Author: Editor

Ecobank Transnational Incorporated (ETI), parent of the leading pan-African Ecobank Group and the largest pan-African bank with a presence in 35 countries, today opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market. Jeremy Awori, CEO, Ecobank Group, said: “Our successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets. The Notes are ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial…

Kinshasa, DRC – Having recognized the significance of the Democratic Republic of theCongo (DRC) in the global green energy transition, the importance of its strategic minerals, and its food production potential in contributing to global food security, Equity Group Holdings Plc (EGH), noting its position as Africa’s strongest financial brand with a 14 billion USD balance sheet as at 30 June 2024 and global shareholders Norfund, NorFinance, Rabobank Partnerships and FMO through the Arise Investment and the World Bank through IFC, is committed to supporting the DRC to achieve its national objectives as set out in the National Development Plan…

The Emerging Africa & Asia Infrastructure Fund (EAAIF), part of the Private Infrastructure Development Group (PIDG), managed by Ninety One, has acted as the sole impact investor in Africell’s oversubscribed USD300 million debut international bond issuance. With orders exceeding USD550 million, EAAIF scaled back its anchor investment from USD40 million to USD28 million, allowing more private investors to participate. The funds raised will support Africell’s digital infrastructure expansion across Angola, the Democratic Republic of Congo (DRC), The Gambia, and Sierra Leone, benefiting its current 14 million subscribers and paving the way for future growth. Magase Mogale, Africell’s Executive Vice President,…

Shelter Afrique Development Bank (ShafDB), a leading Pan-African multilateral development bank, dedicated to financing and promoting housing, urban & related infrastructure development across the African continent, has been honored with the prestigious “Pan-African Development Bank Leadership Award – A Pioneer in Housing Finance” for its outstanding contributions to the development of the continent. The award, presented during the 40th Anniversary Gala of the African Union for Housing Finance (AUHF) and the International Secondary Mortgage Market Association (ISSMA), recognized Shelter Afrique Development Bank for its pioneering leadership and 42 years unwavering commitment to advancing sustainable development in Africa’s housing sector. This…

Lomé, October 15, 2024 – The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, signed a loan agreement granting a line of credit in the amount of EUR 20 million to the Bank of Commerce and Industry of Guinea (BCI Guinée). This loan facility will be used to finance small and medium-sized enterprises and industries (SMEs and SMIs) in the Republic of Guinea to contribute to the development of entrepreneurship and the promotion of SMEs/SMIs, particularly in the agricultural value chain and related sectors of activity, with…

Lomé, 3 October 2024-The ECOWAS Bank for Investment and Development (EBID) and CORIS Bank International Côte d’Ivoire have extended a loan facility in the amount of EUR 58 million to Atlantic Cocoa Corporation in the Republic of Cote d’Ivoire. This syndicated facility, which was approved during the 89th Session of the Board of Directors of the Bank on Tuesday, 1st October 2024, is intended to finance the construction and operation of a cocoa processing plant in San Pedro by Atlantic Cocoa Corporation Côte d’Ivoire. It is part of EBID’s efforts to support Cote d’Ivoire with the development of key industries…

Washington, DC, USA – 14 October, 2024 – The African Trade & Investment Development Insurance (ATIDI), and the Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximising development impact. The organizations will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across the African continent and MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform. The partnership will also seek to improve efficiency in joint project due…

Nairobi, 11 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of the African Trade Insurance Agency (commonly known as the African Trade & Investment Development Insurance – ATIDI), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder. The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance. The new Board, which includes ATIDI’s first Independent Director, will play a…

AXA Climate announces the official launch of Altitude for businesses, an innovative platform designed to measure the impact of climate risks, implement an adaptation strategy and feed into their CSRD reporting. Based on a set of proprietary data derived from the latest IPCC report, Altitude quantifies the medium- and long-term climate risk weighing on companies’ sites and activities, taking into account the specific local characteristics of each company, business sector and biodiversity. It helps companies to manage their climate strategy, from anticipating and measuring the impact on their activities to implementing adaptation measures. AXA Climate, which has been working with industrial companies for a long time through its consulting and training activities, is thus strengthening its offer of support to make climate adaptation effective. Capitalising on these years…

On 26 September 2024, on the occasion of the Pointe-Noire Business Forum, Congo Terminal announced the construction of a new port terminal at the port of Pointe-Noire for a total investment of almost 400 million euros. In view of the exclusive terms offered to Congo Terminal and in anticipation of the growth of its activities, the company is building a new container terminal, Congo Terminal ‘Môle Est’, on which work has already begun and which will be operational in 2027. The new terminal will have 750 m of quays with a draught of 17 m, 26 hectares of quayside and…

On September 25, 2024, the pan-African group AXIAN announced its entry into the capital of the Ivorian start-up WiASSUR, specialized in insurance. Through its investment vehicle, AXIAN Investment, the operation carried out in July 2024 allows AXIAN to become the second-largest shareholder of WiASSUR, thereby strengthening its commitment to the insurance sector in Africa. WiASSUR...

The Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, has emphasized the need for Africa’s youth to play a central role in shaping the continent’s future. During a meeting on “Transforming Africa with Youth-Driven Solutions” in New York on September 20, he called for concerted efforts to unlock the potential of Africa’s youth for sustainable growth. “Africa’s youth are not just the future; they are the present driving force of our continent, and they must have a decisive role in shaping our pact for the future,” said Mr. Gatete during the session held ahead of the Summit…

In a major development in African finance, just three days after acquiring the Access network, AFG Holding, a pan-African banking group, has now taken control of Société Générale in Guinea. This marks the continued resurgence of Ivorian businessman Koné Dossongui, further cementing his position at the forefront of African finance. Société Générale has signed an agreement with Atlantic Financial Group (AFG), a leading pan-African banking group, to sell its 57.93% stake in Société Générale Guinea. The agreement stipulates that AFG will take over the entirety of Société Générale Guinea’s operations, including all customer portfolios and staff. The transaction is expected…

Khadija Komara is the new Director of Communications and Philanthropy at Africa Global Logistics. She succeeds Dieudonné Gaibai who is now taking over the operational management of AGL Côte d’Ivoire under the leadership of Asta Rosa Cissé, Regional Director of AGL Côte d’Ivoire/Burkina Faso region. After 15 years at Orange as Director of Institutional Communication for Orange Africa, where she managed a communication network across 17 African countries, Khadija Komara will now oversee communication and philanthropy for the leading logistics operator in Africa. As part of her duties, she will contribute as a member of AGL’s Executive Committee to the…

The African Trade and Investment Development Insurance (ATIDI) has announced a donation of USD 40,000 to Street Child to build six classrooms in two primary schools in Gatumba, Burundi. This initiative aims to support the education of children displaced by recent climate-related disasters. Manuel Moses, CEO of ATIDI, stated: “By funding the construction of these classrooms, we are investing in the future of young talent while promoting the continent’s long-term growth.” Jolien van den Broeck, Representative of Street Child in Burundi, added: “This support will help restore hope and create opportunities for the children of Gatumba.” This project aligns with…

Moustapha Sow is a Senegalese financier who firmly believes that Africa should be built by Africans while acknowledging the need for external contributions. According to him, doing business in Africa is challenging. “Sometimes, I’m forced to put a white person forward to make progress,” he admits. He emphasizes the need to change perceptions: “For the same services, they’re willing to pay three times more abroad. Let’s not get discouraged. Let’s follow Mandela’s work. We’re living in a crucial moment. Change will come.” The company he founded in 2017, SF Capital, initially focused on investment and financing banking with only 2…

Lomé, 4 September 2024 The ECOWAS Bank for Investment and Development (EBID) has signed a €20 million Wakala Framework Agreement (loan agreement) with MANSA BANK to support private enterprises in key sectors, including agriculture, agro-industry, services, renewable energy, education and health in Côte d’Ivoire. This financing extended to MANSA BANK aims to stimulate sustainable growth, promoting private sector development, and creating jobs in the ECOWAS region. The agreement follows the first facility of €30 million granted in December 2023, bringing EBID’s total commitments in Côte d’Ivoire to approximately USD 710 million, demonstrating the Bank’s continued efforts to providing financial solutions…

The Consortium comprising IMPAXIS, Lead Arranger and Leader, Coris Bourse and EDC Investment Corporation, respectively Co-Arranger and Co-Leader, is delighted to inform the market of the early closing of the ‘GSS BIDC-EBID 6.50% 2024 -2031’ bond. This FCFA 70 billion transaction is a ground-breaking innovation in the regional public offering market, as it is the first issue of a Green, Social and Sustainability (GSS) Bond on the said market. It was completed in less than 5 days of subscription, thanks to the enthusiasm of investors for the issuer – the ECOWAS Bank for Investment and Development (EBID) – and sustainable…

“In the context of the weakness of the international financial architecture, we must first mobilize internal savings and strengthen our institutions.” President of the African Development Bank (AfDB) for ten years, from 2005 to 2015, Donald Kaberuka was one of the key economists speaking at the Afreximbank Annual Meetings (June 12-15, 2024, in Nassau) alongside Jeffrey Sachs. For this rather ‘sovereigntist’ economist, Africa should continue the fight to reform the global financial architecture while simultaneously building a capital market and deepening second-generation reforms. Our era is marked by repetitive crises. What economic policy should African states implement? Indeed, the world…

