Author: Amadjiguéne Ndoye

The European Bank for Reconstruction and Development (EBRD) will allocate € 5 million in funding to BMCE Bank of Africa. The Fund will participate in supporting investment by Moroccan private companies in the green economy. With this loan, the EBRD signs its first disbursement in a contribution from the Green Climate Fund in Morocco with a co-financing at a preferential rate of 3.75 million euros financed by the French institution and a participation of 1.25 € 1 million from the Green Climate Fund and a technical assistance budget. The loan agreement, the first tranche of a total budget of €…

The Arab Bank for Economic Development in Africa (BADEA) and the Regional Bank of Markets (BRM) of Senegal signed on Tuesday, February 26, two loan agreements with a total value of $ 30 million for the second named. The two agreements were signed by the Director General of BADEA, Sidi Ould Tah and the Director General of BRM Senegal, Alioun Kamara. The first loan, worth $ 10 million, will be used to finance projects in the Senegalese private sector under the BADEA program to finance its seventh five-year plan (2015-2019). The second loan is a $ 20 million credit facility…

The International Finance Corporation (IFC), a subsidiary of the World Bank Group, will provide $ 6 million in funding for technology startups in sub-Saharan Africa. The target countries are Kenya, Nigeria, Ghana and South Africa. The fund will be disbursed by TIDE Africa, owned by UK-based venture capital firm TLcom Capital LLP, which will also be responsible for identifying beneficiaries and distributing funds. “The majority of TIDE’s investments will be concentrated in English-speaking Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other countries of West, East and Southern Africa, with sectoral concentration on…

Nigeria’s strong growth in 2018 is expected to drop sharply this year. In question, the important election expenses. In fact, at the end of 2018, Africa’s largest oil producer posted its strongest quarterly growth since 2014. The presidential elections scheduled for mid-February have generated enormous expenditures and should help reduce the peak below 2%. These forecasts made by Bloomberg Economics contradict those of the State of Nigeria which figures at between 2.4 and 3%.

The German Development Bank (KfW) will disburse the second tranche of a subsidized loan of USD 500 million for Egypt, an estimated USD 250 million. Initialed Wednesday, February 13 in Cairo by the Minister of Investment and International Cooperation, Sahar Nasr, and Helmut Gauges, Director of the Africa / Middle East Directorate of KfW, the agreement aims to support social development in the region. part of the Egyptian government’s economic reform program. “The agreement is part of efforts to promote cooperation between Egypt and Germany. It also reflects the confidence of Germany and international foundations in Egypt’s economic and social…

South Africa’s insurer and financial services group, Sanlam, has announced the complete resumption of the Rwandan insurance companies Soras Assurance General Ltd and Saham Assurance Rwanda Ltd. The repurchase transaction was signed on January 30, 2019. For Soras, the process was initiated in 2014 when Sanlam acquired a 63% stake for $ 24.3 million before repurchasing the remaining shares. At the end of the operation, the South African company controls 35% of the market. Both entities will be merged. A joint tripartite communiqué states that “the proposed merger will have a positive impact on all stakeholders, allowing the merged company…

The African Export and Import Bank (Afreximbank) announces the launch of its new African Export Development Fund (FEDA). The Fund, whose mission is to support the mobilization of commercial funds in Africa to mobilize foreign direct investment (FDI) on the continent, will have an initial budget of $ 100 million and will be based in Mauritius. His leadership is in the hands of Kenyan banker Philip Kamau. A pre-constitution meeting of the FEDA Board of Directors was held on Sunday, February 3 in Cairo, in the presence of Benedict Oramah, President of Afreximbank, Jean-Louis Ekra, former President of Afreximbank, Vishwanathan…

The Cameroonian money transfer company, Express Union, has once again teamed up with WorldRemit to help Cameroonians in the diaspora transfer international mobile money to Cameroon. Through an application or on the WorldRemit website, the deposit of funds on mobile Cameroonian Money accounts from abroad allows, according to its designers, to make instant and low-cost transfers directly from the phone. “We have been working closely with Express Union since 2016 to provide our convenient fundraising service to the Cameroonian diaspora and its recipients. With the addition of the mobile money service, our partnership will further support financial inclusion, allowing Cameroonians…

