Author: Editor

On 26 September 2024, on the occasion of the Pointe-Noire Business Forum, Congo Terminal announced the construction of a new port terminal at the port of Pointe-Noire for a total investment of almost 400 million euros. In view of the exclusive terms offered to Congo Terminal and in anticipation of the growth of its activities, the company is building a new container terminal, Congo Terminal ‘Môle Est’, on which work has already begun and which will be operational in 2027. The new terminal will have 750 m of quays with a draught of 17 m, 26 hectares of quayside and…

On September 25, 2024, the pan-African group AXIAN announced its entry into the capital of the Ivorian start-up WiASSUR, specialized in insurance. Through its investment vehicle, AXIAN Investment, the operation carried out in July 2024 allows AXIAN to become the second-largest shareholder of WiASSUR, thereby strengthening its commitment to the insurance sector in Africa. WiASSUR...

The Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, has emphasized the need for Africa’s youth to play a central role in shaping the continent’s future. During a meeting on “Transforming Africa with Youth-Driven Solutions” in New York on September 20, he called for concerted efforts to unlock the potential of Africa’s youth for sustainable growth. “Africa’s youth are not just the future; they are the present driving force of our continent, and they must have a decisive role in shaping our pact for the future,” said Mr. Gatete during the session held ahead of the Summit…

In a major development in African finance, just three days after acquiring the Access network, AFG Holding, a pan-African banking group, has now taken control of Société Générale in Guinea. This marks the continued resurgence of Ivorian businessman Koné Dossongui, further cementing his position at the forefront of African finance. Société Générale has signed an agreement with Atlantic Financial Group (AFG), a leading pan-African banking group, to sell its 57.93% stake in Société Générale Guinea. The agreement stipulates that AFG will take over the entirety of Société Générale Guinea’s operations, including all customer portfolios and staff. The transaction is expected…

Khadija Komara is the new Director of Communications and Philanthropy at Africa Global Logistics. She succeeds Dieudonné Gaibai who is now taking over the operational management of AGL Côte d’Ivoire under the leadership of Asta Rosa Cissé, Regional Director of AGL Côte d’Ivoire/Burkina Faso region. After 15 years at Orange as Director of Institutional Communication for Orange Africa, where she managed a communication network across 17 African countries, Khadija Komara will now oversee communication and philanthropy for the leading logistics operator in Africa. As part of her duties, she will contribute as a member of AGL’s Executive Committee to the…

The African Trade and Investment Development Insurance (ATIDI) has announced a donation of USD 40,000 to Street Child to build six classrooms in two primary schools in Gatumba, Burundi. This initiative aims to support the education of children displaced by recent climate-related disasters. Manuel Moses, CEO of ATIDI, stated: “By funding the construction of these classrooms, we are investing in the future of young talent while promoting the continent’s long-term growth.” Jolien van den Broeck, Representative of Street Child in Burundi, added: “This support will help restore hope and create opportunities for the children of Gatumba.” This project aligns with…

Moustapha Sow is a Senegalese financier who firmly believes that Africa should be built by Africans while acknowledging the need for external contributions. According to him, doing business in Africa is challenging. “Sometimes, I’m forced to put a white person forward to make progress,” he admits. He emphasizes the need to change perceptions: “For the same services, they’re willing to pay three times more abroad. Let’s not get discouraged. Let’s follow Mandela’s work. We’re living in a crucial moment. Change will come.” The company he founded in 2017, SF Capital, initially focused on investment and financing banking with only 2…

Lomé, 4 September 2024 The ECOWAS Bank for Investment and Development (EBID) has signed a €20 million Wakala Framework Agreement (loan agreement) with MANSA BANK to support private enterprises in key sectors, including agriculture, agro-industry, services, renewable energy, education and health in Côte d’Ivoire. This financing extended to MANSA BANK aims to stimulate sustainable growth, promoting private sector development, and creating jobs in the ECOWAS region. The agreement follows the first facility of €30 million granted in December 2023, bringing EBID’s total commitments in Côte d’Ivoire to approximately USD 710 million, demonstrating the Bank’s continued efforts to providing financial solutions…

The Consortium comprising IMPAXIS, Lead Arranger and Leader, Coris Bourse and EDC Investment Corporation, respectively Co-Arranger and Co-Leader, is delighted to inform the market of the early closing of the ‘GSS BIDC-EBID 6.50% 2024 -2031’ bond. This FCFA 70 billion transaction is a ground-breaking innovation in the regional public offering market, as it is the first issue of a Green, Social and Sustainability (GSS) Bond on the said market. It was completed in less than 5 days of subscription, thanks to the enthusiasm of investors for the issuer – the ECOWAS Bank for Investment and Development (EBID) – and sustainable…

