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CEG and TDB sign a Green Finance Cooperation Protocol On the sidelines of the Second Belt and Road Forum held in Beijing, China, China Everbright Group (CEG) and the Trade and Development Bank (TDB) signed a Green Finance Cooperation Protocol aiming to establish a comprehensive and long-term strategic partnership to drive green infrastructure finance in clean energy, solid waste treatment, energy saving and emission reduction, intelligent manufacturing and green technology amongst others. The 2015 Paris Climate Agreement and the adoption of Sustainable Development Goals (SDGs) have become turning points for all players from all sectors globally to join forces and…

The Rwanda Development Board (RDB) has signed a 25-YEAR concession agreement with Imizi Ecotourism Development Ltd for the development of a multi-phased conservation and tourism management program in Gishwati-Mukura National Park. The concession agreement will see Imizi develop and operate an exclusive chimpanzee and primate trekking experience under the Wilderness Safaris brand, while RDB will oversee ecology and conservation initiatives including ranger presence, law enforcement, science, engagement of community cooperatives, human-wildlife conflict resolution, research and monitoring. Following the signing of the concession agreement, the RDB Deputy Chief Executive Officer, Emmanuel Hategeka, said: “We expect this new project in Gishwati-Mukura National…

By Amath Ndiaye, Associate Professor University A. Diop Dakar In the current debate on the CFA franc, the argument of an overvaluation of the CFA is often invoked to say that it harms the economic competitiveness of African countries in the franc zone. First of all, for the sake of clarity, it is necessary to distinguish between two notions of economic competitiveness: price competitiveness and structural competitiveness. As you can guess, the first is related to price developments while the second relates competitiveness to structural effects. Price competitiveness is the ability to produce goods and services at lower prices than…

The president of the Council of the Nation, Abdelkader Bensalah, 77 years old, was named Tuesday acting president of Algeria for 90 days, during a meeting of the Algerian Parliament. This appointment comes one week after the resignation of President Abdelaziz Bouteflika. The parliament then declared the vacancy of power. The interim will not be...

— The index measures the percentage of high-yield companies in EMs with the weakest speculative grade liquidity score of SGL-4, as a proportion of EM high-yield corporate family ratings. — The inaugural index is weak, weighed down by companies in Asia Pacific. Moody’s Investors Service has launched its inaugural global emerging markets (EM) liquidity stress index (LSI). “The inaugural global EM LSI score is weak at 20.3% and above the long-term average of 18.9%, with the long-term average based on LSI scores between January 2017 and March 2019,” says Laura Acres, a Moody’s Managing Director. “However, the score has fallen…

In Senegal, the planned disappearance of the post of prime minister seems to have stolen the limelight from the list of 32 ministers fell yesterday in the early evening. Beyond the progressive reform that devotes Mahammed Boun Abdallah Dionne, Minister of State, temporarily renewed Prime Minister, Secretary General of the Presidency, this change should let...

Côte d’Ivoire, the world’s largest cocoa producer, wants to locally process 50% of its cocoa bean production to increase farmers’ income and fight poverty. The Minister of Commerce, Industry and Promotion of SMEs, Souleymane Diarrassouba, proceeded Friday, March 29 Z019 in Abidjan, at the inauguration of the bean mill of the African Society of cocoa (SACO), subsidiary of the Barry Callebaut group, specializing in the cocoa sector, for a cost of 30 billion CFA Francs. It should be noted that with its new processing unit of Abidjan-Marcory, Zone 4, Saco has increased its capacity and has a grinding capacity of…

The African Export-Import Bank (Afreximbank) has announced the disbursement of an EUR100 million revolving global credit facility to Mota-Engil Engenharia e Construçáo África, S.A. (Mota-Engil Africa) to support the company to implement key developmental projects in Africa. Such projects include the construction of trade-carrying and trade-supporting infrastructure required for the acceleration of the integration process in the continent, said Afreximbank in the announcement released in Cairo. According to the Bank, the facility will strengthen Mota-Engil Africa’s capacity to carry out projects critical to reducing transaction costs for businesses, growing intra-regional trade, easing movement of goods, services and people, boosting employment…

 Seedstars is partnering with First Growth Ventures to launch Seedstars Africa Ventures, a sub-Saharan Africa fund targeting $100mn to make early-stage minority investments from USD 250,000 to USD 5 million in the most promising and innovative ventures across sectors and countries. The fund is expected to make its first investments by the end of this year. The partnership between Seedstars and First Growth Ventures was announced on April 4th, 2019 at the Seedstars Summit in Lausanne. Seedstars, the preeminent startup community for emerging markets active in over 80 ecosystems, offers unrivaled dealflow, market access and startup support programs. With activities in over 20 sub-Saharan Africa markets and physical hubs in key countries such…

Afriland First Bank has purchased approximately 150.9 billion CFA francs of government securities from CEMAC States between 1 January and 30 June 2018. According to a report by the Securities Settlement and Retention Unit (CRCT), of the Bank of Central African States (BEAC), Paul Fokam’s bank is by far the most active in the public...

