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Category: ECONOMY

  • Islamic Development Bank Institute Delivers High-Level Islamic Finance Executive Program Sessions

    Islamic Development Bank Institute Delivers High-Level Islamic Finance Executive Program Sessions

    JEDDAH, Kingdom of Saudi Arabia, November 26, 2023/ — The Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org) successfully coordinated and delivered high-level knowledge-sharing sessions under the theme ‘Islamic finance and socioeconomic development’ on 14 November 2023. The sessions were part of the 6th edition of the Saudi-Spanish Center for Islamic Economics and Finance (SCIEF) Islamic Finance Executive Program.

    IsDBI collaborated with King Abdulaziz University (KSA) and I.E. Business School (Spain) to organize and support the executive program, held from 13-16 November in Jeddah, Saudi Arabia.

    During Day 2 of the program, the Institute hosted two technical sessions and one roundtable delivered by the senior leadership and professional staff of the IsDB Group, with 15 participants attending.

    Mr. Amer Bukvic, Acting Director General for Global Practices and Partnerships, IsDB, delivered the first technical session in which he engaged with the participants on the topic of “Development and Humanitarian Efforts by the IsDB and other Multilateral Development Banks”.  This was followed by another interactive session on the “IsDB Group and Its Smart Operational Paradigm”, delivered by Dr. Muhammad Jameel Yusha’u, Acting Director for the Communications and Outreach Department, IsDB.

    The final spotlight of the event was a highly engaging roundtable session on the topic “Driving Innovative Development: Exploring cutting-edge Solutions by the Islamic Development Bank Institute”, moderated by Dr. Mohammed Alyami, Director of Development Effectiveness Office, ICD. He was supported by three panelists: Dr. Sami Al-Suwailem, Acting Director General, IsDBI, Dr. Hilal Houssain, Associate Manager, Knowledge Solutions, IsDBI, and Dr. Hylmun Izhar, Senior Economist, IsDBI.

    Overall, the full day involved extensive discussions between the speakers and the panelists on the role of Islamic finance in addressing modern-day challenges and how the IsDB Group is playing its role in supporting the socioeconomic development of its member countries and Muslim communities in the non-member countries.

    From the IsDB Institute, the program was technically coordinated by Mr. Syed Faiq Najeeb, Senior Islamic Finance Specialist, with the guidance of Mr. Yahya Rehman, Associate Manager, Knowledge Leaders, IsDBI.

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

    Media contact:
    Habeeb Idris Pindiga
    Associate Manager, Knowledge Horizons
    hpindiga@isdb.org

    SOURCE
    Islamic Development Bank Institute (IsDBI)
  • About Acceleration of Africa’s Reconstruction & Development

    About Acceleration of Africa’s Reconstruction & Development

    ………. As Summit Session Holds  Via Zoom   

    Story: Mohammed A. Abu

    Amidst the geopolitical tensions and fragmentations, emerging new alliances and the evolutionary process the global financial infrastructure is currently going through, Dr. Alexander Chisango, President of the World Economic Congress has called on Africans to look inwardly in finding solutions to the continent’s myriad of development challenges rather than  banging  too much hope on others elsewhere.

    Dr. Chisango who was speaking during a zoom meeting on Thursday on the topic, “Discussion: Acceleration of Africa’s Reconstruction”, noted that, what was more crucial for Africans to do, was to well package, rebrand and market themselves as a people who respect themselves and people who deserve respect and honour.

    Hosted by the World Economic Congress in Partnership with El-Ecojay Developments Group & African Partner Agencies for Reconstruction within the context of a weekly series of Africa Reconstruction & Development Summit Sessions, the event brought together high profile participants from across the continent.

    Touching on the nagging issue of being aligned to the West or East, Brinks, or G20 and so on, Dr. Chisango noted that, Africa need to be circumspect on the matter bearing in mind what best suits Africa’s own economic interest eventually.

    The issue of regional blocs’ alienation he noted, was one that isn’t of common knowledge to many Africans including traditional rulers, local government authorities, among others. That being the case, it could eventually be a “We and them” affair as in the time past.

    Africans Dr. Chisango said, should strive to become what they are uniquely as a people rather than having to be referenced to as belonging to either here or there.

    Touching on the celebration and fun fair that has come to be associated with some natural resources discoveries in Africa with particular reference to oil, he observed that, it is not merely the discovery that matter but to what extent has the exploitation of the resources impacted the lives of the people meaningfully is what is most important.

    He lamented how Africans in resource rich countries would grow old and die without feeling any direct meaningful benefit of their country’s natural resources endowment in their lifetime.

    Dr. Chisango noted that there was the need to draw lessons from the exploits of others elsewhere as it relates to natural resource impact so as to be guided by them and avoid making mistakes of the past . Discussions on natural resources impact results and issue of sustainability, he said was crucial.

    In discussing Africa’s development challenges and efforts there was the need to interrogate how, where, why did an endeavor fail, what has become better after the coup in Mali, Burkina Faso and what has become worse do matter.

    Planning and vision Dr. Chisango emphasized, was very crucial and minus which people perish adding that, the is the need to trend “who we are, where we must be and what we want to become”.

    The zoom meetings on the reconstruction of Africa Dr. Chisango disclosed, would be in series and would entail clusters.

    Various participants made contributions bordering on the relevance of finding solutions to the Africa’s development challenges, the new wave of African youth consciousness and their contributions towards changing the Africa narrative, the need for inter relationship between politics and economics, among others.

