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  The Republic of Chad and the African Trade Insurance Agency (ATI) have signed a Participation Agreement, in fulfilment of the country’s membership requirements to join ATI. The signing of the participation agreement is a condition precedent to the disbursement for the country’s membership capital, to be supported by the European Investment Bank (EIB), following the signing of a financing agreement in November 2020, between the Republic of Chad and the EIB. Membership in ATI will help the country to stay on course of its development priorities, as imbedded in its vision 2030 strategy, whose objective is to make Chad…

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…

More support needed from governments and donors to reach UN Goals 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…

African Ministers of Finance, Planning and Economic Development have called for reforms of the IMF’s Special Drawing Rights (SDR) system to strengthen the global financial safety net and make more liquidity available to developing countries. The call for reforms was made during a meeting of the Africa High-level Working Group on the Global Financial Architecture on the margins of the 2023 Annual Meetings of the African Development Bank Group held in Sharm El-Sheikh, Egypt. Coordinated by the Economic Commission for Africa (ECA), the High-level Working Group comprises African Ministers of Finance, Planning and Economic Development, the African Union, the African Development…

Under the directive of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman Al Saud, the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, signed today a $39 million multiyear contribution agreement with the Global Fund to Fight AIDS, Tuberculosis and Malaria. The grant will support the fight to end global pandemics and strengthen health and community systems. The agreement was signed by H.E. Mr. Sultan Al-Marshad, CEO of the Saudi Fund for Development, and Mr. Peter Sands, Executive Director of the…

Today, Cultivating New Frontiers in Agriculture (CNFA), representing Feed the Future Rwanda Hinga Wunguke Activity, has signed a Memorandum of Understanding with OCP Africa through its JV company, Rwanda Fertilizer Company (RFC), to promote agro-input use and increase market access for over 180,000 smallholder farmers in the agricultural value chain. Signed under the auspices of the Ministry of Agriculture and Animal Resources (MINAGRI), the partnership between OCP AFRICA, RFC and CNFA included the launch of the OCP School Lab to reach 30.000 farmers to be trained on good agricultural practices over a period of 12 months, and soil testing in…

Witness by M. Hon. Khalid S. Mohamed, the ministry of infrastructure communication and transport, Tony Stenning, Regional Director of Southern Africa at AGL (Africa Global Logistics), and Nahaat Mahfoud, CEO of Zanzibar Ports Corporation, signed the contract for the management of the Malindi Container Terminal at the Port of Malindi in Zanzibar on May 18, 2023. AGL will be responsible for cargo handling operations and maritime services at the country’s main port infrastructure. The company is committed to implementing an investment program for the modernization and development of the Port of Malindi. AGL also plans to construct a depot zone…

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, today in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified. Furthermore, shareholders approved the resolution authorising…

Exclusive interview with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils Ahead of the Oil Days planned in Dubai, Financial Afrik met with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils. You organize oil days in Dubai on the impact of controls in the management of Production Sharing Contracts (PSC). Can you tell us about Oil Days? The oil days initiative is based on two observations: Firstly, the controls carried out by the administrations do not always cover all aspects of the Production Sharing Contracts (CPP). Secondly, the African administrations in charge of managing these contracts do not…

OCP Group, a leading global phosphate-based plant and animal nutrition solutions provider and Fertinagro Biotech S.L., a major Spanish fertilizer producer, are pleased to announce that OCP’s previously announced acquisition of Global Feed S.L completed on May 17th, 2023. GlobalFeed, located in Spain, manufactures and distributes a wide range of products in the animal nutrition segment, including phosphate-based commodities and high-value feed solutions customized to different livestock species. Regarding the transaction Marouane Ameziane, Managing Director for Specialty Products and Solutions at OCP Group, said: “This acquisition confirms OCP’s commitment to becoming a leading player in the animal nutrition sector. We…

African Development Bank Group’s Adesina calls for urgency in implementing reforms Abidjan, 16 May Zimbabwe President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country’s nearly $8.3 billion of debts and arrears. He was speaking during the high-level debt resolution forum held Monday in the capital Harare, that was also addressed by the President of the African Development Bank Dr. Akinwumi Adesina, the facilitator of the high-level dialogues, former president of Mozambique Joachim Chissano and attended by government officials, development partners, private sector, former farm owners and…