The World Bank’s Executive Directors unanimously decided to appoint David R. Malpass as President of the World Bank Group for a five-year term. Bringing deep experience in international affairs, finance and economic development, Mr. Malpass will take up his duties on Tuesday, April 9, 2019. Mr. Malpass previously served as Under Secretary for International Affairs in the US Treasury. In this capacity, he has represented the United States on the international scene at various events: G7 and G20 meetings at the assistant level of finance ministers; meetings of the Financial Stability Board, the Organization for Economic Co-operation and Development and…

The National Bank for Economic Development (BNDE) and the Islamic Society for Private Sector Development (SID), a subsidiary of the Islamic Development Bank Group (IDB), proceeded this Friday, April 05, 2019 in Marrakech, Morocco, to the signing of a financing agreement in the amount of 08 (eight) million euros. This agreement was signed on the margins of the IDB’s annual days. The Islamic Society for Private Sector Development (SID) is a multilateral development finance institution, a subsidiary of the Islamic Development Bank Group (IDB) whose main mission is to support the economic development of its member countries by providing financing…

During the 44th annual meeting of the Islamic Development Bank Group (Marrakech, 3-6 April), with the success of their cooperation in the field of agricultural resources, BADEA and G5 Sahel have agreed to broaden their scope of cooperation in the field of infrastructures. Created in 2014, the G5 Sahel is a regional organization that aims to increase the security and development of people in Burkina Faso, Mali, Mauritania, Niger and Chad. Because they contribute to the development of the territory and to the occupation of space, the economic activities of the rural populations are one of the prerequisites of civil…

Following the publication of a previous press release on Monday, April 1st, BGFIBank Gabon is once again reassuring its customers, as well as the public, of its scrupulous respect for the accounting procedures and rules governing the management of its clients’ accounts. . Attached to the respect of the law and the procedure, BGFIBank Gabon reiterates its total confidence in the Gabonese Justice. It is indeed in the courtrooms and not in the media that must be emptied litigation. Attempting to witness public opinion by multiplying media outlets can be likened to a form of excitement. However, serene as to…

The Gambia became the last African country on April 4 to ratify the agreement on the Continental Free Trade Area (FTAA). Banjul brings to 22 the number of countries that have ratified the Convention which, therefore, and on paper, comes into force. The next meeting of the African Union will have to take note, unless we are surprised. In the meantime, the ministries of commerce and the specialized bodies continue to negotiate certain aspects related in particular to the rules of origin and the numerous non-tariff barriers between countries of the continent. Hello As a reminder, this free trade agreement,…

Senegal hosts the High Mass of African Economic Intelligence from April 29 to 30, 2019. As a prelude to this continental meeting, Financial Afrik interviewed Mr. Lansana Gagny SAKHO, the Resident Representative of the African Center for Intelligence and Security. Economic Intelligence (CAVIE) in Senegal. Financial Afrik: A few weeks after the re-election of President Macky SALL, Senegal hosts the High Mass of African Economic Intelligence. A mere coincidence or a chance of timing? Chance of calendar yes, but happy coincidence of the dates His Excellency the President Macky SALL engaged since 2012 a voluntarist policy of structural transformation of…

On Sunday, March 31, 2019, at the Bank of Central African States, Cameroon National Directorate in Douala, the unification convention of the Financial Market Supervisory Commission of Central Africa (COSUMAF) with the Markets Commission Financiers du Cameroun (CMF) was signed by the Presidents of both institutions, as well as by the Chairman of the Steering Committee of the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (COPIL PREF-CEMAC), Mr. Gilbert ONDONGO, Minister of State, Minister of Economy, Industry and Public Portfolio of the Republic of Congo. In the presence of the Ministers of Finance…

The 7th African Petroleum Congress and Exhibition (CAPE VII) opened on April 3, 2019 in Malabo, capital of Equatorial Guinea, under the theme of shared prosperity. Some 700 delegates from 38 nationalities (including 23 African) from all continents made the trip to Malabo, a city with state-of-the-art infrastructure built on oil revenue. Among the 13 African companies present at this conference, the Nigerian giant NNPC, the Ivorian Petroci or the South Sudanese Sudapec. For Mahaman Laouan Gaya, Secretary General of the Association of African Petroleum Producers (APPO), representing 18 members, or 95% of African production, “the continent must unite to…

In April 2019, Dakar is the African capital of economic intelligence. After the training sessions in Intelligence and Intelligence of African Markets (VIMA) of Ouagadougou, Paris, Yaounde, Tunis and Douala, the African Center for Intelligence and Business Intelligence (CAVIE) is set up in Dakar as a prelude to the States General of African Economic Intelligence (EGIEA) from 29 to 30 April 2019 in Senegal. This short, intensive and certifying session on business intelligence and intelligence in African markets provides the latest methods, tools and techniques for influence and counter-influence, collection and processing, production and security of economic information and intelligence.…

The capital increase announced by BMCE Bank was the main highlight of a results presentation conference held on April 2, 2019. The operation will see the entry of the British CDC (Commonwealth Development Corporation, equivalent of the French Development Agency, AFD) in the round robin for 200 million dirhams according to information Desk.ma site. This...

