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Mainstreaming conflict sensitivityBoosting investment to strengthen resilience to fragility, help prevent conflict, support recovery from conflict and stimulate peacebuildingImproving knowledge base and impact measurementDeepening strategic partnerships The European Investment Bank adopted its first Strategic Approach to Fragility and Conflict. It outlines the bank’s vision and approach to working in fragile and conflict affected contexts, with the aim to enhance EIB’s development impact. Investing in fragile and conflict affected contexts is challenging due to the lack of adequate data and analytics, higher levels of risks and uncertainty, as well as a weaker legal and regulatory environment. The EIB’s Strategic Approach focuses…

The 2022 Afreximbank Trade Finance Seminar (ATFS2022) and Factoring Workshop opened on 3 October in Kampala, Uganda. The three-day programme of presentations, panel discussions, interactive sessions and workshops focuses on managing the challenges of trade finance in the context of increased global economic uncertainty and the opportunities offered by the African Continental Free Trade Agreement. In her Keynote Address, Mrs. Kanayo Awani, Afreximbank Executive Vice President, Intra-African Trade Bank, explained that the 2022 Afreximbank Trade Finance Seminar, which is being held for the first time in a face-to-face setting since the onset of the COVID-19 pandemic in 2020, was geared…

On the sidelines of the General Shareholders Meeting of Africa50 held in mid-July in Marrakech, Morocco, Financial Afrik spoke with Tshepidi Moremong, Chief Operating Officer (COO) to discuss highlights of the organization’s strategic direction. In office since 2021, Ms. Moremong leads a multi-disciplinary team responsible for fundraising, investor relations, strategy, human resources and administration, communications and environmental, social and governance. She has twenty-two years of experience in strategic leadership in the fields of private equity, investment banking and business development. Following the conclusion of the Africa50 annual General Shareholders meeting (GSM), what are the commitments made and the state of…

Essec continues to develop its training offer on the African continent. In November, the school will launch a new executive certificate for executive managers and leaders: Generation Africa. The first class business school, with the support of its campuses in Rabat and Singapore, continues its development in Africa with the launch of Generation Africa, an executive certificate for international decision-makers, focusing on financing and business development on the continent. The African singularity of Essec The international business school continues to display its African singularity, being one of the most involved institutions on the continent. Among others it is the only…

Policymakers from various African countries as well as representatives of research institutions met on Thursday 29 September in a day-long hybrid workshop organized by the Economic Commission for Africa on the theme “shocks and macroeconomic analysis.” The meeting provided opportunity for sharing best practices in the utilization of various macroeconomic modelling tools. The main objectives of this year’s edition of the annual workshop were to share knowledge on the development and utilization of different macroeconomic models to inform policy formulation and implementation, as well as the associated opportunities and challenges. The workshop also reviewed and assessed the extent to which…

The ECA, UNDP, DESA and UNICEF are jointly organising a regional training workshop titled “Integrated National Financing Frameworks (INFF) and Open Budgets for Sustainable Development in Africa” in Abuja, Nigeria, from 27 to 30 September 2022. The workshop was inaugurated by Zainab Shamsuna Ahmed, Minister of Finance of the Republic of Nigeria. In attendance are representatives from 52 countries from the continent as well as UN partners and civil society organisations. The training builds on a four-day online regional workshop held in August 2021, which brought the African INFF community of practice together with other senior decision makers to share…

The Economic Commission for Africa (ECA) has handed over 15,000 electronic tablets and accessories to the government of Togo to be used for the collection of the country’s population and housing census. The handover ceremony, held on 27 September 2022 in Lomé Togo, marks the first time the ECA is formally providing IT equipment for census taking. The equipment was handed over to INSEED, Togo’s principal government institution in charge of statistics and census data. In addition to the IT assets, ECA has developed a dashboard for INSEED that tracks progress and quality of enumeration, and shares and monitors progress…

