Author: Amadjiguéne Ndoye

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…

The European Investment Bank (EIB) and Allianz Global Investors will launch a EUR 500 million fundraising operation to strengthen climate change mitigation and adaptation in developing countries. The fund, called Emerging Market Climate Action Fund (EMCAF), was announced during COP26 climate talks in Scotland to bring together public and private investors – increasingly seen as a key way to help the world achieve its climate goals. The initiative will also see the participation of the German and Luxembourg governments, the Nordic Development Fund, AllianzGI’s parent company, Allianz, and Swedish insurer Folksam, as other investors. For the initiators, the fund, which…

The telecom group Airtel Africa PLC announced on Wednesday 3 November that it has finalized the sale of its Madagascar-based telecommunications tower company to Helios Towers Plc. The cost of the transaction is estimated at $ 51.7 million. Airtel Africa indicates that the proceeds of the transaction will be used to reduce the group’s external debt and to invest in network and sales infrastructure in Madagascar. Under the terms of the transaction, Airtel Africa group subsidiaries will continue to develop, maintain and operate their equipment on the towers under separate lease agreements, largely in local currencies, with the Buyer. The…

The financial rating agency Bloomfield Investment Corporation has assigned a rating of “A-” to Fidelis Finance-Burkina Faso, a leasing specialist based in Burkina Faso and Côte d’Ivoire. The rating carries a stable outlook. According to Bloomfield, this first rating is based on a good ability to deploy its strategies, a satisfactory evolution of production, an increase in overall performance, good portfolio quality, good financing flexibility, and a solid shareholder base. Based in Ouagadougou, Fidelis Finance specializes in leasing and develops related products adapted to the financing needs of SMEs / SMIs in the UEMOA zone. It is 29.14% owned by…

Mali has announced new rules to better control artisanal gold mining. The country plans to require permits for small miners and establish 200 cooperatives with help from the World Bank as part of an initiative to formalize trade through intermediaries. These advances will allow Mali to increase its total production by 15%, according to the Minister of Mines, Lamine Traoré. The country has a desire to overtake South Africa as the continent’s second largest producer. “We can go from being the third largest gold producer to the second in Africa,” said Lamine Traoré. It should be noted that Bamako had…

Opibus has just completed a fundraising in equity and grants amounting to 7.5 million dollars. The biggest financing ever for an electric mobility company in sub-Saharan Africa, according to the African electric mobility company. Announced on Tuesday, November 2, the funding was led by At One Ventures of Silicon Valley and backed by funding from former Google and Uber executives at other venture capital firms. It is made up of $ 5 million in equity and $ 2.5 million in additional grants. This fundraising, which follows a previous operation of $ 4 million, will be used to finance the development…

With a solid performance in the second quarter (+ 20.3%), Airtel Africa Plc, a subsidiary of the Indian group Bharti Airtel, recorded strong growth in the first half with a turnover of $ 2,272 million, an increase of by 25.2%. Double-digit growth noted in all the countries where the group is present. “Our financial performance in the first half was solid. The first half of last year, and in particular the first quarter, was impacted by the onset of the Covid, but even after adjusting for these effects, our revenue growth rates for the half year for the group and…

The African Import-Export Bank (Afreximbank) will launch a general capital increase operation (GCI) of $ 6.5 billion to finance some of its strategic activities. The capitalization operation was approved by African Union finance ministers, the AU Executive Council and the 34th Ordinary Session of the Assembly of AU Heads of State. The Cairo-based institution (Egypt) plans to support the purchase of vaccines against Covid-19 for the continent, support post-pandemic recovery efforts for the economies of African countries, and stimulate the implementation of the African Continental Free Trade Agreement (AfCFTA), among others. According to a bank statement from October 28, 2021,…

Boubacar Camara, former Director General of Senegalese Customs, has been appointed Deputy Director General of Customs in Benin. His appointment was announced on October 27, 2021 in the Council of Ministers. Of Senegalese nationality, Boubacar Camara was appointed Director General of Customs in May 2000. At the head of the institution, he had undertaken far-reaching reforms for modernization and a commitment to promote ethics. In 2006, he obtained availability and began consulting in customs and international trade. He travels to many African countries to share his experience. He is also a doctor of law, State Inspector General on early retirement…

Following a $ 600 million loan to Ghana last July for infrastructure projects, the African Development Bank (AfDB) agreed to a new $ 75 million commercial loan for the Ghana infrastructure (GIIF), owned by the State. This new funding falls within the framework of the Coordinated Program of Economic and Social Development Policies 2017-2024 and the National Medium-Term Development Policy Framework (MTDF 2018-2021) of Ghana, as well as the Ten-Year Strategy and the strategic priorities of Ghana. AfDB Summit 5. It should enable GIIF to finance several critical infrastructure projects in Ghana, and reduce the infrastructure financing gap estimated at…

