Author: Editor

The African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has released an impressive list of 71 sponsors of the third Intra-African Trade Fair (IATF2023), Africa’s premier trade and investment event, taking place in Cairo from 9 to 15November. Positioned as the premier platform for business exchanges in Africa, IATF2023 is drawing on the broad range of programmes and initiatives being implemented by Afreximbank to facilitate intra-African trade and on the promise of the AfCFTA to revolutionise trade, reshape markets across the Africa, boost output in the manufacturing and…

Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab Coordination Group (ACG) announced today that it aims to allocate up to US$50 billion to help build resilient infrastructure and inclusive societies in the African continent. The announcement was made by the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia. Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority. In a joint communiqué the group of ten…

Ecobank Group, the leading pan-African banking Group, sponsors the Intra-African Trade Fair 2023 (IATF 2023), the continent’s premier trade and investment event, which is taking place from 9-15 November 2021, in Cairo, Egypt. Theme this year is “Connecting African Markets”. The event will provide a springboard platform for businesses to grow their intra-African trade and investments across the continent’s single market of 1.4 billion people created by the African Continental Free Trade Area (AfCFTA). IATF 2023 is expected to attract over 1,600 exhibitors showcasing their goods and services, over 35,000 attendees, to result in US$43 billion of trade and investment deals being…

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, officially inaugurated today in Vietnam, the Ha Nam Vocational College, with the Vice Chairman of Hanam province, alongside officials from both sides. SFD previously contributed over $9 million to the Ha Nam Vocational College expansion project, which aims to become a high-quality vocational training center for the province and country. The project included building and equipping 10 educational buildings, benefiting over 3,000 students yearly. Vocational college expansion to meet growing demand for skilled workers and businesses in Han Nam and other provinces, especially in the automotive, welding, and…

OCP Group, the world’s largest phosphate-based fertilizer producer, the University Mohammed VI Polytechnic (UM6P), and American agriculture startup Regrow have signed a strategic partnership to develop an MRV (Measuring, Reporting, and Verification) system specific to African soil. The system is based on the biogeochemical “DNDC” model (DeNitrification-DeComposition), a globally calibrated and validated scientific model, recognized by reference standards. The objective of the project is to explore the potential of soil to sequester carbon, boost its fertility, and improve equitable access to the carbon market, thereby promoting soil health on the continent. The project will provide African farmers with access to…

A new social contract that will boost fair and equal opportunities for citizens is a must to accelerate sustainable development in Africa, the new Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, has told a meeting of experts and policy makers which opened in Addis Ababa, Ethiopia, this week. “Governments must increase...

Today, at the Second AfriCaribbean Trade and Investment Forum (ACTIF 2023), Prof. Benedict O. Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), unveiled the significant strides made in trade and investment relations between Africa and the Caribbean. Addressing Heads of Governments and delegates during a Keynote on the opening day, Prof. Oramah underscored, “Just over a year ago, we began that journey convinced that only we could transform the fortunes of our lands… All of us from Africa and the Caribbean, at this moment more than at any other time in history, hold a…

The Ecobank Group, the leading pan-African banking group, celebrated the 10th anniversary of Ecobank Day, its flagship social impact event, last Saturday, October 21, 2023. To mark the occasion, Ecobank launched a three-year ‘Transforming Africa Through Education’ campaign, which it kicked-off with a focus ondigital education and equipping children and youth with the digital skills they need for the jobs of tomorrow.  Jeremy Awori, Chief Executive Officer of Ecobank Group, said: “Ecobank Day reflects the giving spirit of all 14,000 Ecobankers across the Group. For 10 years, it has given us an opportunity to manifest our commitment to making a positive…

On October 17, in the presence of Shengjun Ren, President of CEXIM and Prof. Benedict Oramah, Afreximbank President and Chairman of the Board of Directors at the CEXIM Headquarters in Beijing, Mr. Wencai Zhang, Vice President of CEXIM, and Dr. George Elombi, Executive Vice President of Afreximbank signed the agreement. The purpose of the loan is to facilitate and finance the trade and economic cooperation between the member states of Afreximbank and the People’s Republic of China (PRC). The loan will also aide in promoting the financial cooperation between Africa and the PRC. Speaking during the meeting and signing ceremony, Prof. Oramah noted that it…

