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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…

By Youssouf El Yedaly * Let youth employment be a solution to a problem, not a problem to be solved. The business climate in Mauritania has improved significantly in recent years, thanks in particular to important measures taken by the Government. These measures concerned in particular the simplification of business start-up procedures, the abandonment of the required minimum capital, the reduction of company creation costs, the simplification of procedures related to cross-border trade and easier access to credit. The Mauritanian company’s tax system has, in turn, undergone significant improvements as regards the guarantee relating to litigation, the recovery and repayment…

In a quest for more effective monetary policy, BEAC undertook monetary reforms in the early 1990s. These measures led, among other things, to the introduction of the money market in 1994 with two levels in mind. optimal regulation of bank liquidity, the interbank compartment and the intervention compartment of the Central Bank. Some 20 years later, the system put in place still did not respond to the issues facing the BEAC. To improve the effectiveness of monetary policy and the deepening of the financial system, while ensuring a permanent watch on financial stability, the BEAC undertook in 2013 a new…

The recent decision of the Bank of Central African States (BEAC) to issue bonds in local currency (CFA Franc) opens up new prospects. Professionals and partners are impatient. First to announce the color, the International Finance Corporation (IFC). The World Bank Group’s private sector affiliate organized a sub-regional workshop on capital markets in Central Africa...

In June 2018, CDG Capital Private Equity concretized its entry, through the Capmezzanine II Fund, into the capital of Maymana Traiteur, a leading player in the fields of Bakery, Fine Grocery and Catering Service. range in Morocco. MAYMANA was born in 1985 from the will and the militant convictions of its founder, Naima Berrada Benchakroun, to contribute to the emancipation of Moroccan women by offering them the possibility of a professional activity around the trades of the restoration. It is still today, a company with 70% women. Over the years, the company has managed to create its singularity and a…

The Moroccan group OCP, the world leader in the phosphate fertilizer market, and the Hubei Forbon Group, a Chinese player specializing in the supply of global fertilizer additive solutions, have signed a framework agreement on the establishment of a global partnership in the field of new generation fertilizers. The collaboration is part of the open innovation drive launched by OCP that will accelerate its ambition to become the world leader in integrated solutions for agriculture, said a statement released by the Moroccan group. The document also reveals that a project to create a “Joint R & D Center” is under…

The Southern African Development Community (SADC) must develop a comprehensive program to strengthen small and medium-sized enterprises so that they can play a key role in economic growth, says Soomilduth Bholah, Mauritian Minister of Business, Enterprise and cooperatives. In a keynote speech at the opening of a meeting of the SADC-ECA Special Group of Experts (AEGM) on “The Role of Small and Medium-Sized Enterprises in the Industrialization Process in Southern Africa”, Mr. Bholah states that the central objective of such a program is to strengthen the competitiveness of SMEs, improve the business and regulatory environment, strengthen institutional support systems, promote…

Today, the Government of the Republic of Zambia and the Sustainable Development Goals Center for Africa (SDGC/A) signed a Host Country Agreement that will facilitate the establishment of a Sub-regional Center of Excellence in Zambia. The SDGC/A Sub-regional Center in Zambia intends to support the Government of Zambia and other governments located in the Southern Africa region in achieving the Sustainable Development Goals (SDGs). Its establishment comes after 2 years of the official launch of the SDGC/A in Kigali, Rwanda and continues the SDGC/A’s commitment to accelerate the implementation of the 2030 Agenda for Sustainable Development throughout the five regions…

African Stock Exchanges: Difficult Road to Long-Term Financing and Efficiency Since the early 2000s, the evolution of the financial system in Africa has been marked by the emergence or development of new players, including stock exchanges whose number has increased from 18 in 2000 to 29 today, on the continent. This positive development seems consistent with the economic policies adopted by most countries, which make a large contribution to the financing of development infrastructure and investment in the private sector. Is it to the extent that the scholarships have fulfilled the missions assigned to them? What are the achievements? What…

The General Assembly of the House of Actuaries of Cameroon (MAC) was held on Saturday, September 22, 2018, and elected its new Executive Committee. The executive committee is composed as follows: President: Eric MANIABLE Vice President: Blaise KENDAH Secretary General: Boris OHANDJA Treasurer: Simon DOUFTA In charge of external relations: Armand KOMNEK Councilor: Henri EWELE The new president salutes the efforts of the previous team and wants to engage the MAC in a stronger dynamic to support the profession in banking, insurance and social welfare. A seminar on the role of actuarial science will be organized in Cameroon in March…