The Tony Blair Institute has hired Frank Matsaert to fill a new role as Director of Trade and Infrastructure for Africa. Mr Matsaert was the founder Chief Executive Officer of TradeMark East Africa (TMEA) from its establishment in October 2010 until August 2022, growing it from a $60m programme to the largest and most successful trade facilitation institution in Africa, with a cumulative budget of $1.3 billion across fifteen countries. He received an MBE award from the Her Majesty the Queen for his services to trade and economic development in Eastern Africa in June 2022. In his new role as…

The Fund for Export Development in Africa (“FEDA”), the impact investment arm of the African Export-Import Bank (“Afreximbank”), set up to support intra-African trade growth, value-add export development and industrialization, is pleased to announce its first close of US$670 million across its four fund strategies. Of the $670 million raised, $270 million is earmarked for FEDA Direct Equity Fund I, which will provide equity and quasi-equity financing to businesses aligned with FEDA’s mandate. US$250 million is allocated to the Strategic Initiatives Fund, a proprietary fund established by Afreximbank to implement landmark and high impact greenfield investments in sectors critical to…

Injaro Investment Advisors Limited (IIAL), a Ghanaian growth capital investor, is pleased to announce the successful First Closing of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana Cedi denominated fund with GHS 127 million in total commitments. IGVCF is targeting total capital commitments of up to GHS 200 million and remains open for additional commitments. IGVCF is unique in the sense that it is the first fund of its kind in Ghana with local pension funds as anchor investors. This fund demonstrates the increasing allocation of capital from pension asset managers into collective investment schemes such as Private…

Bolloré Transport & Logistics Côte d’Ivoire announces the acquisition of its very first driving simulator, which will be made available to its Pan-African Port Training Centre (CFPP) in Abidjan. This clearly demonstrates the company’s commitment to providing innovative training and to offering new teaching methods aligned with employees’ expectations. This multi-business simulator is the first of its kind to be acquired by the CFPP. It allows employees to complete their training by practising on different types of machinery: STS gantries, RTGs, forklift trucks, mobile cranes, heavy goods, etc. It also provides a safe learning environment with rapid control. For the…

African Export-Import Bank (Afreximbank) and Export Development Fund Limited (EDF) of Malawi recently co-hosted a workshop in Lilongwe under the theme “Leveraging Project Preparation to Unlock Industrialization and Export Development Opportunities in Malawi.” This first-of-a-kind workshop was aimed at raising awareness of the ongoing collaboration between Afreximbank and EDF in the project preparation space to catalyse the attainment of the Government of Malawi’s MW 2063 Vision. During the workshop, Afreximbank and EDF showcased how their existing partnership is geared towards providing early project preparation financing and technical support services to public and private sector entities with a sharpened focus on industrialization and export…

OCP Group a global phosphate based products plant and animal nutrition leader, has signed a definitive agreement under which OCP would initially acquire 50% of GlobalFeed S.L. from Fertinagro Biotech S.L., a major Spanish fertilizers producer. GlobalFeed operates in the animal nutrition segment, manufactures and distributes a wide range of products, including phosphate based commodities and high value solutions dedicated to several species. The Company owns flexible production units with a capacity of 200,000 tons of phosphate based products and 30,000 tons of iron sulphate located in Huelva, Spain and benefits from a large global sales footprint. The animal feed…

Global Center on Adaptation CEO, Professor Patrick Verkooijen, was conferred with an honorary doctorate degree by the University of Nairobi at the institution’s 2022 Commencement Ceremony in Nairobi, Kenya. Professor Verkooijen was awarded a Doctor of Science, Honoris Causa, of the University of Nairobi in recognition of his long career and achievements in championing climate action globally and shaping bold action at scale in Africa. The Vice Chancellor of the University, Professor Stephen Kiama, presented the award, describing Professor Verkooijen as a “champion of causes…that make the world a better place”. “Today, the University of Nairobi is proud to confer…

