Author: Editor

Nomba, a leading payment service provider for African businesses, has raised a $30 million Pre-Series B funding round to support the delivery of bespoke payment solutions for African businesses. The oversubscribed equity funding round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures. Despite the growth in digital payments across Africa, most businesses still only have access to generic point-of-sale machines to support the collection of payments. These machines also typically work in isolation from the rest of the business operations, leading to a variety of inefficiencies…

Abidjan, 26 April 2023 –The African Development Bank Group has launched a six-month campaign to sensitize its internal and external stakeholders on its new Whistleblowing Policy, approved by the Boards of Directors in January this year. The Whistleblowing Policy 2023 builds on a 2007 policy, which at the time was widely considered as progressive and reflective of the value the Bank Group places on the contribution of whistleblowers to its anti-corruption processes, and its zero tolerance of any retaliation against them. The new policy sets additional standards, by bringing the Bank’s Boards members and elected officials under the disciplinary scope of the…

Specialist insurer New National Assurance has signed an annual deal with JBA Risk Management for the use of its flood data for South Africa. The 50-year-old independent insurer will use the data, which includes climate change intelligence to underwrite both commercial and personal lines property-risk. The insurer has also taken the unusual step of making the flood maps available to its 60-strong network of brokers and delegated authority underwriting agents. The move will provide New National with access to JBA Risk Management’s detailed 30 metre resolution maps for both baseline and future insights into surface water and river flooding for…

Africa50, the pan-African infrastructure investment platform, is pleased to announce the appointment of Papa Demba Diallo as Managing Director, Project Development. Papa Demba Diallo, a Senegalese national joins Africa50 with over 20 years of experience in the infrastructure investment space. He is currently serving as CEO of Senegalese Sovereign Wealth Fund FONSIS, after being Executive Director from 2014, overseeing the ICT, Health, Infrastructure, Transport and Services Units. Over the course of his tenure at FONSIS, Mr. Diallo played a pivotal role in developing and executing the fund’s long-term growth agenda, and investment strategy. Mr. Diallo is a seasoned investor and…

African Export-Import Bank (Afreximbank) has signed a landmark agreement with Banque Postale du Congo (BPC) to provide the Congolese bank with an EUR 10-million factoring facility to support SMEs in the Republic of Congo and the CEMAC region. Signed on behalf of the two institutions by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, and Calixte Tabangoli, Chief Executive Officer, BPC, during a ceremony in Cairo on 30 March, the facility will enable BPC to expand its factoring activities by engaging in domestic and cross-border factoring. The facility builds on a strong partnership that has existed between Afreximbank and…

On April 14, in Accra (Ghana) Sanofi has signed a three-year Memorandum of Understanding (MoU) with the Ministry of Health of Ghana. The MOU was signed by Hon. Kwaku Agyeman-Manu Minister of Health, Ghana and Stephane Gokou Sanofi Foundation General Manager for Sub-Sahara Africa. Under the MoU, the healthcare authorities in Ghana will be able to purchase affordable high-quality Sanofi analogue insulin products. Moreover, the proposed partnership provides for the deployment of diabetes management solutions in four Ghanaian diabetes centers where 500 healthcare professionals will benefit from a targeted medical training program. In addition, Sanofi will co-develop a digital solution…

ATI is honored to welcome the Republic of Angola as its 21st African Member State and 1st Lusophone Member State, with a subscribed capital contribution of USD25 million. The membership funding was achieved thanks to the Government’s National Treasury resources and proceeds from the landmark BITA water project, a strategic public investment for the construction of infrastructure for the treatment, supply and storage of drinking water that will benefit 2.5 million people in Angola. Under this one of a kind blended finance and guarantee innovative structure, the Republic of Angola – along with the lenders covered by ATI under the transaction…

IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, today announced a partnership through a landmark green loan to build four solar plants to power OCP’s Morocco operations to reduce the company’s carbon footprint and help green its fertilizer production. Under the agreement, announced during the International Monetary Fund-World Bank Group Spring Meetings in Washington D.C., IFC will provide OCP with a green loan of €100 million to build the solar plants in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves. The plants will have a combined capacity of 202-Megawatt peak (MWp) and will…

African Export-Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (ECA) have signed a Framework Agreement with the Democratic Republic of Congo and the Republic of Zambia for the establishment of Special Economic Zones (SEZ) for the production of Battery Electric Vehicle (BEV) and related services. Under the terms ratified in the Framework Agreement, Afreximbank and ECA will play a central facilitating role, acting as the Project’s financial and technical partners respectively. The two institutions will lead the establishment of an Operating Company (OpCo) in consortium with investors (both public and private) from DRC and Zambia, as well as…

