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Category: Banking & Fianace

  • Inaugural Board Meeting of the African Continental Free Trade Area (AfCFTA) Adjustment Fund Corporation holds in the Republic of Rwanda

    Inaugural Board Meeting of the African Continental Free Trade Area (AfCFTA) Adjustment Fund Corporation holds in the Republic of Rwanda

    KIGALI, Rwanda, October 6, 2023/ — Following the mandate by the African Union (AU) Summit of Heads of State and Government and the AfCFTA Council of Ministers responsible for Trade , Afreximbank (www.Afreximbank.com) and the AfCFTA Secretariat were mandated to establish and operationalise the AfCFTA Adjustment Fund through a General Partnership – the AfCFTA Adjustment Fund Corporation – with operations of the Fund domiciled in Rwanda.

    The Fund will support countries and private entities through financing, technical assistance, grants and compensation funding in their transition to the new trading regime and mitigate any negative impacts that may arise during this process. By providing targeted support, the Fund aims to ensure that no country is left behind and that the benefits of the AfCFTA are shared equitably and in a sustained manner across the continent.

    The inaugural board meeting of the AfCFTA Adjustment Fund Corporation held today in Kigali. The board members deliberated on key issues that will serve as a foundation for the successful operationalisation of the AfCFTA Adjustment Fund. Amongst these include the appointment of the Fund for Export Development in Africa (FEDA), the impact investment platform of African Export-Import Bank, as the Fund Manager for the Adjustment Fund.

    The AfCFTA Adjustment Fund consists of three sub-Funds namely, the Base Fund, the General Fund, and the Credit Fund. The Base Fund will utilise contributions from AfCFTA State Parties as well as grants and technical assistance to address tariff revenue losses that would result from the implementation of the AfCFTA Agreement. The General Fund will finance the development of trade enabling infrastructure while the Credit Fund will be used to mobilise commercial funding to support both the public and private sectors enabling them to adjust and take advantage of the opportunities created by the AfCFTA.

    Mr. Jean-Louis Ekra, Chairman of the Board of the AfCFTA Adjustment Fund Corporation, said: “It is important to note that the Adjustment Fund is not intended to perpetuate dependency, rather, it is designed to foster self-reliance. Its resources are aimed at assisting countries in overcoming temporary hurdles and building the foundations for long-term economic resilience. Through careful investment and strategic planning, Member States can utilise the Fund’s support to enhance their productive capacities, diversify their economies, and accelerate progress towards sustainable development goals. It gladdens my heart to be an active participant in this noble demonstration of history in the making. I enjoin all of us to seize this historic opportunity to unlock Africa’s vast potential, strengthen regional integration, and forge a brighter future for all, together.”

    H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, said: “This inaugural meeting of the Board of the AfCFTA Adjustment Fund heralds a commendable milestone in the successful implementation of the Agreement. In collaboration with our strategic partner Afreximbank, we are commited to provide the necessary support to State Parties and private entities through the Adjustment Fund. The Board, composed of experts and driven leaders of the continent, will carry out the necessary actions to ensure compliance with all rules and regulations.”

    Dr. George Elombi, Executive Vice president, Governance, Corporate and legal Services of Afreximbank, said: “Afreximbank welcomes the convening of the first Board meeting of the AfCFTA Adjustment Fund, which marks a significant milestone in advancing implementation of the African Continental Free Trade Agreement (AfCFTA). Given the enormous potential the AfCFTA holds for the continent, the Bank is exceptionally pleased to be a strategic partner to the AfCFTA Secretariat in establishing the Adjustment Fund. We are also pleased that our subsidiary, the Fund for Export Development in Africa (FEDA) has been appointed as the fund manager.”

    Marlene Ngoyi, Chief Executive Officer of the Fund for Export Development in Africa, said: “FEDA is honored to have the opportunity to play a role in unlocking the vast potential of the African Continental Free Trade Area (AfCFTA) agreement. This transformative agreement has the power to create a more prosperous, equitable, and sustainable future for millions of people across the continent. The appointment of FEDA as the investment manager of the AfCFTA Adjustment Fund General Fund and Credit Fund demonstrates the AfCFTA Secretariat’s, Afreximbank’s, and FEDA’s commitment to the urgent realization of this grand vision.”
    Distributed by APO Group on behalf of Afreximbank.

