Author: Editor

The East African Community (EAC) is grappling with a financial crisis for the third time in the 2024/25 fiscal year, as all member states—except Kenya—have yet to fully remit their budget contributions. This shortfall has caused delays in key programs and hindered development efforts. Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, Somalia, Tanzania,...

Awarded by the Board of Governors of FAGACE, this nomination recognizes a fruitful collaboration and a shared commitment to strengthening the continent’s economic integration and promoting financing as a key driver of economic development. This distinction reflects FAGACE’s confidence in CGF BOURSE, particularly its ability to support ambitious projects and create strong synergies among African financial players. According to Dr. Ngueto Tiraina Yambaye, Director General of FAGACE, this nomination is a testament to the institution’s recognition of CGF Bourse for its excellent collaboration. It also reaffirms the trust placed in CGF BOURSE by the highest authorities of the African Guarantee…

Latest Update: Moody’s Enhances Outlook on African Banking Sector Moody’s Ratings has updated its evaluations of African banking systems, noting enhanced economic stability across the continent. The firm now assigns positive outlooks to Nigeria and Egypt, while affirming a stable status for Kenya and the West African Economic and Monetary Union (WAEMU) among others, showcasing...

Claver Gatete, Executive Secretary of the Economic Commission for Africa (ECA), delivered strong calls at various high-level sessions of Ministers of Foreign Affairs and of Finance, emphasizing the critical challenges and opportunities facing the African continent. His remarks underscored the necessity for Africa to assert its voice in global economic governance, particularly at a time when its influence is vital for addressing pressing issues. In his address to the Ministers of Foreign Affairs, Mr. Gatete stated, “South Africa’s leadership during the G20 presents a monumental opportunity for Africa to amplify its voice on the international stage, articulating the aspirations of…

Cape Town, February 28, 2025 – The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), today announce a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. A project with a considerable impact on populations The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable…

The largest food aid organization, the World Food Programme (WFP) has said that it has been forced to suspend food distribution in the famine-stricken Zamzam camp in North Darfur in Sudan. This follows Sudan’s paramilitary Rapid Support Forces (RSF) multiple attacks on the camp on different occasions to drive the Sudan Armed Forces (SAF) and...

TDB Group is pleased to announce that it has obtained the Green Climate Fund (GCF) accreditation as an African regional direct access entity which will enable the Group to partner with the GCF in the implementation of climate action projects in all its Member States. TDB Group was accredited in the large size category, which qualifies it to execute projects exceeding USD 250 million, as well as those valued below this amount. Likewise, the type of accreditation received will also enable the Bank to implement GCF-funded projects across all levels of Environmental & Social Safeguards (ESS), ranging from the lowest…

Lomé, Togo – The ECOWAS Bank for Investment and Development (EBID) has achieved a significant milestone with its landmark accreditation to the Green Climate Fund (GCF) unlocking new opportunities to support climate change initiatives across West Africa. This remarkable accreditation improves EBID’s ability to finance climate-resilient development across the ECOWAS region, building on its existing sustainability portfolio and green advocacy initiatives. The move positions EBID as a direct channel for global climate funds into critical regional projects. Through this partnership, EBID will expand its capacity to finance infrastructure, renewable energy, and green economy initiatives, ultimately fortifying the resilience of local…

The Federal Democratic Republic of Ethiopia, represented by the Ministry of Finance and Ethiopian Electric Power (EEP), has signed a Memorandum of Understanding (MoU) with the African Trade Insurance Agency (ATIDI), a leading pan-African multilateral trade and investment insurer. This milestone agreement is designed to accelerate Ethiopia’s transition to clean energy by attracting foreign investment into renewable energy projects through ATIDI’s Regional Liquidity Support Facility (RLSF). The MoU establishes a framework for collaboration between Ethiopia and ATIDI, ensuring that Independent Power Producers (IPPs) or Public Private Partnerships can leverage RLSF, a liquidity support mechanism developed by ATIDI in partnership with…

Kasada Capital Management is establishing itself as a major player in hotel development in Africa. With the support of the Qatar Investment Authority and Accor, the private equity platform is working to transform the continent’s hotel landscape through strategic investments, cutting-edge expertise and a strong commitment to sustainability.  With a portfolio of 20 hotels across seven countries, Kasada is responding to the challenges of a rapidly changing sector by focusing on innovation, standardization and social impact. Its commitment to ESG standards and its partnership with major events, such as CITHA 2025, confirm its key role in the development of modern…

The United Nations Development Programme (UNDP) and leading carbon data platform Sylvera have launched a partnership at the margins of the 38th African Union Summit to provide better access to carbon market insights for African countries. The Carbon Data Access Partnership (CaDAP) will provide comprehensive data on carbon projects via Sylvera’s carbon data platform, giving participating countries’ governments access to insights on over 21,000 projects. The partnership will enable African government officials to have full sight of existing and planned carbon projects within their territories. By facilitating access to data, the initiative intends to empower countries to engage more effectively…

