Author: Amadjiguéne Ndoye

Credit Suisse Group AG has decided to transfer to Barclays PLC its wealthy clients in nine African markets where the bank has decided to withdraw since last November. The assets under management affected by the private banking client referral agreement signed by the two banks total approximately $2.5 billion. “Credit Suisse has signed a private...

Ghana is to receive a USD 27.39 million grant from the African Development Bank (AfDB) for the development of mini-grids and solar PV net meters in the country. The project has already obtained co-financing from the Scaling Up Renewable Energy programme, a financing window of the Climate Investment Funds, and the Swiss State Secretariat for the Economy, for an amount of $28.49 million and $13.30 million, respectively. Called “Ghana Mini Grid and Solar Photovoltaic Net Metering”, the project will have a production capacity of 67.5 MW and will produce approximately 111,300 MWh of electricity per year. It includes the development…

Her appointment officially announced on January 28, 2022, the new CEO of the Orange group, Christel Heydemann, becomes the first woman to hold this position. She will take office on April 4, replacing Stéphane Richard, sentenced last November for complicity in the misuse of public funds in the Tapie-Crédit Lyonnais affair. Member of the board...

African venture capital firm TLcom Capital has raised $70 million for the first closing of its $150 million Africa-focused technology fund. The new fund should allow TLcom to expand its activities to fast-growing, technology-focused African startups, and strengthen its presence in East and West Africa. The deal saw Allianz participate through AfricaGrow, its joint venture...

GuarantCo, a member of the Private Infrastructure Development Group (PIDG), granted a portfolio guarantee of approximately 14.55 billion FCFA, or 25 million USD to Oragbank Togo. The guarantee mainly concerns telecommunications and road projects in Togo. The largest bank in the country, Orabank will also benefit from capital relief allowing it to develop its infrastructure...

African insurers who are members of the Federation of African National Insurance Companies (FANAF) will hold their ordinary general meeting for the year 2022 from February 24. A press release from the organization’s executive office, published on January 21, indicates that this meeting will be held in hybrid mode in two phases and primarily concerns...

Egypt is expected to achieve economic growth of 5.7% for the financial year 2022-2023, as well as a primary surplus of 1.5% of GDP. This growth will be, according to the projections of the Egyptian Ministry of Finance, at 6% for the financial year 2024/25. Egypt is also seeking to reduce its overall budget deficit...

GuarantCo, a member of the Private Infrastructure Development Group (PIDG), and the Kenyan bank SBM Bank have granted financing of 1.6 billion Kenyan shillings (nearly 15 million USD) to Bboxx Kenya to invest in affordable solar home systems for 470,000 Kenyans. The transaction represents the largest single loan raised by Bboxx Kenya to date. In a statement dated Tuesday, January 25, GuarantCo said it participated in the transaction with a partial credit guarantee of KES 1.2 billion (USD 11.25 million) of 75% on the loan facility. Bboxx Kenya manufactures, distributes and finances decentralized solar systems in developing countries. The funds…

American venture capital firm Ajim Capital has launched a $ 10 million fund to invest in African tech startups allowing entrepreneurs to focus on growing their businesses. The fund will provide checks of $ 25,000 to $ 150,000 to technology companies across the continent. “We invest primarily in profiles with entrepreneurial or directly relevant industry experience, initial indications of product-market fit (eg revenues or users), a highly scalable software solution and a potential return of 10 times the CoC for investors ”, explains Eunice Ajim (photo), founding partner of Ajim Capital. On the continent, venture capital funding is currently concentrated…

Italian company Eni has won five new exploration permits obtained from the Egyptian Ministry of Petroleum and Mineral Resources, after participating in a global tender for oil exploration in 2021. The licenses, including four as operator, are at sea and on Egyptian soil. In detail, the licenses are located in the Eastern Mediterranean (block “EGY-MED-E5” in partnership with BP 50% -50% and block “EGY-MED-E6” IEOC 100%), in the Gulf of Suez (block “EGY-GOS-13” IEOC 100%) and in the western desert (blocks “Egy-WD-7” in partnership with APEX 50% -50% and “EGY-WD-9” IEOC 100%) with a total area of approximately 8,410 km².…

Microsoft has announced the appointment of Ghanaian Angela Kyerematen-Jimoh, an international expert in corporate law, as the new head of strategic partnerships for Africa in its new Africa transformation office (ATO). The office will focus on facilitating growth and investment in four key development areas: digital infrastructure, skills development, small and medium enterprises (SMEs) and startups. After having been responsible for IBM’s operations in more than 40 African countries, including Morocco, Nigeria, Kenya, Senegal, Uganda, Ghana and Tunisia, the Ghanaian will now work on strategic partnerships with governments, financial institutions, telecommunications operators, multinationals and international organizations across the African continent.…

“My presence in Mauritania shows that things have changed. Otherwise I wouldn’t be here ” Returned from exile since March 11, 2020, Mauritanian businessman Mohamed Ould Bouamatou loudly proclaims his ambition to contribute to the emergence of a prosperous Mauritania. Benefiting from the abandonment by the new regime of President Mohamed Ould Ghazouani of the international arrest warrant issued against him three years ago, the banker marries the present with hope with a new decade of construction and achievement. Talk to him about the 2050 horizon for a developed Africa, Mr. Bouamatou does not believe it. For the boss of…

