Author: Editor

The Air Senegal SA company following the defunct Air Senegal International (ASI), a joint venture with Royal Air Maroc, which went bankrupt in 2009 and Senegal Airlines (controlled by the State, which went bankrupt in 2016) will it meet with more merciful heavens? Under the direction of Philippe Bohn, former Africa director of the EADS...

The Gabonese authorities can blow. The rating agency Fitch Rating has just reduced the perspective attached to the rating of the country from “negative” to “stable”. This is a positive prospect for strengthening the appreciation of the signature of this small oil country around “B”, common note to almost all countries in sub-Saharan Africa. According to Fitch Ratings, the Extended Credit Facility (MEDC), which the government has signed with the International Monetary Fund (IMF), has helped the country limit its cash flow. The agency also believes that the reforms initiated by the government are going in the right direction. “Following…

Bpifrance creates an Executive Direction of the Export. It groups together all insurance and export financing activities, as well as export development and support actions. “This continuum of solutions offers companies a unique and complete range of financial tools, to simplify their access to international markets and support them in their ambitions of setting up abroad,” reads a statement dated October 10 2018. Bpifrance offers a range of solutions for export that covers all the needs of a company wishing to develop internationally: International Growth Loan, Export Credit, Support for development or implementation (in partnership with the Team France Export,…

The great finance financier of South Africa, Nhlanhla Nene, may be targeted by an investigation for its proven links with the sultry family Gupta, the country’s public debt is still sought after. Despite uncertainties about the future of the Minister of Finance, authorized traders placed $ 7.04 billion ($ 485 million) in underwriting demand, nearly three times the 2.4 billion rand (166 million dollars) of securities offered for sale at the weekly Treasury auction held on Tuesday, according to data published by the Central Bank. An appetite for South African bond paper confirmed by Ashley Dickinson, head of fixed income…

The national branch of the Regional Stock Exchange (BRVM) in Togo officially announced Monday, the next “BRVM Days” which are held on October 18 and 19, 2018 in Lome. Organized under the patronage of Sani Yaya, the Minister of Economy and Finance of Togo, the event aims to raise awareness of innovative financial products and services to businesses and investors in Togo. It also aims to continue promoting the BRVM and boosting the regional financial market, said Bertrand Bodet, director of the national antenna. It is also a question, for the BRVM, to increase the practice of the stock market…

As part of President Weah’s health program to relieve the most vulnerable people, the Liberian government has signed a five-year partnership agreement with the international aid organization Mercy Ships in October in Monrovia to expand surgery, increase training and staff assistants working in the country’s health sector. According to Mercy Ships Ceo Donovan R. Palmer, this partnership aims to increase access to surgical operations and the capabilities of health personnel. Mercy Ships will provide technical assistance to integrate surgery, obstetrics and anesthesia into Liberia’s health plan strategies with the support of the local Oms office, which acts as the consultant…

Finance Ministers are mobilizing for increased domestic resources and money laundering. The finance ministers, the presidents of the regional institutions and the governors of the central banks and the Franc Zone met on Monday, October 8, under the presidency of Mr. Bruno Le Maire, Minister of Economy and Finance of the Republic French at Bercy in Paris. In an economic context marked by the resumption of growth across the African continent, ministers reiterated their desire to implement sustainable economic policies focused on strengthening the domestic resource mobilization (target of 20% of GDP ) and diversification in order to limit the…

The Regional Stock Exchange (BRVM) of the West African Economic and Monetary Union (UEMOA) launched Tuesday, October 3 in Abidjan a contest to select young talents, natural persons or startups established in the UEMOA region, innovative projects bearers or of research topics of interest in finance. “The projects must aim for the realization of a technological solution in response to a current or future problem in the financial sector,” said the BRVM in a statement. The BRVM has set up a laboratory for digital and financial technologies and wants to support the sub-regional financial system in innovation and anticipation of…

The action of the club Juventus of Turin collapsed by 9.2% this Friday following the dissemination of information in the wake of the campaign “me-too”. A 24-year-old American girl at the time said she was forcibly sodomized by Cristiano Ronaldo in 2009. The announcement followed a spiral of decisions and counter-decisions. The Nike equipment manufacturer, who signed a lifetime sponsorship deal with the captain of the Portugal team, said he was “worried” by these worrying accusations. Even more expeditious, EA Games, which publishes the FIFA 19 video game, has withdrawn the Portuguese from its online promotional material. An investigation was…

The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) in its 91st Meeting held on 3/9/2018 approved appointment of Mr. Ayman Amin Sejiny, as General Manager (CEO) of ICD. Dr. Bandar Hajjar, the President of IsDB and Chairman of ICD Board of Directors said: “After a rigorous search, the Board concluded that Ayman’s considerable experience in banking sector, along with his strong track record of success as a CEO, made him the outstanding candidate for the role. Mr. Ayman has demonstrated throughout his career the ability to work successfully in different environments, designing…