Djibouti’s finance minister Mahmoud Ali Youssouf has won by majority the  African Union commission chairmanship at a summit held in Addis Ababa, Ethiopia.  Mr Youssouf defeated Kenya’s Raila Odinga who withdrew in the sixth round of the votes.  Raila, a former prime minister from Kenya, won the first two rounds of voting but lost the next three to Mahamoud Ali Youssouf. Raila received 20 votes in the first round, while Mahamoud received 18 and Richard Randriamandrato of Madagascar secured 10 votes. There was one vote that abstained. In the second round, Mahamoud secured 22 votes, while Raila received 19 and…

AdiwaleFundIannounces itsinvestmentin Jus Délice, the leading West African producer of organic pineapple juice and concentrate, based in Togo. This investment will enable the financing of a new production line and the exit of Moringa, a fund established by Edmond de Rothschild, and a majority investor in the company since 2018. Through this transaction, Adiwale Fund I will support Jus Délice’s efforts to meet the growing demand from its international customers, particularly in Europe and North America, whose customers show increased interest in organic pineapple juice. The fund will help strengthen management, consolidate environmental standards and improve operations to ensure that…

In a move to bolster private sector growth and support Small and Medium-sized Enterprises (SMEs) in Côte d’Ivoire, the ECOWAS Bank for Investment and Development (EBID) has approved a XOF 10 billion (approximately USD 16.3 million) line of credit to the Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC-CI SA). The agreement was formalised during a signing ceremony held on Monday, January 27, 2025, in Abidjan, Côte d’Ivoire. This strategic financing facility is designed to empower SMEs operating in key sectors critical to Côte d’Ivoire’s economic development, including agriculture and agro-industry, industry, infrastructure, transport, and services. By providing access to…

From left to right : Eng. Sultan Abdulrahman Al-Marshad – CEO of SFD, Dr. Sidi Ould Tah – President of BADEA, Ms. Nialé KABA -Minister of Planning and Development, Côte d’Ivoire, Dr. Abdulhamid Alkhalifa – President of the OPEC Fund and Mr.Abdullah Al Mesaibih – Director of Operations of Kuwait Fund. “BRIDGING AFRICA AND THE ARAB WORLD FOR A PROSPEROUS FUTURE” The 6th edition of the Financial Afrik Awards (FAA) took place in Abidjan January 27-28th. This edition, -the third organized in Côte d’Ivoire-, took on a unique dimension by fostering a strategic dialogue between the Arab World and Africa. Placed…

Donald Trump, the United States President-elect has appointed a former special air service (SAS) soldier who rescued hostages during the 2019 terror attack at the DusitD2 Hotel complex in Nairobi as his bodyguard. The attack was carried out on January 15, 2019 by Somalia-based al-Shabaab, leaving 21 people dead. The man whose identity has been concealed and goes by his nom-de-guerre, ‘Christian Craighead’ will become part of Trump’s bodyguards operating in the shadows. The incoming president reportedly assured aides that Mr Craighead would have seen the rooftop shooter who tried to kill him in Pennsylvania in July. The former SAS…

Nairobi, January 10, 2025 – The Alliance for a Green Revolution in Africa (AGRA) has announced the appointment of Alice Ruhweza as its next President, effective March 1, 2025. Her selection follows an extensive recruitment process conducted in collaboration with Spencer Stuart, marking a new chapter for the organization as she succeeds Dr. Agnes Kalibata,...

Kenya has agreed to a treaty that will see increased scrutiny of multinationals that have been taking advantage of tax avoidance strategies by moving profits to other jurisdictions, in global efforts to fight economic abuse. The country has deposited its instruments of ratification making it the 88th jurisdiction to accept the new guidelines which are...

Dakar, Senegal, December 23, 2024 – To support the tourism sector and create jobs in West Africa, IFC today announced a €10 million loan for Azalaï Hotels Group, a leading hospitality group in West Africa. IFC’s financing will support Azalaï Hotels Group’s working capital needs and regional expansion plans, which include the recently opened Azalaï Hotel Dakar in Senegal, the reconstruction of Azalaï Hotel Ouagadougou, in Burkina Faso, and the refurbishment of the Grand Hôtel Bamako in Bamako, Mali. This will help offer superior hospitality services in West Africa where the supply of such service is limited. The tourism sector, an…

The list of the 100 personalities we present in this issue is, in itself, a summary of Africa in 2024 and a projection toward 2025. You will discover our profiles of influential figures transforming the continent. From Finance Ministers, committed to maintaining their countries’ debt sustainability ratios, to financiers whose brilliant initiatives have created thousands of jobs, and CEOs driven by a deeply ingrained appetite for risk. Special mention goes to self-made individuals who have overcome the lack of financial and educational capital with their innate business acumen. These 100 personalities live and work in Africa, navigating daily through administrations…