     

  • African Development Bank, African Guarantee Fund Kick Off Affirmative Finance Action for Women in Africa (AFAWA) Finance Series in Kenya to Unlock Financing for Women-Led Enterprises

    African Development Bank, African Guarantee Fund Kick Off Affirmative Finance Action for Women in Africa (AFAWA) Finance Series in Kenya to Unlock Financing for Women-Led Enterprises

    NAIROBI, Kenya, November 22, 2023/ — The African Development Bank (www.AfDB.org) through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, in partnership with African Guarantee Fund (AGF) and in collaboration with the Office of the President’s Advisor on Women’s Rights, have inaugurated the 6th edition of the AFAWA Finance Series in Nairobi, Kenya.

    This 3-day event themed “Enhancing Financial Inclusion for Women”, running between 21-23 November, 2023, is a pivotal initiative aiming to revolutionise the financial landscape and foster an enabling environment for women entrepreneurs, facilitating their growth and contribution to the continent’s economic development.

    The AFAWA initiative seeks to increase women’s access to finance in the continent by bridging the $42 billion financing gap for women-led and owned small and medium enterprises.

    Since its inception just over two years ago, the AFAWA initiative has already approved $1.2 billion in funding for women-led enterprises in 32 countries across Africa with a goal to mobilise $5 billion in financing for African women-led businesses by 2026.

    “Financial products need to be tailored to women’s unique lived experiences, needs and aspirations from the start not later when at scale,” said Her Excellency Governor Ann Waiguru, Chair of the Council of Governors in Kenya and the chief speaker at the Finance Series Kenya opening ceremony.

    “Financial institutions face a major challenge in understanding and responding to the unique needs of the women entrepreneurs. We need innovative approaches to improve women’s creditworthiness as traditional collateral requirements only serve to reinforce gender inequalities,” she added.

    The AFAWA Finance Series will emphasise the tangible benefits of gender financing for women-led small and medium enterprises, financial institutions, the Kenyan Government and policymakers. The opening conference will be followed by a 2-day training to sensitize lending institutions on gender smart investing.

    “Kenyan women are known for their resilience and tenacity,” Harriette Chiggai, Women’s Rights Advisor to the Office of the President of the Republic of Kenya told reporters, when detailing table banking, grants and other Government programs targeting women entrepreneurs.

    “The AFAWA Finance Series is an acknowledgement of our commitment to creating an environment where Kenyan women can access essential financial tools for enterprise and development,” Chiggai added.

    The Series explores ways to enhance regulatory frameworks that can boost access to finance for women-led small and medium enterprises. The event will also build understanding of AFAWA’s Guarantee for Growth (G4G) mechanism as implemented by the AGF.

    “Too many women entrepreneurs across the continent are denied opportunities to grow their businesses. We’re here today to help challenge common misperceptions and emphasize that there’s business to be had in offering financial services to women-led enterprises.

    AFAWA understands the challenges women face and the initiative is addressing them head on,” said Marie-Laure Akin-Olugbade, Vice President for Regional Development, Integration and Business Delivery at African Development Bank Group.

    Research shows women are better at repaying loans than men, and typically reinvest up to 90% of their income in the education, health and nutrition of their families and communities.

    “The question we are addressing is how to support women and increase their productivity to fully participate in the GDP of the African economy,” said AGF Group CEO, Jules Ngankam. “Through the AFAWA G4G program we are derisking financial institutions that on-lend to women-led SMEs increasing their appetite for this target market,” he added.

    Previous AFAWA Finance Series have been held in Tanzania, the Democratic Republic of the Congo, Ghana, Angola and Nigeria..

    Representing AFAWA’s donor nations at the Kenya launch were His Excellency H.E. Roberto Natali, Ambassador of Italy to Kenya and Her Excellency Caroline Vicini, Ambassador of Sweden to Kenya.

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

    For further information, please contact:
    Alphonso Van Marsh
    Principal Digital Content and Events Officer African Development Bank
    Email: media@afdb.org
    www.AfDB.org/en

    Diana Aluga
    Group Communications & Public Relations Officer
    African Guarantee Fund
    Cell: +254 732 148 000,
    Email: info.communications@agf.africa
    https://AfricanGuaranteeFund.com

    Emily Njagi
    Scarlet Digital Limited
    Cell: +254 722 615524
    Email: emily@scarletdigital.co.ke

    Hilda Mwangi
    Scarlet Digital Limited
    Cell: +254 718 611543
    Email: hilda.mwangi@scarletdigital.co.ke

    SOURCE
    African Development Bank Group (AfDB)

  • From COP27 to COP28 – key factors for Africa ahead of the 2023 United Nations Climate Change Conference

    From COP27 to COP28 – key factors for Africa ahead of the 2023 United Nations Climate Change Conference

    Opinion Piece By:Tshepo Ntsane, Sustainable Finance Transactor at Rand Merchant Bank 

    The Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) represents an important international forum for countries to gather to discuss and address global climate change issues. However, to date these conferences have tended to be high level and process based, and COP 27 was no exception. – negotiations took place and some of the highlights included the historic establishment of the loss and damage fund which was seen as setting a precedent for climate justice.

    However, agreements on other matters such as phasing out of fossil fuels and setting peaking periods for emissions were not achieved. For African countries in particular, COP 28 marks an important pivot point around funding, just transition and the Nairobi Declaration. There will be a push for realisations on commitments made, and innovative funding mechanisms to drive accelerated climate action now and beyond.

