<figure class="image"><img src="/uploads/timkat_flags_january_20_2012_ab56f1252e.jpg"></figure><h1 style="text-align:center;">RENEW Update</h1>The RENEW team is back in Addis!After almost a month of traveling around Europe and the U.S. meeting with investors and business executives interested in Ethiopia's growing private sector, we're excited to be back in Ethiopia to begin preparing for a number of investor trips we will be hosting over the next several months. As part of RENEW's effort to build a business and investment bridge between Ethiopia and the U.S. and Europe, I'd like to share some of the feedback we gathered during our recent meetings.The RENEW team started our tour in December with a return to Norway. Yes, it was cold. Our partners in Oslo had arranged a number of meetings with investors we had met with in October and with some Members of Parliament. During the investor meetings, Norwegians were clearly excited about the potential, and asked specific questions about "how an investment in an Ethiopian company would work." Specifically, they wanted to know about exit strategies, repatriation of capital, taxation and the risks of inflation. The MPs were interested in RENEW's model of partnering with development organizations to lower the transaction costs and risks for investors. There seems to be a growing interest for these types of programs vs. traditional aid programs.In the U.S., we took a week off to visit with family and friends, then we traveled to Denver, Colorado and Charlotte, North Carolina to meet with more investors. No, we didn't ski in Colorado. Yes, I wish we had. During these meetings we learned about a growing frustration wealthy philanthropists have with traditional giving and how many want to move towards more impact investment solutions (<a href="http://www.campdenfb.com/article/wealthy-philanthropists-becoming-more-impact-driven">Read more about the trend.</a>). Not surprisingly, we also met with some NGOs and faith-based organizations working in Ethiopia that want to start impact investment programs as well. The shift is happening. We are tentatively planning a meeting in Denver, CO in the late spring or early summer for a forum around impact investment strategies in Ethiopia!We have a number of investors coming to Ethiopia over the next three months and we are looking forward to introducing them to many Ethiopian entrepreneurs and showing them the great investment potential here.Happy 2013! And if you are in Ethiopia...Happy Timkat!

An update from the RENEW team and what's coming up in 2013...

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RENEW Update

<h1 style="text-align:center;">In the News... The Africa Beats</h1>Welcome to RENEW's In the News…The Africa Beats. The following post includes highlights on topics such as Investing in Africa, Impact Investing and more:Ethiopia BBC - A special report from the BBC details the rise of booming businesses in Ethiopia and how a country once associated with complete poverty is yielding returns as high as 30%. <a href="http://www.bbc.co.uk/programmes/p0104gjj">Watch the full video</a>Invest in Africa Africa Mentor - An interview conducted this week from with US and UK based investment firms points to promising investment opportunities in Africa. The interview revealed important insights for individuals and companies considering African investments, including that productivity and consumption in Africa have been rising since 2000, and forecasts show that consumption will nearly double again by 2020. This would put Africa at the same level as China in 2009. <a href="http://africamentor.com/african-investment-why-it-is-attractive/">Read full article</a>Ventures – Last week a report was released detailing the top 40 African investment highlights of 2012, ranging from $115 million five-star hotel in Port Elizabeth, South Africa, by Emfuleni Resorts, to $100 million technology center in Ghana by RLG Communications, Africa’s leading mobile phone and computer assembler, to a $40 million healthcare facility in Morocco. <a href="http://www.ventures-africa.com/2012/12/top-40-investment-highlights-in-africa-2012/">Read full article</a>Impact Investing AdvisorOne – The third annual survey by J.P. Morgan and the Global Impact Investing Network confirm that impact investing is on the rise. The survey found that respondents had committed to invest $8 billion in impact investments in 2012, and in 2013 they were planned to invest $9 billion. Additionally, 68% reported that their portfolios’ 2012 financial performance was in line with their expectations, with 21% reporting out performance. <a href="http://www.advisorone.com/2013/01/07/impact-investing-on-the-rise-survey-says">Read full article</a>

