Author: Albert Savana

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…

Industrial activity in Senegal recorded a slight decline of 0.8%, during the month of November 2019 against an increase of 4.7% in October 2019, according to data from the National Statistics Agency and demography (ANSD). “This result stems from the underperformance noted in the activities of the chemical, extractive and energy production industries”, explains the ANSD. The production activity of the chemical industries fell 11.5% on a monthly basis. This decline is attributed to that of petroleum refining (-42.3%), paint and varnish (-35.5%), and basic chemical manufacturing (-13.0%) activities. But the ANSD reports that this decline is, all the same,…

CDC Group, the UK’s publicly owned impact investor, has announced the commitment of $39.2 million to support SMEs in West Africa. CDC is backing Verod Fund III and Adiwale Fund I, West-African based private equity funds targeting SMEs in the region, with commitments of $19.2m and $20m respectively. In West Africa, banks and low levels of private equity activity are currently struggling to meet the financing needs of SMEs, hampering their potential as engines of economic growth in the region. Access to finance is cited as the top barrier for doing business in Nigeria and Ghana. Increasing access to capital to…

UK’s publicly owned impact investor unveils a $75 million shared risk facility with the Eastern and Southern African Trade and Development Bank at the UK-Africa Investment Summit CDC Group plc (“CDC”), the UK’s development finance institution and impact investor, has today announced a US$75 million risk sharing facility with the Eastern and Southern African Trade and Development Bank (TDB). TDB is a multilateral specialist bank with a mandate to foster regional economic integration and sustainable development, notably financing and facilitating trade flows to, from and within Africa. The commitment is one of a string of new CDC partnerships totalling nearly $400 million announced…

The Creative Africa Exchange Weekend (CAX WKND), Africa’s first continental event dedicated to promoting exchange within the creative and cultural industry, kicked off in Kigali today with Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank) announcing a $500-million envelope to support the production and trade of African cultural and creative products over the next two years. Prof. Benedict Oramah told guests at the opening that the funds, which would build on what the Bank was already doing, would be accessible as lines of credit to banks, direct financing to operators and as guarantees. He said that the creative…

The Economic Commission for Africa (ECA) and the Zimbabwe government on Wednesday signed an agreement in preparation for the forthcoming Sixth Africa Regional Forum on Sustainable Development (ARFSD) which Harare is hosting in Victoria Falls from 24-27 February, 2020. Mr. Oliver Chinganya, Director of the African Centre for Statistics, signed on behalf of the ECA, while Mr. Simon Masanga, Permanent Secretary of the Public Service, Labour and Social Welfare Ministry, signed for Zimbabwe. “Signing the agreement adds impetus to preparations for this very important forum that will see Zimbabwe flying the flag for the African continent in terms of the…

9th annual survey on top business risks attracts record participation of 2,700+ experts from over 100 countries Cyber incidents have become more damaging and expensive for companies – and often result in lawsuits and litigation after the event Business interruption ranks second, but remains a key challenge with digitalization and civil unrest creating new causes of disruption and loss of income Climate change rises to its highest-ever position – companies are most concerned about physical losses from extreme weather events but also fear consumer criticism and increasing regulatory and legal action.  Cyber incidents (46% of responses) ranks as the most important business risk in…

 The first bootcamp for IMPULSE, a startup acceleration program, kicked off this week at Mohammed VI Polytechnic University (UM6P) in Benguerir, Morocco. From January 13 to 17, sixteen startups, selected following an international call for applications, will receive sustained support and get to network with the OCP Group and UM6P innovation ecosystem. The IMPULSE integration bootcamp is the first in a series of bootcamps that will take place in Morocco, Switzerland and the United States, in collaboration with IMPULSE’s partner MassChallenge, an international startup accelerator. During the bootcamp, members of the 16 startups selected for this program as well as…

The African Export-Import Bank (Afreximbank) has received the certificate of occupancy for a five-hectare plot of land granted to it by the government of Imo State of Nigeria for the development of an internationally accredited quality assurance centre in the state. Afreximbank is supporting the establishment of such internationally accredited African Quality Assurance Centres (AQACs) across Africa to support the continent’s industrialisation by ensuring that African products are manufactured to international standards and are able to trade in international market. The project seeks to raise the confidence of importers in African products and to enhance the competitiveness and attractiveness of…

Support from the Bank’s African Development Fund will bolster ongoing reforms being undertaken by the government of Tanzania The African Development Bank (AfDB.org) has approved a $55 million facility to strengthen implementation of reforms to enhance Tanzania’s economic competitiveness and private sector participation in the country’s growth. These critical reforms will lead to a more vibrant economy, which will improve the living conditions of Tanzanians, particularly the poor and vulnerable, and including women and youth. “Tanzania’s private sector is dominated by small enterprises mostly in smallholder agriculture and small informal non-farm businesses,” said Abdoulaye Coulibaly, the Bank’s Director of Governance…

Africa50 partners with Actis, the majority shareholder in Azura Power, to invest in Azura Edo in Nigeria. Africa50, the pan-African investment platform, announced today that is has invested in the 461MW Azura Edo IPP in Nigeria. Africa50, brings significant power generation experience having invested in several key infrastructure projects across the continent representing over 1,000MW of capacity. Raza Hasnani, Head of Infrastructure Investments at Africa50 said “We are excited to invest in a mission-critical asset within the Nigerian power market. We have a strong institutional commitment to mobilizing capital for key African infrastructure assets, and look forward to creating value…