December 19, 2024 The ECOWAS Bank for Investment and Development (EBID) has approved a total funding package of FCFA10 billion and €40 million to support the development of SMEs and SMIs in Côte d’Ivoire. This commitment was made during the 90th ordinary meeting of its Board of Directors, held on Thursday, December 19, 2024, via videoconference. The meeting was chaired by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID. The funding package is in respect of two projects: These approvals align with EBID’s financial sector development strategy, which aims to improve access to financing…

In a landmark achievement, the Advisory Board of the African Sustainability Awards in partnership with United Nations Educational, Scientific and Cultural Organization (UNESCO) has selected the ECOWAS Bank for Investment and Development (EBID) as the winner of the Financial Institution of the Year – Africa category at the Africa Sustainability Awards. The award will be presented during an event slated for 30th December 2024 at the Accra International Conference, Accra, Ghana. This award recognizes EBID’s outstanding dedication to sustainable practices across Africa and its commitment in advancing Africa’s environmental, social and economic progress in line with the UN Sustainable Development…

Rabat, 11 December 2024 – The African Development Bank (AfDB) has signed a coordination agreement with Deutsche Bank and Société Générale to establish a syndication strategy aimed at mobilizing up to $1.2 billion for Tanzania’s Standard Gauge Railway (SGR) project. The agreement was finalized during the 2024 Market Days of the African Investment Forum in...

Cairo, 10 December 2024 – Africa50, the pan-African infrastructure investor and asset manager, has announced a USD 15 million equity investment in Raya Data Center (RDC). Subject to regulatory approvals, the investment aims to strengthen RDC’s existing operations and fund the development of a greenfield tier III data center in Egypt, bolstering the country’s growing...

By Balla Moussa Keita, special correspondent in Brussels. On 30 November 2024, at the Dome Eventhall in Brussels, an unprecedented event was held on the theme of “East Africa, cradle of humanity and the future”, organised by Komera Conseil, founded by Sarah Ndikumwami, and the company Increate, owned by Kevin Mberimfura and alongside Ornella Gateka. The objective was clear: to highlight a region whose potential and visibility are still too modest. The event brought together an audience mainly composed of young people from the African diaspora, ready to contribute to the development of the continent. Warmly welcomed by an impeccable…

McKinsey Africa will pay $122.85 million as fine to conclude a criminal investigation into a years- long bribery ring involving South African officials, the United State (U.S) Department of Justice (DOJ) has revealed. The DOJ was investigating McKinsey and Company Africa which is wholly owned by international consulting firm McKinsey & Company for bribing government...

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, has highlighted the importance of Development Finance Institutions (DFIs) in expanding capital to finance economic growth. He made the remarks during a series of public lectures on the topic “Shaping Africa’s Development Finance Landscape: Challenges and Prospects” held at the University of Development Studies (UDS) School of Business in Tamale, Ghana. Addressing the financing constraints faced within capital markets, the President of EBID pointed out that where private credit may struggle in response to economic crises, DFIs are…

“Between Nigeria and France, there is a Special Relationship at a Special Time” On the sidelines of the State Visit of H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, to France (November 27 – 29, 2024), Financial Afrik & Kapital Afrik spoke with the Chairman of Access Holdings PLC, Aigboje Aig-Imoukhuede, who presides the France-Nigeria Business Council. He expressed his satisfaction on the way government relationships are evolving between France and Nigeria, but also on the many opportunities given to the private sector -especially the banking sector- to get involved. By Christine Holzbauer, Special Envoy Are the…

Equity has signed a trade credit financing agreement with BpiFrance, the public investment bank of France, to strengthen support for Small and Medium Enterprises (SMEs) across Kenya and the broader East African region. The partnership was signed and unveiled during French Week 2024, jointly organized by the French Chamber of Commerce and the French Embassy in Kenya, which culminated in the business networking event, ‘Inspire and Connect East Africa’. The partnership will provide SME investors with financing options in both US dollars and Kenya shillings, enabling them to scale their operations across the six countries where Equity operates. Dr. James…

The General Commissioner of The Africa Road Builders – Trophée Babacar Ndiaye conducted a mission to Malabo, Equatorial Guinea, from November 16 to 22, 2024. This mission was part of the follow-up to the Babacar Ndiaye Trophy, awarded this year to the President of the Republic of Equatorial Guinea, H.E. Teodoro Obiang Nguema Mbasogo. During his stay, the General Commissioner had the great honor of being received in audience by H.E. Teodoro Obiang Nguema Mbasogo, President of the Republic of Equatorial Guinea and Head of State. At the General Commissioner’s suggestion, H.E. Teodoro Obiang Nguema Mbasogo agreed to host, in…