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  • Development of Islamic banking in Russia possible through a dual banking system — ministry

    “It comes to the parallel functioning of the traditional and Islamic banking sectors, as has already been implemented in Malaysia, Kazakhstan, and Azerbaijan,” Deputy Economic Development Minister Dmitry Volvach said

    MINERALNYE VODY /Stavropol Region/, May 27. /TASS/. Further development of the experiment on the introduction of partnership financing, aka Islamic banking, is possible through the creation of a dual banking system in Russia, Deputy Economic Development Minister Dmitry Volvach said at the Caucasus Investment Forum (CIF).

    “One of the possible ways for further development [of partnership financing] is seen in the formation of a dual banking system, when it comes to the parallel functioning of the traditional and Islamic banking sectors, as has already been implemented in Malaysia, Kazakhstan, and Azerbaijan. Of course, this will require a serious update of the regulatory framework, a large layer of professional personnel, <…> appropriate modern digital platforms and mechanisms, integration with existing institutions,” Volvach said at the session “Partnership Financing and International Cooperation.”

    According to him, such an approach will increase the stability of the entire financial system, and also “open access to new sources of investment liquidity.”

    “Russia will be able to actively interact with OIC member states to create investment platforms, support infrastructure, environmental and social projects,” he added.

    According to the Deputy Minister, the principles of Islamic banking are in harmony with the ESG concept (environmental – ecology, social – social sphere, governance – corporate management).

    “The values of Sharia particularly emphasize fairness, ethics and sustainability, which makes Islamic financing a natural partner in the ESG transformation of the economy and in the corresponding international agenda. This creates the potential for issuing green bonds, social funds, attracting investors focused on sustainable development,” Volvach stressed.

    According to him, today partner financing represents a “strategic development reserve” that can ensure the influx of additional investment into the country’s economy in the face of external challenges and pressure.

    “Fulfilling the potential will require further consolidation of the efforts of the state and business, harmonization of legislation, digitalization of processes, integration of the global financial structure, but such an approach will certainly create a reliable foundation for further sustainable investment growth,” Volvach noted.

    The experiment on the development of partnership financing is taking place from September 1, 2023 to September 1, 2025 in Russia’s republics of Bashkiria, Tatarstan, Chechnya and Dagestan. Earlier, a bill was introduced to the State Duma, the lower house of the Russian parliament, to extend the experiment until September 1, 2028.

    Islamic banking means conducting banking activities in accordance with Islamic norms. Payment of interest and derivative interest transactions, transactions with conditions of uncertainty, as well as financing of certain sectors of the economy such as gambling, pork production, alcoholic beverages, tobacco, weapons, ammunition are banned.

    You cannot finance trade in all abovementioned areas. Common Islamic banking operations are installments, leasing, and equity financing.

    The Caucasus Investment Forum is underway in Stavropol from May 25 to 27 on the territory of the exhibition center Minvodyexpo. TASS is the information partner of the event.

    SOURCE

    RUSSIAN NEWS AGENCY

  • Nigeria Partners with Chinese Investors on Two New Lithium Processing Plants

    Nigeria is making bold moves to transform its mining sector by launching two major lithium processing plants this year, with significant backing from Chinese investors.

    According to the country’s mining minister, a $600 million facility near the Kaduna-Niger border will be commissioned this quarter, with another, a $200 million refinery near the nation’s capital, nearing completion.

    Alake also stated that there are two other plants under construction in Nasarawa, with completion expected before the third quarter. These projects aim to shift Nigeria away from raw mineral exports and toward domestic value creation, including job growth and tech development.

    The move also aligns with broader reforms targeting local processing, the formalization of artisanal mining, and increased investor participation.

    SOURCE

    Africca.com/Reuters

  • Africa Energy Bank Gears Up for H1 2025 Launch

    Africa Energy Bank Gears Up for H1 2025 Launch

    BRAZZAVILLE, Congo (Republic of the), March 27, 2025/ — Ahead of its H1 2025 launch, the Africa Energy Bank – developed jointly by Afreximbank and the African Petroleum Producers Organization (APPO) – is positioning itself to tackle major challenges in financing, technology and market reliability to accelerate Africa’s oil and gas sector development.

    Speaking at the Congo Energy & Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of APPO, reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent’s energy needs.

    “We should not rest and wait for other countries to develop our own projects,” he said, adding, “At APPO, we have noted three specific challenges for the African continent: finance, technology and reliable markets.”

    With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries. It will primarily finance oil and gas projects, engage in trading and manage risks.

    Countries such as Ghana, Nigeria and Angola have already expressed support for the bank’s objectives. The Republic of Congo has acquired $83.33 million in shares, reinforcing its commitment to the bank’s mission.
    Distributed by APO Group on behalf of Energy Capital & Power.

