Author: Editor

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 its portfolio risk while increasing its ability to intervene in the market. It remains to be seen in what conditions Mariner Investment Group has accepted such exposure on African risk / According to analysts, this is the first time that a development institution uses this…

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…

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has announced several major initiatives during a special event sponsored by ITFC at the 5th edition of the Rebranding Africa Forum (RAF) being held in Burkina Faso from 5-6 October 2018.The high-level event was attended by several African Heads of States as well as Ministers and dignitaries from the Middle East and Africa (MEA) region including the President of Burkina Faso, H.E. Roch Marc Christian Kaboré, the President of Niger, H.E. Mahamadou Issoufou, the President of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, and the Minister of…

The Commission of the Economic Community of West African States (ECOWAS) is looking forward to a more dynamic and flexible rules of origin which takes into account the interests of the economic operators in the region. This disclosure was made by the Commission’s Commissioner for Trade, Customs and Free Movement Mr. Tèi Konzi at the opening of the Three-Day regional meeting of national experts on community rules of origin of ECOWAS in Abuja, Nigeria on the 3rd of October 2018. The Commissioner told the national experts that it has become imperative to update the scheme through modifications, as the ECOWAS…

The Regional Committee of the United Nations Global Geospatial Information Management in Africa (UN-GGIM: Africa) ended Thursday with experts urging African leaders to prioritize dialogues that need to take place to ensure national statistical, planning and mapping authorities collaborated effectively in the development of respective data infrastructures and systems on the continent. This, they said, would encourage a potential unification of national statistical offices and national mapping authorities bringing shared benefits to both offices. Delegates noted that for Africa to effectively implement the SDG and 2063 agendas, decision makers needed to recognize that an in-depth knowledge of links among people,…

Mike Coffi, Managing Director of Ecobank Asset Management and President of the Association of Investment Management and Investment Management Companies (ASGOP *), presents through this forum the evolution of the asset management industry. UEMOA zone. “At the level of the Association of Management Companies of UCITS and Heritage (ASGOP), our mission is to ensure the representation of the economic, financial and moral interests of our members by being the interlocutor of the public authorities, of to animate the collective reflection of the profession on ethical rules, the protection of savings and its economic role, the representation of investors, the evolution…

The Board of Directors of the African Development Bank has given a green light on Tuesday, September 25, 2018, in Abidjan, for a € 15 million equity investment in the FIVE (Financial inclusion vehicle) fund, an instrument of financial inclusion set up in 2017 by the AfricInvest group. An evolving fund with a capital of 200 million euros, FIVE is to take stakes and quasi-stakes (in the form of financing) in medium-sized banks (so-called second-class financial institutions) and small third category). The aim is to help them achieve their digital transformation and encourage them to grant loans to African SMEs,…

Orange Money celebrates a decade of financial innovation in Africa and confirms its position as a major player in mobile money Orange Money, Orange’s mobile money solution, is celebrating its 10th anniversary this year. Launched in 2008, the service, which today has 40 million customers, is present in 17 countries and has reached 26 billion euros in transactions in 2017. Orange Money is today one of the main growth drivers of Group, and the service continues to evolve for the benefit of people, businesses, institutions and governments. A success built on the accessibility and universality of the service Orange Money…

Phatisa is pleased to announce the first close of its successor fund to the African Agriculture Fund (AAF) — Phatisa Food Fund 2 (PFF 2), which has received capital commitments in excess of US$ 120 million. Given the strong interest, and with subsequent investors in different stages of their processes, Phatisa will continue with rolling closings and expects to reach a final close target of  US$ 300 million by mid-2019. For PFF 2, Phatisa will continue its focus on the team’s core skill set – the African food value chain – considering investments in mechanisation, inputs, poultry and meat production, food processing…

African banks can improve their business performance by keying into the Afreximbank Trade Facilitation Programme (AFTRAF), which was recently introduced by the African Export-Import Bank (Afreximbank), representatives of the Senegalese banking sector heard yesterday in Dakar. Speaking during a roadshow to introduce AFTRAF, Fatma Bao, Manager in the Afreximbank Guarantees and Specialized Finance Unit, said that the programme was structured to enhance confidence of counterparties in the settlement of international trade transactions for critical imports into Africa, support intra-African trade and facilitate the purchase of equipment for production of export goods. She said that the programme was being offered to…

The Tony Elumelu Foundation announces a partnership with the German Agency for International Cooperation, GIZ. Lagos, Nigeria, 25 September 2018: Tony O. Elumelu, CON, Promoter of the Tony Elumelu Foundation and President of Heirs Holdings and United Bank for Africa, joined world leaders at UN Headquarters to launch the Youth program 2030: The United Nations Youth Strategy, at the 73rd session of the United Nations General Assembly. Elumelu has been invited to join UNICEF’s Generation Unlimited Partnership Council, a global partnership to provide every young person with access to quality education, training or employment by 2030. Youth Initiative…

Through his correspondent for European affairs, Szymon Jagiello, Financial Afrik won an exclusive meeting with Pierre Gattaz, who was appointed head of Busines Europe last July. From China’s influence, from the issue of youth employment on the continent to the contribution that European industry can make to African partners, the whole economic relationship between Africa and Europe has This interview took place during a trip between Brussels and Paris. To read in our next issue in kiosk from October 15th. About BusinessEurope: Founded in 1958 and considered today as one of the most influential organizations in the European capital, BusinessEurope…