    Making good on promises

    During previous COPs significant commitment were made by developed countries around funding and financial support to help developing nations transition. COP27 saw a funding announcement of about $105 million by eight donor governments to support countries facing the worst effects of climate change, including Senegal, The Gambia, Sao Tome and Principe.

    The pledge adds new funding to the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF), augmenting the $413 million pledged by 12 other donor countries at COP26.

    However, while numerous promises have been made, no concrete action has yet been taken. Of the commitments made at COP15 to provide $100 billion a year to developing countries for climate action, only a quarter – has been achieved. In addition, one of the main concerns raised with the financing is the fact that a large proportion are structured as loans, thereby imposing a debt burden on already debt-stressed developing countries.

    Other issues include transparency of the agreements and timelines for the funding. For many African countries to move forward, these challenges need to be addressed. This will likely be a topic of focus at COP28, as countries in the region look to achieve their own targets for carbon and emissions reduction.

    Not just about transition

    For many developing countries in Africa still heavily reliant on fossil fuels, the issue of transition is not limited to cleaner, environmentally friendly sources of fuel. Entire communities are often built around fossil fuels, such as in South Africa where, in the Mpumalanga province, entire local economies are dependent on the mining of coal.

    When coal-based fuels are phased out and coal mines closed, the impact on people in the coal value chain, including these vulnerable communities and economies that are built around coal mines, will be significant.

    A just transition also involves the reskilling and upskilling of people reliant on coal for their livelihood to ensure they remain productive members of society who contribute to the economy. The timing and funding of skills development initiatives are still up for debate.

    Funding the commitments

    Climate resilience is something all countries are looking to implement, but countries in Africa have unique challenges as well as unique resources and strengths that we need to play to. During COP27 the concept of carbon credit markets and carbon offset schemes emerged, which would allow companies to buy carbon credits to offset their own emissions.

    This would not only open up a potential market for carbon offset projects and investment opportunities for developing countries, it would also help to channel resources into projects that deliver real benefits.

    However, once again the issue of transition reaches beyond transition to transforming African economies. This starts with access to clean energy. The Nairobi Declaration proposes new financing mechanisms to help countries in Africa unlock funding for transition and promote sustainable use of resources to help the region contribute toward global decarbonisation.

    One of the declarations from the Climate Summit in Kenya included a call for developed countries to honour their commitment to provide $100 billion in annual climate finance, as promised 14 years ago at the Copenhagen conference. Furthermore, it included proposals for new debt relief and restructuring interventions and instruments such as extension of sovereign debt tenor and inclusion of a 10-year grace period.

    COP28 will need to see developed countries make good on their funding commitments, while Africa moves forward with an aligned strategy to ensure just transition without leaving anybody behind.

    Distributed by APO Group on behalf of Rand Merchant Bank.

    SOURCE
    Rand Merchant Bank

  • The President attends the official opening of the fisheries week

    The President attends the official opening of the fisheries week

    22 November 2023 | Fisheries

    President Wavel Ramkalawan was the guest of honour at the official opening of the fisheries week, which coincided with World Fisheries Day, November 21. The ceremony took place yesterday morning at the Seychelles Maritime Academy (SMA), Providence. The theme for World Fisheries Day 2023 is – Treasures of our Ocean Slogan – Harmony beneath the waves, sustainability in our hands, which resonates with the mandate and vision of all those in the fisheries sector.

    In his opening address, the Minister for Fisheries and the Blue Economy, Mr. Jean-François Ferrari expressed hope that this week brings opportunities for careers in the fisheries sector, “Throughout this Fisheries Week, we will be sailing on a journey that encompasses various activities aimed at fostering a deeper understanding of the details involved in sustaining our fisheries. The Fisheries Careers Week is an opportunity for us to highlight the diverse and rewarding career paths within the fisheries sector. It serves as an inspiration for you, the young minds of Seychelles, encouraging each and everyone to consider the vast possibilities that lie beneath the surface of our seas,” he said.

    He also announced the launching of a new programme on fish processing that would show the different products that can be done using only resources from the sea. This will be in close collaboration between the Seychelles Fishing Authority and SMA. He commended those who have already embarked on a business in that sector and encouraged others to join as well.

    During his address, the Minister also announced the opening of a new facility for the fishermen to store their equipment in Grand Anse Praslin. “This facility shows the commitment of the Government towards sustainable practices and responsible fishing”.
    In his remark, the Director for the Seychelles Maritime Academy, Captain Anura Herath said that the academy stands as a beacon of collaboration with the Ministry for Fisheries and the Blue Economy, Seychelles Fishing Authority, and other stakeholders. He noted that it also shows the passion of the students for learning and safeguarding our ocean. He noted that this event is a reminder of the collective responsibility that everyone has in preserving our ocean and for sustainable practices as well as finding innovative solutions. He thanked everyone who has helped to make this day a success and commended the students of the academy for their interest and commitment.

    The ceremony was also highlighted by prize giving for the winners of the art competition organized by the SMA, the logo competition by the Department of Fisheries, and the revealing of the new logo.

    The President then toured an exhibition organized by the Seychelles Maritime Academy, the Ministry of Fisheries and the Blue Economy, the Seychelles Fishing Authority, and other valuable partners that displayed a variety of products and services as well as career opportunities available in the fisheries sector.

