 May-‐14 Aug-‐14 Nov-‐14
Chart
Title
NSE… S&P
500 CAC
40 LSE
FTSE
100
Index MSCI
Frontier
Index MSCI
Emerg
Index JALSH Nigeria
All
Share DJ
IndustrialNSE
All Share
10. 3.1 Nelion Partners: The Concept
Nelion Partners has been created by a group of business executives sharing a long-term attachment to
the African economic landscape and the entrepreneurial vision of structuring a scalable investment
holding platform.
Nelion Partners is structured as an avenue for the founders to provide a compelling proposition to their
network of family and friends without direct exposure to the investable landscape in one of the fastest
growing economies in the world.
2014 was an exciting year for investors and investment bankers alike in East Africa. Largely supported by
Kenyan transactions, 145 corporate deals were announced in the region (up 49% from the 97 deals
announced in 2013), and the Equity markets across East Africa rose by an average of 27%. There are no
signs that the on-going momentum will head towards adverse performance over the short to mid term
outlook.
Nelion Partners will initially channel its capital into Kenyan and Nigerian liquid Equity and Debt
instruments, in order to generate a marketable return and track record for future investors.
Within the first 12 months, the founders also intend to scale up the Nelion platform via the diversification
into alternative asset classes, primarily Real Estate and Private Equity. These initiatives will be funded by
follow-on cash calls and debt leverage initiatives.
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11. 3.2 Nelion Partners: Business Model
1. Relationship &
Trust
2. Strong Deal
Sourcing
Capabilities
3. Enhanced
Monitoring
Nelion Partners is leveraging the founders day-to-day business involvement in the local Investment
and Commercial Banking scene in order to provide robust deal sourcing & research access
capabilities.
Besides, the initial management team (the “founding Partners”) offers a diversified range of skills and
track record covering the key target industries and assets classes (Listed Equities, Private Equity, Real
Estate, Fixed Income), hence providing a balanced portfolio.
Furthermore, the on-the-ground presence of the founding Partners will support the portfolio
management initiatives, with the ability to timeously exploit opportunities.
11
4. Scalable
platform
5. Blended
Portfolio
6. Diversity of
skills
12. 3.3 The Founding Partners
Samy Ghannam – Chairman & Partner
Mr. Ghannam is the Corporate Finance Associate Director at Genghis Capital
where he heads the Equity and Debt Capital Market advisory activities. He is also
the Chief Executive Officer (CEO) at Rinascimento Global Limited, an Investment
Holding Company with a diversified portfolio in the Kenyan banking and Real
Estate sector. He has been involved in the East African Investment Banking industry
since 2009, when he joined the Proparco Regional Office in Nairobi, in charge of
sourcing and structuring Private Equity and Debt investments across various
industries. Mr. Ghannam holds a Master in Science of Management from EM Lyon,
a leading European Business School.
Clement Martineau – Vice Chairman & Partner
Mr. Martineau is the General Manager of Lighthouse Property Company, a
diversified Real Estate Development and Management firm, associated to the
Chase Bank (Kenya) Group of companies. He ensures the day to day operations,
develops opportunities and then leads and supervise all the projects from
residential to commercial. Prior to joining Lighthouse Property, Clement Martineau
was managing the Real Estate portfolio (300+ properties across the country) of
Orange Kenya, the third largest Telecom operator in Kenya. Mr. Martineau holds an
engineering degree in Building Economics from Paris St Lambert, a reputable
French building school.
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13. 3.3 The Founding Partners (cont’d)
Guy Brennan – Partner
Mr. Brennan is a founding partner of Ascent Capital, an East Africa focused Private
Equity fund manager with close to USD 80m under management. Prior to joining
Ascent, he worked in Investment Banking in Europe before moving to Africa in
2006, joining FINCA, one of the world’s largest micro-finance organizations. He
spent the last 9 years living in Kenya, Ethiopia and Uganda. He brings on board
tremendous Private Equity experience and extensive regional knowledge. He holds
a Bachelor of Commerce degree from the University of Sydney and an MBA from
INSEAD.
