News - Afrikan Heroes

President al Sisi of Egypt Urges Consolidated Effort to Promote Intra-African Trade

November 15, 2023

President Abdel Fattah al Sisi of Egypt, participating in the third Intra-African Trade Fair (IATF2023) in Cairo today, called on countries across the continent to consolidate their efforts and promote intra-African trade.

In an address at the Presidential Summit of the trade fair, the President said that Africa’s huge natural resources and its agricultural, educational and mineral potential should be leveraged to drive intra-African trade, adding that there was need for African nations to cooperate positively towards mutual growth.

“As you can see, the capabilities exist and the possibilities exist, but there may be some obstacles and problems that hinder this work,” he said. “Therefore, we in Egypt should always build, develop, rebuild and cooperate in these fields, and nothing less.”

The President expressed the hope that IATF2023 would contribute to the growth of local economies and help overcome existing challenges by fostering regional partnerships, saying that such events were crucial to elevate intra-African trade to the desired level.

Earlier, Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), said that, working with the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat, Afreximbank had supported the delivery of critical AfCFTA-enabling instruments, including the Pan-African Payment and Settlement System (PAPSS) which was making intra-African payments quicker, cheaper, more efficient and in African currencies.

“Afreximbank supports PAPSS with a settlement and clearing fund of US$3 billion,” said, adding that the African Collaborative Transit Guarantee Scheme had also commenced operations in the COMESA Region with Afreximbank as the regional guarantor, making the movement of goods across Africa’s 110 multiple borders easier, faster, and cheaper.

“In combination with the PAPSS, the Transit Scheme will reduce the foreign currency cost of paying for transit bonds,” Prof. Oramah said.

He added that the AfCFTA Adjustment Fund had also been established and would be operational by early next year on US$1 billion which Afreximbank approved in its support.

It could be recalled that former President of Nigeria, Chief Olusegun Obasanjo, Chairman of the IATF2023 Advisory Council and former President of Nigeria, said that the IATF had been a success to date, recording significant milestones, including the introduction of the African Buyers Programme, in the thrust to promote greater trade among African nations. He thanked the Government and people of Egypt for agreeing to host the event at short notice.

“When I look at what has been achieved since November 9, when this edition of our trade fair got off to a start, the word that comes to my mind is outstanding,” Chief Obasanjo said, commending participants for the large number of deals signed and initiatives introduced for the benefit of Africa.

Also speaking, Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, praised Egypt for hosting the IATF for the second time and for supporting the implementation of the AfCFTA. He noted that Egypt had taken the lead in establishing the AfCFTA Trading Company which aimed to strengthen ties among the member countries of the AfCFTA.

Mr. Mene announced that a protocol for investment was in place and that efforts were being made to establish an investment protocol which would assist in the development of the Pan-African Trade Investment Agency to facilitate investments across the continent and support economic growth.

In his own remarks, Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, said that intra-African trade and the AfCFTA were the gateway to prosperity for the countries of Africa.

IATF2023, Africa’s largest trade and investment fair started on 9 November and runs until November 15. It is expected to attract over 1,600 exhibitors and 35,000 visitors, with trade and investment deals worth US$43 billion projected to be concluded during the event.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Afreximbank Launches Intra-African EPC Contract Promotion Programme

The African Export-Import Bank (Afreximbank) has launched a new initiative that will open doors, allowing African contractors to capitalise on various infrastructure investments available across the continent. The launching took place today at the ongoing Intra-African Trade Fair (IATF) in Cairo, Egypt.

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.

“The EPC initiative will help African contractors to participate in the US$60 billion annual infrastructure investments within Africa, unlike the current practice where most of the contracts go to non-African entities,” he said.

Ms. Al-Mashat said that the launch of the programme would have a positive impact on Africa’s agenda for sustainable development.

“It enhances the participation of African companies in infrastructure projects, provides more investment opportunities and facilitates the exchange of information in order to expand partnerships and twinning agreements to drive growth in the engineering, construction and procurement sector,” she said.

