Author: Albert Savana

 By NJ Ayuk Sometimes it is easy to forget how interconnected human lives across the globe have become. Perhaps we no longer talk as much about globalization as we used to in the 1990s because it is no longer an issue to be discussed or protested against, it is simply the reality that surrounds us. And there is no cruder evidence of that than the Coronavirus. Despite the fact that the virus hasn’t yet affected African nations in anyway as seriously as other regions of the world, a fact the World Health Organization is still unable to explain, forecasts already…

Receivables finance is an important tool that can help to close the $90 billion funding gap faced by small and medium-sized enterprises (SMEs) in Africa, Dr. Patrick Njoroge, Governor of Central Bank of Kenya, has said. Dr. Njoroge was speaking in Nairobi on 27 February during the opening of a two-day Regional Conference on Factoring and Receivables Finance organised by the African Export-Import Bank (Afreximbank) and FCI to promote the use of factoring to address the challenge of access to financing for SMEs in East Africa. He told the audience that the funding gap could not be filled by traditional banking…

By Abel Kara* No need for the chicken-and-egg theorizing about which should come first at the moment in Africa: basic infrastructure/amenities or the deployment of 5G broadband. Africa already has general sustainable development issues to grapple with, but the 5G promises to become the eye of the digital economy whirlwind which will pepper-up multiple sectors for sustainable development on the continent. For those who can see clearly, the deployment of broadband, especially via this fifth generation of mobile technology and internet connectivity systems, will determine how fast and far Africa goes in compartments such as education, agriculture, manufacturing and smart…

After securing approval last summer from the “Bank Al Maghrib”, Orange Morocco announces today the launch of Orange Money in the kingdom. This service will allow Moroccans to make mobile payments and transfer money using their phones. Morocco also becomes the 18th country in the Africa and Middle East region of Orange to offer the Orange Money solution. Orange Money, a secure and instant service Orange Money offers every mobile user, regardless of their telecom operator, the option of having a mobile wallet backed by their phone number. The solution allows mobile phone users to carry out financial transactions, pay…

Bolloré Transport & Logistics Ethiopia officially opened its doors on 21 February 2020. The new subsidiary was created as part of a joint venture between Bolloré Transport & Logistics and the Ethiopian company CLS Logistics. It is set to offer Ethiopia a wider world of capabilities and solutions to support industry, business growth, and to power greater development in regional logistics. “We have been the exclusive agent of Bolloré Transport & Logistics in Ethiopia since 2008 and through this partnership we have successfully completed a number of projects. The joint venture will enable us to provide local industry with more infrastructure,…

The first case of Coronavirus at the United Nations (UN) in Dakar, Senegal was confirmed. The United Nations is working closely with the Government of Senegal and the World Health Organization (WHO) on prevention and preparedness in the country. The staff returned from a trip to London on 24 February. The emergency protocol was activated, and the patient is in a hospital in the capital. In line with confidentiality requirements with respect to the patient’s condition, no further information will be given. An investigation by epidemiologists from the Ministry of Health is currently under way to test people recently in…

• Investment expected to cut CO2 emissions by more than 29,000 tons annually • Primary energy savings projected to amount to 150,000 MWh each year The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, has loaned USD 10 million to the National Bank of Egypt (NBE) to support measures that reduce energy consumption, prevent CO2 emissions, and improve resource efficiency in the country. NBE is the flagship lender in the Egyptian banking sector, with a wide-ranging branch network across both urban and rural areas. This broad outreach positions the bank as an ideal partner…

The African Legal Support Facility (ALSF) has launched a handbook on sovereign debt aimed at improving users’ understanding of the subject and offering development and implementation strategies and tips to avoid over-indebtedness. The Handbook on Sovereign Debt, produced by the ALSF in collaboration with 11 prominent debt professionals, was officially launched February 27 in Abidjan, on the first day of a High-Level Forum, convened for members to reflect on ten years of the institution’s history in providing legal and technical assistance for Africa’s development. The meeting brought together some 30 delegations from across Africa and beyond. The handbook discusses the…