Stanley Gabriel – Partner
Mr. Gabriel is the Head of Strategy at Old Mutual in West Africa where he is
positioned to grow the relatively new business in the largest economy in Africa and
expand further into the region. Previously, he has worked in South Africa as the
right-hand man of the CEO of Old Mutual Emerging Markets with a footprint in 17
countries. Stanley lived and worked in Kenya for 3 years where he led projects in
distribution expansion and then co-owned a wine and logistics business in East
Africa. He will provide a wealth of experience having worked in three of the most
strategic economies in formulating and executing mid-long term strategies. He
holds a B.Sc (Maths, Statistics and Actuarial Science) from the University of Cape
Town and a Diploma in Actuarial Techniques from the Institute of Actuaries (UK).
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14. 3.4 Nelion Partners : The Operating Framework
Maximum Exposure per Industry: 45% of the Total Assets
Maximum exposure per Asset class: 65% of the Total Assets
Maximum Investment per Investee Company: 35% of the Total Assets
Minimum Investment Consideration: 5% of the total Assets, when applicable
The Capital of Nelion Partners will be divided into Class A and Class B shares (at a par value of USD 1.00
each), which future value will follow the performance of the underlying assets.
Governance:
(i) The Founding Partners hold Class B shares, granting them the overall responsibility of managing the
investment framework of Nelion Partners
(ii) Decision Making Process: Investment Committee comprising of all founding members plus invited
members subject to specific agenda.
IC meets every week, with virtual access to proposals in-between committee meetings.
Every investment / divestment decision require a 66% approval threshold by the Founding Partners
(ii) Investor Relations:
(i) Monthly Report with Portfolio Breakdown & Valuations
(ii) Quarterly Macroeconomic Updates
(iii) Bi-annually conference calls to provide updates on key performance indicators, structural
updates and strategic initiatives
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16. 4.1 Nelion Partners : Investment Consideration
Strong Management Team: Diversified set of skills, business relationships and track record across the
region.
Dynamic Pipeline of Opportunities: The management team has already identified a number of liquid and
Private Equity investment opportunities, hence ensuring an optimum capital utilization.
Domestic macroeconomic dynamism & increasing Business confidence
Cost Effective Management Structure: Market based management fees shall only be applied on the first
anniversary, subject to generating positive financial performance and achieving a total assets under
portfolio of USD 500k and above. From the second year, the Partners will also be entitled to a market
standard investment incentive scheme, which will be aligned with the actual performance and will
ensure complete alignment amongst shareholders. The incentive framework will be implemented by way
of yearly issues of performance shares and share option plan.
Target USD IRR of [12-15%]
Dividend Policy: No dividend policy until FY 2020 in order to support re-investment of initial capital gains.
This remains subject to the future performance and will be assessed on a yearly basis.
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17. 4.2 The Current Opportunity
The Series A Capital Round seeks to open the capital structure of Nelion Partners to selected private investors
aiming at developing a long-term exposure to the African investable landscape.
Following Terms shall apply to the Extended Series A Capital Round:
§ Offer Open to a Restricted Number of Investors, invited by the Founding Partners (or “Sponsors”)
§ Investment Amount : USD 10,000.00 to USD 30,000.00 (for the acquisition of 10,000 to 30,000 Class A shares in
Nelion Partners Limited, the Seychelles holding Company at a price of USD 1.00 per share)
§ Target New Capital: Minimum of USD 250,000
§ Offer Period: Up to 30 June 2015
§ Subscription Method: Transfer of the Subscription Amount as per the final executed subscription form
§ Investment Certificates: Nelion Partners’ investors in the Series A Capital Round will be issued the relevant
share certificates, following allocation by the board of Directors.
