Author: Editor

Lomé, 14 July 2023 – Ecobank, the leading pan-African Banking Group, has been named Africa’s Best Bank for SMEs (small and medium-sized enterprises) by the prestigious Euromoney Awards for Excellence for the second year running, having also won the accolade in 2022. Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “This award reflects Ecobank’s absolute commitment to supporting African SMEs and our continuous suite of innovations – financial and non-financial – to spur their growth and success. We aim to be the bank of choice for Africa’s SMEs. Undoubtedly, these SMEs are the key drivers for Africa’s economic growth, as they…

Kinshasa, 13 July 2023 – Rawbank, the leading bank in the Democratic Republic of Congo, publishes its results alongside its 2022 annual report. The year saw a dynamic performance with diversification and an increase in loans to clients of 39%. The bank’s twentieth year of activity ends with a strong and sturdy financial position. Rawbank’s commercial activity in 2022 was particularly solid, with a balance sheet total of US$4.14 billion. Lending increased by 39% from the previous year to US$1.3 billion. Supported by sustained growth, Rawbank increased its shareholder equity, which will allow it to lend to support the dynamism of…

The Launch Event placed the limelight on Global Food Security Issues and Provided Engagement and Collaboration Opportunities for African and Arab Businesses in the Agricultural & Food Sectors Prof. Benedict Oramah, President & Chairman of Afreximbank and Chairman of the AATB Executive Committee, in a handshake with Eng. Hani Sonbol, CEO of ITFC and Secretary General of the AATB, after declaring the Food Security Programme by the AATB duly launched. The Executive Committee of The Arab-Africa Trade Bridges (AATB) Program, a multi-donor, Inter-regional program, launched a US$1.5 billion Food Security Program to address the issues of food insecurity in the Arab and African regions amidst…

· Africa50 and International Solar Alliance (ISA) will engage in mutual capacity-building and synergize, leveraging each other’s networks to mobilize funding and raise awareness of African solar projects in European and Indian markets. Africa50, the pan-African infrastructure investment platform and the International Solar Alliance (ISA), an action-oriented, member-driven, collaborative platform for increased deployment of solar energy technologies, today signed a Memorandum of Understanding (MoU) to support and finance solar projects in Africa. This partnership advances the organizations’ mutual goal of increasing the deployment of solar, to improve energy access, ensure energy security, and drive the energy transition around the world. …

The Africa50 Infra for Africa Forum kicked off this morning in Lomé, Togo, with a landmark signing of an asset recycling agreement. Asset Recycling is an innovative initiative led by Africa50 for governments to monetize existing infrastructure assets through a concession to the private sector with funds received being reinvested in other priority projects. The agreement with the Republic of Togo, is expected to free the Government from all or part of the debt associated with the Lomé-Kpalimé Road project, thus freeing up some fiscal headroom to allocate public investments to other priority infrastructures for the country. The road users,…

Drives digital transformation and growth of DRC’s mobile network market – Supports the development of state-of-the-art telecom towers across the Democratic Republic of Congo, sub-Saharan Africa’s largest country – Increases last-mile connectivity in a mobile subscriber market projected to grow by 22 million subscribers by 2030 The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has committed US$30 million to Eastcastle Infrastructure (“Eastcastle”), a platform company that owns, operates, and develops shared telecom tower infrastructure in countries across Africa. The investment enables the purchase and development of telecom towers across the Democratic Republic of Congo (DRC) for the…

The African Trade Insurance Agency (ATI) is set to hold its upcoming Annual General Meeting in Kigali, Rwanda – the pan-African multilateral trade & investment insurer has disclosed. The event is scheduled to take place from the 5th to 7th July 2023 and is expected to comprise the 23rd Ordinary Annual General Meeting of Shareholders (AGM) and an Investor Roundtable. The Roundtable will discuss Africa’s trade and investment risks under the theme: Re-thinking Risk. Enabling Finance, against the backdrop of the continent’s economic fallout stemming from the Covid-19 scourge, the negative consequences of Russia – Ukraine war, and climate change. “Several…

The African Securities Exchanges Association (ASEA) has signed a memorandum of understanding with SecondSTAX, a technology company that is building solutions to enhance intra-Africa capital and investment flows, to support the success of the African Exchanges Linkage Project (AELP) which aims to integrate all exchanges across the continent and to facilitate seamless cross-border trading of securities. SecondSTAX will provide technical and operational support to ensure the successful delivery of AELP, which is the flagship project of the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB) to enable the free movement of institutional investments between participating exchanges and licensed investment firms across…

The African Export-Import Bank (Afreximbank) and Al-Mahaliya Inc. of Mauritania recently signed a EUR 19.6 million financing agreement for the development of a 100-metric tonnes per day dairy processing and bottling plant in Nouakchott.  The agreement, signed on the sidelines of the 30th Afreximbank Annual Meetings (AAM2023), is expected to boost the local dairy sector and associated value chains in Mauritania and to help standardize the industry. According to the agreement, the development of the dairy processing and bottling plant, which fits within Afreximbank’s industrialization and export development strategy, will facilitate and provide financing for the manufacturing sector through agro-processing and…

