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Johannesburg, the capital of South Africa, is hosting from October 16-20, 2018, the second annual summit on the promotion of pan-African investments. Called the Tropics Business Summit, this meeting will focus on the theme: “accelerating startups in emerging markets through financial partnerships for inclusive growth and sustainable development”. A series of activities are announced over the five days, including conferences, corporate exhibitions, capacity building workshops, etc., according to a statement from the organization. Note that the first edition of this summit was held in October 2017 in South Africa. It brings together more than 150 entrepreneurs, company directors, young innovators,…

The Fongip will better meet the expectations of the State, partners and beneficiaries The institutional change of Fongip has just been launched by its Board of Directors at its last meeting of June 28, 2018 on the approval of the financial statements for the year 2017 of the institution It will promote an appropriate framework and sufficiently standardized to meet the new expectations of the State, partners (Banks, Sfd and others) but especially the main beneficiaries (SMEs, VSEs of young people and women). The proposed model for institutional change from Fongip assimilated to an agency to a FONGIP SA,…

Yaoundé – Citi is pleased to announce the appointment of Gordon Acha as Citi Country Officer (CCO) for Cameroon. Gordon will report to Citi Cameroon Board of Directors chaired by Khady Dior Ndiaye, Citi Country Officer for Côte d’Ivoire and Citi Business Head for French West & Central Africa. Gordon has over 23 years of Institutional Banking experience covering the United States, Cameroon, Côte d’Ivoire, Gabon and South Africa. He joined Citi Cameroon in 1998 and served in a number of roles including Relationship Manager, Global Relationship Banker and Financial Institutions Head, Corporate and Commercial Banking Head. In 2009, Gordon…

Africa Oil & Power, the continent’s premier platform for energy investment and policy, and the African Energy Chamber (AEC) signed a strategic partnership in Johannesburg today. Both organizations will be sharing capacities to facilitate investments and deal-making in Africa across their networks. Under the agreement, the AEC will also become an official partner of the Africa Oil & Power 2018 conference taking place September 5-7, 2018 in Cape Town. As part of the partnership, the Africa Energy Chamber is extending to all its members and partners across its network an exclusive discount of 15% to attend the summit in…

Kanayo Awani, Managing Director, Intra-African Trade Initiative, Afreximbank (2nd right), and Ebrima Faal, Senior Director, Nigeria Country Office, African Development Bank (AfDB), watched by Enga Kameni of the Afreximbank Legal Services Department (right) and a legal officer from AfDB, as they sign the agreement in Abuja.     Abuja, 15 July 2018: – The African Export-Import Bank (Afreximbank) has entered into an agreement under which the African Development Bank to provide it with a $500,000 grant from its African Private Sector Assistance (FAPA) programme to be used in supporting emerging factoring firms in Africa. The Agreement, signed at the Afreximbank Annual Meetings and…

The TROPICS BUSINESS SUMMIT 2018 will hold Conferences, Workshops, Exhibitions, Panel Discussions between Government authorities, Entrepreneurs, CEOs, Financiers and Academia from all continents. The Summit will carry more practical meaning and enjoy more popularity with its open exhibitions. The 2nd edition of the TROPICS BUSINESS SUMMIT is scheduled on 16-20 October 2018 at the Parktonian All-Suites Hotel by Marriott in Johannesburg, South Africa.The 2018 theme is “Accelerating startups in emerging markets through financial partnerships for inclusive growth and sustainable development.” In a span of five days, an array of activities are staged including Conferences, Corporate Exhibitions, Capacity Building Workshops, Country…

Secretary-General António Guterres concluded the second annual UN-African Union Conference in Addis Ababa, as part of ongoing efforts to strengthen relations between the two organizations. Held from 9 to 10 July, the meeting covered issues addressed in the AU-UN Joint Development Framework, including the issue of peace and security. “We feel the wind blowing in the direction of peace,” he said, referring to recent developments such as the Ethiopian Prime Minister’s historic visit to his rival and neighbor, Eritrea, as well as the peace talks on South Sudan. “All this gives us hope that the African continent is moving more…