The African Import-Export Bank (Afreximbank) will provide funding of $ 500,000 to the African Technology Policy Studies Network (ATPS), in order to invest in operational costs and finance ongoing activities on a three-year period ending in 2023. For Afreximbank, this partnership is in line with its strategy of promoting “the coherent expansion and diversification of African trade in order to increase Africa’s share in world trade.” Strengthening and collaborating with African institutions based on indigenous knowledge is part of the Bank’s strategy “. According to Benedict Oramah, president of the bank, “The African Technology and Policy Studies Network has demonstrated,…

The International Monetary Fund (IMF) forecasts a growth rate of 10.8 for Senegal in 2023, making the country the most dynamic economy in terms of growth. In its recent report entitled “Regional Economic Perspectives Sub-Saharan Africa: One Planet, Two Worlds, Three Realities” published in October, the institution indicates that Senegal is one of the countries that recorded the largest jump in terms of points since for 2022 , this rate is expected at 5.5%. A dynamism which should result, according to the IMF, by a gain of 5.3 points, in only two years, for the country. On the continent, Senegal…

The Radisson hotel group has announced that it has achieved a record year in Africa and the Middle East, with 21 signings and seven hotel openings completed to date. On the continent, the group carried out an expansion campaign, notably with the announcement of eight hotels in Morocco, the entry into Thakher Makkah with nearly 1,000 rooms, as well as the introduction of the Radisson Individuals brand in Africa. , and Africa’s second Radisson RED in South Africa. “For the remainder of the year, we will continue to build on the success and momentum we have had so far, focusing…

Foreign direct investment (FDI) flows to Africa grew 16% to $ 23 billion. Sub-Saharan Africa’s share is estimated at $ 18 billion, and North Africa has a total of $ 5 billion in inflows. According to the United Nations Conference on Trade and Development (UNCTAD) investment trend monitoring report, global FDI flows reached about $ 852 billion in the first half of 2021. Figures that indicate a rebound momentum stronger than expected by 78%. “The rapid recovery in FDI and the optimistic outlook mask the growing divergence in FDI flows between developed and developing economies, as well as the delay…

Members of the Africa Investment Forum team announced two projects with a joint value of around $ 140 million. The announcement was made at a virtual investor roundtable, held on October 21, which is part of a series of events hosted by the Africa Investment Forum. The first project, costing $ 96 million, involves the development of a 250-bed specialized hospital providing world-class health services in West Africa. The country to host the infrastructure, however, has not been disclosed. The second concerns the construction of a $ 45 million WHO prequalified vaccine production plant in East Africa that will be…

US technology services giant Google plans to invest $ 1 billion in Africa to support “digital transformation” on the continent. The investment will be made under the “Google for Africa” ​​program, according to Sundar Pichai, CEO of Google. The program will include landing an undersea cable on the continent to accelerate internet speeds for small businesses, providing low interest loans to small businesses, investing in African start-ups , the provision of vocational training, etc. “We have made tremendous progress together over the past decade – but there is still work to be done to make the internet accessible, affordable and…

Senegalese Abdoulaye Elimane Dia, CEO of Holding Fortunes Capital, died on Thursday August 5th of an illness at Aristide le Dantec hospital in Dakar. Very involved in development issues, the mayor of Demette was political leader of the Alliance for the Republic (APR) and led a movement called Alliance for the Development and Emergence of Podor (ADEP). A successful political actor and businessman, Kaladio, as his relatives affectionately called him, began his schooling in Ndembat Kane in the Matam department. Abdoulaye Elimane Dia is a Master in Business Law and also holds a PHD in Portfolio Management, an MBA in…

Trade between Egypt and Nigeria experienced remarkable growth during the year 2020. This significant growth translated into a total of $ 181 million, including 1 million imports from Nigeria to Egypt, an increase of 45%. According to the head of Nigeria’s trade office, Amr Tantawy, in a statement made Tuesday at a seminar on “Opportunities for Developing Egyptian Furniture Exports to Nigeria”, there is a boom in most items of goods. Egyptian exports to Nigeria, to save about $ 180 million. “Nigeria has a local furniture industry which covers between 50-60% of the market needs, but there is still an…

The Asset Management Corporation of Nigerian (AMCON) announced on Tuesday July 27 that it had acquired Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re). The two insurance companies were owned by businessman and politician Jimoh Ibrahim and seized for a debt of 69.4 billion naira ($ 168 million). The buyout was approved by the National Insurance Commission (NAICOM), as well as the new board of directors and new management of both companies. “The reconstitution of the board of directors and management team of the two insurance institutions in Nigeria aims to ensure that companies continue their quest for…

The Communal Equipment Fund (FEC) and the French Development Agency (AFD) signed two financing agreements for a credit line of 200 million euros (237 million dollars), accompanied by a technical assistance grant of € 3.5 million ($ 4.15 million). These agreements relate to support for the convergence and resilience of the Kingdom’s territories and to support the current imperative of economic recovery. According to a joint press release published to this effect, the dedicated subsidy allows the establishment of incentive mechanisms (equipment subsidies, technical assistance offer) offered by the FEC in support of the investments that most significantly contribute to…

