Author: Editor

The Economic Commission for Africa (ECA) has handed over 15,000 electronic tablets and accessories to the government of Togo to be used for the collection of the country’s population and housing census. The handover ceremony, held on 27 September 2022 in Lomé Togo, marks the first time the ECA is formally providing IT equipment for census taking. The equipment was handed over to INSEED, Togo’s principal government institution in charge of statistics and census data. In addition to the IT assets, ECA has developed a dashboard for INSEED that tracks progress and quality of enumeration, and shares and monitors progress…

The Tony Blair Institute has hired Frank Matsaert to fill a new role as Director of Trade and Infrastructure for Africa. Mr Matsaert was the founder Chief Executive Officer of TradeMark East Africa (TMEA) from its establishment in October 2010 until August 2022, growing it from a $60m programme to the largest and most successful trade facilitation institution in Africa, with a cumulative budget of $1.3 billion across fifteen countries. He received an MBE award from the Her Majesty the Queen for his services to trade and economic development in Eastern Africa in June 2022. In his new role as…

The Fund for Export Development in Africa (“FEDA”), the impact investment arm of the African Export-Import Bank (“Afreximbank”), set up to support intra-African trade growth, value-add export development and industrialization, is pleased to announce its first close of US$670 million across its four fund strategies. Of the $670 million raised, $270 million is earmarked for FEDA Direct Equity Fund I, which will provide equity and quasi-equity financing to businesses aligned with FEDA’s mandate. US$250 million is allocated to the Strategic Initiatives Fund, a proprietary fund established by Afreximbank to implement landmark and high impact greenfield investments in sectors critical to…

Injaro Investment Advisors Limited (IIAL), a Ghanaian growth capital investor, is pleased to announce the successful First Closing of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana Cedi denominated fund with GHS 127 million in total commitments. IGVCF is targeting total capital commitments of up to GHS 200 million and remains open for additional commitments. IGVCF is unique in the sense that it is the first fund of its kind in Ghana with local pension funds as anchor investors. This fund demonstrates the increasing allocation of capital from pension asset managers into collective investment schemes such as Private…

Bolloré Transport & Logistics Côte d’Ivoire announces the acquisition of its very first driving simulator, which will be made available to its Pan-African Port Training Centre (CFPP) in Abidjan. This clearly demonstrates the company’s commitment to providing innovative training and to offering new teaching methods aligned with employees’ expectations. This multi-business simulator is the first of its kind to be acquired by the CFPP. It allows employees to complete their training by practising on different types of machinery: STS gantries, RTGs, forklift trucks, mobile cranes, heavy goods, etc. It also provides a safe learning environment with rapid control. For the…

African Export-Import Bank (Afreximbank) and Export Development Fund Limited (EDF) of Malawi recently co-hosted a workshop in Lilongwe under the theme “Leveraging Project Preparation to Unlock Industrialization and Export Development Opportunities in Malawi.” This first-of-a-kind workshop was aimed at raising awareness of the ongoing collaboration between Afreximbank and EDF in the project preparation space to catalyse the attainment of the Government of Malawi’s MW 2063 Vision. During the workshop, Afreximbank and EDF showcased how their existing partnership is geared towards providing early project preparation financing and technical support services to public and private sector entities with a sharpened focus on industrialization and export…

OCP Group a global phosphate based products plant and animal nutrition leader, has signed a definitive agreement under which OCP would initially acquire 50% of GlobalFeed S.L. from Fertinagro Biotech S.L., a major Spanish fertilizers producer. GlobalFeed operates in the animal nutrition segment, manufactures and distributes a wide range of products, including phosphate based commodities and high value solutions dedicated to several species. The Company owns flexible production units with a capacity of 200,000 tons of phosphate based products and 30,000 tons of iron sulphate located in Huelva, Spain and benefits from a large global sales footprint. The animal feed…