Absa, formerly known as Barclays Africa, has just adopted this new logo on Wednesday, July 11th. The launch of the new look also marks the effective separation of the entire Absa group from Barclays Africa Limited, to adopt the name of Absa Bank Limited, and this in all its markets. All the same, Barclays, which is no longer part of the Absa brand, remains a partner of the group and still holds a 14.9% stake in the company. In its operations outside South Africa, the bank will retain the current Barclays brand image for the time being. The reason is…

In financial difficulty, Kenyan cementist ARM Cement has just won a decisive round in its fight for survival: the International Finance Corporation (IFC) will finance the purchase of 12 billion shillings of its debt ($ 120 million). The financial terms of the operation, which will become effective in 2019, were revealed today by the Business Daily. Specifically, ARM will buy back – with the support of IFC – a portion of its existing short and medium-term debt, which is relatively expensive (up to 17.5% annual interest rates), to replace it with the new borrowing terms of its institutional creditor (6%…

Contrary to the unfounded claims made yesterday by DP World, the opening of the Djibouti International Free Trade Zone (DIFTZ) is fully in line with international laws and standards. The opening of the DIFTZ does not violate DP World’s contractual rights in any way. Aboubaker Omar Hadi, Chairman of DPFZA, said: “DPFZA deeply regrets the repeated, misleading comments from DP World. DP World seems to be engaged in a sustained but futile campaign to misrepresent the facts. DP World’s stubborn behaviour and attitude towards Djibouti, including its attempt at rent-seeking in regard to the operation of Doraleh Container Terminal (DCT),…

The Orange Côte d’Ivoire telephone operator proceeded on Tuesday 10 July with the launch of an Orange Money withdrawal and payment card. It is a new solution for quick and secure payment from the mobile money account for transactions in the West African Economic and Monetary Union (UEMOA) zone. It offers an alternative for customers to make transactions in the ATMs (ATMs) / ATMs of the Visa network. According to Marius Yao, CEO of the company, “this card will allow customers over 21 years to pay for purchases in stores and outlets equipped with an electronic payment terminal and buy…

CICA-Ré, reinsurer of the CIMA zone, is doing well. Sales in 2017 amounted to CFAF 46.3 billion, up 21% over the previous year. Half of this amount is made in the CIMA zone (14 countries), reads in the 34 th annual report presented on the sidelines of the 36th general meeting of the company held on June 28 and 29, 2018 in Yaoundé. Statutory sales represented 18.66% (22.57% in 2016) of sales and recorded a decrease of 3.91 points compared to the previous year. Conventionals, which accounted for 77.43% of sales in the year under review, amounted to 81.34% in…

The Annual Meetings and 25th Anniversary celebration of the African Export-Import Bank (Afreximbank) ended in Abuja yesterday with President Muhammadu Buhari of Nigeria saying that the Bank, through its dynamism and tenacious leadership, had proved that Africans could come together to build something meaningful. Delivering a keynote address at the closing ceremony, President Buhari said that those attributes had enabled the Bank to achieve the success which it had enjoyed since its establishment 25 years ago. Dr. Benedict Oramah, President of Afreximbank, told guests that, “Since January 2016, 13 African countries had joined the Bank as Participating States and/or Shareholders, bringing…

The Ordinary General Shareholders’ Meeting of United Bank for Africa (UBA-Senegal) was held on June 8, 2018 at the Bank’s headquarters on the Almadies Route, under the direction of Mr. Fogan SOSSAH, Chairman of the Board of Directors. This meeting attended by the shareholders of the bank, as well as the Director General of UBA-Senegal, Mrs. Amie Ndiaye SOW, allowed the Board of Directors to present its annual report and the accounts of the exercise. It was also an opportunity for shareholders to renew their confidence in the executive bodies of the bank and all its staff. The general report…

