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The Eastern and Southern African Trade and Development Bank (TDB) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, have signed a Memorandum of Understanding (MoU) to strengthen trade between OIC member states and those of TDB, during the World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco. Under the MoU, TDB and ITFC will harmonize their efforts to provide robust trade finance solutions to better serve their respective Member Countries in Africa. These solutions encompass an array of financing products such as Murabaha, syndications, co-financing, risk-sharing, and Islamic factoring.…

The Absa Africa Financial Markets Index 2023 reveals there has been continued progress in developing financial markets across Africa in the past year, with many AFMI countries taking steps to bolster their resilience against global market shocks. Now in its seventh year, the index scores African countries’ financial development based on measures of market accessibility, openness and transparency. With support from the United Nations Economic Commission for Africa, coverage in this year’s report has grown to 28 economies with the addition of Cabo Verde and Tunisia. The aim of the report is to show how countries can reduce barriers to…

​The international cruise season in Tunisia has been underway for several months now, and the city of Sfax is getting ready to welcome its first 2023 ship and its first cruise passengers from all over the world. The Renaissance, from Miami-based Compagnie Française de Croisières(C.F.C.), a former Holland America Line ship, was completely renovated in 2018. This 219m-long ship, which can accommodate up to 1,100 passengers on board, has 629 staterooms, 154 of which have private balconies. The Renaissance, one of the world’s largest cruise ships in its category, will dock at the port of Sfax on Thursday, October 12, 2023 at Quai N°8 from…

Adenia has acquired a majority stake in Enfin, a provider of solar funding solutions in South Africa. Adenia Partners (“Adenia”), a private markets investment firm committed to responsible investing and a sustainable Africa, has completed a majority investment in Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa, as the first investment from its fifth flagship fund (“Adenia V” or “the Fund”).  The investment comes at a time when South Africa’s long-running energy crisis has significantly escalated, impacting economic growth and the quality of life for millions of people. This year, South Africans have experienced record…

United Nations Secretary-General António Guterres announced Friday, the appointment of Claver Gatete of Rwanda as the next Executive Secretary of the United Nations Economic Commission for Africa (ECA). The Secretary-General wishes to extend his appreciation and gratitude to the former Executive Secretary, Vera Songwe of Cameroon, as well as to the Deputy Executive Secretary, Programme Support, Antonio M. A. Pedro of Mozambique, who will continue to serve as Acting Executive Secretary until Mr. Gatete assumes his functions. Mr. Gatete is currently Ambassador and Permanent Representative of the Republic of Rwanda to the United Nations in New York. A seasoned economist,…

H.E. President Denis Sassou Nguesso of the Republic of Congo conferred one of the country’s most prestigious national honours, the Officer of the Congolese Order of Merit, on Prof. Benedict Okey Oramah, President & Chairman of the Board of the African Export-Import Bank (Afreximbank), and Dr. George Elombi, the Executive Vice President, Governance, Legal and Corporate Services. Conferring the honours in his capacity as Grand Master of the National Orders at the decoration ceremony, President Nguesso told the audience that President Oramah and Dr. Elombi were being honoured for services rendered to the Congolese nation. The ceremony featured the reading of the decree…

The African Export-Import Bank (Afreximbank) in Brazzaville signed an agreement to provide a $300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30 per cent. Signed by Ibrahima Bagarama, Regional Chief Operating Officer – Central Africa, for Afreximbank, and John Chisholm and Olivier Okota, member of the Board of Directors and Director General of Trident OGX Congo respectively, the $300 million reserve-based lending facility will enable Trident OGX Congo to implement a capital expenditure programme to ramp-up crude oil production from the Mengo-Kundji-Bindi II (MKB II) oil fields. Under the terms of the…

The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) in order to position the continent’s small and medium enterprises (SMEs) to participate effectively in global trade. In an address to the Africa International Exhibition, which opened yesterday on the sidelines of the United Nations General Assembly in New York, Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of Bank President Prof. Benedict Oramah, said that SMEs participating directly in global trade faced stiff competition from multinational and significantly large corporates, making their chances…

Mauritius. 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 that Cassa Depositi e Prestiti S.p.A. (CDP Group) will be investing €20 million in the new MC IV fund to support mid-cap companies in North and Sub-Saharan Africa. Following the strategy of the previous Mediterrania Capital Partners funds, MC IV aims to invest up to €350 million in African businesses to help them reach their full potential and generate financial returns for investors. Mediterrania Capital Partners’ funds target mid-size companies operating in sectors…

WASHINGTON, DC: World Bank President Ajay Banga; International Monetary Fund (IMF) Managing Director Kristalina Georgieva; and Kingdom of Morocco Minister of Economy and Finance Nadia Fettah Alaoui, today issued the following statement: “Since the devastating earthquake in Morocco on September 8, the World Bank and the IMF staff have worked in close coordination with the Moroccan authorities and a team of experts to thoroughly assess Marrakech’s capacity to host the 2023 Annual Meetings. In undertaking this assessment, key considerations were that the Meetings would not disrupt vital relief and reconstruction efforts, and that the safety of the participants can be assured.…

From our Special Envoy to Djibouti, Abdoulaye Ba In Djibouti, the day after the inauguration of the Red Sea Power (RSP) wind farm on September 10, 2022, by President Ismaïl Omar Guelleh, we spoke with the architect of the project’s financing. Samaila Zubairu, president and CEO of Africa Finance Corporation, extensively explained the stakes of this project, which began in 2018 with the creation of the wind farm consortium followed by a bridge loan through own capital via Africa Finance Corporation (AFC) as the main developer, the Dutch entrepreneurial development bank FMO, mixed financing funds Climate Fund Managers (CFM), and…

“Independence is only the prelude to a new and more involved struggle for the right to conduct our own economic and social affairs” – Kwame Nkrumah, Pan-Africanist and father of African independence. “This statement made over 60 years ago continues to ring true today. It underlines the position that despite attaining political independence, Africa’s emancipation was far from complete and the quest for economic independence still lies ahead. This quest continues and makes it imperative for us to work collectively to find African solutions to the challenges facing our continent,” said Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank,…

The Kigali International Financial Centre (KIFC) in collaboration with the AVCA – African Private Equity and Venture Capital Association has launched a new report titled “Unlocking the Potential of Digital Payments in Africa: A Comparative Analysis of Regulatory Sandboxes and Payment Service Providers.” The report showcases the current situation regarding the uptake of digital payments in Africa, characterized by the continuous global growth of e-commerce volumes. It also touches on the role of regulatory sandboxes and payment service providers in promoting the growth of digital payments across the continent. The report findings are based on extensive research and analysis, including…

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…