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In the News... The Africa Beats - Part 4

<h1 style="text-align:center;">Update From the Field</h1><figure class="image"><img src="/uploads/norway_december_1_25c41fb7dc.jpg"></figure>I am writing to give you a brief update on RENEW’s upcoming travel schedule and activities. I wish you and your family a happy holiday. We hope 2012 was a prosperous and healthy year for you.A brief update: Our U.S. and European-based teams continue making impressive progress with their investor outreach activities. Over the next four weeks we have a number of meetings scheduled in Europe and the U.S. with investors interested in Ethiopia. This swell of interest is exciting because, despite its current foreign investment challenges, it means that Ethiopia’s brand is strengthening in the global marketplace. As always, I emphasize that changes take time and require exceptional amounts of work to ensure Western investors and Ethiopian businesses have successful investment relationships. However, as we continue to meet (and meet, and meet) with members of the Ethiopian government, we’re encouraged by their heightened state of awareness about the importance of receiving feedback about how to improve Ethiopia’s support for foreign investors.We are also engaged in a number of exciting projects with local companies. Here, we have observed notable change, specifically towards business owners’ perspectives around the value and importance of bringing on equity partners. We are seeing an acceptance that the global market is coming to Ethiopia, and with it, increased competition. Once closely-held family companies are starting to open up to foreign partnerships and realizing that capital and knowledge transfer are keys to staying competitive.All of this, and more, has been incorporated into our “Unwritten Rules” training. We’re excited to say that we piloted this training twice in December, with great success, and will be offering it to a small group in January.What's next: Our executive team is currently in Norway – it’s cold and snowy compared to the beautiful warmth of Ethiopia. Here we are continuing discussions with investors that we started back in October. After the holidays, we will be traveling around the U.S. to meet with investors in Colorado and North Carolina. Our core team will return to Ethiopia mid-January, at which time we will be preparing for a number of investor trips we have scheduled for the first quarter of 2013. As a reminder, only businesses that have taken the “Unwritten Rules” will be introduced to investors. If you would like to attend the January session, please contact Kathleen DeLaHoussaye <a href="mailto:kdelahoussaye@renewcapital.com">kdelahoussaye@renewcapital.com</a>, to reserve a spot.In a few weeks we will be releasing our 2013 priorities – activities that will continue building a new investment bridge between the West and Africa.Happy Holidays.

An update from Norway and what's coming up in 2013...