A recent research report by Rabee Securities showed that Bank of Baghdad’s profit before tax decreased by 3% quarter on quarter during the 2nd quarter of 2022 to $8.2 million. The bank increased total revenues by 4% in the 2nd quarter compared to the previous quarter, reaching $16.7 million. According to Research Team at Rabee Securities, there is an upward trend in the Bank of Baghdad’s share price where the price has increased by 88% during the last 12 months, and still has 44% upside potential compared to its peak level on October 2, 2011. The Bank of Baghdad was…

The TERRA terminal which handles roll on roll off vessels at the port of Abidjan dealt with over 2,687 vehicles between 22 and 29 August 2022, chalking up a record performance. The vehicles – mainly saloon and city cars or construction machines – were transported on the MATORELL and PLEIADES SPIRIT vehicle carriers from Thailand, China, Japan, South Africa and India. This performance is all the more remarkable as the fleet occupancy rate was 95% when the MATORELL docked and 70% when the PLEIADES SPIRIT came in. The number of vehicles handled in one week equates to 82% of the…

With funding from the World Bank, the Ministry of Petroleum of Mauritania has contracted with a Consortium of international companies (including one Mauritanian) for the study of a service area dedicated to hydrocarbons activities. The joint venture EPCM Holdings/Jade Advisory/Meen & Meen has won this strategic contract after an international consultation in which more than 10 global firms participated. The objective will be to provide Mauritania with a world-class Logistics, Maritime and Industrial Hub to support the development of oil and gas projects. Such a special zone will be inspired by the special zones of Saldanha Bay in South Africa…

Earlier today, during an official visit to Luxembourg by representatives from Bourse Régionale des Valeurs Mobilières (BRVM), the Luxembourg Stock Exchange (LuxSE) and the West-African regional exchange celebrated the signing of a Memorandum of Understanding (MoU). The MoU, which places a heavy emphasis on sustainable finance, marks the first official step in what is hoped to be a journey of cooperation to strengthen sustainable finance in the markets covered under BRVM’s remit. “Sustainable finance represents a financing opportunity for emerging countries because they have the possibility of attracting a new type of investors, who otherwise would not have been interested…

The Tunisian Association for Heath promotion, in partnership with the World Health Organisation, are hosting the Africa and Middle East Digital Health Conference and Exhibition (AMDHC) in Tunisia from Thursday 22nd to Saturday 24th September at the Mehari Golden Yasmin and Diar Lemdina Expo Centre, Yasmine Hammamet, Tunisia. The conference and exhibition aims are to stimulate a new vision of health through information technology, building on the experience of Tunisia and others who will share their knowledge and expertise during the event. AMDHC is designed to enable attendees to learn from other Digital Health transformation strategies and programmes, as well…

The three-day AfriCaribbean Trade and Investment Forum 2022 (ACTIF2022) hosted in Bridgetown, Barbados, ended on a high note with the signing of a total of 14 agreements and memorandums of understanding (MoUs) aimed at deepening economic ties between Africa and the Caribbean.   The agreements, expected to form the foundation for strengthened bilateral relationships, trade and investment ties, marked the culmination of the historic forum held at the Lloyd Erskine Sandiford Centre from 1 to 3 September, which, for the first time, brought together the private and public sectors of Africa and the Caribbean. Key among the signings was the Partnership…

How do you finance a fair post-pandemic green and sustainable recovery? And how do you turn pledges into action? African ministers of finance, economy and the environment have been meeting in Egypt to discuss theses urgent questions. With COP27 less than two months away, Sameh Shoukry, the Egyptian Minister of Foreign Affairs and COP27 President-Designate, said financing for climate action in Africa had not been forthcoming despite the pledges. “COP27,” he said, “is a chance to deliver”. It was a theme picked up by Amina J Mohammed, Deputy-Secretary general of the United Nations. “We’re losing time in making promises a…

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today announced that the current Group Chief Executive Officer, Ade Ayeyemi, will retire after he attains the age of 60, in accordance with ETI policy. The Board of Directors selected Jeremy Awori to succeed Ade Ayeyemi as Group Chief Executive Officer. The relevant effective dates will be communicated in due course.   Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO. He added that, “Ade can be rightly proud of his success in leading the implementation…

