Author: Editor

The implementation of the African Continental Free Trade Area (AfCFTA) should be expedited as the free trade zone will boost intra-African trade and accelerate industrialization, the Economic Commission for Africa (ECA) Acting Executive Secretary, Mr. Antonio Pedro, has urged. “While the AfCFTA’s promise is high, that promise can be realized only if the Agreement is implemented efficiently,” Mr. Pedro said, admitting that implementing the AfCFTA Agreement and supporting African economies, particularly Least Developed Countries (LDCs), was no small task. In remarks at the opening of the Regional consultation on LDC5 for LDCs in Africa and Haiti, Mr. Pedro said the…

Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa, announced the completion of Africa50’s equity investment into Scanning Systems, a company specialized in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. The investment will support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. This is expected to significantly reduce transit time, enhance security and increase tax and customs revenue collection for national and local economies. Over the past years, Scanning Systems has become the preferred partner…

The Government of The Gambiahas signed a Memorandum of Understanding with Africa50, the pan-African infrastructure investment platform, for the Senegambia Bridge to be considered for Africa50’s Asset Recycling Programme. Asset Recycling is an innovative initiative for governments to monetize existing infrastructure assets through a concession to the private sector with funds received being reinvested in other priority projects. Under the contemplated scheme, Africa50, together with a technical partner, are expected to manage and operate the Senegambia Bridge under a PPP scheme. Africa50 as the lead concessionaire, plans to engage leading infrastructure investors to join the consortium which will bring on…

Selected high-potential scholars who are active in medical education in Tunisia will have an opportunity to apply for admission to one of HMS’s master’s degree programs with tuition support and funding, to cover their living expenses in Boston for the duration of the program. This Scholarship is funded by Harvard alumnus Hazem Ben-Gacem. The Hazem Ben-Gacem Tunisia Medical Fellowship Fund will support two Tunisians who are accepted through HMS’s admissions process each year for ten years, enabling them to undertake postgraduate master’s degree programs at HMS, before returning to their institutions in Tunisia. Professors will advance their knowledge and professional potential…

January 4th, 2023- SPE Capital, an investment firm focused on Africa and the Middle East, announces the acquisition, by its private equity fund SPE AIF I, of a majority stake in Vital, the leading nutritional supplements producer in Tunisia. Vital constitutes the fund’s 9th investment and the 4th in 2022. Established in 2000, Vital has grown into the leading dietary supplements and herbal medicine manufacturer in Tunisia, with a portfolio of over 400 high quality branded products, marketed in Tunisia and internationally, and 8 million units manufactured each year. Over the past few years, the company has grown to 400…

Focuses on rich heritage and hopeful dynamism, positions the country as the `source’ of great beginnings in West Africa In an iconoclastic makeover, the Republic of Guinea unveiled a new country brand identity to showcase a new perspective of the nation to the world as the `source’ of great beginnings for West Africa, symbolized by the Nimba, the most loved Goddess, icon of good tidings. The country’s brand identity was revealed at a grand ceremony in Palais du Peuple in Conakry, in the presence of the President of the Transition Col. Mamadi Doumbouya. The event was attended by ministers of…

Following Bolloré SE’s press releases of March 31st and December 1st, 2022, Bolloré SE announces the completion today of the sale to the MSC Group of 100% of Bolloré Africa Logistics, comprising all of the Bolloré Group transport and logistics activities in Africa, on the basis of a 5.7 billion euro enterprise value, net of minority interests. The sale price of the shares is 5.1 billion euros ; 600 million euros of shareholder loans were also repaid. The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities…

The Eastern and Southern African Trade and Development Bank (TDB) has extended a USD 100 million trade finance facility to Agri Commodities and Finance FZE-LLC (ACF), a subsidiary of the Export Trading Group (ETG), one of the largest agricultural supply chain operators in Africa. In addition to funding the importation of fertilizers and vital agricultural inputs such as seeds to smallholder farmers to increase crop production in member states, the facility will support ETG’s purchase of sesame, coffee, cocoa, soybean, and cashew nuts from exporting smallholder farmers in TDB member states. In a region where the majority of employment is…