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Update From the Field

<h1 style="text-align:center;">In the News…The Africa Beats</h1>Welcome to RENEW's In the News…The Africa Beats. The following post includes highlights on topics such as U.S.-Africa relations, Ethiopia, Impact Investing and more:US and Africa SABC News - The American government is moving forward with plans to increase investment in Africa and build up America’s commercial relationship with Africa, as part of President Obama’s strategy toward sub-Saharan Africa. The ‘doing business in Africa’ campaign is part of this new initiative, and the Obama administration plans to take steps to encourage more trade, investment, and economic growth in Africa through educating US businesses about the ripe investment climate on the continent. <a href="http://www.sabc.co.za/news/a/b1c6a1004da11644aaf2fbe570eb4ca2/US-to-intensify-Africa-investment--20121129">Read full article</a>Ethiopia Ventures - Ethiopia’s Prime Minister, Hailemariam Desalegn, who took office in September 2012 following the death of his predecessor, Meles Zenawi, has started taking steps to open the country up for more foreign investment. Last week, the prime minister signed a deal that will lift domestic restrictions on investors from their closest neighbor, Kenya. This is hopefully the first step of many in inviting more foreign investors into the country. <a href="http://www.ventures-africa.com/2012/11/ethiopia-opens-up-for-investment/">Read full article</a>Invest in Africa Business Day Live - Foreign direct investment in Africa is still on the rise, according to positive comments last Wednesday from the Rand Merchant Bank (RMB). RMB confirmed that South Africa is still the most attractive country in Africa for foreign direct investment, and that, despite the country’s continued battles with poverty and inequality, purchasing power remains strong. Egypt, Ghana, Nigeria, and Tunisia follow close behind South Africa in terms of attractive investment climates, and RMB reported that investors are seeing expansive opportunities for foreign direct investment in sub-Saharan Africa, especially in the resources sector. <a href="http://www.bdlive.co.za/world/africa/2012/11/29/africa-gains-popularity-as-investment-destination-says-rmb">Read full article</a>The East African - A survey by the Emerging Markets Private Equity Association (EMPEA) released last week shows that 76% of private equity firms polled have more interest in investing in emerging market funds, as opposed to those who were interested in developed economies-focused funds. The survey also showed that sub-Saharan Africa-focused funds are expected to perform ahead of other emerging markets such as North Africa, Central and Eastern Europe and the Middle East, with Africa-focused firms expected to return an average of 16% per year. The survey revealed that sub-Saharan Africa is expected to be one of the most lucrative markets for private equity in 2012. <a href="http://www.theeastafrican.co.ke/business/Africa-is-most-attractive-for-investment-says-survey/-/2560/1628052/-/pr2mvh/-/com.coremedia.mauritius.cae.contentbeans.MauArticleImpl$$[id=1628052]&amp;title=Africa is most attractive for investment — survey/">Read full article</a>Impact Investing Harvard Business Review - The number of women investors in the angel investment realm is on the rise, and with good results. Although historically women have made up just 10-15% of angel investors and venture capitalists, that number is starting to increase. The Kauffmann Foundation recently found that venture funds with more women involved tend to invest in companies founded by women 70% of the time, and that women entrepreneurs bring in 20% more revenue with 50% less money invested. Investors who are looking to expand their network should take note. <a href="http://blogs.hbr.org/cs/2012/12/a_wave_of_angel_investing_orga.html">Read full article</a>Conferences/Forums African Business Review - The second annual African Capital Markets Conference took place last Thursday, December 6, in London. On the agenda were discussions centered around the investment landscape of sub-Saharan Africa, including the growth of Africa’s currency debt markets, assessment of corporate funding options, how to promote growth and confidence in Africa’s debt markets and the role of developmental finance in the investment market in Africa. The conference included participants who are already active in investments in Africa, along with others who are looking to capitalize on the wealth of opportunities there. <a href="http://www.africanbusinessreview.co.za/money_matters/african-investment-is-on-the-agenda">Read full article</a>

