Author: Editor

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…

During the opening of the tenth African Regional Forum on Sustainable Development (ARFSD-10) on April 23 in Addis Ababa, Ethiopia, Amina Mohammed, Deputy Secretary-General of the United Nations, sounded the alarm on Africa’s debt. “The debt service represented a staggering 47.5% of government revenues in sub-Saharan Africa last year. This is the primary expenditure for...

Artificial intelligence (AI) is revolutionizing the insurance industry, propelling it into a new era of disruption, as revealed by Technology Foresights from GlobalData. By integrating AI models with traditional actuarial methods, insurers have optimized risk analysis and claims processing. However, recent advancements, empowered by Large Language Models (LLMs) and generative AI, signify a profound shift...

Dubai, United Arab Emirates, April 18, 2024 – At the Millenium Central Downtown Hotel in Dubai, United Arab Emirates, members of The Africa Road Builders Selection Committee – Babacar NDIAYE Trophy announced the winners of the Grand Builder Super Prize – Babacar NDIAYE Trophy 2024. This year, under the theme “QUALITY OF ROAD INFRASTRUCTURE AND AFRICA’S DEVELOPMENT,” the Committee carefully examined road infrastructure across the continent, based on various reports, including the 2024 report from the Media Network for Infrastructure and Finance in Africa (MIFA). After deliberations, the Committee chose to award the Grand Builder Super Prize – Babacar NDIAYE…

The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced its investment into Bloom Africa Holdings Limited (BAHL), a regional financial services platform operating across West Africa.BAHL holds interests in multiple financial institutions across Gambia, Sierra Leone, and Liberia operating as Bloom Bank Africa. These institutions function as full-service commercial banks and provide a comprehensive range of services to a diverse clientele ranging from retail and corporate customers to SMEs and the public sector. BAHL extends tailored banking services, whilst promoting financial inclusion and trade through innovative outreach programs and accessible products.FEDA’s investments aim to bolster…

On March 20, 2024, Africa Global Logistics (AGL) signed the contract to manage the Walvis Bay Multipurpose Bulk Terminal in Namibia, in the presence of Tony Stenning, Regional Director South Africa and Andrew Kanime, CEO of the National Port Authority of Namibia, Namport. This agreement follows an international call for tenders launched by Namport in January 2023. This decision demonstrates the confidence of the local authorities in AGL’s industrial project and reinforces its commitment to Africa’s economic transformations. Located on the southwest coast of Africa, the Port of Walvis Bay is a natural gateway for international trade. Thanks to its…

Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V (the “Fund”, “AC(V)” or “Fund V”) at its $470 million hard cap. The Fund, which was significantly oversubscribed, attracted commitments from new and existing investors globally. Fund V continues Adenia’s long-term investment strategy of...

In an evolving financial world, the rise of cryptocurrencies, led by Bitcoin, has revolutionized how we perceive investment and value preservation. Yet, in the shadow of this digital revolution, lies an innovative and future-oriented investment opportunity: HYDROKKEN. This dialogue, enriched with arguments from the provided documents and in-depth analysis, explores the relationship between HYDROKKEN and Bitcoin, highlighting HYDROKKEN’s unique attributes in the current financial ecosystem. *Financial Afrik: The rise of Bitcoin has marked a new era in finance, offering a refuge against inflation and centralized monetary control. However, its story reminds us of the Dutch Tulip Mania, a symbol of…

The president-elect Bassirou Diomaye Faye took the oath this Tuesday, April 2, 2024, in front of the Constitutional Council. The ceremony was held at the Abdou Diouf International Center (CICAD), in Diamniadio, 30 km north of Dakar, the capital. The event took place in the presence of the heads of state of Cape Verde, Gambia, Guinea-Bissau, Guinea Conakry, Mauritania, Sierra Leone, as well as the Prime Ministers of Mali and Rwanda. The presidents of the commissions of the African Union, the Economic Community of West African States (ECOWAS), and the West African Economic and Monetary Union (UEMOA) attended the oath-taking…

African Export-Import Bank (Afreximbank) has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria. This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between African countries in local currencies. Payables Finance enables suppliers to access financing from the banking system by obtaining early payment for…

Access Holdings Plc, the largest finance holding company in Nigeria, has announced a remarkable profit after tax of N612.4 billion, reflecting an astounding 300% surge compared to the previous year. This unprecedented profit stands as the highest ever recorded by the company, a testament to its robust performance under the leadership of the late Herbert...