French bank Société Générale has announced its goal of increasing its market share in its Ghana operations to 7%. “We aim to increase our market share by 5% to 7% by 2020. We believe this is achievable,” said Societe Generale Ghana General Manager Hakim Ouzzani. After reaching the required minimum capital of 400 million cedis, the bank intends to expand its activities in the small and medium enterprises sector. A requirement of the central bank (BoG) that Societe Generale achieved through a bond issue of 97 million Ghanaian cedis ($ 19.5 million) and a rights issue of 168 million Ghanaian…

The Ghanaian subsidiary of the Old Mutual Insurance Company has announced the appointment of a new General Manager in the person of Tavona Biza. Until then, the South African was the managing director of the company’s Old Mutual Life Assurance Company and Old Mutual Pension Services in Malawi. He has also played an important role in positioning Old Mutual as the leader in the life insurance market in the country. With 10 years of experience in the company, Mr. Biza has held various positions in the group’s activities in Zimbabwe, South Africa and Malawi. A member of the Institute and…

The Central Bank of Nigeria (CBN) injected on Tuesday, January 29, 210 million USD on the interbank foreign exchange market to generate stability. According to a statement released for the occasion, the sum is split between authorized dealers in the wholesale segment of the market ($ 100 million) and small and medium-sized enterprises and invisible segments with each $ 55 million. It should be recalled that the bank also injected on January 25, 2019, a total of $ 289.76 million in secondary market retail sales (SMIS) and $ 5.8 million on the spot market as well as short-term forward exchange…

The Ghana Stock Exchange (GSE) raised in 2018 a total of 2 billion Ghanaian cedis (400 million USD), announced its managing director, Kofi Yamoah. The GSE owes this performance to the registration of two new companies that allowed it to collect $ 233 million, including MTN Ghana (228 million) and Digicut (5.6 million). The remaining 167 million are supplemented by the issue of additional shares of nine other companies, including Access Bank, Societe Generale, Republic Bank and Standard Chartered Bank. Also, with negative growth of -0.29%, the composite GSE index remained stable in 2018. At the same time, the financial…

Emirati Emirates Bank NBD won for the second time in a row the “Best Bank” award in Egypt for 2018 from The Banker Africa. An award that according to The Banker responds to “the excellence of innovative and creative banking services in the Egyptian market and for the ability to deliver outstanding digital services from the bank”. The bank has also been recognized as the best retail bank, the most innovative and creative bank and the best bank offering Internet banking to its customers, as well as exceptional digital services as a whole. “The bank is always striving to provide…

Mauritian bank SBM Bank on Thursday (January 24th) inaugurated its first wholly-owned subsidiary in India. The ceremony was chaired by Pravind Kumar Jugnauth, the Mauritian prime minister. SMB Group’s new subsidiary, SBM Bank (India) Limited, will act as a full-fledged universal bank and will thus be the first foreign bank to obtain a banking license from the Reserve Bank of India (RBI) to operate as a wholly owned subsidiary. full share in Indian territory. By the end of March 2020, the new bank will have four new specialized agencies in the mid-market segment including SMEs and high-end SMEs, while strengthening…

The announced acquisition since the end of 2018 of the Nigerian Diamond Bank Plc bank by Access Bank Plc to be finalized next June, will be finalized by April 1st once it has obtained the approval of the shareholders. Access Bank chief executive Herbert Wigwe, who made the announcement on Thursday (January 24th), also reported on the cancellation of the $ 75 billion naira capital increase, or $ 207 million earlier. For good reason, Mr Wigwe indicates that it is no longer necessary to respect the minimum capital thresholds of the central bank. The deal between the two banks has…