In the News…The Africa Beats - Part 5

<h1 style="text-align:center;">Why I Was Drawn to RENEW</h1><figure class="image"><img src="/uploads/egypt_door_69c2cb9035.jpg"></figure>When I was first introduced to RENEW several years ago, I was not yet familiar with the concept of impact investing or angel investors. I had yet to travel to Africa, and I didn’t know the statistics that countries in Africa are becoming some of the fastest growing economies or that the U.S. is significantly behind China and other foreign countries in investing in Africa.I didn’t know many of the things I know now about impact investing, but what I did know was this: pure and simple development as the U.S. has known it – handing out money to this organization and that – isn’t enough. I had traveled, studied and learned about many countries, impoverished communities and development organizations, and I was about to move to Cairo, Egypt, a city with more than 17 million people, 20 to 30% of whom live below poverty level. Even before moving to Cairo and seeing the story of poverty and development first-hand, I knew that the traditional model of development was lacking. For a country, a business, an individual to grow and move forward, handing them a dollar a day isn’t good enough. What happens the next day? They need another dollar. And another the next, and the next, and the next. The cycle is endless and it seems that the very act of continuously giving money actually perpetuates itself. No matter how much money is raised and given, the country/business/individual will likely need even more the next year, and the cycle will continue.I had already discovered these things about development when I became acquainted with RENEW’s work three years ago, and that is why I knew RENEW’s model of connecting investors to growing businesses in Africa was not only brilliant, but necessary.In the interim, my time living in Egypt and traveling to various other developing countries confirmed my beliefs. I saw countless situations in Egypt where development dollars left a community just as unable to help themselves as before. In many cases it actually reinforced the mindset of poverty, rather than helping communities and countries move forward into social and economic stability. Although I believe there is certainly a time and place for giving aid to people in need, the continuous act of providing aid can undermine that group’s ability and drive to look for the opportunities around them. Many of the impoverished people I met in Egypt were stuck in a cycle of poverty that was fueled by the continuous aid they were receiving. If there were abundant opportunities for businesses there to receive investments and growth capital, expand, hire more people and grow, the story of many individuals I have met would look very different. Investing in promising businesses creates jobs, strengthens the economy and is a golden opportunity to help people help themselves. This is the work that RENEW is doing, and as I learned more about the opportunities and issues in developing countries, the more I saw how important this work is.<figure class="image"><img src="/uploads/egypt_mt_sinai_0_84bc755899.jpg"></figure>Now, it’s been several years since I first grew acquainted with RENEW. I’m thrilled to become a member of the team and more excited than ever about the work RENEW is doing. RENEW’s vision of redirecting money going into Africa into investing in promising businesses rather than simply giving is the next and necessary step for how the U.S. needs to interact with the developing world. I believe that each dollar going toward an investment in a great business will have a far greater impact on the community, country and economy as a whole, and I believe we need to move in that direction. &nbsp;&nbsp;

When I was first introduced to RENEW several years ago...

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Why I Was Drawn to RENEW

<figure class="image"><img src="/uploads/ag_forum_logo_2_49cb82a1d9.png"></figure><h1 style="text-align:center;">MNCs: You Can Be Angels Too...</h1>Last week in Addis Ababa the Corporate Council on Africa, in partnership with USAID and several international agriculture companies, hosted the U.S.-Africa Agribusiness Investment Forum at the beautiful Sheraton Hotel. The forum provided an excellent meeting place for multinational companies, investors and development organizations to discuss the opportunities and challenges of investing in Africa's lush and untapped agriculture sector. I met so many interesting people working on great projects. The Ethiopia Commodity Exchange, Agriculture Transformation Agency, Overseas Private Investment Corporation, Africa Development Bank and a host of other important players participated in the forum. The panel discussions showcased new models for starting, growing and investing in agriculture business in Africa. However, I observed that there were only a handful of African-owned businesses in attendance. Granted, that may not have been the target market for the forum, but it made me wonder about one particular way our (the West’s) model for entering Africa could evolve. Here’s my reasoning:One of the common stories I hear about “Africa” is how challenging it is to do agriculture here. The list is long - including issues with land rights, climate, supply chains, local unrest, limited willingness to trade with neighboring countries, etc. The predominant model for entering Africa it through joint ventures with large local companies, greenfield expansions, acquiring privatized government companies, or acquiring a majority stake in a large local companies. "Go big or go home" is the main way the West enters – because that’s how the economics of agriculture typically work.I wonder if there’s a different approach for how the West can enter Africa’s agriculture market. MNCs usually have a CSR department, and for Africa that often means a fund to support the local community where the MNC is working - building school, drilling water wells, building a clinic, etc. In this way, the MNC begins providing what the local government cannot. Sometimes these programs work; sometimes they don't. But what if two years before entering an area in Africa in a big way, the company's CSR team took a different approach? The MNC could identify local companies (likely SMEs) along their supply chain. They could then use their CSR budgets to make strategic investments in the local companies, with the goal of building up capacity and quality to meet the MNC's standards. If successful, when the MNC is ready to enter the market, their brand would already be strong with the local community because of the investments they had made in the local economy and the jobs that were created. The returns they receive from these investments could be pooled in a fund, and perhaps matched by foundations and development organizations, to finance more “social” programs such as schools, wells, etc. Could this become a fully sustained system that grows together off successful business ventures? If I were the MNC, I would feel more secure about doing a big project, because over those two years of investing I would have learned a whole lot about the economy, working with the government, and I would have built strong relationships with the national, regional and local governments. The business community would know my name as it is associated with “MNC Ventures.” My MNC would have become an “impact angel” investor!In light of this strategy, it would be interesting at next year's Forum to have a breakout session with an MNC, a co-investor and a portfolio of pre-selected companies along the MNC’s supply chain. The local businesses would pitch their company’s products and services, their investment needs and their projected returns to the MNC and investors. The MNC, as the future customer and the investor, would select the most promising companies that align with their future business needs, and then have another meeting with local partners and co-investors to develop an investment plan that would build the capacity of these local businesses to meet the MNC’s future needs. As a result, the MNC would be committed, because they are investing their money instead of donating it (and may be less likely to back out on year two), the development community would have a clear business focus to support, the co-investors can share the risk, and the local businesses... well, let’s ask them.<figure class="image"><img src="/uploads/dsc_0413_0_352c80ea3f.jpg"></figure>