A strategic dialogue on new investment ideas for West Africa The Bourse Régionale des Valeurs Mobilières (BRVM), one of the world’s most successful regional stock exchanges is coming to South Africa for the highly anticipated launch of its third BRVM Investment Days Roadshow. The BRVM investor tour will start in Johannesburg on 7 – 8 May, followed by roadshows in London, New York and Dubai. The Johannesburg event starts with an in-depth workshop on the future of African Commodities Stock Exchanges with the Johannesburg Stock Exchange. The second day of the roadshow offers an investment conference with the opportunity for…

CMOC Group Limited (CMOC) has announced on March 22nd its record-breaking financial and operational performance for the year 2023. Demonstrating a robust YoY growth of 35.98%, the company’s net profit attributable to the parent reached 1.17 billion USD, on the back of revenues that escalated to 26.52 billion USD. The mining segment has been a standout performer, with operating cash flow reaching 2.21 billion USD. The trading sector represented by IXM concluded a historic 613% YoY growth of net profit. A historical milestone positioned CMOC as a leader in the industry. “Our exceptional financial performance this year is a testament to all the entities’…

• The financing will support the Bank’s interventions in food security and climate smart agriculture.• The two also signed an MoU to enhance cooperation between Italian and African companies. Cassa Depositi e Prestiti S.p.A (CDP) Italy, the official Italian financial institution for international development cooperation and Africa Export-Import Bank (Afreximbank) have signed a new financing facility worth €100 million to support the Bank’s interventions in food security and climate-smart agriculture in Africa. The financing adds to an initial commitment from CDP of €100 million, lifting the total financing from CDP to €200 million. The two financial institutions also entered into…

ANAVA, the fund of funds backed by the World Bank, CDC, and KFW, is excited to announce its commitment to invest €4 Million in Janngo Capital Startup Fund (JCSF), Africa’s largest gender equal technology fund and Janngo Capital Partners’ second investment vehicle. With a target size of €60 Million, the fund commits to invest in about twenty-five startups in francophone Africa, including Tunisia, targeting early-stage tech and tech-enabled startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African Start-ups to improve their access to market &…

Senegal wakes up on Monday, March 25, 2024, awaiting liberating results and, at the very least, with the assurance of having consolidated its democratic model. The voting on Sunday, March 24, unfolded smoothly, almost in real-time on social media across the entire territory. And on Monday, at the crack of dawn, while it is undeniable...

The Africa Export-Import Bank (Afreximbank’s) MANSA Digital Initiative, a Pan-African due diligence platform, has been awarded four ISO standards for the effective implementation of its Information Management Systems (IMS). MANSA Digital Initiative is a pan-African customer due diligence platform created by Afreximbank to promote, expand and support both intra and extra African trade, with a special focus on value-added exports from Africa.These four certifications recognize the successful implementation of Integrated Management Systems, encompassing: ISO/IEC 27001:2022 Information Security Management Systems (ISMS), ISO 22301:2019 Business Continuity Management Systems (BCMS), ISO/IEC 20000–1:2018 Service Management System (SMS), and ISO 27701:2023 Privacy Information Management (PIMS).…

The African Export – Import Bank (Afreximbank) has officially unveiled its Fund for Export Development in Africa (FEDA) office in Kigali, Rwanda. FEDA was established to tackle Africa’s US$110 billion financing gap for intra-African trade, value-added export development, and industrialisation value chains, with Rwanda being the first among fifteen African nations to ratify its establishment agreement. The event was graced by the Right Honourable Dr. Edouard Ngirente, the Prime Minister of the Republic of Rwanda who was accompanied by the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, Executive Vice Presidents of Afreximbank, members of the…

Nairobi, 14 March 2024 – ATIDI, the African Trade Insurance Agency, has supported Songa Energy’s 1.65 MW run-of-the-river hydro project on the Ruvyironza River in Burundi. The project, which will be the first hydro Independent Power Producer (IPP) in the country, is valued at USD 7.7 million and is set to benefit from ATIDI’s Political Risk Insurance, which will cover the risk of default by the Government of Burundi following an Arbitral Award under the Project Agreements. The project will lead to an increase in the country’s electricity generation capacity, creation of employment and avoidance of greenhouse gas emissions. The…