    Also present at the ceremony were the Minister for Education, Dr Justin Valentin, Chief Executive Officer of the Fisheries Authority, Dr Jan Robinson, and other distinguished guests.

    SOURCE

    Statehouse News Alert

  • Integrated and efficient Payment System for Africa Highlighted

    Integrated and efficient Payment System for Africa Highlighted

    Story: Mohammed Abu

     

    The 2023 edition of Intra African Trade Fair(IATF2023) dubbed, the Africa Continental Free Trade Agreement(AfCFTA) Marketplace has ended in Egypt with emphasis on not just an integrated but most importantly, an efficient payment system for intra African trade

    In a detailed response during a press conference on the final day of IATF2023, H.E. Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, addressed the integration of payment systems among central banks in Africa.

    He highlighted the challenges and successes in implementing a unified payment system. Oramah pointed out that while some regions already have established systems, the goal is to collaborate or integrate these into a singular, more efficient system.

    He emphasized the significant progress made, citing the recent agreement among African Central Banks to adopt a unified architecture for payment systems.

    This move, strongly backed by early decisions at the African Union, supports the implementation of the African Continental Free Trade Area (AfCFTA), signaling a major political and economic milestone.

    Oramah further elaborated on the ongoing efforts to onboard central banks individually, acknowledging the complexity of the task.

    Additionally, he highlighted the collaboration with the Caribbean, mentioning CARICOM states’ agreement to adopt the pan-African system. This decision enhances the potential for increased trade and economic ties between Africa and the Caribbean.

     

    The Intra African Trade Fair or IATF was created as a platform for entry into Africa’s single market of over a billion people joined together through the African Continental Free Trade Area (AfCTA) platform.

    IATF 2023, the third edition of the event, held under the theme “Building Bridges for a Successful AfCFTA”., was hosted by The African Export-Import Bank (Afreximbank), in collaboration with the African Union and AfCFTA Secretariat, that welcomed heads of state, senior government officials; continental/global players in multiple sectors.

    The fair was expected to have attracted 75 participating countries,1600 business exhibitors, entrepreneurs, investors, financiers and 35,000 buyers and visitors with $43 billion worth of trade and investment deals expected to be closed.

    The African Development Bank played a lead sponsorship role given its active involvement on the IATF Advisory Council, and its commitment to AfCFTA implementation under its “Regional Integration” and “Industrialize Africa” High 5 priorities.

    Promoting the competitiveness of African member countries under the AfCFTA agenda also aligns with the Bank’s goal to support private sector development, competitiveness, and strong trade performance for African countries.

    The various sectors covered include agri-agrobusiness, health, environment and climate development, infrastructure – power (renewable energy), water, transport and logistics development.

    Major Outcomes of IATF 2023

    Launch of Intra-African EPC Contract Promotion Programme
    Afreximbank today in Cairo launched a new initiative that will open doors, allowing African contractors to capitalise on various infrastructure investments available across the continent.

    Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, joined by Rania Al-Mashat, Minister of International Cooperation of Egypt, launched the Afreximbank Intra-African Engineering, Procurement and Construction (EPC) Contract Promotion Programme during the Presidential Summit of the Intra-African Trade Fair 2023 (IATF2023).

    Prof. Oramah told guests that the programme was one of the Bank’s initiatives to support the implementation of the African Continental Free Trade Area (AfCFTA), saying that it aimed to enable African companies to successfully bid for, win and execute infrastructure contracts in Africa through capacity building, twinning, market access opportunities, financing, guarantees and technology solutions.

    Afreximbank–Somoil Sociedade Petrolífera Angolana S.A.Deal

    Afreximbank is thrilled to announce the signing of a transformative USD 570 million Dual Tranche Term Loan and Revolving Facility with Somoil – Sociedade Petrolífera Angolana S.A. (Etu Energias)

    Signatories were Mr. Fernando Hermes, Chief Finance Officer of Etu Energias, and Mr. Rene Awambeng, Client Relations Global Head at Afreximbank.

    Etu Energias, the largest private oil company in Angola, has been a valued partner of Afreximbank, with a previously arranged and successfully closed USD 190 million facility in 2022. The new proposed USD 570 million Facility is crucial to further enhance Angola’s participation in the vital oil and gas sector, which contributes over 90% of the country’s exports. This initiative ensures the retention and development of local personnel, reinforcing Angola’s strategic position in this sector.

    Increase of Afreximbank’s Global Facility Limits for Elsewefy Electric to USD 300 million

    Afreximbank has increased its Global Facility limits for Elsewefy Electric to USD 300 million!

    This boost is dedicated to supporting contracting guarantees and working capital needs, empowering Elsewedy to tackle its backlog projects across Africa.

    The partnership with Elsewedy has been a journey of success, executing impactful projects in over 9 African countries. From Zambia to Tanzania, it’s been instrumental in bringing energy solutions and trade-enabling infrastructure to the continent.

    Afreximbank-Oando Deal

    Afreximbank confirmed the signing of a Mandate Letter for a USD 800 Million Syndicated Dual Facility with Oando. This financial package comprises a USD 500 Million Senior Secured Reserve Based Lending facility and a USD 300 Million Receivables Backed Term Loan facility.

    The aim is to fuel a strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited (NAOC). This includes Oil Mining Leases 60, 61, 62, and 63, as well as the entire issued share capital of NAOC, acquired from Eni S.A.