The global rating agency, Fitch Ratings, on 20 June 2023 affirmed the African Export-Import Bank’s (Afreximbank) Long-Term Issuer Default Rating (IDR) at ‘BBB’, with a Stable Outlook. Fitch also affirmed Afreximbank’s Short-Term Issuer Default Rating at ‘F2’ and the Long-Term ratings on the Bank’s Global Medium Term Note Programme and Debt Issuances at ‘BBB’. The rating affirmation is a strong testament of the Bank’s systemic relevance to Africa and captures the increasing number of the key mandates given to the Bank by the African Union (AU), such as the implementation of the health response to the COVID-19 pandemic and the support for access to…

Practical roadmap for easing the debt burden for low-income countries while freeing up funds for climate needs World leaders attending this week’s Summit for a New Global Financing Pact praised the African Development Bank for finding a solution that would enable rich countries to reallocate part of their Special Drawing Rights (SDR) to low-income countries through multilateral development banks. The technical solution preserves the asset reserve status of the SDRs and would unlock hundreds of billions for Africa. The African Development Bank and the Inter-American Development Bank have been leading calls for the reallocation of the SDRs through multilateral development banks like…

In line with the call from the Paris Summit for a New Global Financing Pact, the European Investment Bank (EIB) has committed to intensify its support for the Global South and to join innovative mechanisms to accelerate a just transition in developing countries. The EIB has also agreed with the European Commission to strengthen their existing cooperation on most initiatives carried out around the globe as Team Europe under the EU’s Global Gateway investment strategy. The aim is to boost investment in key sectors such as energy transition and healthcare and to develop new tools to support low- and middle-income…

AGL Senegal, Senegal’s transport and logistics specialist, has just completed a major logistics operation for the “Sabodala Massawa” gold project, demonstrating its expertise and commitment to local development. In June 2023, the company successfully completed a large-scale logistics operation, mobilizing its teams and using state-of-the-art equipment such as the 12L2F modular hydraulic trailer. For this shipment, 35 packages were unloaded at the port of Dakar, and delivered in perfect condition. These included 3 oversized engines, each weighing 100 tones, representing a major logistical challenge. This major operation required coordination with various players, including the autonomous port, the national electricity company,…

The African Export-Import Bank (Afreximbank) and ARISE Integrate Industrial Platforms (ARISE IIP) today in Accra signed a term sheet for a US$400 million tranche under a proposed US$1 billion global credit facility to support ARISE IIP in the development of industrial parks and Special Economic Zones (SEZs) in several African countries and to avail funding to meet trade finance requirements and to finance capital expenditure in support of expansion of operating Industrial Parks.. Signed by Ms. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank, and Gagan Gupta, CEO ARISE IIP, for the company, at the ongoing Afreximbank Annual Meetings,…

The African Export-Import Bank (Afreximbank) today in Accra launched its wholly owned insurance management services subsidiary, AfrexInsure, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa. Established in 2021, AfrexInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa. With credible knowledge of Africa, AfrexInsure will leverage on its risk expertise by using its continent-wide presence and deep understanding of the African market…

The Bonn Climate Change Conference closed today after two weeks of intense work that made progress on several critical issues, helping lay the groundwork for the political decisions required at the UN Climate Change Conference (COP28) at the end of the year. “Having taken nearly two weeks to agree an agenda, it is easy to believe we are far apart on many issues, but from what I have seen and heard, there are bridges that can be built to realize the common ground we know exists,” said UN Climate Change Executive Secretary Simon Stiell. “World-changing agreements happen when negotiators rise…

The Africa CEO Forum 2023 concluded successfully on June 6, showcasing a dynamic continent ready to accelerate its growth and resilience against global economic trends. Under the resonant theme “From 300 to 3000: How to deliver the next generation of African champions,” the forum highlighted the need for Africa’s leaders to be proactive in the face of foreign crises impacting their economies and currencies. This year’s forum saw the gathering of Africa’s highest echelons of leadership, with more than 2000 participants from 73 countries, including 44 African countries. 1,000 CEOs from major groups, more than 50 CEOs from African start-ups,…

Japan’s Export Credit Agency, Nippon Export and Investment Insurance (NEXI) is the newest shareholder of the African Trade Insurance Agency (ATI) having joined the Pan-African Guarantee Institution, with a USD14.8 million capital injection. This equity investment reinforces the long-standing and ever-growing cooperation between Africa and Japan under the Tokyo International Conference on African Development (TICAD) auspices with ATI and NEXI promoting Japanese trade and Foreign Direct Investment (FDI) into Africa. During the TICAD7 Summit hosted in Japan in 2019, the two organizations announced the establishment of a “Japan desk” in ATI’s Nairobi office to support African developmental and commercial projects so…

