Author: Editor

The announcement was made to energy sector stakeholders at a sideline event held during the Africa Energy Forum, which took place in Lisbon, Portugal The African Development Bank (www.AfDB.org) announced a EUR 40 million investment from the European Commission for the Facility for Energy Inclusion (FEI), a new platform for financing small-scale renewables in Africa. The announcement was made to energy sector stakeholders at a sideline event held during the Africa Energy Forum, which took place in Lisbon, Portugal from 11-14 June. The Bank, the European Commission, in partnership with Lion’s Head Global Partners and Fieldstone and the Lusophone Renewable…

By Victor Oladokun, Director of Communication and External Relations at the African Development Bank I’ve always been fascinated with stories. It’s one of the reasons why in high school I jettisoned physics, chemistry, and math in favor of literature and history. The decision has served me well in my media and communication career. I realized early on – to quote the poet Muriel Rukeyser – that “the universe is made up of stories, not atoms.” The truth is, stories are not loaded with hard data but rather with something more powerful: emotional data. That’s why we remember good stories long…

Africa and Russia must harness their immense resources to foster a greater economic future for their people, Dimitri Medvedev, Chairman of the Government of the Russian Federation, said yesterday in Moscow. Mr. Medvedev, who was declaring open the Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank), held as part of the Bank’s 2019 Annual Meetings, noted that Africa and Russia accounted for half the world’s resources. He said that although Russia’s presence in Africa had weakened in the 1990’s, the country had since then done a great deal of groundwork on joint projects in geology and mining,…

Jobberman Nigeria announces a new appointment of leadership. Mrs. Hilda Kabushenga Kragha has joined the business on 10th June 2019, appointed as the company’s Chief Executive Officer, responsible for the growth and operations for the company. Mrs. Hilda Kabushenga Kragha Mrs. Kragha was previously an Engagement Manager at McKinsey & Company, advising blue chip clients on strategy, human capital, and organisational transformation projects. Jobberman Nigeria is the country’s No.1 jobs and careers platform, bringing the best employers and candidates together and improving productivity in the country. Jobberman has over 2.5 million candidates, matching them with more than 100,000 employers in their…

The aim of the Parque Agro-industrial de Moamba (PAM) agricultural project is to build reliable and resilient food production capacity in Mozambique AGCO and AT Capital S.A have signed a memorandum of understanding to collaborate and work together towards the implementation of the Parque Agro-industrial de Moamba (PAM) Agri-Industry Park in Maputo, Mozambique. The announcement was made at the sidelines the 12th U.S. – Africa Business Summit “Advancing a Resilient and Sustainable U.S.-Africa Partnership” in Maputo. The aim of the PAM agricultural project is to build reliable and resilient food production capacity in Mozambique, for domestic demand and export. Estimated…

The panel session ‘Mining Industry: A Sustainable Approach to Field Development’ was held in Moscow during the open Russia–Africa Economic Conference, part of the Afreximbank Annual Meetings with the support of the Roscongress Foundation and Russian Export Center. One of the key focal points of the session was Russian and African cooperation in the development of the mining industry. The discussion was moderated by IHS Markit Russia’s Director for Consulting Maksim Nechaev and participants included: President and General Director of Wassoul’Or and Chairman of Petroma Inc Canada Aliou Diallo; ALROSA Vice President Vladimir Marchenko; General Director of Vi Holding, Doctor…

The Bank’s support to the Comoros Energy Sector Support Project is in line with the priorities set out in the Comoros Country Strategy Paper The Deputy Director General of the Bank for East Africa, Nwabufo Nnenna, and the Comoros Minister of Finance and Budget, Saïd-Ali-Saïd Chayhane, signed on Thursday, an additional financing agreement of 8, 63 million euros on the sidelines of the Bank’s Annual Meetings in Malabo, Equatorial Guinea. With this funding from the Bank, the Government of Comoros will be able to continue its energy sector reforms, initiated in 2014, under the Energy Sector Support Project (PASEC). “We…