    For further information, please contact:
    Ms. Grace Khoza
    Principal Communications Advisor
    African Continental Free Trade Area (AfCFTA) Secretariat
    E-mail: Grace.Khoza@au-afcfta.org
    Accra, Ghana

    Ms. Elydora Matubanzila
    Communications Officer
    African Continental Free Trade Area (AfCFTA) Secretariat
    E-mail: Elydora.Matubanzila@au-afcfta.org
    Accra, Ghana

    Communication | Marketing | Advocacy Division, African Continental Free Trade Area |
    E-mail: afcftacommunications@au-afcfta.org

    To find out more, please visit our website: https://AU-AfCFTA.org

  • About Proportionality as Principles Expands in Banking

    About Proportionality as Principles Expands in Banking

    About Proportionality as Principles Expands in Banking
    CIBAFI Offers Basel Committee some Insights
    By: Mohammed A. Abu
    The Manama, Kingdom of Bahrain based General Council for Islamic Financial Institutions(CIBAFI) has formally Submitted Comments to the Switzerland based Basel Committee on Banking Supervision (BCB regarding its Consultative Document on “Revisions to the Core principles for effective banking supervision (“Core Principles”) an official statement disclosed in Manama, Thursday.

    CIBAFI noted according to the Press Release, that even though the updated “Introduction to Core Principles” improves comprehension of proportionality, banks still however, express concerns about the way proportionality is applied, particularly as the principles expand.

    Proportionality, CIBAFI also noted, needs to evolve alongside emerging trends and new banking models like Neo Banks and Fully Digital Banks. It is advisable to conduct additional research to uncover specific considerations for applying these principles in the context of these innovative banking models.
    The CIBAFI release signed by its Secretary General Abdellah Belatik said, “We remain at your disposal should you need any further clarifications”, adding, “The General Council for Islamic Banks and Financial Institutions takes this opportunity to renew to the Basel Committee on Banking Supervision (BCBS) the assurances of its highest respect and consideration”.

    CIBAFI is an international body representing Islamic financial institutions globally, who offer financial services and products complying with Islamic rules and principles (Shariah).

    CIBAFI acts as the voice of the Islamic finance industry, and our members comprise more than 130 Islamic banks and non-bank financial institutions, both large and small, from 34 jurisdictions

  • Property developer to issue Sh3bn Sukuk bond

    Property developer to issue Sh3bn Sukuk bond

    By CHARLES MWANIKI
    More by this Author

    Kenya is set for its first Sukuk bond after the Capital Markets Authority (CMA) approved a Sh3 billion issuance by a firm looking to use the proceeds to develop institutional houses.

    The CMA said that it has granted Linzi Finco Trust the go-ahead to float the Shariah-compliant bond, but did not give a timeline of when the issuance is expected to hit the market.

    Kenya has over the years considered issuing Islamic bonds, otherwise known as Sukuk, to help finance its budget deficit, with corporates also looking to such bonds as part of their capital-raising mix.

    Sukuk bonds, which are tradeable on a securities exchange, differ from conventional bonds by representing a beneficial ownership in the underlying asset, as opposed to a debt obligation in the case of the other bonds.

    Islamic law prohibits interest, so Sukuk bonds offer investors a share in the returns generated by an underlying

    These Islamic bonds are, therefore, suitable for financing housing, energy, healthcare, transport, water and sanitation projects.

    “Linzi Finco Trust, the Issuer of this pioneering Sukuk named Linzi Sukuk that offers an internal return of return at 11.13 percent, is set to raise Sh3 billion with the primary aim of developing 3,069 institutional housing units,” said the CMA in a statement on Wednesday.

    “This landmark Sukuk will contribute significantly to expanding the availability of affordable housing and positively impact the lives of many Kenyan citizens. This innovative financing mechanism is expected to attract both domestic and international investors seeking ethical and socially responsible investment options.”

    The path to issuance of Sukuk bonds in the Kenyan capital markets was smoothed by amendments to various laws in the Finance Act of 2017, including the Income Tax and VAT Acts to provide clarity on the taxation of Islamic banking products in the country.

