Author: Ibrahima jr Dia

Private regional airline SA Airlink announced its new corporate identity on Tuesday, October 27. It will now be called “Airlink”, a change that comes as part of a strategy to distinguish itself as a fully independent company. In a statement, the structure said earlier this year that it had ended its 23-year franchise agreement with South African Airways. The carrier has even already started operating and issuing tickets with its own code and area code “4Z”. The move, she says, freed Airlink and allowed it to forge commercial ties with other international airlines that transport passengers and cargo to southern…

Attijariwafa bank is on the roof of Africa and Morocco for the second consecutive year in terms of security. Indeed, the American magazine “Global Finance” has just elected the group as the safest bank in Africa and Morocco. This distinction comes on top of the “Best Bank in Morocco” awards for the 8th consecutive year, and “Best Investment Bank in Morocco”, awarded by this same magazine in 2020. To achieve this result, the magazine selected banks based on an assessment of the long-term foreign currency ratings (Moody’s, Standard and Poor’s and Fitch) of the 500 largest banking institutions in the…

Shelter Afrique’s board of directors approved on Tuesday, October 20, the development of the “Kinyinya Park Estate” housing project in Rwanda. Located 8 km from Kigali International Airport, it covers 10,000 large-scale integrated and sustainable housing units. This project, set up in partnership with several financial institutions including Rwanda Social Security Board (RSSB), will cost around 400 million USD. For now, the East and Southern Africa Trade and Development Bank (TDB) has committed to providing a facility worth USD 150 million to Shelter Afrique, to support the first 2 phases of the project. . Shelter Afrique Chairman of the Board,…

US insurance giant American International Group (AIG) announced Tuesday, October 20, that it had appointed Mohamed Ali Bouabane as CEO of AIG GCC and North Africa. The new director will lead operations in several AIG countries in the United Arab Emirates, Egypt, Kuwait, Qatar, Lebanon and Morocco. Mr. Bouabane, will also oversee end-to-end service and support, including sales activities. Reacting to the appointment, the official said: “AIG has a long history in the region, we have a deep understanding of our markets and excellent relationships with our business partners.” He added: “The combination of these two factors will allow us…

South African Minister of Health Zweli Mkhize along with his wife have tested positive for COVID-19. In a tweet, published Sunday, October 18, the Minister of Health said: “I wish to inform the public that this afternoon my wife and I have tested positive for Covid-19”, specifying that they have been tested wake up after you start showing “mild symptoms”. Zweli Mkhize thus becomes the fifth figure in the South African government to have contracted the new coronavirus. The ministers of Trade, Labor, Mineral Resources and Defense had also tested positive for Covid-19. South Africa crossed the 700,000 positive coronavirus…

Financial rating agency Moody’s announced on October 13, 2020 that it had lowered Rwanda’s outlook from “stable” to “negative”, and confirmed the long-term rating of the issuer to “B2”. For the agency, this “negative rating” is justified by the risks generated by the coronavirus pandemic. The Covid-19 is indeed likely to have a lasting effect on certain sectors of the country’s economy, particularly transport and tourism, which will potentially reduce the return on previous public investments. Lower growth, Moody’s points out, would in turn make fiscal consolidation more difficult, increasing the credit risks associated with Rwanda’s relatively high debt burden.…

From now on, African travelers will be able to travel to the countries of Nelson Mandela provided they have the relevant travel documents. South African authorities have stressed that the latter will be subjected to PCR tests and temperature checks on arrival. Planes from Kenya, Zambia and Zimbabwe are the first to land on South African soil. For the Minister of International Relations and Cooperation, Naledi Pandor, This reopening of borders with some of its African neighbors will give new impetus to intra-community trade, which has been sluggish for months. In addition, a resumption of international flights is noted on…