“In the context of the weakness of the international financial architecture, we must first mobilize internal savings and strengthen our institutions.” President of the African Development Bank (AfDB) for ten years, from 2005 to 2015, Donald Kaberuka was one of the key economists speaking at the Afreximbank Annual Meetings (June 12-15, 2024, in Nassau) alongside Jeffrey Sachs. For this rather ‘sovereigntist’ economist, Africa should continue the fight to reform the global financial architecture while simultaneously building a capital market and deepening second-generation reforms. Our era is marked by repetitive crises. What economic policy should African states implement? Indeed, the world…

The latest book by Carlos Lopes, a renowned economist, comes as a painful wake-up call. Titled ‘The Trap of Self-Delusion: Exploring the Economic Dimensions of Dependency on Charity in Africa-Europe Relations,’ the professor, who, in the mid-2010s, while serving as Executive Secretary of the United Nations Economic Commission for Africa (UNECA), helped bring the often-overlooked debate of Africa’s integration and industrialization onto the Agenda 2063 of the African Union Commission. The book addresses the persistently unbalanced relations between the European Union and its subordinate, the African Union, in a calm yet scientific and factual manner. As a former high representative…

Harare, 29 August 2024 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) has extended a USD 20 million revolving line of credit to CBZ Bank Limited. The facility will be used by CBZ Bank to provide loans to eligible customers operating in key export and hard currency sectors for capital expenditure and working capital needs.TDB Group has effectively positioned itself to support its member states’ banks by providing a number of solutions such as lines of credit to facilitate trade within the continent and the rest of the world.Gift Moonga TDB Coverage Executive, Southern Africa…

On 22 August 2024, teams from Africa Global Logistics (AGL) Angola successfully exported a heavy-lift helicopter weighing over 6T to France. This helicopter conforms to the safety standards of the oil & gas sector, and is designed to transfer crews to offshore platforms. AGL’s teams mobilised a 70-tonne crane to load it onto a special low-loader. They then ensured the safe transfer of the oversized transport to the port of Luanda, where it was loaded for its destination in Europe. ‘We have full trust in Africa Global Logistics, which has a proven track record in a series of complex operations.…

“Our strategic objective is to be present in 25 countries.” Committed to acquiring several banking assets, the Chairman & CEO of Vista Bank reaffirms his commitment to building a major pan-African group. This interview was conducted in Nassau, Bahamas, on the sidelines of the Afreximbank General Meetings. How do you view this momentum of Africa...

By Par Monceyf Fadili  and Prudence Adjanohoun This article aims to contribute to the debate within the framework of the first African Urbanization Forum, “Sustainable Urbanization for the Transformation of Africa – Agenda 2063” (Addis Ababa, September 4-6, 2024), organized by the African Union with the support of UN-Habitat and the United Nations Economic Commission for Africa (UNECA). It presents a reflection on the right to affordable and decent housing for all in Africa, authored by Monceyf Fadili, an international expert in urban planning and territorial development and former UN-Habitat Advisor, and Prudence Adjanohoun, Secretary General of the Réseau Habitat et…

LONDON – AUGUST 22, 2024 09:39 AM (EDT) AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb” (Fair) to Ethiopian Reinsurance S.C. (Ethio Re) (Ethiopia). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Ethio Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. Ethio Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation that is comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio…

On 22 August 2024, teams from Africa Global Logistics Congo (AGL) completed the customs clearance, handling and rail-railing of 4 locomotives destined for the Chemin de fer Congo Océan (CFCO). This delicate task will enable the country to maintain its commitment to the population and economic operators. Intra-city rail transport is one of the most economical and secure solutions for transporting people and goods. Imported from Belgium, each locomotive weighs 68.5 tonnes and measures 16.9 m long, 2.8 m wide and 4.20 m high. It has a tractive power of 1200 hp. Once the customs formalities had been completed, allowing…

On 16 August 2024, Africa Global Logistics Congo signed a partnership agreement with the association Women In Logistics-Africa (WILA) in order to support actions that highlight women in the supply chain in port and maritime environments. AGL Congo is joining forces with WILA Congo, an association committed to promoting women in logistics, in order to encourage, raise awareness, train and guide women towards this sector of activity, which has traditionally been dominated by men. The partnership will involve raising awareness in schools, as well as sharing experiences through participation in various forums dedicated to the supply chain. WILA also has…

“We believe that the creation of the Eco will be a long and arduous process. Although the project has been in development for several years, deadlines have been repeatedly postponed due to difficulties in economic and fiscal convergence, as well as political discussions, which are naturally complex for projects of this magnitude.” This is the...

Dr. Samuel Munzele Maimbo, originally from Zambia, has been officially nominated by the Southern African Development Community (SADC) as their candidate for the presidency of the African Development Bank (AfDB) election, scheduled for May 2025. This decision was ratified during the 44th Ordinary Summit of SADC Heads of State and Government, held on August 17...