Vista Group today announces that it has agreed to acquire Société Générale’s banks of Société Générale Congo (in Congo Brazzaville) and Société Générale de Banques in Guinée Équatoriale, which will further enlarge its existing sub-Saharan African footprint. Simon Tiemtore, Chairman of Vista Group said: “Our agreements to acquire Société Générale’s banks in Congo Brazzaville and Equatorial Guinea add two key Central African countries to our portfolio and represent key progress in our expansion strategy which is to become a pan-African financial services group with operations in 25 countries. This will also further Vista’s aim to support African economic growth.” The…

The Honorable Minister of Health, Nigeria, Dr. Osagie Ehanire – accompanied by AMCE Executives, including CEO Brian Deaver, and representatives of Afreximbank – inspected the construction site of the African Medical Centre of Excellence (AMCE) in Abuja to assess the progress made in setting up this pioneering institution, ahead of its final commissioning in the second quarter of 2025. Dr. Osagie, while noting that the Federal Government of Nigeria was proud to be supporting the project implementation, visited the construction site with the sole purpose of examining and evaluating the progress achieved thus far, in order to provide an assessment to…

AGL (Africa Global Logistics), the reference multimodal operator in Africa, is proud to announce that it has joined the United Nations Global Compact, the largest international initiative that aims to support companies in their sustainable transformation. By integrating the Global Compact, AGL is reiterating its commitment to the Sustainable Development Goals (SDD) adopted by the United Nations in 2015, and strengthening its willingness to place sustainable development at the heart of its strategy and its projects. This membershipaligns withAGL’s visionthat aspires to sustainably contributingto thetransformations takingplace in Africa, by capitalising on its position as a trusted partner in building a…

Ghanaian President Nana Addo Dankwa Akufo-Addo and other leading African and Caribbean figures will be among the top headliners at the 30th Annual Meetings of the African Export-Import Bank (Afreximbank) taking place in Accra from 18 to 21 June 2023. According to a provisional programme released today, President Akufo-Addo and Prime Minister Mia Amor Mottley of Barbados will be among a set of high-profile leaders, comprising heads of state and government, former heads of state, other political leaders, business leaders, African trade practitioners, trade finance experts, members of the academia and senior public figures, scheduled to address participants at the Afreximbank…

Finnfund is a development financier and impact investor. Last year, the company’s investment portfolio grew from EUR 780 million to EUR 810 million. Finnfund’s investments, commitments and investment decisions totalled about EUR 1.22 billion at the end of the year. Africa remains Finnfund’s primary investment destination, accounting for 57 per cent of volume and 54 per cent of decisions. These figures are presented in Finnfund’s Annual Report, which collates key information about Finnfund’s financial performance, sustainability, and impact. “2022 was an exceptional year in many ways. Several simultaneous crises had global impact: the war in Ukraine, the coronavirus pandemic, political…

Landlocked developing countries (LLDCs) need global support to turn around their social and economic fortunes to achieve sustainable development in line with the goals of the Vienna Programme of Action (VPoA). A High-level Africa Regional Review of the Vienna Programme of Action for the Landlocked Developing Countries for the Decade 2014–2024 which ended in Gaborone, Botswana, concluded that African LLDCs should not be left behind in attaining sustainable development. Speaking at the closure of a two day meeting convened in preparation of the Third United Nations Conference on LLDCs to be held in 2024, Botswana’s Acting Minister of Trade, Mabuse…

Africa should accelerate the full implementation of the African Continental Free Trade Area while creating a conducive business environment to attract private sector participation in one of the largest free trade areas in the world, experts have urged. The AfCFTA is a free trade area launched in 2019 by African countries to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion. Despite its premise of boosting trade in Africa, here is mixed perception of its benefits within the private sector across the continent, according to an Index…

The Chief Executive Officer of Africa50, Alain Ebobissé and the President of the West African Development Bank (BOAD), Serge Ekué, announced today a partnership to work together to mobilize institutional investor capital into African infrastructure, and to identify projects to co-finance. As part of this partnership, the two entities renewed their commitment to collaborate for the financing and development of bankable projects, including climate-resilient infrastructure, to support sustainable growth and the transition of African countries towards Net-Zero. The announcement was made on the sidelines of the African Development Bank Group Annual Meetings in Egypt, themed ‘Mobilizing Private Sector Financing for…

The Multilateral Development Banks (MDBs) Road Safety Working Group announced today, at a meeting in Leipzig, Germany, that seven of its members committed $3.6 billion toward road safety initiatives in developing countries during the period 2018-2022. Three standalone road safety projects—in Bangladesh (World Bank), India[1] (Asian Development Bank and World Bank), and Romania (European Investment Bank)—totaled $912 million in MDBs financing, which is more than one-quarter of the amount approved by seven of the working group members during this timeframe. These commitments come in response to a global health crisis that kills 1.35 million people on the world’s roads every year. Ninety-three…