Author: Editor

The Board of Directors of Shelter-Afrique, the pan-African housing development finance company, has approved a US$13 million line of credit to the second largest bank in Mauritania, Banque Populaire De Mauritanie (BPM).   The 10-year loan with a 24-month moratorium will be used to provide mortgage loans to civil servants and staff of well-established private and parastatal companies. The facility may also be used to provide loans to BPM’s corporate clients for the acquisition and marketing of construction materials. Commenting on the agreement, the Ag. Managing Director of Shelter Afrique; Mr. Kingsley Muwowo, said the line of credit will enable the Bank to expand its…

African Export-Import Bank (Afreximbank) has announced a historic lending arrangement to Botswana, in the form of a three-year Country Programme of up to US$1.5 billion (on a net basis), with funding for up to seven years for eligible transactions. The financing package has been designed to support key strategic projects underpinning Botswana’s Economic Transformation and Diversification Plan – with funding allocated to road, rail, Digital Broadcast/ Creative Industry, Manufacturing, Local Content Promotion, Mining,export agriculture and industrial infrastructure. Afreximbank’s historic commitment to Botswana brings to conclusion a comprehensive process of consultation and analysis which saw close collaboration between Afreximbank and the…

“As we look forward to COP27, we must generate a breakthrough on finance for climate adaptation.” – Prof Verkooijen, CEO, GCA. Rotterdam, the Netherlands, 3 November 2022 – Africa is facing a critical shortfall in funding for climate adaptation according to a new report, State and Trends in Adaptation in Africa 2022, launched by the Global Center on Adaptation today. The report reveals that cumulative adaptation finance to 2030 will come to less than one-quarter of the estimated needs stated by African countries in their National Determined Contributions (NDCs) unless more funding for climate adaptation is secured. In 2019 and…

African Export-Import Bank (Afreximbank) is attending the third edition of the Africa Investment Forum Market Days 2022 (AIF) in Abidjan, Côte d’Ivoire, from 2 to 4 November 2022. This event will be the first held in person since the COVID-19 pandemic. The AIF, Africa’s largest transactional investment marketplace, will bring together deal sponsors, deal brokers and deal makers from around the world to achieve its main objective which is to close the African continent’s investment gaps. It aims to do this by organising productive engagements between the public and private sectors, providing investors with access to a funding platform within…

Africa needs to mobilize innovative financing for development programmes and effectively manage its debt burden, which left untackled, threatens economic growth. A workshop on Debt Management, organized for policy makers from different African countries and research institutions to share challenges and best practices in debt management, heard that rising debt was constraining economic growth in Africa, worsened by the combined crises of the COVID-19 pandemic and the Ukraine war. Mr. Adam Elhiraika, Director of the Macroeconomics and Governance Division, United National Economic Commission for Africa (UNECA), opening the workshop said while debt is a significant source of funding for the…

Sanlam and MTN Group are pleased to announce that our strategic alliance to market and distribute insurance and investment products across Africa has reached a significant milestone with the fulfilment of the regulatory, competition and other requirements. The effective date of the transaction is 31 October 2022. The strategic alliance will be implemented through MTN Group’s InsurTech platform aYo Holdings (aYo) and each partner will hold 50% of aYo. Through aYo, the alliance will continue to build and develop digital insurance and investment offerings that provide people across Africa with easier access to Sanlam’s products, particularly those people who have…

The Eastern and Southern African Trade and Development (TDB) has extended a 3-year USD 10 million trade finance line of credit to support NMB Bank’s corporate clients in export-focused sectors of the economy. In line with the Bank’s financial institutions strategy, this new facility to NMB will contribute to funding corporates with trade enabling working capital and capital expenditures. Priority will be given to sectors that enhance Zimbabwe’s export base, increase forex revenue and support expanded employment in sectors such as agriculture, mining, hospitality, tourism, and manufacturing. Michael Awori, TDB CEO said: “As part of the Bank’s financial institutions strategy, TDB has…

• Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank across 33 African countries• Applications open until 16 SeptemberLomé, Togo, 25 August 2022 – Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.Fintech companies and developers originating from any of Africa’s 54 countries,…