Abax Corporate Services (ABAX), a leading provider of fiduciary, advisory and business services to Africa, the Middle East and Asia, will now operate under the name of Ocorian to reflect the new ownership structure than the broader international scope of its financial services and growth support. Abax Corporate Services was acquired by Ocorian (an international specialist financial services provider) in April 2018 in support of an international expansion strategy targeting mainly Africa and the Middle East. ABAX’s current management team, headed by Richard Arlove, remains in place to carry out Ocorian’s new regional operations with the support of a team…

Of the 27 leaders of insurance companies to have approved and signed the proposed constitution of the oil pool in Senegal, he is the only one to hesitate, breathed in this market chatter insurers. Sacred Francis Baku. The former Golden Boy of the Abidjan trading company now holds the baton of Senegal’s insurance marshal. With...

The news fell on October 3rd. The Tunisian state sold its 67% stake in the Zitouna Bank and its 70% in the Zitouna Takaful insurance company for a total of 370 million dinars, or 112 million euros (or 73.5 billion euros). CFA). The buyer, the local subsidiary of the Qatari Majda Group, won the bid...

By 2022, all Gabon’s forest concessions must be certified “Forest Stewardship Council (FSC)” announced Gabonese President Ali Bongo Ondimba, September 26, passing through the Rougier Gabon’s sawmills Mvang, North country. an ecological act that could be interpreted at the strategic level by a discreet desire to reposition the French and European actors undermined by the...

Commodity trader and Glencore’s Black Beethoven Empowerment (BEE) partner, Off The Shelf Investments (OTS), completed the $ 973 million acquisition of Chevron’s downstream assets in South Africa. With this acquisition funded by Glencore, OTS increases its stake from 23 to 98 percent in Chevron South Africa (CSA). The remaining 2% is held by employees. The...

The facility from CEXIM marks AFC’s inaugural financing facility from the People’s Republic of China (PRC) Africa Finance Corporation (“AFC” or “the Corporation”) (www.AfricAFC.org), the leading infrastructure development finance institution in Africa, announces its successful acquisition of a loan facility from the Export-Import Bank of China (“CEXIM”) of a US$200m 5-year loan and a US$100m 5-year stand-by facility for general corporate purpose. The facility from CEXIM marks AFC’s inaugural financing facility from the People’s Republic of China (PRC). This follows the Corporation’s strategic focus to build a broad coalition of investors by diversifying its fundraising activities to include all sources of…

The African Export-Import Bank (Afreximbank) has taken its recently-introduced Afreximbank Trade Facilitation Programme (AFTRAF) to Guinean banks, telling representatives of the Guinean banking sector that the programme will lead to improved support from Afreximbank. Speaking during an interactive session in Conakry, the Afreximbank delegation said that AFTRAF would allow the Bank to increase its intervention capability, expand correspondent banking relationships and improve trade operations. Ismael Kamara, Manager in Trade Finance, said that the local banks could use the confirmation guarantee facility to expand their correspondent banking relationships, adding that Afreximbank would ensure that the pricing for the programme was…

Faced with the heavy fire of the French journalists who interviewed him for a long time in the festivities of the 2nd of October, the anniversary of the independence of Guinea, obtained 60 years ago, Alpha Condé loses his countenance to the first question: “what is the African country that has not taken off? “. The strong man of Conakry seems all along the interview to look for a person responsible for the current difficulties of his country. Decryption. “You say that Guinea has not taken off, what is the African country that took off …? “As if his own…

China is set to overtake the US to emerge as the biggest retail deposit market globally in 2021, according to leading data and analytics company GlobalData. The company’s Global Retail Banking Analytics tool, which has recently published an update on consumer deposit markets globally, reveals that Asian markets have and are expected to perform strongly between 2010 and 2021, while Europe and to a lesser extent, North America, have stagnated. Macroeconomic growth has led to rising wages and living standards across Asia, increasing the ability of consumers to save. GlobalData’s Retail Banking Analyst Sean Harrison, says: “Following the 2008/09 financial crisis banks…

According to a new report from the World Bank, economic growth in the Middle East and North Africa (MENA) region is expected to rebound to an average of 2 percent in 2018, compared with 1.4 percent in 2017. This moderate rebound is mainly due to by the recent rise in oil prices, which has benefited the oil-exporting countries, but has increased the pressure on the budget of the importing countries. It also reflects the impact of the modest reforms and stabilization efforts undertaken in some countries in the region. The pace of growth, however, is insufficient to create jobs that…

