The Climate Change and Green Growth Department of the African Development Bank, in partnership with climate change consultancy Natural Eco Capital, recently organized two virtual workshops to equip financial institutions and Small and Medium Enterprises to benefit from climate investment.
Companies from six African countries – Angola, Egypt, Morocco, Mozambique, Nigeria and South Africa – attended the workshops. The sessions were delivered under the Bank’s Private Sector Investment Initiative for Nationally Determined Contributions in Africa, financed by the Fund for Africa Private Sector (FAPA).
The first workshop, held from 6 to 7 October 2020, focused on practical training for SMEs and financial institutions and how to use two powerful climate change tools developed by the Bank.
Building on the work of the African Financial Alliance on Climate Change (AFAC(link is external)), the second segment on 8 October targeted financial institutions, their role in climate action, and methods they can use to incorporate climate change into their financial products.
Al Hamdou Dorsouma, Manager of Climate and Green Growth at the Bank, told participants: “Learning how to use the GHG accounting tool and the climate risk screening and opportunity tool will enhance your capacity as SMEs to implement climate action and attract global climate finance, including finance from the Bank through your local finance institutions.”
By the end of the workshop, participants had screened two real businesses for climate risks, estimated their carbon footprint and identified climate investment opportunities for them.
The Paris Agreement on Climate Change mandates all countries to submit Nationally Determined Contributions (NDCs) as their commitment to keeping global warming below two degrees Celsius. Almost all African countries have obliged by tabling their NDCs, which will cost about $3 trillion by 2030 to implement.
At least 75% of the investment needed to roll out the climate change requirements is expected to come from the private sector across several key industries. However, private sector participation in climate change initiatives in Africa remains low and must be strengthened to benefit from the abundant opportunities for green investments on the continent.
To attract climate finance into private investments, the Bank has developed four tools to support SMEs and financial institutions: a climate risk screening and opportunity toolkit for SMEs; a greenhouse gas (GHG) accounting tool for SMEs; climate change mainstreaming guidelines for lines of credit (LOCs); and a green jobs tracking tool. All four tools were launched this year.
How to ensure your Canadian public documents will be recognized in the EU?
If you are moving to the EU for work or educational purposes, or you want to live there for a long time and you plan on using your Canadian public documents in different countries throughout the European Union, you must first go through a process so these documents are recognized in the EU. In Canada, this process is called Document Authentication and Legalization, however, others call it Attestation. Before going abroad, you might consider asking a professional company that handles document authentication Canada to help you out with the requirements needed, especially if time isn’t on your side.
Although you can organize the legalization of your documents yourself, if this is your first time authorizing these documents, it might take up a lot of your time and energy. Reputable agents can help speed up the process, so you can get on with the rest of your tasks before your travel to the EU.
If you want to get your documents authenticated in Canada, you have to get the Department of Foreign Trade and International Affairs to stamp each document. If you are traveling to the EU for business, you might need to get the following documents authenticated:
- Certificate of export
- Shipping Document
- Corporate documents that can be used while in the EU
- Commercial invoice
- Certificate of free sale
- Pharmaceutical certificate
- Distributorship Agreements
If you travel to the EU without these documents in order, you might find it difficult to carry out the work you had planned. Expect the European Union authorities to inspect these documents thoroughly. If you decide to go it alone instead of hiring an agent to help you out, make sure that you have plenty of time because a lot of these documents can take a long time to get legalized.
Although you won’t need these documents if you want to travel to the EU, if you plan on staying there for an extended period, you might need them at some stage. For these files to be recognized throughout the EU, you will need them authenticated. Here are a few examples of the documents you will want to get authorized before you hop on the plane:
- Original birth certificate
- Police check
- Medical history documents
- If you are going to Canadian to teach, you will need to have your credentials legalized
- References from your previous employers
- Job certification
- Official marriage certificate
- Death Certificate
- Colored copy of a valid driving license
- If you are planning on getting married in the EU you will need your single status to marry documents legalized
- Academic credentials
If you arrive in the EU without this documentation authenticated, trying to get them recognized in the EU won’t be easy. To make sure your time in the EU goes smoothly, you should make sure that everything is finalized in Canada first.
Since the outbreak of Covid-19, a lot of areas around Europe have enforced quarantines on those entering from Canada. Each country has its own rules, so before you jet off, find out what the current situation is like. These Covid-19 regulations normally depend on the current situation in Canada, and most embassies will post details on their official website. If you can’t see them on their website, consider making direct contact with the embassy’s officials. Keep in mind that these rules are subject to change, so you should find out the details before you travel.
