- IMF approves $606 million loan to Kenya
- Russia and Tanzania deepen diplomatic ties in energy, tourism sectors
- Airtel Kenya gets a two year license extension
- EAAIF Acts as Sole Impact Investor, Anchors Africell’s Debut USD300 Million International Public Bond Issuance
- HF Group out to raise $46.5 million in rights issue
- Breaking: Kenyan High court halts $736 million Adani-Ketraco power deal
- IIDiA and Central Bank of The Gambia Partner to Introduce Mojaloop Payment System
- Kenya: Cement Manufacturer Savannah ups price takeover of Bamburi by 9.3 percent
Author: Albert Savana
To benefit from the African Continental Free Trade Area, Zimbabwe must deploy deliberate strategies towards ensuring the private sector, a key stakeholder in production and trade, is strategically positioned to exploit larger market opportunities offered by the AfCFTA, with reduced tariff and non-tariff barriers, says Batanai Chikwene, an Economic Affairs Officer at the Economic Commission for Africa (ECA). Speaking at a workshop organised by the Zimbabwe government, the African Union Commission (AUC) and the ECA in Harare today, Mr. Chikwene said it was imperative for Zimbabwe to address supply-side constraints limiting the productive capacity of its industry to stimulate competitiveness…
This week global business and research pioneer, Dalberg, partnered with The Africa Center and the African Leadership Institute to Launch (AFLI) the “Future Forum” initiative in New York City. This future-forward project brings together leaders and innovators from across Africa, and the world, to create a shared vision around today’s challenges and tomorrow’s opportunities – especially those related to African youth and employment. The event, structured around Africa @ Work, created a platform promoting curated conversations between Africans and Diaspora. “Africa@Work is a conversation between Africans and the Diaspora that aims deepen our shared understanding of African labor market complexities,…
Three Middle Eastern countries rank in the Standard Chartered Trade20 Index, which identifies the markets with the greatest potential for future trade growth Oman and the UAE feature in the top 10 markets that have most rapidly improved their trade growth potential over the past decade, according to new research from Standard Chartered (www.SC.com). The Trade20 Index, which identifies the 20 rising stars of global trade, also features Bahrain among the nations that have shown the most progression. The Trade20 Index determined each market’s potential for trade growth over the past 10 years by analysing economic dynamism, trade readiness and…
On the margins of the United Nations Climate Action Summit convened by the Secretary-General, H.E. Mr Antonio Guterres to drum up support for climate action, a group of like-minded countries, financiers, project developers and the United Nations Economic Commission for Africa (ECA) launched on Monday an initiative to energize climate resilient development in Africa faster, better and cleaner with deployment of 10,000 MW by 2025 The SDG7 Initiative for Africa is aimed at crowding in private sector finance for accelerated clean energy deployment to address Africa’s increasing need for energy, while contributing to climate action through more ambitious nationally determined contributions…
Afreximbank President Prof. Benedict Oramah displays the 2019 African Renaissance and Diaspora Network Private Sector Development Award he received at the United Nations Headquarters. With him were Dr. Djibril Diallo, CEO of ARDN (left) and Constance Newman, Chairman of ARDN. Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), yesterday at the United Nations Headquarters in New York, received the 2019 African Renaissance and Diaspora Network Private Sector Development Award. The award, presented by the African Renaissance and Diaspora Network (ARDN) during the “Africa: Open for Business Summit” on the sidelines of the United Nations General Assembly, celebrates leadership…
Major building blocks to catalyse the entry of Central African countries into the fourth industrial revolution, induced by digital transformations, have been laid at an intergovernmental conference extended to the private sector and academia, taking place in Malabo, Equatorial Guinea. On the second day of this annual subregional meeting convened by both the UN Economic Commission for Africa (ECA) and the Government of Equatorial Guinea, experts weaved outlines to a framework that could blitz a transition to a subregional digital economy pronged on: public-private partnerships (PPP’s), e-commerce and technological innovations. Public private partnerships According to a first group of the…
African Youth Climate Hub aims to mobilize youth’s voices from the Global South A major new climate change initiative focused on promoting ideas and solutions from young Africans has been launched during the 2019 Climate Action Summit of the Secretary-General of the United Nations, on the sidelines of the United Nations General Assembly, by Her Royal Highness Princess Lalla Hasnaa, President of the Mohammed VI Foundation for Environmental Protection. As a committed global leader, Her Royal Highness has, for several decades, consistently and concretely put Youth and the Public at the center of the activities of the Foundation, with a…
