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Category: COVER

  • Ethiopian Airlines Group and African Development Bank sign Letter of Intent for financing of world-class Abusera International Airport

    Ethiopian Airlines Group and African Development Bank sign Letter of Intent for financing of world-class Abusera International Airport

    ABIDJAN, Ivory Coast, March 25, 2025/ — The African Development Bank (www.AfDB.org) and Ethiopian Airlines Group have signed a Letter of Intent for the development of the East African nation’s planned Abusera International Airport Project.
    The $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia’s position as a leading aviation hub, and stimulate regional economic growth.

    Chief Executive Officer of Ethiopian Airlines Group Mesfin Tasew Bekele signed the Letter of Intent with African Development Bank Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo, at the Bank’s headquarters in Abidjan on Friday, 14 March.

    Bekele was part of the Ethiopian delegation led by Finance Minister Ahmed Shide. Other members were Adamu Tadele, CFO for Ethiopian Airlines Group; Tiguist Fisseha, Senior Advisor to the Finance Minister; Abraham Tesfaye, Infrastructure Director for Ethiopian Airlines Group; and Berhanu Anbessa, Head of IFIs at the Ethiopian Ministry of Finance.

    The new world-class international airport will be situated in Bishoftu, about 40 km from the current Addis-Ababa Bole International Airport.

    Multinational transportation is key to improving interconnectedness and free movement between countries and contributes to regional integration, one of the Bank’s High Five priorities. The new Abusera International Airport will complement Ethiopia’s recently expanded Bole International Airport, which is expected to reach its annual 25 million passenger capacity limit soon.

    The new infrastructure will enhance Ethiopian Airlines’ role in improving intra-Africa connectivity by enabling a more extensive and efficient network, and strengthening connectivity between Africa and the rest of the world.

    At a meeting with the delegation,  the President of the African Development Bank Group, Dr. Akinwumi Adesina, said, “I’m a great friend of Ethiopia, and of course, Ethiopian Airlines is Africa’s pride, a symbol of excellence and resilience. The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent’s aviation leadership and economic integration.”

    “Today’s signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB’s commitment to supporting Ethiopia’s ambitious flagship air transport project that will not only reinforce Ethiopian Airlines’ competitive edge in passenger and cargo services, but also enhance Africa’s global air connectivity and integration, solidifying the continent’s aviation hub status,” said Finance Minister Shide.

    Ethiopian Airlines Group, Africa’s largest and most successful airline, is advancing its ambitious 2035 growth strategy, which emphasizes network expansion, infrastructure development, and human capital investment to enhance its global competitiveness.

    In the last fiscal year, ending on 30 June 2024, the airline reported record revenues of $7.02 billion (over 402 billion Ethiopian Birr), reflecting a 14% year-on-year increase. It transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically.

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

    Contact: 

    Amba Mpoke-Bigg
    Communication and External Relations Department
    email: media@afdb.org

    SOURCE
    African Development Bank Group (AfDB

  • Commitment to Supporting Integrity and Growth of the Islamic Financial Services Industry

    Commitment to Supporting Integrity and Growth of the Islamic Financial Services Industry

    By: Mohammed A.Abu

    The General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted its comments to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on the Exposure Drafts (EDs) on “Auditing Requirements for Assessing Compliance with Shariah Principles and Rules” and “Principles of Assessment of the Necessity for Obtaining Conventional Reinsurance by Takaful Institutions.”

    Representing the collective perspective of its membership from more than 30 jurisdictions, CIBAFI’s submission highlights several areas requiring further clarification and enhancement in both drafts. For the Shariah compliance auditing framework, CIBAFI emphasized the need for additional guidance on application scope, auditors’ responsibilities, and addressing emerging challenges from digital transactions and AI systems.

    This was contained in an official statement issued in Manama, Bahrain, Sunday.

    Regarding the Takaful reinsurance draft, CIBAFI the statement said, identified key areas for refinement including definitional clarity, numerical thresholds, and structural considerations.

    The organization also noted that certain elements of this draft might be better positioned within revised Shariah Standards rather than Governance Standards.

