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The raising of the minimum capital in the CIMA zone has been talked about on the sidelines of the Markets Forum currently taking place in Cotonou (Benin). Taking note of the last meeting of the Council of Finance Ministers in Paris on October 5, 2018, the Regional Council of Insurance Markets (CRCA) of the CIMA...

The African Export-Import Bank (Afreximbank) has launched a project preparation facility aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors. The Afreximbank Project Preparation Facility (APPF), launched in Johannesburg, South Africa, on 8 November on the sidelines of the Africa Investment Forum, will provide technical and financial support to early stage companies in the preparation and development of projects from conceptual stage to bankability stage, the point at which such projects can attract interest from equity investors and debt financiers. Afreximbank has set up the APPF with an…

The International Finance Corporation, a member of the World Bank Group, at the Global SME Finance Awards Forum in Spain, has recognized the outstanding innovations and leadership of 15 financial institutions and investment companies. financial technology around the world working to reduce the global financial gap of $ 5.2 trillion micro, small and medium enterprises (MSMEs). It was on this occasion that the Attijariwafa bank group won the prestigious platinium trophy of the “Best Bank of the TPME” in the MENA region for the year 2018, and it is Mr. Karim Idrissi Kaitouni, Executive Director in charge of the Corporate…

The signing of a new agreement punctuated the second day of the Africa Investment Forum (AIF) in Johannesburg, endorsing the entry of the Arab Bank for Economic Development in Africa (BADEA) into the capital of the Bank of Commerce and East and Southern Africa (formerly PTA Bank, now known as TDB for Trade and Development Bank). Sidi Ould Tah, Director General of BADEA, and Admassu Tadesse, President of TDB, ratified the agreement on November 8, 2018. “This is a historic milestone, moving us to a higher level of strategic partnership,” said TDB President. “We are delighted to welcome BADEA as…

A rebound in the contract for the exploitation and distribution of drinking water in urban and peri-urban Senegal. The Dispute Settlement Committee of the Public Procurement Regulatory Authority (ARMP) declared admissible, on November 7, the legal action of the Société des Eaux du Senegal (SDE), filed on November 5, to denounce adjudication provisional allocation to Suez by the Ministry of Hydraulics and Sanitation. The admissibility of the appeal of the SDE by the ARMP entails de facto, according to a source close to the file, the suspension of the provisional allocation to Suez. The decision of the Dispute Settlement Committee…

Chance of the calendar. While President Ali Bongo has been absent from the country since 24 October, suffering from a stroke according to several media, edema according to La Lettre du Continent, a “severe fatigue” according to his teams, an IMF team arrives in the field. The mission of the International Monetary Fund opened on...

The Senators of Gabon and the members of the Committee on Finance, Budget and Accounts of the Senate, have suspended the hearing, in one of the rooms of this upper house, the Minister of State, in charge of the Budget, Fidele Otandault for cause non-payment of the arrears of session expenses and condition the resumption of work in the hemicycle to the settlement of these arrears. This situation also affects Senate staff. This Friday, reacting on the spot, the Ministry of Budget has, in a statement, made it clear that “the government has paid 1400 million CFA francs for the…

The third regular meeting of the Board of Directors of the Millennium Challenge Account (MCA-Côte d’Ivoire) was held on Tuesday, November 06, 2018, at the TIAMA Hotel, under the chairmanship of Mr. Patrick ACHI, Secretary General of the Presidency of the Republic of Côte d’Ivoire. The Chairman of the Board, Mr Patrick ACHI, opened the meeting by welcoming the members of the Board of Directors and thanking them for their effective presence. The meeting continued with the presentation of the new Director General of MCA-Côte d’Ivoire, Ms. Florence RAJAN-HAUDEBERT, selected through a rigorous, competitive and transparent selection process. Ms. RAJAN-HAUDEBERT…

Mauritania is in advanced discussion with consortium formed by Singaporean Olam and local ARISES Mauritanie-SA for the financing, construction and operation of a container terminal and oil jetty at Port Autonome Nouakchott . The concession covers a period of 30 years, with an investment of $ 390 million and the creation of 500 permanent jobs, according to a public document leaked by the press bearing the stamp of a “ministerial committee on PPPs” led by the prime minister and composed of 7 ministries. In response to these leaks, the Minister of Economy and Finance, Moctar Ould Djay, denies any agreement…

Is Mali finally to reconnect with the good times of cotton farming? The Sahelian country is forecasting a record cotton crop of 750 000 tonnes for 2018/19 due to higher than expected rainfall. This record taken by the Malian Chamber of Agriculture (APCAM), restores the country on the podium. As the leading producer of cotton...