Minister Al-Mashat described the platform as a strategic and effective solution to tackle three significant challenges preventing Africa from reaching its potential, including lack of funding, insufficient information and a skills gap. Addressing those challenges was especially crucial to tackling the infrastructure funding gap in the continent, estimated at US$170 billion annually, which could be fixed by promoting international cooperation and attracting investment in infrastructure.

She recommended promoting transparent communication between governments and the private sector to bridge information gaps and tackling skills gaps by providing technical support, capacity building and skills development to build a skilled workforce.

The Minister said that Egypt was eager to boost private sector involvement in development endeavours and to link it to all funding and investment opportunities and technical support provided by multilateral and bilateral development partners, adding, “in order to promote these efforts, I have the honour to announce to you that the platform we are launching today will be linked to the Ministry of International Cooperation’s portal for private sector participation.”

She commended Afreximbank for leading the initiative and providing support to EPC companies in Africa through contracts worth over US$12 billion in the past five years and appealed to international development partners to do more in supporting African companies by providing affordable and low-cost development finance. They should also provide more innovative mechanisms and technical support necessary for implementing infrastructure and green projects in Africa.

Attending the Presidential Summit was host President Abdel Fatah El Sisi of Egypt who was joined by Presidents Emmerson Mnangagwa of Zimbabwe and Lazarus Chakwera of Malawi. Also present were Prime Minister Mostafa Madbouly of Egypt and former President Olusegun Obasanjo of Nigeria, along with several former African vice presidents, serving ministers, other political and business leaders.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Why Bolt Food is Ceasing Operations in South Africa and Nigeria

Bolt Food Country Manager, Edgar Kipngetich Kitur

Bolt Food, the renowned food delivery arm of the ride-hailing giant Bolt, is poised to conclude its operations in South Africa and Nigeria by December 7, citing intensified competition within the online food delivery landscape.

A spokesperson for Bolt conveyed that the decision to discontinue food delivery services in South Africa stems from complex but essential business considerations. The move is aimed at optimizing resources and improving overall operational efficiency. Effective December 8, users will no longer be able to place Bolt Food orders through the app.

While making an exit from the food delivery sector, Bolt reassures its steadfast commitment to other verticals in both countries, prioritizing the delivery of top-notch services to its clientele.

Having commenced operations in South Africa in June 2021 and in Nigeria in October 2021, Bolt Food SA currently serves customers in Cape Town and Johannesburg, while in Nigeria, it operates in Lagos.

In anticipation of market shifts, Bolt Food SA had previously outlined plans to unveil Bolt Market on its platform, transitioning into an online marketplace, as disclosed by Tafadzwa Samushonga, the country manager for Bolt Food SA.

As Bolt Food bids farewell to the South African food delivery scene, new entrants are making their mark in a landscape already dominated by major players such as Mr D Food and Uber Eats. Nevertheless, the industry grapples with challenges stemming from escalating petrol prices, inflation, and economic downturn, impacting the overall food delivery market.

The South African online delivery sector has faced scrutiny since the initiation of the Competition Commission’s (CompCom’s) Online Platforms Market Inquiry in 2020. Following extensive investigation and hearings, the CompCom unearthed evidence of anti-competitive behavior by major players like Mr D Food and Uber Eats, posing obstacles to fair competition in the industry.

The inquiry underscored the hurdles faced by new and smaller local players attempting to enter the market, owing to incentives offered to restaurant partners and the contractual agreements with food establishments. Additionally, dominant food delivery platforms were found to rely on exorbitant restaurant commission fees and substantial promotions, resulting in customers bearing significant surcharges on meal prices.

In response, the commission advocated for increased transparency, specifically urging the disclosure of menu surcharges for each restaurant and the transparent sharing of meal payment between the delivery platform and the restaurant.

