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“We believe that the creation of the Eco will be a long and arduous process. Although the project has been in development for several years, deadlines have been repeatedly postponed due to difficulties in economic and fiscal convergence, as well as political discussions, which are naturally complex for projects of this magnitude.” This is the...

Dr. Samuel Munzele Maimbo, originally from Zambia, has been officially nominated by the Southern African Development Community (SADC) as their candidate for the presidency of the African Development Bank (AfDB) election, scheduled for May 2025. This decision was ratified during the 44th Ordinary Summit of SADC Heads of State and Government, held on August 17...

On 13 August 2024, AGL Congo acquired 52 latest-generation 6X4 road tractors and 12 semi trailers. The company has just increased its road fleet by nearly 17%, and plans to exceed the 30% threshold by the end of 2024. In order to satisfy the growing needs of its customers for the provision of equipment, AGL Congo is investing massively in the acquisition of state-of-the-art equipment. 64 Sino-truck Hohan/Howo road tractors and 95 40’ semi-trailers have been ordered at a total cost of around 4 billion CFA francs (nearly 6 million euros). The 52 tractors and 12 trailers are part of…

Conakry, 9 August 2024 In a significant milestone, Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Honourable Mourana Soumah, Minister for the Economy and Finance of the Republic of Guinea, signed two loan agreements totaling USD 62.77 million. These agreements mark the first phase of a comprehensive accord in the amount of USD 307 million aimed at strengthening infrastructure and rural development in Guinea. The two facilities will finance critical water infrastructure projects in Guinea, namely: 1. A USD 28.4 million loan to provide drinking water supply systems to 205,204 people in the…

The Ethiopia Securities Exchange (ESX) is set to go live in October, according to the state-owned media. The country has not had a securities exchange platform despite being the largest economy in East Africa with a gross domestic product (GDP) of about $205 billion according to the International Monetary Fund (IMF). Ethiopia’s stock exchange Chief...

The Saudi Fund for Development (SFD) will host a Gala Dinner on September 01, 2024, under the theme Celebrating 50 Years of Global Impact, commemorating five decades of driving sustainable global development and progress. Since its establishment in 1974, the SFD has been the main international development arm of the Kingdom of Saudi Arabia, supporting sustainable development initiatives across Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. Through collaboration and partnership, the SFD’s work reaches those most in need around the globe. The SFD is also committed to supporting the Least Developed Countries and Small Developing Island States,…

Geneva, July 30th, 2024 The Honorary President of the Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID), Dr George Agyekum Donkor, has urged DFIs and Exim banks to take proactive measures to support trade diversification and infrastructure development. According to Dr Donkor, strategic investments in key sectors can build resilient economies capable of withstanding global shocks. He, therefore called for more partnerships between developing countries to enhance regional value chains in order to create a more balanced global economy. Quoting the Nobel Peace Prize winner, Nelson Mandela, who said “If you want to go fast, go alone. If…

Accra, Ghana 21 July 2024 The Alliance of African Multilateral Financial Institutions (AAMFI) held the third meeting of its Governing Council on the margins of the African Union Mid-Year Coordination Meeting, held in Accra, Ghana, during which it welcomed the endorsement of the Alliance by the African Union (AU) Ministers of Finance and Central Bank Governors at their 7th Ordinary Session of the African Union Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning, and Integration, in Tunis, Tunisia. The STC Ministerial declaration and decisions reflected the pivotal role of African Multilateral Financial Institutions (AMFIs) in the continent’s financial…

Accra, Ghana, 20 July 2024 The Alliance of African Multilateral Financial Institutions (AAMFI), held the third meeting of its Governing Council in Accra, Ghana, on the margins of the African Union’s 6th Mid-Year Coordination Meeting. The Governing Council discussed key aspects of the implementation of its strategy and welcomed new members, notably, the African Solidarity Fund (ASF) and the East African Development Bank (EADB). AAMFI was launched on 17 February 2024, in Addis Abba, Ethiopia, by African Union Heads of State, on the sidelines of the 37th Ordinary Session of the Assembly of Heads of State and Government of the African…

Paris, 30 July 2024 – In a significant move, Societe Generale has signed an agreement to sell its 93.43% stake in Société Générale Bénin to the State of Benin. This agreement also includes the subsidiary’s branch in Togo, Société Générale Togo. Under the terms of the deal, the State of Benin will take over all...

New York, July 22 2024 (ECA) – During a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF), Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), called upon countries to explore reforms to the common debt relief framework to better address rising high...