François Bloch will take his new position on 1 November 2023, replacing Laurent Goutard who will leave the Group in 2024 to pursue new professional and personal projects. François will report to Delphine Garcin-Meunier, Head of Mobility and International Retail Banking & Financial Services. François Bloch joined the Group more than 30 years ago. He has held several key positions within International Retail Banking. He was First Deputy Chairman of Rosbank in Russia from 2012 to 2016. After that, he was Chief Executive Officer of BRD in Romania until September 2023. In both countries, he successfully transformed the bank’s operating…

The Eastern and Southern African Trade and Development Bank (TDB) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, have signed a Memorandum of Understanding (MoU) to strengthen trade between OIC member states and those of TDB, during the World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco. Under the MoU, TDB and ITFC will harmonize their efforts to provide robust trade finance solutions to better serve their respective Member Countries in Africa. These solutions encompass an array of financing products such as Murabaha, syndications, co-financing, risk-sharing, and Islamic factoring.…

The Absa Africa Financial Markets Index 2023 reveals there has been continued progress in developing financial markets across Africa in the past year, with many AFMI countries taking steps to bolster their resilience against global market shocks. Now in its seventh year, the index scores African countries’ financial development based on measures of market accessibility, openness and transparency. With support from the United Nations Economic Commission for Africa, coverage in this year’s report has grown to 28 economies with the addition of Cabo Verde and Tunisia. The aim of the report is to show how countries can reduce barriers to…

​The international cruise season in Tunisia has been underway for several months now, and the city of Sfax is getting ready to welcome its first 2023 ship and its first cruise passengers from all over the world. The Renaissance, from Miami-based Compagnie Française de Croisières(C.F.C.), a former Holland America Line ship, was completely renovated in 2018. This 219m-long ship, which can accommodate up to 1,100 passengers on board, has 629 staterooms, 154 of which have private balconies. The Renaissance, one of the world’s largest cruise ships in its category, will dock at the port of Sfax on Thursday, October 12, 2023 at Quai N°8 from…

Adenia has acquired a majority stake in Enfin, a provider of solar funding solutions in South Africa. Adenia Partners (“Adenia”), a private markets investment firm committed to responsible investing and a sustainable Africa, has completed a majority investment in Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa, as the first investment from its fifth flagship fund (“Adenia V” or “the Fund”).  The investment comes at a time when South Africa’s long-running energy crisis has significantly escalated, impacting economic growth and the quality of life for millions of people. This year, South Africans have experienced record…

United Nations Secretary-General António Guterres announced Friday, the appointment of Claver Gatete of Rwanda as the next Executive Secretary of the United Nations Economic Commission for Africa (ECA). The Secretary-General wishes to extend his appreciation and gratitude to the former Executive Secretary, Vera Songwe of Cameroon, as well as to the Deputy Executive Secretary, Programme Support, Antonio M. A. Pedro of Mozambique, who will continue to serve as Acting Executive Secretary until Mr. Gatete assumes his functions. Mr. Gatete is currently Ambassador and Permanent Representative of the Republic of Rwanda to the United Nations in New York. A seasoned economist,…

H.E. President Denis Sassou Nguesso of the Republic of Congo conferred one of the country’s most prestigious national honours, the Officer of the Congolese Order of Merit, on Prof. Benedict Okey Oramah, President & Chairman of the Board of the African Export-Import Bank (Afreximbank), and Dr. George Elombi, the Executive Vice President, Governance, Legal and Corporate Services. Conferring the honours in his capacity as Grand Master of the National Orders at the decoration ceremony, President Nguesso told the audience that President Oramah and Dr. Elombi were being honoured for services rendered to the Congolese nation. The ceremony featured the reading of the decree…

