Author: Albert Savana

The leading pan-African banking group, Ecobank, is delighted to announce the appointment of Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI), with effect from 30 June 2020. In accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six year tenure as Chairman on 30 June 2020 having reached the retirement age of 70. Alain Nkontchou said: “I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its…

The African Risk Capacity Insurance Limited (ARC Ltd) has appointed Dr Jennifer Blanke to its Board of Directors. Dr Blanke was, until recently, the Vice-President for Agriculture, Human and Social Development of the African Development Bank Group, based in Abidjan, Cote d’Ivoire, where she was responsible for overseeing the strategy, lending and programming for a significant share of the Bank’s activities. Welcoming Dr Blanke to the ARC Ltd Board, Mr. Abdoulie Janneh, the interim Chairperson of ARC Limited Board, said, “Since inception, we have always attracted world class professionals to our Board in our progression to become the development insurance…

Bolloré Logistics Madagascar announces the opening of a new office in the Ivato International Airport, Antananarivo, the capital of Madagascar. With a soft opening in February  2020, the new  office is now home to 49 employees. The facility includes 300m² of offices and 108m² of customs warehouses and will provide logistics solutions with a tailor-made and secure service for transport from remote regions of Madagascar to Ivato International Airport, the main airport for air traffic cargo. This perfectly suits the increased volumes in the vanilla market, with new flows created with a door-to-door offer to the USA for vanilla products.…

Moody’s Investors Service says that non-investment grade emerging and frontier market sovereigns face a sharp economic downturn following the coronavirus outbreak, with many not recovering to pre-crisis levels until 2022 or beyond. Reflecting these challenges, Moody’s has so far this year taken rating action on 50 non-investment grade sovereigns, 29 of which have been principally motivated by the coronavirus outbreak. Moody’s conclusions are summarized in the second edition of a bi-annual chartbook that highlights key rating trends for non-investment grade sovereigns across the globe. “Globally, debt-to-GDP ratios will jump, often from already elevated levels, and we expect they will continue…

CDC Group and Finnfund today announce a US$70 million commitment to AfricInvest Fund IV, a generalist pan-African fund aiming to foster the growth of African enterprises across the continent. CDC, the UK’s impact investor and development finance institution, committed US$50 million and Finnfund, the Finnish development financier, committed US$ 20 million. With offices in cities such as Abidjan, Cairo, Casablanca, Lagos, Nairobi and Tunis, AfricInvest has one of the most comprehensive track records in African private equity, having made over 160 investments in 25 African countries through several funds. Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial…

The African Development Bank (AfDB), the Arab Bank for Economic Development in Africa (BADEA), and the OPEC Fund for International Development (the OPEC Fund) have, once again, stepped-up their support and commitment to the Eastern and Southern African Trade and Development Bank (TDB) and its mandate, via record risk sharing facilities as well as new funding, totalling over half a billion USD. These commitments are part of an exciting string of new and expanded partnerships that TDB has been working on – various to be announced in the coming weeks – to continue deploying trade and project finance into the…

Brokerslink has announced a further expansion of its footprint in Africa with Tunisian brokerage Karé Kamoun becoming the latest affiliate to join the global broking business. The Tunis-based insurance and reinsurance broker, specialises in core lines of business in Tunisia including industrial and commercial cargo, construction, as well as health and life insurance. The firm’s reinsurance expertise in areas including the placing of industrial risks and proportional and non-proportional treaties with reinsurers, will also be of importance to Brokerslink’s partners and affiliates both in Africa and beyond. Zied Kamoun, General Manager of Karé Kamoun, commented: “Our mission is to design…

“The success of the HTA bond issue demonstrates the value of the EAIF/PIDG business model in African economic development ,” says EAIF fund managers The Emerging Africa Infrastructure Fund (EAIF), which is part of the Private Infrastructure Development Group (PIDG), acted as an anchor investor in a bond issued in London on 8th June 2020 by HTA Group Ltd (HT), a whole owned subsidiary  of Helios Towers plc. EAIF has invested US$30 million in the UK listed bond, which has a 5.5 year term and a coupon of 7%. Helios Towers operates over 7,000 telecommunications towers, mainly in Tanzania, the Democratic…

