Author: Editor

AGL Senegal, Senegal’s transport and logistics specialist, has just completed a major logistics operation for the “Sabodala Massawa” gold project, demonstrating its expertise and commitment to local development. In June 2023, the company successfully completed a large-scale logistics operation, mobilizing its teams and using state-of-the-art equipment such as the 12L2F modular hydraulic trailer. For this shipment, 35 packages were unloaded at the port of Dakar, and delivered in perfect condition. These included 3 oversized engines, each weighing 100 tones, representing a major logistical challenge. This major operation required coordination with various players, including the autonomous port, the national electricity company,…

The African Export-Import Bank (Afreximbank) and ARISE Integrate Industrial Platforms (ARISE IIP) today in Accra signed a term sheet for a US$400 million tranche under a proposed US$1 billion global credit facility to support ARISE IIP in the development of industrial parks and Special Economic Zones (SEZs) in several African countries and to avail funding to meet trade finance requirements and to finance capital expenditure in support of expansion of operating Industrial Parks.. Signed by Ms. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank, and Gagan Gupta, CEO ARISE IIP, for the company, at the ongoing Afreximbank Annual Meetings,…

The African Export-Import Bank (Afreximbank) today in Accra launched its wholly owned insurance management services subsidiary, AfrexInsure, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa. Established in 2021, AfrexInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa. With credible knowledge of Africa, AfrexInsure will leverage on its risk expertise by using its continent-wide presence and deep understanding of the African market…

The Bonn Climate Change Conference closed today after two weeks of intense work that made progress on several critical issues, helping lay the groundwork for the political decisions required at the UN Climate Change Conference (COP28) at the end of the year. “Having taken nearly two weeks to agree an agenda, it is easy to believe we are far apart on many issues, but from what I have seen and heard, there are bridges that can be built to realize the common ground we know exists,” said UN Climate Change Executive Secretary Simon Stiell. “World-changing agreements happen when negotiators rise…

The Africa CEO Forum 2023 concluded successfully on June 6, showcasing a dynamic continent ready to accelerate its growth and resilience against global economic trends. Under the resonant theme “From 300 to 3000: How to deliver the next generation of African champions,” the forum highlighted the need for Africa’s leaders to be proactive in the face of foreign crises impacting their economies and currencies. This year’s forum saw the gathering of Africa’s highest echelons of leadership, with more than 2000 participants from 73 countries, including 44 African countries. 1,000 CEOs from major groups, more than 50 CEOs from African start-ups,…

Japan’s Export Credit Agency, Nippon Export and Investment Insurance (NEXI) is the newest shareholder of the African Trade Insurance Agency (ATI) having joined the Pan-African Guarantee Institution, with a USD14.8 million capital injection. This equity investment reinforces the long-standing and ever-growing cooperation between Africa and Japan under the Tokyo International Conference on African Development (TICAD) auspices with ATI and NEXI promoting Japanese trade and Foreign Direct Investment (FDI) into Africa. During the TICAD7 Summit hosted in Japan in 2019, the two organizations announced the establishment of a “Japan desk” in ATI’s Nairobi office to support African developmental and commercial projects so…

Vista Group today announces that it has agreed to acquire Société Générale’s banks of Société Générale Congo (in Congo Brazzaville) and Société Générale de Banques in Guinée Équatoriale, which will further enlarge its existing sub-Saharan African footprint. Simon Tiemtore, Chairman of Vista Group said: “Our agreements to acquire Société Générale’s banks in Congo Brazzaville and Equatorial Guinea add two key Central African countries to our portfolio and represent key progress in our expansion strategy which is to become a pan-African financial services group with operations in 25 countries. This will also further Vista’s aim to support African economic growth.” The…

The Honorable Minister of Health, Nigeria, Dr. Osagie Ehanire – accompanied by AMCE Executives, including CEO Brian Deaver, and representatives of Afreximbank – inspected the construction site of the African Medical Centre of Excellence (AMCE) in Abuja to assess the progress made in setting up this pioneering institution, ahead of its final commissioning in the second quarter of 2025. Dr. Osagie, while noting that the Federal Government of Nigeria was proud to be supporting the project implementation, visited the construction site with the sole purpose of examining and evaluating the progress achieved thus far, in order to provide an assessment to…

AGL (Africa Global Logistics), the reference multimodal operator in Africa, is proud to announce that it has joined the United Nations Global Compact, the largest international initiative that aims to support companies in their sustainable transformation. By integrating the Global Compact, AGL is reiterating its commitment to the Sustainable Development Goals (SDD) adopted by the United Nations in 2015, and strengthening its willingness to place sustainable development at the heart of its strategy and its projects. This membershipaligns withAGL’s visionthat aspires to sustainably contributingto thetransformations takingplace in Africa, by capitalising on its position as a trusted partner in building a…