Africa Finance Corporation (AFC) has announced the appointment of Kirstine Damkjaer, former CEO of Danish export credit agency EKF, to its board of directors as an independent non-executive director. Formerly of the International Finance Corporation (IFC) and the World Bank where she was notably Global Head of Industry Equity, Manager in the Global Infrastructure and Natural Resources Department, Director of the Asset Management Company of IFC and Senior Portfolio Manager at the World Bank Treasury, Pension Scheme and Endowment Fund, the qualified Chartered Financial Analyst (CFA) with a Masters Degree from Aarhus University (Denmark) will sit on the committee audit…

The South African short-term insurance (STI) industry has made record profits during the pandemic and has no reason to further delay the settlement of all outstanding business interruption claims due to the Covid-19. This is the result of a study conducted by Dr Roelof Botha, economic advisor of Optimum Investment Group, and Keith Lockwood of the Gordon Institute of Business Science, published on July 6, 2021 on the great disparity between the substantial financial gains made in the over the past year by short-term insurers and their clients. Despite the closure of several businesses linked to the economic and financial…

Through an agreement signed on Wednesday July 8 with Janssen Pharmaceutica NV, the United Nations Children’s Fund (UNICEF) will provide up to 220 million doses of the single-dose J&J vaccine to member countries of the African Union (UA) by the end of 2022. The Union is expected to receive some 35 million doses by the end of this year. The deal comes as the African continent faces the largest increase in COVID-19 cases to date, and vaccine supply challenges have left many countries with large unvaccinated populations. It will allow, among other things, the implementation of the Advance Purchase Commitment…

In Haiti, the outgoing Prime Minister, Claude Joseph, announced the assassination of President Jovenel Moïse, killed in an armed commando attack on the night of Tuesday to Wednesday July 7 in his private residence. The first lady is injured. “Around one in the morning, a group of unidentified individuals, some of whom spoke in Spanish, attacked the private residence of the President of the Republic and thus fatally injured the Head of State”, announced the head of government in a press release quoted by France 24. “Condemning this odious, inhuman and barbaric act”, the Prime Minister calls “the population to…

Former vice-president – responsible for compliance at State Street Bank in Paris, Senegalese Mouhamed Ba has been appointed interim auditor general of the African Development Bank (AfDB) group. The appointment took effect on June 1. In a statement from the institution dated July 6, AfDB President Akinwumi Adesina hailed the decision. “Mr. Mouhamed Ba has extensive experience of Bank processes and systems, as well as a good understanding of the priorities and strategic challenges of our institution. The combination of these strengths will allow him to effectively manage the internal audit function until an Auditor General is appointed as the…

Ghana will issue up to $ 2 billion in green and social bonds by November. The proceeds from these durable bonds will be used to refinance debt used for social and environmental projects, Ghana Finance Minister Ken Ofori-Atta said in an interview with Bloomberg. This operation will make Ghana the first African country to sell debt to finance development programs. The country plans to borrow up to $ 5 billion in international markets this year. “The bonds are expected to be issued in the fall and the maximum could be $ 2 billion”, after Ghana already sold $ 3.03 billion…

Nigerian authorities are calling on the international maritime community to urgently end the war risk insurance premium currently charged on ships bound for their coast. According to the Director General of the Nigerian Maritime Administration and Security Agency (NIMASA), Dr Bashir Jamoh, the country has put in place a security infrastructure aimed at eradicating various risks encountered in Nigerian territorial waters. “Nigeria is not at war. Whether they decide to classify Nigeria as a war risk area due to piracy or try to collect the war insurance premium after accepting that we have invested a lot, and having appreciated the…

The Africa Finance Corporation (AFC) has announced that it has embarked on a new international strategy to attract new shareholders. This strategy mainly concerns the Gulf regions and Europe and will expand the possibilities of financing an infrastructure gap estimated at 170 billion dollars each year in Africa. In a joint interview with Bloomberg and published Thursday, June 25, Sameh Shenouda, AFC’s chief investment officer and Sanjeev Gupta, its chief financial officer, said the financial institution is “in talks with a large sovereign wealth fund. European and with one of the largest sovereign wealth funds in the Gulf ”. Both…

The Moroccan Ministry of Economy, Finance and Administrative Reform and the International Finance Corporation (IFC) signed a memorandum of understanding on Wednesday, June 23 in Rabat, with the aim of consolidating their partnership and stimulating recovery economic. The agreement includes a commitment by the IFC to support the New Development Model (NMD), as well as its reform program to boost post-pandemic economic recovery. IFC will also support the implementation of the Mohammed VI Investment Fund and the scaling up of high impact projects and potential investors. “The IFC will also support the implementation of the reform of public enterprises by…