    “These submissions reflect our ongoing commitment to advancing robust frameworks that support the continued growth and integrity of the Islamic Financial Services Industry,” CIBAFI also stated.

    “CIBAFI continues to support the Islamic Financial Services Industry through advocacy, global representation, and various initiatives including specialized publications and comprehensive professional development programmes”, the organization further stated.

    The complete detailed comments submitted to AAOIFI are available on CIBAFI’s website: www.cibafi.org.

     

     

     

  • Piloting Cedi-Naira Currency Swaps Fintech Solutions

    Piloting Cedi-Naira Currency Swaps Fintech Solutions

    By: Mohammed A. Abu

    Ghana’s Central Bank (Bank of Ghana) has denied some earlier local media publications that it had licensed MTN Ghana to conduct cross-border transactions with MTN Nigeria.

    The bank under its Sandbox programme to study emerging Fintech innovations, has rather approved Brij Fintech Ghana, a licensed Payment Service Provider(PSP) to conduct a limited testing of BrijX-a B2B Currency Swap Platform,it said in a Public announcement in Accra,Thursday.

    The platform the Bank said, is built to act as a digital marketplace that collaborates with banks, mobile money operators and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders.

    The Pilot, which was approved in 2024, the Bank disclosed, began life testing in February 2025, with MoMo Customers and soon with G-Money customers.

    The testing, it added, is safely governed by several restrictions including transaction limits, limits on the number of customers and testing period while it has also ensured, the incorporation of Anti-Money Laundering(AML), Know Your Customer(KYC) and consumer protection requirements.

    “At the end of the pilot project, Bank of Ghana will review the results to determine the appropriateness of the BrijX model to inform future policy” the Bank said adding, “The Bank remains committed to being responsive to stakeholder interest in safe, efficient and affordable cross-border payments particularly in Africa and will continue regulatory exploration through this and other on-going initiatives”

  • Africa Finance Corporation (AFC) Sweeps IJGlobal and Global Capital Awards with Hat Trick of Major Wins

    Africa Finance Corporation (AFC) Sweeps IJGlobal and Global Capital Awards with Hat Trick of Major Wins

    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has been honoured with three prestigious accolades, further underscoring its impact in shaping Africa’s financial landscape.

    At the IJGlobal Awards 2024 held recently in London, AFC was named Guarantor of the Year, Africa, and also received the Market Innovation Award, Africa. 

    The following evening, AFC was recognised with the African Deal of the Year at the Global Capital Syndicated Loan Awards in London. The trio of awards showcase AFC’s pioneering role in infrastructure financing, risk mitigation, and innovative financial solutions that drive sustainable economic growth across Africa.

    AFC’s triple win highlights its lead role in arranging a record €2 billion syndicated facility for the Bank of Industry (BOI), the largest capital raise in the history of African development finance institutions. AFC served as Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor in the successful syndication.

    Leveraging its structuring and credit enhancement, AFC assembled a consortium of international financial institutions for the facility, including Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited (through its Rand Merchant Bank division – London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited, and the Export-Import Bank of India (London Branch).

    AFC has consistently led the way in unlocking international capital markets for African institutions. In 2023, AFC supported the Egyptian Government as Re-Guarantor on a JPY75 billion Samurai Bond Issue, exemplifying AFC’s role as a key enabler of global financing for African sovereigns. This transaction won AFC the Innovation of the Year Award (MENA) at the IJGlobal Awards 2023.

    Earning Guarantor of the Year, the Market Innovation Award, and African Deal of the Year reaffirms AFC’s expertise in attracting global capital to African markets and its commitment to structuring innovative financing solutions that bridge the continent’s infrastructure gap. AFC’s investment strategies continue to drive economic resilience and industrialization across the continent.

    “We are honored to receive these prestigious awards, which reflect AFC’s ongoing mission to unlock Africa’s infrastructure potential through financial innovation,” commented Samaila Zubairu, President & CEO of Africa Finance Corporation. “These recognitions further validate our credentials as a trusted partner in mobilizing capital to drive sustainable development across the continent. We extend our gratitude to our partners and stakeholders whose collaboration has been instrumental in achieving these milestones.”