Ghanaian President Nana Addo Dankwa Akufo-Addo and other leading African and Caribbean figures will be among the top headliners at the 30th Annual Meetings of the African Export-Import Bank (Afreximbank) taking place in Accra from 18 to 21 June 2023. According to a provisional programme released today, President Akufo-Addo and Prime Minister Mia Amor Mottley of Barbados will be among a set of high-profile leaders, comprising heads of state and government, former heads of state, other political leaders, business leaders, African trade practitioners, trade finance experts, members of the academia and senior public figures, scheduled to address participants at the Afreximbank…

Finnfund is a development financier and impact investor. Last year, the company’s investment portfolio grew from EUR 780 million to EUR 810 million. Finnfund’s investments, commitments and investment decisions totalled about EUR 1.22 billion at the end of the year. Africa remains Finnfund’s primary investment destination, accounting for 57 per cent of volume and 54 per cent of decisions. These figures are presented in Finnfund’s Annual Report, which collates key information about Finnfund’s financial performance, sustainability, and impact. “2022 was an exceptional year in many ways. Several simultaneous crises had global impact: the war in Ukraine, the coronavirus pandemic, political…

Landlocked developing countries (LLDCs) need global support to turn around their social and economic fortunes to achieve sustainable development in line with the goals of the Vienna Programme of Action (VPoA). A High-level Africa Regional Review of the Vienna Programme of Action for the Landlocked Developing Countries for the Decade 2014–2024 which ended in Gaborone, Botswana, concluded that African LLDCs should not be left behind in attaining sustainable development. Speaking at the closure of a two day meeting convened in preparation of the Third United Nations Conference on LLDCs to be held in 2024, Botswana’s Acting Minister of Trade, Mabuse…

Africa should accelerate the full implementation of the African Continental Free Trade Area while creating a conducive business environment to attract private sector participation in one of the largest free trade areas in the world, experts have urged. The AfCFTA is a free trade area launched in 2019 by African countries to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion. Despite its premise of boosting trade in Africa, here is mixed perception of its benefits within the private sector across the continent, according to an Index…

The Chief Executive Officer of Africa50, Alain Ebobissé and the President of the West African Development Bank (BOAD), Serge Ekué, announced today a partnership to work together to mobilize institutional investor capital into African infrastructure, and to identify projects to co-finance. As part of this partnership, the two entities renewed their commitment to collaborate for the financing and development of bankable projects, including climate-resilient infrastructure, to support sustainable growth and the transition of African countries towards Net-Zero. The announcement was made on the sidelines of the African Development Bank Group Annual Meetings in Egypt, themed ‘Mobilizing Private Sector Financing for…

The Multilateral Development Banks (MDBs) Road Safety Working Group announced today, at a meeting in Leipzig, Germany, that seven of its members committed $3.6 billion toward road safety initiatives in developing countries during the period 2018-2022. Three standalone road safety projects—in Bangladesh (World Bank), India[1] (Asian Development Bank and World Bank), and Romania (European Investment Bank)—totaled $912 million in MDBs financing, which is more than one-quarter of the amount approved by seven of the working group members during this timeframe. These commitments come in response to a global health crisis that kills 1.35 million people on the world’s roads every year. Ninety-three…

African Ministers of Finance, Planning and Economic Development have called for reforms of the IMF’s Special Drawing Rights (SDR) system to strengthen the global financial safety net and make more liquidity available to developing countries. The call for reforms was made during a meeting of the Africa High-level Working Group on the Global Financial Architecture on the margins of the 2023 Annual Meetings of the African Development Bank Group held in Sharm El-Sheikh, Egypt. Coordinated by the Economic Commission for Africa (ECA), the High-level Working Group comprises African Ministers of Finance, Planning and Economic Development, the African Union, the African Development…

Under the directive of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman Al Saud, the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, signed today a $39 million multiyear contribution agreement with the Global Fund to Fight AIDS, Tuberculosis and Malaria. The grant will support the fight to end global pandemics and strengthen health and community systems. The agreement was signed by H.E. Mr. Sultan Al-Marshad, CEO of the Saudi Fund for Development, and Mr. Peter Sands, Executive Director of the…

Today, Cultivating New Frontiers in Agriculture (CNFA), representing Feed the Future Rwanda Hinga Wunguke Activity, has signed a Memorandum of Understanding with OCP Africa through its JV company, Rwanda Fertilizer Company (RFC), to promote agro-input use and increase market access for over 180,000 smallholder farmers in the agricultural value chain. Signed under the auspices of the Ministry of Agriculture and Animal Resources (MINAGRI), the partnership between OCP AFRICA, RFC and CNFA included the launch of the OCP School Lab to reach 30.000 farmers to be trained on good agricultural practices over a period of 12 months, and soil testing in…