    This move perfectly aligns with the Afreximbank’s unwavering commitment to supporting indigenous African institutions. The facility underscores our dedication to financing transactions that not only boost Africa’s trade but also empower local companies by transferring capacity from foreign institutions to African hands.

    This acquisition is a pivotal moment for Oando, propelling it to new heights in the oil industry by significantly enhancing its production capacity. Beyond that, this financing is a shining example of Afreximbank’s prowess in mobilizing capital for robust transactions within its member nation

    Afreximbank- Griner Engenharia S.A Deal

    In a landmark move towards fostering economic development in Angola and contributing to intra-African trade, Afreximbank announced the signing of a USD 30 million Corporate Loan Facility with Griner Engenharia S.A., a leading Angolan construction company.

    This deal, a term sheet, was signed by Mr. Joao Faria, Board Member of Griner Engenharia, and Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank and signifies a strategic partnership that aligns with Griner’s remarkable track record and commitment to advancing trade-supporting infrastructure in Africa.

    Griner Engenharia, with its commendable presence and activities across multiple African countries, including Angola, Mozambique, Cape Verde, and Ghana, stands as an Intra-African Trade Champion. The USD 30 million facility, split into two tranches, is poised to have a substantial impact on both job creation and trade volumes.

    The provision of this facility is expected to generate over 1,500 job positions, further strengthening Griner’s commitment to fostering employment opportunities in Angola. Additionally, the supported contracts are projected to contribute more than USD 100 million to intra-African trade volumes and an additional USD 135 million to Angolan export volumes.

    Afreximbank-Access Bank Plc 500 Billion Naira Deal

    In a significant milestone, Afreximbank and Access Bank Plc successfully signed a Framework Agreement for a ground breaking 500 Billion Naira Sub Sovereign Financing Programme, empowering selected Nigerian sub-nationals.

    This initiative, realized under the Africa Sub-Sovereign Network Initiative, aimed to bolster economic diversification through the development of trade and trade-enabling infrastructure.

    The selected Nigeria states, including Anambra, Ekiti, Kwara, Ogun, and Oyo, are poised to transform into manufacturing and logistics hubs, catalyzing job creation, elevating income levels, and ensuring the enduring diversification of the Nigerian economy.

    The deal was signed by key stakeholders, including governors of participating states, such as His Excellency Governor Chukwuma Soludo CFR of Anambra State and His Excellency Governor Seyi Makinde of Oyo State. The signatories from Access Bank Plc and Afreximbank included Mr. Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, and Mr. Rene Awambeng, Client Relations, Afreximbank.

    The collaboration marked a monumental step towards fostering economic prosperity and sustainable development.

    Afreximbank launches African gastronomy and culinary arts programme

    The African Export-Import Bank (Afreximbank) launched an African Gastronomy and Culinary Arts Programme under its Creative Africa Nexus Initiative (CANEX).

    The CANEX African Gastronomy and Culinary Arts Programme is the newest vertical within the CANEX programme and featured nine celebrity chefs from Africa and the Caribbean taking part in masterclasses, live cooking demonstrations and conversations with culinary experts.

    The inaugural session of the programme, concluded with a live demonstration, dubbed the “Jollof Wars” to highlight the unique flavours and cultural diversity of Jollof rice among Nigeria, Ghana and Senegal

    Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that the introduction of the programme would help to refocus continental efforts towards local food production to ensure food security, reduce high food costs and imports and minimise the impact of external shocks on Africa’s food supply chain.

    Other deals worthy of mention included the following:

    • Afreximbank announced its approval to participate in a USD 130 million Senior Term Loan Facility, contributing to the USD 168 million total, dedicated to Azikel Petroleum Limited
    • EVP Ms Kanayo Awaniand President of Basketball Africa League (BAL) Mr Amadou Gall Fall have signed a deal announcing the U23 BAL4HER Basketball Camp
    • Afreximbank announced a strategic partnership with the Africa Center marking a commitment of USD 5,000,000 over four years
    • Afreximbank confirms a partnership with the Basketball Africa League (BAL), a collaboration between the International Basketball Federation (FIBA) and the NBA, investing USD 750,000
    • Afreximbank is set to empower Matrix Energy with a USD 100 million Receivables-backed Corporate Term Loan Facility, solidifying its commitment to fostering growth in Nigeria’s oil and gas sector
    • Afreximbank signed a USD 50 million Term Loan Facility in favor of Green Economic Zone Kaduna
    • Afreximbank is providing a USD 75 million Guarantee Facility to Sterling Bank Plc
    • Afreximbank announced a collaboration with Banque Nationale pour le Developpement Economique (BNDE), Senegal involving a EUR 40 million dual-tranche facility
    • Afreximbank announced a EUR 12 million facility extended to SAMAPECHE
    • Afreximbank signs a EUR 11.2 million Term Sheet O3S – Oil Senegal Support Servicesa pioneering 100% Senegalese entity dedicated to Offshore Maritime Operations
    • Afreximbank signed a Memorandum of Understanding (MOU) with CRDB Bank Plcduring the Afreximbank Africa Diaspora Center Announcement

    Two immensely successful editions of the IATF have been held in Cairo, Egypt (2018) and Durban, South Africa (2021

    IATF2023 Stand Awards

    Celebrating Excellence at IATF2023

    Yusuf Daya, Director AU/AFCTFA Relations and Trade Policy, honoured outstanding exhibitors with Stand Awards.

    Recognizing innovation, creativity, and impactful presentations, these awards showcase the pinnacle of excellence at the Intra-African Trade Fair.

