Author: Editor

Citi Collaborates with Togo’s Ministry of Investment Promotion to Launch City Builder® by Citi to Attract Capital and Boost investment into the Republic of Togo New York / Lomé – Citi and the Republic of Togo’s Ministry of Investment Promotion announced the launch of City Builder® in Togo, a free, data-driven platform that combines key social metrics with development opportunities to help investors make socially impactful investments in emerging economies. By providing local and foreign investors with an easy-to-use platform that visualizes regions in Togo, the Ministry hopes to attract capital to build a more resilient, sustainable and connected country. City…

Bolloré Africa Logistics unveiled its new brand on March 30, 2023. The company will now operate under the name: AGL, standing for Africa Global Logistics. With this new brand, AGL affirms its ambition within the MSC Group to continue to contribute to the sustainable transformation of Africa and emerging markets, thanks to its global, customized, and innovative logistics solution. As the reference multimodal logistics operator (port, logistics, maritime and rail) in Africa, AGL has the ambition to participate in the transformation of Africa by providing customised logistics solutions, improving the connectivity of territories, and contributing to the establishment of a…

With financial, health and climate shocks threatening to reverse two decades of development progress in Africa, experts have called for urgent concessionary financing to help the continent build resilience and boost economic growth. A mix of shocks including food and fuel impact of the Russia-Ukraine war, climate change impacts, conflict, and tighter global financial conditions have increased Africa’s development financing gap and debt vulnerability, experts concurred during a one-day virtual workshop on Catalysing Access to the IMF Resilience and Sustainability Trust (RST), organized by AfriCatalyst and the Economic Commission for Africa (ECA). ECA Director, Macroeconomics and Governance Division, Adam Elhiraika said that…

By Alain Ebobissé, Enoh Ebong The United States-Africa relations are back in the spotlight, and investment is the word of the hour. Crafting mutually beneficial relations will depend on developing a credible pipeline of bankable and sustainable projects on the African continent. The launch of the U.S. Strategy Toward Sub-Saharan Africa and the U.S.-Africa Leaders Summit in 2022 have set the stage for 2023 to be a year of action on infrastructure development. This comes at a critical time for Africa. The last two decades of engagement have seen marked and welcomed shifts from aid to trade and now to investment. By 2050,…

Bolloré Africa Logistics in Rwanda, a major logistics operator in the region, is proud to announce its participation in the import of the first containers which will make up the first mobile vaccine production laboratory in Africa. On March 13, Rwanda received six mobile vaccine production units, marking the first shipment of its kind in Africa. Supplied by a major player in the global pharmaceutical industry, the mobile units will eventually form a major production facility, with the potential to produce up to 100 million mRNA vaccines annually. This major project was carried out in collaboration with Bolloré Africa Logistics…

African Export-Import Bank (Afreximbank) has announced the enhancement of the financing facility provided to Fidelity Bank plc, Nigeria under the Afreximbank Trade Facilitation Programme (AFTRAF). The decision to increase Afreximbank’s support is consistent with the economic and commercial success of the financing facility, the first US$125 million of which has been fully utilised by Fidelity Bank. The expansion to US$180 million was also bolstered by the continued strong financial performance of Fidelity Bank, Nigeria’s largest Tier 2 bank. The augmented financing facility will allow Fidelity Bank to scale up and accelerate its activities and programmes in trade and related activities.…

With an investment of approximately USD 2 million in equity capital in the Eastern and Southern African Trade and Development Bank (TDB), SICOM Group’ subsidiary SICOM Global Fund Limited, joins the family of TDB shareholders. SICOM Group is TDB’s third institutional shareholder from Mauritius alongside the National Pension Fund of Mauritius (NPF) and Eagle Insurance Lid., and TDB’s 21st. TDB Group President Emeritus and Managing Director Admassu Tadesse said “It is our pleasure to welcome SICOM Group to our community of shareholders We appreciate the vote of confidence from institutional investors in Mauritius, where one of our principal offices is…

The Mauritanian business development group Maurinvest-Maurilog and Bpifrance, announce their partnership within the framework of the creation of an Innovation Hub in Mauritania and its operational deployment. This announcement, in partnership with Bond’innov, is part of an immersion mission in Mauritania for 35 companies, under the aegis of Bpifrance and the Mouvement des Entreprises de France (MEDEF), in collaboration with the Agency for the Promotion of Investments in Mauritania (APIM) and the National Union of Mauritanian Employers (UMPM), from March 8 – 10. The Maurinvest-Maurilog group is forging a partnership with Bpifrance and Bond’innov to create an innovation hub in…

