Author: Editor

The government of the Republic of Djibouti was astonished to learn about the Container Port Performance Index 2023, published on Wednesday, June 5 by the World Bank in partnership with the private company S&P (Standard and Poor’s). According to this report, the Djibouti Container Port (SGTD) fell from the 26th position globally in 2022 to the 379th in 2023. This drop of over 350 places in one year is clearly absurd and does not reflect any tangible reality on the ground. The Republic of Djibouti vehemently rejects this report with its ludicrous conclusions, which unjustifiably damages our country and our…

In a nod to its increasingly important contribution to Africa’s economic growth and development, Afreximbank has been recognised with a haul of 8 Awards at the EMEA Project Finance and EMEA Achievement Awards 2023 Charity dinners held in London on June 5 & 6 respectively.Hosted by EMEA Finance magazine, the event honoured Afreximbank for its innovative and outstanding project finance achievements in both the Project Finance Awards and the Achievement Awards. Under Project Finance Awards 2023, Afreximbank received the Best Oil and Gas Deal award for its NNPCL Project Gazelle US$3.3-billion five-year pre-export finance syndicated loan, and the Best Energy…

Financial Afrik (www.financialafrik.com), a multi-platform media outlet covering economic and financial information, announces its certification under the “Journalism Trust Initiative” (JTI), a project initiated by the international NGO Reporters Without Borders and designed as an international ISO professional standard. With this certification, Financial Afrik and its English counterpart, Kapital Afrik (www.kapitalafrik.com), mark a new stage in their development. This certification is the result of a process based on a questionnaire with several questions per section. The responses provided by the management and journalists of the editorial team to an audit structure are made public on the JTI platform (jti-app.com) in…

African Export-Import Bank (Afreximbank) has announced an additional disbursement of US$925 million under the syndicated US$3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited. This brings the total current funded facility size to US$ 3.175 billion.Arranged and coordinated by Afreximbank, the accordion arrangement saw the raising of a combined total of US$925 million from a consortium of crude oil off-taker lenders including but not limited to the Oando Group and Sahara Energy Resource Limited.Afreximbank acted as Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent…

Cameroonian Alain Nkontchou has handed over the chairmanship of the board of directors of Ecobank Transnational Incorporated (ETI) to Senegalese Pape Madiaw Ndiaye, according to one of the resolutions adopted on June 6th in Lome, during the 36th edition of the bank’s annual general meetings. Thus, a perfectly bilingual investment fund manager replaces another who is also perfectly bilingual. Pape Madiaw Ndiaye is the CEO and Founder of AFIG Funds. His career includes a stint at Emerging Markets Partnership in Washington (EMP) as an investment director. He was one of three partners to raise 407 million USD for the African…

download here

This past Tuesday night in Nairobi, Kenya, on the sidelines of the African Development Bank Annual Meetings, the titans of the African banking and financial industry gathered at the prestigious African Banker Awards Gala Dinner, bringing an end to the annual competition. It is with high appreciation and pride that the Eastern and Southern African Trade and Development Bank Group (TDB Group) is acknowledging the win of its Group President and Managing Director, Mr. Admassu Tadesse, as African Banker of the Year. Among the criteria the judges were looking at for this distinguished award, a pivotal factor was the demonstration…

Adenia Partners, a prominent private equity firm specializing in African growth opportunities, has successfully divested its entire stake in Cresta Paints to Uhuru Investment Partners. Cresta Paints, a key player in the automotive refinish and protective coatings sector in West Africa, was partnered with Adenia since 2015, which helped enhance its market leadership and operational standards.Under Adenia’s guidance, Cresta Paints not only expanded its market presence across West Africa but also achieved significant certifications like ISO 45001 and ISO 14001. Uhuru Investment Partners, focusing on middle-market investments in West Africa, looks forward to further expanding Cresta’s operations and customer base.…