At a business reception launching its new name in Egypt, British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announced its plan to invest $100 million in local startups over its  current strategy period and highlighted its ‘Innovation for Impact’ Venture Capital (VC)  summit. The DFI, which was formerly known as CDC Group, also reaffirmed its  commitment to strengthen its partnership with Egypt and increase climate finance to  support the country’s green growth.  The reception which took place at the British Embassy in Garden City, Cairo, was hosted by the Deputy British Ambassador, Qudsi Rasheed and…

Africa Adaptation Summit outlines 5-point “Adaptation Delivery Breakthrough” for the key UN climate conference in Egypt (COP27) this November and $55 million of new funding to mobilize over $5 billion in climate adaptation action projects for Africa African and global leaders joined the African Adaptation Summit at the Global Center on Adaptation, outlining the most critical elements of the global community’s response to the climate crisis that heavily affects Africa as the world’s most exposed region, two months ahead of the UN’s world climate conference at Sharm al-Sheikh, Egypt (COP27). Prof. Dr. Patrick Verkooijen, CEO of the Global Center on…

The EITI today welcomed OCP Group as its newest supporting company. As a leader in plant nutrition and the world’s first producer of phosphate-based fertilizers, OCP is the responsible custodian of the world’s largest reserves of phosphate. Phosphates are critical in the global economy. When processed, phosphate rock is used as a key element in fertilizers, food, cosmetics and electronics. The company is committed to embedding transparency in its corporate management systems and processes, as underscored in its statement of support: “We have a bold vision for a sustainable future. Our governance ensures we always act ethically, with integrity and…

The AfriCaribbean Trade and Investment Forum 2022 (ACTIF2022) successfully concluded in Bridgetown, Barbados, with a commitment by participants to remove the scars of the past and build a commercial bridge towards forging a prosperous future for Africa and the Caribbean.  In the communique presented at the end of the Forum, the partners pledged the concrete implementation of strategic partnership between the business communities in Africa and the Caribbean with the objective of fostering bilateral cooperation and engagement in trade, investment, technology transfer, innovation, transport, tourism, culture and other services. The signing of the Partnership Agreement between Afreximbank and seven Caribbean States…

The first-ever AfriCaribbean Trade and Investment Forum (ACTIF2022) opened today in Bridgetown, Barbados, with the African Export-Import Bank (Afreximbank) announcing that it would work with governments of the CARICOM to set up a Caribbean Exim Bank and that it envisaged committing an investment of $700 million in the Caribbean.  Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, told participants at the opening that there had been tremendous progress in accelerating the membership of CARICOM (Caribbean community) nations in Afreximbank and that signature of a participant agreement would enable Afreximbank to operate in the Caricom region and deliver…

The OPEC Fund for International Development and the Eastern and Southern African Trade & Development Bank (TDB) are deepening their cooperation with the OPEC’s Fund’s latest commitment of debt and equity totalling USD 40 million. These recent investments in TDB aim to further strengthen the partnership and unlock synergies in support of sustainable development in Africa. A USD10 million Class B equity investment, the second since the OPEC Fund and TDB began their partnership in 2009, will support the bank’s capitalization and increase its financing capacity in TDB’s 22 member countries. Class B shares were introduced in TDB’s capital structure…

Africa-focused international law firm ASAFO & CO. strengthens its mining practice with the hiring of Daye Kaba, an international corporate finance and commercial lawyer joining the firm as a partner in Abidjan. Daye Kaba is triple-qualified, being admitted to the New York and Ontario Bars, and as a conseil juridique in Côte d’Ivoire. He focuses on corporate finance, M&A, and commercial law matters with a strong emphasis on the natural resources sector. He advises a broad range of public and private sector clients on complex international and Africa-based transactions, often involving innovative financing solutions and significant foreign investment components. Daye…