Women are in the spotlight in the month of March. These are the entrepreneurs of the continent and its diaspora who are at the helm. In Paris, Assitan Sissako and Mohamadou Diallo will organise Women of Willings forum on 7 March. Nearly sixty participants are expected at least. Rudy Casbi Near the Place de la Madeleine, not far from the Opera in the center of Paris, these two young executives are attempting a new challenge. “We know that women are influential but they can be even more authentic leaders”, says Mohamadou Deme, the founder of Deme Agency. With Assitan Sissako,…

Over 200 leading African political, business, and diplomatic leaders gathered in Johannesburg for the 8th African Leadership Magazine Persons of the Year Award dinner. They witnessed Dr. Akinwumi Adesina, President of the African Development Bank, being honored as the African of the Year 2019.  Themed ‘Africa for Africans – Exploring the Gains of a Connected Continent’, the evening brought together dignitaries including South African Deputy President, David D Mabuza, South African Ministers Nkosazana Dlamini-Zuma and Lindiwe Zulu, and Dr. Ken Giami, Publisher of African Leadership Magazine. The highlight of the event was the keynote speech delivered by Dr. Adesina. His passion…

Mediterrania Capital Partners, the Private Equity firm focused on growth investments for SMEs and mid-cap companies in North and Sub-Saharan Africa, announces that its portfolio companies managed by MC II and MC III funds achieved 25% EBITDA year-on-year growth up to the end of 2019, reaching over €1 billion in aggregated annual revenues. Operating since 2015, MC II holds stakes in the following companies: • Cash Plus: operating through almost 1,900 points-of-sale, Cash Plus is the leading company in Morocco offering quick and efficient solutions for money transfers. • C.E.C.I.: Moroccan group of companies specialising in truck body manufacture, truck…

Africa Finance Corporation (“AFC” or the “Corporation”), the leading infrastructure solutions provider in Africa, announces a US$63 million strategic investment to construct and operate a 60MW wind project in the Ghoubet area, near Lake Assal in Djibouti. AFC has made this investment as lead developer together with Great Horn Investment Holdings (“GHIH”) and inviting further investment from Climate Fund Managers (“CFM”), and FMO, the Dutch entrepreneurial development bank. AFC has led the development of the project since 2017, developing it from concept to bankability, securing a 25-year take or pay power purchase agreement with Électicité de Djibouti as the off-taker,…

The Director of Macroeconomic Policy, Forecasting and Research at the African Development Bank, Dr Hanan Morsy, has been named one of Egypt’s 50 most influential women. Dr Hala El Said, Egypt’s Minister of Planning and Economic Development, gave the award on 5 February in a ceremony organized under auspices of the Egyptian Prime Minister. “I am honored to be named among the most influential women in Egypt. This award validates the crucial role of women in contributing to the Egyptian economy and the continent as a whole,” said Dr Morsy. Dr Morsy has brought a wealth of international experience to…

The second Intra-African Trade Fair (IATF2020) will provide key pathways for the Rwandan private sector to access intra-African trade opportunities offered by the African Continental Free Trade Area (AfCFTA), Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, has said. Addressing the opening of a roadshow held in Kigali on Tuesday to raise awareness about IATF2020 and to showcase Afreximbank products and services, Ms. Awani said that the way each country prepared for the operational phase of the AfCFTA, which will commence on 1 July, would determine how successfully it would benefit from the initiative. She said that IATF2020 would…

In several news reports, World Bank President David Malpass was recently quoted as saying some Multilateral Development Banks, including the African Development Bank, have a tendency to lend too quickly and in the process, add to the continent’s debt problems. This statement is inaccurate and not fact based. It impugns the integrity of the African Development Bank, undermines our governance systems, and incorrectly insinuates that we operate under different standards from the World Bank. The very notion goes against the spirit of multilateralism and our collaborative work. For the record, the African Development Bank maintains a very high global standard…