    SOURCE

    Energy Capital & Power

  • Dr. Khalid Khalafalla Appointed as Acting Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD)

    The Board of Directors of the Islamic Corporation for the Development of the Private Sector(ICD),the private sector arm of the Islamic Development Bank(IsDB), has approved the appointment of Dr. Khalid Khalafalla as Acting Chief Executive Officer (CEO), effective 19 March 2025

    Dr. Khalafalla brings extensive experience from his career within the IsDB Group. Since December 2024, he has been serving as CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

    This was contained in an official statement issued by ICD in Jeddah,Thursday.

    The Chairman of ICD’s Board of Directors, congratulated Dr. Khalafalla on his appointment and expressed the Board’s full confidence and support as he takes on this important responsibility.

    Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

    SOURCE

    Islamic Corporation for the Development of the Private Sector (ICD)

  • DLD Unveils ‘IPS 2025 Conference’ Agenda and Keynote Speakers

    DLD Unveils ‘IPS 2025 Conference’ Agenda and Keynote Speakers

    By: Mohammed A.Abu

    Dubai Land Department (DLD) has announced the agenda for the IPS 2025 Conference, which will take place alongside the exhibition from 14 to 16 April 2025 at the Dubai World Trade Centre (DWTC).

    The event will bring together leading real estate professionals, experts, and innovators to discuss key industry developments and emerging trends.

    Majid Al Marri, CEO of the Real Estate Registration Sector at DLD and Chairman of the IPS Organising Committee, emphasised that the IPS Conference underscores Dubai’s commitment to supporting the real estate sector and fostering a dynamic investment environment.

    This was contained in an official statement issued by the Dubai Lands Department(DLD) in Dubai,Teusday.

    The conference,the statement said, serves as a strategic platform for industry leaders and global experts to exchange insights, explore market opportunities, and drive innovation within the real estate sector.

    The conference agenda,it said, will cover key developments in real estate, including technological advancements, smart analytics, future cities, and women’s empowerment in the industry.

    Additionally,discussions it added,will address capital market challenges, supply chain disruptions, and rising costs, providing attendees with valuable insights and best practices from international markets.

    The Role of Proptech: Transforming Real Estate Management

    A key highlight of the conference will be the session titled ‘Proptech Innovation Showcase: From Manpower to Tech-Power – How Modern Property Management is Transition from Labour-Intensive to Technology-Intensive”, which will explore how real estate management is transitioning from labour-intensive operations to advanced, technology-driven systems.

    The discussion will focus on automation, artificial intelligence, and smart property management tools, demonstrating how these innovations enhance operational efficiency, reduce costs, and improve tenant satisfaction, all of which are critical factors in the evolving landscape of smart cities and digital transformation.

    This session will feature industry experts, including:

    • Abdul Azim Osman, Co-Founder – Nawy (Largest Proptech in Africa)
    • Vitaly Berezka, Regional Head Central Asia, MENA & APAC – Plan Radar
    • Alexander Karabet, Founder & CEO – Mansions Owners Association Management
    • Hamdan Al Kaitoob, VP – Head of Property & Community Management – Deyaar Development PJSC
    • Artyom Meltonyan, Founder & CEO – Deluxe Homes

    The Power of Data in Real Estate Investment

    The conference will also feature a keynote presentation by Sam Mahrabod, CEO and Co-Founder of ROOMVU, titled ‘Real Estate Analytics: A Comprehensive Guide on Predictive Analytics for Large Real Estate Asset Owners.’

    The session will explore how predictive analytics can be leveraged to refine investment strategies, optimise asset performance, and drive data-backed decision-making.

    Additionally, Nikki Greenberg, Founder and Chief Innovation Officer at Real Estate of the Future, will present a thought-provoking session on artificial intelligence in real estate titled ‘AI and Machine Learning in Real Estate: How to leverage AI to predict market trends.’ Attendees will gain insights into how AI-powered tools are revolutionising market forecasting, operational automation, and customer engagement in the industry.

    Empowering Women in Real Estate

    A dedicated conference track will focus on women’s leadership in real estate, under the theme ‘Elevating Global Leadership in Real Estate,’ which will include keynote discussions aimed at fostering gender diversity and expanding leadership opportunities for women in the industry.

    One of the conference’s key sessions, ‘Breaking Barriers: Expanding Women’s Leadership in Real Estate,’ will address strategies for achieving gender equality in leadership roles within global real estate markets.

    Another inspiring session, ‘The Power of Resilience: Women Rising Beyond Challenges,’ will showcase female leaders from diverse backgrounds who have overcome obstacles to build successful careers in real estate.

    Panellists will include:

    • Arleen Davis, Global Real Estate Sales Director – Damac Dubai Property
    • Judge Yaqeen Al Hammadi, Judge – Rental Disputes Center UAE
    • Marlene Llamas Leon, Real Estate Advisor – Realtor

    The discussion will delve into the challenges and opportunities for women entrepreneurs in real estate financing, with industry leaders sharing insights on securing investments, navigating financial networks, and overcoming gender biases in the industry.

     Building Strong Client Relationships in the Digital Age

    Building and maintaining strong client relationships has become increasingly critical as technology continues to reshape real estate interactions. Addressing this shift, Georg Ortner, Founder of Mackler Service AG, will lead a Masterclass titled ‘Building Strong Client Relationships in a Digital Age: Strategies for Effective Client Communication and Retention’

    This masterclass will explore key strategies for understanding customer behaviour, enhancing engagement, and establishing long-term trust, equipping attendees with the tools needed to thrive in the evolving real estate landscape.

    A Must-Attend Event for Real Estate Professionals

    IPS 2025 provides an unparalleled platform for investors, developers, and industry professionals to gain expert insights, explore cutting-edge innovations, and forge strategic partnerships. With a carefully curated lineup of sessions and industry leaders, the event is set to be a landmark gathering for the global real estate community.

    For more information and to register for IPS 2025, visit: www.ipscongress.com

     

     

  • Afreximbank breaks ground on historic state-of-the-art Afreximbank African Trade Centre (AATC) in Barbados, first outside Africa

    Afreximbank breaks ground on historic state-of-the-art Afreximbank African Trade Centre (AATC) in Barbados, first outside Africa

    BRIDGETOWN, Barbados, March 25, 2025/ — African Export-Import Bank (Afreximbank) (www.Afreximbank.com/), Africa’s leading Multilateral Financial Institution, made history today when it broke ground on its first-ever state-of-the-art Afreximbank African Trade Centre (AATC) in the Caribbean, marking a pivotal moment for trade relations between Africa and the CARICOM region.

    The US$180 million Barbados AATC, the first to be established outside Africa, is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections.

    It is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South through Afreximbank’s Global Africa initiative.

    To facilitate the construction of its iconic AATC in its capital, Bridgetown, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane, the former Ministry of Health headquarters.

    Upon completion, the business complex will house Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, 100 room hotel, and a trade and exhibition centre, as well as office spaces for local, regional and international financial and policy organisations.

    This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM’s journey towards economic advancement and regional integration.

    Afreximbank initiated the AATC concept following a 2018 Board decision to create trade facilitation hubs in key commercial capitals across Africa.

    These hubs will provide integrated trade information, services, finance, and ancillary facilities. Nine leading commercial cities were subsequently selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d’Ivoire),Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda) and Tunis (Tunisia).

    They will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.

    Delivering the keynote address during the event, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site’s historical significance as the location of Barbados’ first hospital, opened in 1844 to look after the health of emancipated slaves.

    “My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country – the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.”

    She added: “Professor Oramah, I ask you to accept, on behalf of Afreximbank, this clear offer from the Government of Barbados to make available this gesture of over two hectares of land to ensure that the investment will bring jobs to the people of Barbados; that it will bring foreign exchange and investment opportunities to the people of Barbados and the region.”

    Speaking during the groundbreaking, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, thanked the Hon. Mia Mottley, her government and its people for the warm welcome and for being a strong agent for the reunification of Global Africa and hosting Barbados AATC that will also serve as Afreximbank’s regional CARICOM office.

    Prof. Oramah said: “The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa.

    He expressed confidence that the project would deliver tangible positive economic, community and social impact to Barbados and the Caribbean region by enhancing trade and fostering sustainable development.

    Prof. Oramah assured the Prime Minister and other leaders present that Afreximbank remained committed to supporting the economic growth and prosperity of Africa and the Caribbean by attracting investments, removing barriers to trade and reshaping the narrative of business in the region.

    The event also featured the official handover of the land for the project from the Government of Barbados to Afreximbank. Construction of the complex is projected to take approximately 30 months, generating around 1,000 direct and indirect jobs during this phase.

    Additionally, about 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services. Upon completion, the facility will create 300 permanent jobs, significantly contributing to employment.

    The facility will include a hotel, which will boost the supply of hotel rooms in Barbados, critical for tourism promotion. It will also house the Bank’s office as well as lettable office spaces, which are expected to be occupied by Caribbean businesses as well as African Banks and businesses that are already beginning to do business in CARICOM.

    Afreximbank has extended its credit lines to CARICOM to the tune of US$2.5 billion, aiming to bolster the region’s development, particularly on the backdrop of Guyana and Suriname’s new oil discoveries, expected to impact the entire region once fully commercialised.

    In 2024, the Bank provided Barbados with US$25 million for its Cricket World Cup sports complex refurbishment, and currently has deals worth US$500 million in the pipeline.

    Meanwhile, Hon. Dickon Amiss Thomas Mitchell, Prime Minister of Grenada, noted that in the very short period since the Bank landed by choice on the shores of the Caribbean, the region has benefitted tremendously.

    PM Mitchell added: “Grenada will follow Barbados, Guyana and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada. And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean.”

    Also participating in the groundbreaking ceremony was Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank’s Board Members, the Bank’s Senior Executive Vice President and Vice Presidents and several other notable local and regional government officials and business leaders.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

  • 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

  • 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