The Secretariat of the African Continental Free Trade Area (AfCFTA) and Africa’s leading TV media group, AFRICA24, have signed a Memorandum of Understanding aimed at promoting the Continental Free Trade Area and African Economic Integration through multiple high-impact actions. Initialled at the AfCFTA secretariat’s headquarters in Accra by H.E. Wamkele MENE, Secretary-General of AfCFTA Secretariat, and Constant NEMALE, Founder of Groupe AFRICA24 (President of Afrimedia International), the Memorandum of Understanding will enable the concrete implementation of three major actions: – The promotion, through the AfCFTA Secretariat to all citizens, institutional partners, companies and organizations, of actions for the realization of…

Lomé, July 11, 2024- The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 88th Ordinary Session on July 11, 2024. During this session, the Board approved a total of XOF 117.4 billion and USD 62.7 million for four public sector projects in the areas of commerce, infrastructure and rural development. For the private sector, a credit line for EUR 20 Million was extended to Mansa Bank. Two public sector projects were approved in Cote d’Ivoire totaling 117.4 Billion. The first project, in the amount of XOF 60.9 billion, is for the construction of 22…

President William Ruto has fired all cabinet secretaries and Kenya’s Attorney General Justin Muturi following weeks of anti-government protest. In a State of the Nation address, the president directed principal secretaries to supervise the ministries. Only Deputy President Rigathi Gachagua and Prime Cabinet Secretary Musalia Mudavadi, who also doubles as the foreign affairs minister have been spared from the sacking.”In line with the powers given to me by Article 152(1) and 152(5)(b) of the Constitution and Section 12 of the Office of the Attorney-General Act, I have decided to dismiss with immediate effect all the Cabinet Secretaries and the Attorney-General…

Fitch Ratings has reaffirmed the African Development Bank (AfDB)’s Long-Term Issuer Default Rating (IDR) at ‘AAA’, maintaining a stable outlook. Detailed rating actions can be found at the conclusion of this commentary. Support from Non-Regional Shareholders Crucial for ‘AAA’ Rating: The AfDB’s top-tier rating benefits significantly from robust support by its non-regional shareholders, rated ‘aaa’. Their strong inclination to support the bank results in a zero-notch adjustment in our support capacity assessment. This support is complemented by the bank’s Standalone Credit Profile (SCP), which has been upgraded to ‘aa+’ from ‘aa’, reflecting expectations of improved capital ratios in the medium…

YEELEN Financial Fund, a dedicated financial sector fund for the WAEMU region managed by Yeelen Capital, a member of the Cauris Management group, has announced a significant investment in MANSA BANK, a young and dynamic bank in Côte d’Ivoire. The YEELEN Financial Fund’s investment of FCFA 5 billion (approximately €7.62 million) was executed as a subordinated loan convertible into shares. This strategic move aims to bolster the bank’s equity capital and support its ambitious development plan. Benjamin Kouakou, Managing Partner at Cauris Management / Yeelen Capital, responsible for YEELEN Financial Fund, commented on the investment: “YEELEN Financial Fund’s investment will…

The ECOWAS Bank for Investment and Development (EBID) and the EU-Africa Chamber of Commerce (EUACC) have signed a Memorandum of Understanding (MOU) aimed primarily at resource mobilisation, project financing and technical cooperation for the benefit of ECOWAS Member States. The MOU, which was signed on June 28, 2024, at the 36th Annual Session of the Crans Montana Forum, held in Brussels, Belgium, perfectly aligns with the Bank’s vision of an integrated, inclusive, sustainable, and resilient ECOWAS. EBID seeks to leverage EUACC’s wide network of private sector players, private and institutional investors and experts to fast-track its expansion drive through project…

The Ethiopian Ministry of Trade and Regional Integration (MoTRI) in collaboration with the Policy Studies Institute (PSI) with support from the United Nations Economic Commission for Africa (ECA) organized a National Forum for the development of National African Continental Free Trade Area (AfCFTA) Implementation Strategy. The event gathered over 70 participants from various sectors, including private industries, government representatives, academia, youth, women, and developmental partners. In his opening remarks, Gebremeskel Chala, Minister of MoTRI reiterated the government’s commitment to fostering open minds for ideas and open markets for trade. He also expressed appreciation for PSI’s involvement and ECA’s assistance in…

Morocco Fruit Board recently hosted its 6th annual international conference under the captivating theme “Green Logistics: Sustainable Paths to Decarbonization,” held at the Sofitel Royal Bay Agadir Hotel. The event was honoured by the presence of the Governor of the Souss Massa Region, the President of the Souss Massa Region, the President of the Chamber of Agriculture of Souss Massa, representatives of local authorities, and a large community of Moroccan and international logistics stakeholders. In his opening speech, the Chairman of Morocco Fruit Board emphasized the urgency of adopting sustainable practices to address global climate and environmental challenges, highlighting decarbonization…

Nairobi Securities Exchange-listed media company Standard Group plans to raise $11.72 million through a rights issue, subject to shareholder and regulatory approval. The company announced on Monday that the capital raised will help to boost its balance sheet and position itself ready for the opportunities in the digital era. “The purpose of the rights issue...