Supporting Djibouti to meet energy demands and transition towards 100% renewable energy- based electricity production by 2030 Africa Finance Corporation (AFC), Climate Fund Managers (CFM), FMO, the Dutch entrepreneurial development bank and Great Horn Investment Holdings (GHIH) are pleased to announce a landmark investment for the construction and operation of a 60MW windfarm in the Ghoubet area, near Lake Assal in Djibouti. Djibouti is a country with expanding energy needs, located in the Horn of Africa and spanning over 23,000 km2. The country is dependent on domestic thermal power production and imports from Ethiopia for its electricity consumption and is…

The African Risk Capacity Limited (the ARC Ltd) has appointed Mr. Lesley Ndlovu as its new Chief Executive Officer following the expiration of the tenure of Ms Dolika Banda, the former CEO, under whose tenure the company recorded impressive growth of its disaster risk pool portfolio. Mr. Ndlovu was the former CEO of AXA Africa Specialty Risks, a Lloyd’s of London insurance syndicate and has extensive international experience spanning 14 years across corporate finance, audit, tax advisory, insurance and investment management sectors in several countries including Bermuda, Singapore, France and the United Kingdom. As CEO, Mr Ndlovu will work under…

 On 9 and 10 March in Abidjan, the 8th edition of the largest annual gathering of the African private sector will for the first-time feature five presidents: Alassane Ouattara, Paul Kagame, Macky Sall, Mahamadou Issoufou and Filipe Nyusi, as well as Nigerian Vice President Yemi Osinbajo. At a time when the switch from the CFA franc to the ECO poses a major political and economic challenge, for ECOWAS in particular and Africa more broadly, and on the eve of the AfCFTA’s implementation, political leaders will focus discussion on ensuring Africa’s successful economic integration, covering issues such as the list of sectors…

The African Development Bank, the United Nations, and the African Union on Saturday acknowledged the significant progress made in implementing Agenda 2063 and urged African countries to go further to fast-track economic transformation. The call was made on Saturday at the launch of the first report on the implementation of Agenda 2063 ahead of the 33rd African Union Summit in Addis Ababa. The report provides an assessment of the progress and performance of Africa’s development between 2013 and 2019. Unveiling the implementation report, President Alassane Ouattara of Côte d’Ivoire noted that while remarkable progress had been made, the continent still had a long way to hit its…

Citi and the U.S. Trade and Development Agency announced today that Citi has joined USTDA’s Access Africa initiative as an industry partner. Access Africa is a multi-stakeholder partnership between USTDA and U.S. companies to support the development of inclusive, secure, and sustainable connectivity across Africa. Access Africa partners are collaborating to strengthen the regulatory and business environment that is necessary to help meet Africa’s increasing demand for access to information and communications technology (ICT). As part of its partnership with Access Africa, Citi will host trade delegations from African nations to share Citi’s technological expertise. Citi will also participate in…

Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday. The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021. According to the report, these figures do not tell the whole story. Across the continent, the poor are not seeing enough of the benefits of…

The general secretariat of the Economic Community of Central African States (ECCAS), the governments of the Central African Republic, the Republic of Congo, the Democratic Republic of Congo (DRC) and the Republic of Chad are organizing a round table in Brazzaville (Congo) on 19 March 2020 with a view to finance a dozen projects expected to be carried out between 2020 and 2029. “To establish the foundations for sustainable development and successful regional integration, Central Africa must overcome many challenges, including the construction of a multimodal transport network for the movement of people and goods”, according to the ECCAS General…

The African Export-Import Bank (Afreximbank) today in Lagos, Nigeria, signed documents to complete the registration of a 300-billion Naira medium-term note with the Securities and Exchange Commission under the Bank’s local currency programme in what will be the Bank’s first-ever Afreximbank local currency fund raising programme in Nigeria. President Prof. Benedict Oramah, who described the ceremony as historic, told guests at the signing that the Naira debt capital market activity which the programme would unlock would open the door to a new value-added relationship between Afreximbank and Nigeria. He explained that, over the last few years, many of the Bank’s key…