Is there a different approach for how MNCs can enter Africa’s agriculture market?

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MNCs: You Can Be Angels Too...

<h1 style="text-align:center;">Introducing Our New Website</h1>Welcome and thank you for visiting our “renewed” website.I’d like to provide a brief overview of the changes we’ve made. Our primary goal for the new website is to enhance your experience. Your experience is woven into everything we do. We are fundamentally an impact investment company, but what we do goes far beyond facilitating direct investments into businesses in developing countries. The RENEW experience provides our investors with stories, memories, relationships, opportunities to explore, learn and teach, and the means to impact nations and achieve financial returns. So why should you have to wait until you travel with us to start enjoying your experience? We hope our website provides you with the first of many directional signposts on the journey of a lifetime. Here’s an overview:Simple navigation: Knowing that investing in developing countries can be daunting, RENEW’s brand and services are designed to make the process easy and enjoyable. You will find clear symbols and simple language on the website to guide you to resources, tools, opportunities and stories about investing in developing countries.Customized pages: New pages have been created for our investors and partners. Because RENEW is optimizing impact creation in developing countries through investing, we rely on strong collaboration and partnerships with development organizations to make investments profitable and efficient. A <a href="../../new-strategy/partners.html">“For Partners”</a> link on the homepage directs current and prospective development partners to information about our model, our services, our past performance and some of the partners we have worked with in the past. A<a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer"> “For Investors” </a>link on the homepage directs current and prospective investors to the Investor Lounge. This is an evolving page where we add new features for investors to explore investing in excellent opportunities in developing countries. In the Investor Lounge you can learn about our services, explore the steps to investing, learn about our “econ-tourism” trips, see example investments and more.A simplified message: “Impact investing,” or whichever term you chose to describe investing for financial and social returns, is an emerging field in finance and philanthropy. Success stories are only starting to emerge and the field is packed with what can be confusing, academic jargon. We do our best to keep it simple and make it easy for investors, partners and business owners to engage in a new strategy for development. To reduce ambiguity we put what we do front and center on our homepage – We facilitate direct investments into promising businesses in developing countries.There’s much more on the site that we hope you enjoy including quotes, blogs and a full description for a new strategy for how the West can engage Africa and other developing countries. We will be making more changes in the future, so please stay connected with us and please send us your thoughts and feedback!

Welcome, and thank you for visiting our “renewed” website.