    Banji Fehintola, Executive Director and Head of Financial Services at AFC, said: “These recognitions from IJGlobal and Global Capital are a testament to AFC’s leadership in structuring innovative financial solutions that de-risk investments and attract international capital to Africa. The success of the €2 billion syndicated facility for BOI demonstrates our ability to mobilize global funding at scale, supporting economic development and industrialization across the continent.”

    The IJGlobal Awards celebrate outstanding achievements in global greenfield and refinancing deals across various sectors that shape the infrastructure and energy landscape, while the Global Capital Syndicated Loan Awards honor the most significant and innovative syndicated loan transactions worldwide.

    Media Enquiries:
    Yewande Thorpe
    Communications
    Africa Finance Corporation
    Mobile: +234 1 279 9654
    Email: yewande.thorpe@africafc.org

    SOURCE

    AFC/APO GROUP

  • President Ramkalawan Presides Over Official Handover of New SBC Headquarters

    President Ramkalawan Presides Over Official Handover of New SBC Headquarters

    The President of the Republic, Mr. Wavel Ramkalawan, accompanied by Vice President Mr. Ahmad Afif, presided over the official handover ceremony of the new Seychelles Broadcasting Corporation (SBC) headquarters at Union Vale Yesterday morning.

    Funded through a generous grant from the People’s Republic of China, construction of the state-of-the-art facility commenced in April 2019 and was carried out by Hunan No.6 Engineering Co. Ltd. Despite delays caused by the COVID-19 pandemic and various technical challenges, the project has been successfully completed to the highest standards.

    The facility consists of three specialized blocks housing the radio station, television studios, and administrative offices, all equipped with cutting-edge technical equipment, marking a significant advancement in the nation’s media infrastructure.

    A key moment of the ceremony was the symbolic handover of keys, first from Chinese Ambassador H.E. Ms. Lin Lan to the Vice President, and subsequently from the Vice President to the Chief Executive Officer of the SBC, Mr. Berard Dupres.

    In her welcoming speech, Chinese Ambassador to the Republic of Seychelles, H.E. Ms. Lin Lan, expressed her deep honour in officially handing over the SBC headquarters to the Seychelles Government. She extended her gratitude for the excellent cooperation between various departments that enabled the successful completion of the project.

    “The broadcasting industry plays a crucial role in modern society by serving as a vital media tool for information dissemination, cultural heritage preservation, and social services. It is a significant driving force of social progress and cultural development,” she stated. “The official handover of the SBC project marks a new milestone between China and Seychelles in cultural communication and cooperation.”

    Addressing the gathering, Vice President Mr. Ahmad Afif expressed profound gratitude to the People’s Republic of China for its generosity and unwavering support. He reflected on the evolution of broadcasting in Seychelles, highlighting its steady progress and modernization over the years.

    “It is a very fast-evolving sector, and we are very proud to see something so modern,” said the Vice President. He expressed confidence that the new facility will enhance SBC’s ability to fulfill its mandate and encouraged all media stakeholders to fully embrace this new asset as they embark on a new era in modern communication.

    The event also featured cultural performances, including traditional songs and dances, celebrating the enduring friendship, mutual gratitude, and productive cooperation between China and Seychelles.

    This landmark development marks a new chapter in the nation’s broadcasting capabilities and stands as a testament to international partnership in support of media development.

    Among the distinguished guests present at the ceremony were the Speaker of the National Assembly, Mr. Roger Mancienne; Principal Minister, Mr. Jean-François Ferrari; Member of the National Assembly, Hon. Andy Labonte; Vice-President of the Chinese People’s Association for Friendship with Foreign Countries, Mr. Yuan Mingdao and his delegation; Chairman and members of the Association for the Promotion of Friendship between Seychelles and China; as well as SBC’s CEO, Deputy CEO, and other esteemed attendees

    SOURCE

    STATE HOUSE 

  • Balancing Energy Security and Decarbonization: African Energy Week (AEW) 2025 to Address South Africa’s Power Crisis

    Balancing Energy Security and Decarbonization: African Energy Week (AEW) 2025 to Address South Africa’s Power Crisis

    CAPE TOWN, South Africa, March 18, 2025/ — South Africa faces a critical energy challenge: securing a stable power supply while transitioning to a low-carbon future. The African Energy Chamber’s (EnergyChamber.org/) State of African Energy 2025 Outlook Report provides a detailed analysis of this shift, highlighting the country’s continued reliance on coal, the slow pace of renewable energy integration and the urgent need for infrastructure investments to modernize the grid.
    These insights will set the stage for key discussions at African Energy Week (AEW) 2025: Invest in African Energies, where industry leaders will examine how South Africa and other mature markets across the continent can balance energy security with decarbonization.

    Coal remains the cornerstone of South Africa’s power generation, contributing over 80% to the energy mix. This heavy reliance has led to ongoing load-shedding – constraining industrial productivity, discouraging investment and limiting GDP growth to less than 1% annually over the past decade.

    Addressing this crisis requires urgent intervention through infrastructure investment, diversification of the energy mix and policy reforms to enhance grid stability and efficiency.
    This will be a key focus for stakeholders at AEW 2025, where discussions will center on accelerating the transition to a more resilient and diversified energy system, enhancing the role of renewables and gas-to-power solutions, and attracting critical investments to modernize the grid and reduce dependence on coal.

    In response to the energy crisis, South Africa has embarked on integrating renewable energy sources. The Renewable Energy Independent Power Producer Procurement Program has been instrumental, with over 7.2 GW of solar PV and 3.6 GW of onshore wind capacity installed by the end of 2023, collectively accounting for over 17% of the country’s total installed capacity.

    Gas-to-power projects have also emerged as a viable solution, with the government issuing requests for proposals for 2 GW of such projects in late 2024. Concurrently, battery energy storage systems are being developed, with the Department of Mineral Resources and Energy launching bid rounds totaling over 1.7 GW/6.9 GWh of storage capacity.

    South Africa’s Just Energy Transition Investment Plan has drawn global interest, securing $8.5 billion in commitments from partners including France, Germany, the UK, the US and the EU. However, disbursement remains a challenge, with only $1.9 billion allocated to date – primarily for grid expansion and support for coal-mining communities.

    As the country navigates the complexities of a large-scale transition, key issues such as grid constraints, the integration of renewables and ensuring a stable, sustainable energy supply will be addressed at AEW 2025.

    Taking place in Cape Town, AEW 2025: Invest in African Energies serves as the premier platform for South Africa and the broader African continent to tackle the critical energy challenges shaping the region’s future.

    The event will highlight strategies to integrate cleaner energy sources while maintaining grid stability and affordability, as well as emphasize modernization of grid infrastructure, addressing capacity constraints and enhancing transmission networks to support a diversified energy mix.

    Beyond technical solutions, securing large-scale investments will be a key priority, as Africa seeks to attract capital for sustainable energy projects that ensure both energy security and environmental responsibility.

    By convening industry leaders, policymakers, financiers and innovators, AEW 2025 will drive forward collaborative solutions, policy reforms and strategic partnerships essential for unlocking Africa’s full energy potential and fostering long-term economic growth.

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE

    African Energy Chamber
  • Africa Tech Festival Appoints Nicolas Pompigne-Mognard, Founder of APO Group, to Leadership Council

    Africa Tech Festival Appoints Nicolas Pompigne-Mognard, Founder of APO Group, to Leadership Council

    By:Mohammed Abu

    The Founder and Chairman of the award-winning Pan-African communications consultancy and leading press release distribution service provider,the APO Group , Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com),has been appointed as a member of the Africa Tech Festival Leadership Council  an official statement,said,in Cape Town,Thursday.

    The Africa Tech Festival (www.AfricaTechFestival.com),the release said,is the continent’s largest and most influential tech and digital connectivity conference, featuring flagship events such as AfricaCom, AfricaTech, AfricaIgnite, and the AI Summit Cape Town. The festival celebrates Africa’s vibrant tech community, attracting hundreds of exhibitors, over 450 speakers, and more than 15,000 delegates annually.

    The Leadership Council of the Africa Tech Festival,it noted, is a prestigious assembly of senior leaders from across the continent, tasked with shaping the future of this premier technology event.

    This select group,it added, provides strategic guidance, shares industry insights, and supports the development of the festival to ensure it remains a cornerstone of Africa’s rapidly evolving tech ecosystem.
    Role and Expectations 
    In his role on the Leadership Council,the release said, Nicolas Pompigne-Mognard will validate and provide feedback on the direction, themes, and features of the Africa Tech Festival, while participating in discussions to address key challenges facing the African tech industry.

    “He will shape the event’s content, experiences, and strategic direction to ensure it meets the needs of stakeholders across the continent, as well as influence the format and structure of the festival to maximize its impact and relevance”the release said,adding,”He will engage in analyst-led discussions and working groups tackling critical industry challenges and network with major stakeholders in African tech to foster collaboration and innovation”

     Nicolas Pompigne-Mognard the release notes,brings a wealth of experience and expertise to the Africa Tech Festival Leadership Council. His vast network across industries, governments, and institutions, combined with his deep understanding of Africa’s media and technology landscapes and extensive business experience, will play a pivotal role in ensuring the event continues to drive innovation, collaboration, and growth across the continent.

    Global Advisory Boards and Committees Serving  Footprint
    Nicolas Pompigne-Mognard, a Franco-Gabonese entrepreneur named among the 100 Most Influential Africans of 2023 and 2024, serves on multiple high-profile advisory boards and international committees.

    These include the Senior Advisory Board of the Canada-Africa Chamber of Business, as well as the Advisory Boards of the African Energy Chamber, World Football Summit, Africa Hotel Investment Forum (AHIF), Bloomberg New Economy Gateway Africa, Sports Africa Investment Summit, EurAfrican Forum, and All Africa Music Awards (AFRIMA).

    He is also a strategic advisor to the Chief Executive Officer of the Royal African Society of the United Kingdom, a strategic advisor to the EU-Africa Chamber of Commerce, and a special advisor to the President of Rugby Africa, the governing body of rugby in Africa.

    APO’s International Clientele
    Nicolas’ wholly-owned company, APO Group,the release  is the premier award-winning Pan-African communications consultancy and press release distribution service, providing services to 300+ clients, including Nestlé, Coca Cola, TikTok, DHL, Marriott Group, Ecobank, Canon, Microsoft, Jack Ma Foundation, African Development Bank, Afreximbank, Africa Finance Corporation, Islamic Development Bank, Liquid Intelligent Technology, Radisson, Boeing, MultiChoice, and many more.

    “I am honored to join the Africa Tech Festival Leadership Council and contribute to shaping the future of this iconic event. Africa’s tech ecosystem is brimming with potential, and the festival plays a critical role in unlocking opportunities for growth and innovation.

    This new engagement also aligns with my commitment to participating in changing the narrative about Africa, showcasing the continent as a hub of creativity, resilience, and technological advancement,” said APO Group’s Founder and Chairman, Nicolas Pompigne-Mognard.

    Other Members of the Africa Tech Festival Leadership Council
    Other members of the Leadership Council,the release added, include Ravi Bhat, Chief Technology and Solutions Officer of Microsoft Africa, Charles Murito, Regional Director, Government Affairs & Public Affairs, Sub Saharan Africa of Google, Brelotte Ba, Deputy CEO of Orange Middle East and Africa of Orange, and Nomsa Chabeli, Group Chief Executive Officer of the South African Broadcasting Corporation (SABC).

    For more information about the Africa Tech Festival Leadership Council, please visit: https://apo-opa.co/3RblJF2
    For more information about the Africa Tech Festival, please visit: www.AfricaTechFestival.com

    Media contact:
    marie@apo-opa.com

    SOURCE

    APO GROUP

  • Global Attention Towards Africa Sours

    Global Attention Towards Africa Sours

    By: Mohammed A. Abu

    The 6th of March this year witnessed the Canadian Government’s launch of Canada-Africa Strategy-A Partnership for Shared Prosperity and Security.

