BIZweek n°226 1er fév 2019
BIZweek n°226 1er fév 2019
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  • Parution : n°226 de 1er fév 2019

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 9

  • Taille du fichier PDF : 4 Mo

  • Dans ce numéro : comment se positionne Maurice par rapport aux autres PEID.

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VENDREDI 01 FÉVRIER 2019 BIZWEEK ÉDITION 226 Limited partners (LP) believein the long-termattractiveness of Africa, especially when they compare Africa with developed markets. About sixty LP were surveyed for the 5th Annual Limited Partner Survey, for 2018, by African Private Equity and Venture Capital Association. West Africa was selected by the biggest proportion of LPs (85%) as an attractive region for PE investment over the next three years. This is an improvement from AVCA’s 2017 LP Survey, where West Africa was selected by 76% of survey respondents. Nigeria, West Africa’s largest PE market, was chosen by the biggest proportion of LPs (58%) as an attractive country for PE investment over the next three years, followed by Kenya (40% of LPs) and Egypt (31% of LPs). However, there are differences in LPs’views depending on their location. Whilst Egypt is the 7th most popular option amongst African LPs, it is the 2nd most popular option amongst non-African LPs. Notably, South Africa is the 4th most popular option amongst LPs ; an improvement from 2017, when South Africa was the 8th most popular option amongst LPs. Southern Africa’s attractiveness also increased in this year’s survey to 44% from 35% in AVCA’s 2017 LP Survey. In relation to sectors, consumer-driven industries – such as Financial Services and Consumer Goods – were chosen by the most LPs as attractive sectors for General Partners (GPs) investment. This signifies that the consumer theme is still persistent on the continent and drives investors’interest. An emerging sector for PE investment is Technology, which was the 3rd most popular sector amongst LPs (compared with 6th in AVCA’s 2017 LP Survey). However, Mauritius figures nowhere in the ACTA PUBLICA TOP 10 COUNTRIES FOR PRIVATE INVESTMENT IN AFRICA Mauritius not on the list Sixty limited partners from across the globe were surveyed by African Private Equity and Venture Capital Association for its 2018 Annual Limited Partner Survey to gather views and expectations about private equity in Africa. In this 5th survey, Nigeria was chosen by the biggest proportion of limited partners (58%) as an attractive country for private equity over the next three years. Mauritius, being a reputed financial hub in the region, does not figure on the list report, despite being a reputed financial hub, whereas LPs plan to increase their allocation to private equity in Africa over the next three years. Only 5% of survey respondents say that they will decrease their allocation to PE in Africa. According to the report, the ten most attractive countries for private equity investment in Africa over the next three years are  : 1. Nigeria, 2. Kenya, 3. Egypt, 4. Ivory Coast and South Africa, 5. Morocco, 6. Ethiopia, 7. Ghana, 8. Tanzania/Uganda/Zambia, 9. Tunisia and 10. Democratic Republic of Congo. Challenges ahead Nearly two-thirds of LPs (65%) view currency risk as a key challenge when investing in African PE. AVCA’s 2016 and 2017 LP Surveys also identified currency risk as a key COMESA Court implements digital justice system from CaseLines The Court of Justice of the Common Market for Eastern and Southern Africa (COME- SA) is implementing a paperless digital courtroom after signingup with CaseLines - the world’s leading global provider of digital evidence management. Aiding improvements in the rule of Law, CaseLines is a critical tool that helps nations meet the UN’s Sustainable Development Goal 16 by transforming the quality and efficiency of justice across Africa. CaseLines software eliminates the need for paper in court by introducing an entirely digital platformwith tools which allow the creation and presentation of a fully digital bundle including multi-media evidence ; collaboration tools for enhanced pre-trial preparation and secure role validated videoconferencing for virtual hearings. Covering twenty-one Member States, the supra-national COMESA Court, based in Khartoum, Sudan, sits with twelve judges, each from different Member States with seven Judges in the First Instance Division and five in the Appellate Division. Today, lawyers bring cases to the Court from all the Member States, incurring considerable time and cost to file applications and send paper copies of evidence to the Court. CaseLines provides a digital solution to this challenge, helping