Author: Editor

According to our sources, the president of the Senegal Oil and Gas Risks Insurance Pool, Majdi Yassine, informed the Senegalese insurance and reinsurance market that Sonam, a bidder on behalf of the Insurance Pool, has been confirmed for insurance cover for the Woodside oil project in Senegal. Majdi YASSINE is the CEO of the life and non-life insurance subsidiaries of Sanlam in Senegal, he has more than 15 years of experience in the insurance sector in sub-Saharan Africa, he helped the Colina group to start their subsidiary in Senegal in greenfield in 2008, and in less than 10 years he…

More and more, African countries are able to act in concert to stand up for the interests of the continent. Professor Carlos Lopes Associate Fellow, Africa Programme, Chatham House The conventional wisdom is that Africa is at the periphery of international affairs, and the perpetual subject – or victim – of decisions by powerful political or economic actors from outside the continent. The argument then goes on that the diversity of African countries, their atomization and fragmentation, further weakens the ability of the continent to act as a unified whole. As with much cliché about Africa, it does not tell…

SGI AFRICABOURSE arranges the second tranche of the Commercial Paper Issuance Program for the VETO SERVICES S.A Group for 1.5 billion FCFA. An amount to be mobilized during the period from 04 to 25 November 2019, ie 300 securities with a nominal value of 5 million CFA francs, with a maturity of 24 months and an interest rate of 7.5% gross per year. These are the characteristics of the second tranche of the CFAF 3 billion global loan that the Veto Services S.A Group (GVS – S.A) is issuing to UEMOA investors and beyond. This operation follows the first tranche…

Dr. Mohamed Boudra, Mayor of Al Hoceima (Morocco), candidate of Africa, was elected President of United Cities and Local Governments (UCLG) at the World Council of the organization held on November 15, 2019 in Durban (Africa) from South). The first round gave as results: Dr. Boudra, first with 100 votes; followed by Mr Ilsur Metshin, Mayor of Kazan in Russia with 66 votes, and in third place Mr Fernando Medina, Mayor of Lisbon in Portugal with 55 votes, which gave Mr Boudra and Mr Meltshin qualified for the second round scheduled for November 15, 2019, during which each candidate had…

In WAEMU, GDP statistics are underestimated. This seems obvious to say the least. First, there are strong signals: the informal economy is everywhere; in the agricultural sector, “in the bush”, in the building, in the services to the person, in the small street trade or in the markets. There are also weak signals: on average, in the ports of the subregion, the ships remain 15 days at the wharf or in the roadstead, five times more than in Asia, indicating a trade activity by sea well superior to port reception capacities; airports are always busy; the price of a square…

The Stock Exchange of Casablanca has evolved, throughout the session of 12 November 2 029, following a bearish trend to close, in fine, negative zone, reports Crédit du Maroc in its daily note. To this end, the market positions the annual evolution of its flagship index just below the + 1.75% threshold, in which case the MASI deteriorates by 0.14% while the MADEX loses 0.17%. . At this level, the YTD variations displayed by the two main indexes of the rating are reduced to + 1.74% and + 2.01%, respectively; In stride, the overall market capitalization totals nearly 596.24 billion…

At the end of a tour de table, LAfricaMobile has just raised 300 million CFA francs from the investment fund Teranga Capital and the company Lyonnaise (France) Abysse. This funding will be used to accelerate the sub-regional deployment of the Senegalese start-up and to strengthen its research and development activity. LAfricaMobile is the first multi-operator and multichannel communication platform in West Africa. It is a start-up of Value Added Services (SMS, USSD, voice, airtime) specialized in the services of interconnection and integration of mobile messaging for companies. It now has more than 100 customers in more than ten countries and…