Introducing Our New Website

<h1 style="text-align:center;">Impact Investing: Where are They Now?</h1>A New Strategy for Africa and other Emerging Economies (Part 7): Where are they now?In March of this year, we hosted a group of “impact angel” investors in Ethiopia. Our goal was to show them that Africa is changing, that Africa’s private sector is growing, and that in order for the U.S. to keep pace with the influence of countries like China, we need to adapt.<figure class="image"><img src="/uploads/impact_investing_gateway_e14c7f71dd.png"></figure>Thankfully, impact investing is on the rise in many Western nations, giving people a reason to pursue social motives using profit making solutions. We believe (as do many development and private sector professionals) that local businesses in Africa, or “SMEs”, are great impact investment opportunities because they have the potential to provide good financial returns, and create jobs, pay taxes and support local economic growth. Philosophically, we believe investing in Africa’s private sector is more effective than giving, and by doing so, we will address the challenges that charity and aid are trying to solve, but in sustainable ways. However, there are very few investment vehicles available to the larger Western population that provides the satisfaction that comes from giving to a charity. So most people continue to give. Also, our government financed development programs (e.g. aid) cannot make equity investments into local businesses. So most aid money is used to support training. As a result, most Westerners don’t know about Africa’s growing private sector, nor do they have a way to engage it. The Westerners that do have the fortune of traveling to Africa on mission trips may not realize that the Chinese, Indians, Russians and Brazilians they see at the airports are actually happy we continue to give: it’s less competition for them (Read CNN: <a href="http://edition.cnn.com/2011/BUSINESS/09/08/america.losing.influence.africa/index.html">Is the West losing out to China in Africa?</a>). So, at RENEW we are changing that story.All of this falls under what we call A New Strategy for Africa and other Emerging Economies. Our Government is working on this as well. They are asking executives from large multinational companies to go on trips with Secretary Clinton to see what’s happening in Africa (Read: <a href="http://m.voanews.com/rss.jsp;jsessionid=4EFFBE1842C22056AF56346511DA6E58.rocco2?id=3132&amp;rssid=25273271&amp;item=http%3a%2f%2fwww.voanews.com%2frss%2fmobiletech.aspx%3farticleid%3d1456385&amp;cid=25228001&amp;page=1">Clinton Promotes U.S. Investment in Africa</a>). We’re taking a similar, but slightly different approach to encourage Western investing in Africa. Let’s continue our <a href="part-4-case-study-ethiopia.html">case study</a> to see what our impact angels have been up to since their March trip to Ethiopia.First, a Quick Recap of the March ‘Econ-Tourism’ Trip to Ethiopia Leading up to the trip: RENEW spent seven weeks with a small group of U.S. investors, preparing them for an econ-tourism trip to Ethiopia designed to focus on looking for investment opportunities in Africa. We hosted dinners with the group; ran conference calls; provided reports containing information on specific business opportunities, Ethiopia’s economy, high-growth sectors, and investment laws; and provided guidelines to ensure the group was prepared to have business conversations in Ethiopia’s cultural context. Our goal was to get them ready to look for opportunities in Ethiopia.The trip: Then we got on a plane and brought them to Ethiopia. We spent a week bustling around Addis, meeting with Government leaders, dining with the U.S. Ambassador, conducting site-visits to local businesses, having countless formal and informal meetings with entrepreneurs, and experiencing the culture, tastes and smells of Ethiopia. See pictures here (<a href="ethiopia-angel-trip-1-overview-and-photos.html">March Econ-tourism Trip to Ethiopia</a>).What we observed: RENEW made some observations of the investor group during the trip. Specifically, the investors were surprised by Ethiopia’s growth; they were excited that their skills and experiences applied; they were eager to understand the business environment; they were respectful and curious of the culture; they were first drawn to the entrepreneur, and then their business; they were focused on building relationships; most understood the need to ‘go slow to go fast’; and they enjoyed connecting with each other.Now Where are They? Five months later we have exciting news. Of the five investors that went on the March trip, three are working with us on an investment in a local business. This is not microfinance – this is expansion capital in a local mid-size company. The investment provides an attractive IRR, and will create over 20 jobs while providing a critical service to the people of Ethiopia. Goal accomplished? Yes, and it gets better. One of the investors that went on the trip was playing golf with some friends a few months ago, and brought up his trip to Ethiopia and the pending new venture. Their conversations led to an idea. This idea materialized into a plan for a larger investment in Ethiopia, which has now led to plans for another trip to Ethiopia in September.Other investors from the March trip are organizing their friends, and having us come and share our approach for impact investing in Africa.The Take Away We believe this is the beginning of a shift in how the West engages Africa and other developing countries. Charity and aid will not stop – they shouldn’t. However, a tipping point will occur when impact investing will become an attractive platform for churches, NGOs, HNWIs, foundations, family offices, and others to create good financial returns and sustainable impact, with the added benefit of getting the U.S. in the game of growing with Africa’s expanding private sector. Impact investing is more than ‘doing well by doing good’, it is a gateway for the West to do what we do best – business – in developing countries. And, as more impact investments are made, they will lead to larger business ventures as we have seen from the example above.Truth be told, I believe Africa is too risky not to invest in. If the West continues to implement 20th century tactics in the continent we risk losing our influence in <a href="http://www.investingdaily.com/15454/the-final-frontier-of-investing-africa">the last investment frontier.</a> Our team is at the front-line of Africa’s growth, and from what we are seeing, Western nations need to catch up.So, to summarize: Impact investing is a gateway for Westerners to use investing as a form of creating social and financial returns in Africa. SMEs (or local businesses) are excellent impact investments; we meet with them every day and find the best to introduce to investors. Angel investing, or making direct investments into a business (vs. a fund) creates a way for churches, angel groups, and family offices, to choose how they are making an impact, all while helping the U.S. retain our role as the leader of free markets. And, if you didn’t make it on Secretary Clinton’s pan-Africa trip, feel free to join us. The opportunities are out there. We help you find them.&nbsp;