    Other Acts that were amended to recognise Islamic financial products included The Stamp Duty Act, The Public Finance Management Act, the Co-operative Societies Act and the Sacco Societies Act.

    While the Treasury is yet to use a Sukuk bond in its budget financing programmes, this type of security has been considered among the options available to the country to refinance the $2 billion Eurobond that matures next June.

    A Sukuk would, for instance, allow the State to tap into the Middle Eastern financial market for funding, providing an alternative to the Eurobond and syndicated loan markets whose cost of funds has gone up for smaller markets.

    A number of African countries have dipped into the Sukuk bond market in recent years, enjoying oversubscriptions that demonstrate a demand for such issuances.

    Morocco and Nigeria issued $105 million (Sh15.4 billion) and $327 million (NA48 billion) of Sukuk securities,

    SOURCE

    BUSINESS DAILY,KENYA

     

  • Islamic Banking Kicks Off In Uganda As BoU Issues 1st License To Salaam Bank Ltd

    Islamic Banking Kicks Off In Uganda As BoU Issues 1st License To Salaam Bank Ltd

    By Frank Kamuntu

    Uganda’s central bank has issued its first Islamic banking license since the country passed legislation to accommodate Shariah-compliant finance activities in June.

    The license went to Salaam Bank Ltd., a unit of Djibouti-based Salaam African Bank, the Bank of Uganda said in a statement Friday.

    The adoption of Islamic finance, which doesn’t allow the charging of interest, could unlock significant growth in East Africa’s third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds.

    Shariah-compliant assets are among the world’s fastest-growing financial instruments and are forecast to reach $3 trillion worldwide in the next decade, from about $2.1 trillion at the end of 2016.

    “We believe that Islamic banking has the potential to make a significant contribution to the development of Uganda’s financial sector,” the central bank’s Deputy Governor Michael Atingi-Ego said in the statement.

    Salaam African Bank entered the Ugandan market last year through the acquisition of Top Finance Bank Ltd. — part of a broader strategy to expand in East Africa.

    The Ugandan parliament authorized Islamic banking in the country in June.

    CREDIT(SWIFT DAILY NEWS) 

  • CIBAFI and the Securities and Commodities Authority Successfully Launch a Joint Technical Workshop on Digital Transformation Strategy in Dubai, UAE

    CIBAFI and the Securities and Commodities Authority Successfully Launch a Joint Technical Workshop on Digital Transformation Strategy in Dubai, UAE

    12 – 14 June 2023, Manama, Kingdom of Bahrain, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions and the Securities and Commodities Authority, have successfully launched their joint Technical Workshop today in Dubai, UAE.

    This Technical Workshop is themed: Digital Transformation Strategy for Islamic Financial Institutions (IFIs). The workshop is organised with the support of Finastra for three days.
     
    Building on the success of the first edition, which took place in Bahrain in the last quarter of 2022, CIBAFI has conducted the second edition of this workshop, incorporating new content, case studies, and practical examples.

    This joint technical workshop aims to reinforce cooperation between CIBAFI and the Securities and Commodities Authority in developing the Islamic financial services industry (IFSI).

     The two institutions have signed an MoU to seal their commitment in providing initiatives and activities aimed at addressing and enhancing understanding of emerging topics and issues in the industry.

    Commenting on the workshop, Dr. Abdelilah Belatik, Secretary General of CIBAFI said: 
    “Our collaboration with the Securities and Commodities Authority is a keen manifestation of our commitment to work with industry leaders in providing the necessary support for the IFSI. We are delighted to hold the second edition of this workshop in Dubai to emphasise on the paramount importance of digital transformation for IFIs. It is very important for institutions to adapt to the changing landscape and capitalise on the opportunities of technology advancements for enhanced customer experiences and competitive advantage. We are as always, committed to continue spearheading initiatives and activities that raise awareness of the industry’s latest trends and challenges.”

    H.E. Mohammed Khalifa Al Hadari, Deputy CEO of the Securities and Commodities Authority added: “This workshop builds upon the collaboration between the Securities and Commodities Authority and CIBAFI within the framework of the MoU which was signed in 2014. The MoU highlights our commitment to enhance the growth of the IFSI and support digital capabilities in line with global best practices.Technology has become one of the most vital components in the financial sector, and digital transformation is now an urgent necessity for achieving growth and sustainability in IFIs. Through this workshop, we aim to equip participants with the knowledge, capabilities, and necessary tools to develop a successful digital transformation strategy that meets the needs of all stakeholders. This will enable them to attain leading positions regionally and internationally within the IFSI.”
     
