Author: Albert Savana

Africa50 and Power Grid Corporation of India Limited (POWERGRID) signed a Cooperation Agreement to partner towards the development, finance, construction and operation of power transmission lines in Kenya. This partnership will catalyze project development for the initial set of pilot projects based on a bankable public private partnership (PPP) model in line with the Government of Kenya’s vision to meet the demands for electricity access in the country. The Agreement was signed at the Africa50 headquarters in Casablanca, Morocco by the two heads of institutions. Mr. Shri K. Sreekant, Chairman and Managing Director of Powergrid Corporation of India, said that:…

Last Thursday, as a side event of the Global Gender Summit which took place in Kigali from 25 to 27 November 2019 – Entreprenarium Foundation welcomed 300 distinguished guests and beneficiaries to its quinquennial celebration. An occasion to recall the achievements realized by the organization on the continent. The 2019 Global Gender Summit organized for the first time in Africa by the AfDB and co-hosted by the government of Rwanda, gathered more than 1,200 global and general leaders from the private and public sector, civil society and development institutions to provide innovative ideas that address challenges and opportunities for gender…

The Saudi Fund for Development (SFD) recently signed an agreement for a grant package worth over USD $9 million to fund the design and construction of a water distribution network, a judicial courthouse and infrastructure projects in Dijbouti, marking the latest in a series of the SFD’s development projects in the country. The Vice-Chairman of the SFD, Dr. Khaled bin Sulaiman Al Khudairy, signed the agreement with Mr. Elias Moussa Douala, the Minister of Economy and Finance, in the presence Djibouti’s Prime Minister Abdoulkader Kamil Mohamed and other government officials, while leading a delegation from the Fund on a visit to…

This agreement was signed on November 27 at the -Universidad Empresa- Meeting. Térvalis Group, which already has two chairs in Spain, with the Universities of Zaragoza and Polytechnic of Valencia, now crosses borders with its agreement with Mohammed VI Polytechnic University and OCP Group, focused on R&D solutions for Sustainable Agriculture Mohammed VI Polytechnic University is an institution dedicated to research and innovation for Africa, and is positioning itself among world-renowned universities in these domains. Fertinagro Biotech, a company of the Térvalis Group (Spain), signed an agreement with Mohammed VI Polytechnic University – UM6P (Morocco) and OCP Group to develop,…

According to Adesina the financial sector had a responsibility to the women of Africa African Development Bank (AfDB.org) President Akinwumi Adesina has called for greater access to finance for African women when he addressed the inaugural session of the Global Gender Summit. “When women borrow, they always repay. And 90% of them repay their loans without the least problem. So, where is the risk? The problem is prejudice and the banks’ lack of flexibility. We must leave this behind to allow women access to financing,” President Adesina urged. The session headed “Unlocking women’s access to finance in Africa” had a…

The African Export-Import Bank (Afreximbank) has already disbursed $15 billion of the $25 billion it committed in support of intra-African trade under its current five-year strategic plan, Bank President Prof. Benedict Oramah has said. Confirming that the Bank was delivering on the commitments it made in support of the implementation of the African Continental Free Trade Agreement,  Prof. Oramah told the attendees at the opening of the Africa 2019: Investment for Africa Forum in Egypt’s New Capital City on Friday that the funding was helping bridge the trade finance gap in Africa. He added that Afreximbank would soon commence the…

The International Islamic Trade Finance Corporation (ITFC) yesterday in Egypt’s New Capital City signed an agreement to provide a $100-million credit facility to the African Export-Import Bank (Afreximbank) to promote Arab-Africa trade and investments. The signing ceremony took place at the Africa 2019: Investment in Africa Forum, with Afreximbank President Prof. Benedict Oramah and ITFC CEO Hani Sombol signing on behalf of their two organisations in the presence of Egyptian Prime Minister Mostafa Madbouly and Minister of Investment and International Cooperation Dr. Sahar Nasr. The agreement states that the facility will help finance and derisk trade flows between the Arab…