The Board of Directors of the African Development Bank has approved a €109 million facility for the development of sewage disposal and wastewater treatment plants for rural areas in Luxor Governorate in Egypt’s Upper Nile region. The Integrated Rural Sanitation in Upper Egypt – Luxor (IRSUE-Luxor) project is set to boost sewage coverage in the region from 6 percent to 55 percent, improving the quality of life of citizens, including women and children, who are most affected by poor sanitation. The facility consists of a €108 million loan from the Bank, and a grant of € 1 million from the Rural Water Supply and…

The African Export-Import Bank (Afreximbank) and the Government of Cameroon have signed the two principal documents finalising the protocol toward the take-off of Afreximbank’s Central Africa Branch Office to be located in Yaounde. At a ceremony witnessed by the Prime Minister of Cameroon, Dr. Joseph Dion Ngute, in Yaounde on Friday, Afreximbank President Prof. Benedict Oramah and Mbella Mbella, Minister of External Affairs of Cameroon, signed the Branch Office Agreement and the Memorandum of Understanding Concerning the Temporary and Permanent Premises of the Central Africa Branch Office in Yaounde. In an address preceding the signing, Dr. Ngute said that the creation…

The Committee on Private Sector, Regional Integration, Trade, Infrastructure, Industry and Technology (CPRTIIT), comprising senior officials and experts from member states, which meets biennially opened today in Addis Ababa on the theme: Private Sector Development and the Digital Economy in support of Regional integration in Africa. According to the organizing team, the Committee, which has been in place since 1999 has been reconstituted by the Economic Commission for Africa under a broader mandate, that gives prominence to the private sector, to harness its full potential for job creation as well as its capacity to finance development and make regional integration functional. Speaking…

The new branch office being opened by the African Export-Import Bank (Afreximbank) in Yaounde will serve as the Bank’s gateway to the Central African region, Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking, has said. Speaking during a roadshow organised in Yaounde to present the Bank’s products, programmes and facilities to the business community, Mr. Kamel said that the office would bring the Bank closer to local businesses in the region. “We are in the final stages of discussions with the Government authorities to open the branch office,” he told the audience of more that 250 business leaders from…

The African Export-Import Bank (Afreximbank) is in the process of identifying projects in the key sectors of Cameroon to assist the country to achieve a rapid transformation of the economy through trade, Rene Awambeng, Global Head of Client Relations of the Bank, has said. Mr. Awambeng, who was speaking yesterday during a roadshow organised in Douala, Cameroon, to present the Bank’s products, programmes and facilities to the business community, told the audience that Afreximbank was committed to assisting the country to execute priority trade enabling infrastructure. It would also support the country to expand its manufacturing capacity through the development of logistics, industrial…

Denmark’s Investment Fund for Developing Countries (IFU) signed today a shareholder agreement with TDB, acquiring 1,750 of its Class B shares. With an investment of USD 20 million in TDB’s capital stock, IFU becomes TDB’s newest institutional shareholder. A Cooperation Agreement was also signed during the same occasion between both institutions, whereby these agreed to collaborate on various new initiatives such as the Bank’s SME programme, special purpose funds and technical assistance. With this agreement, TDB and IFU will also explore co-financing opportunities via various financing structures and information sharing, in key sectors including agriculture, healthcare, education, energy, hospitality and…

Green finance was on the agenda of the international conference organized in Dakar on December 3, 2019 by African Guarantee Fund (AGF) and the Nordic Development Fund (NDF). In front of all the local financial ecosystem represented by the banks, the guarantee funds, the institutions of development and the State in its different dismembrements including the Ministry of the Economy, that of the Environment, the National Fund of the sovereign investments ( FONSIS) and the Guarantee Fund for Priority Investments, Félix Bikpo, Managing Director of the AGF fund, recalled the huge funding gap for African SMEs: “150 billion dollars with…

The business climate in Senegal improved slightly by 1.1 points at the end of the third quarter of 2019 to the second quarter of 2019, according to the opinion poll carried out during this period by the Direction of the forecast and the economic studies (DPEE ). The synthetic indicator of this business climate, calculated by the DPEE, based on balances of opinion of business leaders, stood at 99.9 points against 98.8 points in the second quarter of 2019. According to the DPEE, “this situation reflects the favorable orientations of the opinions of building and public works contractors (BTP), services…

Organizers of the 14th African Economic Conference (AEC2019) – African Development Bank (AfDB), Economic Commission for Africa (ECA), and the United Nations Development Programme(UNDP) – have reaffirmed their commitment to engage Africa’s youth as an integral part of the continent’s development initiatives. “We must stop assuming that we can solve their problems in their absence,” said Adam Elhiraika, Director of Macroeconomics and Governance at the ECA, in his AEC2019 closing remarks on 4 December in Sharm El Sheikh, Egypt. “They have made us understand over the past three days that all they want is to be part of the decisions…

“By 2030, revenues generated by big data in Africa will reach 10 billion dollars, but how much of this will stay in Africa, how many of our youths will play a leading role in the creation of this wealth as a function of their skills and to what extent will the big data economy transform our private sectors and productivity” quizzed Cameroon’s Minister of Posts and Telecommunications Minette Libom Li Likeng today as she opened a two-day continental meeting on these issues, convened in Yaounde, by the UN Economic Commission for Africa (ECA). The Minister’s reference to that statistic from BearingPoint (itself…