Livingstone, Zambia, 26 June 2024 – His Excellency Hakainde Hichilema, President of the Republic of Zambia, officially opened the African Trade & Investment Development Insurance’s (ATIDI) two-day 2024 Annual General Meeting (AGM) today. The AGM, held under the theme “Empowering tomorrow, enabling investment”, validated ATIDI’s results for 2023 and will hold an Investor Roundtable to discuss how to sustainably spur access to finance for sovereigns and private sector in Africa in the present global and regional economic environment. Despite a lingering environment and significant geopolitical and economic challenges globally and in Africa, ATIDI posted record results in 2023, as reflected…

The guest of the seventh edition of “My African Hour” is the Franco-Somali businessman and candidate for the 2026 presidential elections in Somalia, Mr. Abshir Aden Ferro. In this issue devoted to security in the Red Sea and the Gulf of Aden, the CEO of the London based Fort Roche group, which deals with securing sites, discusses the consequences for Somalia of renewed violences in the Horn of Africa due to attacks by the Houthis from Yemen, supported by Iran. For its African coming out, MHA7 has been dubbed in French. It will be broadcast on Tuesday July 2nd on…

The Attijariwafa Bank group and the African Continental Free Trade Area (AfCFTA) Secretariat signed, on the sidelines of the 2024 Edition of the International Africa Development Forum, a Memorandum of Understanding (MoU) aimed at accelerating the impacts of the AfCFTA to facilitate trade and investment on the Continent. Initiated by Mr. Mohamed El Kettani, Chairman and CEO of the Attijariwafa bank group, and H.E. Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, this Memorandum of Understanding relates to the cooperation between the two parties to mobilize resources, identify and support the implementation of projects in priority sectors such as infrastructure,…

Africa Global Logistics (AGL) is launching the call for applications for the “Accelerate” program of the Yiri Innovation Center, open from June 19, 2024 to July 26, 2024, in Abidjan. This open innovation program dedicated to startups developing technological solutions in key or related sectors of the AGL Group (logistics, transport, digital, etc.) aims to accelerate their growth through expert coaching, training and events within its innovation center. The objective of this program is to support startups in the seed or growth phase and to promote partnerships with the AGL Group, through support adapted to their needs. “Accelerate” is aimed…

The International Renewable Energy Agency (IRENA) has entered into a landmark collaborative partnership with Africa50, the pan-African infrastructure investor and asset management Group. As part of the agreement, Africa50 has pledged up to USD 100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, reinforcing efforts towards sustainable development and climate action across the continent. The agreement was signed today on the margins of the OPEC Fund Development Forum in Vienna by IRENA Director-General, Mr. Francesco La Camera and Africa50 CEO, Mr. Alain Ebobissé. “For the first time…

Barcelona, June 25, 2024 – On the first day of the Africa Energy Forum (aef), the African Trade & Investment Development Insurance (ATIDI) and Globeleq Africa Limited, jointly announced the former’s support for the 35 MW Globeleq Menengai Geothermal Project with liquidity cover via the Regional Liquidity Support Facility (RLSF). RLSF, a joint initiative of ATIDI, the KfW Development Bank and the Norwegian Agency for Development Cooperation (Norad), is a credit enhancement instrument available to renewable energy Independent Power Producers (IPPs) that sell the electricity generated by their projects to state-owned power utilities. RLSF is offered in ATIDI member countries…

Shelter Afrique, the only pan-African finance institution dedicated to affordable housing development, concluded its 43rd Annual General Meeting (AGM) in Kigali, Rwanda. The AGM, held on 13th June 2024, saw robust participation from Member States and resulted in the adoption of several key resolutions poised to advance affordable housing and sustainable urban development across the continent. Key Resolutions and Strategic Outcomes: 1. Election of a New AGM Bureau: § Chairperson: Honourable Minister of Infrastructure, Rwanda, Hon. Dr Jimmy Gasore § 1st Vice Chairperson: Honourable Minister of Housing, Urban Planning, and the City, Algeria, Hon. Tarek Belaribi. § 2nd Vice Chairperson: Honourable Minister of Economy and…

The Ministry of Commerce, Trade, and Industry (MCTI), in collaboration with the United Nations Economic Commission for Africa Sub-Regional Office for Southern Africa (ECA SRO-SA) organized a workshop to review the outcomes of the mid-term review of the implementation of Zambia’s National Industrial Policy (2018-2027) and to validate the Implementation Plan for the National Industrial Policy (2024-2027). The review ascertained the extent to which the policy has been deployed, identified successes, challenges and how these can inform the calibration of the implementation plan for the remainder of the life of the policy. The support to Zambia is part of technical…

Conakry – Guinea. On 19 June, Winning Consortium Simandou (WCS) and China Baowu Steel Group (China Baowu) officially completed the closing of a co-investment deal in Simandou Blocks 1 and 2, part of the world’s largest untapped iron ore mine. This strategic partnership marks a new chapter in the sustainable development of Guinea’s mining sector. This milestone was achieved through the concerted efforts and support of the Government of Guinea whose dedication facilitated fruitful negotiations. On 30 May, the Guinean government formally confirmed its approval of China Baowu’s investment. By 19 June, WCS and China Baowu completed the establishment of the…

African Export-Import Bank (Afreximbank) has signed an indicative term sheet with APD-Cameroon for the financing of the development and operation of a new port terminal in Douala, Cameroon, estimated to cost EUR210 million. According to the term sheet, the proposed facility will be in two tranches in Euro and Central African Francs (XAF) of up to EUR147 million, with a proposed Afreximbank participation of EUR80 million. The new terminal will be an extension of the existing Port of Douala and will consist of two berths to be numbered 53 and 54. Addressing guests at the signing ceremony, which took place…