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The Economic Commission for Africa – a think tank with specialist expertise in African and international trade policy – has recommitted to helping Ethiopia’s trade policy agenda that aims to foster industrialization and sustained economic growth. Although Ethiopia remained outside the regional and global trading regimes for a long time, this is now changing. Not only has Ethiopia ratified the Agreement Establishing the African Continental Free Trade Area (AfCFTA), it is also negotiating its accession to the World Trade Organisation (WTO). However, neither the negotiations to join the WTO, nor the efforts to implement the AfCFTA Agreement has been smooth…

Adenia’s new fund has been selected as a 2X Flagship Fund, in recognition of its goal of having a positive impact on women. Adenia Partners (“Adenia”), a private markets investment firm committed to responsible investing and a sustainable Africa, is pleased to announce the first close of its fifth flagship fund, Adenia Capital (V) L.P.(“Adenia V” or “the Fund”), with $300 million commitments from investors. The Fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. The list of…

Ecobank Group, the leading pan-African bank, has won the highly coveted Best Place to Work in Africa 2022 Award from the Best Place to Work organisation. The Award honours organisations that exhibit the highest standards of excellence in Human Resources (HR) practices and employees’ experience. Ecobank is the first Pan-African bank to have been awarded the certification. Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “At Ecobank, we recognise that our people are our greatest asset. As a pan-African bank, we are intentional in deploying resources to attract, develop and retain the right talent. We actively provide the tools and…

The private sector is recognized as an indispensable stakeholder in the African Continental Free Trade Agreement (AfCFTA), especially given its ability to catalyze sustainable economic development and job creation. “Africa’s private sector accounts for 80 percent of total production, two-thirds of investment, and three-quarters of credit, and employs 90 percent of the working-age population,” said Stephen Karingi, Director of Regional Integration and Trade at the Economic Commission for Africa (ECA). Speaking during the opening of a three-day Africa Prosperity Dialogues on 26 January in Ghana, Mr Karingi called on captains of trade and industry to “own and drive the implementation…

Louis DIAKITÉ, a hardworking and visionary man, created AFRIPA TELECOM in 1994 in Cotonou, Benin. Specializing in telecommunications, the company became a leading provider of internet services and mobile networks in West Africa. AFRIPA TELECOM paved the way for developing cellular networks in Benin (the first in West Africa), Mali, Niger, and Sierra Leone. In the 90s, the Internet was still early in Africa. However, the first applications of voice transportation over the Internet, which resulted in a significant decrease in telecommunications costs, offered a golden opportunity for pioneering companies in the sector, such as AFRIPA TELECOM, which experienced rapid…

The African Development Bank Group, will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. Bank Group President, Dr Akinwumi Adesina, announced Wednesday at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital of Dakar. Adesina called on more than 34 heads of state, 70 government ministers, the private sector, farmers, development partners, and corporate executives to work out compacts that would deliver food and agriculture transformation at scale across Africa. He encouraged them to take collective action…

The 120 Megawatts power plant in Malicounda, Senegal, co-developed by Africa50 and its partners has reached financial close for a total project cost of €154m. The combined cycle power plant is capable of producing more than 956 GWh of baseload energy a year, increasing the country’s power generation capacity by 8% while substantially reducing generation costs. The Malicounda power plant is also designed to convert to the use of natural gas as soon it comes on stream from domestic fields which are currently under development, shifting Senegal’s energy mix to cleaner fuel. The Malicounda power plant, which started commercial operations in August…

By Obbie Banda – Underwriter | Acting RLSF Coordinator, African Trade Insurance Agency (ATI) The African Trade Insurance Agency (ATI) issued the fifth policy under its Regional Liquidity Support Facility (RLSF) in support of the 7.8 MW Nyamwamba II Run-of-the-River hydropower plant in Uganda on 19 May 2022; closing Phase 1 of RLSF, a liquidity instrument jointly founded by ATI and the KfW Development Bank with grant funding from the German Federal Ministry of Economic Cooperation and Development (BMZ). Under Phase 1, the five RLSF policies have been issued for the benefit of renewable energy projects in Burundi, Malawi and Uganda, enabling a…

The implementation of the African Continental Free Trade Area (AfCFTA) should be expedited as the free trade zone will boost intra-African trade and accelerate industrialization, the Economic Commission for Africa (ECA) Acting Executive Secretary, Mr. Antonio Pedro, has urged. “While the AfCFTA’s promise is high, that promise can be realized only if the Agreement is implemented efficiently,” Mr. Pedro said, admitting that implementing the AfCFTA Agreement and supporting African economies, particularly Least Developed Countries (LDCs), was no small task. In remarks at the opening of the Regional consultation on LDC5 for LDCs in Africa and Haiti, Mr. Pedro said the…

Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa, announced the completion of Africa50’s equity investment into Scanning Systems, a company specialized in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. The investment will support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. This is expected to significantly reduce transit time, enhance security and increase tax and customs revenue collection for national and local economies. Over the past years, Scanning Systems has become the preferred partner…

