Author: Editor

Focuses on rich heritage and hopeful dynamism, positions the country as the `source’ of great beginnings in West Africa In an iconoclastic makeover, the Republic of Guinea unveiled a new country brand identity to showcase a new perspective of the nation to the world as the `source’ of great beginnings for West Africa, symbolized by the Nimba, the most loved Goddess, icon of good tidings. The country’s brand identity was revealed at a grand ceremony in Palais du Peuple in Conakry, in the presence of the President of the Transition Col. Mamadi Doumbouya. The event was attended by ministers of…

Following Bolloré SE’s press releases of March 31st and December 1st, 2022, Bolloré SE announces the completion today of the sale to the MSC Group of 100% of Bolloré Africa Logistics, comprising all of the Bolloré Group transport and logistics activities in Africa, on the basis of a 5.7 billion euro enterprise value, net of minority interests. The sale price of the shares is 5.1 billion euros ; 600 million euros of shareholder loans were also repaid. The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities…

The Eastern and Southern African Trade and Development Bank (TDB) has extended a USD 100 million trade finance facility to Agri Commodities and Finance FZE-LLC (ACF), a subsidiary of the Export Trading Group (ETG), one of the largest agricultural supply chain operators in Africa. In addition to funding the importation of fertilizers and vital agricultural inputs such as seeds to smallholder farmers to increase crop production in member states, the facility will support ETG’s purchase of sesame, coffee, cocoa, soybean, and cashew nuts from exporting smallholder farmers in TDB member states. In a region where the majority of employment is…

African Export-Import Bank (Afreximbank) on 15 December 2022 in Cairo operationally launched the Afreximbank TRADAR Club, a prestigious member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services. According to Afreximbank, TRADAR Club will deliver innovative digital tools and networking opportunities, helping members to discover new markets; grow their business; save time; access dedicated expert support; post and respond to new business opportunities; network; meet business/trading partners; and more. TRADAR Club is anchored by Afreximbank’s Trade Intelligence Solutions Unit. The Unit was conceived to address one of the key barriers to intra-African trade…

Cybastion, an emerging leader in the field of cybersecurity, took centre stage at side events of the U.S. – Africa Leaders Summit. The cybersecurity firm was also the platinum sponsor for the US – Africa Business Forum event. (USABF)  The USABF event took place on the Summit’s second day (December 14). It was hosted by the White House, the U.S. Department of Commerce, the U.S. Chamber of Commerce, and the Corporate Council on Africa, in partnership with the Prosper Africa initiative. Speaking at the USABF event on Wednesday, President Biden announced over $15 billion in two-way trade and investment commitments,…

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided Orabank Côte d’Ivoire with a five-year, XOF 10 billion (c. USD 15 million) portfolio guarantee to enable the bank to grow its infrastructure-related portfolio across the region. It is GuarantCo’s first transaction in Côte d’Ivoire and its second with Oragroup, after providing a XOF 14.55 billion (c. USD 25 million) portfolio guarantee to Orabank Togo (an Oragroup subsidiary) in January 2022. In the West African Economic Monetary Union (WAEMU) countries*, the implementation of Basel II and III banking regulations have limited the lending capacity of banks to infrastructure projects. The portfolio guarantee will help Orabank achieve capital relief, increase their…

The 17th edition of the annual African Economic Conference (AEC2022) has ended with calls for African countries to cooperate in promoting climate-smart development, which offers great opportunities for the continent to accelerate its economic transformation. “Africa is by far the most vulnerable region in terms of climate change. We have seen many lives threatened and temperatures beyond 1.5 degrees, causing more deaths on our continent,” said Renganaden Padayachy, Minister of Finance, Economic Planning and Development, Mauritius. He was speaking at the close of AEC2022 held under the theme, Supporting climate-smart development in Africa, from 9 to 11 December 2022 in Balaclava,…

Priority trade flows into Kenya are being jointly supported by the Eastern and Southern African Trade and Development Bank (TDB) and the Arab Bank for Economic Development in Africa (BADEA), through several trade finance facilities and limits of USD 600m. TDB served as the initial mandated lead arranger (IMLA) of the facilities, which will also crowd in other financiers and institutional investors. Among the disbursements, a notable USD 200m tranche in favour of the Government of Kenya was availed by BADEA for trade flows between Kenya and Arab countries. The facilities are being used to support the import of essential…

Corporate Council on Africa is pleased to announce that in June 2023, the Government of the Republic of Botswana will be the national host of Corporate Council on Africa’s 15th U.S.-Africa Business Summit (USABS). “Botswana welcomes the unique opportunity afforded by hosting Corporate Council on Africa’s 2023 U.S.-Africa Business Summit to capitalize on and sustain momentum from the U.S.-Africa Leaders Summit in December 2022, and to highlight Botswana’s – and Africa’s – unparalleled potential to advance trade and investment to the benefit of the people of Africa and of the United States,” said His Excellency Dr. Mokgweetsi E. K. Masisi, President…

Africa’s just energy transition should deliver affordable and clean energy through leveraging partnerships to unlock and increase financing, development experts say. Speaking at a High-Level Dialogue of Development Partners on Just Energy Transition in Africa, on the sidelines of the African Economic Conference underway in Mauritius, panelists agreed that Africa should accelerate just transition to eliminate energy poverty on the continent. The Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa (ECA), Hanan Morsy, said Africa was making a transition with new renewable technologies that were not there before. We now have the opportunity to leapfrog in…

The African Development Bank Group has appointed renowned Professor Padmashree Gehl Sampath as a special advisor on pharmaceuticals and health infrastructure to the Bank’s president, Dr. Akinwumi Adesina. She will also be leading the technical work related to the setting up of the African Pharmaceutical Technology Foundation, a new pan-African institution launched by the Bank, at the request of Regional Member Countries. A well-respected thought leader in the field of development studies and global health, Professor Gehl Sampath is working on some of the world’s most pressing challenges, predominantly from technology, trade, and industrialization perspectives. At the African Development Bank, she…

The 2022 African Economic Conference (AEC) opened today in the island nation of Mauritius with a strong call for Africa to adopt smart technologies to tackle what speakers described as ‘the looming climate change threat’ to the continent. “Supporting climate-smart development in Africa is extremely pertinent. Climate change is a looming threat to Africa. The continent is the most vulnerable region to climate disasters,” Pravind Kumar Jugnauth, Prime Minister of Mauritius said at the conference opening. Prime Minister Jugnauth stressed how the rise in petroleum prices caused by the war in Ukraine should quicken Africa’s motivation to shift away from fossil fuels and become self-sufficient…

PPC Barnet denies it is in acquisition talks with  Nyumba ya AKIBA/ brand CIMKO, or any other firm following market speculations that are circulating regarding a possible takeover of its operation in the DRC. PPC Barnet is making a clear statement: There are no discussions between other entities. Furthermore, a change in the ownership structure of PPC Barnet is not on the agenda. PPC Barnet’s development strategy in the DRC, following the publication of positive results, remains unchanged. Thus, PPC Barnet wishes to reassure its customers, partners, and collaborators and assumes its ambition to be the leader in building materials…

African Export-Import Bank (Afreximbank) has applauded the ratification by the Barbadian Parliament of the Partnership Agreement with the Bank. Barbados, one of the nine member states of the Caribbean Community (CARICOM) that have so far signed the treaty, becomes the first to ratify it. The Partnership Agreement between Afreximbank and the constituent countries of CARICOM was announced on 1 September 2022 at the inaugural Africa-Caribbean Trade and Investment Forum (ACTIF) held in Bridgetown. It was initially signed by seven CARICOM countries on the sidelines of the opening ceremony of the forum. Subsequently, the agreement was also signed by Guyana and…

Former Nigeria President, Dr Goodluck Jonathan, has accepted AATF’s appointment as Africa’s Ambassador for Agricultural Technology. Making the announcement after meeting with the former president in Yenagoa, Bayelsa South-South Nigeria during the week, the AATF Executive Director, Dr Canisius Kanangire said that the appointment was informed by His Excellency’s track record of championing agricultural transformation on the continent. Dr Goodluck Ebele Azikiwe Jonathan GCFR, GCON is a Nigerian politician who served as the President of Nigeria from 2010 to 2015 and had since been in the forefront of agricultural improvement on the continent When accepting the appointment, Dr Jonathan said…

Economic Affairs Officer at the Economic Commission for Africa, Mactar Seck, highlights the need to promote the representation of women in information and communication technology (ICT), at the Internet Governance Forum’s (IGF) Women’s Summit. In his remarks during the session, Mactar Seck notes, “only 12% of women currently operate in the ICT sector. There is a substantial digital gap on the continent, with women representing 51% of the population, yet only 20% having access to the Internet. Several studies have shown that if we can solve gender inequality, we can contribute $3 million to the global GDP.” Mr. Seck identified…

Internet access is pivotal to Africa’s economic and social transformation making it vital for governments to invest in digital technologies, the United Nations Economic Commission for Africa, Acting Executive Secretary, Antonio Pedro, has urged “Digitalisation is key to achieving the SDGs and Agenda 2063 and achieving that requires the contribution of all stakeholders,” said Mr. Pedro, speaking at a High-Level Leaders Session on Universal, Affordable and Meaningful Connectivity, at the opening of the Internet Governance Forum 2022 in Addis Ababa, Ethiopia. Mr. Pedro underscored the importance of partnerships and collaboration in boosting digital connectivity in Africa which is on the path…

African Export-Import Bank (Afreximbank) is pleased to announce its support of The Zanzibar Trade and Investment Forum which will take place on 30 November-1 December. The Forum will showcase investment opportunities and projects in Zanzibar, facilitate B2B engagements, as well as encourage joint ventures, partnerships and business deals within the context of the African Continental Free Trade Area. This conference builds on Zanzibar’s existing mercantile foundations as an African trading hub, and member of key regional blocs including the East African Community (EAC), the Southern African Development Community (SADC), the Africa Continental Free Trade Area (AfCFTA), and the Small Islands…

African countries should articulate effective policies, strategies and programmes and take action to promote trade and exports in order to realize the objectives of the African Continental Free Trade Area (AfCFTA), Economic Commission for Africa, Acting Executive Secretary, Mr. Antonio Pedro, said. Mr. Pedro told participants at the opening session on “Harnessing the AfCFTA for Africa’s industrialization: Fostering competitiveness and sustainability in the digital era”, at the African Union Summit on Industrialization and Economic Diversification, being held in Niger, that intra-regional trade has potential to facilitate increased economies of scale, diversification and value addition. “The major objective of AfCFTA is…

The 18th edition of the Europe-North Africa Convention opened today in Nouakchott, Mauritania, for two days. This international event aims to promote investments and partnerships in a process of rapprochement today boosted by the energy and climate challenges that currently prevail. It is in this context that the expert Hassana Mbeirick was invited to take part in the high-level panel alongside the Country Manager of BP Mauritania, Mr. Mohamed Limam, the Managing Director of TotalEnergies for Mauritania, Mr. Abdellatif Boumediane, the Siemens Energy Regional Director, Mr. Jean-Christophe Thomas and the international expert Francis Perrin. At the end of this first…

 The Liquidity and Sustainability Facility (LSF) designed by the United Nations Economic Commission for Africa (ECA), in collaboration with African Export-Import Bank (Afreximbank), announces at COP 27 it has concluded its inaugural repo transaction with Citi for an amount of USD 100 million. NThis innovative transaction, with funding support from Afreximbank, seeks to bring the benefits of a well-developed repo market to the African continent, with the goal of enhancing the liquidity of a diversified basket of Sovereign Eurobonds including The Arab Republic of Egypt, Kenya and Angola as issuers. The transaction relies on an innovative Triparty platform designed for the…

The hosting of the COP27 conference in Africa signifies a unique opportunity for the continent to assert its needs, challenges and outlooks, and most significantly to drive the African Position on just transition.Historically this conference, focused on climate change and its humanitarian ramifications, has marginalized Africa – whose contribution to humanity’s carbon footprint is minimal but whose people are suffering disproportionately from its effects. But with this year’s gathering of world leaders occurring in Egypt’s Sharm El Sheikh, it is vital that Africa’s authentic voice is heard – this is the overriding purpose of Afreximbank’s mission at COP27. By inserting…