African Export-Import Bank (Afreximbank) on 15 December 2022 in Cairo operationally launched the Afreximbank TRADAR Club, a prestigious member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services. According to Afreximbank, TRADAR Club will deliver innovative digital tools and networking opportunities, helping members to discover new markets; grow their business; save time; access dedicated expert support; post and respond to new business opportunities; network; meet business/trading partners; and more. TRADAR Club is anchored by Afreximbank’s Trade Intelligence Solutions Unit. The Unit was conceived to address one of the key barriers to intra-African trade…

Cybastion, an emerging leader in the field of cybersecurity, took centre stage at side events of the U.S. – Africa Leaders Summit. The cybersecurity firm was also the platinum sponsor for the US – Africa Business Forum event. (USABF)  The USABF event took place on the Summit’s second day (December 14). It was hosted by the White House, the U.S. Department of Commerce, the U.S. Chamber of Commerce, and the Corporate Council on Africa, in partnership with the Prosper Africa initiative. Speaking at the USABF event on Wednesday, President Biden announced over $15 billion in two-way trade and investment commitments,…

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided Orabank Côte d’Ivoire with a five-year, XOF 10 billion (c. USD 15 million) portfolio guarantee to enable the bank to grow its infrastructure-related portfolio across the region. It is GuarantCo’s first transaction in Côte d’Ivoire and its second with Oragroup, after providing a XOF 14.55 billion (c. USD 25 million) portfolio guarantee to Orabank Togo (an Oragroup subsidiary) in January 2022. In the West African Economic Monetary Union (WAEMU) countries*, the implementation of Basel II and III banking regulations have limited the lending capacity of banks to infrastructure projects. The portfolio guarantee will help Orabank achieve capital relief, increase their…

The 17th edition of the annual African Economic Conference (AEC2022) has ended with calls for African countries to cooperate in promoting climate-smart development, which offers great opportunities for the continent to accelerate its economic transformation. “Africa is by far the most vulnerable region in terms of climate change. We have seen many lives threatened and temperatures beyond 1.5 degrees, causing more deaths on our continent,” said Renganaden Padayachy, Minister of Finance, Economic Planning and Development, Mauritius. He was speaking at the close of AEC2022 held under the theme, Supporting climate-smart development in Africa, from 9 to 11 December 2022 in Balaclava,…

Priority trade flows into Kenya are being jointly supported by the Eastern and Southern African Trade and Development Bank (TDB) and the Arab Bank for Economic Development in Africa (BADEA), through several trade finance facilities and limits of USD 600m. TDB served as the initial mandated lead arranger (IMLA) of the facilities, which will also crowd in other financiers and institutional investors. Among the disbursements, a notable USD 200m tranche in favour of the Government of Kenya was availed by BADEA for trade flows between Kenya and Arab countries. The facilities are being used to support the import of essential…

Corporate Council on Africa is pleased to announce that in June 2023, the Government of the Republic of Botswana will be the national host of Corporate Council on Africa’s 15th U.S.-Africa Business Summit (USABS). “Botswana welcomes the unique opportunity afforded by hosting Corporate Council on Africa’s 2023 U.S.-Africa Business Summit to capitalize on and sustain momentum from the U.S.-Africa Leaders Summit in December 2022, and to highlight Botswana’s – and Africa’s – unparalleled potential to advance trade and investment to the benefit of the people of Africa and of the United States,” said His Excellency Dr. Mokgweetsi E. K. Masisi, President…

Africa’s just energy transition should deliver affordable and clean energy through leveraging partnerships to unlock and increase financing, development experts say. Speaking at a High-Level Dialogue of Development Partners on Just Energy Transition in Africa, on the sidelines of the African Economic Conference underway in Mauritius, panelists agreed that Africa should accelerate just transition to eliminate energy poverty on the continent. The Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa (ECA), Hanan Morsy, said Africa was making a transition with new renewable technologies that were not there before. We now have the opportunity to leapfrog in…

