Author: Editor

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…

As the African Union (AU) continues to chart its course towards harnessing the potential of digitalisation across the continent, a significant milestone has been achieved through the signing of a memorandum of understanding (MoU) between AUDA-NEPAD and Meta. The MoU signed by CEO of AUDA-NEPAD, H.E Ms Nardos Bekele-Thomas and Mr Sir Nicholas Clegg, President of Global Affairs Meta, aims to support the implementation of the African Union Digital Strategy, the African Union Data Governance Strategy, the African Union Artificial Intelligence Roadmap, and Meta’s Data for Good initiative. Through this cooperation, both parties are committed to driving positive change and fostering a…

Adenia Partners, a prominent private equity firm focusing on sustainable investments in Africa, has reached an agreement to acquire 12 subsidiaries from Air Liquide, a global leader in industrial and medical gases. The acquisition encompasses Air Liquide entities across West and Central Africa as well as the Indian Ocean region, specifically in Benin, Burkina Faso,...

Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa, has officially broken ground on its first data centre in Lagos, Nigeria.  Nxtra by Airtel is set to be one of the largest networks of data centres in Africa, with high-capacity data centres in major cities located strategically across Airtel Africa’s footprint, complementing its existing edge sites. This development underscores the company’s commitment to meeting the continent’s data management needs by providing trusted and sustainable data centre capacity to serve the fast-growing African digital economy. The ground-breaking ceremony of the new…

  Unlimit, the global fintech company, today announced its entry into the Tanzanian market and the receival of the Bank of Tanzania (“BOT”) licence, marking another significant step in the company’s expansion within the region. The approval of Unlimit as an authorised payment service provider by the BOT will allow the fintech to provide a range of new offerings such as business payments, merchant services and outbound payments, among other things, to the Tanzanian market. The launch of Tanzanian operations marks an important step in Unlimit’s broader strategy of expanding into Africa, and follows the approval of similar licences last year in Nigeria and…

Avisen’s story began in 2000 with the meeting of two veterinarians in Senegal, sharing a common idea: develop the animal feed industry to facilitate access to animal protein. Twenty years later, the modest initial artisanal unit has grown into Senegal second largest poultryfeed manufacturer. Avisentoday produces over 100,000 tons of feedstuff per year and processes broilers in its brand-new slaughterhouse. To pursue this success story, the shareholders have decided to seek a successor able to take Avisen to the next stage while preserving the vision of the founders: to offer high-quality products at an affordable price for the benefit of…

In 2020, the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) and the Eastern and Southern African Trade and Development Bank (TDB) signed a first-of-its-kind credit enhancement facility providing a 10-year EUR 359 million guarantee for commercial bank financing extended to TDB for trade finance, with longer tenors and lower interest rates. In December 2023, MIGA and TDB expanded their cooperation, with MIGA issuing an additional EUR 349 million 7-year guarantee for a loan provided by Standard Chartered Bank (SCB) as agent on behalf of a syndicate of banks, including Citibank as arranger. The TDB-MIGA partnership has so far succeeded…

The Government of Kenya and ATIDI, the African Trade Insurance Agency, have today signed the Regional Liquidity Support Facility Memorandum of Understanding. RLSF, a joint initiative of ATIDI, the KfW Development Bank and the Norwegian Agency for Development Cooperation (Norad), is a credit enhancement instrument provided by ATIDI to renewable energy Independent Power Producers (IPPs) that sell the electricity generated by their projects to state-owned power utilities. The instrument’s scope has recently been extended to provide support for eligible transmission projects; allowing for possible private sector participation in this key sub-sector. ATIDI will issue liquidity instruments, or “RLSF policies”, backed…

Nairobi, Kenya – The banking industry is on the cusp of a digital revolution, and Nairobi, Kenya, is set to host the 11th Edition Connected Banking Summit – Innovation & Excellence Awards East Africa 2024. This summit, organized by The International Center for Strategic Alliances (ICSA), promises to be a pivotal event in shaping the future of banking across the region. The Connected Banking Summit will also feature the esteemed Innovation & Excellence Awards 2024, recognizing leaders and organizations driving innovation and excellence in the banking sector. This prestigious event will unite global executives, experts, and leaders for an insightful…

Kinshasa, February 12, 2024 – The Government of the Democratic Republic of the Congo (DRC) has announced significant progress in structural reforms within the downstream petroleum sector. These measures are part of an overall strategy to clean up and rationalize petroleum subsidies, aiming to ensure more efficient and transparent management of public financial resources. Initially, in 2022, the Ministries of Finance and National Economy jointly initiated a comprehensive audit of the Petroleum Products Price Structure (PPPS) conducted by Mazars. The audit findings, released in May 2023, highlighted several reform avenues to improve governance and efficiency in the sector. Based on…