COFINA Gabon is pleased to announce that it has obtained a medium- term financing of 4 billion FCFA (€ 6 million) from the Development Bank of Central African States (BDEAC) based in Brazzaville, Republic of Congo. COFINA Gabon, a subsidiary of the COFINA Group, the pan-African leader in mesofinance, has been operating in Gabon since 2016. COFINA Gabon will use this funding exclusively for the benefit of Gabonese SMEs. Indeed, the objective is to support these SMEs in growing their activities. This fundraising takes place against a backdrop of a lack of funding for SMEs on the continent and their…

By Darwis Khudori (Indonesian Architect and Historian, Director of Master’s Degree in Exchanges with Asia, University of Le Havre, France) The rising waves of Asia have reached the coast and the heartland of Africa. All the economic powers of Asia have developed economic relations and organised periodical summits of heads of states with Africa: Japan-Africa (TICAD, since 1993), China-Africa (FOCAC since 2000, summits since 2006), Korea-Africa (since 2006), India-Africa (since 2008), Turkey-Africa (since 2008), Iran-Africa (since 2010), Indonesia-Africa (since 2018). In 2009, China alone has surpassed the USA in its trade with Africa. In term of intercontinental trade, Asia grows…

In response to the COVID-19 pandemic, the German government assumes premium payments of around EUR 19 million for the drought insurance offered by the African Risk Capacity (ARC). This will reliably protect up to 20 million poor and vulnerable people in Africa against drought in the coming agricultural season and mitigate the risk of a compound crisis. Maria Flachsbarth, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development (BMZ) and Co-Chair of the InsuResilience Global Partnership emphasized in a video message that Germany will provide its partners in Africa with fast and uncomplicated assistance, for they…

Africa Finance Corporation, the leading infrastructure solutions provider in Africa, today announces the successful issuance of a US$700 Million Reg S Eurobond, maturing 16 June 2025 (“the US$700 million Eurobond” or “the bond issuance”). The US$700 million Eurobond is AFC’s first bond issuance in 2020 and carries a coupon of 3.125%. The bond received strong global interest across Europe, Asia and the Middle East despite the challenging global economic backdrop, leading it to being c.3 times over-subscribed. The order book, which reached over US$2.1 billion, comprised of high-quality fixed income investors that are seeking exposure to a high-quality investment grade…

Dangote to boost Economic Diversification with Maiden Clinker Shipment Manufacturing Association of Nigeria (MAN) commended Dangote Cement for leading the way for Nigeria to become one of the biggest cement and clinker exporter in the world LAGOS, Nigeria, June 15, 2020/ — To reaffirm its status as the biggest cement producer in Africa, Dangote Cement (www.DangoteCement.com) has set the pace with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country.   With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos weekend, Dangote has gradually made Nigeria, which until recently was one…

The African Development Bank has responded swiftly to the needs of its member countries during the ongoing COVID-19 pandemic. The Bank’s operations have continued to run smoothly since the first cases appeared in early March, despite the wide range of lockdowns and measures imposed by governments to flatten the curve. The COVID-19 pandemic is forecast to cause Africa’s GDP to drop by between $22.1 billion and $88.3 billion. African countries, with the experience of having fought off Ebola, are working to adapt to this new threat and looking to the Bank for an effective, multilateral response to the crisis. As…

New York, June 12, 2020 — Moody’s Investors Service (“Moody’s”) has today placed the Government of Senegal’s Ba3 foreign and local currency issuer ratings and its foreign-currency senior unsecured ratings on review for downgrade. Concomitantly, Moody’s has affirmed Senegal’s Not Prime (NP) short-term foreign-currency and local-currency issuer ratings....