The workshop notably provided information on training and capacity building in Uganda’s oil & gas sector KAMPALA, Uganda, September 24, 2019/ — In line with Oranto Petroleum’s commitment to domestic capacity building and local content development across sub-Saharan Africa, the company organized a tender workshop in Uganda in partnership with the Petroleum Authority of Uganda, the Local Government Administration and KITADI consultancy. Organized in the region of the Albertine Graben where Oranto Petroleum has its Ngassa licenses, the workshop was attended by over 250 participants, a majority of which were business owners and entrepreneurs. “Oranto understands that oil resources have…
It is urgent to break away from generic and unproductive approaches towards digital transformations in Central Africa that have caused no real change on the ground for the last two decades and act on a new paradigm that would spur sustainable development in the subregion, experts have asserted. The entreaty was made during a high-level debate on the digital economy in Central Africa, described as the least advanced on the continent, on the first day of the 35th session of the Intergovernmental Committee of Senior Officials and Experts (ICE) for the subregion. The conference has assembled more than a hundred…
Gabon, Equatorial Guinea and Senegal will continue to showcase their hydrocarbon potential at the 2019 Africa Oil & Power conference and exhibition. Senegal and South Sudan will launch their next oil and gas licensing round at AOP 2019. Senegalese President, H.E Macky Sall, will be honoured as Africa Oil Man of the Year by Africa Oil & Power for his work in developing the Senegalese energy sector. Registration is open for the 2019 Africa Oil & Power conference in October 9 -11. The conference will take place at the CTICC1 in Cape Town, South Africa. Determined to attract investment and…
West Africa Rating Agency (WARA) has raised the long-term rating of CFAO Motors Ivory Coast, a subsidiary of the CFAO group specialized in the sale of motor vehicles, from “BBB +” to “A-” with a stable perspective. “This rating is two notches below the Ivorian national ceiling, which is set to ‘A +'”, specify those responsible for this rating structure based in Dakar. They add that the short-term rating is “w-3” with a stable outlook. According to WARA, the rise in the CFAO Motors CI rating is the result, among other things, of a consolidation of its position as a…
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank has approved a $500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF), a new private equity fund developed by All On, a Nigerian impact investment firm financed by Shell. NEAF will make strategic investments in sustainable energy in Nigeria, particularly in the country’s burgeoning off-grid and mini-grid sectors. The SEFA grant will support specific workstreams to set NEAF in motion and enhance its engagement with private and public sector investors. NEAF will be a first-of-its-kind facility to provide eligible projects and…
The Ministry of Industry, Trade and Tourism, in partnership with the Economic Commission for Africa and the African Union Commission (AUC) held an AfCFTA Sensitization Workshop in Lilongwe on Tuesday 17 September. This workshop brought together approximately 100 participants from the private sector, civil society organizations, government and academia. The purpose of the workshop was to promote dialogue and develop a better understanding of the AfCFTA, as well as, secure consensus for Malawi to ratify the AfCFTA Agreement. In his official opening remarks, Dr. Joseph Mkandawire, Director of Administration and Finance, Ministry of Industry, Trade and Tourism, delivered a speech…
Democratic Republic of Congo conducts national consultation on the AfCFTA Addis Ababa, September 17, 2019 (ECA) – By establishing a single market of 1.2 billion individuals representing $ 2.5 trillion of cumulative GDP, the African Continental Free Trade Area (AfCFTA) is an important lever to increase the production capacity of the Democratic Republic of Congo (DRC) and unlock its commercial potential. It also offers the prospect of generating higher value-added processing opportunities for this state of more than 85 million people, which shares borders with nine neighboring countries and faces the challenge of diversifying its economy. Against this backdrop, a…
Finnfund supports the expansion of Yalelo Limited, an integrated tilapia aquaculture company in Zambia with a 6 million US dollar equity investment. It is the first direct investment by Finnfund in Zambia. Yalelo is the largest aquaculture company in Africa, producing 12,000 tons of tilapia annually. With the investments from Finnfund and Dutch FMO, Yalelo intends to expand its annual production to 25,000 tons. The rising population of Zambia, together with significant overfishing, has created a challenge for food security. Sustainable aquaculture provides a solution: tilapia is one of the most efficient sources of protein and has a much lower…
The Eastern and Southern African Trade and Development Bank (TDB) is extending USD 100,000 in grant funding to assist the victims of Cyclones Idai and Kenneth in Mozambique. A ceremony to mark the occasion was held on Friday the 13th of September at INGC’s offices in Maputo where the grant was presented by Dr. Mabouba Diagne, TDB Coverage Executive, Franco-Lusophone Africa. “Food relief items were identified as some of the most pressing needs to be catered to”, commented Isabel Sumar, TDB’s Non-executive Director from the Ministry of Finance of Mozambique. These will be supplied by Merec Industries and Phoenix Mozambique, TDB’s…