Similarly, in Nigeria, the online food delivery market has witnessed remarkable growth, propelled by surging demand for convenience and a diverse array of food choices. According to estimates from IMARC Group, the Nigerian online food delivery market reached a value of $834.7 million in 2022, with projections indicating a compound annual growth rate of 12.2% from 2023 to 2028, reaching $1,719.4 million. Key competitors for Bolt Food in this expanding market include Glovo, Chowdeck, Buyfood, and Jumia Food. Glovo’s recent collaboration with Chicken Republic signifies a notable shift in partnerships within the food delivery industry.

Despite the industry’s growth, the food delivery sector in Nigeria faces multifaceted challenges, encompassing the management of customer expectations, issues related to food handling, market price fluctuations, and logistical obstacles. Nonetheless, the ingrained culture of dining out in Nigeria remains a driving force, continually drawing new customers to food delivery services and contributing to the industry’s sustained expansion.

A New Fund Launched for South African Cleantech Startup: Here’s How To Access It

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Afreximbank Records Deals Worth US$1Billion at Intra-African Trade Fair (IATF2023)

November 13, 2023

As the Intra-African Trade Fair (IATF2023) enters its 5^th day, there has been an upsurge in number of deals and signing of financing and other agreements valued in excess of one billion dollars between the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and several leading business entities from across the continent.

United Bank for Africa PLC – US$ 150 million

The Bank also signed a US$150-million trade finance facility agreement with United Bank for Africa (UBA) PLC, under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, to be utilized to finance trade and trade-related transactions in support of UBA clients to facilitate increased financing of trade businesses in various sectors of the Nigerian economy to mitigate the adverse effects of the Russia-Ukraine crisis.

Signed by Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Oliver Alawuba, Managing Director of UBA PLC, the facility is expected to enhance confidence in the settlement of international trade transactions for strategic imports.

FDH Bank Malawi -ATEX – USD10M

Another facility agreement, for US$10 million, was signed with FDH Bank Malawi to support trade finance in Malawi. Gwen Mwaba, Director, Trade Finance, signed for Afreximbank while George Chitera, Deputy Managing Director, signed for FDH Bank Malawi.

Banque Commerciale du Burundi (BANCOBU) – USD 55 Million

Under a facility agreement with Banque Commerciale du Burundi (BANCOBU), Afreximbank will provide US$55-million trade facilitation limits to BANCOBU to support importation of essential commodities, such as petroleum products, which are important for the Burundi’s trade and manufacturing sector.

Rene Awambeng, Global Head, Client Relations, signed for Afreximbank while Sylvere Bankimbaga, Deputy Managing Director, signed on behalf of BANCOBU during a ceremony witnessed by Audace Niyonzima, Minister of Finance, Budget and Economic Planning, of Burundi.

Banque de Credit de Bujumbura – US$40 Million

Afreximbank also signed an agreement under which it will provide a US$40-million AFTRAF facility to Banque de Credit de Bujumbura (BCB) to support trade finance in Burundi. Signers were Rene Awambeng, Global Head, Client Relations, for Afreximbank and Roger Guy Ghislain Ntwungeye, Managing Director, for BCB.

Exodus and Company – USD141 Million

A term Sheet for a US$141-million intra-African investment finance facility was signed with Exodus and Company. Denys Denya, Executive Vice President, Finance, Administration and Banking Services, signed for Afreximbank while Progress Mambo, Chief Executive Officer, signed for Exodus and Company.

Ora SPV/Vista Group – Eur 140 million

Another term sheet for an EUR140-million intra-African trade investment facility was signed with Ora SPV/Vista Group for funds to be deployed in Burkina Faso. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, signed for Afreximbank while Simon Tiemtore, Chairman of Lilium Capital, signed for Ora SPV/Vista Group.

ADI SPV/Vista Bank – EUR113 million

The Bank also signed a term sheet with ADI SPV/Vista Bank for a EUR113-million facility to be deployed in Burkina Faso. The term sheet was signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank, and Simon Tiemtore, Chairman of Lilium Capital, for ADI SPV/Vista Bank.