For the second year in a row, African Export-Import Bank (Afreximbank) has emerged as a double winner at the African Banker Awards, winning both the ‘Bank of the Year’ and ‘Deal of the Year (Infrastructure)’ awards. This prestigious recognition was announced at the awards gala ceremony held in Nairobi and attended by over 300 of the continent’s leading figures in banking and finance. The award organisers highlighted Afreximbank’s exceptional performance across various metrics, key among them, “considerably changing the banking landscape by reaching out to new customers, offering new services, adopting inclusiveness by bringing the unbanked into the banking space, making…

Mediterrania Capital Partners appoints Maty Ndiaye as its new Managing Director for the West Africa region Casablanca. Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce the appointment of Maty Ndiaye as its new Managing Director for the West Africa region. Maty brings 18 years of investment experience, including 14 years in Private Equity across Africa. Her career began at Goldman Sachs in Global Investment Research. She then joined Kingdom Zephyr Africa Management in London, where she was involved in CNIA Saada’s IPO…

The Eastern and Southern African Trade and Development Bank Group (TDB Group) has become the latest member of the African Legal Support Facility (ALSF), after depositing its instrument of accession to the Agreement for the Establishment of the African Legal Support Facility on 5 March 2024. The accession was celebrated during the signing ceremony which took place at TDB Tower, TDB Group’s Nairobi Operations Hub, on the 27 May 2024. With its accession to the ALSF Agreement, TDB Group became the sixty-first member of the ALSF, and the eighth institutional member, following the lead of the African Development Bank (AfDB)…

The annual general meetings of the African Development Bank (AfDB) started this Monday May 28th in Nairobi, focusing on a theme related to the reform of the international financial architecture, a subject dear to Akinwumi Adesina. The Nigerian has led a global reflection initiated since the Covid-19 pandemic, which resulted in the issuance of special Drawing Rights (SDRs) by the IMF to support developing countries. For the AfDB president, who has successfully gotten the multilateral financial system to adopt the principle of hosting SDRs to leverage them, this represents a significant advancement. However, the real stakes of reforming the international…

The Arab Bank for Economic Development in Africa (BADEA) has been upgraded by Moody’s Ratings to Aa1 / Stable outlook (from Aa2/Positive Outlook). The rating upgrade reflects BADEA’s robust capital buffers and very low leverage as well as continuously strengthening asset quality with only 0.51% NPLs. The very low NPLs ratio has been achieved and maintained despite a very challenging environment in Sub Saharan Africa (SSA) where the bank provides all its policy lending. The shareholder countries of BADEA (Arab countries) do not benefit from the lending operations of the bank due to its institutional governance structure. The upgrade also…

In a significant development for West Africa’s digital economy, the Fonds Commun de Titrisation de Créances (FCTC) Sonatel bond, underwritten by the Emerging Africa Infrastructure Fund (EAIF) and the International Finance Corporation (IFC), debuted on the Bourse Régionale des Valeurs Mobilières (BRVM), the stock exchange of the West African Economic and Monetary Union (WAEMU). This move, commemorated in Abidjan on May 22, 2024, marks a pivotal moment for Sonatel, Senegal’s leading telecommunications provider, enabling substantial advancements in the region’s digital services. The bond issuance, a first in January 2024, attracted a combined commitment of XOF 48.5 billion (approximately $80 million)…

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral insurer operating under the principles of Islamic law (Sharia) and a member of the Islamic Development Bank (IsDB) Group, announces the co-option of Dr. Khalid Khalafalla as Officer, effective from May 19, 2024. An experienced executive, Dr. Khalafalla brings extensive experience...