The Nigerian government intends to increase its outstanding public debt to 50.22 billion naira ($ 122 million) by 2023, with domestic debt of 28.75 billion naira ($ 69.9 million) and debt of 21.47 billion naira ($ 52.2 million). The projections contained in the National Development Plan 2021-2025, indicate that the state plans to accumulate approximately 12 billion naira of debt between 2021 and 2023, as well as a reduction of the total public debt by 2025. Nigeria’s public debt was estimated at 38 billion naira at the end of the third quarter of 2021, with the total outstanding debt increasing…

The State of Senegal and the Eiffage Company signed on Wednesday, December 22 an agreement relating to the Concession of the Autoroute de l’Avenir (SECAA sn) and which marks the entry of the State into the capital of the company responsible for 25% exploitation. The agreement signed by the Minister of Finance and Budget, Abdoulaye Daouda Diallo, and Xavier Idier, the managing director of the Eiffage company of the Autoroute du Futur concession (Secca Sn) also concerns the reassessment of the license fee. Annual state property representing 2% of the annual turnover of SECAA, with a minimum of 800 million…

Proparco and Standard Bank have signed two new guarantees as part of the Choose Africa initiative aimed at accelerating the growth of micro, small and medium enterprises (SMEs) and entrepreneurship in Africa. The grant totaling 28.5 million euros was supported by the European Union (EU) and the Organization of African, Caribbean and Pacific States (OEACP). The facility includes a first guarantee in the amount of 19.5 million euros intended to allow the bank to continue its lending activities to SMEs in a post-Covid environment. The second portfolio guarantee of € 9 million is to benefit sectors such as FinTech, agriculture,…

African Insurance Organization (AIO) President Tope Smart (pictured) has announced his organization’s intention to integrate the insurance sector into the African Continental Free Trade Area (AfCFTA). It was during the 25th African Reinsurance Forum held from November 27 to December 1, 2021 in Kigali (Rwanda). “After careful consideration, the IOA secretariat has seen fit to include insurance in this agreement. We are not only looking at how the insurance sector could best fit into the Zlecaf, but also provide a suitable place for the cream of the African insurance industry to think about the way forward, ”said Tope Smart. According…

The Moroccan group Addoha achieved a turnover of 420 million dirhams (45.4 million dollars) in the third quarter of 2021, an increase of 37% compared to the same period in 2020 when the group posted 305 million dirhams ($ 32.9 million). Over the first 9 months of the current year ended September 30, this figure is raised to one billion dirhams (108 million dollars) against 743 million dirhams (80.3 million dollars) in 2020, thus achieving a 47% increase. The group indicates in its financial communication published on Tuesday, November 30 that the period under review was marked by a stability…

The European Investment Bank plans to grant a new long-term facility of 30 million euros to the Development Bank of Rwanda (BRD) for Rwandan companies, through its rapid response mechanism to the Covid-19 crisis in East Africa, and by the BRD’s own funds. The EIB financing was concluded on 23 November 2021 in Kigali as part of a financing agreement signed between Uzziel Ndagijimana, Rwandan Minister of Finance, Thomas Ostros, EIB Vice-President, and Kampeta Sayinzoga, Managing Director of BRD. “We are honored to receive this investment from the European Investment Bank to facilitate the development of the private sector, especially…

Greek gas importer Depa could soon source LNG from Egypt. Energy ministers of the two countries signed a memorandum of understanding on November 25 in Cairo, aimed at expanding bilateral cooperation between Greece and Egypt. In a statement issued on Monday (November 29th), the Greek state-owned gas group said that “the strategic cooperation between Greece and Egypt creates opportunities for specialized agreements between Depa Trading and Egas, the Egyptian state gas company”. Such an agreement contributes “to Greece’s ambition to become an energy center for the south-eastern Mediterranean”. Greece has an operating LNG import terminal at Revithoussa, which began operations…

The Senegalese National Groundnut Company (Sonacos) has secured 40 million euros in funding from the International Islamic Trade Finance Corporation (ITFC) as part of the post-Covid revival of the Senegalese agricultural sector. The facility, dedicated to financing part of the 2021-2022 peanut campaign, will cover Sonacos’s financing needs to ensure the acquisition of 150,000 tonnes of peanuts from the current harvest from farmers. It brings the total ITFC-approved funding to Senegal to more than $ 1.1 billion in 19 operations since ITFC’s inception in 2008. A vital sector of the Senegalese economy, agriculture contributes around 16% of the country’s GDP…

Morocco and Israel on Wednesday (November 24th) signed a memorandum of understanding on security allowing the two countries to benefit from increased cooperation in the fields of intelligence, industrial cooperation and military training. The deal has been called a “pioneer.” The agreement was signed by Israeli Defense Minister Benny Gantz during his visit to Morocco and his Moroccan counterpart Abdellatif Loudiyi. Gantz arrived in Morocco on Tuesday evening for a two-day official visit According to a statement from the Israeli Defense Ministry, “the agreement provides a solid framework which formalizes the defense relations between the two countries and lays the…