Global Center on Adaptation CEO, Professor Patrick Verkooijen, was conferred with an honorary doctorate degree by the University of Nairobi at the institution’s 2022 Commencement Ceremony in Nairobi, Kenya. Professor Verkooijen was awarded a Doctor of Science, Honoris Causa, of the University of Nairobi in recognition of his long career and achievements in championing climate action globally and shaping bold action at scale in Africa. The Vice Chancellor of the University, Professor Stephen Kiama, presented the award, describing Professor Verkooijen as a “champion of causes…that make the world a better place”. “Today, the University of Nairobi is proud to confer…

A recent research report by Rabee Securities showed that Bank of Baghdad’s profit before tax decreased by 3% quarter on quarter during the 2nd quarter of 2022 to $8.2 million. The bank increased total revenues by 4% in the 2nd quarter compared to the previous quarter, reaching $16.7 million. According to Research Team at Rabee Securities, there is an upward trend in the Bank of Baghdad’s share price where the price has increased by 88% during the last 12 months, and still has 44% upside potential compared to its peak level on October 2, 2011. The Bank of Baghdad was…

The TERRA terminal which handles roll on roll off vessels at the port of Abidjan dealt with over 2,687 vehicles between 22 and 29 August 2022, chalking up a record performance. The vehicles – mainly saloon and city cars or construction machines – were transported on the MATORELL and PLEIADES SPIRIT vehicle carriers from Thailand, China, Japan, South Africa and India. This performance is all the more remarkable as the fleet occupancy rate was 95% when the MATORELL docked and 70% when the PLEIADES SPIRIT came in. The number of vehicles handled in one week equates to 82% of the…

With funding from the World Bank, the Ministry of Petroleum of Mauritania has contracted with a Consortium of international companies (including one Mauritanian) for the study of a service area dedicated to hydrocarbons activities. The joint venture EPCM Holdings/Jade Advisory/Meen & Meen has won this strategic contract after an international consultation in which more than 10 global firms participated. The objective will be to provide Mauritania with a world-class Logistics, Maritime and Industrial Hub to support the development of oil and gas projects. Such a special zone will be inspired by the special zones of Saldanha Bay in South Africa…

Earlier today, during an official visit to Luxembourg by representatives from Bourse Régionale des Valeurs Mobilières (BRVM), the Luxembourg Stock Exchange (LuxSE) and the West-African regional exchange celebrated the signing of a Memorandum of Understanding (MoU). The MoU, which places a heavy emphasis on sustainable finance, marks the first official step in what is hoped to be a journey of cooperation to strengthen sustainable finance in the markets covered under BRVM’s remit. “Sustainable finance represents a financing opportunity for emerging countries because they have the possibility of attracting a new type of investors, who otherwise would not have been interested…

The Tunisian Association for Heath promotion, in partnership with the World Health Organisation, are hosting the Africa and Middle East Digital Health Conference and Exhibition (AMDHC) in Tunisia from Thursday 22nd to Saturday 24th September at the Mehari Golden Yasmin and Diar Lemdina Expo Centre, Yasmine Hammamet, Tunisia. The conference and exhibition aims are to stimulate a new vision of health through information technology, building on the experience of Tunisia and others who will share their knowledge and expertise during the event. AMDHC is designed to enable attendees to learn from other Digital Health transformation strategies and programmes, as well…

The three-day AfriCaribbean Trade and Investment Forum 2022 (ACTIF2022) hosted in Bridgetown, Barbados, ended on a high note with the signing of a total of 14 agreements and memorandums of understanding (MoUs) aimed at deepening economic ties between Africa and the Caribbean.   The agreements, expected to form the foundation for strengthened bilateral relationships, trade and investment ties, marked the culmination of the historic forum held at the Lloyd Erskine Sandiford Centre from 1 to 3 September, which, for the first time, brought together the private and public sectors of Africa and the Caribbean. Key among the signings was the Partnership…