The European Investment Bank, the world’s largest multilateral bank, and Afreximbank, the pan-African multilateral financial institution, have joined forces to enhance healthcare and pharmaceutical investment across sub-Saharan Africa and strengthen health resilience on the continent. The new EUR 200 million health investment initiative was formally launched today by EIB Vice President Thomas Östros and Afreximbank Executive Vice President Denys Denya at the 5th United Nations Conference on Least Developed Countries taking place in Doha, Qatar. Afreximbank and the European Investment Bank will each provide EUR 100 million new investment to update and expand public healthcare facilities and enhance production of…

Senegal is among four countries benefiting from the signing of new commitments to education projects, which took place at the United Nations fifth Least Developed Countries conference in Doha on Tuesday. Education Above All (EAA) and the Qatar Fund For Development (QFFD) hosted a roundtable discussion which included ministers from Bangladesh, Liberia, Senegal, Burkina Faso, Pakistan, Nigeria, Malawai and the State of Palestine. The “Out of School Children – Linking across sectors for Success” aimed to raise awareness and understanding of the importance of sharing best practices, when it comes to providing access to primary education for children in LDCs…

World Bank president nominee, Ajay Banga, pledges to partner with African Development Bank for transformative results.US nominee for World Bank Group President, Ajay Banga began his global tour on Monday, with his first stop in Abidjan, Cote d’Ivoire where he met the African Development Bank Group President Dr Akinwumi Adesina, senior management and Board of Directors.Banga spoke about the need for the World Bank Group to develop a strong partnership with the African Development Bank Group that would help deliver transformative results. The candidate for the World Bank top job highlighted three major issues affecting many parts of the world, which…

The Republic of Zimbabwe became the sixth signatory to the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank). The Agreement was recently signed by His Excellency Dr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe. This accession marks another significant step forward in Afreximbank’s efforts to mobilize its Member States to sign and ratify the Establishment Agreement of FEDA. It also demonstrates the growing support for FEDA as a new multilateral development platform.Following the announcement of its first close of US$ 670 million in September 2022, FEDA continues…

Moody’s Investors Service (“Moody’s”) has affirmed the A3 insurance financial strength rating (IFSR) of the African Trade Insurance Agency (ATI) for the fifth consecutive year and changed the outlook from stable to positive. Moody’s noted that the change in outlook to positive reflects the strong growth in ATI’s membership base – that has resulted in improved portfolio diversification, strengthened capital adequacy, and the good profitability despite the challenging operating environment. In addition, ATI benefits from its preferred creditor status (PCS) amongst sovereign member states which protects it from the risk of default by member sovereigns through securing recoveries against claims…

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, the leading pan-African banking group, is pleased to announce that Jeremy Awori has officially assumed his role as Chief Executive Officer of the Ecobank Group. Jeremy Awori, commenting on his new role, said: “It’s a fantastic opportunity to take Ecobank to the next level of its growth strategy. Despite current global challenges, Africa offers promising prospects. Ecobank is uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it has already established.” “Through our single gateway platform, we are well-positioned to provide…

Rapid population growth, urbanization and poor water resource management are threatening access to clean water in Africa, according to the highlights of a report on the 2023 Africa Sustainable Development by the Economic Commission for Africa (ECA). The report was presented at the High level panel: From Africa to the 2023 high-level political forum on sustainable development and the Sustainable Development Goals Summit – priorities to address multiple crises and accelerate implementation of the 2030 Agenda for Sustainable Development and Agenda 2063 at the ongoing Ninth session of the Africa Regional Forum on Sustainable Development (ARFSD-9) in Niamey, Niger . “Increasing global…

BP and partners today confirmed the development concept for the second phase of the bp-operated Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project that they will take forward to the next stage of evaluation. The partnership – composed of bp, PETROSEN, Société Mauritanienne des Hydrocarbures (SMH) and Kosmos Energy – will evaluate a gravity-based...

The Institute for Development and Economic Planning (IDEP) held on Saturday 25 February a webinar on “How Africa can go green through a clean energy strategy” in preparation for the 9th Session of the Africa Regional Forum on Sustainable Development scheduled to take place in Niamey (Niger) from 28 February to March 2nd, 2023.  Urbanization and population growth are putting intense pressure on Africa’s energy infrastructure. Demand is significantly outstripping supply leading to power cuts and limiting economic development. This situation may worsen further as Africa’s urban population keeps rising to an expected 1.2 billion by 2050. Rising demand and oil…

To meet the goals of the Paris Climate Agreement, the SDGs and Africa’s Agenda 2063, the world must decarbonize its growth models and shift to renewable energy sources, says Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro. Speaking during a panel discussion on ‘Building a regional battery mineral value chain in Africa,’ Mr Pedro said the shift to renewable energy sources was a resource-intensive path that required greater production of a variety of minerals that are central to decarbonization. Africa is home to many of such minerals. The Democratic Republic of Congo (DRC), for example, produces…