§ Subscription Fees: a USD 100 fee will be deducted from the respective subscription in order to provide for
the underlying administration expenses.
§ Liquidity Framework: an investment into Nelion Partners underpins a long-term holding period with
projected liquidity provisions triggered from Year 8 to 10. Envisaged exit avenues include (i) innovative tag
along provisions to trigger partial liquidity framework during future capital raising initiatives, (ii) trade sale of
portfolio assets and (iii) listing on the Nairobi Securities Exchange to take advantage of the prevailing
framework on the Growth Enterprises Market Segment. 17
19. 5. FAQs
19
v Why should I invest in Nelion?
Nelion Partners offers a unique Asset Management solution, unlocking high return opportunities into a
diversified investments portfolio, taking advantage of an exceptional macro economic dynamism.
Plus, Nelion Partners will provide its investors with regular meetings / gatherings to keep them updated with the
performance and the prospects on their investments, and also offer tailored networking opportunities for the
members.
The shares on offer during the extended Series A Capital round are valued at par, hence giving all initial
investors the opportunity to acquire shares at the same price paid by the founding Partners.
v Why should I trust the founding Partners?
Besides being Africa based business executives with sound understanding of capital deployment strategies,
each founding Partner is leveraging his own personal network of family and friends to support the Series A
Capital raising, hence making a strong commitment on their ability to deliver the Nelion Partners vision.
Furthermore, the international experience gained by the partners will be reflected in the due diligence
procedures as we appreciate the comfort our investors require
v What are the tax implications out of an investment into Nelion Partners?
Nelion Partners is structured as an International Business Company (IBC) and therefore is totally tax exempt in
Seychelles. However, future dividends distributed to shareholders of Nelion Partners will be subject to the
applicable Income / Personal tax provisions in their respective jurisdictions.
v How and when do I get my investment back?
An investment into Nelion Partners needs to be informed by a long-term holding strategy with early
opportunity to trigger private sales and / or take advantage of tag and drag provisions to trigger partial exit
opportunities alongside the future capital raising efforts.
On a long term outlook, the sub-Saharan capital market is likely to offer liquidity avenues via listing on
secondary market segments.
20. 5. FAQs (Cont’d)
20
v In which currency will my returns be denominated?
The share capital and future returns out of Nelion Partners are USD denominated.
v What is the effective currency risk?
Nelion Partners will take local currency risks via its Equity and Debt investments in sub-Saharan Africa. The
mismatch between the funding currency and the underlying assets denominations trigger an inevitable
currency exposure. However, the founding Partners have an investment strategy focusing on currencies with a
long-term average yearly depreciation to the USD below 4%. Additionally, the future regional diversification
will provide an indirect hedging solution by limiting single currency fluctuations.
v What if I want to invest more than the proposed amount?
The current extended Series A Capital round intends to achieve a diversity of stakeholders, hence the
limitation in maximum investment per shareholder. However, Nelion Partners has a fast growth agenda
informed by regional and product diversification. This expansion will be primarily funded by cash calls to
shareholders, hence offering regular opportunities to increase financial exposure to the company.
v What is the difference between Class A and Class B shares?
Class B shareholders have been selected in order to take advantage of their capability to provide a hands-on
support to the long-term ambitions of Nelion Partners. They will be responsible to enter into, execute, maintain
and/or terminate investment agreements, contracts, undertakings and any and all other instruments, and
documents in the name Nelion Partners Ltd. They will also be entitled to a long-term incentive plan, as
highlighted in the Memorandum & Articles of Association, in order to create a sustainable alignment between
all stakeholders.
Class A shareholders will have limited governance rights, as highlighted in the Memorandum & Articles of
Association.
21. 5. FAQs (Cont’d)
21
v Why the need for an extended Series A round?