How do you finance a fair post-pandemic green and sustainable recovery? And how do you turn pledges into action? African ministers of finance, economy and the environment have been meeting in Egypt to discuss theses urgent questions. With COP27 less than two months away, Sameh Shoukry, the Egyptian Minister of Foreign Affairs and COP27 President-Designate, said financing for climate action in Africa had not been forthcoming despite the pledges. “COP27,” he said, “is a chance to deliver”. It was a theme picked up by Amina J Mohammed, Deputy-Secretary general of the United Nations. “We’re losing time in making promises a…

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today announced that the current Group Chief Executive Officer, Ade Ayeyemi, will retire after he attains the age of 60, in accordance with ETI policy. The Board of Directors selected Jeremy Awori to succeed Ade Ayeyemi as Group Chief Executive Officer. The relevant effective dates will be communicated in due course.   Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO. He added that, “Ade can be rightly proud of his success in leading the implementation…

At a business reception launching its new name in Egypt, British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announced its plan to invest $100 million in local startups over its  current strategy period and highlighted its ‘Innovation for Impact’ Venture Capital (VC)  summit. The DFI, which was formerly known as CDC Group, also reaffirmed its  commitment to strengthen its partnership with Egypt and increase climate finance to  support the country’s green growth.  The reception which took place at the British Embassy in Garden City, Cairo, was hosted by the Deputy British Ambassador, Qudsi Rasheed and…

Africa Adaptation Summit outlines 5-point “Adaptation Delivery Breakthrough” for the key UN climate conference in Egypt (COP27) this November and $55 million of new funding to mobilize over $5 billion in climate adaptation action projects for Africa African and global leaders joined the African Adaptation Summit at the Global Center on Adaptation, outlining the most critical elements of the global community’s response to the climate crisis that heavily affects Africa as the world’s most exposed region, two months ahead of the UN’s world climate conference at Sharm al-Sheikh, Egypt (COP27). Prof. Dr. Patrick Verkooijen, CEO of the Global Center on…

The EITI today welcomed OCP Group as its newest supporting company. As a leader in plant nutrition and the world’s first producer of phosphate-based fertilizers, OCP is the responsible custodian of the world’s largest reserves of phosphate. Phosphates are critical in the global economy. When processed, phosphate rock is used as a key element in fertilizers, food, cosmetics and electronics. The company is committed to embedding transparency in its corporate management systems and processes, as underscored in its statement of support: “We have a bold vision for a sustainable future. Our governance ensures we always act ethically, with integrity and…

The AfriCaribbean Trade and Investment Forum 2022 (ACTIF2022) successfully concluded in Bridgetown, Barbados, with a commitment by participants to remove the scars of the past and build a commercial bridge towards forging a prosperous future for Africa and the Caribbean.  In the communique presented at the end of the Forum, the partners pledged the concrete implementation of strategic partnership between the business communities in Africa and the Caribbean with the objective of fostering bilateral cooperation and engagement in trade, investment, technology transfer, innovation, transport, tourism, culture and other services. The signing of the Partnership Agreement between Afreximbank and seven Caribbean States…

The first-ever AfriCaribbean Trade and Investment Forum (ACTIF2022) opened today in Bridgetown, Barbados, with the African Export-Import Bank (Afreximbank) announcing that it would work with governments of the CARICOM to set up a Caribbean Exim Bank and that it envisaged committing an investment of $700 million in the Caribbean.  Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, told participants at the opening that there had been tremendous progress in accelerating the membership of CARICOM (Caribbean community) nations in Afreximbank and that signature of a participant agreement would enable Afreximbank to operate in the Caricom region and deliver…

The OPEC Fund for International Development and the Eastern and Southern African Trade & Development Bank (TDB) are deepening their cooperation with the OPEC’s Fund’s latest commitment of debt and equity totalling USD 40 million. These recent investments in TDB aim to further strengthen the partnership and unlock synergies in support of sustainable development in Africa. A USD10 million Class B equity investment, the second since the OPEC Fund and TDB began their partnership in 2009, will support the bank’s capitalization and increase its financing capacity in TDB’s 22 member countries. Class B shares were introduced in TDB’s capital structure…