The first African high-speed line (LGV), which will connect Tangier to Casablanca via Rabat, Morocco, will be inaugurated on November 15, in the presence of King Mohammed VI of Morocco and French President Emmanuel. Macron. With the TGV, the trip between Tangier and Rabat falls at 1h 20 minutes against 3h40 minutes today. The total journey, from Tangier to Casablanca, will last 2 hours 10 minutes with the new TGV, against 5 hours before. Launched in 2007 in the presence of the King of Morocco, Mohammed VI, and Nicolas Sarkozy, the project did not really start until 2011. If the…

West Africa Rating Agency (WARA) announces that the financial rating mission of the Senegal Electricity Company (SENELEC) started on October 26th, at the end of the bidding process by which WARA was selected under for the year 2018-2019. SENELEC had indeed called for tenders in accordance with the texts of the Central Directorate of Public Procurement (DCMP). The methodology that WARA will use for SENELEC’s rating is the rating methodology for public-sector industrial and commercial companies, published on July 15, 2012, and updated in August 2018. The sources of information that will be used by WARA to conduct SENELEC’s rating…

On the sidelines of the Africa Investment Forum, the African Development Bank and Africa50 signed on November 7, 2018, an agreement with the Democratic Republic of Congo and the Republic of Congo on the development and financing of the first railway bridge. road project linking their capitals – Kinshasa and Brazzaville. Under the framework agreement, the two governments mandated Africa50 and the African Development Bank to develop the project as a public-private partnership. This bank will be the debt provider under the aegis of the Economic Community of Central African States. As lead developer, Africa50 will lead the development of…

Wilderness Safaris, a leading eco-safari company and environmental organization in southern Africa, has opened the doors of its Serra Cafema camp in the most northwestern region of Namibia after the construction of a new building more respectful of the environment. The camp is part of a joint venture and has been designed with respect for the culture and traditions of the Himba people. Serra Cafema, thanks to its location in one of the most remote areas of southern Africa, on an island located on the banks of the Kunene River in the Hartmann Valley, allows guests to experience unique experiences…

The project to locate Cevital on Peugeot (PSA) sites in Charleville-Mezieres (Ardennes) will be operational end of 2019 and will result in the creation of 1,000 direct jobs, said Wednesday the CEO of the Algerian group Issad Rebrab. The Algerian diversified group, and the main private group of the country, will manufacture machines for water treatment, he said during a visit on site of Emmanuel Macron, on the fourth day of “roaming” “Memorial and political head of state in eastern and northern France. The plant is composed of three industrial units, one for the manufacture of membranes and ultra pure…

A political and inflationary decision according to the experts. Under pressure from the union, including the Nigeria Labor Congress, President Muhammadu Buhari, 75, is about to approve a report on raising the minimum wage to 30,000 naira, or 83 dollars or 44,500 CFA. The problem, the majority of citizens of this country, employed by the...

While non-life insurance remains the driving force of activity in Africa, in the world it is rather the life branch that generates the results. This can be seen from the results of the Axa group for the first 9 months of the current year. Thus, revenues, up 3.7%, are mainly driven by life insurance, retirement, savings and health. The French group, number two insurance in Europe after Allianz, said in a statement that its turnover amounted to 75.8 billion euros at the end of September against 75.37 billion a year earlier; which represents 44 times the results of all the…

At AfricaCom, Orange presents its latest innovations to democratise access to smartphones, encourage e-education and support the startup ecosystem Democratise access to digital In the field of telephony as in many others, Africa has jumped a technological step by moving directly to mobile. The outlook of the smartphone market is still seeing exponential growth. It is estimated that at least 660 million Africans (against 336 million in 2016) will be equipped with a smartphone by 20201. This breakthrough can be explained by several factors, led largely because Orange is fully mobile: it has established mobile payment services (via the Orange…

The second Steering Committee Meeting for the AU-ECA-AfDB African Land Policy Centre (ALPC) for 2018 was held at the African Union headquarters on 09 November 2018. Chairing the meeting, Mr. Godfrey Bahiigwa, Director of the Directorate of Rural Economy and Agriculture (DREA), AUC noted the critical role played by ALPC in coordinating the implementation of the AU Agenda on Land, noting that “it is easy for AUC to report to AU organs on progress made, because the ALPC provides timely reports and updates to the Commission.” He encouraged Members and observers support and collaborate with ALPC, given its role in…

France has just granted 24 million euros to the Central African Republic. This aid, which will be followed by a delivery of arms, is intended to pay back the salaries of the administration and, above all, to counteract the growing influence of Russia in the old Oubangui Chari. France wishes to continue its historic partnership...