to increase the efficiency and security surrounding legal proceedings. CaseLines willallow lawyers to file applications and evidence in a secure environment from their own offices, saving costs of copying and transporting paper files, and at the same time cutting the risk of losing or misplacing files. The system supports efficient pre-trial preparation, especially for lawyers supporting clients in different countries. Judges of the COMESA Court of Justice will now be able to work efficiently from their home offices, improving preparation, cutting unnecessary travel and speeding the process of preparing judgment after a hearing. Far greater efficiency and transparency NyamburaL. Mbatia, Registrar at the COMESA Court of Justice, said  : « In line with the UN’s SDG 16, one of the objectives of the COME- SA Court is to eliminate financial and practical barriers to justice. By adopting CaseLines, the Court will become more efficient and processes such as physical filing will become obsolete. This will make a huge difference for our Judges and for litigants dealing with the Court and will bring us closer to achieving access to justice for all citizens of the COMESA Region. » barrier to investment on the continent (it was selected by 60% of LPs in 2016, and 69% in 2017). Turning to the most popular options after currency risk, 42% of LPs select the limited number of established General Partners (GPs) and political risk as important challenges when investing in African PE. A relatively long holding period for portfolio companies is viewed by 40% of LPs as another significant challenge. However, the percentage of LPs that share this view has decreased from 53% in 2017. The biggest proportion LPs (65%) view limited exit opportunities as a key challenge to GPs over the next three years. Other significant factors include the fundraising environment (56% of LPs), the scarcity of talent for GPs or portfolio companies (53% of LPs compared to 35% in 2017) and short-termmacroeconomic risks (51% of LPs). As regards Paul Sachs, Chief Technology Officer and Founder of CaseLines, he said  : « We are honoured that the COMESA Court of Justice has chosen CaseLines to transformthe trial process across the member states, making life simpler and less costly for lawyers and litigants and enabling judges to properly prepare for cases, whilst facilitating a far more efficient and reliable system. It also demonstrates a real appetite and capacity for leadership that exists in Africa. » Mr Sachs added  : « CaseLines offers far greater efficiency and transparency to the process of justice – and an effective and functional legal system is not just good news for those who deal with courts, but for African society and businesses too. CaseLines is a vital tool that helps nations meet the UN’s Sustainable Development Goal 16, supporting improvements in the Rule of Law by revolutionising the speed and quality in delivery of justice across Africa. » 6
VENDREDI 01 FÉVRIER 2019 BIZWEEK ÉDITION 226 At the conclusion of her visit, Mahvash Qureshi – who led an International Monetary Fund (IMF) mission from 16 to 30 January for the 2019 Article IV for Mauritius – issued the following statement on Wednesday in Port Louis  : « The Mauritian economy continues to grow at a steady pace, benefiting from a vibrant services sector and strong domestic demand. Real GDP expanded by 3.8 percent in 2017 and is projected to grow at a similar rate in 2018. Inflationary pressures have receded, and the unemployment rate has fallen to its lowest level in a decade. The external balance, however, continues to deteriorate due to a rising trade deficit in goods. The fiscal deficit in FY2017/18 was about 0.3 percent of GDP lower than budgeted, with public sector debt decreasing to 63.7 percent of GDP at the end of the fiscal year from 65.0 percent of GDP in FY 2016/17. Activity in the offshore global business sector has remained broadly resilient while reforms to the sector are underway. A prudent stance by financial services firms and supervisory agencies has helped to maintain financial stability. « The growth momentum is expected to continue in 2019. Real GDP growth is projected to reach 3.9 percent in 2019, driven by robust performance in the financial services, construction, and tourism sectors. With international oil prices expected to decline in 2019, inflation is projected to drop further, while the current account deficit is expected to widen to about 7 percent of GDP owing to higher capital imports associated with large-scale public infrastructure projects. Given the expansionary fiscal stance in FY2018/19 and external borrowing to finance public investment in