The African Development Bank has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures. The Feed Africa Response to COVID-19 (FAREC) paves the way for a comprehensive intervention to build resilience, sustainability and regional self-sufficiency in Africa’s food systems and help farmers cope with coronavirus-related disruptions to the agricultural value chain. “The Bank’s response to support the agriculture sector lays out specific measures aimed at addressing challenges faced by African countries across all aspects of the agriculture sector. Africa…

The Canadian mortgage banking specialist confirms its commitment to the African banking market, with the successful closing of the NBM Bank acquisition in Mauritania.  Westbridge Mortgage has closed on the acquisition of the 217-employees, 27-branch bank in Nouakchott, Mauritania, a country on the cusp of unpreceded growth, led by the coming development of one of the largest LNG gas projects on the Continent.  During their months of long due diligence in Mauritania, executives and board members from Westbridge have met with Government officials and Banking Supervision authorities at the Central Bank of Mauritania (BCM). From the BCM’s perspective, “The setting-up…

Afreximbank is teaming up with ITC to train small-business owners and young entrepreneurs in Africa to trade with other African countries as part of the new African Continental Free Trade Area (AfCFTA). The training programme, How to Export within the AfCFTA, is being launched as the new free-trade area comes on stream and amid the economic strain of climate change and the coronavirus pandemic. The training will give business owners the knowledge and skills they need to engage effectively in cross-border trade under terms of the emerging free-trade area for Africa. Intra-African trade is structurally low at 15% (compared to…

Beyontec, a leading global provider of insurance technology solutions, announced today that it had been selected by the Insurance Association of Rwanda (ASSAR) to implement a digital ecosystem of different platform solutions for the insurance industry in Rwanda. Founded in 1992, ASSAR has been at the forefront of driving rapid transformation across the regional insurance markets in Rwanda. Through this partnership, Beyontec will assist ASSAR to accomplish its vision of synergizing and empowering the insurers and other constituents to seamlessly interact and promote business with each other while delivering consistent customer experiences. Beyontec and ASSAR collaborated to undertake few transformational…

During the current crisis of COVID-19 pandemic, some sectors like health and Information & Communications Technology (ICT) are experiencing unprecedented demand. According to ICT experts, this crisis heightened the need for African countries to increase their investments in ICT infrastructure, policies and solutions and to accelerate their efforts in tapping into the new possibilities unlocked by digitalization. Jean-Paul Adam, Director of Climate Change, Natural Resource Management and Technology at the UN Economic Commission for Africa (ECA) told the participants at a webinar that while COVID-19 disrupted our normal way of doing things, it has also brought some opportunities. Adam was speaking in a…

The 4th technological and industrial revolution is transforming the world, and the Covid-19 pandemic accelerated exponentially this transformation. This crisis is the tipping point of a new economy: more human, more inclusive, greener, and resolutely technological. Startups worldwide played a crucial role in providing concrete solutions to the hundreds of millions of people fighting the crisis and the billions confined people. The startups will play a vital role to restart and stimulate the economy, but also to reinvent our world. To contribute to the spur of new solutions for the continent, HSEVEN, Africa’s largest startups accelerator, is launching “Rise-Up”, “Re-Start”…

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 19th May, 2020, launched the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme, which is being provided by Government and selected participating banks to micro, small and medium-scale businesses around the country. Launching the Scheme at Jubilee House, the seat of the nation’s presidency, President Akufo-Addo explained that the outbreak of the Coronavirus pandemic has had a devastating impact on all economies around the world, with reduced productivity, job losses, and steep decline in revenues for Government, businesses, households and individuals in Ghana. Amongst the hardest hit in Ghana,…