The recent currency and capital market evolutions across the continent have unlocked tremendous
investment opportunities which need to be funded promptly. The founding partners have identified a number
of Equities and Real Estate investment avenues and the most pragmatic and immediate way of raising more
capital is to extend the duration of the initial Series A round, and therefore to offer new investors the same
terms and conditions as previously applied.
v What has Nelion invested in so far?
Nelion has managed to complete a number of pre-IPO and mid-cap Equity trades in Kenya and Nigeria. The
portfolio stocks comprise of:
(i) UAP Group: an East African General and Life Insurance Company present in Kenya, Uganda, Rwanda
and South Sudan
(ii) NIC Bank: a Tier 2 Banking institution with a regional presence in Kenya, Tanzania and Uganda
(iii) National Bank of Kenya: a leading retail and Corporate bank in Kenya which successfully undertook a
turnaround strategy in 2012.
(iv) Kenya Re: a leading reinsurance company with a pan-African presence;
(v) Centum: a diversified investment holding company with significant interests in East African Real Estate and
Financial Institution
(vi) Seplat: an independent indigenous Nigerian upstream exploration and production company with a focus
on Nigeria
(vii) Diamond Bank of Nigeria: a leading retail financial institution in Nigeria
22. Appendix
22
A1 - Partnership with SBG Securities and Standard Bank Group
A2 - The Greater Opportunity: Africa
A3 - The Proposed Partners Incentive Scheme
23. A1, Why SBG Securities as trading Partner?
23
v We obtained the best rates available:
While the average fee in the market is around 1.5%, Nelion partners negotiated 0.95% inclusive of all taxes in
order to maximize the performance of the fund and future returns.
v Their Global footprint:
Standard Bank Group is a leading African bank with global emerging markets reach, with Africa Equity
platforms in place in Lagos (Nigeria, Ghana & Côte d'Ivoire), Nairobi (Kenya, Uganda, Rwanda & Tanzania)
and Johannesburg (South Africa); as well as Global Equity platforms in place in New York and London.
v Their research department:
SBGS has a fully fledged and independent equity, macroeconomic and fixed income research department
which produce regular market, sector and listed company reports across Africa.
v 2013 Stock Broker of the Year – Winner, SBG Securities
v Transparency of transactions as some of Nelion Partners are involved in the Kenyan Investment Banking
industry
24. A2. Africa by Numbers
24
Current Figures
v Population: 1.1 Bn
v GDP: $2,392 Bn
v GDP per Capita: $2,106
v Population density: 33/km²
v Real GDP Growth (2013): 4.7%
v Net FDI (2013): $43 Bn
v Population (2050): > 1.8 Bn
v GDP (2020): $3,392Bn
v GDP/Capita (2020): $2,552
v Population density(2050): 60/km²
v Real GDP Growth (2014-20): 4.9%
v Net FDI (2017): >$80 Bn
Future Projections
Source| IMF World Economic Outlook, United Nations; BMI,
World Bank
25. A3. Incentive Scheme
25
Notwithstanding any other rights accruing to the holders of Class B Shares, Class B Shareholders will be entitled to a
performance incentive scheme which will comprise of the following:
A Share Ownership Plan: on the 1st anniversary of the Series A Capital Round Closing Date, each Class B Shareholder
will be entitled, for a period of 3 years, to an option to acquire a certain number of Class A shares, upon final
recommendation by the Board. The applicable price per share shall be validated by the Board and will be fixed until
termination of the option. The beneficiary of such option will exercise his right to acquire all or some of the optional
shares at any time during the applicability period of such option. All payments for the underlying consideration will
have to be made prior to the issue of the relevant certificates.
Performance Shares: Each Class B Shareholder will be entitled, upon recommendation by the Board to performance
shares issued by the Company subject to the yearly financial performance and appreciation of the NAV per share.
The “hurdle rate” has been defined at 8% (in USD terms) and the proposed incentive scheme will assess, on a yearly
basis, the organic growth (exclude recapitalization initiatives) of the NAV and offer Class B shareholders the following
carried interest into future capital appreciation: