Author: Editor

The Multilateral Development Banks (MDBs) Road Safety Working Group announced today, at a meeting in Leipzig, Germany, that seven of its members committed $3.6 billion toward road safety initiatives in developing countries during the period 2018-2022. Three standalone road safety projects—in Bangladesh (World Bank), India[1] (Asian Development Bank and World Bank), and Romania (European Investment Bank)—totaled $912 million in MDBs financing, which is more than one-quarter of the amount approved by seven of the working group members during this timeframe. These commitments come in response to a global health crisis that kills 1.35 million people on the world’s roads every year. Ninety-three…

African Ministers of Finance, Planning and Economic Development have called for reforms of the IMF’s Special Drawing Rights (SDR) system to strengthen the global financial safety net and make more liquidity available to developing countries. The call for reforms was made during a meeting of the Africa High-level Working Group on the Global Financial Architecture on the margins of the 2023 Annual Meetings of the African Development Bank Group held in Sharm El-Sheikh, Egypt. Coordinated by the Economic Commission for Africa (ECA), the High-level Working Group comprises African Ministers of Finance, Planning and Economic Development, the African Union, the African Development…

Under the directive of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman Al Saud, the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, signed today a $39 million multiyear contribution agreement with the Global Fund to Fight AIDS, Tuberculosis and Malaria. The grant will support the fight to end global pandemics and strengthen health and community systems. The agreement was signed by H.E. Mr. Sultan Al-Marshad, CEO of the Saudi Fund for Development, and Mr. Peter Sands, Executive Director of the…

Today, Cultivating New Frontiers in Agriculture (CNFA), representing Feed the Future Rwanda Hinga Wunguke Activity, has signed a Memorandum of Understanding with OCP Africa through its JV company, Rwanda Fertilizer Company (RFC), to promote agro-input use and increase market access for over 180,000 smallholder farmers in the agricultural value chain. Signed under the auspices of the Ministry of Agriculture and Animal Resources (MINAGRI), the partnership between OCP AFRICA, RFC and CNFA included the launch of the OCP School Lab to reach 30.000 farmers to be trained on good agricultural practices over a period of 12 months, and soil testing in…

Witness by M. Hon. Khalid S. Mohamed, the ministry of infrastructure communication and transport, Tony Stenning, Regional Director of Southern Africa at AGL (Africa Global Logistics), and Nahaat Mahfoud, CEO of Zanzibar Ports Corporation, signed the contract for the management of the Malindi Container Terminal at the Port of Malindi in Zanzibar on May 18, 2023. AGL will be responsible for cargo handling operations and maritime services at the country’s main port infrastructure. The company is committed to implementing an investment program for the modernization and development of the Port of Malindi. AGL also plans to construct a depot zone…

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, today in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified. Furthermore, shareholders approved the resolution authorising…

Exclusive interview with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils Ahead of the Oil Days planned in Dubai, Financial Afrik met with Gacyen MOUELY MOUANGA, Co-Managing Partner of 3M-Partners & Conseils. You organize oil days in Dubai on the impact of controls in the management of Production Sharing Contracts (PSC). Can you tell us about Oil Days? The oil days initiative is based on two observations: Firstly, the controls carried out by the administrations do not always cover all aspects of the Production Sharing Contracts (CPP). Secondly, the African administrations in charge of managing these contracts do not…

OCP Group, a leading global phosphate-based plant and animal nutrition solutions provider and Fertinagro Biotech S.L., a major Spanish fertilizer producer, are pleased to announce that OCP’s previously announced acquisition of Global Feed S.L completed on May 17th, 2023. GlobalFeed, located in Spain, manufactures and distributes a wide range of products in the animal nutrition segment, including phosphate-based commodities and high-value feed solutions customized to different livestock species. Regarding the transaction Marouane Ameziane, Managing Director for Specialty Products and Solutions at OCP Group, said: “This acquisition confirms OCP’s commitment to becoming a leading player in the animal nutrition sector. We…

African Development Bank Group’s Adesina calls for urgency in implementing reforms Abidjan, 16 May Zimbabwe President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country’s nearly $8.3 billion of debts and arrears. He was speaking during the high-level debt resolution forum held Monday in the capital Harare, that was also addressed by the President of the African Development Bank Dr. Akinwumi Adesina, the facilitator of the high-level dialogues, former president of Mozambique Joachim Chissano and attended by government officials, development partners, private sector, former farm owners and…

Project East2West partnership will: Casablanca, Johannesburg, 15 May 2023 – Bayobab and Africa50 on Monday signed a partnership to develop Project East2West, a terrestrial fibre optic cable network connecting the eastern shores of Africa to those on the continent’s west. The partnership will invest up to US$320 million connecting ten African countries over the years 2023, 2024 and 2025. Bayobab is wholly owned by MTN Group. This investment is within MTN’s previously announced Ambition 2025 plans and will contribute to Bayobab reaching the Group’s target of having 135 000km of proprietary fibre over the coming three years. “This partnership with Africa50 comes…

In partnership with the UN Resident Coordinator’s Office in Tunisia and the ECA Office in North Africa, the UN-Habitat Office in Tunisia held a dissemination workshop on the project “Uncovering the effects of the Russo-Ukrainian war: How to anticipate and prepare for the repercussions of the Russo-Ukrainian war on food security in Tunisia?” on Thursday 4 May 2023, at the Movenpick Hotel in Tunis. This event aimed to raise awareness about food security issues in Tunisia, the impact of the Ukraine – Russia war on growth, national budget and households, and discuss options to mitigate the effects of the crisis.…

African Export-Import Bank (“Afreximbank” or the “Bank”) on 2 May 2023 in Nairobi signed a US$3 Billion Country Programme with the Government of Kenya. The official signing ceremony was witnessed by President William Ruto at State House Nairobi. The memorandum was signed by Kenya’s Honourable Cabinet Secretary of the Ministry of National Treasury and Economic Planning, Professor Njuguna Ndungu, and the President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, in the presence of President William Ruto. The memorandum establishes a framework for the implementation of the Country Programme for the Republic of Kenya. The three-year…

As the West and Central Africa region counts the cost of the recurring drought events that have swept through parts of the region, particularly during the 2022 agricultural season, the African Risk Capacity (ARC) Group recently made an insurance payout of USD 2.5 million to the Government of the Togolese Republic to honour the conditions of the sovereign insurance policy taken out by the country to cover this risk. In line with its mandate to work with African Union Member States to help them to better plan, prepare and respond to climate-induced threats and disease outbreaks, ARC has been working…

– Private and venture debt emerge as an important source of inflows – VC continues to be a key driver of private capital – Africa reaches a record number of exits with activity increasing across all exit routes Today, the African Private Capital Association (AVCA) announced the release of its 2022 African Private Capital Activity Report. The authoritative annual report offers deep insights into private capital fundraising, investments and exits in Africa, sharing extensive data and analysis across investment strategies covering private equity, private debt, venture capital, infrastructure, and real estate activity – across all subregions. African private capital markets experienced a record-high…

Nomba, a leading payment service provider for African businesses, has raised a $30 million Pre-Series B funding round to support the delivery of bespoke payment solutions for African businesses. The oversubscribed equity funding round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures. Despite the growth in digital payments across Africa, most businesses still only have access to generic point-of-sale machines to support the collection of payments. These machines also typically work in isolation from the rest of the business operations, leading to a variety of inefficiencies…

Abidjan, 26 April 2023 –The African Development Bank Group has launched a six-month campaign to sensitize its internal and external stakeholders on its new Whistleblowing Policy, approved by the Boards of Directors in January this year. The Whistleblowing Policy 2023 builds on a 2007 policy, which at the time was widely considered as progressive and reflective of the value the Bank Group places on the contribution of whistleblowers to its anti-corruption processes, and its zero tolerance of any retaliation against them. The new policy sets additional standards, by bringing the Bank’s Boards members and elected officials under the disciplinary scope of the…

Specialist insurer New National Assurance has signed an annual deal with JBA Risk Management for the use of its flood data for South Africa. The 50-year-old independent insurer will use the data, which includes climate change intelligence to underwrite both commercial and personal lines property-risk. The insurer has also taken the unusual step of making the flood maps available to its 60-strong network of brokers and delegated authority underwriting agents. The move will provide New National with access to JBA Risk Management’s detailed 30 metre resolution maps for both baseline and future insights into surface water and river flooding for…

Africa50, the pan-African infrastructure investment platform, is pleased to announce the appointment of Papa Demba Diallo as Managing Director, Project Development. Papa Demba Diallo, a Senegalese national joins Africa50 with over 20 years of experience in the infrastructure investment space. He is currently serving as CEO of Senegalese Sovereign Wealth Fund FONSIS, after being Executive Director from 2014, overseeing the ICT, Health, Infrastructure, Transport and Services Units. Over the course of his tenure at FONSIS, Mr. Diallo played a pivotal role in developing and executing the fund’s long-term growth agenda, and investment strategy. Mr. Diallo is a seasoned investor and…

African Export-Import Bank (Afreximbank) has signed a landmark agreement with Banque Postale du Congo (BPC) to provide the Congolese bank with an EUR 10-million factoring facility to support SMEs in the Republic of Congo and the CEMAC region. Signed on behalf of the two institutions by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, and Calixte Tabangoli, Chief Executive Officer, BPC, during a ceremony in Cairo on 30 March, the facility will enable BPC to expand its factoring activities by engaging in domestic and cross-border factoring. The facility builds on a strong partnership that has existed between Afreximbank and…