The Public Investment Corporation (PIC), on behalf of its client, the Government Employees Pension Fund (GEPF) of South Africa, has acquired a 13% stake in Aradei Capital for USD 50 million. Aradei Capital is a real estate platform headquartered in Morocco that specializes in commercial real estate assets. It has a presence in 15 cities across Morocco. Through this investment, the PIC joins other reputable investors in Aradei Capital that include the European Bank for Reconstruction and Development (EBRD), Label’Vie (LBV), a leading food retailer and franchisee of the Carrefour brand in Morocco, SANAM Holding and Best Financière which has…

The United Nations Economic Commission for Africa (ECA) on Monday convened a meeting between African Finance Ministers, the Africa Private Sector Working Group and the African Union (AU) Special Envoy on COVID-19 as the search continues for solutions to ensure African economies enjoy continued market access and meet their private sector debt service obligations. The meeting aimed at finding new financing solutions to provide additional resources for countries to mitigate the impact of the ongoing COVID-19 pandemic and ways to improve the profile and terms of Africa’s commercial debt obligations so that Africa can better confront the health crisis. The…

Asafo & Co. and Lawtons Africa are pleased to announce their landmark agreement to join forces. The tie-up both significantly strengthens Asafo & Co.’s presence in South Africa where the combined South African teams will comprise 70 legal professionals, and expands Lawtons Africa’s geographic reach across the African continent. In joining forces, Asafo & Co. and Lawtons Africa are transforming the African legal services landscape by creating a unique service offering dedicated to providing top tier legal services on a truly Pan-African basis. The transaction will result in a  combined team of 180  lawyers and legal professionals  across  6 Asafo…

The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million, comprised of two tranches of US$485 million and EUR390.4 million. Proceeds will be used for general corporate activities, and will strengthen the Bank’s liquidity position as it implements its US$3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA). Emirates NBD Capital Limited, MUFG Bank Ltd and Standard Chartered Bank acted as joint Global Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the Facility. MUFG Bank Ltd also acted as Documentation Agent and Standard Chartered Bank as Facility Agent. Launched on 9…

“We are calling for a second independence.” (released April 29, 2020) The threats that are hanging over the African continent with regards to the spread of COVID-19 demand our individual and collective attention. The situation is critical. Yet this is not about mitigating another ‘African’ humanitarian crisis but to diffuse the potentially damaging effects of a virus that has shaken the global order and put under question the bases of our living-together. The coronavirus pandemic lays bare that which well-to-do middle classes in African cities have thus far refused to confront. In the past 10 years, various media, intellectuals, politicians…

The African Development Bank blacklists Entreprise de Travaux et d’Etudes de Projets (ETEP) SA for 13 months for engaging in various fraudulent practices in Mali and Guinea The African Development Bank Group, today, announced a decision by its Sanctions Appeals Board imposing a 13-month debarment on Entreprise de Travaux et d’Etudes de Projets (ETEP) SA, a civil engineering company registered in Tunisia, for engaging in sanctionable practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that ETEP engaged in a variety of fraudulent practices while bidding for construction contracts under the Bank-financed Road Development and Transport…

Bolloré Transport & Logistics has launched on 7 May 2020 a rail service for export cargo from Mombasa to Uganda through the Naivasha ICD in a bid to reduce the spread of Covid-19. The first train loaded with 64 TEUs of cargo consigned to clients of Bolloré Transport & Logistics was received at Naivasha ICD. By using the rail to transport cargo up to Naivasha, the company hopes to reduce exposure of long-distance drivers to the virus, while also protecting the populations living in numerous roadside towns frequently used as truck stops along the A104 highway between Mombasa and Naivasha.…

Due to the COVID-19 Pandemic, the African Export-Import Bank (Afreximbank) has made the decision to cancel the series of events which were set around its 27th Annual General Meeting and to hold the Shareholders’ meeting by correspondence. Afreximbank President Prof. Benedict Oramah said that the decision to hold the Shareholders’ meeting by correspondence was made after careful consideration of all available options to ensure the Bank complies with its governance requirements. He announced that the seminars component of the 27th Annual Meetings, which were expected to be held from 10 to 13 June 2020 in Sharm El Sheikh, Egypt, were…