    The workshop is attended by a number of senior representatives of Islamic banks and financial institutions, as well as Regulatory and Supervisory Authorities (RSAs). During the workshop, participants will delve into the tools necessary to develop a robust digital transformation strategy that caters to their specific needs and positions them as market leaders. They will also engage with successful case studies from the industry, enabling them to analyse and identify key pillars of success, including leadership, culture, and collaboration.
     
    CIBAFI wishes to thank its Strategic Partner, the Securities and Commodities Authority, its Knowledge Partner, Finastra, and its expert speakers for facilitating the workshop.
     
    The CIBAFI Technical Workshop is aligned with the objective of Professional Development, which aims to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical and targeted towards the staff of Islamic banks and financial institutions, regulators, and practitioners. In addition, they aim to engage participants in the discussion on the current environment of the Islamic banking industry.  
    SOURCE:(CIBAFI)
  • 12th Edition of Annual Investment Meeting Closes on a Positive Note

    12th Edition of Annual Investment Meeting Closes on a Positive Note

    AIM attracted 10,313 visitors from 175 countries, who engaged in 281 sessions featuring 693
    speakers

    Abu Dhabi, United Arab Emirates, May 25, 2023: The 12th edition of the Annual Investment Meeting
    2023, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan,
    Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, came to a grand close,
    after three days of insightful discussions, engaging exhibitions, and fruitful networking sessions.

    This year’s theme “The Investment Paradigm Shift: Future Investment Opportunities To Foster
    Sustainable Economic Growth, Diversity and Prosperity” aimed to provide a platform for global
    investors, entrepreneurs, and policymakers to explore new opportunities and partnerships that will
    drive sustainable economic growth and development.

    Commenting on the successful conclusion, H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for
    Foreign Trade, said, “The Annual Investment Meeting has been a resounding success.

    The annual event has once again provided a platform for business leaders, investors, and government officials
    to come together and explore new avenues for collaboration and investment. As the world continues
    to face unprecedented challenges, and the rapidly evolving global economic landscape, it is more
    important than ever for us to work together and find innovative solutions to these challenges. At this
    year’s AIM, we have seen first-hand the power of collaboration and innovation.

    From the engaging discussions and insightful presentations to the numerous business deals that have been made, this event has demonstrated the tremendous potential of international cooperation. I am confident that
    the relationships and partnerships that have been forged here at the AIM will help to bring about a
    brighter future for us all. I look forward to seeing the fruits of our collective efforts in the months and
    years to come.”

    His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development
    (ADDED), said: “The success of the Annual Investment Meeting 2023 reflects Abu Dhabi’s status as
    global hub for business, investment, and talent as well as the role it plays in setting agenda and
    leading conversations to address current and future challenges and opportunities.

    This year’s edition of AIM served as a platform to engage with key decision-makers, investors, thought and business
    leaders from around the world to double down on the unique attributes of Abu Dhabi’s soaring
    ‘Falcon Economy’ and the ample opportunities it provides to the global investment community to
    grow, thrive, and expand.”

    H.E. Al Zaabi added: “We remain committed to build on our remarkable achievements and continue
    to thrive as the most competitive destination for industry, trade, and finance by offering unparalleled
    business-friendly ecosystem to help global businesses succeed and flourish.”

    Over the course of the event, AIM attracted 10,313 visitors from 175 countries worldwide, who
    engaged in 281 sessions featuring 693 speakers who shared their perspectives, insights, and
    experiences on investment trends, opportunities, and challenges in various sectors and industries.

    This year’s edition of AIM was particularly notable for the 23 Memorandums of Understanding
    (MoUs) signed on the sidelines of the event, including the six Tolerance and Coexistence MoUs such
    as those between the UAE and the Republic of Kazakhstan, the UAE and the Republic of Armenia,
    and the UAE and the Island of Guinea, among others.