Emerging Capital Partners (ECP) announces an investment to acquire a substantial stake in Mauritius-based Inter Africa Transport Forex (IATF). IATF operates a financial technology platform that enables its customers – transport companies, especially cross-border ones – to better procure, manage and track their costs. IATF’s online platform centralizes payments for diesel, cash pay-outs, road tolls, border payments, parking, insurance, mechanical payments and other electronic payments making planning of journeys, cost control and fleet management simpler and more efficient. IATF is able to substantially reduce costs for its customers based on its purchasing scale and through improved cost control by providing…

TDB racks up four nominations and two awards at the 2019 African Bankers Awards The race for the 2019 African Bankers Awards came to an end on the night of the 11th of June in Malabo, Equatorial Guinea, at a high profile gala dinner of bankers and financial sector stakeholders. TDB President and Chief Executive Admassu Tadesse brings home the ‘African Banker of the Year’ award, one of the top two most prestigious of the competition. The Bank also jointly received with Crédit Agricole the 2019 ‘Infrastructure Deal of the Year’, for its co-financing of the ground-breaking Coral South Floating Liquified…

The African Export-Import Bank (Afreximbank) yesterday in Malabo received the award for the African Bank of the Year at the African Banker Awards 2019 ceremony held on the sidelines of the Annual Meetings of the African Development Bank. Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking received the award on behalf of the Bank. The award to Afreximbank was one of two big ones that went to development finance institutions as Admassu Tadesse, President of Trade Development Bank, was also named African Banker of the Year. The organisers, in explaining the award to Afreximbank, said that, in the past 18…

Congo Business Network is planning an online session on June 15, 2019 on Cisco WebEx from 5 pm to 7 pm Kinshasa time. The theme of this discussion is: How to find financing for drinking water, energy or health projects in the DRC? The objective of this session is to allow Pako Tshiamala to educate and inform participants on what they need to do to find funding for drinking water, energy or health projects from $250,000 to $1,000,000 in the Democratic Republic of Congo from Grands Défis Canada, a Canadian investment fund. According to the program, Pako Tshiamala, Regional Consultant…

Your Excellency, President OBIANG NGUEMA MBASAGO of Equatorial Guinea – our host President; Your Excellencies Heads of State and Governments (names), Governors of the African Development Bank, honorable Ministers, Ambassadors and Heads of Diplomatic Missions, members of the Board of Directors, senior management and staff of the African Development Bank, partners, members of the press, distinguished guests, ladies and gentlemen. I welcome you to the Annual Meetings of the African Development Bank Group. This annual event is always a unique opportunity to share with you the Bank’s perspectives on the state of Africa’s economy, provide updates on the Bank’s work and…

10 June 2019 – Global broking business Brokerslink has announced the appointment of Tiago Mora as the new Regional Manager for Middle East and Africa. Tiago Mora is MDS Re Director and has been with MDS Group for 12 years. He has spent a number of those years developing the Group’s operations in Africa and running the Angolan business. He replaces Ana Cristina Borges who is relinquishing her responsibilities with Brokerslink to become Board Director of MDS Portugal. In the role of Regional Manager, Tiago will focus on the development and expansion of Brokerslink’s presence across the region. He will…

Addis Ababa, Ethiopia, 10 June 2019 (ECA) – The regional forum, taking place on 24 and 25 June in Dakar, Senegal will focus on issues related to the implementation of the African Continental Free Trade Area (AfCFTA) and its impact on the regions of West and Central Africa. The forum, which is jointly organized by the Economic Commission for Africa (ECA), the Senegalese Government, the African Union Commission and the European Union, will be a space for regional and multi-stakeholder dialogue on issues related to the implementation of the AfCFTA in the French-speaking Economic Community of West African States (ECOWAS) and…