The African Export-Import Bank (Afreximbank) in Brazzaville signed an agreement to provide a $300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30 per cent. Signed by Ibrahima Bagarama, Regional Chief Operating Officer – Central Africa, for Afreximbank, and John Chisholm and Olivier Okota, member of the Board of Directors and Director General of Trident OGX Congo respectively, the $300 million reserve-based lending facility will enable Trident OGX Congo to implement a capital expenditure programme to ramp-up crude oil production from the Mengo-Kundji-Bindi II (MKB II) oil fields. Under the terms of the…

The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) in order to position the continent’s small and medium enterprises (SMEs) to participate effectively in global trade. In an address to the Africa International Exhibition, which opened yesterday on the sidelines of the United Nations General Assembly in New York, Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of Bank President Prof. Benedict Oramah, said that SMEs participating directly in global trade faced stiff competition from multinational and significantly large corporates, making their chances…

Mauritius. Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce that Cassa Depositi e Prestiti S.p.A. (CDP Group) will be investing €20 million in the new MC IV fund to support mid-cap companies in North and Sub-Saharan Africa. Following the strategy of the previous Mediterrania Capital Partners funds, MC IV aims to invest up to €350 million in African businesses to help them reach their full potential and generate financial returns for investors. Mediterrania Capital Partners’ funds target mid-size companies operating in sectors…

WASHINGTON, DC: World Bank President Ajay Banga; International Monetary Fund (IMF) Managing Director Kristalina Georgieva; and Kingdom of Morocco Minister of Economy and Finance Nadia Fettah Alaoui, today issued the following statement: “Since the devastating earthquake in Morocco on September 8, the World Bank and the IMF staff have worked in close coordination with the Moroccan authorities and a team of experts to thoroughly assess Marrakech’s capacity to host the 2023 Annual Meetings. In undertaking this assessment, key considerations were that the Meetings would not disrupt vital relief and reconstruction efforts, and that the safety of the participants can be assured.…

From our Special Envoy to Djibouti, Abdoulaye Ba In Djibouti, the day after the inauguration of the Red Sea Power (RSP) wind farm on September 10, 2022, by President Ismaïl Omar Guelleh, we spoke with the architect of the project’s financing. Samaila Zubairu, president and CEO of Africa Finance Corporation, extensively explained the stakes of this project, which began in 2018 with the creation of the wind farm consortium followed by a bridge loan through own capital via Africa Finance Corporation (AFC) as the main developer, the Dutch entrepreneurial development bank FMO, mixed financing funds Climate Fund Managers (CFM), and…

“Independence is only the prelude to a new and more involved struggle for the right to conduct our own economic and social affairs” – Kwame Nkrumah, Pan-Africanist and father of African independence. “This statement made over 60 years ago continues to ring true today. It underlines the position that despite attaining political independence, Africa’s emancipation was far from complete and the quest for economic independence still lies ahead. This quest continues and makes it imperative for us to work collectively to find African solutions to the challenges facing our continent,” said Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank,…

The Kigali International Financial Centre (KIFC) in collaboration with the AVCA – African Private Equity and Venture Capital Association has launched a new report titled “Unlocking the Potential of Digital Payments in Africa: A Comparative Analysis of Regulatory Sandboxes and Payment Service Providers.” The report showcases the current situation regarding the uptake of digital payments in Africa, characterized by the continuous global growth of e-commerce volumes. It also touches on the role of regulatory sandboxes and payment service providers in promoting the growth of digital payments across the continent. The report findings are based on extensive research and analysis, including…

African Export-Import Bank (“Afreximbank” or the “Group”) has released the consolidated financial statements of the Bank and its subsidiaries, for the half year ended 30 June 2023. The results demonstrate a strong and resilient performance, which was ahead of expectations. Afreximbank Group’s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December 2022 (FY-2022) to approximately US$30.1 billion as of 30 June 2023. The growth was driven by the increase in loans and advances to customers, which grew by 13% to close the period at US$26 billion. The liquidity position remained strong at US$3 billion, representing 11%…