Author: Editor

African Export-Import Bank (“Afreximbank” or the “Group”) has released the consolidated financial statements of the Bank and its subsidiaries, for the half year ended 30 June 2023. The results demonstrate a strong and resilient performance, which was ahead of expectations. Afreximbank Group’s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December 2022 (FY-2022) to approximately US$30.1 billion as of 30 June 2023. The growth was driven by the increase in loans and advances to customers, which grew by 13% to close the period at US$26 billion. The liquidity position remained strong at US$3 billion, representing 11%…

Senegalese President Macky Sall is a respected leader, both in his country and globally. He has served as chairman of the African Union and championed African issues in and out of Africa.But one of the first things that comes to mind when we think of Macky Sall is that he is a champion for our continent’s energy industry. In an era when the foreign voices urging Africa to accept energy transition timetables not in their best interest are loud and insistent, Sall has unapologetically stood up for what’s right for our continent. Most recently, he has done so at the…

This figure was discussed at the eleventh Conference on Climate Change and African Development (CCDA11) during a session on climate finance, moderated by Harsen Nyambe of the African Union Commission. There is a substantial financial gap in climate finance in Africa. Yet climate disasters cost between 5 and 15% of GDP each year. According to the United Nations Economic Commission for Africa (ECA), the implementation of African Nationally Determined Contributions (NDCs) requires nearly $3 trillion, including about $2.5 trillion between 2020 and 2030. With the support of developed countries and the private sector, Africa must take ownership and define its energy transition…

World leaders on the second day of the inaugural Africa Climate Summit in the Kenyan capital Nairobi have pledged their support to position the continent at the epicentre of the fight against climate change, urging greater consideration for Africa’s needs. The historic three-day event, hosted by the government of Kenya and the African Union, which kicked off on Monday, has mobilised heads of state and government, international organisations, non-governmental organisations, civil society as well as hundreds of African youths to discuss ways to deliver innovative green growth and climate finance solutions. Much of the conversation have focused on climate adaptation,…

African Export-Import Bank (“Afreximbank” ) is participating in the inaugural Africa Climate Summit, at which leading decisionmakers – from Africa and the wider international community – are gathering to discuss Africa’s exposure to climate change and its associated costs, with solutions and commitments for action to be formalized in the “Nairobi Declaration”. The event – convened by the African Union and hosted by the Government of Kenya – aims to create a forum in which government officials, policymakers, climate experts, businesses, civil society organizations, and international delegates can develop Africa-centric solutions which can be presented to the broader global community at the…

Nairobi, Kenya, 4 September 2023 (ECA) – Africa, which has suffered climate change impacts the most, must accelerate climate action through effective strategies to ensure a just transition, the Economic Commission for Africa (ECA) Acting Executive Secretary, Antonio Pedro has challenged leaders. “The lack of the right global enabling environment and strong global action on climate would lead to dire consequences for all of us,” Mr. Pedro, said, in closing the three-day 11th Conference on Climate Change and Development in Africa (CCDA), which concluded with technical inputs for the 4-6 September Africa Climate Summit also being held in Nairobi, Kenya. Reiterating that without effective…

Nairobi, 5 September 2023. CYNK, Africa’s first verifiable emissions reduction platform, has announced a landmark carbon forwards trade of over two million credits, at the Africa Climate Summit in Nairobi, Kenya. This represents the largest worldwide launch deal to date, representing over 2 million tonnes of CO2e. CYNK is an African based end-to-end platform for the measurement, verification and sale of high-quality verifiable emissions reductions (VERs). CYNK is designed to enable funding for the full life cycle of projects which are answering the call to action on climate change and social impact. This milestone trade represents a proof of concept…

African Export-Import Bank (Afreximbank) has signed a formal agreement for the acquisition of land for the New Administrative Capital African Trade Centre (NAC-ATC), which will house the Bank’s headquarters, along with other trade-supporting facilities and entities, in Egypt’s new administrative capital in Cairo. The agreement provides for a complex that includes a conference centre, a hotel, an exhibition centre, an innovation hub and retail facilities. Signed by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Mr. Khaled Mahmoud Abbas, Chairman of the Board and Managing Director of the Administrative Capital for Urban Development Company,…