Lilium Gold – US$75 Million

Another term sheet signed during the day was with Lilium Gold for a US$75-million senior debt facility for a strategic investment that will significantly enhance Burkina Faso’s mining infrastructure through the acquisition of the Boungou and Wahgnion gold mines. Helen Brume, Director, Project and Asset Based Finance, signed for Afreximbank while Simon Tiemtore, Chairman of Lilium Capital, signed for Lilium Gold.

Sapro Mayoko – US$96 million

The Bank also signed a term sheet with Sapro Mayoko for a US$96-million iron ore mine development facility in Congo. The document was signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank and Paul Obambi, Chief Executive Officer, for Sapro Mayoko.

International Centre for Regional Integration and Trade Research (ICRITR) – MoU

An additional document inked during the day was a memorandum of understanding with the International Centre for Regional Integration and Trade Research (ICRITR) signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank and Prof. Charles Okechukwu Esimone, Vice Chancellor, Nnamdi Azikiwe University, Awka, Nigeria, for ICRITR.

Anambra State – US$200 Million

Earlier on the second day of the trade fair, Afreximbank had signed a mandate letter to provide capital raise financial advisory services to the Anambra State Government of Nigeria for an estimated US$200-million facility to support the development of three major projects in the state, covering the Ikenga Mixed-Use Industrial City Project, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park.

The Bank also signed an agreement to provide the state government with financial advisory services for the development of operational and governance framework for the Anambra Diaspora Fund, including capital raise financial advisory services for the Anambra Intra-City Rail Master Plan project and the Anambra Diaspora Fund. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, signed for Afreximbank while Mark Okoye, Chief Executive Officer, Anambra State Investment Promotion and Protection Agency, signed for the state government.

Central Africa Building Society – US$40 Million

Afreximbank also signed an agreement with Central Africa Building Society (CABS), Zimbabwe’s largest building society, to provide a US$40 million line of credit to help build capacity among hundreds of small and medium enterprises (SMEs). Signed by Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Mehluli Mpofu, Managing Director of CABS, the agreement is for three years and is aimed at fostering the growth of the SME sector by supporting productive sectors, such as agriculture, manufacturing and mining.

Arise Integrated Industrial Platforms (ARISE IIP) – Heads of Terms

The Bank signed a heads of terms agreement with Arise IIP for the implementation of African Quality Assurance Centres (AQAC) projects in Benin and Gabon. Under the heads of terms, Afreximbank will develop AQACs to offer conformity assessment services such as testing, inspection and certification services in Benin, Gabon and, possibly, other African countries in collaboration with Arise IIP within industrial parks developed by Arise to support park tenants and other industries outside to enable them meet local and export market requirements. The AQAC initiative was created by Afreximbank to support African countries to improve their capacity in complying with international standards and technical regulations so as to promote exports and facilitate intra- and extra-African trade while ensuring the safety of products for consumption in Africa.

Gagan Gupta, Founder and CEO of Arise IIP, signed for the company while Oluranti Doherty, Director of Export Development, signed for Afreximbank.

Cooperation Agreements

The Bank also announced the conclusion of cooperation agreements with the Comoros National Investment Promotion Agency (ANPI – Invest in Comoros), the Kenya Private Sector Alliance (KEPSA) and the Kenya Association of Manufacturers (KAM), aimed at accelerating intra-African trade and investment.

The agreements, signed seek to deepen collaboration with the institutions through sharing of ideas, exchange of business-oriented information to facilitate trade and investment, business matchmaking, grants, training, technical assistance and capacity building, inter-institutional cooperation and other agreed activities.

They are intended to increase the impact of Afreximbank’s TRADAR Club, a member-driven network set up to empower international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Winners of Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards 2023 Announced

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org) has announced the winners of the 2023 AWIEF Awards during a glamorous awards ceremony that took place on Friday night in Kigali, Rwanda.