Diamond Bank can now only operate in Nigeria as a national bank. The institution was notified of the decision by the Central Bank of Nigeria (CBN). The move follows Diamond Bank’s decision to divest its international operations, including its West African subsidiary in 2017 and Diamond Bank UK (DB UK Plc), which is currently in the final stages of sale. Note that the change of status allows the bank to maintain a minimum capital requirement of 10% of commitments against 15% for international banks. Diamond Bank CEO Uzoma Dozie said the measure “gives the bank the opportunity to deploy more…

The Moroccan bank Banque Centrale Populaire Populaire (BCP) is in the process of finalizing its acquisition of majority stake in the capital of a Senegalese startup whose name has not been unveiled. The director general of the BCP, Kamal Mokdad, nonetheless revealed on the sidelines of the 3rd conference “Meet The Lead” organized by Startup Grind Casablanca on Thursday November 29, that it is a start-up based in Senegal which counts in its capital the Total Group. This interest of the BCP would have been caused by a mobile payment solution developed by the relevant startup. And Kamal Mokdad declares…

The Development Bank of Southern Africa (DBSA) and the Green Climate Fund intend to launch a green bank called Climate Finance Facilty (CFF). The financial institution will finance projects related to climate change and environmental protection. It will become the first green bank to be funded by the Green Climate Fund, and will co-finance projects and activities aimed at reducing the effects of climate change. According to Patrick Dlamini, Managing Director of the Development Bank of Southern Africa (DBSA), SBB “is an innovative financial institution that allows us to bring together investors and increase our support for environmentally friendly projects.…

Senegalese banks have had a generous hand for the Senegalese private sector. In fact, these institutions granted the sector an amount of CFAF 4 209.1 billion ($ 7.5 million) in 2017 in terms of credit, compared to CFAF 3,243.9 billion ($ 5.8 million). in 2016, an increase in relative value of 16.5%. According to the data provided by the Joint Annual Review (RAC) of the Ministry of Economy, Finance and Planning to the press on Tuesday, July 31, these loans accounted for 33.7% of GDP against 28.4% in 2016. Credits mainly for commerce, hospitality, manufacturing and community services. “Average lending…

Lafarge Africa Plc announces a new issue of rights worth up to 90 billion naira, or $ 250 million, as part of its efforts to reduce the company’s debt and strengthen its profitability. The group implemented reforms to improve operational efficiency in both Nigeria and South Africa, as well as the efficient management of its borrowing costs that impacted its performance. In Nigeria, Lafarge Africa’s operations posted a profit of $ 5.3 million in the second quarter of 2018, thanks in particular to the turnaround plan and the improvement in volume. Strong growth reflecting the end of the recession in…

The European Bank for Reconstruction and Development (EBRD) plans to inject $ 1.4 billion into Egypt by the end of 2018 to finance projects in the local market, according to Janet Heckman, the director general of the Southern Region. and eastern Mediterranean (SEMED). In the first six months of 2018, the London-based institution has invested about 600 million euros of financing in the country. In 2017, for 1.5 billion euros, the bank financed around 35 projects, including 32 projects in the private sector. The EBRD will grant Egypt a € 200m facility, in addition to a € 600m sovereign loan…

The Central Bank of Ghana (BoG) recorded a loss of just over 347 million dollars (1.64 billion GH ¢) in 2017, according to its annual report announcing a pre-tax profit of 150 million dollars, that is 709.5 million GH ¢. However, the report shows an impairment loss of $ 85.5 million in 2016 and a rebound of 208.49% to $ 275 million in 2017. The analysis of the depreciation performance shows that the situation is attributable to the regulator’s support to the Ghanaian banks the biggest contributors to the loss position. Still according to the document, the total assets of…

In Senegal, the financial closure of the Taiba N’Diaye wind project (70 km north of Dakar) was finalized on Monday, July 30, according to the developer of renewable energy projects on an industrial scale, Lekela. Funding was provided by the US Government Development Finance Institution (OPIC) and the Danish Export Credit Agency (EKF). Also, the international financial institution (MIGA) provided insurance against political risks, and Power Africa also supported the development of the project. It is the country’s first public utility wind farm and will begin construction soon – providing up to 158.7 MW of energy to the growing local…