The Minister of Economy, Planning and Cooperation Amadou Hott, has indicated that Senegal will not go to international financial markets to finance its post COVID-19 economic recovery plan. During a press conference, held Thursday, October 1, 2020, in Dakar, the minister who presented a new direction, called the Adjusted and Accelerated Priority Action Program (PAP2A), declared that Senegal will be satisfied with the funding granted by development partners namely the African Development Bank (ADB), the Islamic Development Bank (IDB), the French Development Agency (AFD), etc. This concessional financing, he underlines, is much more profitable with longer maturities. Funding will mainly…

Waiting impatiently for the 2 billion rand (139 million dollars) to finance its working capital needs by the end of January 2020, the South African national airline, South African Airways (SAA), risks keeping its troubles in patience. Speaking at a press briefing on Thursday January 16, 2019, South African Minister of Economy and Finance Tito Mboweni expressed reservations about the availability of the fund before January 19. However, the state treasurer reassured that the treasury is looking for a solution to honor its commitment before the deadline. “Given the serious financial and operational challenges facing South Africa, the Department of…

Despite his struggles with the Angolan justice system, accusing him of embezzlement of public funds, Isabel Dos Santos, daughter of ex-president Jose Eduardo Dos Santos, plans to run in the presidential elections of 2022. Speaking on Wednesday (January 16th) in an interview broadcast on Portuguese public radio and television (RTP), the billionaire denounced a relentlessness against the Dos Santos family. The future candidate accuses the current regime of carrying out a veritable “witch hunt” and of attempting to erase the legacy of her father. The heir to Dos Santos also said that the government is trying to distract the people…

After Senegal and Benin, the Burkinabé financial group, Coris Bank International (CBI), on Monday, December 2, officially launched the activities of its Nigerian subsidiary. Led by Rakiatou Idé Issaka, Coris Bank Niger is registered as subsidiaries of other countries in the financing of the real economy. With this opening, the bank expands its presence in seven West African countries namely, Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo. The leaders of Coris Bank International (CBI) received by Prime Minister Brigi Rafini of Niger. From left to right, Diakarya Ouattara, Managing Director of Coris Bank International, Idrissa Nassa, PCA…

After opening its first office in Casablanca (2012) and Tangier (2018), the Bank for Reconstruction and Development (Berd) announced Monday, December 2, the opening of its new office in Agadir. Which brings now, the number of office of the establishment to three in the kingdom Sherifian. Objective: “to cover the Moroccan territory in the most practical way”. In detail, the organization explains that this new office “will cover the region Souss-Massa and Marrakech-Safi”. Alain Pilloux, vice-president of the bank, underlined: “This measure is also explained by the will to agree to the strategy announced during the royal speech of the…

Standard Bank, introduced its Namibian subsidiary, Stanfin Namibia Pty Ltd, on Friday, Nov. 15, to the local stock market following an initial public offering (IPO). During this transaction, Standard Bank, the largest bank in South Africa by its assets, raised 722 million Namibian dollars (49 million USD). This allows Standard Bank Group Limited to remain majority shareholder of SBN Holdings after the introduction of 25.1% of the capital. The bank has announced that it will make strategic acquisitions, expand the ownership of previously disadvantaged people and increase access to capital to facilitate diversification and expansion. Established in 1915, the standard…

After a long standoff between some investors and the Guinean authorities, the state finally sold blocks 1 and 2 of the Simandou iron to the Boké Mining Company (SMB). This decision follows a call for tender opened by a decree of 13 July 2019 and won by the SMB Consortium. From now on, the company will take over the project of building a track of more than 650 kilometers, as well as a deep water port in Matakong, within 5 years. For Franco-Guinean Fadi Wazni, chairman of the board of the SMB, its structure will live up to expectations given…

The Amadeus Institute on Wednesday 13 November awarded Senegalese President Macky Sall the Grand Prix MEDays 2019 after the opening of the 12th edition of the MEDays Forum. A distinction that reflects the recognition of continental leadership with a mode of governance including the emerging Senegal plan (PSE), which has become a reference model in Africa. “I accept the MEDAYS 2019 grand prize with pleasure. I certainly see the recognition of the efforts already made, but above all an encouragement to continue these efforts as the challenges are still numerous in our countries and on our African continent,” he said.…

The insurance company, Wafa Assurance, has announced that it has finalized the acquisition of the shares of Pro Assur SA, operating in non-life in Cameroon, up to 65%. In a statement, from Wednesday, November 13, the institution said that “this operation carried out through an acquisition of shares and a capital increase, came after obtaining various regulatory approvals from regulators in Morocco and in Cameroon “. This initiative, the statement said, will also allow the insurer to strengthen its presence in the main markets of the Inter-African Conference of Insurance Markets (CIMA), consisting of Côte d’Ivoire, Cameroon and Senegal. These…

Faced with financial difficulties, the South African national airline South African Airways (SAA) has embarked on a restructuring plan to deal with the crisis. In a statement issued Monday, November 11, management announced that it will proceed to the elimination of 18% of its total workforce, or 944 of the 5149 employees. “We urgently need to address the deficit situation that has persisted in recent years,” said CEO Zuks Ramasia. And to add, “this is why we are in the process of restructuring that we need to ensure the effective implementation of the long-term accelerated recovery strategy.” The company has…

DP World will build a business park that will initially cover an area of ​​50 hectares in the port city of Walvis Bay (Namibia). A preliminary agreement was signed between DP World, Dubai and the Nara-Namib Free Economic Zone, announced Tuesday, November 12, DP in a statement. According to the same source, “this park will be a” free economic zone “for industry and logistics. It could eventually spread over 1,500 hectares. DP also announced that it wants to reach a final agreement with Nara Namib in the second quarter of 2020. The port of Walvis Bay is an important logistics…

Activa International Insurance Ghana (AIIG), a subsidiary of Cameroon’s insurance group Activa, along with the International Finance Corporation (IFC), has launched a women’s insurance program this weekend. The main objective of this initiative is to enable 2 million Ghanaian women to have insurance coverage (legal and financial support required). “As the leading provider of non-life insurance in Ghana, AIIG has realized that women are the lifeline of the Ghanaian economy,” said Solomon Lartey, chief executive of the insurance company. For her part, Marieme Esther Dassanou, head of IFC’s Global Women’s Program and head of the insurance program for women around…

From our special envoy in Sochi, Ibrahima Dia Junior The strong statement of Nikita Dusakov, CEO of Rusian Export Center (REC), after the second day of the Russia-Africa Economic Forum, held on October 24 in Sochi (Russia), sounds like a conclusion to this intense summit that has seen one of the most industrialized nations in the world meet a continent that is still struggling to make a propeller. “Russia is in a logic of helping Africa to face two of these major challenges namely the transformation of its materials on the spot and its process of industrialization”, said this member…

In line with the projected schedule of issues of government bonds, Cameroon will once again seek the securities market of the Bank of Central African States (Beac). In a press release on Tuesday (October 15th), the parent ministry said that Yaoundé will raise an aggregate amount of CFAF 90 billion in the regional securities market in the fourth quarter of 2019. First, Cameroon will issue 20 billion treasury bonds assimilable (BTA), a maturity of 26 weeks in the current October. And by assimilable Treasury bonds (OTA) with a maturity of 2 years of an envelope of 40 billion FCFA. Then,…

Aware of the role it must play, the Africa-Asian Federation of Insurance and Reinsurance (FAIR) wants greater market liberalization. The theme of the 26th joint conference, which opens from 23 to 25 September in Marrakesh, is illustrative: “the new economic barriers in the Afro-Asian insurance markets”. The objective of this biennial meeting is to create a platform of innovative solutions to better support the insurance and reinsurance market in both continents. For 3 days, nearly 900 participants from different insurance companies from Africa, Asia, Europe, the Middle East … will discuss on this subject. Stakeholders will also address other key…

After its performance in the first half of 2019, the tourism sector in Tunisia is in a new dynamic of growth. According to the Tunisian Central Bank (BCT), tourism receipts rose 2% on September 10, or 4 billion dinars (DT), previously against 4, 09 billion at that date. Revenues, she says, have increased in absolute value by 1, 3 billion and +46, 3% in relative value, compared to the same period last year. The context remains favorable to Tunisian tourism, which continues to enjoy good prospects. These performances are due to the increase in the number of tourists but also…

Placed in receivership since September 2, the French airline, Aigle Azur, closely interested the Algerian national airline (Air Algeria). Indeed, Air Algérie’s communications officer, Amine Andaloussi, suggested during a recent outing that his structure could take over Aigle Azur. And that this option will depend on the preliminary study of the file. Shaken by a financial crisis for several months, Aigle Azur which 3% of the staff is Algerian (350 out of a workforce of 1150) is on the brink. In a statement, the French Directorate General of Civil Aviation (DGAC) said that: “following cash difficulties encountered by the company…

Global Future Councils of the World Economic Forum have indicated that Namibia and Botswana are willing to jointly build a 5,000 MW mega solar project in southern Africa. The main objective of this initiative is to satisfy the internal demand for energy but also to supply the region. It was on the sidelines of the 28th World Economic Forum on Africa (4-6 September in Cape Town, South Africa) that both countries expressed this wish. Thus, this project will be constituted in 3 phases. The first will concern a plant with a capacity of between 300 and 500 MW to meet…

The National Bank of Ethiopia (NBE), may apply a fully flexible exchange rate regime over the next three years, announced Friday, September 6, the governor of BNE, Yinager Dessie. The governor is formal, Ethiopia which has experienced a growth momentum since the last decade (10% growth rate on average) will imperatively revise its exchange rate regime. The country, he says, will opt for the foreign exchange market (confrontation of supply and demand for money) to stabilize the level of its currency, deemed overvalued by the IMF. “There is no doubt that we should slowly move to the type of forex…

After obtaining the approval of the Moroccan Capital Market Authority (AMMC) for the increase of its capital for the first operation, the BMCE Bank Of Africa Group is looking into its second phase. On the sidelines of its recent extraordinary general meeting (AGM), the agenda was the second capital increase reserved for the British Commonwealth Development Group (CDC) for the equivalent of 200 million dollars. that is 1.9 billion dirhams. The first has been finalized for 1.89 billion dirhams. It was conducted in two tranches (one devoted to the conversion of dividends into shares and the other reserved for increasing…

The Democratic Republic of Congo (DRC) is the country that has received most remittances in the Economic Community of Central African States (ECCAS) in 2018. Congolese migrants sent $ 1.405 billion (833.4 billion CFA francs), or 69 percent of the global sum of US $ 2.036 billion (about CFAF 1.186 billion). This is what emerges from the report, called “Overview of Remittances in ECCAS Countries”, which reached the press on Thursday 5 September. According to the document, Cameroon comes second with $ 345 million (17%), or 201 billion FCFA. It is followed by Rwanda, 230 million dollars (11.3%), Burundi 36…

WIFAK BANK, a specialist in Islamic finance in Tunisia, presented its financial statements for the first half of 2019 on the Tunis Stock Exchange. According to its results, net banking income fell by 10%, from 9.6 million dinars at the end of June 2019 to 10.6 million in the same period of 2018. An underperformance mainly due to the increase in general operating expenses with the opening of new branches. They rose by 28%, or 3.6 million dinars in 2019 against 2.8 million a year earlier. On this, the institution recorded a net deficit of 14.9 million dinars in the…

The National Industrial and Mining Company (SNIM) of Mauritania, the lung of the country’s economy, has a new boss. This is the former Minister of Economy and Finance, Mokhtar Ould Diaye. The latter replaces Hassena Ould Ely, who lasted only one rose (less than a year, November 2019 / September 2019). The former treasurer of the state was appointed by presidential decree at the end of the council of ministers on Thursday, September 5, 2019. Ould Diaye will have the heavy responsibility of piloting this company, 74% owned by the state, which suffers for several years from a very delicate…