Many inspirational and outstanding African women entrepreneurs excelled this year in creating opportunities and positively impacting lives and communities, driving growth for Africa. Out of the 24 powerful women founders and entrepreneurs selected in September as top finalists by an international and independent panel of judges, 8 winners were announced at the awards ceremony that took place at Kigali Convention Centre, Kigali. The 24 top finalists represented women founders operating in a diverse range of sectors from 14 African countries: Cameroon, Egypt, Ethiopia, Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tunisia, Uganda, Zambia, and Zimbabwe.

The AWIEF Awards ceremony and gala dinner was a culmination of a highly successful two-day AWIEF2023 Conference that attracted more than 500 delegates from over 50 countries, 41 of them African countries. Each year the AWIEF Awards recognise, honour, and celebrate outstanding women entrepreneurs and business owners in Africa and across industry sectors, for their economic performance and contribution to Africa’s growth and social development.

This year’s event unveiled the inaugural AWIEF Lifetime Leadership Award. This award was bestowed on Fatma Samoura, FIFA Secretary General, in recognition of her outstanding leadership and contributions to the world of sports. It was also a tribute to her inspiring impact and accomplishments on a global scale, as the first non-European, the first African and first-ever female to lead FIFA as Secretary General in its 116-year history.

“What an honour to receive the inaugural AWIEF Lifetime Leadership Award. This award is not just for me, but all the people who have dedicated their lives to our game and helped us transform women’s football over the last few years. They have created a beautiful legacy – a FIFA that is focused on football and is respected by international organisations, and a sport that captures the hearts and minds of boys and girls around the world and brings them joy and happiness,” said Ms Samoura.

“We have given more girls and women the chance to play football, even in countries where it would have been considered almost impossible only a few years ago.” Going further in her acceptance speech, Ms Samoura urged women to “invest in African football” as it offers a huge untapped potential.

She said, “Then of course, you women need to invest in football. I will be retiring peacefully in my beautiful country Senegal if at least I got a phone call, by the next Women’s World Cup from many of you saying: ‘Madam, because we saw you in Rwanda and decided to invest in football, today we are club owners.’ So, the ball is in your court, make it happen because you have many talents.”

“Remember one thing: football is the future for Africa, football is the future for building peace across the world. Football is a universal message, football is something that transmits love that gives mind that also transcends borders and brings people together.”

Irene Ochem, AWIEF Founder and CEO, in her AWIEF Awards 2023 ceremony and gala dinner opening remarks said, “Fatma Samoura has shown exceptional leadership in such a male-dominated sector as sports, and in particular, football. She is an inspirational role model for us other women, and we are truly excited about honouring and celebrating her tonight.”

The Winners of AWIEF Awards 2023 are:

YOUNG ENTREPRENEUR AWARD

Salamba Diene, CEO, Biosene Sarl, Senegal

TECH ENTREPRENEUR AWARD

Kidist Tesfaye, Founder & CEO, YeneHealth, Ethiopia

AGRI ENTREPRENEUR AWARD

Nonopa Tenza, Founder & MD, Kevinot Farming, South Africa

ENERGY ENTREPRENEUR AWARD

Ifeoma Malo, Co-Founder & CEO, Clean Technology Hub, Nigeria

CREATIVE INDUSTRY AWARD

Yasmina Belahsen, Founder, MayaDigital, Morocco

SOCIAL ENTREPRENEUR AWARD

Mundih Noelar Njohjam, Medical Doctor, Epilepsy Awareness, Aid & Research Association, Cameroon

EMPOWERMENT AWARD

Zulfat Makarubega, Founder, University of Tourism, Technology & Business Studies, Rwanda.

LIFETIME ACHIEVEMENT AWARD

Dalia Ibrahim, CEO, Nahdet Misr Publishing House, Egypt.