    Winners, whose dedication and ingenuity shine bright at IATF2023, included the following::

    • Best Feature Stand Award sponsored by FDH Bank Plc!
    • Most Innovative Stand Award goes to ALGERIA
    • Best AU Youth Stand Award goes to Africa Design
    • ARISE IIPWins Best Business Stand
    • CEO of Mota-Engil Africa and the CFO of Africa receive the prestigious Best Individual Award
    • Chevron received Best Auto Stand Award
    • GEPA wins the prestigious Best Stand Award

    Algeria IATF2025 Host

    Algeria has been selected to host the fourth Intra-African Trade Fair (IATF2025) scheduled to take place in 2025, Chief Olusegun Obasanjo, Chairman of the Advisory Council of the Intra-African Trade Fair and former President of Nigeria, has announced.

    Speaking yesterday in Cairo during the Presidential Summit of the third Intra-African Trade Fair (IATF2023), Chief Obasanjo said that the selection followed a rigorous review of bids received by the Advisory Council for the hosting of the continental event.

    “We congratulate the government and people of Algeria for winning this bid,” he said, adding, “We look forward to converging in Algiers in 2025”.

    Two immensely successful editions of the IATF have been held in Cairo, Egypt (2018) and Durban, South Africa (2021

    Afreximbank has identified intra-African trade as a critical factor for unlocking Africa’s economic potential. Although the share of intra-African trade as a percentage of total Africa trade has increased from 10 percent in 1995 to around 16 percent, it remains low compared to the levels in Europe (59 %), Asia (51%) and North America (37%).

     

     

  • GHash Mining: Lighting up Africa with cryptocurrency mining

    GHash Mining: Lighting up Africa with cryptocurrency mining

    NAIROBI, Kenya, November 14, 2023/ — GHash Mining (https://web.vistx.com) is a leading technology-driven cryptocurrency mining company with a vision to create sustainable value across the cryptocurrency industry. Diversified business covers cryptocurrency mining, mining pools, and data center operations. https://apo-opa.co/3QVBaSH

    Mini-grids will become increasingly important in bridging the energy access gap that still exists, especially in remote rural areas. In 2010, there were approximately 500 microgrid installations in sub-Saharan Africa.

    Although the number has increased significantly, there is still greater acceleration. There are currently over 3,000 installations. According to one estimate (World Bank, 2023), more than 160,000 mini-grids are reportedly needed to meet access needs.

    The International Renewable Energy Agency (IRENA), an intergovernmental organization that supports African countries, noted in its Annual Review of Renewable Energy and Jobs 2023 that “Kenya plays a significant role in the region, deploying mini-grids across Africa. A big part of it.” their transition to a sustainable energy future.

    Commercial financiers often view mini-grids as not worth the investment.

    They are not economically sustainable under the current funding model, particularly as community energy demand remains low so soon after commissioning.

    Such huge capital expenditures are the reason why the dominant model for energy development in Africa to date has been through concessional funding – donations, grants and low-cost debt.

    However, GHash Mining is changing the game by using cryptocurrency mining to help electrify the continent.

    Changed game rules:

    GHash Mining has established 25 small cryptocurrency data centers across the continent to supplement mini-grids. These mini-grids are critical to delivering power to rural communities that are far from the central grid.

    The plan to build 140 small cryptocurrency data centers is expected to be completed in 2024.

    Energy developers do not have to deal with excess stranded energy based on future community needs. Financial Sustainability Collocated mini-grids and small Bitcoin data centers can see financial ROI immediately upon commissioning.

    As anchor tenants, miners provide energy developers with consistent, predictable, and paid energy needs, narrowing the gap in risk-return expectations between energy developers and financiers.

    As primary customers, Bitcoin mining data centers provide initial and ongoing power needs, turning mini-grids into profitable enterprises even during the critical initial stages.

    This new financing model justifies the large initial capital outlay of renewable energy infrastructure, while the demand unleashed by Bitcoin miners benefits households and businesses that previously lacked access to electricity.

    As anchor tenants, Bitcoin mining data centers facilitate sustainable and profitable private investment, driving electrification for hundreds of millions of households in Africa currently living in darkness.

    It’s a win-win-win situation for energy developers, local community businesses and households, and the national utility grid to which these microgrids are ultimately connected. Bitcoin mining data centers facilitate sustainable and profitable private investment needed to power hundreds of millions of households in Africa currently living in darkness.

    The development of microgrids can help provide electricity to rural communities, thereby boosting economic development and improving education and health outcomes. At the same time, cryptocurrency mining operations can generate profits for investors, which can then be reinvested back into the mini-grid to expand its coverage and scale.
    In addition:
    Affected by many factors, the “Economic Outlook for Sub-Saharan Africa” released by the International Monetary Fund (IMF) shows that the inflation rate in the region has reached “a level not seen in decades”, with more than half of the countries having inflation rates exceeding 10%. As of May 2023, Nigeria’s inflation rate reached 22.3%, and the inflation rates in Sao Tome and Principe, Egypt, and Ethiopia were 23.5%, 31%, and 32.7% respectively.
    Decentralized cryptocurrency holding and mining can effectively fight inflation. Protect residents’ wealth.
    In conclusion:
    All in all, GHash Mining is making a significant contribution to the growth of cryptocurrency mining and the spread of electricity in Africa. By leveraging cryptocurrency mining operations to fund mini-grids, GHash Mining is providing a sustainable solution to rural electrification, benefiting both investors and local communities. As Africa continues to develop, we expect GHash Mining’s approach to energy investment and green energy innovation will continue to play an important role in the continent’s development.