The African Development Bank Group has appointed renowned Professor Padmashree Gehl Sampath as a special advisor on pharmaceuticals and health infrastructure to the Bank’s president, Dr. Akinwumi Adesina. She will also be leading the technical work related to the setting up of the African Pharmaceutical Technology Foundation, a new pan-African institution launched by the Bank, at the request of Regional Member Countries. A well-respected thought leader in the field of development studies and global health, Professor Gehl Sampath is working on some of the world’s most pressing challenges, predominantly from technology, trade, and industrialization perspectives. At the African Development Bank, she…

The 2022 African Economic Conference (AEC) opened today in the island nation of Mauritius with a strong call for Africa to adopt smart technologies to tackle what speakers described as ‘the looming climate change threat’ to the continent. “Supporting climate-smart development in Africa is extremely pertinent. Climate change is a looming threat to Africa. The continent is the most vulnerable region to climate disasters,” Pravind Kumar Jugnauth, Prime Minister of Mauritius said at the conference opening. Prime Minister Jugnauth stressed how the rise in petroleum prices caused by the war in Ukraine should quicken Africa’s motivation to shift away from fossil fuels and become self-sufficient…

PPC Barnet denies it is in acquisition talks with  Nyumba ya AKIBA/ brand CIMKO, or any other firm following market speculations that are circulating regarding a possible takeover of its operation in the DRC. PPC Barnet is making a clear statement: There are no discussions between other entities. Furthermore, a change in the ownership structure of PPC Barnet is not on the agenda. PPC Barnet’s development strategy in the DRC, following the publication of positive results, remains unchanged. Thus, PPC Barnet wishes to reassure its customers, partners, and collaborators and assumes its ambition to be the leader in building materials…

African Export-Import Bank (Afreximbank) has applauded the ratification by the Barbadian Parliament of the Partnership Agreement with the Bank. Barbados, one of the nine member states of the Caribbean Community (CARICOM) that have so far signed the treaty, becomes the first to ratify it. The Partnership Agreement between Afreximbank and the constituent countries of CARICOM was announced on 1 September 2022 at the inaugural Africa-Caribbean Trade and Investment Forum (ACTIF) held in Bridgetown. It was initially signed by seven CARICOM countries on the sidelines of the opening ceremony of the forum. Subsequently, the agreement was also signed by Guyana and…

Former Nigeria President, Dr Goodluck Jonathan, has accepted AATF’s appointment as Africa’s Ambassador for Agricultural Technology. Making the announcement after meeting with the former president in Yenagoa, Bayelsa South-South Nigeria during the week, the AATF Executive Director, Dr Canisius Kanangire said that the appointment was informed by His Excellency’s track record of championing agricultural transformation on the continent. Dr Goodluck Ebele Azikiwe Jonathan GCFR, GCON is a Nigerian politician who served as the President of Nigeria from 2010 to 2015 and had since been in the forefront of agricultural improvement on the continent When accepting the appointment, Dr Jonathan said…

Economic Affairs Officer at the Economic Commission for Africa, Mactar Seck, highlights the need to promote the representation of women in information and communication technology (ICT), at the Internet Governance Forum’s (IGF) Women’s Summit. In his remarks during the session, Mactar Seck notes, “only 12% of women currently operate in the ICT sector. There is a substantial digital gap on the continent, with women representing 51% of the population, yet only 20% having access to the Internet. Several studies have shown that if we can solve gender inequality, we can contribute $3 million to the global GDP.” Mr. Seck identified…