If you are fully vaccinated, you should have no problems getting into most countries throughout the EU. However, the EU doesn’t recognize every vaccine, even some that are approved by the WHO.
Most of the European countries are accepting fully vaccinated Canadians, but they will ask to see your proof of vaccination. Make sure you bring your travel health certificates with you, as they will show the dates when you received your first and last vaccination. If you haven’t received your vaccinations, then you might be allowed to enter without going into quarantine if you have already had the virus, as long as you have your PCR test completed.
At the moment, as long as you have your Covid-19 documents prepared and a valid Canadian passport with at least three blank pages, Canadians should have no issues entering the EU. However, this is going to change in the near future. From the beginning of 2023, Canadians who wish to go on a vacation or plan on working in the EU will have to apply for a travel pass. If you want to enter all the countries in the Schengen Area, you will need to apply for this travel pass online first. This pass is known as the European Travel Information and Authorization System (ETIAS). This electronic scheme was made so the EU can keep track of those travelling around the EU. Canada already has a similar system in place known as the Canadian Electronic Travel Authorization.
You must apply for this before your travel to the EU, but until then, you can still enter with a valid passport. A lot of folks misunderstood the new process and thought it was going to start in early 2021, but the EU released a press release to explain that the changes will be enforced in 2023. However, this isn’t a visa that grants people access to the EU.
Authentication or legalization of a document that is issued in Canada is a process that will verify, prove, and confirm the genuineness of the position of an official. Each document needs to be stamped by authorized people to allow for it to be recognized throughout the EU.
A lot of the time, the process is theoretically easy. You must submit the documents to get Global Affairs Canada. Every single document must get an official stamp if they are to be recognized. Once they are all stamped, you might have to submit them to the country’s embassy in Canada on where you are planning on going to in the EU so they can be legalized.
Although the process sounds easy, if you are an individual company wanting to do business in the EU, the process can cause a lot of stress. Trying to source the correct documentation and other paperwork might prove to be a lot more challenging than you initially thought. If you have invested heavily, and you are desperate to get to the EU as soon as possible, the process might take a lot longer if you plan on doing it all yourself.
There are plenty of agents out there that can help you through the entire process. They will review your documents before you hand them over to Global Affairs and the embassy, and they will be able to give you expert advice on the process. Experienced agents will understand the current requirements that the Global Affairs officials are looking for. Without having these documents organized before your trip who will struggle to do business in the EU. If you do business without having the paperwork on hand, you could find yourself in trouble with authorities in the EU, which will reflect badly on your business the next time you plan on working inside the European Union.
Hungary: Reforms to raise productivity would strengthen recovery from COVID-19
Hungary’s economy is emerging from the crisis caused by COVID-19, yet sustaining the country’s robust pre-pandemic levels of growth will require reforms to foster productivity and job creation, according to a new OECD report.
The latest OECD Economic Survey of Hungary says that with labour shortages being felt as the economy picks up, it is vital to invest in vocational training, digital skills and apprenticeships to match skills with market requirements. Improving transport links and the availability of housing would make it easier for workers in low-employment areas to take up jobs elsewhere. Creating a more competitive and transparent business environment and accelerating firms’ adoption of digital technologies would also bolster the recovery.
“Hungary’s economy was doing well before the crisis, and with external demand picking up, prospects for a solid recovery are good. It is important to use this period, and the forthcoming inflow of EU funds, to raise productivity and competitiveness to ensure a strong and lasting recovery,” said OECD Director of Economic Country Studies Alvaro Pereira, presenting the report alongside Hungary’s Secretary of State for Financial Policy Gábor Gion.
The COVID-19 crisis hit Hungary’s export-oriented economy hard, ending a period of steady growth over 2016-19 that lifted incomes and brought down the unemployment rate to a 30-year low. Policy support to workers and firms, and the swift rollout of vaccines, has smoothed the path to recovery, and the Survey projects growth of 4.6% in 2021 and 5% in 2022, following a drop of 5.1% in 2020. An annual injection of EU structural and Next Generation COVID recovery funds equivalent to around 3.5% of GDP in total from 2021 will support growth if invested well.
Short-term risks remain, such as the impact of a global shortage of semiconductors on Hungarian car production. Targeted support to households and businesses should be continued as long as is needed. Once the recovery is self-sustained, the focus should return to strengthening public finances ahead of looming increases in health and pension spending from an ageing population, the Survey says, including by completing an ongoing increase in the retirement age to 65 by 2022 and linking further increases to gains in life expectancy.