“We need Mozambique to be a strategic centre for implementation of green initiatives to power green industrialization to help us fight against natural disasters and droughts that the country is prone to” said Mr. Silvino Jose Moreno, Minister of Trade and Industry, Republic of Mozambique. Mr. Silvino said his country is honoured to be elected as Chair of the 28th Intergovernmental Committee of Senior Officials and Experts (ICSOE) on behalf of the Republic of Mozambique along with Botswana as Vice Chair and Angola as Rapporteur. He said this was a great opportunity for Mozambique to link its chairmanship and its…

LPA-CGR avocats has been present on the African continent for some fifteen years, first in Algeria and Morocco, then in Cameroon, thus enabling the firm to offer expertise in African law. With its multidisciplinary and multicultural teams, the firm’s Africa platform, which includes professionals based in Africa and Paris-based teams dedicated to Africa, has nearly forty lawyers and legal advisors, including a dozen partners. They assist European, African and international clients in setting up and developing their activities on the African continent, in their investment, partnership or financing operations. Samir Sayah is based in Paris. He reinforces the activities of…

United Nations Day (UN), on 24 October 2022, marks the 77th anniversary of the entry into force in 1945 of the UN Charter – a landmark document embodying the hopes, dreams and aspirations of peace, ending extreme poverty, and balancing the scales of opportunity and freedom for women and girls and ensure human rights for all. In celebration of UN Day, the Economic Commission for Africa (ECA) organized a flag-raising ceremony at the ECA compound in Addis Ababa. The UN family, Ethiopian Country Representatives, the African Union (AU) and Members of the Diplomatic Corps were in attendance Africa remains front and…

· The Company has already conducted an in-house capacity building in partnership with the African Development Bank ahead of launch. Shelter Afrique is developing a Sovereign Lending product to supplement its traditional products that attend to both the demand and supply sides of the housing value chain, the pan-African housing development financier has disclosed. Speaking in Nairobi, Shelter Afrique Ag. Managing Director Kingsley Muwowo said Africa’s GDP contraction resulting from COVID-19 pandemic was an alarming sign of slump in the inclusive housing goals in many countries and thus the need by the Company to respond to the risk of a possible…

The Eastern and Southern African Trade & Development Bank Group (TDB Group) formally launched TDB Captive Insurance Company (TCI) in Ebene, Mauritius, this past 24th of August 2022, following the inauguration of the Group’s Mauritius Principal Office, on the side lines of TDB Group’s 38th Annual General Meeting. The Launch gathered more than 250 participants including TDB Group Governors, TDB Group Governors, Directors and senior executives, senior-ranking officials and attendees from the Government of Mauritius and from the Mauritian business community, insurance companies and insurance brokers, among others. TCI is a TDB Group subsidiary which provides credit and political risk insurance and…

The Economic Commission for Africa (ECA) will host the Eighth meeting of the Regional Committee for Africa of the United Nations Global Geospatial Information Management (UN-GGIM: Africa) in Ethiopia from 24-28 October to discuss opportunities and look at issues related to geospatial information policy at the national and regional levels that require a decision, resolution or recommendation to be issued by Member States, ECA or partners and other stakeholders. UN-GGIM: Africa was established to coordinate African geospatial development and to contribute to the wider global initiative. UN-GGIM: Africa plays a leading role in making joint decisions and setting directions on…

Oragroup has become an official Signatory of the UN  Principles for Responsible Banking – a single framework for a sustainable banking  industry developed through a partnership between banks worldwide and the United  Nations Environment Programme Finance Initiative (UNEP FI).   The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business,…

The Government of Rwanda and the United Nations (UN) will celebrate the 60th anniversary of the country’s membership in the UN under the theme, “Partnering for a Better, Shared Future for All”.  The official celebration will take place on Monday, 24 October 2022 in Kigali to mark the anniversary, and fruit trees will be planted during Umuganda in Huye and Musanze Districts, and in Kigali, on Saturday, 29 October 2022. These events serve as an opportunity to reflect on the success stories and lessons learned from the partnership between Rwanda and the UN. Minister of Foreign Affairs and International Cooperation…

