Author: Albert Savana

Casablanca Finance City (CFC) and Rwanda Finance Limited (RFL) have signed a memorandum of understanding to promote investment opportunities between Rwanda, Morocco and Africa, and reinforce long-term cooperation between the two countries. The agreement between CFC and RFL will provide a platform for promoting best practices, through which CFC will support the development of Kigali International Financial Center (KIFC). Since the 2016 state visits between President Paul Kagame and King Mohammed VI, bilateral relations between the two countries have known a major turning point. Numerous strategic partnerships have been concluded in key areas, among which, the agreement to avoid double…

In light of the COVID-19 pandemic, the African Export-Import Bank (Afreximbank), the African Union (AU) and the Government of Rwanda have decided to postpone by one year the second Intra-African Trade Fair (IATF2020) initially set to take place from 1 to 7 September 2020 in Kigali, Rwanda. This decision was endorsed by the IATF2020 Advisory Council during its sixth meeting held virtually on 26 April 2020, after careful assessment of the situation. Organised by Afreximbank in collaboration with the AU, the second IATF will still be hosted by the Government of Rwanda and is now scheduled to take place from…

The government of Kenya through Konza Technopolis Development Authority (KoTDA), has partnered with the Association of Countrywide Innovation Hubs, private sector, academia, non-governmental organizations, and the United Nations Development Program (UNDP), to launch the Great Covid-19 Innovation challenge. Konza Technopolis, a State Corporation under the Ministry of Information Communication Technology and youth affairs (ICT & Youth Affairs) has convened multiple stakeholders to co-create technology-based solutions, by harnessing the creativity and innovative capabilities of Kenyans and Africans towards the challenges emerging from COVID19. Eng. John Tanui, the Chief Executive officer KoTDA, said that “KoTDA is honored to lead this Great Challenge, which…

US Loans, Debt and Credit Score Statistics – Full Report 2020 Data gathered by Learnbonds.com indicates the United States household debt per capita is set to exceed the $43,000 mark. According to the data, by the end of the fourth quarter of 2019, the debt stood at $42,935, representing an all-time high figure. Household debt hits all-time high The data indicates that the total household debt has been increasing steadily to stand at $14.15 trillion. The last time the debt was significantly high was in the wake of the great recession in the third quarter of 2008 when it was…

Dutch entrepreneurial development bank (FMO) and the Eastern and Southern African Trade and Development Bank (TDB) today signed a 12-year export finance loan program of EUR 40 million destined for financing the acquisition of Dutch sourced capital goods. The aim of this program is to enable African enterprises to procure Dutch goods and services at attractive funding conditions. The EUR 40 million program, in collaboration with Atradius DSB (the Dutch Export Credit Agency), will be used to facilitate commercial activities between Dutch exporters and local importing enterprises active in the region TDB serves. The program aims to support the economic…

Papa Chimère Diop joined ACT Afrique as Director in charge of Business Development, based in Dakar in Senegal. He will put his experience in the fields of finance and management at the service of society as well as his wide network of contacts. Chimère will strengthen the origins of ACT Afrique, which aims to become one of the main consulting firms on the continent. ACT Afrique thus acquires an additional asset to achieve its objective. Before joining ACT Afrique, Chimère headed the Delta-Sigma project development and intermediation firm in Senegal. At Cabinet Delta-Sigma, he notably participated in the project to…

The African Export-Import Bank (Afreximbank) has announced a $3-million grant to complement continental efforts to combat the COVID-19 pandemic. Afreximbank President Prof. Benedict Oramah, who made the announcement in Cairo, said that the grant was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic. He said that a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control…

As part of the plan to modernise the activities of the container terminal, Conakry Terminal, a subsidiary of Bolloré Ports, took delivery of four RTG gantries on Friday 3 April 2020. The new investment will enable the Guinean supply chain to increase the productivity of the terminal with a view to bolstering the country’s competitiveness and boosting trade.  Built by Konecranes, a lifting equipment manufacturer, the four gantry cranes were designed specifically for handling containers at port terminals. They were successfully received by the Conakry Terminal teams. With a lifting capacity of 40 tonnes each, the ultra-modern gantries will improve…