Mostly related to human activities, the scourge of plastic waste is a most urgent concern on a global scale. In addition to damage to ecosystems, they damage infrastructure and slow fishing and tourism activities in Africa. According to figures from the United Nations Environment Program, every year, 8 million tons of plastics are found in the ocean, causing considerable damage to marine life, fishing, tourism or urban infrastructure. It is also 100,000 marine mammals and 1 million seabirds that lose their lives every year because of plastic waste. Damage to the environment is compounded by the real threats this poses…

On September 14, the pan-African infrastructure investment fund Africa 50 inaugurated its headquarters in the marina district of Casablanca, the Moroccan economic capital, at the end of the tour of its director general Alain Elibossé. Representatives from the private sector and the Moroccan government have been keen to accompany this launch, which also highlights Morocco’s ambitions for the continent. Africa 50’s challenge to bring major infrastructure projects to the fore, on the continent, with public and private funding, is converging with the will of certain states to strengthen regional economic integration. Africa 50 launched by 23 African countries -…

Reinsurers in sub-Saharan Africa continue to face challenging economic conditions, with competitive pressures on insurance activity exacerbated by economic and political concerns, according to a new report by A.Mr. Best, the London-based rating agency. The report, “Sub-Saharan Markets Attract Reinsurers Despite Difficult Economic Conditions,” indicates that much of the region has been hit by high...

Faced with the press, the Mauritanian president has assured that he will not be a presidential candidate in April 2019. At the end of his two terms, Mohamed Abdel Aziz will leave power as provided for in the constitution. A scenario with Putin? Read also: the interview of Mohamed Abdel Aziz in Financial Afrik: “I...

Development Partners International (“DPI”), one of the leading private equity firms in Africa, has announced investment through its second fund, African Development Partners II (“ADP II”), in the Compagnie Marocaine de Goutte à Goutte and de Pompage (CMGP), leader of the Moroccan market of irrigation systems and solutions. DPI has acquired a majority stake in CMGP from existing shareholders, the founding family Moamah and the Amethis Maghreb Fund I. This IPR investment will represent the largest private equity transaction made in Morocco in 2018. Founded in 1995, CMGP is the leader of the Moroccan irrigation market and has experienced strong…

In order to defend its reputation and that of all its employees, the BGFIBank Group appealed at the beginning of the year to the assistance of the law firm AUGUST DEBOUZY. The firm AUGUST DEBOUZY thus defends the interests of the BGFIBank Group in the dispute between BGFIBank DRC to his former employee Jean-Jacques LUMUMBA and facing allegations of illegal activities denounced by the American NGO The Sentry. The BGFIBank Group is an international financial institution whose functioning is based on a comprehensive system for the prevention and detection of money laundering, terrorist financing, non-compliance with embargoes and financial…

An investigation by the Integrity and Anti-Corruption Bureau of the African Development Bank revealed that the consulting firm engaged in numerous fraudulent practices. The fraud took place in the context of a call for tenders for consulting services to the Agroforestry Development Support Project in the Democratic Republic of Congo. The consulting firm responded to a call for tenders for technical studies, biophysical and cartographic services. In its bid, the said company made false statements concerning its experiences in conducting similar studies and the remuneration of its experts. In addition, GEO SCIENCES failed to disclose a potential conflict of…

The first Moroccan banking group announces a consolidated net profit of 3.44 billion dirhams (344 million euros). This is a record absolute value resulting from the integration of former Barclays Egypt into the scope of consolidation. In terms of performance, net banking income rose by 5% to 11.28 billion dollars. The net result of the...

The African Risk Capacity (ARC) today announced that it has joined the World Economic Forum (The Forum) towards sharing ideas with other global, independent, impartial and future-oriented leaders keen on improving the state of the world, especially in natural disaster risk reduction and resilience. Over the past four decades, Sub-Saharan Africa has experienced more than 1,000 disasters often with devastating humanitarian crises. The escalating frequency of these extreme hydro-meteorological events and the challenges posed to Africa’s effort to achieve food security and development goals warranted that the development of a homegrown solution. In November 2012, African Union (AU) established the…

Barely three days after inaugurating its Casablanca headquarters, Africa 50 made another powerful move indicating her resolve to be Africa’s platform of choice for investments in infrastructures. Along with the African Development Bank (AfDB), the European Commission, Mariner Investment Group, LLC (Mariner), and Mizuho International plc Africa 50 is involved in the announcement of the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio of seasoned pan-African credit risk. Room2Run is the first-ever portfolio synthetic securitization between a Multi-Lateral Development Bank (MDB) and private sector investors, pioneering the use of securitization and credit risk transfer technology to…