Attijariwafa Bank’s results are up with net income group share (RNPG) up 44.5% over the first nine months of 2021. The RNPG thus rose to 3.8 billion dirhams ($ 411 million), compared to the same period of 2020. According to the financial results of the Moroccan banking group at September 30, 2021, the consolidated net income increased by 42.1% to reach 4.6 billion dirhams (498 million dollars) during the period under review. Operating income increased by 36.1% to 7.1 billion dirhams (769 million dollars), thanks to increased cost control (+ 1.4%) and gradual normalization the cost of risk (-38.1%). Net…

West African gold explorer Tietto Minerals said on Monday (November 22nd) that its 3.35 million ounce Abujar gold project in Côte d’Ivoire is now fully funded through production. The company has received binding commitments for a two-tranche equity offering to raise A $ 85 million (US $ 61.693 million) on the Australian stock exchange ASX to complete funding for its flagship project. Petra Capital acted as sole lead manager and sole bookrunner, as well as the partners Jett Capital Advisors, LLC, who acted as co-managers of the investment. “With the support of this AU $ 85 million placement, we now…

GuarantCo Management Company (GMC) has appointed Layth Al-Falaki as Chairman and CEO of GuarantCo, managed by GMC, as part of an internal move within PIDG. The appointment will be effective from mid-January 2022. Until then, Layth served as Chief Risk Officer (CRO) at PIDG since April 2018. He is also a non-executive board member of PIDG, Emerging Africa Infrastructure Fund and GuarantCo. In his career, Layth Al-Falaki was CRO at the British Arab Commercial Bank, formerly part of the HSBC group. With a rich career in banking and extensive experience in emerging market transactions, Layth holds a bachelor’s degree in…

The African Import-Export Bank (Afreximbank) has signed a memorandum of understanding with the African Risk Capacity (ARC) group, a specialized agency of the African Union (AU), with the aim of jointly strengthening resilience initiatives and financing of disaster risk in Africa. The ultimate goal is to provide adequate disaster and resilience responses using available banking and insurance products tailored to localized challenges. Through the protocol, Afreximbank will provide a financing mechanism for food emergencies (FECONTRAF) to joint member countries participating in the African Risk Capacity sovereign / macro-disaster risk transfer program, national capacity building and development of food security policies,…

The United Nations (UN) has announced the creation of a $ 40 million fund to support life-saving humanitarian aid and the protection of civilians in Ethiopia. United Nations Chief of Humanitarian Operations Martin Griffiths said in a statement on Monday (November 16th) that “millions of people in northern Ethiopia live on a razor’s edge as humanitarian crisis worsens and extends ”. According to Martin Griffiths, $ 25 million of the total fund was raised from the Central Emergency Response Fund (CERF), while the remaining 15 million was allocated by the Ethiopia Humanitarian Fund (EHF), based in the country. This new…

The International Finance Corporation (IFC) has provided a $ 250 million credit facility to Absa Bank, a subsidiary of Absa Group Limited (Absa Group), to strengthen access to trade finance in sub-Saharan Africa. The financing falls under the IFC’s Global Trade Liquidity Program (GTLP). Under the GTLP risk-sharing model, the international institution will guarantee a pool of eligible business transactions issued by Absa Bank up to 50%, with the remaining amount guaranteed by Absa Bank. The facility should support Absa’s commitment to increasing the accessibility of trade finance, with around 80% of financing to go to low-income and fragile countries.…

Airtel Africa Plc announced on November 16, 2021 that it reached $ 125 million at the second close of Airtel money’s minority investment transactions with Qatar Investment Authority (QIA), TPG, a U.S. private equity firm, and Mastercard. The group announced on Monday that it had received approval in principle from the Central Bank of Nigeria to operate as a super agent in Nigeria, barely a week after receiving a similar agreement from the oversight body of Nigeria. industry to create a payment service bank. “With the conditions for the second close now being met, TPG and QIA have each invested…

Casablanca-based Hamzi Law Firm (HLF) has joined the DS lawyers group. It will henceforth take the name DS HLF. In a statement released Monday, November 15, the French cabinet said this alliance will allow it to strengthen its presence on the African continent and open up to the Middle East. A leading multidisciplinary Moroccan firm, founded in 1999, providing advice as well as litigation, HLF is led by Zineb Hamzi, founding partner and co-chaired with Patrice Mouchon, lawyer at the Paris Bar. The firm operates in Morocco, West Africa and the Middle East. “This alliance will allow us to pool…

Heineken NV has announced its intention to acquire South African companies Distell Group Holdings and Namibia Breweries Ltd to form a Southern African beverage group. The new entity majority-owned by the Dutch brewer will have a total valuation of around 4 billion euros (4.6 billion dollars). In a statement issued on Monday, November 15, Heineken said the purchase is expected to boost the group’s profits in the first year. “We are very pleased to bring together three strong companies to create a regional beverage champion, perfectly positioned to seize important growth opportunities in Southern Africa,” Van den Brink, CEO of…