infrastructure, public sector debt is projected to increase. « Going forward, the key challenge for Mauritius is to boost inclusive economic growth, while preserving fiscal sustainability, regaining external competitiveness, and maintaining financial integrity and stability. To preserve macroeconomic stability, especially in view of the rapidly aging population, and to create room to respond to shocks, the mission advised the authorities to adopt prudent fiscal policies that would set public sector debt firmly on a declining path into the medium term. The monetary policy stance is broadly appropriate at the current juncture. However, given theupside risks to inflation, vigilance is warranted against any emerging inflationary pressures. « A range of reforms and initiatives has been introduced in recent years to spur productivity and competitiveness—including the adoption of the Business Facilitation Act, finalization of the Financial Sector Blueprint, and programs to support youth skill development, small-scale entrepreneurs, and female labor force participation. Improvement in the World Bank’s ACTA PUBLICA IMF STAFF COMPLETES 2019 ARTICLE IV MISSION TO MAURITIUS « The key challenge for Mauritius is to boost inclusive economic growth » An International Monetary Fund (IMF) mission led by Mahvash Qureshi visited Mauritius during January 16–30, 2019 to conduct the discussions for the 2019 Article IV consultations. The following conclusionsemanated from the visit  : Mauritius faces the challenge of boosting inclusive economic growth while preserving fiscal sustainability, regaining external competitiveness, and maintaining financial integrity. Real GDP growth is projected at 3.8 percent in 2018 and 3.9 percent in 2019, driven by robust performance in the financial services, construction, and tourism sectors. The mission welcomedthe authorities’ongoing efforts to strengthen the AML/CFT framework and reiterated the need for maintaining strong and independent institutions to overcome the policy challenges Mauritius faces to remain an attractive investment destination Doing Business 2019 indicator is encouraging. Coordination and synergies between the various reforms and initiatives, as wellas interaction among the stakeholders, could however be strengthened to enhance their effectiveness and efficiency. Mission of the IMF delegation Mahvash Qureshi, Mission Chief, was accompanied by Torsten Wezel, Senior Economist, Financial sector and systemic risks ; Lennart Erickson, Senior Economist, Fiscal and Monetary sectors ; Sandesh Dhungana, Economist, Real sector ; and Salifou Issoufou  : Economist, External sector. David Owen, Deputy Director in the African Department of the IMF also joined the IMF team from 16th to 18th January. The Mission’s assessment covers areas required under the normal surveillance mandate of the IMF. These include  : recent macroeconomic developments ; fiscal and monetary policies ; exchange rate and external balance assessment ; financial stability analysis ; debt sustainability analysis ; and institutional and structural issues. In addition, the Mission covered specific issues agreed with Government and the Bank of Mauritius, as follows  : developing the Financial Conditions Index for Mauritius ; assessing the competitiveness of the financial services sector, particularly in respect of the development of Fintech ; and assessing the Current Account position in the Balance of Payments and the level of national savings. « The mission welcomedthe authorities’ongoing efforts to strengthen the AML/CFT framework in line with the Financial Action Task Force (FATF) recommendations and reiterated the need for maintaining strong and independent institutions to overcome the range of policy challenges Mauritius faces to remain an attractive investment destination. « The mission team expresses its gratitude to the authorities for the productive discussions, excellent cooperation, and hospitality. The IMF stands ready to assist the authorities in the implementation of their economic program, including through the provision of technical assistance, and looks forward to continuing fruitful policy dialogue. » The mission met with the Prime Minister and Minister of Finance and Economic Development, Pravind Jugnauth, Minister of Financial Services, Good Governance and Institutional Reforms, Dharmendar Sesungkur, Governor of the Bank of Mauritius Yandraduth Googoolye, the Financial Secretary, Dharam Dev Manraj, and other senior government officials, as wellas the opposition leader, representatives of the private sector, academia, civil society, unions, and the donor community. 7

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