Nana Akufo-Addo is the king of rhetoric. In December 2017, the African youth outside Ghana discovers in a virulent speech in response, apparently, to the French President, Emmanuel Macron: “We can not continue to make policies for us, in our countries, in our regions, on our continent on the basis of support that the Western world, France or the EU would like to give us. It will not work, it did not work yesterday and it will not work tomorrow, “the Ghanaian launches in Accra. This particularly virulent tone against France earned him a reputation as “standing president” among African…

Economic Commission for Africa (ECA) Executive Secretary, Vera Songwe, on Friday met and discussed with a European Union delegation the role of non-state actors in ensuring the success of the African Continental Free Trade Area (AfCFTA). The EU delegation was led by the President of the European Economic and Social Committee (EU-EESC), Luca Jahier. Trade, investment, economic growth and migration were at the core of the discussions that came a day after the AfCFTA came into force. The Executive Secretary highlighted the role of the AfCFTA as an exciting and promising stimulant for economic growth in Africa, infrastructure investments as…

The admonitions of the IMF would they be right of the Guinean authorities? As a reminder, during his last mission in Conakry, experts from the Bretton Woods institution were surprised by the absence of the $ 90 million paid to the State for the award of the 4G license to Orange. Faced with the steamroller...

TDB’s lowest-cost-ever global Eurobond is 3.3X oversubscribed TDB’s senior unsecured 5-year USD 500mn Eurobond issued this past May 16th, makes history as TDB’s lowest-cost-ever global Eurobond. With a reoffer yield of 5.000% and a 4.875% coupon, the bond was oversubscribed 3.3 times, and closed with an order book of USD 1.65bn. With a 50bp tightening throughout the book building process on a yield basis, TDB achieved a rare negative new issue premium, a remarkable achievement given the current rising interest rate environment. Citi, Commerzbank, Emirates NBD Capital, MUFG, SMBC Nikko, and Standard Chartered Bank were the Joint Lead Managers on…

The Aga Khan Academy Mombasa today celebrated its 13th graduation ceremony for 85 exceptional students who join a growing legacy of global young leaders, driven by the academy’s unique curriculum and approach to education. The graduation marks a proud milestone of 1,000 such leaders across both the Aga Khan Academy Mombasa and its sister school, the Aga Khan Academy Hyderabad, India. One key mission Aga Khan Academy Mombasa is to create ethical leaders working towards a shared goal of sustainable development to improve the lives of those living not only in Kenya, but also across the globe. The Academy places…

This May 25th, The Africa Day . The Continent is celebrating a new era of growth and economic development. The Energy Sector is definitely a key success factor.   By Mamadou Goumble* In 2019, Africa is well positioned to leapfrog the developed nations by adopting and embracing new and innovative green energy solutions. In recent years, green energy has become more affordable and cheaper than conventional energy sources. The price levels achieved in various renewable energy programs, such as the Scaling Solar program, is strong evidence of this. In the future, renewable energy will become the dominant source of energy leaving conventional…

Moody’s Investors Service (“Moody’s”) has today assigned a first-time Baa2 foreign currency long-term issuer rating to the African Local Currency Bond Fund (ALCB Fund). The outlook is stable. The ALCB Fund is focused on developing domestic capital markets in Africa by investing in private sector bonds issued domestically in local currency. It was created by Kreditanstalt fuer Wiederaufbau (KfW, Aaa stable) in 2013, which acts on behalf of the German Federal Ministry of Economic Cooperation and Development, with the development mandate of pursuing financial inclusion and capital market deepening. KfW is the main shareholder, owning 87% of the Fund’s shares,…

Moody’s Investors Service (“Moody’s”) has today assigned B1/Not Prime local currency long-term and short-term deposit ratings and B3/Not Prime foreign currency long-term and short-term deposit ratings to Stanbic Bank Uganda Limited (Stanbic Uganda). Stanbic Uganda’s B3 foreign currency deposit rating is constrained by Uganda’s foreign currency deposit rating ceiling of B3. Moody’s also assigned a counterparty risk assessment of Ba3(cr)/Not Prime(cr) and a counterparty risk rating of Ba3/Not Prime. The outlook assigned to the deposit ratings is stable. The Local Currency Deposit rating of B1 assigned to Stanbic Bank Uganda Limited (Stanbic Uganda) is a notch above Uganda’s sovereign issuer…