    “With this strategy, Canada is leveraging its long-standing partnerships with African countries to unlock unprecedented opportunities for prosperity and stability from which Canadians and the African people can mutually benefit for years to come,” said the Hon. Mélanie Joly, Minister of Foreign Affairs

    This comes on the back of the African Union and Japan’s expression of commitment to co-creating a Sustainable Future for Africa at a Ministerial meeting ahead of the Tokyo International Conference on African Development(TICAD) 9 Summit last year.

    On the occasion of the launch, a number of stakeholders, including Canada-Africa Chamber of Business members, were invited by the Government of Canada to join a briefing with PS Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs.

    Invited Canada-Africa Chamber of Business members briefly convened for networking and information-sharing, over light refreshments, immediately preceding the briefing. “Aligned with the African Union’s continental blueprint, Agenda 2063: The Africa We Want, Canada’s Africa Strategy was developed over a 2-year period through extensive consultations with Canadian and international stakeholders and African partners and stakeholders,” noted Global Affairs Canada.

    “PS Rob Oliphant effectively described the strategy as the basis for a work plan to which all stakeholders are invited to co-create and deliver as Team Canada,” said Paula Caldwell St-Onge, Chair of the Board of the Canada-Africa Chamber of Business.

    The Chair added: “I am delighted so many Chamber members and sponsors have re-committed to their ongoing work across African markets –  through economic engagement as businesses, in addition to supporting conference programs open to all Canadian companies and African counterparts. Ongoing discussions on this first-ever Africa Strategy will be included in upcoming conferences in Canada and African markets, to accelerate Canada-Africa trade and investment.”

    The Chamber encourages all to get involved in the work plan process as it pertains to the role of businesses, and is committed to ongoing information-sharing, in line with our mission, to further the development of commercial ties – through networking and the exchange of best practice and innovation that enables economic prosperity for all.

    As a non-partisan business organization, the Chamber also thanks and recognizes all elected leaders – from various parties and economic portfolios – both for their invitations to Chamber members to engage directly, as well as their participation in Chamber events as invited guests. Our members look forward to ongoing engagements on trade and investment, in the context of the private sector’s role in market-driven growth.

    A number of Canada-Africa Chamber of Business members attended, following the briefing with their perspectives, and commitments, in support for Canada’s presence in African markets:

    “We applaud the Honourable Minister Joly, Honourable Minister Ng, Honourable Minister Hussen, and Parliamentary Secretary Rob Oliphant on the launch of Canada’s first Africa Strategy,” said Christopher Berschel, CEO of Sealion Cargo Inc, a Chamber member who was among the invitees: “This unified direction, underpinned by a long standing partnership and joint cooperation, lays out 5 key foundational pillars that Canadians and the 54 African nations can stand behind, with a joint sense of drive and pride. As the strategy turns to execution, we – together with The Canada Africa Chamber of Business – look forward to active participation in the development of new connections, new trade facilities, and streamlined trade solutions for both imports and exports.”

    Over 600 attendees joined Africa Mining Breakfast and MineAfrica’s 23rd Annual Investing in African Mining Seminar

    The Canada-Africa Chamber of Business 26th Annual African Mining Breakfast & MineAfrica’s 23rd Annual Investing in African Mining seminar presented by Hatch featured 56 speakers and 620 attendees throughout the morning on March 4th at the Sheraton Hotel.

    The breakfast featured addresses from numerous leaders, including:
    –    The Hon. Ahmed Hussen, Canada’s Minister of International Development
    –    The Hon. Emmanuel Armah-Kofi Buah, Minister of Lands and Natural Resources, Republic of Ghana
    –    Abdul Rahman Amoadu, Managing Director – Africa and Canada, Newmont
    –    Paul Lefebvre, Mayor, City of Greater Sudbury
    –    Joe Lombard, Vice-Chair, Hatch
    –    Paula Caldwell St-Onge, Chair, The Canada-Africa Chamber of Business

    MineAfrica’s spotlight sessions also featured country overviews by African Mining Ministers, project updates by mining CEOs and presentations on current trends in African mining by expert advisers. MineAfrica also had 11 exhibitors (and 85 delegates) in the PDAC Trade Show.

