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Moody’s Investors Service (“Moody’s”) has affirmed the A3 insurance financial strength rating (IFSR) of the African Trade Insurance Agency (ATI) for the fifth consecutive year and changed the outlook from stable to positive. Moody’s noted that the change in outlook to positive reflects the strong growth in ATI’s membership base – that has resulted in improved portfolio diversification, strengthened capital adequacy, and the good profitability despite the challenging operating environment. In addition, ATI benefits from its preferred creditor status (PCS) amongst sovereign member states which protects it from the risk of default by member sovereigns through securing recoveries against claims…

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, the leading pan-African banking group, is pleased to announce that Jeremy Awori has officially assumed his role as Chief Executive Officer of the Ecobank Group. Jeremy Awori, commenting on his new role, said: “It’s a fantastic opportunity to take Ecobank to the next level of its growth strategy. Despite current global challenges, Africa offers promising prospects. Ecobank is uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it has already established.” “Through our single gateway platform, we are well-positioned to provide…

Rapid population growth, urbanization and poor water resource management are threatening access to clean water in Africa, according to the highlights of a report on the 2023 Africa Sustainable Development by the Economic Commission for Africa (ECA). The report was presented at the High level panel: From Africa to the 2023 high-level political forum on sustainable development and the Sustainable Development Goals Summit – priorities to address multiple crises and accelerate implementation of the 2030 Agenda for Sustainable Development and Agenda 2063 at the ongoing Ninth session of the Africa Regional Forum on Sustainable Development (ARFSD-9) in Niamey, Niger . “Increasing global…

BP and partners today confirmed the development concept for the second phase of the bp-operated Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project that they will take forward to the next stage of evaluation. The partnership – composed of bp, PETROSEN, Société Mauritanienne des Hydrocarbures (SMH) and Kosmos Energy – will evaluate a gravity-based structure (GBS) as the basis for the GTA Phase 2 expansion project (GTA2) with total capacity of between 2.5-3.0 million tonnes per annum. GBS LNG developments have a static connection to the seabed with the structure providing LNG storage and a foundation for liquefication facilities. The concept…

The Institute for Development and Economic Planning (IDEP) held on Saturday 25 February a webinar on “How Africa can go green through a clean energy strategy” in preparation for the 9th Session of the Africa Regional Forum on Sustainable Development scheduled to take place in Niamey (Niger) from 28 February to March 2nd, 2023.  Urbanization and population growth are putting intense pressure on Africa’s energy infrastructure. Demand is significantly outstripping supply leading to power cuts and limiting economic development. This situation may worsen further as Africa’s urban population keeps rising to an expected 1.2 billion by 2050. Rising demand and oil…

To meet the goals of the Paris Climate Agreement, the SDGs and Africa’s Agenda 2063, the world must decarbonize its growth models and shift to renewable energy sources, says Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro. Speaking during a panel discussion on ‘Building a regional battery mineral value chain in Africa,’ Mr Pedro said the shift to renewable energy sources was a resource-intensive path that required greater production of a variety of minerals that are central to decarbonization. Africa is home to many of such minerals. The Democratic Republic of Congo (DRC), for example, produces…

· €200 million more than for full year 2021, as Stellantis achieved record results in 2022 despite a challenging, supply-constrained year for the industry · Stellantis compensation and benefit policy is based on Stellantis’ variable pay and profit sharing plans, reflects the “pay for performance” approach and supports employee commitment AMSTERDAM, February 22, 2023 – Stellantis today announced it will distribute a record amount of €2 billion this year recognizing the performance of employees worldwide, based on the Company’s 2022 financial results and achievements both globally and locally. Stellantis achieved exemplary results in 2022, a year that challenged the global…

· New USD 200m credit line by EIB to TDB signed at EU-Kenya Business Forum in Nairobi in the presence of H.E. President Ruto · Largest ever business financing cooperation between EIB and TDB, as well as by EIB private sector support in Africa to address trade finance, working capital and supply chain challenges · Targeted financing designed to assist companies from across multiple sectors including agri-food and manufacturing impacted by ongoing trade challenges Investment by business across Africa most impacted by trade and supply chain challenges will be supported by a new targeted financing initiative backed by the European Investment Bank (EIB)…

African Export Import Bank (“Afreximbank” or the “Bank”) hosted a delegation led by the Kenyan Cabinet Secretary for Investment, Trade, and Industry, the Hon. Moses Kuria at its Head Office in Cairo, Egypt. The delegation was received by Mr Denys Denya, Executive Vice President for Finance, Administration and Banking Services. The discussions covered various matters pertinent to investments, trade and industrial development in Kenya and the East Africa region. Kenya is focussed on increasing her share of manufacturing sector contribution to GDP from 7% to 20% in the next 10 years, share of exports to GDP to 30% from current…

Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, has urged African nations to accelerate implementation of the African Continental Free Trade Area (AfCFTA) in order to become more resilient and globally competitive. “Only through an accelerated and effective implementation of the AfCFTA can Africa build sufficient shock absorbers to build resilience,” said Mr Pedro in his remarks at the 42nd Ordinary Session of the African Union Executive Council meeting in Addis Ababa on February 15, 2023. Launched in 2019 to establish a unified market of 1.3 billion people and a GDP of around US$ 3.4 trillion,…

Following the multiple financial, health, and climate crises affecting Africa, countries should accelerate inclusive recovery efforts to boost economic growth, the Economic Commission for Africa’s Acting Executive Secretary, Mr. Antonio Pedro, has urged. Speaking at a press briefing ahead of the 55th Session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development (CoM 2023), Mr. Pedro said the impact of the shocks caused by COVID -19, the war in Ukraine and climate change have pushed more people into extreme poverty and have increased inequality worldwide. “Africa is falling even further behind, with the continent now…

Axian Group, a Pan-African conglomerate, is launching AXIAN Investment to oversee two new investment activities: its Private Equity and Venture Capital funds and its direct investments in fledgling technology startups across the continent. A first for an African-focused company, consolidating this broad range of investment activities under one brand reinforces the group’s position as a first-rate investor in the region. Its objective is to grow alongside the African market and empower businesses across the continent to create value. AXIAN Investment will enable the group to share its resources and experience both directly and indirectly, supporting businesses at different stages of…

African countries should institute wide-ranging fiscal reforms to expedite sustainable recovery from multiple crises which have hindered industrialization and economic diversification, the Economic Commission for Africa’s (ECA) Acting Executive Secretary, Antonio Pedro, has urged. “Ensuring a sustainable recovery, which protects populations and economies from the shocks of future pandemics and other crises, will require a range of reforms and initiatives at both the national and international levels,” said Mr. Pedro in his remarks at the 2023 Coordination Segment of the Economic and Social Council (ECOSOC) on 2 February in New York City. Mr. Pedro highlighted that Africa’s recovery efforts have been…

IFC announced today a new investment in Rawbank, a leading bank in the DRC, to improve access to finance for the country’s micro, small, and medium-sized enterprises (MSMEs), supporting growth and job creation in the country. Under the partnership, signed on Monday in Kinshasa, IFC will provide a loan of up to $35 million to Rawbank to help the bank expand its lending to MSMEs. The investment will significantly increase the availability of longer tenor financing for smaller businesses in a market where the MSME financing gap is estimated at 26 percent of GDP. This funding is part of Rawbank’s…

On the back of multiple crises to hit African economies, governments should increase development spending to stimulate fast and sustained recovery, the Economic Commission for Africa (ECA) has urged. Launching the World Economic Situation and Prospects 2023 (WESP) report in Addis Ababa this week, Mr. Adam Elhiraika, Director of the Macroeconomics and Governance Division (MGD) of the ECA, said African countries have been affected by multiple crises and need to increase spending for a fast recovery. “Africa is confronted with weaker external demand and elevated energy and food prices in addition to rapidly increasing borrowing costs and adverse world events,”…

The Economic Commission for Africa – a think tank with specialist expertise in African and international trade policy – has recommitted to helping Ethiopia’s trade policy agenda that aims to foster industrialization and sustained economic growth. Although Ethiopia remained outside the regional and global trading regimes for a long time, this is now changing. Not only has Ethiopia ratified the Agreement Establishing the African Continental Free Trade Area (AfCFTA), it is also negotiating its accession to the World Trade Organisation (WTO). However, neither the negotiations to join the WTO, nor the efforts to implement the AfCFTA Agreement has been smooth…

Adenia’s new fund has been selected as a 2X Flagship Fund, in recognition of its goal of having a positive impact on women. Adenia Partners (“Adenia”), a private markets investment firm committed to responsible investing and a sustainable Africa, is pleased to announce the first close of its fifth flagship fund, Adenia Capital (V) L.P.(“Adenia V” or “the Fund”), with $300 million commitments from investors. The Fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. The list of…

Ecobank Group, the leading pan-African bank, has won the highly coveted Best Place to Work in Africa 2022 Award from the Best Place to Work organisation. The Award honours organisations that exhibit the highest standards of excellence in Human Resources (HR) practices and employees’ experience. Ecobank is the first Pan-African bank to have been awarded the certification. Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “At Ecobank, we recognise that our people are our greatest asset. As a pan-African bank, we are intentional in deploying resources to attract, develop and retain the right talent. We actively provide the tools and…

The private sector is recognized as an indispensable stakeholder in the African Continental Free Trade Agreement (AfCFTA), especially given its ability to catalyze sustainable economic development and job creation. “Africa’s private sector accounts for 80 percent of total production, two-thirds of investment, and three-quarters of credit, and employs 90 percent of the working-age population,” said Stephen Karingi, Director of Regional Integration and Trade at the Economic Commission for Africa (ECA). Speaking during the opening of a three-day Africa Prosperity Dialogues on 26 January in Ghana, Mr Karingi called on captains of trade and industry to “own and drive the implementation…

Louis DIAKITÉ, a hardworking and visionary man, created AFRIPA TELECOM in 1994 in Cotonou, Benin. Specializing in telecommunications, the company became a leading provider of internet services and mobile networks in West Africa. AFRIPA TELECOM paved the way for developing cellular networks in Benin (the first in West Africa), Mali, Niger, and Sierra Leone. In the 90s, the Internet was still early in Africa. However, the first applications of voice transportation over the Internet, which resulted in a significant decrease in telecommunications costs, offered a golden opportunity for pioneering companies in the sector, such as AFRIPA TELECOM, which experienced rapid…

The African Development Bank Group, will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. Bank Group President, Dr Akinwumi Adesina, announced Wednesday at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital of Dakar. Adesina called on more than 34 heads of state, 70 government ministers, the private sector, farmers, development partners, and corporate executives to work out compacts that would deliver food and agriculture transformation at scale across Africa. He encouraged them to take collective action…

The 120 Megawatts power plant in Malicounda, Senegal, co-developed by Africa50 and its partners has reached financial close for a total project cost of €154m. The combined cycle power plant is capable of producing more than 956 GWh of baseload energy a year, increasing the country’s power generation capacity by 8% while substantially reducing generation costs. The Malicounda power plant is also designed to convert to the use of natural gas as soon it comes on stream from domestic fields which are currently under development, shifting Senegal’s energy mix to cleaner fuel. The Malicounda power plant, which started commercial operations in August…

By Obbie Banda – Underwriter | Acting RLSF Coordinator, African Trade Insurance Agency (ATI) The African Trade Insurance Agency (ATI) issued the fifth policy under its Regional Liquidity Support Facility (RLSF) in support of the 7.8 MW Nyamwamba II Run-of-the-River hydropower plant in Uganda on 19 May 2022; closing Phase 1 of RLSF, a liquidity instrument jointly founded by ATI and the KfW Development Bank with grant funding from the German Federal Ministry of Economic Cooperation and Development (BMZ). Under Phase 1, the five RLSF policies have been issued for the benefit of renewable energy projects in Burundi, Malawi and Uganda, enabling a…

The implementation of the African Continental Free Trade Area (AfCFTA) should be expedited as the free trade zone will boost intra-African trade and accelerate industrialization, the Economic Commission for Africa (ECA) Acting Executive Secretary, Mr. Antonio Pedro, has urged. “While the AfCFTA’s promise is high, that promise can be realized only if the Agreement is implemented efficiently,” Mr. Pedro said, admitting that implementing the AfCFTA Agreement and supporting African economies, particularly Least Developed Countries (LDCs), was no small task. In remarks at the opening of the Regional consultation on LDC5 for LDCs in Africa and Haiti, Mr. Pedro said the…

Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa, announced the completion of Africa50’s equity investment into Scanning Systems, a company specialized in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. The investment will support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. This is expected to significantly reduce transit time, enhance security and increase tax and customs revenue collection for national and local economies. Over the past years, Scanning Systems has become the preferred partner…

The Government of The Gambiahas signed a Memorandum of Understanding with Africa50, the pan-African infrastructure investment platform, for the Senegambia Bridge to be considered for Africa50’s Asset Recycling Programme. Asset Recycling is an innovative initiative for governments to monetize existing infrastructure assets through a concession to the private sector with funds received being reinvested in other priority projects. Under the contemplated scheme, Africa50, together with a technical partner, are expected to manage and operate the Senegambia Bridge under a PPP scheme. Africa50 as the lead concessionaire, plans to engage leading infrastructure investors to join the consortium which will bring on…

Selected high-potential scholars who are active in medical education in Tunisia will have an opportunity to apply for admission to one of HMS’s master’s degree programs with tuition support and funding, to cover their living expenses in Boston for the duration of the program. This Scholarship is funded by Harvard alumnus Hazem Ben-Gacem. The Hazem Ben-Gacem Tunisia Medical Fellowship Fund will support two Tunisians who are accepted through HMS’s admissions process each year for ten years, enabling them to undertake postgraduate master’s degree programs at HMS, before returning to their institutions in Tunisia. Professors will advance their knowledge and professional potential…

January 4th, 2023- SPE Capital, an investment firm focused on Africa and the Middle East, announces the acquisition, by its private equity fund SPE AIF I, of a majority stake in Vital, the leading nutritional supplements producer in Tunisia. Vital constitutes the fund’s 9th investment and the 4th in 2022. Established in 2000, Vital has grown into the leading dietary supplements and herbal medicine manufacturer in Tunisia, with a portfolio of over 400 high quality branded products, marketed in Tunisia and internationally, and 8 million units manufactured each year. Over the past few years, the company has grown to 400…