    The MoUs, signed between government entities, financial institutions, and private sector firms from
    different countries, covered a wide range of sectors and industries, including finance, healthcare,
    education, energy, and technology. The MoUs aim to promote strategic partnerships and
    collaborations that will drive investment and economic growth across different regions and sectors.

    The AIM 2023 also featured an engaging exhibition that showcased the latest innovations, products,
    and services from different sectors and industries. The exhibition attracted a diverse range of
    exhibitors from different countries and sectors, who demonstrated their products and services and
    engaged with visitors and stakeholders. Some of the key exhibitors were Abu Dhabi Chamber, Abu
    Dhabi Global Market, WeGo, Saud Bahwan, Emirates Development Bank, and Hong Kong Trade
    Development Council.

    Commenting on the success of the event, Dawood Al Shezawi, Chairman of Annual Investment
    Meeting, said: “As we conclude this year’s Annual Investment Meeting, I would like to express my
    gratitude to all of the participants, speakers, and organizers for making this event a tremendous
    success.

    It has been a privilege to witness the many engaging discussions, insightful presentations,
    and innovative ideas that have been shared over the past few days.

    The AIM has always been a platform for bringing together leaders from the worlds of business, finance, and government, and this year’s event has been no exception. From the challenges and opportunities to the latest trends
    and developments in investments, technology and innovation, we have explored a wide range of
    topics that are shaping the future of investment and economic development.

    “As we look ahead to the coming months and years, I am confident that the relationships and
    partnerships that have been forged here at the AIM will help to drive economic growth and create
    new opportunities for people around the world. We must continue to work together to find
    innovative solutions to the challenges we face, and to build a more resilient, sustainable, and
    inclusive global economy.

    Once again, I would like to thank everyone who has contributed to the
    success of this year’s AIM, and I look forward to seeing you all again at future events.”

    The AIM 2023 demonstrated the importance of collaboration, innovation, and sustainable
    development in driving economic growth and prosperity, and the next edition of AIM promises to be
    even more exciting and engaging.

  • How Financial Technology is Shaping Trading and Asset Management ? – GITEX AFRICA 2023

    How Financial Technology is Shaping Trading and Asset Management ? – GITEX AFRICA 2023

    Fintech has revolutionized the way financial institutions manage financial assets, helping them tackle major challenges that arise on a daily basis
    LONDON, United Kingdom, May 15, 2023/ — Under the High Patronage of His Majesty King Mohammed VI, GITEX AFRICA 2023 (https://GITEXAfrica.com/), from May 31 to June 2, 2023 in Marrakech, the largest Tech & Startup event on the African continent, amplifies Africa’s digital aspirations and achievements.
    Capital Quant Agency (https://www.CapitalQAgency.com/), as an innovative Fintech startup, is thrilled to be part of this collaborative global event that showcases an untapped market of limitless opportunities, provides global reach for local African technology and enhances skills to inspire the world to create and to innovate.

    As the world becomes increasingly interconnected, capital and financial markets have become more complex and volatile than ever before, the case of the city of London. The rise of digital technologies and globalization has brought unprecedented opportunities and challenges for investors and financial institutions alike. Technology has enormous potential in Finance, and more specifically in capital and financial markets.

    When it comes to market finance and financial asset management, there has been a huge rise in the use of technology over recent years. This is due to some major challenges faced by financial institutions, trading rooms – asset managers and institutional investors on a daily basis.
    The expression “Fintech” combines the terms “Finance” and “Technology”: it refers to an innovative start-up that use technology to rethink and solve some specific financial services challenges.

    The rise of Financial Technology (Fintech) has transformed the landscape of market finance, and it’s essential for trading rooms and institutional investors to stay informed on this trend. Fintech has revolutionized the way financial institutions manage financial assets, helping them tackle major challenges that arise on a daily basis.

    Through the use of advanced data analysis, Artificial Intelligence (AI), and Machine Learning (ML) algorithms. Some fintech startups like Capital Quant Agency are developing an innovative decision-making software as a service (SaaS) that can help financial institutions optimize their portfolios, assess investment opportunities, and migrate financial risks.