SecondSTAX, a technology company that is building solutions to enhance intra-Africa capital and investment flows, launched the SecondSTAX Portal – a technology-driven order management and execution routing system for investment firms – in Kenya and Ghana, enabling institutional investors across Africa to easily and directly invest in the Nairobi Securities Exchange and the Ghana Stock Exchange. With this initiative (facilitated in collaboration with Kestrel Capital (East Africa) Limited (Kenya) and Databank Group (Ghana), licensed broker-dealers, asset managers, large commercial banks and other institutional investors from across the continent will find it easier to invest into Ghana and Kenya’s premier exchanges via…

Pan-African housing development financier Shelter Afrique has approved USD13 million line of credit to Lagos-based real estate firm, Mixta Real Estate PLC. The 5-year facility with a moratorium of 24 months has been structured to fund the Group’s current real estate projects in Côte d’Ivoire, Senegal and Morocco. The USD13 million loan will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco, with selling prices varying from USD 26,000 in Morocco, USD 45,000 in Ivory Coast, and between USD36,000 and USD52,000 in Senegal. Speaking in Nairobi at a signing ceremony, Shelter Afrique Ag. Managing Director Kingsley Muwowo…

The African Development Bank and the Eastern and Southern African Trade and Development Bank (TDB) have united to launch a unique financial instrument to catalyze financing for sustainable development on the continent. At the ongoing global climate summit, COP27, the African Development Bank on Wednesday announced an investment commitment of USD 15 million in TDB’s Class C Green+ Shares. This is the first equity instrument of its kind to provide a pathway for institutional investors to support climate action with risk capital, with each dollar invested to be leveraged four times into qualifying projects and transactions. More broadly, the shares…

Francophone Africa go-to integrated communications agency, Opinion & Public BCW, a subsidiary of THOP The Holding Opinion and Public has appointed Lerato Mpholo as its Managing Director effective since 1 November 2022. From South Africa, Ms Mpholo has been in the public relations and communications industry for 13 years. She has gained much experience working in well-established agencies such as, BCW Africa, Hill+Knowlton Strategies and consulting for international corporate brands in the finance, professional and technology sectors across the continent. Responsible for all aspects of the business, Ms Mpholo, is elated to be leading the awarded agency and its talent.…

Global leaders on Tuesday rallied around climate adaptation for Africa. They attended the Africa AdaptationLeaders’ Event, convened by African Union Chair President Macky Sall of Senegal, Global Center on Adaptation CEO Patrick Verkooijen, and African Development Bank Group President Akinwumi Adesina. The event took place at the global climate summit (COP27) in Sharm El-Sheikh, Egypt. It underscored the critical need for climate adaptation in Africa and responded to the call for the capitalization of the Africa Adaptation Acceleration Program (AAAP). “This is a pivotal step in the fight against climate change,” African Union Chair President Macky Sall said. “The commitments…

bp today signed a Memorandum of Understanding (MoU) with the Government of Mauritania under which it will deliver an innovative programme exploring the potential for large-scale production of green hydrogen in the country. Building on bp’s existing strong relationships with the country, the agreement could be an important step towards the development of significant green hydrogen production in Mauritania. The MoU was signed today in a meeting alongside COP27, by the President of Mauritania, His Excellency Mohamed Ould Cheikh El Ghazouani, H.E. Abdessalam Ould Mohamed Saleh, Minister of Petroleum, Mines and Energy for the Government of Mauritania, bp’s chief executive…

The Economic Commission for Africa (ECA) today kickstarted its COP 27 activities with a gathering of global leaders who expressed enthusiasm and pledged commitment to accelerating action on the Great Blue Wall Initiative (GBW). “All of us here are advocates, promoters, and leaders in the blue space. We have to take on this challenge, and we cannot do it alone; it has got to be a collective effort,” said President Wavel Ramkalawan of the Republic of Seychelles who also underscored the need for all to “stop talking about the Indian Ocean, the Pacific Ocean, and the Atlantic Ocean,” and instead “talk about…