The Executive Secretary of the Economic Commission for Africa (ECA), Vera Songwe, today urges Nigeria to join the movement of the African Continental Free Trade Agreement (CAFTA) after appropriate consultations and offers the ECA support to join South Africa and the other 48 countries already signatories to the CAFTA. Speaking at a symposium organized by ECA to celebrate the work and life of his former Executive Secretary, Prof. Adebayo Adedeji, Ms. Songwe said some countries did not sign the ZLECA in Kigali, Rwanda, three months ago because they prefer to undertake internal consultation processes first. . At the recent African…

As a result of unsuccessful negotiations, the expiry on 30 June of the 15-day strike notice filed with the Total Gabon Executive Board. The strike concerns all the facilities of Total Gabon, a subsidiary of Total French Group, where its staff operates, was initiated Monday by the National Organization of Petroleum Employees (ONEP) to defend the interests of Total Gabon employees. The strike should be followed in Libreville, Port-Gentil, on the sites of Anguille, Mandji Island, Cape Lopez and Torpille, it is said. An attempt at conciliation had been initiated successively from 29 June to 1 July at Port-Gentil, at the…

Subsidiary of the BCP group through its Upline Group investment bank, Upline Capital Management (UCM), a third-party asset management company, was recently awarded the prestigious Thomson Reuters Lipper awards. It is indeed two UCM funds that have been awarded in the following three categories: -FCP AL BADIL CHAABI ASHOUM: best fund over 3 years and best fund over 5 years, category “Equity Morocco”; -FCP KENZ YIELD: best fund over 3 years, category “Mixed Asset Mad Balanced” (or diversified funds). These awards attest to the performance of UCM’s management teams, decision-making processes and governance. For more than three decades, the Thomson…

The Gabonese Society for Agricultural Transformation and Rural Development (SOTRADER) has received funding from the African Development Bank Group (AfDB) for the resources of the African Private Sector Assistance Fund (FAPA) to cover the cost of the project. technical assistance to strengthen the management and financial inclusion capacities of Seed Program cooperatives and planters. This is what specifies, Tuesday, July 10, a notice for expression of interest that specifies that a portion of the sums granted under this gift will be used to finance the contract of recruitment of a company specialized in agricultural entrepreneurship. The deadline for submitting offers…

The amount of gold mined in Gabon, mainly in the traditional way, has never revealed its real turnover for decades because undeclared gold miners from the Central African subregion exploit gold mines in the country. Gabon without any control of the State, rather focused on the sectors of oil, manganese and wood, because more profitable. According to the Gabonese Ministry of Mines, artisanal gold miners would produce on average between 25 and 55 kg of gold / month at the rate of 5000 FCFA per gram. This estimate was made following an audit conducted by the French Bureau of Geological…

The African Export-Import Bank (Afreximbank) and the World Trade Center Miami Inc (WTCM) have signed a three-year memorandum of understanding (MoU) that will enable the two institutions benefit from each other’s knowledge, experience and capabilities in pursuing the expansion of US-Africa business relationships. Under the terms of the MoU, signed on 12 July during the Afreximbank Annual Meetings and 25th Anniversary Celebrations taking place in Abuja, Afreximbank and WTCM will use their resources to strengthen the commercial partnership between countries in the Americas and Africa. They will collaborate in Miami, the United States, the Americas and throughout Africa to mobilize public and private…

Global trade enabler warns against violation or face legal action DP World reiterated today that its concession agreement for the Doraleh Container Terminal (DTC) remains in force, warning that the government’s illegal seizure of the facility doesn’t give the right to any third party to violate the terms of the concession agreement. DP World statement came in the wake of news reports on the opening of the first phase of the Chinese-built International Free Trade Zone, in violation of DP World’s exclusive management rights. A DP World Spokesperson said:”This is yet another clear example by the Djiboutian Government of…