• Africa Oil & Power (AOP) is outraged by the violent attacks on foreign nationals living in South Africa. As government adopts measures to ensure safety for all, AOP calls for violence to come to an end. • As of Monday, the South African Police has made 639 arrests related to the xenophobic attacks in South Africa. • South Africa’s President Cyril Ramaphosa says there is no justification for the attacks and calls on ministers and the police service to find solutions to address the violence. Africa Oil & Power (AOP) and its partners strongly condemn the violent attacks on foreign nationals living in South Africa which have resulted in businesses being looted and at least 12 lives claimed. In addressing the issue with determination to…
Zimbabwe has confirmed that it will host the 6th Africa Regional Forum on Sustainable Development (ARFSD) which will be held in the resort town of Victoria Falls from 24-27 February, 2020. Officials from the United Nations Economic Commission for Africa (ECA) met Monday with senior government officials, including Labour, Public Service and Social Welfare Minister, Ms. Sekai Nzenza, in the first preparatory meeting towards Harare’s successful hosting of the Forum. Ms. Nzenza said Zimbabwe is proud to host the ARFSD, adding the Forum is a great opportunity for the country to showcase itself and its transitional stabilisation programme, whose major…
The African Export-Import Bank (Afreximbank) has announced the opening of registration for its 20th Afreximbank Trade Finance Seminar and Workshop, which will take place in Durban, South Africa, from 4 to 7 November 2019. The seminar and workshop series, formerly known as the Structured Trade Finance Seminar and Workshop, is being organized this year in collaboration with the South African province of Kwazulu-Natal. The series aims to equip African financial institutions, bankers and professionals from regulatory agencies, corporates and legal firms with skills for dealing with the challenges of financing transactions in times of economic uncertainty. In an announcement in Cairo…
Africa Finance Corporation (“AFC” or “the Corporation”), Africa’s leading investment-grade infrastructure solutions provider, announces the successful closure of general syndication which raised US$ 233 million and JPY 1 billion. MUFG Bank, Ltd. (“MUFG”) and Sumitomo Mitsui Banking Corporation (“SMBC”) acted as Mandated Lead Arranger and Bookrunner. MUFG will be acting as Facility Agent on the transaction, while SMBC will be acting as Documentation Agent. The Facility, which comprises two tranches, with both tranches (US$-denominated Tranche A and JPY-denominated Tranche B) carrying a tenor of three years each (bullet repayment), is AFC’s first Asian-currency denominated loan facility. It is an important step…
“The Government of Côte d’Ivoire has been consistent in its relationship with African Risk Capacity. The expected trigger of a payout to the country will, once again, validate ARC’s proof of concept and enable the Government to quickly come to timeously assist the affected population thereby significantly reducing vulnerability and promoting resilience”, – Dolika Banda, CEO, ARC Insurance Limited Abidjan, September 12, 2019 – The African Risk Capacity Insurance Limited (ARC Ltd) has confirmed that it will pay out the sum of $738, 835 to the Government of the Republic of Côte d’Ivoire following the severe rainfall deficits experienced in the central region…
On October 4th and 5th, 2019, the 6th edition of the Rebranding Africa Forum will open its doors to more than 500 participants from all over the world. At the heart of the debate: African mines. On the sidelines, an intensive and certified Mining and Energy Intelligence training will be organized by the CAVIE in the capital of Europe. Under the theme “The socio-economic challenges of mining in Africa”, the 6th edition of the Rebranding Africa Forum (RAF2019) will open its doors to more than 500 participants from around the world on October 4 and 5, 2019. On the sidelines…
By Amath Ndiaye Associate Professor FASEG-UCAD. The decision of the Senegalese government to stop the orientation of new graduates in private higher education institutions (EPES) is not based on criteria of financial and economic efficiency. This measure is taken in haste and the illusion that the billions paid to EPES are excessive and that they could have been used to develop public university education. Before coming to our argument, we would like to recall that the conditions that had pushed the state to direct students in the private sector are still there: public universities still suffer from lack of everything…
In terms of convergence in the West African Economic and Monetary Union (UEMOA), no state has met in 2018 the three criteria of first rank, according to the UEMOA Commission based in Ouagadougou. These first-order criteria concern the ratio of the overall fiscal balance, including grants, to nominal GDP, greater than or equal to -3%, the average annual inflation rate of up to 3% per year and the ratio of the outstanding amount of the domestic and external debt relative to nominal GDP, less than or equal to 70%. The report on multilateral surveillance in the UEMOA prepared by the…
The Union of Comoros joins the group of intermediate countries according to the new classification of the World Bank. “After analyzing the economic performance of our country, and particularly the last three years, the World Bank has decided to classify Comoros in the Group of Intermediate Countries,” said President Assoumali Azali, who made the announcement. to the Comorians. In the new classification of 1 July 2019, involving 7 new intermediate countries outclassed, there are 3 African countries, Comoros, Senegal and Zimbabwe.