Internet access is pivotal to Africa’s economic and social transformation making it vital for governments to invest in digital technologies, the United Nations Economic Commission for Africa, Acting Executive Secretary, Antonio Pedro, has urged “Digitalisation is key to achieving the SDGs and Agenda 2063 and achieving that requires the contribution of all stakeholders,” said Mr. Pedro, speaking at a High-Level Leaders Session on Universal, Affordable and Meaningful Connectivity, at the opening of the Internet Governance Forum 2022 in Addis Ababa, Ethiopia. Mr. Pedro underscored the importance of partnerships and collaboration in boosting digital connectivity in Africa which is on the path…

African Export-Import Bank (Afreximbank) is pleased to announce its support of The Zanzibar Trade and Investment Forum which will take place on 30 November-1 December. The Forum will showcase investment opportunities and projects in Zanzibar, facilitate B2B engagements, as well as encourage joint ventures, partnerships and business deals within the context of the African Continental Free Trade Area. This conference builds on Zanzibar’s existing mercantile foundations as an African trading hub, and member of key regional blocs including the East African Community (EAC), the Southern African Development Community (SADC), the Africa Continental Free Trade Area (AfCFTA), and the Small Islands…

African countries should articulate effective policies, strategies and programmes and take action to promote trade and exports in order to realize the objectives of the African Continental Free Trade Area (AfCFTA), Economic Commission for Africa, Acting Executive Secretary, Mr. Antonio Pedro, said. Mr. Pedro told participants at the opening session on “Harnessing the AfCFTA for Africa’s industrialization: Fostering competitiveness and sustainability in the digital era”, at the African Union Summit on Industrialization and Economic Diversification, being held in Niger, that intra-regional trade has potential to facilitate increased economies of scale, diversification and value addition. “The major objective of AfCFTA is…

The 18th edition of the Europe-North Africa Convention opened today in Nouakchott, Mauritania, for two days. This international event aims to promote investments and partnerships in a process of rapprochement today boosted by the energy and climate challenges that currently prevail. It is in this context that the expert Hassana Mbeirick was invited to take part in the high-level panel alongside the Country Manager of BP Mauritania, Mr. Mohamed Limam, the Managing Director of TotalEnergies for Mauritania, Mr. Abdellatif Boumediane, the Siemens Energy Regional Director, Mr. Jean-Christophe Thomas and the international expert Francis Perrin. At the end of this first…

 The Liquidity and Sustainability Facility (LSF) designed by the United Nations Economic Commission for Africa (ECA), in collaboration with African Export-Import Bank (Afreximbank), announces at COP 27 it has concluded its inaugural repo transaction with Citi for an amount of USD 100 million. NThis innovative transaction, with funding support from Afreximbank, seeks to bring the benefits of a well-developed repo market to the African continent, with the goal of enhancing the liquidity of a diversified basket of Sovereign Eurobonds including The Arab Republic of Egypt, Kenya and Angola as issuers. The transaction relies on an innovative Triparty platform designed for the…

The hosting of the COP27 conference in Africa signifies a unique opportunity for the continent to assert its needs, challenges and outlooks, and most significantly to drive the African Position on just transition.Historically this conference, focused on climate change and its humanitarian ramifications, has marginalized Africa – whose contribution to humanity’s carbon footprint is minimal but whose people are suffering disproportionately from its effects. But with this year’s gathering of world leaders occurring in Egypt’s Sharm El Sheikh, it is vital that Africa’s authentic voice is heard – this is the overriding purpose of Afreximbank’s mission at COP27. By inserting…

SecondSTAX, a technology company that is building solutions to enhance intra-Africa capital and investment flows, launched the SecondSTAX Portal – a technology-driven order management and execution routing system for investment firms – in Kenya and Ghana, enabling institutional investors across Africa to easily and directly invest in the Nairobi Securities Exchange and the Ghana Stock Exchange. With this initiative (facilitated in collaboration with Kestrel Capital (East Africa) Limited (Kenya) and Databank Group (Ghana), licensed broker-dealers, asset managers, large commercial banks and other institutional investors from across the continent will find it easier to invest into Ghana and Kenya’s premier exchanges via…