The Government of The Gambiahas signed a Memorandum of Understanding with Africa50, the pan-African infrastructure investment platform, for the Senegambia Bridge to be considered for Africa50’s Asset Recycling Programme. Asset Recycling is an innovative initiative for governments to monetize existing infrastructure assets through a concession to the private sector with funds received being reinvested in other priority projects. Under the contemplated scheme, Africa50, together with a technical partner, are expected to manage and operate the Senegambia Bridge under a PPP scheme. Africa50 as the lead concessionaire, plans to engage leading infrastructure investors to join the consortium which will bring on…

Selected high-potential scholars who are active in medical education in Tunisia will have an opportunity to apply for admission to one of HMS’s master’s degree programs with tuition support and funding, to cover their living expenses in Boston for the duration of the program. This Scholarship is funded by Harvard alumnus Hazem Ben-Gacem. The Hazem Ben-Gacem Tunisia Medical Fellowship Fund will support two Tunisians who are accepted through HMS’s admissions process each year for ten years, enabling them to undertake postgraduate master’s degree programs at HMS, before returning to their institutions in Tunisia. Professors will advance their knowledge and professional potential…

January 4th, 2023- SPE Capital, an investment firm focused on Africa and the Middle East, announces the acquisition, by its private equity fund SPE AIF I, of a majority stake in Vital, the leading nutritional supplements producer in Tunisia. Vital constitutes the fund’s 9th investment and the 4th in 2022. Established in 2000, Vital has grown into the leading dietary supplements and herbal medicine manufacturer in Tunisia, with a portfolio of over 400 high quality branded products, marketed in Tunisia and internationally, and 8 million units manufactured each year. Over the past few years, the company has grown to 400…

Focuses on rich heritage and hopeful dynamism, positions the country as the `source’ of great beginnings in West Africa In an iconoclastic makeover, the Republic of Guinea unveiled a new country brand identity to showcase a new perspective of the nation to the world as the `source’ of great beginnings for West Africa, symbolized by the Nimba, the most loved Goddess, icon of good tidings. The country’s brand identity was revealed at a grand ceremony in Palais du Peuple in Conakry, in the presence of the President of the Transition Col. Mamadi Doumbouya. The event was attended by ministers of…

Following Bolloré SE’s press releases of March 31st and December 1st, 2022, Bolloré SE announces the completion today of the sale to the MSC Group of 100% of Bolloré Africa Logistics, comprising all of the Bolloré Group transport and logistics activities in Africa, on the basis of a 5.7 billion euro enterprise value, net of minority interests. The sale price of the shares is 5.1 billion euros ; 600 million euros of shareholder loans were also repaid. The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities…

The Eastern and Southern African Trade and Development Bank (TDB) has extended a USD 100 million trade finance facility to Agri Commodities and Finance FZE-LLC (ACF), a subsidiary of the Export Trading Group (ETG), one of the largest agricultural supply chain operators in Africa. In addition to funding the importation of fertilizers and vital agricultural inputs such as seeds to smallholder farmers to increase crop production in member states, the facility will support ETG’s purchase of sesame, coffee, cocoa, soybean, and cashew nuts from exporting smallholder farmers in TDB member states. In a region where the majority of employment is…

African Export-Import Bank (Afreximbank) on 15 December 2022 in Cairo operationally launched the Afreximbank TRADAR Club, a prestigious member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services. According to Afreximbank, TRADAR Club will deliver innovative digital tools and networking opportunities, helping members to discover new markets; grow their business; save time; access dedicated expert support; post and respond to new business opportunities; network; meet business/trading partners; and more. TRADAR Club is anchored by Afreximbank’s Trade Intelligence Solutions Unit. The Unit was conceived to address one of the key barriers to intra-African trade…

Cybastion, an emerging leader in the field of cybersecurity, took centre stage at side events of the U.S. – Africa Leaders Summit. The cybersecurity firm was also the platinum sponsor for the US – Africa Business Forum event. (USABF)  The USABF event took place on the Summit’s second day (December 14). It was hosted by the White House, the U.S. Department of Commerce, the U.S. Chamber of Commerce, and the Corporate Council on Africa, in partnership with the Prosper Africa initiative. Speaking at the USABF event on Wednesday, President Biden announced over $15 billion in two-way trade and investment commitments,…

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided Orabank Côte d’Ivoire with a five-year, XOF 10 billion (c. USD 15 million) portfolio guarantee to enable the bank to grow its infrastructure-related portfolio across the region. It is GuarantCo’s first transaction in Côte d’Ivoire and its second with Oragroup, after providing a XOF 14.55 billion (c. USD 25 million) portfolio guarantee to Orabank Togo (an Oragroup subsidiary) in January 2022. In the West African Economic Monetary Union (WAEMU) countries*, the implementation of Basel II and III banking regulations have limited the lending capacity of banks to infrastructure projects. The portfolio guarantee will help Orabank achieve capital relief, increase their…