The current result before tax of the company Filatures, weavings, bags, Ivory Coast (Filtisac) SA saw a decrease of 26% at the end of the third quarter of 2019 compared to the same period of the year 2018, announced the leaders of this company based in Abidjan. This result stood at CFAF 242 million as of September 30, 2019, compared to CFAF 329 million as at September 30, 2018, a decrease of CFAF 87 million in absolute terms. As for the net turnover excluding taxes of the company, it recorded a decrease of 9% amounting to 24,111 billion FCFA against…

At the end of 2018, the decentralized financial systems (SFD) of the West African Monetary Union (WAMU), which fall under article 44 of the uniform law regulating MFIs, posted a total balance sheet of 1 974.4 billion FCFA (2.961 billion euros), according to data from the Banking Commission based in Abidjan. According to this Community body, these financial data concern 148 SFDs, ie 93.7% of Article 44 institutions which regulate the control of any SFD whose level of activity reaches a threshold of two billion FCFA of outstanding deposits. or credits at the end of two consecutive years. The balance…

The banking system of the West African Monetary Union (WAMU) achieved an overall profit of 456.9 billion CFA francs (685,350 million euros) as of December 31, 2018, according to data from the Banking Commission based in Abidjan. This profit is up 24.0% compared to fiscal 2017, when it stood at 368.5 billion FCFA. According to the Banking Commission, all the banking centers in the WAMU zone have contributed to this favorable trend. Côte d’Ivoire and Senegal recorded more than 100 billion CFA francs of profits with respectively 154.4 billion and 113.0 billion. These two countries are followed from very far…

The net result of Coris Bank International increased by 7.31% at the end of the third quarter of 2019 compared to the same period of the year 2018, announced the leaders of this banking institution based in Ouagadougou in Burkina Faso. This net result increased from CFAF 19.164 billion at September 30, 2018 to CFAF 20.564 billion at September 30, 2019, an increase of CFAF 1.4 billion. Regarding net banking income (GNP), a slight increase of 0.97% is noted with an increase from 41.327 billion FCFA in the third quarter of 2018 to 41.729 billion FCFA a year later. It…

UCLG Africa held its statutory meetings on November 9th, 2019 at Onomo Hotel in Durban, South Africa. The statutory meetings of UCLG Africa included the 22nd session of Executive committee and the meeting of the Pan-African Council. These meetings were held as a prelude to the UCLG World Congress that takes place from November 11th-15th, 2019 in the city of Durban. The two meetings were officially opened by General Mahmoud Shaarawy, Minister of Local Development of Egypt, in the presence of General Khaled Abdel Aal, Governor of Cairo; Mr. Léandre Nzué, Mayor of Libreville (Gabon), President of UCLG Africa; Rev. Mpho Moruakgomo, President of…

The African -Export Import Bank (Afreximbank) and South Africa-based Thelo DB Proprietary Limited today in Johannesburg, South Africa, signed a memorandum of understanding (MoU) to develop, finance and operate railway projects in Africa. Under the terms of the MoU, signed on the sidelines of the ongoing Africa Investment Forum, Afreximbank and Thelo DB will collaborate to support the modernisation of the continent’s railways as a catalyst to promoting trade, investment and economic skills development, recognising the urgent need for implementation of efficient and effective transportation and logistics solution in Africa, with particular emphasis on the freight railway sector. Speaking during the signing…

Africa has the potential to expand the continental economy fourfold, with energy demands expanding by only 50 percent, according to a new report. The International Energy Agency (IEA) unveiled its report on the first day of the second African Investment Forum in Johannesburg, South Africa. Africa Energy Outlook 2019 found that the continent’s future energy prospects look bright, but only if Governments can make the shift to more renewable energy sources. The report says there are three factors that will determine the continent’s future energy consumption – its growing population, the rapid increase in urbanisation and industrialisation. Kieran McNamara, an…