If you are 30 years maximum of age by December 31, 2024, talented, ambitious and eager to boost your experience and expertise in a stimulating and dynamic environment, with a strong potential for development, within a team of great professional where performance is the key, visit our website for applications and more details : The African Guarantee and Economic Cooperation Fund’s Young Professionals Program (YPP) is a one (1) year program that provides a development opportunity for future leaders. The program aims to attract highly qualified and motivated professionals from the 14 FAGACE member countries: Benin, Burkina Faso, Cameroon, Central…

The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed a project preparation facility agreement that is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria, and also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’ Ivoire. Under the terms of the agreement, Afreximbank will part-finance project preparatory activities that will leverage MobiHealth’s successfully integrated telemedicine proprietary platform, initially piloted in Nigeria, to the four additional countries. This initiative is expected to rapidly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with out-patient facilities. The…

African Ministers of Health, Finance and Trade, experts and development partners have adopted an approach towards the transitioning of the AfCFTA-anchored Pharmaceutical Initiative (Pharma Initiative) into the start-up Phase of the African Pooled Procurement Mechanism (APPM) ensuring continuity and keeping the momentum in advancing healthcare access, kick starting industrialization, and ensuring economic and health security on the continent. In their recommendations drawn from the conclusion of the three day meeting in Mombasa, Kenya, the ministers agreed that the APPM, led by the Africa Centers for Disease Control and Prevention (Africa CDC) with support of Afreximbank and the Economic Commission for Africa…

The inaugural Djibouti Forum brought together nearly 400 delegates, including international institutional investors collectively overseeing a staggering $2.5 trillion in assets. Describing the forum as a “resounding success”, Dr. Slim Feriani, CEO of Fonds Souverain de Djibouti (Djibouti’s sovereign wealth fund), noted that it was evident that there “is great and growing interest in Djibouti.” During the closing ceremony of the two-day event, Feriani signed a memorandum of understanding with Tamini Insurance, part of the influential Salaam Group, a leading financial conglomerate in Djibouti. Tamini Insurance’s CEO, Mohamed Bahdon, announced that under the agreement, their clients—numbering over 4,000—will now have…

Gabon Oil Company (GOC) has signed a six-month exclusive agreement with Premier Invest on the financing of GOC’s acquisition of Assala Energy’s oil production assets.  Gabon Oil Company (GOC) has signed a six-month exclusive agreement with Premier Invest on the financing of GOC’s acquisition of the Gabonese assets of U.S. private equity firm Carlyle – the owner of Gabon-focused oil and gas company, Assala Energy. In February 2024, GOC announced its acquisition of Assala’s oil production assets, which include seven onshore production licenses, a pipeline network and the Gamba export terminal. The acquisition supports the NOC’s efforts to enhance Gabon’s…

– The African Climate Policy Center of the Economic Commission for Africa is holding a three-day regional workshop on the implementation of Article 6 of the Agreement of the Paris Agreement in Victoria Falls, Zimbabwe. The workshop focuses on the theme: “Regulating carbon markets: building capacity for the implementation of Article 6 of the Paris Agreement” and aims to provide a platform for negotiators and carbon experts. The workshop is taking place against the need to engage the African Group of Climate Negotiators (AGN) under Article 6 to discuss and exchange views on issues relating to the status of African…

Lome, Togolese Republic – May 10, 2024 The ECOWAS Bank for Investment and Development (EBID) has strengthened its transformative partnership with the Republic of Ghana by committing to inject USD 200 million into the Ghanaian economy through strategic alliances with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC. This was contained in a Memorandum of Understanding (MOU) signed by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Dr. Mohammed Amin Adam, Minister for Finance of the Republic of Ghana, at a ceremony held at the EBID headquarters in Lome, Togo. The signing…

President Ismail Omar Guelleh of the Republic of Djibouti has announced that the country is ready to join forces with international investors to expand its private sector and diversify the economy. Speaking at the inaugural Djibouti Forum, where he welcomed political and business leaders from around the globe, the president extended a warm invitation to would-be-investors looking to venture into different sectors of the country’s economy, assuring them of plenty of unexploited opportunities, a business-friendly environment, and his government’s dedicated support.  But he also called for fair and mutually beneficial investments and partnerships. “Our absolute priority has been to guarantee economic…