On April 14, in Accra (Ghana) Sanofi has signed a three-year Memorandum of Understanding (MoU) with the Ministry of Health of Ghana. The MOU was signed by Hon. Kwaku Agyeman-Manu Minister of Health, Ghana and Stephane Gokou Sanofi Foundation General Manager for Sub-Sahara Africa. Under the MoU, the healthcare authorities in Ghana will be able to purchase affordable high-quality Sanofi analogue insulin products. Moreover, the proposed partnership provides for the deployment of diabetes management solutions in four Ghanaian diabetes centers where 500 healthcare professionals will benefit from a targeted medical training program. In addition, Sanofi will co-develop a digital solution…

ATI is honored to welcome the Republic of Angola as its 21st African Member State and 1st Lusophone Member State, with a subscribed capital contribution of USD25 million. The membership funding was achieved thanks to the Government’s National Treasury resources and proceeds from the landmark BITA water project, a strategic public investment for the construction of infrastructure for the treatment, supply and storage of drinking water that will benefit 2.5 million people in Angola. Under this one of a kind blended finance and guarantee innovative structure, the Republic of Angola – along with the lenders covered by ATI under the transaction…

IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, today announced a partnership through a landmark green loan to build four solar plants to power OCP’s Morocco operations to reduce the company’s carbon footprint and help green its fertilizer production. Under the agreement, announced during the International Monetary Fund-World Bank Group Spring Meetings in Washington D.C., IFC will provide OCP with a green loan of €100 million to build the solar plants in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves. The plants will have a combined capacity of 202-Megawatt peak (MWp) and will…

African Export-Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (ECA) have signed a Framework Agreement with the Democratic Republic of Congo and the Republic of Zambia for the establishment of Special Economic Zones (SEZ) for the production of Battery Electric Vehicle (BEV) and related services. Under the terms ratified in the Framework Agreement, Afreximbank and ECA will play a central facilitating role, acting as the Project’s financial and technical partners respectively. The two institutions will lead the establishment of an Operating Company (OpCo) in consortium with investors (both public and private) from DRC and Zambia, as well as…

The United Nations Economic Commission for Africa (ECA) participated in a signing ceremony ratifying a Framework Agreement for the establishment of Special Economic Zones (SEZ) for the production of Battery and Electric Vehicles (BEV) in the Democratic Republic of Congo (DRC) and the Republic of Zambia. Chaired by the Prime Minister of the DRC, Jean-Michel Sama Lukonde, the landmark ceremony saw the participation of Congolese and Zambian ministers, in addition to senior representatives from the African Union, the African Development Bank, Afreximbank, the ALSF, BADEA and ECA. As producers of over 70% of the world’s cobalt, and 10% of global…

The Eastern and Southern African Trade and Development Bank Group (TDB Group) has signed a Memorandum of Understanding (MoU) with Finnfund, a Finnish development financier and impact investor, to promote investments that contribute to the UN sustainable Development Goals (SDGs) in key projects in TDB member states. The MoU, signed by TDB Group President Emeritus and Managing Director Admassu Tadesse and Finnfund Chief Executive Officer Jaakko Kangasniemi, aims to establish and promote a framework for cooperation between TDB Group and Finnfund relating to pursing potential eligible transactions. The collaboration will focus on projects in key sectors such as agriculture, digital…

The Economic Commission for Africa (ECA), in collaboration with the International Organization of La Francophonie (OIF), its multilingualism partners and the Permanent Missions in Ethiopia, celebrated International French Language Day on 30 March 2023, at the United Nations Conference Centre in Addis Ababa, Ethiopia. Commemorated on 20 March each year – in reference to 20 March 1970, when the Agency for Cultural and Technical Cooperation was created, which later became the OIF – the day was postponed this year due to the holding of the Conference of African Ministers of Finance, Planning and Economic Development. The theme of the 2023…

Lusaka, Zambia, 3 April 2023 (ECA) – African countries should institute effective debt management strategies to boost economic growth and avoid falling into the debt trap, the Economic Commission for Africa (ECA) Director for Macroeconomics and Governance Division, Adam Elhiraika, has urged. Opening a peer learning workshop on debt management strategies for member states being held in Lusaka, Zambia from April 3- 6 2023, Mr. Elhiraika said debt management was a challenge for African countries as debt becomes a significant source of funding for their economic growth and development. “However, this provides an opportunity to effectively enact budgetary protection for…

On the occasion of the “Hazrat Khadija-Tul-Kubra(RA) Conference held in Karachi recently, our esteemed member of the jury of the “Financial Afrik Award,” Fazila Dahall, was presented with this prestigious award by the Pakistan Federation of Business and Professional Women’s Organization (PFBPWO). She was being honoured for her incredible journey and achievements through the years after graduating from Karachi university in 1974…..a journey filled with adventure and accolades. A strong advocate of women’s education, empowerment and upliftment, Fazila Dahall remains very active on the media and communication platform through her PR company, Commelle Communications. The Pakistan Federation of Business and…