The Pan African Payment and Settlement System (PAPSS) is proud to announce the entry of Banque Centrale de Tunisie (BCT) into its network as its thirteenth Central Bank member, further strengthening its commitment to promoting seamless cross-border payment services and enhancing financial integration across the African continent. PAPSS, developed by African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. By uniting central banks from across Africa, PAPSS seeks to address the existing challenges faced by African businesses and individuals in accessing efficient…

Africa50, the pan-African infrastructure investment platform, today announced that the Republic of Mozambique has started the onboarding process to become its new shareholder during a signing ceremony in Maputo. Honourable Ernesto Max Elias Tonela, Minister of Economy and Finance of the Republic of Mozambique signed the Share Subscription Agreement on behalf of the Government, committing the country to take the necessary steps to become an Africa50 shareholder. In joining Africa50, Mozambique will benefit from accessing world-class project development and financing expertise, fast-track the implementation of its infrastructure programme by catalyzing the participation of the private sector significantly contributing to spurring…

The Board of Directors of CGF BOURSE has appointed Mr. Kalidou DIALLO as the new Chief Executive Officer of CGF BOURSE. He will assume his role on March 16, 2024, succeeding Madame Marie Odile SENE. “Mr. DIALLO, a distinguished and respected figure in the financial sector, has an in-depth knowledge of financial markets and their instruments, investment strategies, portfolio management, and asset allocation,” states the press release from CGF Bourse.Already deeply embedded in the company’s ecosystem since 2016, as the director of CGF Gestion, an asset management subsidiary, Mr. Diallo has enhanced our management capabilities and expanded our portfolio. Before…

Abidjan, Paris 30 January 2023 – Joliba Capital, an African private equity firm majority-owned by LBO France, a multi-specialist and multi-country investment platform, and founded by two seasoned African investment professionals Hamada Tour (Managing Partner) and Yann Pambou (CEO & Managing Partner), is pleased to announce a first close of its inaugural fund, Joliba Capital Fund I, at EUR 89 million. This Rolling First Close reflects the trust and confidence that investors have placed on our vision and strategy. The Fund will principally target investment opportunities across Francophone countries in West and Central Africa to develop a diversified portfolio composed…

Kinshasa, 05 February 2024 – On the occasion of the Mining Indaba Forum, the world’s largest gathering of mining players, Rawbank, the leading bank in the Democratic Republic of Congo (DRC), announces that it has raised 200 million dollars on the international market to support the mining sector value chain in the DRC. Rawbank has now confirmed its position as a strategic bank for the Congolese mining sector. Rawbank continues to support the financing needs of the Congolese economy In order to meet the needs of players in the mining sector value chain – which contributes 25% of the country’s jobs…

Peak orderbook of $6 billion reached The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched and priced its first Sustainable US dollar-denominated 750 million perpetual subordinated hybrid capital notes. On the 30th of January 2024 the African Development Bank launched a hybrid capital transaction with a coupon of 5.75% until August 2034, with a 10.5 year first call date at the Bank’s discretion. The Bank achieved a top quality and granular orderbook with over 275 investors, of which over 190 were allocated. Investor demand was very strong with a peak orderbook of over USD 6…

The African Export-Import Bank (Afreximbank), is pleased to announce that it has successfully acted as Joint Global Coordinator on the inaugural EUR 500M RegS-only senior unsecured social bond issuance by the Arab Bank for Economic Development in Africa (BADEA) under its newly-established Euro Medium Term Note (EMTN) program listed on the London Stock Exchange. BADEA is a development finance institution established in 1974 by 18 member countries of the League of Arab States (LAS) to provide targeted developmental financing to 44 non-Arab Sub-Saharan African countries, with total assets of USD 5.7bn as of June 2023. BADEA, rated Aa2/AA/AAA (positive/positive/stable) by Moody’s/S&P/JCR,…

The Arab Bank for Economic Development in Africa (BADEA), with a rating of ‘Aa2/Positive Outlook’ (Moody’s), ‘AA/Positive Outlook’ (S&P), and ‘AAA/Stable Outlook’ (JCR), has successfully made its debut on the international financial market by completing an inaugural fundraising operation of 500 million euros under a social label with a maturity of 3 years, a yield rate of 3.806%, and a coupon of 3.75%. This operation, the first since its establishment 50 years ago, generated strong enthusiasm with a final order book of more than 1.2 billion euros from over 50 high-quality investors based in more than 27 countries across 4…