The 17th edition of the annual African Economic Conference (AEC2022) has ended with calls for African countries to cooperate in promoting climate-smart development, which offers great opportunities for the continent to accelerate its economic transformation. “Africa is by far the most vulnerable region in terms of climate change. We have seen many lives threatened and temperatures beyond 1.5 degrees, causing more deaths on our continent,” said Renganaden Padayachy, Minister of Finance, Economic Planning and Development, Mauritius. He was speaking at the close of AEC2022 held under the theme, Supporting climate-smart development in Africa, from 9 to 11 December 2022 in Balaclava,…

Priority trade flows into Kenya are being jointly supported by the Eastern and Southern African Trade and Development Bank (TDB) and the Arab Bank for Economic Development in Africa (BADEA), through several trade finance facilities and limits of USD 600m. TDB served as the initial mandated lead arranger (IMLA) of the facilities, which will also crowd in other financiers and institutional investors. Among the disbursements, a notable USD 200m tranche in favour of the Government of Kenya was availed by BADEA for trade flows between Kenya and Arab countries. The facilities are being used to support the import of essential…

Corporate Council on Africa is pleased to announce that in June 2023, the Government of the Republic of Botswana will be the national host of Corporate Council on Africa’s 15th U.S.-Africa Business Summit (USABS). “Botswana welcomes the unique opportunity afforded by hosting Corporate Council on Africa’s 2023 U.S.-Africa Business Summit to capitalize on and sustain momentum from the U.S.-Africa Leaders Summit in December 2022, and to highlight Botswana’s – and Africa’s – unparalleled potential to advance trade and investment to the benefit of the people of Africa and of the United States,” said His Excellency Dr. Mokgweetsi E. K. Masisi, President…

Africa’s just energy transition should deliver affordable and clean energy through leveraging partnerships to unlock and increase financing, development experts say. Speaking at a High-Level Dialogue of Development Partners on Just Energy Transition in Africa, on the sidelines of the African Economic Conference underway in Mauritius, panelists agreed that Africa should accelerate just transition to eliminate energy poverty on the continent. The Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa (ECA), Hanan Morsy, said Africa was making a transition with new renewable technologies that were not there before. We now have the opportunity to leapfrog in…

The African Development Bank Group has appointed renowned Professor Padmashree Gehl Sampath as a special advisor on pharmaceuticals and health infrastructure to the Bank’s president, Dr. Akinwumi Adesina. She will also be leading the technical work related to the setting up of the African Pharmaceutical Technology Foundation, a new pan-African institution launched by the Bank, at the request of Regional Member Countries. A well-respected thought leader in the field of development studies and global health, Professor Gehl Sampath is working on some of the world’s most pressing challenges, predominantly from technology, trade, and industrialization perspectives. At the African Development Bank, she…

The 2022 African Economic Conference (AEC) opened today in the island nation of Mauritius with a strong call for Africa to adopt smart technologies to tackle what speakers described as ‘the looming climate change threat’ to the continent. “Supporting climate-smart development in Africa is extremely pertinent. Climate change is a looming threat to Africa. The continent is the most vulnerable region to climate disasters,” Pravind Kumar Jugnauth, Prime Minister of Mauritius said at the conference opening. Prime Minister Jugnauth stressed how the rise in petroleum prices caused by the war in Ukraine should quicken Africa’s motivation to shift away from fossil fuels and become self-sufficient…

PPC Barnet denies it is in acquisition talks with  Nyumba ya AKIBA/ brand CIMKO, or any other firm following market speculations that are circulating regarding a possible takeover of its operation in the DRC. PPC Barnet is making a clear statement: There are no discussions between other entities. Furthermore, a change in the ownership structure of PPC Barnet is not on the agenda. PPC Barnet’s development strategy in the DRC, following the publication of positive results, remains unchanged. Thus, PPC Barnet wishes to reassure its customers, partners, and collaborators and assumes its ambition to be the leader in building materials…

African Export-Import Bank (Afreximbank) has applauded the ratification by the Barbadian Parliament of the Partnership Agreement with the Bank. Barbados, one of the nine member states of the Caribbean Community (CARICOM) that have so far signed the treaty, becomes the first to ratify it. The Partnership Agreement between Afreximbank and the constituent countries of CARICOM was announced on 1 September 2022 at the inaugural Africa-Caribbean Trade and Investment Forum (ACTIF) held in Bridgetown. It was initially signed by seven CARICOM countries on the sidelines of the opening ceremony of the forum. Subsequently, the agreement was also signed by Guyana and…

Former Nigeria President, Dr Goodluck Jonathan, has accepted AATF’s appointment as Africa’s Ambassador for Agricultural Technology. Making the announcement after meeting with the former president in Yenagoa, Bayelsa South-South Nigeria during the week, the AATF Executive Director, Dr Canisius Kanangire said that the appointment was informed by His Excellency’s track record of championing agricultural transformation on the continent. Dr Goodluck Ebele Azikiwe Jonathan GCFR, GCON is a Nigerian politician who served as the President of Nigeria from 2010 to 2015 and had since been in the forefront of agricultural improvement on the continent When accepting the appointment, Dr Jonathan said…