    This is where Capital Quant Agency comes in. As a leading fintech startup, based at Casablanca (Morocco), it can help its clients make more informed decisions, increase efficiency as well as revenue through maximizing transparency, automation, and connectivity. Quantitative analytics require robust, interactive and easy-to-use interface. By leveraging advanced analytics and quantitative resources capable of producing better results for both institutional investors, investment – asset managers, financial institutions and hedge funds.

    The software will help them assess the best investment opportunities, optimize their portfolios and migrate financial risk. Moreover, it is committed to using ethical and responsible practices in all its operations.
    By adhering to high standards of data privacy, cybersecurity, and ethical conduct, Capital Quant Agency helps its clients build trust and confidence in their decision-making process. This is particularly important in an age where unethical practices are becoming increasingly common in the financial industry.

    Fintech is revolutionizing market finance, and it’s crucial for trading rooms and institutional investors to stay informed. Understanding the power of fintech can help financial institutions optimize their operations, streamline their processes, and maximize profitability. However, navigating this new digital landscape requires careful attention to the latest trends and developments in fintech. By staying informed, financial institutions can unlock the full potential of fintech and stay ahead of the game in the ever-changing world of market finance.

    Distributed by APO Group on behalf of Capital Quant Agency.

    SOURCE
    Capital Quant Agency

  • Benin, Côte d’Ivoire to premier African Development Bank’s African Green Bank facilities

    The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030
    ABIDJAN, Ivory Coast, May 15, 2023/ — The African Development Bank (www.AfDB.org) is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI).

    As Africa’s premier development finance institution, the African Development Bank does not only provide fiscal resources to its regional member countries; it also galvanizes global support in promoting resilient, green, and sustainable growth.

    It launched the African Green Bank Initiative in November last year to support the implementation of African countries’ Nationally Determined Contributions (NDCs).

    African countries still face significant challenges in financing their climate transition. While investment needs resulting from NDCs are estimated at $2.8 trillion by 2030, funds invested on the continent still represent a limited share of global green finance flows, and the share covered by the private sector remains limited.

    The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030.

    The Initiative followed an assessment by the African Development Bank and the Climate Investment Funds in six African countries; Benin, Ghana, Mozambique, Tunisia, Uganda, and Zambia.

    The assessment revealed that green banks have significant potential for attracting new sources of catalytic funds when supporting low-carbon, climate-resilient development through blending capital and mobilizing local private investment for green investments in Africa.

    Bank vice president for Energy, Power, Climate and Green Growth, Kevin Kariuki, noted: “The African Green Bank Initiative is a powerful tool for reducing financing costs and mobilizing private sector investments in climate action in Africa.”

    The Initiative would bolster the capacity of local financial institutions to build a robust pipeline of bankable green projects while de-risking investments and entrenching long-term investor confidence toward climate-resilient and low-carbon projects in Africa.

    According to African Development Bank Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, “this technical assistance will enhance local financial institutions’ climate governance, green projects’ origination and monitoring which is therefore key to attract private capital by entrenching long-term investor confidence.”

    Audrey-Cynthia Yamadjako, the Initiative’s coordinator, said some $1.6 million had already been secured to create the first two facilities. She said green finance facilities, newly created or hosted in existing financial institutions, are “the solution to bring private finance at scale in climate action.”

    Climate Investment Funds, a major global climate finance mechanism, Canada Climate Action Africa, the Green Bank Network, and the European asset management firm, Amundi support the initiative.

    Amundi backs the Initiative through technical assistance activities, including training green facilities’ management and investment teams. Amundi will also mobilize its investment vehicles dedicated to sustainable development in emerging markets and developing economies to support green facilities’ capitalization and thus participate in developing green investments across the continent.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    SOURCE
    African Development Bank Group (AfDB)
  • Admirals Expands Global Presence with Opening of New Office in Nigeria

    Admirals Expands Global Presence with Opening of New Office in Nigeria

    Global fintech player expands its presence in the African market

    8 May 2023, Lagos – Admirals, a global fintech leader with 22 years of experience and expertise, has announced the establishment of its the physical presence in Nigeria, aiming to further position itself as a major financial services provider on the African continent.

    Admirals offers a wide range of financial products and services to the Nigerian traders, such as trading with stocks, forex and CFDs on indices, metals, energies, stocks, bonds, and digital currencies. It is also set to boost financial literacy in the region with the help of its educational materials such as courses, webinars, seminars, e-books to name a few.