    Distributed by APO Group on behalf of GHash Mining.

     

  • President Ramkalawan addresses the First Saudi- African Summit

    President Ramkalawan addresses the First Saudi- African Summit

    10 November 2023 | Foreign Affairs

    Riyadh, Friday 10th November: Seychelles alongside other African nations participated in the first Saudi- African Summit being held in Riyad, Saudi Arabia.
    President Wavel Ramkalawan who is currently leading the Seychelles delegation at the summit, addressed the summit during the African Heads of State speech segment.
    Delivering his statement President Ramkalawan commended His Majesty the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince of the Kingdom of Saudi Arabia for organising the First Saudi-African Summit.
    “This summit, under the theme of “Productive Partnership”, signifies a pivotal shift in the Africa-Saudi partnership. Hence, as leaders, let us embrace this opportunity, engage in meaningful dialogue, and address specific issues to reinforce the vital connections between our nations.  This is a mission that we should pursue together, as equal partners.
    The Kingdom of Saudi Arabia is a strong and trusted partner on which African countries can rely on the shaping of our respective national industries and in enhancing the investment climate by exploring together various areas of cooperation.”
    He highlighted the African Continental Free Trade Agreement, Business-to-business engagements in core sectors and the Investment and Empowerment of Women and the Youth as some of the most promising avenues for the Saudi-Africa partnership.
    “Seychelles appreciates the unfailing support of Saudi Arabia in various sectors, especially through the Saudi Fund for Development. As the Chairperson of the African Island States Climate Commission, I wish to highlight, once again, the negative effects of the climate crisis on Seychelles and other African coastal nations, which extends to food security and socio-economic challenges across the entire continent and beyond.
    The President further emphasized the need to act together as partners and to take bolder actions to address these critical matters, including the adoption of a Multidimensional Vulnerability Index (MVI), which will take into consideration the vulnerabilities of Small Island Developing States and not solely GDP per Capita as a measurement for the level of development.
    “We look to Saudi Arabia to play a broader role in smaller African countries like Seychelles, in building more resilient and productive food systems that will support food security. Furthermore, Seychelles is keen to engage with Saudi Arabia and other African States in sharing experience and know-how on the effective management of our Exclusive Economic Zone of 1.3 million square kilometres, through maritime security, research and development, and innovative policies to combat Illegal Unreported Unregulated fishing, along with addressing illicit drug trafficking.
    President Ramkalwam also spoke about the ongoing crisis in Gaza and Israel as a grave tragedy and a matter of utmost concern for all.
    “Seychelles firmly condemns all attacks on civilians in Palestine as in Israel. We call for an end to those indiscriminate attacks, an immediate cessation of hostilities, and a return to the negotiating table. We also reaffirm our support for a two-state solution, which is the only way forward to lasting peace in the region.”
    In concluding, the President called on fellow African Heads of State and Government and partners present to use the outcome of this very first Summit to maximise own capacities for a healthier and long-term productive partnership between Saudi Arabia and Africa.
    On the margins of the summit, Seychelles and Saudi Arabia also signed the General Cooperation Agreement. The signing of the General Cooperation Agreement between the Governments of Seychelles and the Kingdom of Saudi Arabia marks a significant step towards greater cooperation and connectivity between the two peoples. This agreement also acts as an umbrella agreement that will permit for an enhancement of bilateral cooperation across a diverse range of areas and sectors.
    Other members of the Seychelles delegation attending the summit included the Minister for Tourism and Foreign Affairs, Mr Sylvestre Radegonde, the Ambassador of the Embassy of Seychelles in Abu Dhabi, Amb. Gervais Moumou and Third Secretary Bilateral Affairs Division, Mr James Carpin.
    -End-

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  • Africa Day for Food and Nutrition Security: Zambian Vice President underscores role of grey matter infrastructure development

    Africa Day for Food and Nutrition Security: Zambian Vice President underscores role of grey matter infrastructure development

    LUSAKA, Zambia, November 7, 2023/ — African Leaders for Nutrition (ALN), a platform for high-level political engagement to advance nutrition in Africa, has joined two crucial forums for advancing policy dialogue on agriculture and nutrition in Africa.

    ALN representatives attended the commemoration the 14th Africa Day for Food and Nutrition Security (ADFNS) and 19th Comprehensive Africa Agriculture Development Programme (CAADP) Partnership Platform (PP).

    These platforms are crucial forums for advancing policy dialogue on agriculture and nutrition in Africa. The African Union Commission and its economic development agency AUDA-NEPAD jointly convened the 19th CAADP event to emphasize the interconnectedness of agriculture, nutrition, and trade.

    Hosted by the government of Zambia from the 30th of October to the 2nd of November 2023 in Lusaka Zambia, the two events were held under the theme: “Accelerating the implementation of the African Continental Free Trade Area Agreement in the context of CAADP Commitments for Safer and Healthier Diets”. This builds on the African Union’s 2023 Year Theme – “Accelerating the implementation of the African Continental Free Trade Area (AfCFTA)”.

    In her keynote remarks during the opening, Zambian Vice-President Mutale Nalumango called for urgent action to address hunger and malnutrition in Africa to help advance the continent’s socio-economic transformation.