Droughts have long decimated communities and livelihoods in Africa. This year alone, more than 45 million people in Africa, mainly in eastern and southern Africa, are food insecure due to prolonged droughts. Mohamed Beavogui, Under-Secretary-General of the United Nations and Director-General of the Pan-African Mutual Risk Management Institution, and Ibrahim Thiam, Deputy Secretary-General and Executive Secretary of the United Nations Convention to Combat Desertification, brandishing copies of the Memorandum of Understanding. The Pan African Mutual Risk Management Organization (ARC) and the United Nations Convention to Combat Desertification (UNCCD) announced their collaboration to support the development of financial tools for Africa…

The Ministry of Commerce, Trade and Industry in collaboration with the African Union Commission (AUC), the Economic Commission for Africa’s Office for Southern Africa (ECA-SA) and African Trade Policy Centre (ATPC) held a validation workshop for Zambia’s Strategy for the Implementation of African Continental Free Trade Area (AfCFTA) Agreement from 25 – 26 September 2019, in Lusaka. Speaking at the validation meeting for Zambia’s AfCFTA implementation strategy in Lusaka, the President of the Zambia Chamber of Commerce and Industry (ZACCI), Chabuka Kabwesha advised the government to expedite the implementation of the AfCFTA so that Zambia can start benefiting from the…

Economic Commission for Africa’s (ECA) Executive Secretary, Vera Songwe, on Wednesday lauded the African Union Commission’s commitment to effective partnerships, collaborative approaches and actions in support of the continent’s development aspirations. In a speech read on her behalf by Stephen Karingi, Director of the ECA’s Regional Integration and Trade Division, at a Regional Coordination Mechanism for Africa (RCM-Africa) Stakeholders Meeting in Addis Ababa, Ms. Songwe praised efforts by the AUC and its partners to collectively work together in championing sustainable development in Africa. The RCM-Africa, established more than two decades ago is at a crossroads, she said. This is in…

The Ministry of Trade and Tourism in partnership with the Economic Commission for Africa and the African Union Commission (AUC) are organizing an AfCFTA Awareness Workshop in Lilongwe and Blantyre on 17 September and 19 September, respectively. These workshops aim to engage relevant stakeholders on AfCFTA issues to secure a consensus for Malawi to ratify the AfCFTA Agreement. Each workshop is expected to bring together about 150 participants from private sectors, civil society organizations, parliamentarians, academia, and government. Salim Bagus, Minister of Industry, Trade and Tourism said ‘the AfCFTA marks a new dawn to Africa’s economic transformation and Malawi’s economy stands to benefit…

The framework agreement will contribute to the socio-economic development of Djibouti The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a major trade finance framework agreement with the Republic of Djibouti. The framework agreement was signed between ITFC General Manager, Eng. Hani Salem Sonbol and Minister of Finance S.E.M Ilyas Moussa Dawaleh, during the official visit of the ITFC delegation to the country. The visit was also the occasion of a summit meeting between the Director General and the President of the Republic of Djibouti, Mr. Ismaïl Omar Guelleh. Eng. Hani…

On August 27, 2019, the Board of Directors of Fenie Brossette took the head of this company specializing in various services including construction, industry and automotive, Abdelmounaim Faouzi, 50, entrepreneur capped 25 years experience. The new President and CEO will have the main task, recalls infomediaire.net, “to accelerate the implementation of the development plan initiated in February 2019, to open the company to new business sectors and consolidate the business lines. historic “. The senior executive will certainly have among its priorities that of putting an end to the legal marathon between this subsidiary of the companies Asma Invest (Saudi…

““The vision of African Union in establishing ARC was to present a powerful value proposition that will help Member States better understand their disaster risk profiles, access viable early warning tools, and develop a preparedness plan for protecting livelihoods of their vulnerable population from predictable natural disasters. The Government of Senegal has been exemplary in participating in various ARC risk pools since 2014.  This is the spirit of the ‘Africa We Want’, and it is very laudable” – UN-ASG Mohamed Beavogui, DG, ARC Abidjan, Thursday, September 05, 2019 – The Government of Senegal will receive a minimum payout of US$22m from African…