Nigerian business aviation firm, Falcon Aerospace Limited, has appointed Jean-Claude Kouyo as its Director of Growth for the Europe, Middle-East and African (EMEA) regions. With this appointment, Mr. Kouyo will join the leadership of the company as its operations become increasingly globalized. An Ivorian based in France, Jean-Claude Kouyo had his education in France and the United States, and is fluent in both English and French. The flight safety and flight support specialist will be driving the growth of business for Falcon Aero in the EMEA regions. Falcon Aero is an aviation firm offering multiple customized services including aircraft charter…

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), has launched and priced a USD 2 billion 3-year Social Global Benchmark due 25 February 2027, its first social bond issued under its new Sustainable Bond Framework, established in September 2023. The Sustainable Bond Program seamlessly consolidates and enhances the African Development Bank’s existing Green and Social Bond programs, facilitating the issuance of green bonds, social bonds, and sustainability bonds. This new 3-year Social Benchmark is the Bank’s first global benchmark of the year, strategically aligning with the robust reopening of primary markets in January 2024. This issuance is…

During their last meeting on January 11 and 12, 2024, in Nouakchott, Presidents Macky Sall of Senegal and Mohamed Cheikh Ghazouani of Mauritania extensively discussed the Grand Tortue Ahmeyim gas field, which has been led since 2021 by Azerbaijani Emil Ismayilov, Senior Vice President of BP Mauritania and Senegal. According to our sources, the conversation focused on the newly announced delay of at least six months by the BP-Kosmos consortium for the export of the first cubic meter. Thus, the start date has been pushed from the first quarter of 2024 to the third, without a firm commitment from the…

The 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Meeting of the Board of Governors of the African Development Fund will take place at the Kenyatta International Conference Center in Nairobi, Kenya from 27–31 May 2023. The African Development Fund is the concessional arm of the Bank Group. The theme of the 2024 Annual Meetings is Africa’s Transformation, African Development Bank Group, and Reforms of the Global Financial Architecture. The Annual Meetings comprise Member States’ invitation-only sessions, closed bilateral meetings, as well as events open to all attendees, including the Press. They provide a forum for Bank Group…

Africa50 Group, the pan-African infrastructure investment platform has announced the successful first close of the Africa50 Infrastructure Acceleration Fund (Africa50 – IAF) on December 29th, 2023. securing $222.5 million in commitments. In an African first, Africa50-IAF secured participation from 16 African institutional investors, including sovereign wealth funds, pension funds, social security funds, insurance companies, banks and Development Finance Institutions (DFIs), underlining the commitment of regional stakeholders to drive transformative change on the continent. First close investors include notable names such as the African Development Bank (AfDB) and the International Finance Corporation (IFC). Africa50-IAF is a 12-year closed-ended infrastructure private equity…

Thanks to its various subsidiaries, between 2017 and 2023, Africa Global Logistics (AGL), logistics partner of the Confederation of African Football (CAF), successfully carried out the logistics operations for the construction of the six stadiums that will host the 2023 TotalEnergies CAF Africa Cup of Nations matches in Côte d’Ivoire from 13 January to 11 February. AGL Côte d’Ivoire was responsible for the transport, transit and customs procedures for nearly 2,000 TEU containers, or approximately 32,000 tonnes of equipment, for the construction and renovation of the Alassane Ouattara Stadium in Ebimpé, the Félix Houphouët Boigny Stadium in Abidjan, the Charles…

AGL, a major player in transport and logistics in Africa, today announces that it has obtained the certification of its QHSE Integrated Management System according to ISO 9001 (Quality Management), ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety Management) standards). This triple certification, issued by Bureau Veritas Certification, covers 154 of the group’s sites in 28 countries. This approach, initiated at the beginning of 2023, demonstrates AGL’s commitment to its stakeholders (customers, employees, suppliers, shareholders, etc.) to comply with legal, regulatory and contractual requirements in terms of quality, environment and safety. It also reflects the company’s desireto…

In 2023, remittances to low and middle-income countries reached an impressive $669 billion, bolstered by the resilience of labor markets in advanced economies and Gulf Cooperation Council (GCC) countries. These funds are vital for migrants sending money back home. Latin America and the Caribbean saw an 8% increase in remittances, South Asia 7.2%, East Asia and the Pacific 3%, and Sub-Saharan Africa 1.9%. Conversely, the Middle East and North Africa experienced a 5.3% decline for the second consecutive year, primarily due to reduced flows to Egypt. Remittances to Europe and Central Asia also decreased by 1.4%, a significant shift from…

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has once again been recognized as one of the 100 personalities transforming Africa by Financial Afrik, a leading business news magazine. The annual ranking, now in its ninth year, highlights influential individuals for their accomplishments over the preceding 12 months, their impact, and contributions to Africa’s socio-economic development. In December 2022, Dr Donkor was recognized as Development Banker of the Year. In 2023, he featured on the list as an “Integrator”. This speaks not only to his efforts…