In the constant effort to improve and facilitate access to information for all its audiences, ACAPS has just launched the new version of its website www.acaps.ma. The redesign of the website is part of the actions put in place by the Authority to improve services for the general public and its various partners. The new ACAPS website has been redesigned to facilitate access and search for information and offers a more lively and user-friendly interface with a broad overview of the AMF’s missions and activities. Accessible in three language versions (Arabic, French and English), the website offers simplified access to…

In the land of Kenyan business, accustomed to seeing major national economic operators reign supreme in the sub-region, the news did not go unnoticed: the first shareholders of Safaricom, giant telecom East African and national economic flagship, are now … Tanzanians. The Tanzanian brothers Aunali and Sajjad Rajabali, who have been multiplying their positions on value for two years now, have become the main individual investors in the Kenyan telecom giant, after buying an additional 11 million shares in August for a value of 277. million shillings ($ 2.77 million). It is the latest monthly regulatory filings of the Nairobi…

Kadi Fadika-Coulibaly is the General Manager of the Ivorian broker SGI Hudson & Cie since 2012. The company is one of the market leaders in terms of volumes processed. First, can you introduce yourself? Who is Kadi Fadika? Kadi Fadika wife Coulibaly is today a mother of three children and leader of an integrated stock exchange company that radiates from Ivory Coast on the sub-region and the world. Yesterday I was a student in econometrics, statistics and finance, then a young executive in the banking sector and financial advisor. I lived nomadically between 1990 and 2008 between Ivory Coast, Senegal,…

Enko Capital Managers (“ECM”), managers of the Enko Africa Private Equity Fund (“EAPEF”), a private equity investor targeting mid and small-cap growth companies across Africa, has completed an investment in Network Industry and Services (“NETIS”), a company which specializes in the design, construction, installation and management of telecom infrastructure in sub-Saharan Africa. The deal marks the sixth investment for EAPEF. The investment will fund the company’s capital needs to strengthen its position in its existing markets (Côte d’Ivoire, Uganda, Kenya, Tanzania, Ghana, Burkina Faso, Gabon and Togo) and support its expansion strategy into other countries in Africa. ECM’s Managing Partner, Cyrille…

From the Africa Hotel Investment Forum (AHIF) in Nairobi, Kenya, Marriott International on first october announced rapid expansion plans across Africa. Strong demand for select-service brands and conversion opportunities are driving the momentum of growth for the company, amplified by five new hotel signings. The new signings will further consolidate Marriott International’s presence in Ghana, Kenya, Morocco and South Africa and mark the company’s entry into Mozambique. The signings put Marriott International on track to increase its portfolio by 50 percent with over 200 hotels and 38,000 rooms by 2023 estimated to generate 12,000 new job opportunities. Marriott International’s planned…

When the change in gorilla permit fees was announced on 6, May 2017, RDB stated that tourists who, in addition to gorilla trekking, also visited either Nyungwe National Park and Akagera National Park for a minimum of three days during the low season(November-May) would receive a discount of 30%. This was in addition to a 15% discount for conference tourists who stayed pre-or post-conference dates to see gorillas. AP wrongfully states that ’fees have been reduced by 30 per cent for the low season in the hope that visitors will return. The AP report further states that ‘Following…

Leading pan-African telecoms group Liquid Telecom is supporting young entrepreneurs at the Westerwelle Startup Haus Kigali through its high-speed internet and cloud-based services. Soft-launched in early August (official opening today), the Westerwelle Startup Haus is a hub for entrepreneurs, which offers a range of services such as events, advisory services and professional development workshops. Run by Westerwelle Foundation in partnership with Evonik Foundation, it also includes a makerspace providing machines such as 3D printers and a laser cutter among others. The hub has a capacity to serve 200 people, who will be able to enjoy access to Microsoft Azure developer tools…

The Director General of the Islamic Solidarity Fund for Development (ISFD), Dr. Waleed Al Wohaib, launched a joint Program with Education Above All Foundation (EAA) to partner on the development of shared intellectual work on out of school children in Mali, Nigeria and Pakistan with a potential for expansion to other countries. The announcement to launch a joint program came during the ISFD-EAA Seminar on “Financing for Out Of School Children” at United Nations Headquarters in New York on 28 September 2018. The seminar was attended by Ms. Stefania Giannini, Assistant Director General for Education, UNESCO, Hon. Marie Bibeau, Minister…

The former head of the Angolan sovereign wealth fund, Jose Filomeno dos Santos, was placed in pre-trial detention on Monday (September 24th) by the prosecutor’s office in the context of a $ 1.5 billion embezzlement case. general. In a statement the Attorney General, Alvaro Da Silva Joao, states that “due to the complexity and seriousness of the facts and in order to ensure the effectiveness of the investigation (…), the Public Prosecutor’s Office decided to apply defendants a measure of preventive detention “. “The evidence gathered in the case is sufficient evidence that the defendants engaged in corrupt activities,” he…

The Agency for the Safety of Air Navigation in Africa and Madagascar (ASECNA) is again wet in a hijacking case. This time, a hole of 364 million FCFA was discovered, including 150 million at the Regional School of Air Navigation and Management (ERNAM). According to the Senegalese daily Libération which gives the information, “these funds were diverted between January 2016 and June 2017, on the basis of false invoices”. Indeed, according to the newspaper, an audit mission of the Directorate of Financial Resources has discovered the irregularities. Asecna’s senior management has lodged two complaints with the public prosecutor’s office, the…