Ecobank was AWIEF Awards 2023 sponsor for the Empowerment Award category.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

“Inequality Breeds Poverty And Threatens Peace”

The President of Ghana, Nana Addo Dankwa Akufo-Addo

– President Akufo-Addo

The President Ghana, Nana Addo Dankwa Akufo-Addo, has urged global leaders help ensure that the progress of the West does not occur at the perpetual expense of Africa and other poor parts of the world. He made this known while speaking at the sixth edition of the Paris Peace Forum on Friday, 10th November, 2023, in France, President Akufo-Addo, in pointing out the unjust situation asked, to a resounding applause, if it necessary for prosperity in Europe, and in the West, including parts of Asia, to be predicated on poverty in the rest of the world; in Africa and other parts.

He solicited the minds of the gathering to consider the necessity of living side by side, where “we can contemplate a world whereby all of us can live together on this planet in relative comfort, and that some people will not live in super comfort and other people in super poverty,” and said “that challenge to the thinking and the mindset of people, is something that in our generation we have to address.”

Continuing, he said “is it possible for us to create a world where all of us live together on this planet in relative ease? The resources of the world are there, never has there been a time where there has been greater abundance of technology, of wealth; development that we are seeing in many parts of the world, do they have to be restricted to those parts of the world or they can be made in a universal and a global phenomenon?

President Akufo-Addo implied that, with the pursuit of peace primarily premised on shaping age-old imbalances across the world, “these are some of the matters that we are going to have to look at, because if we are going to solve these multifaceted problems, and put ourselves in a position to hand over to the next generation and succeeding generations, a more constructive and better world, we have to deal with these questions.”

He noted further that the multiplicity of the issues confronting the world also requires a multiplicity of responses, stressing that at the heart of all of these responses is a very simple, ancient issue, money.

“It doesn’t change, from century to century, generation to generation, access to capital and to money, and I think that a lot of our energies we are looking at, is how we can frame a new arrangement where the multilateral institutions like the Bank, like the Fund, can play in the process of mobilising the greater resources that the world needs for its development,” he said.

The President has been discussing a wide range on issues including climate action where he defended the constrained position of Africa after being told that some of Africa’s most important resources can no longer be deployed for her development.

He said, “if, indeed, we are being told that these resources that have helped develop other parts of the world are no longer going to be available for our development, how then do we make the transition to the new source of power and development? That our oil, our gas resources which are there in abundance, can no longer be deployed because of its impact on climate change, is a critical issue we have to look at.”

Making a case for innovative, eco-friendly deployment of these resources in a concerted approach to the climate question, President Akufo-Addo indicated that, in respect of whatever reasons are being advanced for this move, the resources for African states, “are not just there, so we have to address the issue of financing the resources for the climate transition in our parts of the world. And even if it is going to be a just and equitable transition, some position has to be found for the manner in which we can then maximumly utilize the resources that we do have.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

AfCTA Can Help Africa Break Colonial Trade Legacies Says Okra

A former president of African Export and Import Bank, Afreximbank, Mr. Jean Louis Ekra has said that the African Continental Free Trade Area (AfCFTA) can break Africa’s colonial legacy of exporting raw materials and importing finished goods. Mr. Ekra who is presently the Deputy Chairperson of the Intra-African Trade Fair (IATF2023) Advisory Council said today as the Trade and Investment Conference of IATF2023 began in Cairo. Mr. Ekra, who was delivering an opening statement, pointed out the unsustainability of African economies relying on natural resources and commodities, saying that this dependence made them vulnerable to adverse trade shocks, liquidity constraints and macroeconomic management challenges. Arguing that the situation needed to be addressed urgently, especially as it had worsened the effects of the COVID-19 pandemic, geopolitical tensions and climate change, he said that “AfCFTA cannot fail, especially given that intra-African trade is estimated at 16 per cent” which was a level of trade that compared unfavourably with other regions. Mr. Ekra said that the low level of intra-African trade was explained by constraints such as limited trade and infrastructure including payments and settlement systems, lack of access to relevant market information, limited knowledge about business, sustained investment opportunities and limited platforms to connect buyers and sellers.