Published on July 4, SWIFT’s report, Payments in Africa: Overview of African Trade Flows, reveals that payment clearing and commercial transactions are growing across the continent. The report compares commercial payment flows with financial flows, showing an increase in the use of African currencies for cross-border payments and a decline in the predominance of North American clearing banks and the use of the US dollar. Over the period, there is a decrease in the number of foreign correspondent banks in most African regions. The report also identifies the factors behind this change and their impact on the banks represented in…

Former banker at the Citi, Gabriel Fal launched CGF Bourse in 1998 while the Regional Stock Exchange began. Twenty years later, the first SGI approved in Senegal, carried on baptismal font with 6 employees counts 39 and, above all, a long pedigree of operations arranged and structured on the regional financial market. Among other things, the listing of Sonatel, which now accounts for 43% of the BRVM’s capitalization, the bond issue of the Autonomous Port of Dakar in 2003 and, two years later, the very first bond issue of the State of Senegal buckled with a record underwriting of 90…

The two leaders in the banking sector are neck and neck. Thus, Attijariwafa Bank holds 23.79% of the outstanding credit market share against 23.78% for the BCP. The Horse Bank is first in terms of deposits with 26.28% of market share against 24.97% according to the figures of the “Analysis & Research” department of the stock company Crédit du Maroc Capital (CDMC). The two leaders are in a pocket handkerchief on net banking income. Thus, Attijariwa Bank presents a GNP of 11.5 billion dirhams (1.26 billion dollars) against 11.43 billion dirhams for the BCP (1.25 billion dollars). The two leaders…

The EIB and AfDB provide financial support to SNIM for a total amount of US $ 109 million.   This funding is intended for the deepening and widening of the access channel of the Nouadhibou ore port.   Through this support to the National Industrial and Mining Company (SNIM), the second largest employer in Mauritania, the EIB and AfDB contribute to securing the economy and growth in the Sahel region. The European Investment Bank (EIB), which is the bank of the European Union, and the African Development Bank (AfDB) have concluded financing of $ 59 million and $ 50 million,…

Secretary General António Guterres concluded the second annual UN-African Union conference in Addis Ababa, as part of ongoing efforts to strengthen the relationship between the two organizations. Held on 9 -10 July, the meeting covered the issues elaborated in the joint AU-UN development framework, including peace and security. “We feel a wind blowing in the direction of peace,” he said, referring to recent developments such as the historic visit by Ethiopia’s Prime Minister to rival and neighbour Eritrea, as well as peace talks on South Sudan, where conflict has raged since 2013. “All this gives us hope that the African continent will be…

The Government of Republic of the Sudan signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) to work together towards helping the country better prepare to efficiently deal with extreme weather events and natural disasters. The MoU was signed during the ARC ‘Lessons Learned Workshop’ for the countries of East and Southern African (ESA) region which held at the Capital on the Park Hotel, Johannesburg, South Africa, to take stock of the ARC programme implementation. The Minister of Interior, Mr. Ibrahim Mahmoud Hamad, represented by Dr. Hashim Hussein, the Secretary-General of the Sudanese National Council for Civil…

Meeting in the frame of the European Development Days 2018 in Brussels, Abdou Samb, President of FRS Consulting and expert at the European Commission for questions related in particular to the innovation, delivers his point of view on the upheavals brought by the digital the continent in this exclusive interview granted to Financial Afrik Interview by Szymon Jagiello, Financial Afrik’s European Affairs Correspondent How would you characterize the African business community in the digital world? First of all, let me mention the new paradigm that is gradually taking hold in Africa and that is tending to completely change…

After having undergone a deep restructuring of Ecobank Nigeria for just under three years and successfully returned to profitability, Charles Kié would soon have left the Ecobank group. Having arrived at the head of Ecobank Nigeria in January 2016, in the midst of the economic crisis of the first economy of the African continent, the Ivorian had the difficult task of restoring the accounts of the largest subsidiary of the Ecobank group, the first international bank and the Sixth of the Nigerian market, which then had a total balance sheet of about $ 10 billion, a workforce of about 10,000…