 The African Export-Import Bank (Afreximbank) signed an MOU with the United Arab Emirates (UAE) Trade Center, to promote the TRADAR Club solution in the market.The Cooperation Agreement, signed between Afreximbank and the UAE Trade Center on the sidelines of the Intra-African Trade Fair (IATF2023) Press Conference and B2B Meetings in Dubai United Arab Emirates (UAE), provides for the two institutions to commence harmonisation of their efforts in various areas of collaboration to support the TRADAR Club objectives.The agreement was signed by Ms. Lizanne Case, Head of Trade Intelligence Solutions on behalf of Afreximbank, while Mr. Walid Hareb AlFalahi, Chief Executive…

· Eight finalists emerged from an impressive pool of 1,490 Fintechs drawn from 64 countries in and beyond Africa. · The Grand Finale will take place on 6 October at the Ecobank Group Pan African Centre in Lomé, Togo. · All finalists will be admitted into the Ecobank Fintech Fellowship Programme. · The overall winner of the Ecobank Fintech Challenge will receive a cash prize of US$50,000, in addition to being admitted into the Fellowship Programme. Over 1,400 Fintech startups from 64 countries across Africa and beyond applied for this year’s Ecobank Fintech Challenge with eight of them making the cut to the final…

African Risk Capacity (ARC) Limited has announced the appointment of two non-executive directors to its Board. The hybrid mutual insurer and financial affiliate of the African Risk Capacity Group has appointed Deepak Dave and Maxwell Mkwezalamba for a three-year term, ending with the ARC Ltd. AGM in 2026. The pair have extensive Board experience in directorship roles and expertise across the African political network, meteorology, climate change, insurance, the financial sector and development in Africa. Deepak Dave has more than 24 years’ experience in banking, capital markets and private finance in Canada, the UK, Africa, among others. His strengths lie…

Africa should harness its vast mineral reserves to drive economic transformation and accelerate sustainable development on the back of power poverty, the Acting Executive Secretary of the Economic Commission for Africa, Antonio Pedro has urged, highlighting that the continent is well position to spearhead clean energy transition. “The top priority for Africa is to achieve inclusive and sustainable economic transformation that delivers tangible impacts on job creation and poverty eradication while addressing the triple planetary crises of climate change, biodiversity loss and pollution,” Mr. Pedro, said in a video address at the 17th August opening of the 19th Ordinary Session of the…

The Arab Bank for Economic Development in Africa (BADEA) has just been rated AAA with a stable outlook by the Japan Credit Rating Agency (JCR). The Arab Bank for Economic Development in Africa (BADEA) is a multilateral development bank (MDB) established by Arab countries (Members of the League of Arab States – LAS) to promote economic development in (non-Arab) African countries. Its three main activities are participating in financing economic development in the African countries, stimulating the contribution of Arab capital in African development, and participating in providing the technical assistance required for development in Africa. The rating is based…

His Excellency Dr. Sidi Ould Tah, President of BADEA, signed three significant agreements with the Republic of Benin with a total amount of USD 100 Million (CFA Francs 60 Billion) to boost Benin’s private sector, improve food security, adapt to climate change and support the development finance landscape in West Africa. These strategic framework and loan agreements were signed in Cotonou, with H.E. Mr. Romuald Wadagni, Senior Minister / Minister of Finance and Economy of Benin in the presence of H.E. Mr. Gaston Cossi Dossouhoui, Minister of Agriculture. On this unique occasion, H.E. Dr. Sidi Ould Tah said: “The Republic…

Vista Group has agreed with ECP, BIO, DEG, Proparco and Envol Afrique to acquire, subject to regulatory approvals,  61.4% of Oragroup S.A, the holding company of Orabank based in Lomé and operating in 12 West and Central African countries (Togo, Cote D’Ivoire, Benin, Senegal, Burkina-Faso, Guinea, Guinea-Bissau, Mali, Niger, Tchad, Gabon, Mauritania) with total assets of $7.7 billion as of end of 2022. The entities (Vista and Oragroup) will create a Tier 1 banking group covering 16 countries with more than 270 branches and represent total combined assets of more than $10 billion. This new acquisition by the Vista Group now significantly extends its presence to other markets and geographical areas (100%…

Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), in the company of the Hon. Mia Amor Mottley, Prime Minister of Barbados, Dr. the Hon. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, the Hon. Phillip Pierre, Prime Minister of St. Lucia, the Hon. Dickon Mitchell, Prime Minister of Grenada, H.E President Olusegun Obasanjo (GCFR), Former President of the Federal Republic of Nigeria and Chairman of the Intra-African Trade Advisory council, as well as other dignitaries from Africa and the Caribbean community region presided over the official opening of the CARICOM office…