African Development Bank Group President Akinwumi Adesina says an accelerated global health and economic effort is needed to overcome the COVID-19 pandemic in Africa. Stating that “one death is one too many” and that “our collective humanity is at stake,” Adesina urged U.S. and African government officials and corporate executives to forge new and sustainable partnerships that would endure beyond the pandemic. He made the call during a global Corporate Council on Africa (CCA) webinar. The CCA is a leading U.S. business association that promotes business and investment between the United States and Africa. Urging participants to be their brother’s and sister’s…

In recognition of its outstanding contribution to international trade on the African continent, the Eastern and Southern African Trade and Development Bank (TDB) has been awarded “Best Trade Financier in Africa” by Trade Finance Global (TFG).  As several major international correspondent banks have retreated from African markets, TDB has doubled-down and deepened its expertise in addressing intra and extra-regional trade financing gaps. TDB has provided USD billions in this space in recent years, bridging shortages and assisting with foreign exchange challenges in the region, particularly for strategic and vital commodity imports into Member States. With total assets of $6.7bn, trade…

According to the Economic Community of West African States (ECOWAS), the impact of the coronavirus pandemic could increase the number of people at risk of a food insecurity and malnutrition from 17 million to 50 million people between June and August 2020.  As Ramadan begins this week, eight regional and international organizations warn of the impact of the coronavirus combined with the lean season and conflict and insecurity, which will stretch the West Africa population in a period of fasting and sharing for some.  Food workers are struggling to continue their activities and see their livelihoods threatened.  Measures must be…

The Economic Commission for Africa (ECA), in a new report on the coronavirus pandemic, says over 300,000 Africans could lose their lives due to COVID-19. This, as the pandemic continues to impact on the Continent’s struggling economies whose growth is expected to slow down from 3.2 percent to 1.8 percent in a best-case scenario, pushing close to 27 million people into extreme poverty. The Report, which will be launched virtually on the 17th of April and is titled, COVID-19: Protecting African Lives and Economies says Africa’s fragile health systems could see additional costs being imposed on them because of the growing crisis that…

The African Export-Import Bank (Afreximbank) today in Cairo released its audited financial statements for the year ended 31 December 2019, showing strong and consistent growth, with total comprehensive income of $324.2 million. The results, which reflected a net income of $313.3 million, 14.3 per cent increase over the 2018 performance of $275.9 million, were achieved mainly due to higher operating income of $622.5 million compared to $489.8 million in 2018. Afreximbank’s total assets grew by 7.6 per cent from $13.42 billion on 31 December 2018 to $14.44 billion as at 31 December 2019, explained mainly by the solid growth in net…

ANPI is the Jack Ma Foundation’s flagship philanthropic program in Africa, and aims to give entrepreneurs across Africa a platform to develop their talent and business ideas, and inspire others to pursue entrepreneurship Now in its second year, the Africa’s Business Heroes (ABH) prize competition will open applications in French and English, and award a pool of US$1.5 million in grant money to ten finalists Open to entrepreneurs across all sectors and African countries, ABH has a special focus on those building up their local communities and working to solve the most pressing problems The Jack Ma Foundation announced today…

The Bureau of the Sixth Session of the Africa Regional Forum on Sustainable Development (ARFSD) has met and adopted an action plan establishing key priorities for implementing key messages from the forum that was held in Victoria Falls, Zimbabwe, in February. Chaired by Zimbabwe’s Public Service, Labour and Social Welfare Minister, Mr. Paul Mavima, this was the Bureau’s first meeting since the adoption of the Victoria Falls Declaration on the Decade of Action for Sustainable Development in Africa. The Decade of Action calls for accelerating sustainable solutions to all the world’s biggest challenges, ranging from poverty and gender to climate…