Solid growth, sustained investment, a controlled deficit and debt. The government’s action program (PAG) and austerity measures have kept the country on course since 2020, and even achieved unexpected results. However, the street is grumbling. Benin’s performance in 2020 was quite “respectable”, with growth of 3.8 per cent, one of the highest in Africa, at a time when sub-Saharan Africa was shrinking by 1.6 per cent. We expect growth of 5.51% in 2021 and 6.49% on average from 2022,” said Arthur Minsat, chief economist for Africa at the Organisation for Economic Co-operation and Development (OECD). Debt, the budget deficit and…

The Global Center on Adaptation (GCA) signs its first cooperation agreement with the EMEA division of Invesco focused on an investment strategy in the climate adaptation space. The agreement, expected to become fully operational at COP27, is specifically targeted at exploring a blended finance strategy that aims to increase adaptation investment in developing markets. The MoU was signed at the margins of the ongoing Finance in Commons Summit organised by the African Development Bank and the European Investment Bank in Abidjan, Cote d’Ivoire. Invesco is an independent investment management firm that offers a wide range of single-country, regional and global…

Kasada, the leading independent real estate private equity platform dedicated to hospitality in sub-Saharan Africa, announced today that it has acquired one of the most popular seaside resorts in Senegal: The Lamantin Beach Resort & Spa. This is Kasada’s 4th property in Senegal following the acquisition of the Pullman, Novotel and Ibis Dakar in January 2021. The asset is located along the Petite Côte, in Saly, a prominent leisure hub that attracts international and local visitors alike. It features 166 keys, meeting rooms, 2 swimming pools, a spa & wellness area, a water sports centre, and is one of the only…

Third edition to take place in Abidjan, Côte d’Ivoire from 18-20 October 2022Hosted by the AfDB and EIB, in partnership with AFD, CEB and CDPHybrid event accessible online: www.eib.org/fics-reg The third edition of the Finance in Common Summit will take place in Abidjan, Côte d’Ivoire from 18 to 20 October 2022 under the theme “Green and Just transition for a sustainable recovery”. For the first time, the summit will be hosted by two major multilateral banks: the African Development Bank (AfDB) and the European Investment Bank (EIB), in partnership with the French Development Bank (AFD), the Cassa Depositi e Prestiti (CDP) and the…

Renew Capital Angels invests in the firm’s Akellobanker platform for financial inclusion and agricultural growth Uganda is home to 25 commercial banks, four microfinance deposit-taking institutions (MDIs), three credit institutions and more than 300 non-deposit-taking microfinance institutions (MFIs). However, according to the 2018 Finscope Survey, which is published by the think tank Financial Sector Deepening Uganda, an estimated 89% of the adult population is still “unbanked,” meaning that they don’t have an account with a formal banking institution. Not only that, the economic data collection website Trading Economics estimates that 74.45% of Uganda’s 45.7 million inhabitants live in rural areas.…

The United Nations Economic Commission for Africa (ECA) organized its monthly Press Briefing on “Africa Hall and Pan-Africanism: Past, Present, and Future” on Monday 10 October with Antonio Baio, Project Manager of the Africa Hall, ECA and Getachew Kassa, Supervisor of the Africa Hall Project at the ECA. The focus of the briefing was to present the renovation project of the Africa Hall which will modernize and ensure the building complies with international standards. Supervisor of the Africa Hall Project, ECA, Getachew Kassa, outlined the historical significance of the Africa Hall, which was inaugured in 1961 and has hosted several…

Working with a broad range of international partners, OCP is addressing both the immediate and longer-term drivers of food insecurity on the continent. Yesterday, OCP Group Chairman & CEO, Mostafa Terrab announced at the World Bank Annual Meetings that the OCP Group, a global leader in plant nutrition and the world’s largest producer of phosphate-based fertilizers, has committed to reserve over 4 million tonnes of fertilizers for African farmers in 2023. This is more than double OCP’s supply to the continent in 2021 and represents over a quarter of OCP’s expected total output. In line with OCP’s farmer-centric approach, this…