     Africa CEO Forum, Abidjan, May 11-14

    The Canada-Africa Chamber of Business is also partnering in the delivery of the Official Canadian Reception and concurrent program during the Africa CEO Forum, the continent’s largest annual event dedicated to the private sector bringing together over 2,000 business leaders, investors, policymakers, and influential figures from around the world in Cote d’Ivoire this year.

    The Canada Program includes a welcome reception for the Canadian delegation on May 11th, bringing together the business community and other guests at the Official Residence of the Canadian Ambassador in Côte d’Ivoire. The program runs through to May 14th and will also include a networking breakfast, B2Bs, a business panel and informal networking opportunities.

    Supporting the call of the Canadian Embassy to Côte d’Ivoire, the Chamber is encouraging Canadian businesses to participate in the Africa CEO Forum to access rapidly growing markets and explore strategic partnerships in key sectors such as agribusiness, clean technologies, ICT, and infrastructure. In addition to the Chamber’s support for its members in Abidjan, Canada’s Trade Commissioner Service stands ready to assist all Canadian companies attending.

    SOURCE

    The Canada-Africa Chamber of Business

  • ARISE IIP secures $450 million Afreximbank facility for industrial parks, Special Economic Zones development

    ARISE IIP secures $450 million Afreximbank facility for industrial parks, Special Economic Zones development

    In a significant move aimed at boosting industrial development across Africa, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) signed a US$450 million global credit facility with ARISE IIP, the leading pan-African developer and operator of world-class industrial parks.

    This financing will support the development of industrial parks and Special Economic Zones (SEZ), while also providing crucial trade finance support to businesses operating within the ARISE IIP ecosystem. 

    The US$ 450 million, granted in the context of Afreximbank’s strategic objective of promoting, facilitating, and supporting Africa’s industrialisation ecosystems, is part of a proposed US$ 800-million facility to support ARISE IIP in developing Industrial Parks (IPs) and SEZs in such countries as Nigeria, Cote d’Ivoire, Chad, Kenya, Democratic Republic of Congo (DRC) and Malawi, among others.

    Under the terms of the facility agreement, ARISE IIP will deploy US$ 300 million to finance working capital requirements for its operating Industrial Parks (GDIZ-Benin, PIA-Togo, LAHAM TCHAD-Chad, PEIA-Cote d’Ivoire and BSEZ-Rwanda) and for capital expenditures for the development of new industrial parks in DRC, Kenya, Chad, Nigeria and Cote d’Ivoire.

    ARISE IIP will deploy the remaining US$ 150 million to develop an industrial park in Lilongwe, Malawi, and as trade finance for the activities of its export trading company in Malawi under Afreximbank’s Export Agriculture for Food Security initiative.

    Signing the agreement on behalf of ARISE IIP was Arvind Arora, the Chief Treasury Officer, while Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed on behalf of Afreximbank.

    Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank said: “The facility reflects Afreximbank’s ongoing commitment to mobilising financial and technical resources towards the promotion of industrialisation across Africa. This is our way of supporting value addition and structural transformation of African economies.

    We remain eager to collaborate with key stakeholders to build trusted partnerships and to industrialise African countries. Afreximbank strongly believes that IPs and SEZs are veritable tools that Africa can deploy to fast-track industrial infrastructure development and to promote intra-African trade and export development.

    With ARISE IIP as an established developer and operator of IPs and SEZs on the continent, we are confident that this facility will contribute to supporting the continental industrialisation agenda.” 

    Arvind Arora, Chief Treasury Officer of ARISE IIP remarked: “The US$450 million facility represents a major step forward in supporting Africa’s industrialisation efforts. This financing covers critical working capital and capital expenditure needs across various countries, addressing the diverse requirements for industrial development. Africa’s infrastructure investment gap, currently exceeding US$100 billion annually, significantly impacts the continent’s living conditions and its global competitiveness. At ARISE IIP, we are committed to working with strategic partners around the world to bridge this gap and accelerate industrialisation across the continent.” 