The First Session of the 2024 Executive Board Meeting of the United Nations Human Settlements Programme has commenced in Nairobi under the Chairmanship of Arc. Ahmed Musa Dangiwa, Nigeria’s Minister of Housing and Urban Development. The session is being held at the UN-Habitat Headquarters from May 6th to 8th, 2024. In his opening remarks at the meeting, Arc. Dangiwa tasked members of the Executive Board of UN-Habitat to redouble efforts towards repositioning the organization as an impactful global tool for tackling human settlements’ challenges in a structured and sustainable manner. “As members of the Executive Board, I must draw our…

British International Investment, the UK’s development finance institution and impact investor, has appointed Daniel Hanna to its Board as a Non-Executive Director. Daniel has two decades of banking experience with a particular focus on climate and sustainable finance. He is currently the Global Head of Sustainable Finance at Barclays which has a commitment to mobilise a trillion dollars of sustainable and transition finance. Daniel also sits on the investment committee of Barclays’ Sustainable Impact Capital programme, which is investing £500 million in climate technology companies. He previously set up a sustainable finance team at Standard Chartered Bank growing it to…

One month after winning the contract for seawater desalination in Senegal, the Saudi renewable energy giant, ACWA Power, secures a strategic project in Mauritania. The Saudi giant was at the center of the signing of a crucial memorandum of understanding between Mauritania and Saudi Arabia on April 29, 2024. The memorandum engages ACWA Power in a comprehensive study for the establishment of a gas pipeline, transporting gas from the Grand Tortue Ahmeyim (GTA) production site to the port of Ndiago, as well as in the construction of a gas-fired power plant (Gas to Power). This major advancement is part of…

Leatherback and MCB Bank have collaborated to facilitate easier remittances and payouts in Pakistan Rupees, enhancing opportunities for businesses and individuals across Pakistan and South Asia. This partnership enables seamless transactions for Leatherback users, including international students, tourists, and businesses, to send money to Pakistan effortlessly through Leatherback’s SendR remittance solution. With Pakistan ranking sixth among top remittance-receiving countries, this partnership expands Leatherback’s reach in the South Asia region, following its recent launch of Indian Rupee remittances. Ibrahim Toyeeb Ibitade, CEO of Leatherback, emphasizes their commitment to breaking down barriers and providing effective cross-border payment solutions, while Omair Safdar, Group…

African Development Bank Group President Dr. Akinwumi A. Adesina has emphasized the critical need for significantly increased financing to meet the Sustainable Development Goals (SDGs). Speaking at the Islamic Development Bank’s 50th anniversary celebrations in Riyadh, he highlighted a growing annual financial shortfall of $4 trillion, a gap that threatens to derail efforts to achieve the SDGs by 2030. Adesina addressed a distinguished audience including high-level officials, financial leaders and private sector representatives gathered to mark the occasion. The session focused on assessing the financial strategies essential for advancing global development amidst a landscape marked by economic instability and escalating environmental…

The President of the African Development Bank Group Dr. Akinwumi Adesina has appointed career diplomat Ambassador Jalel Trabelsi as his Special Envoy for the Middle East and North Africa (MENA) and Gulf Region. Ambassador Trabelsi brings to the role over 30 years of experience as a highly accomplished and distinguished diplomat. As Special Envoy for MENA and the Gulf Region, Ambassador Trabelsi will help to foster diplomatic and strategic engagements within the MENA and Gulf Region, focusing on the Bank’s strategic priorities, strengthening partnerships and mobilizing public and private sector resources at scale to deliver transformational projects in Africa. A…

Johannesburg – 24th April 2024 – AVCA – The African Private Capital Association kicked off its 20th Annual Conference & VC Summit in Johannesburg yesterday. Institutional investors, fund managers, policymakers, global and local investors and entrepreneurs opened the major international gathering, convening 700+ private capital leaders from over 60 countries to align on strategies to power the next 20 years of Africa’s growth. Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, introduced the flagship forum by noting that despite a challenging macroeconomic environment in recent years, “Africa’s private capital industry has remained resilient and will continue to rise.” She reflected on AVCA’s…