The Economic Community of West African States (ECOWAS) and Switzerland have agreed on the pooling of their efforts to stimulate investment in the livestock sector of the coastal countries of the ECOWAS region. through an agreement worth 3 billion FCFA ($ 5.3 million). Signed Wednesday, July 25, in Abuja (Nigeria) between the President of the ECOWAS Commission, Jean-Claude Kassi Brou, and Eric Mayoraz, Ambassador of Switzerland accredited to Nigeria, Chad, Niger and ECOWAS, the agreement will have to participate in strengthening the livestock and agricultural production activities of all 15 countries of the subregional organization. Also, both sides pledged to…

Now, it will require a minimum capital of 6 billion naira ($ 16.6 million) against 2 billion naira ($ 5.5 million), to practice in the insurance sector in Nigeria. For good reason, the National Insurance Commission (NAICOM) has increased the capital base for companies, with effect from 1 January 2019, with the aim of increasing their capacity to manage the risk of the largest oil producer in Africa. According to the regulator of the insurance sector, the new capitalization system called “Recapitalization of insurance companies, the minimum solvency capital based on the level”, will be based on a risk-based supervision…

The African Development Bank (AfDB) has signed a $ 250 million unsecured risk-sharing agreement with South African bank Absa Bank, according to a press release issued for the purpose. Through this agreement, the two entities will share the risk of default on a portfolio of eligible commercial operations emanating from African issuing banks and compensated by Absa, the note said. “The ADB is committed to assuming up to 50% of each underlying transaction issued, while Abs will confirm the transaction and assume the remaining risk,” she adds. The agreement will strengthen the ability of African issuing banks to leverage trade…

Moroccan brokerage firms recorded a fall in their overall net income in the first half of 2018, notes the first “review of the capital market” published by the Moroccan Capital Market Authority (AMMC). These data show, for these 17 establishments, an overall net profit of 4.5 MDH (476.8 thousand dollars) during the period under review, compared with 23.6 million dirhams (2.5 million dollars) in the same period. period in 2017. A drop in performance that comes against a backdrop of a decline in sales of nearly 32%, estimated this first quarter at $ 5.2 million against $ 7.7 million in…

Businessman Aliko Dangote announced on Tuesday (July 24th) that he has raised more than $ 4.5 billion through debt financing, out of a total of $ 14 billion for his Nigerian crude oil refinery project. With $ 150 million in support from the private sector branch of the World Bank, the project will benefit from several banks pledging $ 3.15 billion. In addition, the country’s Central Bank will back guarantees for about $ 1.6 billion in local currency over 10 years, while the African Development Bank (AfDB) will provide a loan of $ 300 million. “We will end up spending…

The World Bank will finance a $ 794.5 million hydropower project in Cameroon to facilitate access to electricity for 88% of its population by 2022. Located in the village of Nachtigal in central Cameroon, the project will enable the country to increase the capacity of electricity production by 30%. “This investment in clean energy is essential to reduce the cost of electricity and ensure the competitiveness of the Cameroonian economy,” said Elisabeth Huybens, Director of the World Bank in Cameroon. Called Nachtigal, this project is “one of the very few hydro-electric public-private partnership projects in sub-Saharan Africa that will accelerate…

French hotel groups Accorhotels and Qatari Katara Hospitality announced on Monday (July 23rd) the creation of an investment fund with a capacity of over $ 1 billion to expand their presence in sub-Saharan Africa. This new initiative will have, over the next five to seven years, a capital of 500 million dollars, including a contribution of 350 million Katara Hospitality and 150 million Accorhotels. Financing from indebtedness and investments “will be allocated to the construction of new hotels on bare land or in the context of urban regeneration projects, as well as to the acquisition of existing establishments accompanied by…