On 13 August 2024, AGL Congo acquired 52 latest-generation 6X4 road tractors and 12 semi trailers. The company has just increased its road fleet by nearly 17%, and plans to exceed the 30% threshold by the end of 2024. In order to satisfy the growing needs of its customers for the provision of equipment, AGL Congo is investing massively in the acquisition of state-of-the-art equipment. 64 Sino-truck Hohan/Howo road tractors and 95 40’ semi-trailers have been ordered at a total cost of around 4 billion CFA francs (nearly 6 million euros). The 52 tractors and 12 trailers are part of…

Conakry, 9 August 2024 In a significant milestone, Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Honourable Mourana Soumah, Minister for the Economy and Finance of the Republic of Guinea, signed two loan agreements totaling USD 62.77 million. These agreements mark the first phase of a comprehensive accord in the amount of USD 307 million aimed at strengthening infrastructure and rural development in Guinea. The two facilities will finance critical water infrastructure projects in Guinea, namely: 1. A USD 28.4 million loan to provide drinking water supply systems to 205,204 people in the…

The Ethiopia Securities Exchange (ESX) is set to go live in October, according to the state-owned media. The country has not had a securities exchange platform despite being the largest economy in East Africa with a gross domestic product (GDP) of about $205 billion according to the International Monetary Fund (IMF). Ethiopia’s stock exchange Chief...

The Saudi Fund for Development (SFD) will host a Gala Dinner on September 01, 2024, under the theme Celebrating 50 Years of Global Impact, commemorating five decades of driving sustainable global development and progress. Since its establishment in 1974, the SFD has been the main international development arm of the Kingdom of Saudi Arabia, supporting sustainable development initiatives across Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. Through collaboration and partnership, the SFD’s work reaches those most in need around the globe. The SFD is also committed to supporting the Least Developed Countries and Small Developing Island States,…

Geneva, July 30th, 2024 The Honorary President of the Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID), Dr George Agyekum Donkor, has urged DFIs and Exim banks to take proactive measures to support trade diversification and infrastructure development. According to Dr Donkor, strategic investments in key sectors can build resilient economies capable of withstanding global shocks. He, therefore called for more partnerships between developing countries to enhance regional value chains in order to create a more balanced global economy. Quoting the Nobel Peace Prize winner, Nelson Mandela, who said “If you want to go fast, go alone. If…

Accra, Ghana 21 July 2024 The Alliance of African Multilateral Financial Institutions (AAMFI) held the third meeting of its Governing Council on the margins of the African Union Mid-Year Coordination Meeting, held in Accra, Ghana, during which it welcomed the endorsement of the Alliance by the African Union (AU) Ministers of Finance and Central Bank Governors at their 7th Ordinary Session of the African Union Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning, and Integration, in Tunis, Tunisia. The STC Ministerial declaration and decisions reflected the pivotal role of African Multilateral Financial Institutions (AMFIs) in the continent’s financial…

Accra, Ghana, 20 July 2024 The Alliance of African Multilateral Financial Institutions (AAMFI), held the third meeting of its Governing Council in Accra, Ghana, on the margins of the African Union’s 6th Mid-Year Coordination Meeting. The Governing Council discussed key aspects of the implementation of its strategy and welcomed new members, notably, the African Solidarity Fund (ASF) and the East African Development Bank (EADB). AAMFI was launched on 17 February 2024, in Addis Abba, Ethiopia, by African Union Heads of State, on the sidelines of the 37th Ordinary Session of the Assembly of Heads of State and Government of the African…

Paris, 30 July 2024 – In a significant move, Societe Generale has signed an agreement to sell its 93.43% stake in Société Générale Bénin to the State of Benin. This agreement also includes the subsidiary’s branch in Togo, Société Générale Togo. Under the terms of the deal, the State of Benin will take over all...

New York, July 22 2024 (ECA) – During a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF), Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), called upon countries to explore reforms to the common debt relief framework to better address rising high...

The Secretariat of the African Continental Free Trade Area (AfCFTA) and Africa’s leading TV media group, AFRICA24, have signed a Memorandum of Understanding aimed at promoting the Continental Free Trade Area and African Economic Integration through multiple high-impact actions. Initialled at the AfCFTA secretariat’s headquarters in Accra by H.E. Wamkele MENE, Secretary-General of AfCFTA Secretariat, and Constant NEMALE, Founder of Groupe AFRICA24 (President of Afrimedia International), the Memorandum of Understanding will enable the concrete implementation of three major actions: – The promotion, through the AfCFTA Secretariat to all citizens, institutional partners, companies and organizations, of actions for the realization of…