    The inaugural event was held in Lagos at the end of April, featuring prominent financial services industry experts, Boriss Gubaidulin, Admirals Africa Director, Davies Babalola, Admirals Global Sales Team Lead, and Nelson Daramola, stockbroker and authorised dealer on the Nigerian Exchange Limited (NGX), confirming their commitment to educating and empowering traders with the knowledge and tools needed to succeed in the financial markets.

    Expressing his excitement at the launch event Boriss Gubaidulin, Admirals’ Africa Director, and a veteran in the financial industry said, “We are extremely thrilled to have opened another hub on the African continent.”

    “With Admirals being a well-regulated and renowned global fintech company, we plan to expand our conventional trading by granting access to international financial markets and educational resources in Nigeria,” he continues.

    “Our end goal remains the same, and that is to enhance financial accessibility and literacy for traders in the local region by providing them with strong financial services and support. Admirals is looking forward to helping the growth of our traders, investors, partners, and anyone who is interested in expanding their financial knowledge,” Gubaidulin said.

    Admirals’ Nigeria Manager and Sales Team Lead, Davies Babalola, commented on the launch by stating, “We have received significant traction from traders in Nigeria, which prompted us to establish a local presence to better support our community of local traders in Nigeria.”

    “With this launch we are reiterating our goal to allow traders to safely engage in online forex trading in developing countries, and to diversify their investment portfolio with Admirals’ tailor-made solutions,” Babalola said.

    The Admirals launch event presented attendees with an engaging opportunity to learn about the Admirals brand and the world of trading and investing. Attendees were also informed about the Admirals special trading features such as the Welcome bonus and the No Deposit Bonus, for new and advanced traders to sign up and start trading.

  • Afreximbank to hold 30th Annual Meetings in Accra, Ghana, from 18-21 June 2023

    Afreximbank Annual Meetings are open to all those interested and/or active in promoting African trade and supporting the socio-economic development of African economies
     
    CAIRO, Egypt, April 13, 2023/ — The 30th Annual Meetings of African Export-Import Bank (Afreximbank) (www.Afreximbank.com) will take place in Accra, Ghana, from 18 to 21 June 2023. The event will mark the high point of the Bank’s year-long 30th anniversary celebrations, under the theme “Delivering the Vision. Building Prosperity for Africans”.

    The 30th Afreximbank Annual Meetings and 30th Anniversary celebrations will bring together on one platform thousands of people, including African and Caribbean leaders and senior government officials, African, Caribbean and other policymakers, corporate leaders, bankers, academia and other thought leaders. The meetings will include the Annual General Meeting of Shareholders and an extensive seminar programme, featuring plenaries and side events.

    “We thank His Excellency President Nana Addo Dankwa Akufo-Addo and his Government for graciously accepting to host Afreximbank’s 30th Annual Meetings. Thirty years ago, the founding fathers of Afreximbank launched a bold initiative for Africans. The hard work of the past three decades, in pursuit of that vision, has shaped what Afreximbank has become today. Member States, clients, customers and partners, the business and international trade community, all those in Africa and the diaspora who strive for the prosperity of African people are invited to join us in Accra to celebrate the Bank’s achievements and reflect on its future in an increasingly turbulent world”, said Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.

    Afreximbank Annual Meetings are open to all those interested and/or active in promoting African trade and supporting the socio-economic development of African economies.

    Ghana’s Finance Minister, Hon. Ken Ofori-Atta, noted that, “It is only fitting that the commemoration of this milestone for Africa’s key Trade Finance institution is co-organised by the host of AFCFTA Secretariat, the Government, and people of Ghana, who are determined torch bearers for Africa’s quest for trade expansion and integration. This is another opportunity to deepen cooperation and seek African solutions to Africa’s challenges.”

    Register here (https://apo-opa.info/3MFwv5M) for Afreximbank Annual Meetings 2023 (AAM2023). Afreximbank’s last Annual Meetings took place in Cairo, Egypt in June 2022.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Amadou Labba Sall
    Manager, Media Relations
    Afreximbank
    asall@afreximbank.com

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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

    A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. 

     At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). For more information, visit: www.Afreximbank.com.

    SOURCE
    Afreximbank