Ayuk has devoted Chapter 17 of Billions at Play: The Future of African Energy to the U.S. and Africa, along with America’s potential to bolster Africa’s journey to a brighter future The latest book by leading African energy attorney NJ Ayuk describes the steps he’d like Africans to take to realize the full potential of the continent’s vast petroleum resources. Part of that process, Ayuk writes, should be continued efforts to keep American oil and gas companies in Africa. Ayuk has devoted Chapter 17 of Billions at Play: The Future of African Energy to the U.S. and Africa, along with America’s potential…

By Pierre DELVAL. For the past decade, banks in many countries have demonstrated a better understanding of key aspects of corporate governance: effective board oversight, rigorous risk management, strict internal controls, and compliance. , especially. The progress is undeniable for a large part of them with regard to the assessment of the collective skills and qualifications of the Board of Directors, the establishment of an independent Risk Management Committee within the Board of Directors, the creation and strengthening of the role of director of risk management and the integration of the outcome of the consultations between the committees of the…

The largest bank in Nigeria by assets wants to deploy in East Africa. Guaranty Trust Bank, present in 10 countries including Rwanda, Kenya, Uganda and Tanzania, has entrusted investors in the Nigerian Stock Exchange (NSE) with plans to expand its presence in this part of the continent. “In East Africa, we need to do one of two things: we need to either provide capital or consider acquisitions,” said Segun Agbaje, CEO of GTB. Guaranty Trust Bank Plc has proposed an interim dividend of 30 kobo per share, or 8.8 billion N ($ 23.7 million) for the first half. In its…

The 6th Africa SME Champions Forum is set to run from the 12th to the 13th of November 2019 in Sandton, Johannesburg, South Africa.

The African Alliance for e-Commerce (AAEC), a framework to promote national and regional single windows in compliance with recommendations of international institutions, and Cameroon’s Single Window For Foreign Trade (GUCE) have joined forces to host the 7th edition of the Single Window Conference & Exhibition (SWC). The event will happen from September 17th to 19th at the Yaounde Conference Center, a first for Cameroon’s capital. Under the patronage of the President of the Republic of Cameroon, HE Paul Biya, and under the leadership of the AAEC and the GUCE, the event will mainly aim at tackling topics like intra-african trade initiatives and challenges, trade facilitation instruments for landlocked countries…

Founder of the Senegauloises public relations agency, Binta Sagna was found dead on 7 August 2019 in her Brussels apartment. The police reportedly found a natural death. Passionate about Africa, this Franco-Senegalese (hence the name of her agency) was ranked in December 2018 among “the 50 experts who make the difference” by the Africa Communications Leadership 2018 report. A distinction that was added to others for the one that invited the media to distinguish between information and communication. Binta Sagna was also ranked in 2017 among the continent’s 365 leaders by the South African magazine Tropic Media. On this occasion,…

Mohammed VI Polytechnic University (UMVIP) organized today in Accra an information session about IMPULSE, a best in-class startup acceleration program, with support from OCP Group and its subsidiary OCP Africa. The program is designed with MassChallenge, a global accelerator organization, with a unique non-profit, zero equity and impact focused model. Impulse aims to sustain OCP Group’s ambitious innovation agenda and to accelerate the development of innovative startups working on African challenges in the fields of Agritech, Biotech, Mining Tech and Materials Science & Nanotech. Speaking at the Ghana information session, which was attended by various stakeholders ranging from young entrepreneurs…

Delegation meets CEO of Senelec, Coris Bank International and Senegal’s Rapid Entrepreneurship Delegation Fund (DER) The International Islamic Trade Finance Corporation (ITFC) has sent a high-level delegation to Senegal led by its CEO, Eng. Hani Salem Sonbol, to meet the Minister of Economy, Planning & International Cooperation and newly appointed IsDB Governor for Senegal, H.E. Amadou Hott. ITFC has been actively supporting trade development in Senegal since its inception in 2008 with more than US$ 441 million of financing and trade facilitation programs in favour of the West African country and its critical sectors such as energy and agriculture. The…