“My ringing of the bell here today, marks the beginning of a new exciting, strategic, and impactful engagement.” – African Development Bank President Akinwumi Adesina Don Robert, Chairman of London Stock Exchange Group, welcomed the president of the African Development Bank to open markets for trading at London Stock Exchange on Wednesday 22 January. The reception in London followed the African Development Bank’s Africa Investment Forum, held in November last year. The innovative market-place for accelerating investment into the continent is playing a valuable role in convening investors and corporates and removing the bottlenecks to investments and enabling a free flow…

The EITI International Secretariat notes recent media coverage of high-profile cases of alleged corruption in Angola, and reiterates its call for Angola to join the EITI and implement its Standard. Opacity in the Angolan oil sector was the genesis of the EITI. Twenty years later, 52 resource-rich states have committed to improving extractives sector transparency through implementation of the EITI Standard. “Recent developments suggest that implementation of the EITI Standard would support Angola to address persistent governance challenges in its extractives sector,” said Helen Clark, EITI’s Board Chair. The EITI Standard requires disclosure of the beneficial owners of extractives companies, including politically exposed persons. It also…

The African Export-Import Bank (Afreximbank or the Bank) announces that existing shareholders, including the Federal Republic of Nigeria and the Arab Bank for Economic Development in Africa, have invested $200 million through Class A, B and C shares and $300 million in callable capital, bringing the total value of new shares issued by the Bank in 2019 to $500 million. The majority of the proceeds of the capital raise was used by the Bank to retire warrants that were issued in December 2018. The new equity also puts the Bank in a strong position to continue its growth in line…

The Ministry of Agriculture, Livestock and Fisheries is presenting the Togolese soil characterization platform. The project carried out by the Togolese Agricultural Research Institute (ITRA) benefited from the support of the OCP Foundation and Mohammed VI Polytechnic University (UM6P). This platform will allow decision-makers and producers in the Togolese agricultural sector to make practical use of the information from fertility maps based on their soils. Thanks to the system implemented by the Togolese Ministry in 5 regions of the country, 1,170,900 hectares of land have been analyzed and mapped in the Savanes and Kara regions.  The 12th Togolese National…

Delegates at the high-level UK-Morocco Business Dialogue discussed the substantial trade and investment opportunities that exist between the Kingdom of Morocco and the United Kingdom. Both nations agreed they have much to gain from closer links between British and Moroccan businesses, signing a memorandum of understanding (MoU) focused on mutual trade and investment. The talks came at an advantageous time as the UK is shaping its post-European Union foreign trade policy. Under the leadership of His Majesty the King Mohammed VI, Morocco’s Gross Domestic Product has grown at an average rate of 4 percent per annum over the last 20…

Zimbabwe is ready to host the Sixth Africa Regional Forum on Sustainable Development (ARFSD) that will be held in Victoria Falls from 24 to 27 February under the theme ‘2030-2030: A Decade to Deliver a Transformed and Prosperous Africa through the 2030 Agenda and Agenda 2063.” This was said Monday by the country’s acting Labour, Public Service and Social Welfare Minister, Sekai Nzenza, at a Press Conference on the forthcoming Forum. “The Forum gives Zimbabwe an opportunity to showcase itself, especially that the country is really open for business and also what the country can offer in terms of tourism.…

With a view to defining the strategic orientations of its future 2021-2025 business plan and preparing its initial public offering at the BVMAC, the BGFIBank Group launched its “All employees” program on January 16, 2020. All contributors ”. The objective of this program, which is aimed at all of the group’s 2,250 employees in eleven countries on two continents, is twofold. On the one hand, allow each of them to make their contribution to the next business project 2021-2025 by giving their views and ideas. On the other hand, allow all BGFIBank employees to become shareholders of their Group when…