Witness by M. Hon. Khalid S. Mohamed, the ministry of infrastructure communication and transport, Tony Stenning, Regional Director of Southern Africa at AGL (Africa Global Logistics), and Nahaat Mahfoud, CEO of Zanzibar Ports Corporation, signed the contract for the management of the Malindi Container Terminal at the Port of Malindi in Zanzibar on May 18, 2023. AGL will be responsible for cargo handling operations and maritime services at the country’s main port infrastructure. The company is committed to implementing an investment program for the modernization and development of the Port of Malindi. AGL also plans to construct a depot zone…

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, today in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified. Furthermore, shareholders approved the resolution authorising…

Exclusive interview with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils Ahead of the Oil Days planned in Dubai, Financial Afrik met with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils. You organize oil days in Dubai on the impact of controls in the management of Production Sharing Contracts (PSC). Can you tell us about Oil Days? The oil days initiative is based on two observations: Firstly, the controls carried out by the administrations do not always cover all aspects of the Production Sharing Contracts (CPP). Secondly, the African administrations in charge of managing these contracts do not…

OCP Group, a leading global phosphate-based plant and animal nutrition solutions provider and Fertinagro Biotech S.L., a major Spanish fertilizer producer, are pleased to announce that OCP’s previously announced acquisition of Global Feed S.L completed on May 17th, 2023. GlobalFeed, located in Spain, manufactures and distributes a wide range of products in the animal nutrition segment, including phosphate-based commodities and high-value feed solutions customized to different livestock species. Regarding the transaction Marouane Ameziane, Managing Director for Specialty Products and Solutions at OCP Group, said: “This acquisition confirms OCP’s commitment to becoming a leading player in the animal nutrition sector. We…

African Development Bank Group’s Adesina calls for urgency in implementing reforms Abidjan, 16 May Zimbabwe President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country’s nearly $8.3 billion of debts and arrears. He was speaking during the high-level debt resolution forum held Monday in the capital Harare, that was also addressed by the President of the African Development Bank Dr. Akinwumi Adesina, the facilitator of the high-level dialogues, former president of Mozambique Joachim Chissano and attended by government officials, development partners, private sector, former farm owners and…

Project East2West partnership will: Casablanca, Johannesburg, 15 May 2023 – Bayobab and Africa50 on Monday signed a partnership to develop Project East2West, a terrestrial fibre optic cable network connecting the eastern shores of Africa to those on the continent’s west. The partnership will invest up to US$320 million connecting ten African countries over the years 2023, 2024 and 2025. Bayobab is wholly owned by MTN Group. This investment is within MTN’s previously announced Ambition 2025 plans and will contribute to Bayobab reaching the Group’s target of having 135 000km of proprietary fibre over the coming three years. “This partnership with Africa50 comes…

In partnership with the UN Resident Coordinator’s Office in Tunisia and the ECA Office in North Africa, the UN-Habitat Office in Tunisia held a dissemination workshop on the project “Uncovering the effects of the Russo-Ukrainian war: How to anticipate and prepare for the repercussions of the Russo-Ukrainian war on food security in Tunisia?” on Thursday 4 May 2023, at the Movenpick Hotel in Tunis. This event aimed to raise awareness about food security issues in Tunisia, the impact of the Ukraine – Russia war on growth, national budget and households, and discuss options to mitigate the effects of the crisis.…

African Export-Import Bank (“Afreximbank” or the “Bank”) on 2 May 2023 in Nairobi signed a US$3 Billion Country Programme with the Government of Kenya. The official signing ceremony was witnessed by President William Ruto at State House Nairobi. The memorandum was signed by Kenya’s Honourable Cabinet Secretary of the Ministry of National Treasury and Economic Planning, Professor Njuguna Ndungu, and the President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, in the presence of President William Ruto. The memorandum establishes a framework for the implementation of the Country Programme for the Republic of Kenya. The three-year…

As the West and Central Africa region counts the cost of the recurring drought events that have swept through parts of the region, particularly during the 2022 agricultural season, the African Risk Capacity (ARC) Group recently made an insurance payout of USD 2.5 million to the Government of the Togolese Republic to honour the conditions of the sovereign insurance policy taken out by the country to cover this risk. In line with its mandate to work with African Union Member States to help them to better plan, prepare and respond to climate-induced threats and disease outbreaks, ARC has been working…

– Private and venture debt emerge as an important source of inflows – VC continues to be a key driver of private capital – Africa reaches a record number of exits with activity increasing across all exit routes Today, the African Private Capital Association (AVCA) announced the release of its 2022 African Private Capital Activity Report. The authoritative annual report offers deep insights into private capital fundraising, investments and exits in Africa, sharing extensive data and analysis across investment strategies covering private equity, private debt, venture capital, infrastructure, and real estate activity – across all subregions. African private capital markets experienced a record-high…