The African Development Bank received on 30 March 2020 an award for its successful one billion Norwegian krone (NOK) social bond issued in 2019. This Environmental Finance 2020 bond award was given by an independent panel comprising 30 of the world’s largest green, social and sustainability bond investors. “It is inspiring to observe how the African Development Bank sources global capital to finance, lead and develop a strong platform for inclusive and environmental growth across Africa. We know from many of our investors that the ability to participate in Africa through AfDB’s triple-A rating is highly appreciated and we look forward…

Mr. Karim Hajji, the Chief Executive Officer (CEO) of the Casablanca Stock Exchange (CSE) has retired from his position as CEO of the CSE on March 31, 2020 and consequently as the President of the African Securities Exchanges Association (ASEA). Mr. Hajji was elected as President of ASEA in November 2018 at the 22nd Annual General Meeting (AGM) of the Association. During his stint at the helm of ASEA, he spearheaded a number of key initiatives such as markets’ integration through a flagship project of ASEA, the African Exchanges Linkage Project (AELP) and realignment of the ASEA membership structure. Mr.…

Moody’s Investors Service, (“Moody’s”) has today downgraded the Government of South Africa’s long-term foreign-currencyand local-currency issuer ratings to Ba1 from Baa3. The outlook remains negative. The key driver behind the rating downgrade to Ba1 is the continuing deterioration in fiscal strength and structurally very weak growth, which Moody’s does not expect current policy settings to address effectively. Both outcomes speak to weaker economic and fiscal policy effectiveness than Moody’s previously assumed. The negative outlook reflects the risk that economic growth will prove even weaker and the debt burden will rise even faster and further than currently expected, weakening debt affordability…

Landmark transaction, largest Social bond transaction to date in capital markets The African Development Bank (AAA) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies. The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion. This is the largest Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank.…

Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF) has signed a Master Cooperation Agreement (MCA) with the International Finance Corporation (IFC). Signed on 18th March 2020, the MCA will come into operation when the IFC is the mandated lead arranger of the debt package for an infrastructure project involving the two parties The MCA sets out a range of mutually agreed processes on reaching contractual agreement and allocation of responsibilities on each project. EAIF joins 33 development finance institutions (DFIs) from across the world that have signed the MCA, though EAIF is the first third party…

This is a global crisis affecting the whole world. Africa, however, will be hit harder with a heavy and durable economic toll, which will threaten progress and prospects, widen inequalities between and within countries, and worsen current fragilities. African countries need support in preparing for the health crisis, and for the economic fallout. The measures being taken in Asia, Europe and North America such as physical (social) distancing and regular hand washing will be a particular challenge for countries with limited internet connectivity, dense populations, unequal access to water and limited social safety nets. In line with the steps being…

Africa Centres for Disease Control and Prevention (Africa CDC) and the Government of Ethiopia received a consignment of medical equipment Africa’s response to the Coronavirus Disease (COVID-19) outbreak received a boost today as the Africa Centres for Disease Control and Prevention (Africa CDC) and the Government of Ethiopia received a consignment of medical equipment from the Jack Ma and Alibaba Foundations.The shipment included over 1.5 million laboratory diagnostic test kits and over 100 tons of infection prevention and control commodities. This relief initiative was launched by the Prime Minister of Ethiopia, Dr Abiy Ahmed, the Jack Ma Foundation, and Alibaba…

Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announces two new appointments and changes on its Board of Directors. Dr. Georges Agyekum Nana Donkor has been appointed as a Non-Executive Director to replace Mr. Bashir Mamman Ifo as the representative of Ecowas Bank for Investment & Development (EBID) on the Board of ETI. Dr. Donkor was recently appointed President of EBID following the retirement of his predecessor Mr. Bashir Ifo. Dr. Donkor is a Lawyer, Banker and Marketing Consultant with over twenty-five years’ experience in Senior Management capacities across several fields such as Finance, Strategic Management,…