The United Nations Economic Commission for Africa (ECA) participated in a signing ceremony ratifying a Framework Agreement for the establishment of Special Economic Zones (SEZ) for the production of Battery and Electric Vehicles (BEV) in the Democratic Republic of Congo (DRC) and the Republic of Zambia. Chaired by the Prime Minister of the DRC, Jean-Michel Sama Lukonde, the landmark ceremony saw the participation of Congolese and Zambian ministers, in addition to senior representatives from the African Union, the African Development Bank, Afreximbank, the ALSF, BADEA and ECA. As producers of over 70% of the world’s cobalt, and 10% of global…

The Eastern and Southern African Trade and Development Bank Group (TDB Group) has signed a Memorandum of Understanding (MoU) with Finnfund, a Finnish development financier and impact investor, to promote investments that contribute to the UN sustainable Development Goals (SDGs) in key projects in TDB member states. The MoU, signed by TDB Group President Emeritus and Managing Director Admassu Tadesse and Finnfund Chief Executive Officer Jaakko Kangasniemi, aims to establish and promote a framework for cooperation between TDB Group and Finnfund relating to pursing potential eligible transactions. The collaboration will focus on projects in key sectors such as agriculture, digital…

The Economic Commission for Africa (ECA), in collaboration with the International Organization of La Francophonie (OIF), its multilingualism partners and the Permanent Missions in Ethiopia, celebrated International French Language Day on 30 March 2023, at the United Nations Conference Centre in Addis Ababa, Ethiopia. Commemorated on 20 March each year – in reference to 20 March 1970, when the Agency for Cultural and Technical Cooperation was created, which later became the OIF – the day was postponed this year due to the holding of the Conference of African Ministers of Finance, Planning and Economic Development. The theme of the 2023…

Lusaka, Zambia, 3 April 2023 (ECA) – African countries should institute effective debt management strategies to boost economic growth and avoid falling into the debt trap, the Economic Commission for Africa (ECA) Director for Macroeconomics and Governance Division, Adam Elhiraika, has urged. Opening a peer learning workshop on debt management strategies for member states being held in Lusaka, Zambia from April 3- 6 2023, Mr. Elhiraika said debt management was a challenge for African countries as debt becomes a significant source of funding for their economic growth and development. “However, this provides an opportunity to effectively enact budgetary protection for…

On the occasion of the “Hazrat Khadija-Tul-Kubra(RA) Conference held in Karachi recently, our esteemed member of the jury of the “Financial Afrik Award,” Fazila Dahall, was presented with this prestigious award by the Pakistan Federation of Business and Professional Women’s Organization (PFBPWO). She was being honoured for her incredible journey and achievements through the years after graduating from Karachi university in 1974…..a journey filled with adventure and accolades. A strong advocate of women’s education, empowerment and upliftment, Fazila Dahall remains very active on the media and communication platform through her PR company, Commelle Communications. The Pakistan Federation of Business and…

Citi Collaborates with Togo’s Ministry of Investment Promotion to Launch City Builder® by Citi to Attract Capital and Boost investment into the Republic of Togo New York / Lomé – Citi and the Republic of Togo’s Ministry of Investment Promotion announced the launch of City Builder® in Togo, a free, data-driven platform that combines key social metrics with development opportunities to help investors make socially impactful investments in emerging economies. By providing local and foreign investors with an easy-to-use platform that visualizes regions in Togo, the Ministry hopes to attract capital to build a more resilient, sustainable and connected country. City…

Bolloré Africa Logistics unveiled its new brand on March 30, 2023. The company will now operate under the name: AGL, standing for Africa Global Logistics. With this new brand, AGL affirms its ambition within the MSC Group to continue to contribute to the sustainable transformation of Africa and emerging markets, thanks to its global, customized, and innovative logistics solution. As the reference multimodal logistics operator (port, logistics, maritime and rail) in Africa, AGL has the ambition to participate in the transformation of Africa by providing customised logistics solutions, improving the connectivity of territories, and contributing to the establishment of a…

With financial, health and climate shocks threatening to reverse two decades of development progress in Africa, experts have called for urgent concessionary financing to help the continent build resilience and boost economic growth. A mix of shocks including food and fuel impact of the Russia-Ukraine war, climate change impacts, conflict, and tighter global financial conditions have increased Africa’s development financing gap and debt vulnerability, experts concurred during a one-day virtual workshop on Catalysing Access to the IMF Resilience and Sustainability Trust (RST), organized by AfriCatalyst and the Economic Commission for Africa (ECA). ECA Director, Macroeconomics and Governance Division, Adam Elhiraika said that…

By Alain Ebobissé, Enoh Ebong The United States-Africa relations are back in the spotlight, and investment is the word of the hour. Crafting mutually beneficial relations will depend on developing a credible pipeline of bankable and sustainable projects on the African continent. The launch of the U.S. Strategy Toward Sub-Saharan Africa and the U.S.-Africa Leaders Summit in 2022 have set the stage for 2023 to be a year of action on infrastructure development. This comes at a critical time for Africa. The last two decades of engagement have seen marked and welcomed shifts from aid to trade and now to investment. By 2050,…

Bolloré Africa Logistics in Rwanda, a major logistics operator in the region, is proud to announce its participation in the import of the first containers which will make up the first mobile vaccine production laboratory in Africa. On March 13, Rwanda received six mobile vaccine production units, marking the first shipment of its kind in Africa. Supplied by a major player in the global pharmaceutical industry, the mobile units will eventually form a major production facility, with the potential to produce up to 100 million mRNA vaccines annually. This major project was carried out in collaboration with Bolloré Africa Logistics…

African Export-Import Bank (Afreximbank) has announced the enhancement of the financing facility provided to Fidelity Bank plc, Nigeria under the Afreximbank Trade Facilitation Programme (AFTRAF). The decision to increase Afreximbank’s support is consistent with the economic and commercial success of the financing facility, the first US$125 million of which has been fully utilised by Fidelity Bank. The expansion to US$180 million was also bolstered by the continued strong financial performance of Fidelity Bank, Nigeria’s largest Tier 2 bank. The augmented financing facility will allow Fidelity Bank to scale up and accelerate its activities and programmes in trade and related activities.…

With an investment of approximately USD 2 million in equity capital in the Eastern and Southern African Trade and Development Bank (TDB), SICOM Group’ subsidiary SICOM Global Fund Limited, joins the family of TDB shareholders. SICOM Group is TDB’s third institutional shareholder from Mauritius alongside the National Pension Fund of Mauritius (NPF) and Eagle Insurance Lid., and TDB’s 21st. TDB Group President Emeritus and Managing Director Admassu Tadesse said “It is our pleasure to welcome SICOM Group to our community of shareholders We appreciate the vote of confidence from institutional investors in Mauritius, where one of our principal offices is…

The Mauritanian business development group Maurinvest-Maurilog and Bpifrance, announce their partnership within the framework of the creation of an Innovation Hub in Mauritania and its operational deployment. This announcement, in partnership with Bond’innov, is part of an immersion mission in Mauritania for 35 companies, under the aegis of Bpifrance and the Mouvement des Entreprises de France (MEDEF), in collaboration with the Agency for the Promotion of Investments in Mauritania (APIM) and the National Union of Mauritanian Employers (UMPM), from March 8 – 10. The Maurinvest-Maurilog group is forging a partnership with Bpifrance and Bond’innov to create an innovation hub in…

The European Investment Bank, the world’s largest multilateral bank, and Afreximbank, the pan-African multilateral financial institution, have joined forces to enhance healthcare and pharmaceutical investment across sub-Saharan Africa and strengthen health resilience on the continent. The new EUR 200 million health investment initiative was formally launched today by EIB Vice President Thomas Östros and Afreximbank Executive Vice President Denys Denya at the 5th United Nations Conference on Least Developed Countries taking place in Doha, Qatar. Afreximbank and the European Investment Bank will each provide EUR 100 million new investment to update and expand public healthcare facilities and enhance production of…

Senegal is among four countries benefiting from the signing of new commitments to education projects, which took place at the United Nations fifth Least Developed Countries conference in Doha on Tuesday. Education Above All (EAA) and the Qatar Fund For Development (QFFD) hosted a roundtable discussion which included ministers from Bangladesh, Liberia, Senegal, Burkina Faso, Pakistan, Nigeria, Malawai and the State of Palestine. The “Out of School Children – Linking across sectors for Success” aimed to raise awareness and understanding of the importance of sharing best practices, when it comes to providing access to primary education for children in LDCs…

World Bank president nominee, Ajay Banga, pledges to partner with African Development Bank for transformative results.US nominee for World Bank Group President, Ajay Banga began his global tour on Monday, with his first stop in Abidjan, Cote d’Ivoire where he met the African Development Bank Group President Dr Akinwumi Adesina, senior management and Board of Directors.Banga spoke about the need for the World Bank Group to develop a strong partnership with the African Development Bank Group that would help deliver transformative results. The candidate for the World Bank top job highlighted three major issues affecting many parts of the world, which…

The Republic of Zimbabwe became the sixth signatory to the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank). The Agreement was recently signed by His Excellency Dr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe. This accession marks another significant step forward in Afreximbank’s efforts to mobilize its Member States to sign and ratify the Establishment Agreement of FEDA. It also demonstrates the growing support for FEDA as a new multilateral development platform.Following the announcement of its first close of US$ 670 million in September 2022, FEDA continues…