The latest book by Carlos Lopes, a renowned economist, comes as a painful wake-up call. Titled ‘The Trap of Self-Delusion: Exploring the Economic Dimensions of Dependency on Charity in Africa-Europe Relations,’ the professor, who, in the mid-2010s, while serving as Executive Secretary of the United Nations Economic Commission for Africa (UNECA), helped bring the often-overlooked debate of Africa’s integration and industrialization onto the Agenda 2063 of the African Union Commission. The book addresses the persistently unbalanced relations between the European Union and its subordinate, the African Union, in a calm yet scientific and factual manner. As a former high representative…

Harare, 29 August 2024 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) has extended a USD 20 million revolving line of credit to CBZ Bank Limited. The facility will be used by CBZ Bank to provide loans to eligible customers operating in key export and hard currency sectors for capital expenditure and working capital needs.TDB Group has effectively positioned itself to support its member states’ banks by providing a number of solutions such as lines of credit to facilitate trade within the continent and the rest of the world.Gift Moonga TDB Coverage Executive, Southern Africa…

On 22 August 2024, teams from Africa Global Logistics (AGL) Angola successfully exported a heavy-lift helicopter weighing over 6T to France. This helicopter conforms to the safety standards of the oil & gas sector, and is designed to transfer crews to offshore platforms. AGL’s teams mobilised a 70-tonne crane to load it onto a special low-loader. They then ensured the safe transfer of the oversized transport to the port of Luanda, where it was loaded for its destination in Europe. ‘We have full trust in Africa Global Logistics, which has a proven track record in a series of complex operations.…

“Our strategic objective is to be present in 25 countries.” Committed to acquiring several banking assets, the Chairman & CEO of Vista Bank reaffirms his commitment to building a major pan-African group. This interview was conducted in Nassau, Bahamas, on the sidelines of the Afreximbank General Meetings. How do you view this momentum of Africa...

By Par Monceyf Fadili  and Prudence Adjanohoun This article aims to contribute to the debate within the framework of the first African Urbanization Forum, “Sustainable Urbanization for the Transformation of Africa – Agenda 2063” (Addis Ababa, September 4-6, 2024), organized by the African Union with the support of UN-Habitat and the United Nations Economic Commission for Africa (UNECA). It presents a reflection on the right to affordable and decent housing for all in Africa, authored by Monceyf Fadili, an international expert in urban planning and territorial development and former UN-Habitat Advisor, and Prudence Adjanohoun, Secretary General of the Réseau Habitat et…

LONDON – AUGUST 22, 2024 09:39 AM (EDT) AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb” (Fair) to Ethiopian Reinsurance S.C. (Ethio Re) (Ethiopia). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Ethio Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. Ethio Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation that is comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio…

On 22 August 2024, teams from Africa Global Logistics Congo (AGL) completed the customs clearance, handling and rail-railing of 4 locomotives destined for the Chemin de fer Congo Océan (CFCO). This delicate task will enable the country to maintain its commitment to the population and economic operators. Intra-city rail transport is one of the most economical and secure solutions for transporting people and goods. Imported from Belgium, each locomotive weighs 68.5 tonnes and measures 16.9 m long, 2.8 m wide and 4.20 m high. It has a tractive power of 1200 hp. Once the customs formalities had been completed, allowing…

On 16 August 2024, Africa Global Logistics Congo signed a partnership agreement with the association Women In Logistics-Africa (WILA) in order to support actions that highlight women in the supply chain in port and maritime environments. AGL Congo is joining forces with WILA Congo, an association committed to promoting women in logistics, in order to encourage, raise awareness, train and guide women towards this sector of activity, which has traditionally been dominated by men. The partnership will involve raising awareness in schools, as well as sharing experiences through participation in various forums dedicated to the supply chain. WILA also has…

“We believe that the creation of the Eco will be a long and arduous process. Although the project has been in development for several years, deadlines have been repeatedly postponed due to difficulties in economic and fiscal convergence, as well as political discussions, which are naturally complex for projects of this magnitude.” This is the...

Dr. Samuel Munzele Maimbo, originally from Zambia, has been officially nominated by the Southern African Development Community (SADC) as their candidate for the presidency of the African Development Bank (AfDB) election, scheduled for May 2025. This decision was ratified during the 44th Ordinary Summit of SADC Heads of State and Government, held on August 17...

On 13 August 2024, AGL Congo acquired 52 latest-generation 6X4 road tractors and 12 semi trailers. The company has just increased its road fleet by nearly 17%, and plans to exceed the 30% threshold by the end of 2024. In order to satisfy the growing needs of its customers for the provision of equipment, AGL Congo is investing massively in the acquisition of state-of-the-art equipment. 64 Sino-truck Hohan/Howo road tractors and 95 40’ semi-trailers have been ordered at a total cost of around 4 billion CFA francs (nearly 6 million euros). The 52 tractors and 12 trailers are part of…