The General Directorate of Treasury and Public Accounting of Togo raised on September 6, 2019 on the financial market of the West African Monetary Union (WAMU) an amount of 22 billion FCFA (33 million euros) at the end of its tender of equivalent bonds of the treasure (OAT) to 5 years month organized in partnership with the UMOA-Titres Agency. The total amount sought was 20 billion FCFA (30 million euros). But at the end of the issue, the issuer was offered by the investors 48.465 billion FCFA (72.698 million euros) of global bids, ie a coverage rate of the amount…
Murdoch hosted Kingdom Business Network (KBN) Chief Executive Officer Joarina Matthys and four of its entrepreneurs to participate in a panel at the 9th Annual Africa Australia Research Forum A new partnership between Murdoch University (www.Murdoch.edu.au) in Western Australia and the South African-based Kingdom Business Network (KBN) took a first step towards formation after a visit to Perth for Africa Week by a delegation of five of its members. The KBN is a programme created and funded by the South-African diversified investment company, the Beryl Group, to inspire entrepreneurs to create and acquire sustainable wealth, enabling them resources and training…
Extraordinary Summit of ECOWAS Heads of State and Government on Terrorism in Ouagadougou, 9 to 14 September 2019 While the ECOWAS Heads of State and Government meet on Saturday, September 14, in an extraordinary summit on terrorism, the signatory organizations, working alongside local communities affected by insecurity in the Sahel countries, are alerting the importance of placing the protection of civilians at the heart of responses to insecurity in the Sahel and recall the human cost of the fight against terrorism. Civilians are the first victims of conflicts in the Sahel, affected by an unprecedented humanitarian crisis. In one year,…
NBA and OCP Group announce multiyear partnership to expand Jr. NBA programming in Morocco and Rwanda
– 10-TIME NBA ALL-STAR RAY ALLEN ATTENDS JR. NBA LAUNCH EVENTS IN KHOURIBGA AND BENGUERIR, MOROCCO – The OCP Group (OCP), a world-leader in the phosphate industry, and the National Basketball Association (NBA) today announced a new, multiyear partnership to expand Jr. NBA programs, teach life skills and build new basketball courts in Khouribga and Benguerir, Morocco and in the Rwandan capital of Kigali, while using the transformative power of basketball to empower Moroccan and Rwandan youth and their communities. The announcement was made today during the opening ceremony on the newly built basketball court at Ennahda in Khouribga, Morocco…
The accumulation of term deposits made in the accounts of the West African Economic and Monetary Union (WAEMU) banks decreased by 15.1% at the end of 2018 compared to 2017, according to data from the Central Bank. West African States (BCEAO). The cumulation of these deposits increased from CFAF 8,396.2 billion in 2017 to CFAF 7,130.3 billion in 2018, a drop of CFAF 1265.9 billion. By country, the decreases were observed in Senegal (-49.1%), Niger (-26.2%), Mali (-10.6%), Benin (-4.6%) and Togo (-3.9%). On the other hand, new term deposits increased in Guinea-Bissau (+ 34.9%), Côte d’Ivoire (+ 4.2%) and…
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Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, give meaning to statistics….
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