While Chad’s GDP increased from 220.8 dollars in 2002 to 660.2 in 2005, there has been no economic and social transformation since the discovery of black gold, according to two reports from the Bank. world. The two documents entitled “How can Chad get out of the maze of growth?” And “Chad: Fostering export diversification to...

The Ivorian Minister of Petroleum, Energy and Renewable Energies, Thierry Tanoh, wants to connect 5000 localities at the end of 2018. “The President of the Republic has promised the electrification of villages with more than 500 inhabitants in 2020. At the end of 2017, we were 4,600 localized electrified out of 8,000. I think that at the end of this year, we will exceed 5,000 and we should be in 2020, within the deadlines set by the President of the Republic, “assured Minister Thierry Tanoh. A big obstacle remains, however, acknowledged the minister. This is resource mobilization, which is still…

As we wrote, the Gabonese Development Bank is in liquidation. The temporary administrator, Steeve Saurel Legnongo, has until December 31 to close this painful file. Contacted by Financial Afrik, the Associate Audit & Council of Parthenon Finance did not want to comment. According to our information, the potential buyers announced a few months back, discouraged by the level of liabilities. The Gabonese government had in particular contacted the Moroccan BMCE Bank Of Africa without success. The BGD should be liquidated by December 31st. A page in the financial history of Gabon is turning. And with it, hundreds of jobs.

The Central Bank of Kenya has offered dollars directly to banks on the foreign exchange market to support the weakened shilling against the dollar. The central bank also absorbed 5 billion shillings ($ 49.21 million) of money market surplus cash through buy-sell agreements, which also provided support for the local currency. Tensions on Kenya’s national currency came on the heels of an IMF report released on October 23, 2018, pointing to a low-to-moderate past default risk. In this note, the IMF noted that the high level of debt, combined with the increasing use of non-concessional borrowing, has increased budget vulnerabilities…

And if the short sentence of President Alassane Ouattara on Saf Cacao, pronounced on September 25, on the sidelines of the forum of the Ivorian employers, was the drop of water too much? As a reminder, the Ivorian president said: “Everyone says that for Saf-Cacao, if there are no special measures, there will be a...

The Pan African Mutual Risk Management Organization (ARC) has welcomed the approval of the African Disaster Risk Financing Program (ADRF) by the African Development Bank (AfDB) ). Discussions to establish the ADRiFi Program as a mechanism to strengthen resilience and response to climate change and natural disasters in regional member countries were formalized in March 2017. Since then, the African Development Bank and the Pan-African Risk Management Mutual Institution have started to orchestrate, as part of the signed technical collaboration agreement, activities aimed at improving infrastructure and management policy. risks in Africa, as well as helping countries build resilience to…

The redistribution of land will be one of the main themes of the South African political debate in 2019. On 17 October in Empangeni, KwaZulu-Natal province, President Cyril Ramaphosa put the issue in historical perspective. . “” We write the story (…) we repair a historical injustice by returning their property to its legal owners “. According to a recent study by the government, black South Africans make up 79% of the population, but they directly own only 1.2% of the country’s rural land. Like the rest of the economy, agriculture remains largely in the hands of whites, who hold…

“Invictus informed us that the findings are positive and indicate oil and gas deposits in the region. The result communicated by Invictus is an exciting development for our country, “Zimbabwean President Emmerson Mnangagwa told the local press on November 1, 2018. Even more emphatic than its president, Winston Chitando, the Minister of Mines, described “the...

President Abdel Fattah Al Sissi’s Egypt is still expected to receive $ 2 billion from the IMF. The disbursement to be approved by the board of directors of the fund is part of the $ 12 billion program concluded in November 2016 for this country. The new envelope will bring disbursements to Egypt to $ 10 billion. During its tour of the country, in October 2018, the IMF noted an acceleration of growth to 5.3% and a drop in unemployment below the 10% threshold as well as a control of macroeconomic ratios. Remittances from diaspora funds combined with increased tourism…

The Association Financement Participatif Afrique et Mediterranee (FPAM) organizes an important forum on crowdfunding and participative financing on November 15, 2018 in Dakar. This meeting which is held under the general theme of “financial innovation for development” comes after the success of the first edition of the forum, held in Tunisia, on October 27 and 28, 2016, will be an opportunity to update on technological and regulatory advances in an expanding business. For Thameur Hemdane, founder of Afrikwity & Cofundy and co-chair of the FPAM network, initiator of the event, this forum will include the state of the art of…