Afreximbank Executive Vice President Denys Denya (2nd right) in handshake with Alisher Mirsoatov, Chairman of NBU, following the signing ceremony in Tashkent. The African Export-Import Bank (Afreximbank) and the National Bank for Foreign Economic Activity (NBU) of Uzbekistan have entered into a cooperation agreement aimed at strengthening economic relations between African countries and Uzbekistan. The agreement, which was signed on 5 September on the sidelines of the Egyptian-Uzbek Business in Tashkent, will see the two banks financing Africa-Uzbek trade valued at up to $50 million, on a non-committal basis, under the economic development initiatives of the Government of Uzbekistan. The agreement will also…

Former Nigerian President Olusegun Obasanjo and leading development economist Prof. Jeffrey Sachs will headline the second Babacar Ndiaye Lecture, to be held in Bali, Indonesia, on 13 October 2018, the African Export-Import Bank (Afreximbank) has announced. They will speak on the theme “Global Power Disequilibrium, Trade Wars and Implications for Africa” during the international lecture series instituted by Afreximbank to honour Dr. Babacar Ndiaye, the former President of the African Development Bank who died on 13 July 2017. Former CNN Anchor Isha Sesay will serve as moderator and master of ceremony of the lecture scheduled to take place on the sidelines of…

WITH “ROOM2RUN,” AfDB LAUNCHES SECURITIZATION MARKET FOR MULTILATERAL DEVELOPMENT BANK SECTOR TRANSACTION IS IN DIRECT RESPONSE TO G20 ACTION PLAN FOR MDB BALANCE SHEET OPTIMIZATION AfDB COMMITS TO REINVEST FREED UP CAPITAL INTO NEW AFRICAN INFRASTRUCTURE LENDING, MAKING ROOM2RUN ONE OF THE LARGEST IMPACT INVESTMENTS EVER TRANSACTION IS SUPPORTED BY NEW EUROPEAN UNION GUARANTEE TOOL (EUROPEAN FUND FOR SUSTAINABLE DEVELOPMENT) OTTAWA, Canada, 18 September 2018 — The African Development Bank (AfDB), the European Commission, Mariner Investment Group, LLC (Mariner), Africa50, and Mizuho International plc today announce the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio…

The 24th Session of the Inter-Governmental Committee of Experts (ICE) of Southern Africa opened in Mauritius Tuesday with an impassioned plea from Foreign Affairs, Regional Integration and International Trade Minister of Mauritius, Mr. Seetanah Lutchmeenaraido, for Africa to unite and work together as one if it is to bring inclusive development to its people. Mr. Lutchmeenaraido said Africa must first believe in itself with political leaders giving the right message that; “We can do it. We can stand on our own feet; that South- South cooperation is a reality; that we can work together in a win-win situation with mutual respect…

The African Export-Import Bank (Afreximbank) has closed a Korea-focused $150 million club facility which has Shinhan Bank as coordinator and lender. Other banks participating as lenders in the facility, which has a three-year tenor, are KEB Hana Bank, Woori Bank and NongHyup Bank. Speaking at the signing ceremony held in London on 14 September, Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, said that the facility would greatly enhance Afreximbank’s capacity to achieve its core mandate, in particular, expanding intra-African trade, supporting export manufacturing, and significantly filling the trade finance gap the continent was currently experiencing,…

Chad’s minister of economic planning and development, Issa Doubragne, has pledged his government’s commitment to finalizing work on the country’s Master Plan for Industrialization and Economic Diversification within the next six months. “Chad has no more time to waste,” said Mr. Doubragne, adding “I assure you that we will, in partnership with all stakeholders, accelerate a proper formulation and implementation of this Master Plan so that Chad can emerge – in the next four or five years – amongst the most resilient and diversified Central African nations.” The minister was speaking in N’Djamena on 17 September during an event to…

The Economic Commission for Africa, the African Development Bank (AfDB) and the National Institute for Statistics and Applied Economics (INSEA) of Morocco launched today a joint training on agricultural statistics. Agriculture currently contributes more than 40% of Africa’s GDP and employs more than 70% of its population while current priorities include the Sustainable Development Goals and regional integration through Agenda 2063. “Statistics will [therefore] play a key role as a measurement and control tool to observe countries’ progress towards these goals”, said Lilia Hachem Naas, director of the ECA Office for North Africa in her opening speech. For a week,…