An update on our first Ethiopia impact angel group

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Impact Investing: Where are They Now?

<h1 style="text-align:center;">&nbsp;Case Study: Ethiopia</h1>ETHIOPIA: GETTING IN ON THE GROUND FLOOR<figure class="image"><img src="/uploads/graphic_renew_ethiopia_pipeline_diagram_150e5297b5.png"></figure>Since 2005, members of the RENEW team have been exploring opportunities in Ethiopia. Anticipating the country’s growth, RENEW spent years building relationships with local partners and members of the Diaspora, learning the business environment, and witnessing the impressive growth across Addis and other cities throughout Ethiopia.In 2012, RENEW formalized our presence in what many believe to be one of the fastest growing economies in the world. In February, RENEW opened our East Africa office in Addis. In addition to navigating the formal registration process, our team has begun to develop a quality pipeline of investment opportunities, and we are currently closing our first investments.We have a strong network of local technical assistance (TA) partners, development organizations, and professional firms including lawyers, accountants and consultants that share our vision to establish an angel investment market in Ethiopia. We have begun organizing a number of investors throughout the U.S. and Europe, and our investment activity will increase over the next two years.FIND OUT MORE ABOUT OUR PROJECT IN ETHIOPIA: <a href="https://www.renewcapital.com/newsroom/Ethiopia%20Angel%20Trip%201%20Overview%20and%20Photos">Ethiopia Angel Trip: Overview and Photos</a> <a href="https://www.renewcapital.com/newsroom/Ethiopia%20Angel%20Trip%201%20Overview%20and%20Photos%20Cont">Ethiopia Angel Trip: Overview and Photos, Continued</a> <a href="https://www.renewcapital.com/newsroom/In%20the%20Field%20with%20RENEW" target="_blank" rel="noopener noreferrer">In the Field with RENEW</a> <a href="https://www.renewcapital.com/newsroom/In%20the%20Field%20with%20RENEW%20%20Part%202" target="_blank" rel="noopener noreferrer">In the Field with RENEW - Part 2</a> <a href="https://www.renewcapital.com/newsroom" target="_blank" rel="noopener noreferrer">Visit RENEW's Ethiopia Blog Page</a>