➢ Africa50’s investment in Holged Group, a leading provider of primary and secondary education in Morocco and Tunisia, will support the expansion of Holged’s network of schools across Africa. Africa50, the pan-African infrastructure investment platform, has entered into an agreement to invest in Holged Group (Holged) subject to approval by Morocco’s Competition Council. The investment will further accelerate the expansion of Holged’s network of schools across Africa. Holged has built a reputation for excellence, with high-quality teaching and serving more than 16,000 students in its 16 campuses across Morocco and Tunisia. Since commencing operations in 1986, Holged has recorded remarkable success…

Mainstreaming conflict sensitivityBoosting investment to strengthen resilience to fragility, help prevent conflict, support recovery from conflict and stimulate peacebuildingImproving knowledge base and impact measurementDeepening strategic partnerships The European Investment Bank adopted its first Strategic Approach to Fragility and Conflict. It outlines the bank’s vision and approach to working in fragile and conflict affected contexts, with the aim to enhance EIB’s development impact. Investing in fragile and conflict affected contexts is challenging due to the lack of adequate data and analytics, higher levels of risks and uncertainty, as well as a weaker legal and regulatory environment. The EIB’s Strategic Approach focuses…

The 2022 Afreximbank Trade Finance Seminar (ATFS2022) and Factoring Workshop opened on 3 October in Kampala, Uganda. The three-day programme of presentations, panel discussions, interactive sessions and workshops focuses on managing the challenges of trade finance in the context of increased global economic uncertainty and the opportunities offered by the African Continental Free Trade Agreement. In her Keynote Address, Mrs. Kanayo Awani, Afreximbank Executive Vice President, Intra-African Trade Bank, explained that the 2022 Afreximbank Trade Finance Seminar, which is being held for the first time in a face-to-face setting since the onset of the COVID-19 pandemic in 2020, was geared…

On the sidelines of the General Shareholders Meeting of Africa50 held in mid-July in Marrakech, Morocco, Financial Afrik spoke with Tshepidi Moremong, Chief Operating Officer (COO) to discuss highlights of the organization’s strategic direction. In office since 2021, Ms. Moremong leads a multi-disciplinary team responsible for fundraising, investor relations, strategy, human resources and administration, communications and environmental, social and governance. She has twenty-two years of experience in strategic leadership in the fields of private equity, investment banking and business development. Following the conclusion of the Africa50 annual General Shareholders meeting (GSM), what are the commitments made and the state of…

Essec continues to develop its training offer on the African continent. In November, the school will launch a new executive certificate for executive managers and leaders: Generation Africa. The first class business school, with the support of its campuses in Rabat and Singapore, continues its development in Africa with the launch of Generation Africa, an executive certificate for international decision-makers, focusing on financing and business development on the continent. The African singularity of Essec The international business school continues to display its African singularity, being one of the most involved institutions on the continent. Among others it is the only…

Policymakers from various African countries as well as representatives of research institutions met on Thursday 29 September in a day-long hybrid workshop organized by the Economic Commission for Africa on the theme “shocks and macroeconomic analysis.” The meeting provided opportunity for sharing best practices in the utilization of various macroeconomic modelling tools. The main objectives of this year’s edition of the annual workshop were to share knowledge on the development and utilization of different macroeconomic models to inform policy formulation and implementation, as well as the associated opportunities and challenges. The workshop also reviewed and assessed the extent to which…

The ECA, UNDP, DESA and UNICEF are jointly organising a regional training workshop titled “Integrated National Financing Frameworks (INFF) and Open Budgets for Sustainable Development in Africa” in Abuja, Nigeria, from 27 to 30 September 2022. The workshop was inaugurated by Zainab Shamsuna Ahmed, Minister of Finance of the Republic of Nigeria. In attendance are representatives from 52 countries from the continent as well as UN partners and civil society organisations. The training builds on a four-day online regional workshop held in August 2021, which brought the African INFF community of practice together with other senior decision makers to share…