The African bank Ecobank Transnational Incorporated (ETI) had to inject $ 64 million into its Nigerian subsidiary to end a controversy with the authorities of that country. All is part of the adoption by Ecobank in its 2017 accounts of a Naira / dollar exchange rate different from the official rate applied by the central...

Senegal’s President Macky Sall was sworn in on April 2, 2019 for a second term full of political and economic issues. The consolidation of the rule of law through the reaffirmation of the roles of the three powers (the executive, the judiciary and the legislature) has certainly been the guiding principle of the country since its independence. But the second term of the re-elected president with 58.27% of the votes will have to be the occasion of big investments. The President of the Republic announced the launch of a vast program of construction of 100,000 housing units over five years…

General Electric has announced the appointment, on April 1, 2019, of Éric Amoussouga as President and CEO for French-speaking Africa. In this role, Amoussouga will play a central role in managing the next phase of GE’s strategy and growth deployment in French-speaking African markets. Based in Abidjan, Mr. Amoussouga will lead the development of various programs and the implementation of public-private projects and partnerships throughout French-speaking Africa. Commenting on the appointment, Farid Fezoua, President and CEO of GE Africa, reiterated GE’s commitment to working with governments and the private sector to build public-private partnerships and develop sustainable, results-based solutions. “We…

Three and a half years after the arrival of Nigerian Ade Ayeyemi, Ecobank Transnational Incorporated (ETI) has continued to recover. Lomé-based bank completes fiscal year 2018 with a net profit of $ 328.6 million, up 44%, reflecting management’s efforts in both the commercial offensive and the control of operating expenses . But given the total...

Always seeking capital to satisfy the minimum ratios, needs accentuated by the entry of the new IFRS standards, BMCE Bank Of Africa announces an increase of 1.9 billion dirhams (190 million euros) which will be followed by the entry of a foreign shareholder (British) up to 200 million dollars. In its first part, the transaction will be by a capital increase in two tranches, seeking each time the portfolio of former shareholders. They will have to give up the dividends of 2018 to participate in the first tranche which will materialize by optional conversion of these dividends into shares, or…

The African Export-Import Bank (Afreximbank) has been awarded the mandate to serve as the exclusive financial adviser and mandated lead arranger for the $130-million bauxite mine expansion project by Sierra Mineral Holdings 1 Limited (Vimetco) in Sierra Leone. The mandate was announced in Freetown on 4 April during a working meeting hosted by Sierra Leonean President Julius Maada Bio with representatives of Vimetco, the chief sponsor of the project; VI Holdings, the parent company of Vimetco; and Afreximbank. Under the terms of the mandate, as captured in an engagement letter signed between Vimetco and Afreximbank during the working meeting with President Bio,…

– Kenyan banks are collaborating with Safaricom’s M-PESA mobile payments service to offer higher value-added services, a credit positive – Fintech innovation will continue to expand the market for banking services Kenyan banks are now working with Safaricom’s M-PESA mobile payments service to offer saving and loan products, a credit positive, Moody’s Investors Service says in a report published today. “Banks have piggybacked on a successful model, partnering with M-PESA to offer services, like loans and deposits, and improving their cost efficiency,” said Christos Theofilou, VP-Senior Analyst at Moody’s. “M-PESA is a fintech disruptor and has dominated payments in Kenya…

Access to finance by women in Africa is critical if the continent is to attain the sustainable development goals, Economic Commission for Africa’s (ECA) Deputy Executive Secretary, Giovanie Biha said Tuesday. Speaking at an event to discuss the African Women Leadership Fund (AWLF) in Marrakesh, Morocco, ahead of the fifth Africa Regional Forum on Sustainable Development (ARFSD), Ms. Biha said adopting the right actions to integrate gender in Africa’s economies will result in financial inclusion, guarantee women’s economic empowerment and achievement of the SDGs, thereby helping change the face of the continent. According to the ECA’s Women’s Report (2013), failure…

On the eve of the seventh summit of the African Petroleum Producers Organization (APPO), which opens April 2 in Malabo, capital of Equatorial Guinea and African capital of energy throughout of the year 2019, Financial Afrik met with Mahaman Laouan Gaya, Secretary General of the association. For the high Nigerien framework, African oil and gas producing countries must unite to better defend their objectives in a global context of price volatility. As Mr. Gaya says, the Malabo meeting marks the end of institutional reforms and the launching of a new organization. Interview. The summit of the Appo opens this April…

Largest fund ever raised dedicated entirely to fund-of-funds secondaries Introduces ‘X shares’ concept, a fee- and carry-free offering for NGOs BEX Capital, the first investment firm focused exclusively on fund-of-funds (FoF) secondaries, today announced the close of BEX Fund III, with total commitments of $365 million. This was the first and final close of BEX Fund III, with fundraising completed in the space of four months. BEX Capital received strong support from existing investors with over 90% returning to commit to BEX Fund III. The fund was substantially oversubscribed and closed in excess of its original target of $280 million. As per its predecessors, BEX…