    “Human Capital investment starts with good nutrition,” Vice President Nalumango said.

    The AU’s Commissioner of Agriculture, Josepha SACKO, highlighted the prevalence of hunger on the continent, saying around 280 million people, or one out of five people, face hunger on the continent.

    She advocated for a non-conventional approach to address inefficiencies in the food system to provide access to nutritious and safe food for all. Noting that food businesses account for 75% of inter-Africa trade, she said adopting a single market under the African Continental Free Trade Area will boost trade, alleviate poverty, and improve nutritious food supplies.

    Further reiterating the nexus between trade and nutrition, Ambassador Minata Samate Cessouma, African Union Commissioner for Health, Humanitarian Affairs and Social Development, said: “The African Continental Free Trade Area agreement is a game-changer for the continent, offering the opportunity to promote economic growth, boost intra-African trade, and improve food security and nutrition.”

    Similar sentiments were shared by the African Union Special Envoy on Food Systems, Dr Ibrahim Mayaki. He advocated for farmers producing about 80% of the food in Africa to be at the centre of an ‘agriculture revolution’ to reduce the continent’s current food import bill of about 60 billion dollars annually.

    He stressed: “We need to re-think our approach to long-term planning. To plan for the long-term, we need to plan in the short-term; that is why the short-term goal of regional integration is crucial – many of our long-term goals depend highly on that”.

    African Leaders for Nutrition co-hosted one of the sub-themes on financing agri-food and nutrition on the 1st of November to explore the role of the private sector in financing and advancing agri-food and nutrition initiatives in Africa. This aligns with the African Development Bank’s drive to make private sector development one of its key priorities for reducing poverty and supporting sustainable growth on the continent through improved investment.

    In his opening remarks at the side event, African Leaders for Nutrition Coordinator George Ouma said, “We need a paradigm shift that opens space and opportunities for actors within the food and nutrition security ecosystem. We need the private sector to drive that change through innovations, investment, and strategic partnerships.”

    More than 300 participants from African Union member states, regional economic communities, continental bodies, United Nations agencies, development partners, academic and think tanks, civil society, and the private sector, attended the four-day session.

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

    Media contact:
    Natalie Nkembuh
    Communication and External Relations
    |media@afdb.org

    SOURCE
    African Development Bank Group (AfDB)
  • Africa Finance Corporation exits stake in Ghana’s Takoradi Port to Yilport Holding

    Africa Finance Corporation exits stake in Ghana’s Takoradi Port to Yilport Holding

    LAGOS, Nigeria, November 2, 2023/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has exited its 35% equity investment in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana’s Takoradi Port, to the global ports and container terminals operator Yilport Holding. This is testament to the Corporation’s ability to attract international 3rd party capital and exit strategic infrastructure assets built by derisking through AFC’s unique project development and construction offering.

    In 2019, AFC committed to invest up to US$138 million in equity and debt for the Takoradi Port Expansion Project. The project, which is approaching the operational phase, reduces the cost of imports and exports to and from the western and central regions of Ghana and neighbouring landlocked countries by modernising a container and multipurpose terminal under a 25-year concession for its design, engineering, financing and construction. Through this transaction, AFC exits its shareholding, while Ibistek and Ghana Ports & Harbours Authority remain as shareholders in the project. AFC will continue to be lender to the project, fully committing to ensuring its success.

    A vital seaport in Ghana’s Western Region, Takoradi plays a crucial role in the nation’s economic growth and regional connectivity. It offers shorter and less-congested links to west and central Ghana, including the Takoradi region, which boasts of substantial agricultural activity including 50% of Ghana’s cocoa production, as well as manufacturing, industrial and business parks, and a growing natural resources sector. The port is also well suited to provide linkages to neighbouring landlocked countries. The project forms part of the country’s national development plan to revitalize and industrialize the western region and enhance Ghana’s overall efficiency and competitiveness by reducing the cost of imports and exports, building local capacity and generating direct employment opportunities.

    Samaila Zubairu, President & CEO of Africa Finance Corporation said, “This exit marks a significant milestone for AFC’s impact on the continent and we take pride in our pivotal role in driving the implementation and de-risking of the Takoradi Port Expansion. The project is reshaping West Africa’s economic landscape and partnering with a reputable investor like Yilport Holding aligns with our mandate to catalyse the inflow of global investment into Africa to transform supply chains, create local jobs and enable resource beneficiation.”

    Yilport Holding, a subsidiary of Amsterdam and Istanbul-based Yildirim Group, has been building world-class, multipurpose port facilities since 2004, with a target to become a top 10 global port operator by 2030. Investment in Takoradi represents an ideal entry point into Africa for Yilport, which plans to transform the port and its adjacent area into a logistics and trading hub, ensuring high volumes of traffic.

    “The acquisition of a stake in the Atlantic Terminal Services through AFC’s valued partnership marks a momentous occasion for Yilport Holding,” said Robert Yuksel Yildirim, Chairman and CEO of Yilport Holding. “This serves as a strategic gateway for us to establish our presence in the African market, and it aligns seamlessly with our commitment to fostering world-class logistics and trading hubs on an international scale.”

    AFC is focused on developing long term infrastructure solutions that improve the resilience and sustainability of cost-efficient supply chain logistics. In the past year, the Corporation has completed construction of two new ports, Terminal à Conteneurs De Nouakchott (TCN) and the San Pedro (TIPSP) Multipurpose Industrial Terminal in Côte d’Ivoire.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC).