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Luxembourg InsurTech Startup Ibisa Secures $3 Million for Climate Insurance Expansion in Africa

New Investments

Luxembourg InsurTech Startup Ibisa Secures $3 Million for Climate Insurance Expansion in Africa

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Luxembourg-based climate insurance innovator Ibisa has secured $3 million in funding to accelerate its expansion in Africa and Asia.

The funding round was led by Acumen Resilient Agriculture Fund (Araf) and Equator, with participation from Asian Development Bank Ventures (ADBV) and existing investors like Ankur Capital.

This investment will fuel Ibisa’s development of parametric insurance solutions – a technology-driven approach to offering climate risk protection.

The company currently offers various climate insurance products, including those tailored for agriculture, typhoons, and loan protection for financial institutions.

One of Ibisa’s pioneering solutions is heat stress insurance, initially developed for dairy farmers in India.

This product is being expanded to other vulnerable regions like Bangladesh.

These solutions are particularly relevant in Africa, where communities face the brunt of climate change through frequent droughts and devastating natural disasters like Cyclone Freddy, which ravaged Madagascar and Mozambique earlier this year.

“The need for affordable parametric insurance is crucial for African farmers to withstand climate shocks,” said Tamer El-Raghy, Director General of Araf.

The Food and Agriculture Organization estimates that extreme weather events cost global agriculture a staggering $10-15 billion annually.

Ibisa’s innovative approach holds immense promise for building resilience against climate change in some of the world’s most vulnerable regions.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Huawei Expands Sub-Saharan Africa Initiative to Upskill an Additional 150,000 in ICT

Key Developments

Huawei Expands Sub-Saharan Africa Initiative to Upskill an Additional 150,000 in ICT

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Huawei announced a significant expansion of its digital skills training program in Sub-Saharan Africa.
 

The tech giant aims to equip an additional 150,000 people in the region with ICT (Information and Communication Technology) expertise over the next three years.

This ambitious plan builds upon Huawei’s prior success, having surpassed its initial goal of training 100,000 individuals by 2025, achieving a remarkable 120% completion rate ten months ahead of schedule.

The announcement took place at the LEAP Summit 2024: ICT Talent and Sustainable Development for Sub-Saharan Africa, held in Shanghai, China, on June 28th.

The summit, co-hosted by Huawei and the African Telecommunications Union (ATU), is an official partner program of Mobile World Congress Shanghai 2024.

The event brought together over 200 guests, including high-ranking government officials from various Sub-Saharan African nations. This gathering highlighted the critical need to equip the region’s workforce with digital skills.

Reports from the World Economic Forum indicate that over a billion people globally require upskilling or reskilling by 2030.

Furthermore, the International Financial Corporation estimates that more than 230 million jobs in Sub-Saharan Africa will necessitate digital expertise by 2030.

Jeff Wang, Senior Vice President and President of Public Affairs and Communications at Huawei, addressed the summit, outlining the company’s commitment to inclusive, systematic, and future-oriented talent development.

He expressed satisfaction with the LEAP program’s achievements, stating, “Since launching the LEAP Digital Talent Development Program in Sub-Saharan Africa in 2022, we’re delighted to see the positive impact it’s had on so many people.”

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Telecom Egypt and 4iG Group Partner to Build $600 Million Modern Fiber Network in Egypt

Key Developments

Telecom Egypt and 4iG Group Partner to Build $600 Million Modern Fiber Network in Egypt

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Telecom Egypt, the leading telecom operator in Egypt, and 4iG Group, a prominent Hungarian IT and telecommunications group, have signed a Memorandum of Understanding (MoU) to establish a joint venture (JV) focused on building a state-of-the-art fiber network.

This initiative aims to deliver high-speed internet access to at least six million Egyptian households.

The $600 million project, spread over ten years, will involve constructing, operating, and commercializing fiber-optic infrastructure for wholesale purposes.

This includes Fiber-To-The-Home (FTTH) connections for direct high-speed internet access to homes and Fiber-To-The-Site (FTTS) solutions for businesses.

The MoU signing ceremony took place at the Egypt-EU Investment Conference, which was held in Cairo at the end of June. Over the coming months, both companies will finalize details concerning the joint venture’s business model, ownership structure, governance, and technological aspects.

This partnership aligns with Telecom Egypt’s “Digital Egypt” strategy, which is part of Egypt’s Vision 2030 plan.

The project will contribute to the development of FTTH networks across the country. Additionally, connecting mobile sites with fiber infrastructure will enhance mobile network capacity, paving the way for wider 5G deployment in the future.

“This agreement will significantly accelerate Egypt’s digital transformation,” said Mohamed Nasr, Managing Director and CEO of Telecom Egypt. “The future-ready network will not only bolster 5G but also empower the development of next-generation services like IoT and enterprise networks.”

Gellért Jászai, Chairman of 4iG Group, expressed his enthusiasm about the project.

He highlighted its role in showcasing the group’s expertise on a global scale and aligning with their long-term business strategy. Jászai emphasized the project’s potential to create jobs, develop a skilled workforce to support local businesses, and ultimately improve the quality of life for Egyptians.

This collaboration between Telecom Egypt and 4iG Group builds on their previous agreement in February 2024 to construct a direct subsea cable linking Albania to Egypt.

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Top 25 African Countries With the Highest Population: Exploring Growth Rates, Age Distribution, and Fertility Trends

Key Developments

Top 25 African Countries With the Highest Population: Growth Rates, Age Distribution, and Fertility Trends

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Photo Credits: Geographical Magazine

Africa, the second-largest continent in the world, is home to a diverse array of countries with varied demographics, cultures, and socio-economic landscapes.

As of 2024, the continent’s population stands at approximately 1.5 billion people, making up about 17.89% of the global population.

This report provides an in-depth country-by-country guide of the most populous nations in Africa, highlighting key demographic indicators such as mortality rates, life expectancy, and factors influencing these statistics.

Top 25 Most Populous African Countries

1. Nigeria

Population – 229 million 

Growth rate – 2.39% annually.

 2. Ethiopia

Population – 129 million

Growth rate – 2.52% annually

3. Egypt

Population – 114 million,

Growth rate – 1.57% annually

4. Democratic Republic of the Congo (DRC)

Population – 105 million

Growth rate – 3.29% annually

5. Tanzania

Population – 69 million

Growth rate – 2.94% annually

6. South Africa

Population – 61 million

Growth rate – 1%.

7. Kenya

Population – 56 million

Growth rate – 2% annually

8. Uganda

Population – 49 million

Growth rate – 2.76%

9. Sudan

Population – 49 million

Growth rate – 2.6% annually

10. Algeria

Population – 46 million

Growth rate – 1.47%

11. Morocco

Population – 38 million

Growth rate – 0.98% annually

12. Angola

Population – 37 million

Growth rate of 3.05%

13. Mozambique

Population  – 34 million

Growth rate – 2.83% annually

14. Ghana

Population – 34 million

Growth rate – 1.92% annually

15. Madagascar

Population – 31 million,

Growth rate – 2.41%.

16. Ivory Coast

Population – 29 million

Growth rate – 2.53%

17. Cameroon

Population – 29 million

Growth rate – 2.61% annually

18. Niger

 Population – 28 million

Growth rate – 3.81% annually

19. Burkina Faso

Population – 23 million

Growth rate – 2.53% annually

20. Mali

Population – 24 million

Growth rate – 3.1% annually

21. Malawi

Population – 21 million

Growth rate – 2.6% annually

22. Zambia

Population – 21 million

Growth rate – 2.75% annually

23. Chad

Population – 18 million

Growth rate – 3.11% annually

 24. Somalia

Population – 18 million

Growth rate – 3.11% annually

25. Senegal

Population – 18 million

Growth rate – 2.58% annually

Age Distribution

Africa is the youngest continent globally, with a median age of around 19.7 years.

This youthful demographic is a stark contrast to continents like Europe, where the median age is approximately 42 years.

Countries with the youngest populations include:

  • Niger: Median age of 15.2 years
  • Mali: Median age of 16.1 years
  • Uganda: Median age of 15.9 years
  • Angola: Median age of 16.5 years
  • Chad: Median age of 16.4 years

The youthful population presents both opportunities and challenges, such as a potential demographic dividend but also the need for substantial investments in education and employment opportunities.

Fertility Rates

High fertility rates are a defining characteristic of Africa’s population dynamics.

The continent’s average fertility rate is around 4.5 children per woman, compared to the global average of 2.4.

Countries with the highest fertility rates include:

  • Niger: 6.9 children per woman
  • Somalia: 6.1 children per woman
  • Chad: 5.9 children per woman
  • Mali: 5.8 children per woman
  • Angola: 5.7 children per woman

These high fertility rates contribute significantly to the continent’s rapid population growth.

Population Growth Rates: Top 10 African Countries

Africa’s population growth rates vary significantly across the continent, with some countries experiencing exceptionally high growth.

Here are the top 10 African countries with the highest annual population growth rates as of 2024:

  1. Niger: 3.8%
  2. Uganda: 3.6%
  3. Chad: 3.5%
  4. Angola: 3.4%
  5. Mali: 3.3%
  6. Burundi: 3.3%
  7. Democratic Republic of the Congo (DRC): 3.3%
  8. Benin: 3.2%
  9. Zambia: 3.2%
  10. Tanzania: 3.1%

These growth rates are driven by high fertility rates, declining mortality rates, and improvements in healthcare services.

These high growth rates have significant implications, affecting everything from economic development to infrastructure needs and social services.

Conclusion

Africa’s demographic landscape is characterized by rapid population growth, a youthful population, and increasing urbanization.

These trends present both opportunities and challenges for the continent’s development. 

Understanding and addressing the implications of these demographic trends will be crucial for policymakers, businesses, and development organizations working in Africa.

This report highlights the need for continued investment in education, healthcare, and infrastructure to harness the potential of Africa’s growing population.

By adopting forward-looking policies and strategies, African countries can turn their demographic trends into a powerful driver of sustainable development.

References

  1. United Nations Department of Economic and Social Affairs, Population Division. (2023). World Population Prospects 2022. Link
  2. World Bank. (2023). World Development Indicators. Link
  3. African Development Bank. (2023). African Economic Outlook 2023. 
  4. United Nations Economic Commission for Africa. (2023). Demographic Trends in Africa.  
  5. Population Reference Bureau. (2023). World Population Data Sheet.  

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