President Andry Rajoelina of Madagascar has urged the African Export-Import Bank (Afreximbank) to partner with the government in its effort to make the country the “window into a modern Africa”. Speaking yesterday in Antananarivo when he received an Afreximbank delegation led by Prof. Benedict Oramah, President of the Bank, President Rajoelina said that the government had put in place an “Initiative for Emerging Madagascar” which articulates its plans to turn the country into a modern industrial nation. That document had been endorsed by key internal and external stakeholders as necessary for the country’s development, he stated. It captured the government’s vision to become…

Wari and Mara Phones announce the signing of a strategic partnership to enable delivery of financial and commercial services to Wari clients more effectively through the Mara Phone. The two African companies aim to collaborate together and develop in the 54 countries of the continent. They both look to preload Wari’s offerings, bundling their services with the Mara Phone to all Wari clients through all of Wari’s locations and distribution channels. This pan-African collaboration between two major national actors will be highly impactful given that Wari and Mara Phones are committed to doing good and doing well for years now.…

Africa50, the pan-African infrastructure investment platform, launched the first edition of its Innovation Challenge at the 2019 Transform Africa Summit holding in Kigali from 14 to 17 May. Through this initiative, Africa50 will crowdsource innovative solutions to help increase access to high-speed internet in under-served areas in Africa. The call is open for ICT developers, innovators, engineers, entrepreneurs to submit workable solutions, via an online platform, to be assessed by the Africa50 investment team and its partners. The winning solutions will receive cash prizes and/or will be considered for project development funding. Projects will be rolled-out in Rwanda as the…

The KCB Group, a banking leader in Kenya, plans to acquire a bank in Rwanda and another in the Democratic Republic of Congo (DRC), said its managing director. The GM, Joshua Oigara, who spoke with the press last Friday, did not reveal the identity of the two banks in question. KCB is also planning to...

Good news for Tunisia. Dutch oil and gas exploration and production group Mazarine Energy and ETAP announce the discovery of an oil well in Sidi Marzoug. The site would have a capacity of 2000 barrels per day. According to the release, during the production test, the SMG-1 well revealed reserves, at a rate of 2000 barrels of oil per day and 5 million cubic feet of natural gas per day. The well was drilled by the CTF (Tunisian Drilling Company) to a total depth of 3880 m, the statement said. According to the same source, the assessment of the discovery…

The Togolese deputies voted Wednesday, May 8, a constitutional revision providing for the limitation of the number of presidential terms. The law allows the current president, Faure Gnassingbé, to run for the next two elections, in 2020 and 2025. The new law also establishes a first-past-the-post system in two rounds (against one today) for the election of the president. of the Republic. The constitutional reform was approved in a secret ballot by the 90 deputies present (out of 91), two thirds of whom belong to the ruling party, the main opposition coalition boycotting the December elections. In Togo, a draft…

The banking sector of Côte d’Ivoire finances the economy well. According to Guy Koizan, president of the Professional Association of Banks and Financial Institutions of Côte d’Ivoire (Apbef-ci), the sector has achieved a continuous growth of credit to the economy at 7056 billion Fcfa, or an average annual increase of 18%, in 2018. These loans went to households, to businesses, ie to economic agents in general. Regarding banking, according to figures provided by the President of the Apbef-ci, during the traditional ceremony of “official return 2019” of the association, the sector recorded a rate of banking of 19.07%, or an…

Sindika Dokolo is since May 7, 2019 back in the Democratic Republic of Congo. Married to Isabel Dos Santos, this Congolese, heir to a wealthy family, who made his fortune in the mines, lived in exile for more than five years. The son-in-law of former Angolan President Jose Edouardo Dos Santos was on a crusade...