Africa-focused international law firm ASAFO & CO. strengthens its mining practice with the hiring of Daye Kaba, an international corporate finance and commercial lawyer joining the firm as a partner in Abidjan. Daye Kaba is triple-qualified, being admitted to the New York and Ontario Bars, and as a conseil juridique in Côte d’Ivoire. He focuses on corporate finance, M&A, and commercial law matters with a strong emphasis on the natural resources sector. He advises a broad range of public and private sector clients on complex international and Africa-based transactions, often involving innovative financing solutions and significant foreign investment components. Daye…

United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), Vera Songwe, has stepped down, effective 1 September 2022, after five years of dedicated service to ECA and its Member States. Announcing her decision to step down during a town hall meeting on 22 August, Ms. Songwe thanked ECA staff for their team spirit and support during her tenure. “It has been a privilege to work with you and serve the whole UN system. I cannot express enough my appreciation for the support, encouragement, guidance, patience, and friendship I received throughout these years from you,” said Ms. Songwe. …

President Macky Sall’s bold leadership is vital for accelerating global action on climate adaptation ahead of the Africa Adaptation Summit on 5 September 2022, Dr. Patrick Verkooijen, CEO of the Global Center on Adaptation said in closing remarks at the Presidential Palace in Dakar, after a high-level meeting on Wednesday hosted by President Macky Sall of Senegal, Chair of the African Union. The Africa Adaptation Summit will convene global leaders at the headquarters of the Global Center on Adaptation (GCA) in Rotterdam, Netherlands, marking a milestone leading into the landmark ‘African COP’ at Sharm El-Sheikh in November. At the Summit,…

At the conclusion of the 8th Tokyo International Conference on African Development (TICAD 8) hosted in Tunisia, the United Nations Development Programme (UNDP) welcomes a comprehensive package of support from Japan to drive economic growth, digital innovation, green transition and create jobs as the continent grapples with a series of challenges that threaten to undo many of the development gains achieved in recent years. “The impacts of the global food, energy and finance crises are rippling through communities across the globe. These cost-of-living spikes are having a particularly pronounced effect on the Continent of Africa where millions of people now face…

Between 8 March and 25 July 2022, the Bolloré Transport & Logistics subsidiaries in Morocco, Mauritania and Mali pooled their expertise to organise a convoy of 30 trucks from Casablanca in Morocco to Bamako in Mali. This intra-African road transport operation, organised on behalf of an industrial group in the beverage industry, was completed in under two weeks over a distance of nearly 3,800 kilometres. The trucks arrived by ship at the Port of Casablanca before being transported to the customer’s site in Sénou in the suburbs of Bamako, having transited through Mauritania. The Bolloré Transport & Logistics teams were…

Over 1,500 delegates from 93 countries already registered for ACTIF2022 Bridgetown/Cairo, 30 August 2022 – The first-ever AfriCaribbean Trade and Investment Forum (ACTIF2022), being held at the Lloyd Erskine Sandiford Centre in Bridgetown, Barbados, from 1 to 3 September, will hear addresses from Barbados’ Prime Minister Hon. Mia Amor Mottley; President Chandrikapersad Santokhi of Suriname, Chairman of CARICOM; and Hon. Amadou Hott, Minister of Economy, Planning and International Cooperation, Republic of Senegal. They will be joined by a stellar cast of high-level speakers, including H.E. Professor Benedict Oramah, President and Chairman, Board of Directors of African Export-Import Bank (Afreximbank); H.E.…

The Islamic Solidarity Fund for Development (ISFD) has developed its new 2030 transformation strategy and identifiedHuman Capital Developmentas a core pillar for poverty reduction. On 8th of August 2022, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, approved a US$ 41.7 million new project in Burkina Faso of which ISFD will contribute US$ 10 million in concessional loans. The project’s development objective is to support increased access of out-of-school boys and girls to gender-responsive, quality, and inclusive education. The program, focusing on those aged 9-12, covers Speed Schools which provide an accelerated education program as…