Uncertainty regarding the duration and the severity of the COVID-19 pandemic will keep risks high for economies and banking sectors across Africa, S&P Global Ratings said today in the report titled “COVID-19 Exacerbates Africa’s Social And Macroeconomic Vulnerabilities,” published on RatingsDirect. “The pronounced deterioration of financing conditions could hurt African countries with a high current account deficit and dependence on external capital flows for financing,” said S&P Global Ratings credit analyst Mohamed Damak. More than 25 of the 54 African countries have confirmed cases of COVID-19, and the continent could find itself among the regions hardest hit. African economies and…

The Making Finance Work for Africa Partnership (MFW4A) invites researchers and students enrolled in an academic institution to submit an essay on the African financial sector. The call for essays aims to foster a better understanding of the issues challenging financial sector development in Africa and to gather thoughts, opinions and innovative ideas on how to develop the sector. Topics selected for this call are aligned with MFW4A’s priority themes, including: Addressing financial illiteracy in Africa (financial inclusion); Deposit and Consignment Funds [RR1] and African institutional investors: Roadmap for better social and economic outcomes (long-term finance); and Regulating non-bank financial services and Fintechs (governance and financial…

Facebook announced the creation of the Business Resource Hub to support businesses being affected, whether directly or indirectly, by the recent outbreak of COVID-19. The Hub features recommendations as well as courses to help businesses and brands stay connected to customers and keep their business on track. As part of these recommendations, Facebook encouraged businesses to take these five steps to navigate the impacts and effectively maintain their operations: Keep yourself safe and informed. Stay up to date by following credible, official sources such as the World Health Organization (WHO) and your local government health department so you can respond…

The Africa Fertilizer Financing Mechanism (AFFM) has kick-started a $2.2 million project to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers. The trade credit guarantee project is AFFM’s first in the West African nation and will involve 10 fertilizer suppliers, 12 hub agro-dealers and 120 retail agro-dealers. The project will also train farmers in proper fertilizer use and other agricultural best practices. A project launch held on 3 March in the capital Abuja, was attended by senior director of African Development Bank’s (www.AfDB.org) Nigeria Regional Office, Ebrima Faal and government and industry partners.…

Moustafa Mokrane was appointed general manager of Bolloré Transport & Logistics Tunisia at the end of January. Moustafa Mokrane, 42, joins the teams of the subsidiary based in Radès, south of Tunis. With more than 15 years of experience in the transport and logistics sector, the new CEO aims to bring his expertise to support the growth of the company throughout the country. “I am very proud to join the Bolloré Transport & Logistics teams in Tunisia and to contribute to its success. We have the objective, with the 44 current collaborators of the company, to consolidate the existing one…

The new Africa presents the continent’s youth with an excellent battleground to join and wage the economic struggle that will finally liberate Africa, Prof. Benedict Oramah, President of the African Export-import Bank (Afreximbank) has said. Speaking on Wednesday on the topic “Unleashing the Power of the Youth” while delivering the 14th Convocation Lecture of the Nnamdi Azikiwe University (UniZik) in Awka, Nigeria, Prof. Oramah said, “just as Africa’s political struggle was led by the youth, so will the youth lead the way for Africa’s economic emancipation”. Youths represented agents of change across the social, political and economic spectra and history and…

The African Development Bank Group is pleased to announce the appointment of Mr. Solomon Quaynor as the Vice President for the Private Sector, Infrastructure and Industrialization Complex, effective from 1st May 2020. Quaynor, a national of the United States of America, brings over 25 years of experience in development finance and investment banking. He is an emerging markets specialist with experience investing across financial institutions, Technology, Media, and Telecommunications, Infrastructure, Energy, Manufacturing, Agribusiness and Services. He also has experience supporting private sector executives and boards in growth strategy assessment; key government/regulatory and private sector relationship engagement; and served as trusted…