Weekly Wrap: Africa’s debt leads to debate with World Bank, Jeff Bezoz create $10 billion fund for the climate and more

Weekly Wrap: Africa’s debt leads to debate with World Bank, Jeff Bezoz create $10 billion fund for the climate and more

App industry records 204 billion downloads as consumers spend $120 billion in 2019:

In the year 2019, the app industry recorded 204 billion downloads as consumers spent an estimated $120 billion.

The details, shared by App Annie’s recently released annual report dubbed ‘State of Mobile’ also showed that people now spend 3 hours and 40 minutes on the average, using apps.

READ ALSO: Bank of Ghana receives $3 billion Eurobond

Africa’s rising and unsustainable debt sparks hot debate with World Bank:

YEN.com.gh has learned that Africa’s debt is increasing and is causing a rift between the World Bank and other lenders.

The World Bank reports that Sub-Saharan Africa’s total external debt increased by 150% to $583 billion in 2018 from $236 billion 10 years earlier.

Per a report by qz.com, there are fears about rising unsustainable debt as the average public debt increased from 2010-2018 by 40% to 59% of Gross Domestic Product (GDP).

Weekly Wrap: Africa’s debt leads to debate with World Bank, Jeff Bezoz create $10 billion fund for the climate and more

Source: YEN.com.gh
Source: UGC

UNICEF ready to invest over GHc1 million in health app for school girls:

The United Nations Children's Fund (UNICEF) has expressed interest in supporting a health app that serves as an advisor using WhatsApp and Facebook Messenger as platforms.

The app, Lily Health, is set to attract between $50 to $250000 from the United Nations’ agency.

Duke University and UNICEF announced that the app has been given a spot in the Duke-UNICEF Innovation Accelerator.

Weekly Wrap: Africa’s debt leads to debate with World Bank, Jeff Bezoz create $10 billion fund for the climate and more

Source: YEN.com.gh
Source: UGC

Jeff Bezoz to create $10 billion fund focused on dealing with climate change:

The president and chief executive officer (CEO) of Amazon, Jeff Bezoz, has announced plans to create a $10 billion fund focused on dealing with climate change.

Announcing his intent on Instagram, Bezoz explained that the Bezoz Earth Fund will provide funding for scientists, activists and non-governmental organizations (NGOs) to help preserve and protect the natural world.

YEN.com.gh understands that Bezoz is already an investor in Breakthrough Energy Ventures, which is focused on providing finance for the development of technologies that reduce climate change.

Air-Gen: Microbe helps scientists to generate electricity from the air:

A team of scientists have successfully invented a device that generates electricity from the air with the help of microbes.

The device, described as an air powered generator, or Air-Gen, functions when water in the air reacts with tiny conducive filaments.

These filaments are produced by a microbe which creates an electric charge, vice.com reports.

Weekly Wrap: Africa’s debt leads to debate with World Bank, Jeff Bezoz create $10 billion fund for the climate and more

Source: vice.com
Source: UGC

OVER THE WEEKEND:

Fintech startups raised $34B in 2019:

Financial services startups raised less money in 2019 than they did in 2018 as VC firms looked to back late stage firms and focused on developing markets, a new report has revealed.

According to research firm CB Insights’ annual report published this week, fintech startups across the world raised $33.9 billion* in total last year across 1,912 deals*, down from $40.8 billion they picked up by participating in 2,049 deals the year before.

African countries aren’t borrowing too much; they’re paying too much for debt:

There is renewed concern about the sustainability of rising debt levels in many African countries. Much of this debt is being incurred through foreign currency denominated Eurobonds issued on international financial markets.

The total value of Eurobonds issued between 2018 and 2019 was more than the value of all bonds sold between 2003 to 2016.

READ ALSO: Investors rate Ghana as the best major market performer in Africa - Latest report

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