The ageing and shrinking workforce makes it urgent to raise labour productivity. In addition to strengthening vocational and tertiary education, it is key to produce more of the highly skilled engineers and ICT graduates that businesses increasingly demand. In this context, the Survey recommends making high-speed mobile Internet cheaper and helping firms to rapidly adopt digital technologies. Intensifying efforts to fight corruption, including continuing to strengthen the institutional framework, and ensuring the independence and accountability of the judicial system would improve the investment climate and support business dynamism.
Worker mobility could be enhanced by improving transport connections from rural areas into cities, modernising housing regulations to expand the private rental market, and easing some of the rigid licensing and certification requirements on professional occupations. Hungary could also consider increasing the duration of unemployment benefits from the current three months.
Finally, Hungary’s economy would benefit from a more growth-friendly tax structure. The Survey suggests continuing to reduce labour taxes and phasing out distortionary taxes on turnover in sectors like energy, finance and retail which hinder new entry and investment. This could be balanced by increasing consumption, property and environmental tax revenues, while simplifying the value-added tax system by moving to a lower but broader-based VAT rate.
4 Crucial Factors That Helps in Selecting the Ideal FX Expert Advisor
The forex market is increasingly expanding at a rapid pace with millions of active traders executing trades daily. The use of advanced technology is also preferred among traders who are involved in active trading. As automation is slowly taking over most industries and businesses, the forex market is also noticing a rise in the use of FX expert advisors to execute a trade on behalf of an investor.
But even with the tons of perks that these FX EAs are capable of, you must consider certain factors before investing in one.
But before we jump into discussing the factors that indicate an EA’s reliability, let us get a clear understanding of what forex EAs are and how they work.
Explaining FX Expert Advisors
An EA is a software program that offers the benefit of automated trading to investors worldwide. A forex EA is responsible for identifying the best possible timings for opening a position with the help of certain in-built algorithms and indicators. As the market is active for 24-hours straight, using an EA will certainly be useful; it is immune to any emotional factors and can facilitate you to make high-profitable trades by identifying the ideal entry points.
Developed in MQL, an EA can operate on MetaTrader 4 or 5 and comes up with complex strategies of trading based on a certain mathematical pattern. The ways expert advisors tend to outperform manual trading practices involve their high-accuracy results along with faster data-processing technology which aids in better analysis.
Although being quite similar and often mistaken as the same, a forex EA slightly differs from a forex robot in terms of its functions. While forex robots can take care of executing a trade on behalf of you, and EA will simply advise you when to initiate a trade allowing you to have full control over initiating a trade.
Points to consider before investing in an EA
Investing in an expert advisor requires certain factors to keep in mind that will help you to maximize your success rate with the benefit of automation.
- Performing a thorough background check
The security factor should be on your priority list while opting for an expert advisor. Thorough research along with a complete background assessment is necessary to determine the authenticity of the EA. You can rely on reviews and testimonials of other users as well as checking the credentials of the vendor. Some factors that decide the genuineness of the EA include secure payment options, refund guarantees in case of false claims, transparent business practices, and development by trustworthy programmers.
- Conduct satisfactory research
It is common to come across many catchy claims of instant and guaranteed profit while opting for an EA. But these commercials fail to mention that expertise is the most critical asset you will need to succeed in this industry. You can immediately notice risk factors when anyone makes exaggerated and unreasonable statements if you have a good understanding of how the foreign exchange market works. While many appropriate automated trading systems are useful in leveraging your trading career, you may also come across many fraudulent scenarios in this industry. Thus only proper learning will provide you with the information you need to prevent being a target of these frauds.
- Get familiar with basic EA stats
Reliable expert advisors are generally introduced to the market after a long process of backtesting performed by the developers. While selecting an EA you will most likely come on certain statistics including the profit factor, drawdown and expected payoff that demonstrate its performance. As an investor, you need to be knowledgeable about these stats, what they mean and how they can impact your trading style before finalizing an EA.
- Perform independent testing
The final step will always be to verify the capabilities of an expert advisor along with checking the backtested results. You can rely on a demo account or a trial version of that EA easily before making the final call.
Selecting the ideal forex EA can be challenging irrespective of the level of experience you have in this. However, following these tips as well as your experience can make this process easier and worthwhile.
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