Three years ago, on December 31, 2019, the Government of Côte d’Ivoire set the last time a special tax was introduced to equip the General Tax Directorate, and the Ivorian government seems to be eager to rebel against the great dissatisfaction of the companies that are subject to it. for eighteen years now. Created in 2001 to finance, over a fixed period of three years, the investment program of the general direction of the taxes (Dgi) of Côte d’Ivoire, the special tax of equipment (TSE) does not finish to be imposed on businesses. The end of its application, many times…

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, pledged to support the federal government in completing the 650,000-barrel Dangote refinery. In the wake of an official visit to the petrochemical complex located in the Lekki Free Zone in Lagos, the minister was complimentary: “I must say now that the Dangote group has turned this project into a story for us all, we must all support this. project for him to succeed. Of course, I’m sure investors around the world will look at the success of this project and come to Nigeria to at least take the advantage of investing…

The African Risk Capacity Insurance Limited (ARC Ltd) has handed a cheque for FCFA 442,824,819.30 (equivalent of US$738,539.88) to the Government of the Republic of Côte d’Ivoire to provide rapid assistance to vulnerable population in the Central Region of the country following severe rainfall deficits in the 2019 agricultural season. ARC had on September 12, 2019 announced the payout to Cote d’Ivoire when the Africa RiskView, the Agency’s parametric tool, detected that the irregular and insufficient rainfall in the central region will affect the food security of an estimated 400 000 people by the end of the season. Following the…

The African Export-Import Bank (Afreximbank) has urged the use of open account terms for trade in Africa in order to facilitate the realization of the intra-African trade aspirations of the African Continental Free Trade Area (AfCFTA) and to enhance competitiveness. Kanayo Awani, Managing Director of the Intra-African Trade Initiative at Afreximbank, told guests yesterday during the opening of the 2019 Afreximbank Factoring Workshop in Durban, South Africa, that while letters of credit were relatively expensive and cumbersome, open account transactions were cheaper and simply involved a business selling its receivables (invoices) at a discount to a third party called a…

President Vladimir Putin of Russia today in Moscow bestowed the national honour of “The Order of Friendship” on Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank). The award took place during a ceremony held in the Kremlin, seat of the Government of the Russian Federation, and was witnessed by senior members of the government and other dignitaries. The Order of Friendship is a state decoration established by Boris Yeltsin, the first president of the Russian Federation, and is awarded to Russian and foreign nationals for: Special merit in strengthening peace, friendship, cooperation and understanding between nations, for fruitful…

–          Bank’s capital base more than doubles. Jumps from $93 billion to $208 billion –          Largest capital increase in the Bank’s history signals a united front by shareholders At an extraordinary shareholders’ meeting today in Abidjan, Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent’s foremost financial institution. The capital increase, the largest in the history of the African Development Bank since its establishment in 1964, is a remarkable show of confidence by shareholders. With the approved increase, the capital of the Bank will more than double from $93 billion…

The President of the Republic of Côte d’Ivoire, Alassane Ouattara, on Thursday called on the Governors of the African Development Bank to “make the right decision” to enable the continent to achieve its development goals. President Ouattara made the remarks at the opening of the 5th extraordinary meeting of the African Development Bank Board of Governors in Abidjan. “Achieving the United Nations Sustainable Development Goals and the African Union’s Agenda 2063 requires substantial financial resources. Africa cannot achieve these goals without the financial support and technical assistance of partners, including the African Development Bank,” explained President Ouattara. “We are convinced that…

Seedstars has held a bootcamp and a bustling pitching event in Côte d’Ivoire, having finally selected Lifiled to represent the country at the Seedstars Regional Summit in South Africa to compete for up to USD one million in equity investment and other prizes . Seedstars World, the largest seed-stage startup competition for emerging markets and fast-growing startup scenes, brought its Côte d’Ivoire round to a successful close during the finals at Seedstars Abidjan. The intense quest took place in an event, co-organized with Orange Fab Côte d’Ivoire. Seedstars is now very proud to present the winner, LIFILED, for its innovative…