Morocco will invest more than 40 billion dollars in the energy sector by 2030, said Monday in Marrakech, the Minister of Energy, Mines and Sustainable Development, Aziz Rebbah, according to Infomediaire website . Speaking at the Arab Energy Conference, Rebbah said investments in the energy sector will reach $ 30 billion for renewable energy projects, providing great opportunities for the national, regional and international private sector. To implement these energy programs and projects, the Kingdom pays great attention to the issue of encouraging investments in the energy field in general and in the field of renewable energies in particular, he…

The economies of the South must work together in order to deal with the uncertainties resulting from the current global trade environment, Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), said yesterday in Bali, Indonesia. Speaking during a Panel discussion on “The Growing Importance of South-South Cooperation Amid Trade Tensions and Global Financial Market Volatility” organised on the sidelines of the 2018 International Monetary Fund and World Bank Group Annual Meetings, Prof. Oramah said that the rising sentiment of anti-globalism and the push back on multilateralism by the some global powers had put Africa at the periphery, with…

Carrefour, the French distribution giant, will start operating in Uganda in just over three months. The group has just launched its marketing campaign with posters indicating the opening of its first commercial space in Kampala in January 2019. The brand will operate its store in Mall Oasis, the same building that once housed the supermarket Kenyan Nakumatt, today in great financial difficulty. Quoted this morning by our colleague from the Daily Monitor, several sources familiar with the file confirm that “the company will initially operate a single store before expanding to other shopping centers.” However, the group’s management has not…

As part of the development of its strategy of cooperation and exchange of expertise, the Moroccan Authority for the Control of Insurance and Social Welfare (ACAPS), on 30 September 2018 in Dubai, signed a memorandum of understanding for cooperation and exchange of expertise with the Insurance Authority of the United Arab Emirates. This Memorandum of Understanding aims to promote cooperation and the exchange of knowledge, expertise and skills. The Insurance Authority is the Authority in charge of the supervision and control of the insurance sector of the United Arab Emirates. According to the latest figures of ACAPS, the premiums issued…

The AfDB has taken out insurance with a group of investors led by Mariner Investment Group for a loan portfolio of $ 1 billion. The transaction concluded in September was through synthetic securitization in which the hedge fund assumed a default risk of $ 152 million. This sophisticated coverage allows the African Bank to reduce...

The African Development Bank will help Senegal to continue its Emergency Community Development Program, which aims to develop rural agriculture and provide people in the most remote areas of the country with better access to basic social services. To do this, the Bank has just granted a loan of 60 million euros, endorsed by its Board of Directors, Thursday, September 27, 2017 in Abidjan. The Senegalese government launched its Emergency Community Development Program in 2015, to which the Bank contributed € 43.8 million. This new loan of 60 million euros from the Bank will help finance the second phase, a…

The Executive Secretary of the Economic Commission for Africa, Vera Songwe, concludes a series of fruitful meetings in New York on the sidelines of the United Nations General Assembly (UNGA). Ms. Songwe discussed with participants and high-level sessions, talking about the African Continental Free Trade Area (CAFTA), Digital Identity, Investment Opportunities and Enhanced Partnerships. Among these events was a high-level parallel event organized jointly by ECA, GBCHealth and the Aliko Dangote Foundation, which discussed the preliminary findings of the next ECA report, entitled “Health Care and Economic Growth in Africa”, calling for African private sector participation and increased investment in…

In a press release dated September 24, 2018, Barrick Gold Corporation and Randgold Resources Limited announced to the stock market the merger of their respective companies. Article 276 bis paragraph 2 of the Mining Code, as amended and completed to date, states “Any change in the shareholding of a company incorporated under Congolese law or under foreign law, having control of an associated subsidiary or shareholder in a company holding a business license and resulting in the acquisition of control of the controlled subsidiary company, is also subject to the prior approval of the State. The operation announced by Barrick…

The implementation of the SULFACID system at the Jorf Lasfar and Safi industrial platforms required an investment of 550 million DH for OCP Group’s two industrial platforms. It marks a historic turning point in terms of reducing gas emissions by around 98%. The result of a partnership with a multinational company specializing in the treatment of gaseous emissions, SULFACID is part of OCP Group’s wide program of environmental and operational excellence. The system recovers the discharged gases and converts them into sulfuric acid, reused in the production chain, in a logic of circular economy. The implementation of SULFACID technology, a…

West Africa Rating Agency (WARA) today announced the publication of the third rating of Microcred Senegal (MCS). On WARA’s regional scale, MCS’s long-term rating is upgraded from “BBB” to “BBB +” in investment grade, while its short-term rating is also upgraded from “w-4″ to ” w-3 “. This rating reflects the rapid success, balanced growth and sound financial performance of MCS, which has positioned itself as a major decentralized financial system (DFS) in Senegal. The perspective attached to this rating changes from positive to stable. At the same time, on its international scale, WARA also enhances the MCS…