· €200 million more than for full year 2021, as Stellantis achieved record results in 2022 despite a challenging, supply-constrained year for the industry · Stellantis compensation and benefit policy is based on Stellantis’ variable pay and profit sharing plans, reflects the “pay for performance” approach and supports employee commitment AMSTERDAM, February 22, 2023 – Stellantis today announced it will distribute a record amount of €2 billion this year recognizing the performance of employees worldwide, based on the Company’s 2022 financial results and achievements both globally and locally. Stellantis achieved exemplary results in 2022, a year that challenged the global…

· New USD 200m credit line by EIB to TDB signed at EU-Kenya Business Forum in Nairobi in the presence of H.E. President Ruto · Largest ever business financing cooperation between EIB and TDB, as well as by EIB private sector support in Africa to address trade finance, working capital and supply chain challenges · Targeted financing designed to assist companies from across multiple sectors including agri-food and manufacturing impacted by ongoing trade challenges Investment by business across Africa most impacted by trade and supply chain challenges will be supported by a new targeted financing initiative backed by the European Investment Bank (EIB)…

African Export Import Bank (“Afreximbank” or the “Bank”) hosted a delegation led by the Kenyan Cabinet Secretary for Investment, Trade, and Industry, the Hon. Moses Kuria at its Head Office in Cairo, Egypt. The delegation was received by Mr Denys Denya, Executive Vice President for Finance, Administration and Banking Services. The discussions covered various matters pertinent to investments, trade and industrial development in Kenya and the East Africa region. Kenya is focussed on increasing her share of manufacturing sector contribution to GDP from 7% to 20% in the next 10 years, share of exports to GDP to 30% from current…

Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, has urged African nations to accelerate implementation of the African Continental Free Trade Area (AfCFTA) in order to become more resilient and globally competitive. “Only through an accelerated and effective implementation of the AfCFTA can Africa build sufficient shock absorbers to build resilience,” said Mr Pedro in his remarks at the 42nd Ordinary Session of the African Union Executive Council meeting in Addis Ababa on February 15, 2023. Launched in 2019 to establish a unified market of 1.3 billion people and a GDP of around US$ 3.4 trillion,…

Following the multiple financial, health, and climate crises affecting Africa, countries should accelerate inclusive recovery efforts to boost economic growth, the Economic Commission for Africa’s Acting Executive Secretary, Mr. Antonio Pedro, has urged. Speaking at a press briefing ahead of the 55th Session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development (CoM 2023), Mr. Pedro said the impact of the shocks caused by COVID -19, the war in Ukraine and climate change have pushed more people into extreme poverty and have increased inequality worldwide. “Africa is falling even further behind, with the continent now…

Axian Group, a Pan-African conglomerate, is launching AXIAN Investment to oversee two new investment activities: its Private Equity and Venture Capital funds and its direct investments in fledgling technology startups across the continent. A first for an African-focused company, consolidating this broad range of investment activities under one brand reinforces the group’s position as a first-rate investor in the region. Its objective is to grow alongside the African market and empower businesses across the continent to create value. AXIAN Investment will enable the group to share its resources and experience both directly and indirectly, supporting businesses at different stages of…

African countries should institute wide-ranging fiscal reforms to expedite sustainable recovery from multiple crises which have hindered industrialization and economic diversification, the Economic Commission for Africa’s (ECA) Acting Executive Secretary, Antonio Pedro, has urged. “Ensuring a sustainable recovery, which protects populations and economies from the shocks of future pandemics and other crises, will require a range of reforms and initiatives at both the national and international levels,” said Mr. Pedro in his remarks at the 2023 Coordination Segment of the Economic and Social Council (ECOSOC) on 2 February in New York City. Mr. Pedro highlighted that Africa’s recovery efforts have been…

IFC announced today a new investment in Rawbank, a leading bank in the DRC, to improve access to finance for the country’s micro, small, and medium-sized enterprises (MSMEs), supporting growth and job creation in the country. Under the partnership, signed on Monday in Kinshasa, IFC will provide a loan of up to $35 million to Rawbank to help the bank expand its lending to MSMEs. The investment will significantly increase the availability of longer tenor financing for smaller businesses in a market where the MSME financing gap is estimated at 26 percent of GDP. This funding is part of Rawbank’s…

On the back of multiple crises to hit African economies, governments should increase development spending to stimulate fast and sustained recovery, the Economic Commission for Africa (ECA) has urged. Launching the World Economic Situation and Prospects 2023 (WESP) report in Addis Ababa this week, Mr. Adam Elhiraika, Director of the Macroeconomics and Governance Division (MGD) of the ECA, said African countries have been affected by multiple crises and need to increase spending for a fast recovery. “Africa is confronted with weaker external demand and elevated energy and food prices in addition to rapidly increasing borrowing costs and adverse world events,”…