The African Development Bank Group on Monday signed a $4.8 million institutional support grant to the African Union (AU) for implementation   of the African Continental Free Trade Area (AfCFTA). The grant, approved by the Group’s Board of Directors on 01 April 2019, forms part of a series of interventions by the Bank in its lead role to accelerate implementation of the Free Trade Agreement, seen as a major force for integrating the 55-nation continent and transforming its economy. Albert Muchanga, AU’s Commissioner for Trade and Industry, initialed for the continental body, and Obed Andoh Mensah, representing the Bank’s Director of the…

PIDG company, the Emerging Africa Infrastructure Fund (EAIF) today, 5 August, announced that it has arranged the long-term debt finance for a €305 million new port development by Gabon Special Economic Zone Ports (GSEZ Ports) at Owendo, Gabon. In addition to its sole mandated lead arranger role, EAIF is lending the company €40 million over 15 years, on a first ranked basis. GSEZ Ports is EAIF’s first project in Gabon. It is the largest industrial-scale infrastructure public private partnership yet seen in the country. Financial close was achieved on 26 July. The African Development Bank (AfDB), which led the structuring…

The Ministry of Health confirms that Rwanda’s border with the Democratic Republic of Congo is open, following traffic slow-down this morning as measures were put in place to reinforce screening procedures and public safety at entry points. To date, Rwanda remains Ebola free. The Ministry has advised against unnecessary travels to Goma-Eastern Congo, following increasing number of cases confirmed in DRC, and requested that individuals who have recently travelled to an Ebola affected area to report to the nearest screening station and to report any suspected Ebola cases via the Ministry of health toll-free lines 114, police number 112 or…

The ECA Executive Secretary, Vera Songwe, told African Central Bank Governors that concerns around Africa’s rising sovereign debt should not focus so much about its level, but rather the ability to pay for it.  Elaborating on this point, she stressed that managing debt dynamics well is all about implementing good fiscal policy, which in turn is linked to effective monetary policy. Songwe was speaking at the 42nd Annual Meeting of the Association of African Central Banks held on 31 July Kigali. The theme of the meeting was: Rising African Sovereign Debt: Implications for Monetary Policy and Financial Stability. “When we talk about increasing…

On 23 July, the Central Bank of Nigeria (CBN) released its monetary policy statement, which emphasised its intention to stimulate bank lending, especially to small and midsize enterprises (SMEs) and household borrowers. The policy statement notes “the need to boost output growth through sustained increase in consumer credit and mortgage loans and granting loans to our small and medium enterprises.” The plan is part of the central bank’s strategy to increase the country’s banking penetration rate. If Nigeria’s operating environment, which is still recovering from a 2016 recession, remains weak, increased private-sector lending will be credit negative for banks because…

Dubbed the most democratic nation in Africa, Cape Verde is one of the better-known of the continent’s success stories. While Cape Verde’s scattered islands enjoy stable democracy and strong majority-wielding governments, its leaders have undertaken far-reaching and ambitious reforms.

The Mo Ibrahim Foundation is pleased to announce the 2019 intake of selected Ibrahim Leadership Fellows, who will make up the programme’s eighth cohort. The incoming Fellows have taken up the following posts: Nadia Hamel (Algeria) has joined the African Development Bank (AfDB), Anta Taal (Gambia) has joined the International Trade Centre (ITC) and Emmanuella Matare (Zimbabwe) has joined the United Nations Economic Commission for Africa (UNECA). The Ibrahim Leadership Fellowships programme is a selective programme designed to identify and prepare the next generation of outstanding African leaders by providing them with mentoring opportunities in key multilateral institutions. The candidates,…

Schengen is a border-free area constituted from 26 European countries which allow residents of member countries to travel freely within the area.  On the other hand, residents of non-member states who want to enter Schengen must get a visa beforehand. Home of many historical places and cultural landmarks, this part of the world is a major attraction to visitors coming from all around the world. Schengen is a very popular travel destination among Africans too. According to the latest official statistics, provided by SchengenVisaInfo.com over 2.8 million residents of Africa applied for a Schengen visa during 2018. As such, they…