In an interview given to the French newspaper Le Monde and published on October 24, 2019, the Guinean President, Alpha Condé, praises his balance sheet to one year from the end of his second term and while thousands of his compatriots are marching against a constitutional amendment deemed suspicious for both its timing and its objectives. “When I came to power, I said I had found a country, not a state,” says the one who called two years ago at the international conference on the emergence in Abidjan to cut the umbilical cord with Paris. “There were no institutions, no…

The net result of the Grand Bereby Rubber Company (SOGB) rose sharply by 200% in the third quarter of 2019 compared to the same period of 2018, announced the managers of this company based in Cassandra in Ivory Coast. This result rose from CFAF 1.379 billion at September 30, 2018 to CFAF 4.143 billion at September 30, 2019, an increase of CFAF 2.764 billion in absolute terms. According to SOGB management, this situation is “the result of a very good control of undisbursed operating expenses”. Turnover increased by CFAF 3.061 billion to CFAF 46.539 billion against CFAF 43.477 billion in…

The strict banking rate (which measures the percentage of the adult population holding an account in banks, postal services, national savings banks and the Treasury) in the countries of the West African Economic and Monetary Union (WAEMU, ) rose slightly by 2.9 percentage points at the end of 2018 compared to 2017, according to data from the Central Bank of West African States (BCEAO). This rate of banking increased from 16.4% in 2017 to 19.3% in 2018. While recognizing the low rate of strict banking, the issuing institution argues that the recent initiatives of the UEMOA Authorities , including the…

The 17th edition of the World Bank Group report on the business climate in the world, Doing Business 2020 has arrived! Mauritius and Togo, among the African satisfactions. The years go by and things remain largely the same for African economies. The best ranked African is still Mauritius which sits in 13th place this year against the 20th previously. The continent has still not managed to place more than two of its countries in the top 50, as last year, Mauritius and Rwanda are the two main torch gateways. All is not yet gray! The vintage 2020 has in relation…

The Chartered Institute of Bankers of Nigeria has awarded its 2019 honorary fellowship to Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), and 14 other leading bankers. A citation published in the event programme for the CIBN’s 2019 investiture ceremony, which took place in Lagos on 26 October, described Dr. Oramah as a great banker of international repute and a role model for aspiring bankers. It also called him a prolific writer, a great facilitator and an astute manager. Uche Olowu, President of the Council of CIBN told guests that all awardees for 2019 had played active roles…

Africa50, the pan-African infrastructure investment platform, announced the completion of the 390 MW Benban solar project near Aswan, in Upper Egypt. All plants are now connected to the grid and have started commercial operations. The six plants developed as part of this project are the world’s largest solar park utilizing bifacial solar modules, capturing the sun’s energy from both sides of the panel, therefore increasing clean power generation. They are also the largest contribution to the 1.5 GW Benban Solar Park. In April 2017, Africa50 entered into a joint development agreement (JDA) with Scatec Solar and Norfund, committing late-stage project…

Over US$4 billion is needed to help Malawi, Mozambique and Zimbabwe recover from the devastating effects of Cyclones Idai that hit the three southern African nations earlier this year. Speaking at a planning workshop for climate resilient investment in reconstruction and development in the cyclone affected regions of Malawi, Mozambique and Zimbabwe, representatives from the three countries said they had not been able to attract enough financial support to rebuild lives and fast track early recovery, rehabilitation and reconstruction after Cyclones Idai and Kenneth. Of the $4bn, Mozambique, which suffered the most from the two cyclones, needs $3.2 billion for…

The Phosboucraa Foundation organized the 1st International Urban Forum on City of Challenges from October 17 to 19, 2019, on the theme of Eco-Technological Innovation. Held at the Palais des Congrès in Laayoune, this first forum brought together more than 200 national and international participants. Over three days, urban planning experts, academics, representatives of the private sector and present their experiences in sustainable urban planning, share their expertise on new concepts relating to environmental ideologies. The Forum began with local officials presenting the new development model for southern provinces. They prepared participants for the forum by telling them about the…