Africa should develop regulatory mechanisms to supervise international credit rating agencies (CRAs) to avoid erroneous assessments that discourage investment on the continent, an experts report has recommended. “African regulators need to develop regulatory mechanisms to supervise the work of international CRAs operating within their respective jurisdictions to ensure proper conduct of business and enforcement. It is imperative for regulators to ensure accountability on inaccurate rating opinions issued in Africa, African experts said in a report, African Sovereign Credit Review Mid-Year Outlook. Poor ratings affect investment in Africa The joint report by the Economic Commission for Africa (ECA) and the African Peer…

The most beautiful palace in Kigali celebrates its 50th anniversary from August 4th to 6th, 2023. Opened in 1973, this establishment immortalized in the movie ‘Hotel Rwanda’ offers suites, bars, and restaurants in a festive ambiance. Its destiny is intertwined with the events of this country, which was the stage of one of the greatest tragedies of the 20th century. Hotel Mille Collines experienced by Prince Balla Moussa Keita. In 1991, during an inaugural flight of Air Zaire from Kinshasa to Kigali, the capital of Rwanda, I found myself face to face with Mr. M Amri SUED, the late ambassador…

African debt management officers from eastern and southern African countries received a training on Loan Negotiation and Foreign Exchange Risk Management. With the objective of enhancing the negotiation of fair and balanced loan contracts with external lenders, from 17 to 21 July 2023, the African Legal Support Facility (the “ALSF”), the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (‘‘MEFMI’’), the Currency Exchange Fund N.V. (‘‘TCX’’) and the Eastern and Southern African Trade and Development Bank (‘‘TDB’’) “Organisers”) have brought together African government debt management officers (“DMOs”) from the eastern and southern African region in a five-day workshop in Dar-es-Salaam, Tanzania. An increase…

By George Orido in NAIROBI-KENYA  President Dr William Ruto of Kenya has announced that Africans coming to Kenya might soon need no visa. Mr. Ruto said Kenya was the cradle of mankind and that alone should inform the decision to waive visa requirements for all African countries entering Kenya. “Scientists, and I am one of them, have long established that Kenya is the cradle of mankind and if you start feeling at home then you are truly at home,” he said amidst applause from delegates attending the Mid-Year Africa Union meeting in Nairobi. He added; “Next time you come to…

Ocorian, the specialist global provider corporate and fiduciary, fund administration, and capital markets services to financial institutions, corporates and high net worth individuals, is strengthening its US Capital Markets team with a senior appointment. Anton J. Britton has joined as Head of Business Development, Capital Markets based in New York where Ocorian is rapidly expanding its range of services. He brings more than 20 years’ experience in the financial services industry which most recently has involved working with large US-based public pension fund client managing complex relationships with public and Taft Hartley pension plans. He also has extensive experience in…

The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA) has approved 8 social and environmental impact projects in West, Central and Southern Africa as well as the Sahel region. These new approvals aim at fostering both Arab-African cooperation and African regional integration, supporting impactful environmental projects that focus on addressing African climate change, and closing the development gap in Africa, in line with BADEA’s 2030 Strategy, the United Nations SDGs and the African Union’s 2063 Agenda. Four public sector projects and three capacity development grants worth USD 110.765 Million (65 Billion FCFA), in five countries…

Building on the success of its official launch ceremony last year in Rabat under the High Patronage of His Majesty King Mohammed VI, may God Assists him, The African Sovereign Investors Forum (ASIF) held its second annual meeting in Kigali, Rwanda, on July 6-7. Under the theme “Strategic Partnerships: Driving Africa’s Resilience and Sustainable Development”, this year’s edition was hosted by Rwanda’s sovereign wealth fund Agaciro Development Fund. Among the participation of ASIF’s sovereign wealth funds executives, this second meeting hosted the Republic of Rwanda’s Prime Minister, Dr. Edouard Ngirente, as well as members of his government, naming Mr. Eric…

The United Nations Economic Commission for Africa (ECA) in collaboration with Bank of Tanzania and Frontclear – an institution dedicated to money market development working in Tanzania since 2016 and ECA’s technical partner – organized a 2-day workshop to launch the feasibility of an Umbrella Guarantee Facility (UGF) for the Tanzanian market. The UGF – or Tradeclear – is a systemic approach to reducing counterparty credit risk in the market, the key challenge behind market segmentation. Entrenched market segmentation pushes banks to rely on central bank standing facilities for their liquidity adjustment, despite often high levels of excess liquidity in…