    The development of the new IPs and SEZs, along with the expansion of activities in the existing IPs, is expected to result in the attraction of 230 tenants, bringing in an estimated investment of US$ 1.7 billion over the next five years, while total exports from the new IPs and SEZs, once in operation, would reach US$ 5 billion over the five-year period, with domestically-sourced goods and services reaching US$ 3.4 billion.

    In addition, the new investments in the IPs and SEZs are expected to contribute to the creation of 32,000 direct jobs and 138,000 in-direct jobs.

    Afreximbank has been working with ARISE IIP as a strategic partner, focusing on industrialisation initiatives across Africa. The collaboration has seen the Bank and Arise working together on various projects including a USD 5 Billion Africa Textile Renaissance Plan, which intends to create 500,000 MT of African cotton transformation capacity and 500,000 jobs.

    The Fund for Export Development in Africa (FEDA), Afreximbank’s development impact investment arm, invested USD 300 million in the latest fundraising round, which concluded in October 2024. During this round, Arise IIP raised a total of USD 443 million.

    Distributed by APO Group on behalf of Afreximbank.

    Contact details: 
    Vincent Musumba
    Manager, Communications and Events (Media Relations) – Afreximbank
    press@afreximbank.com

  • Resetting Ghana’s Economy to break the Loans and Aid Dependency Jinx

    Resetting Ghana’s Economy to break the Loans and Aid Dependency Jinx

    By: Mohammed Abu

    Ghana’s President John Dramani Mahama in Accra,Thursday,emphasized the importance of backing up good policies with proactiveness on the part of the part of all national stakeholders  in other to  realise  the much desired change in the economic situation of the country.

    “This is a defining moment, but policies alone, no matter how well-couched, will not change our reality—action will” adding, “As your president, I am taking the necessary actions to create growth opportunities and enhance our economic independence”

    President Mahama was delivering his speech to mark the 68th  Independence Anniversary Celebrations at the Office of the President this year instead of holding the event at the Independence park or Black Star Square.

    This, President Mahama explained, was intended to save cost in holding the  annual most important and celebrated event given the economic circumstances the country currently finds herself.

    President Mahama called on young Ghanaians to step up, seize opportunities  being created by his administration and contribute to building a self-sufficient nation as Ghana’s economic future is in their hands.

    Proclaiming self-reliance President noted, while marching straight to the doors of donor agencies, begging bowl in hand, is meaningless.

    His administration he said, is formulating policies based on fiscal discipline and living within our means to break this cycle of dependence and reset our economy while  also striving to expand the country’s  economy to yield prosperity for all.

    “We are working to implement the 24-hour economy program to ensure that our economy never sleeps. This will allow us to create the necessary job expansion, boost productivity, increase our export capacity and trade footprint, and reduce our need for foreign aid”.

    Opportunities

    USD10 Billion Big Push Fund.

    The US$10 billion Big Push Initiative President Mahama disclosed, will also modernize infrastructure, create jobs, and stimulate local industries, ensuring that our development is driven from within rather than funded from outside.

    Agriculture

    Agriculture, President Mahama noted, remains our biggest opportunity to reduce import dependence. With over US$2 billion spent annually on food imports, the Agriculture for Economic Transformation Agenda (AETA) is structured to strengthen local agribusiness and ensure food security.

    Local Food Production Self Sufficiency Interventions 

    The Feed Ghana Programme he further noted,will drive mass food production and stabilize prices. At the same time, the Poultry Farm-to-Table Initiative will boost domestic production and processing to directly address our 95% reliance on imported poultry.

    ‘The success of these policies depends on active citizen participation, particularly from young people. The AgriNext Programme will equip 30,000 youth with land, training, and agribusiness opportunities”.

     Farming Inputs and Logistics Support

    Farmer Service Centres in every district President Mahama said ,will provide access to mechanization, quality seeds, and fertilizers to boost local food production.