He urged African countries to recognise that the AfCFTA was the missing link the continent needed and that it presented many trade and investment opportunities in manufacturing, export development, SME promotion and trade in services.
Also speaking, Ali Basha, Minister Plenipotentiary from Egypt, welcomed guests to the conference and said that the panels hosted as part of the conference should not be missed. He urged all African nations to “work hand-in-hand to address the challenges of trade integration.”
The ceremony showcased a hologram of Kwame Nkrumah, a former President of Ghana and a major advocate for African unity.

In subsequent panels discussions, attendees heard contributions on a wide range of topics, including energy transition and industrialisation in Africa, transforming the manufacturing sector and promoting diversification of African trade. During a panel on energy transition and industrialisation in Africa, Dr. Ainojie Irune, Chief Operating Officer of Oando Energy Resources, emphasised the need for African leaders to be more impatient about developing the continent, arguing that energy was crucial to Africa’s development and the transition should benefit Africa where 40 per cent of the population live without electricity.Ms. Helen Brume, Afreximbank’s Director of Projects and Asset Based Finance, said that any discussion about transitioning to cleaner energy sources must consider that 600 million Africans still lacked access to electricity while 900 million do not have access to clean energy sources for cooking.
During a panel on transforming Africa’s manufacturing sector, Olukayode Pitan, former CEO and Managing Director of Bank of Industry, Gagan Gupta, Founder and CEO of ARISE Integrated Industrial Platform, Manuel Mota, Deputy CEO of Mota-Engil, and Brian Deaver, CEO of the African Medical Center of Excellence, deliberated on the importance of establishing connectivity in Africa’s supply chains. They agreed that such a transformation would significantly improve the lives of Africa’s 1.5 billion inhabitants.

According to them, with the key to a thriving manufacturing sector being dependent on African talent, investing in their education and training was crucial.
A highlight of the day was the launch of the impact evaluation report of the US$19-billion Dangote Refinery and Petrochemical Complex in Nigeria by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. Emeka Uzoigwe, Acting Director of Strategy and Innovation at Afreximbank, who noted that the complex was launched in 2018, emphasised the importance of the project’s insights for other African businesses as it had the potential to transform not only Nigeria but the entire West Africa.
The Trade and Investment Conference is a component of IATF2023, Africa’s largest trade and investment fair. It aims to optimise access to Africa’s connected markets through the AfCFTA. The trade fair is expected to attract over 1,600 exhibitors and 35,000 visitors, with trade and investment deals worth US$43 billion projected to be concluded during the event.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Afreximbank’s Executive Vice President, Mrs. Kanayo Awani, Elected to FCI Executive Committee (EXCOM)

Mrs. Kanayo Awani, Managing Director of Afreximbank’s Intra African Trade Initiative

Afreximbank’s Executive Vice President in charge of Intra-African Trade Bank, Mrs. Kanayo Awani, has been elected to the Executive Committee (EXCOM) of FCI, the global representative body for the factoring, invoice financing and asset-based lending industry. Mrs. Awani was unanimously elected at FCI’s 55th Annual Meeting in Marrakech, Morocco on 2nd of November 2023 to represent FCI’s Affiliate Members.

Mrs. Awani, whose candidacy was supported by Afreximbank was selected alongside Ms. Doaa Hafez, General Manager and Head of Technical Functions at Egypt Factors, making this the second time two delegates from Africa are voted into the FCI Executive Committee. Their election strengthens Africa’s position in the world’s leading factoring body and is a recognition of the increasingly important African market. “I’m honoured to contribute in shaping FCI’s strategy for the increasingly important African market; serve as a valuable resource for FCI Members seeking to enter the African market; provide the trust and confidence emerging African Factors require at the early stages of factoring and thereby continue to help boost the overall FCI global influence and membership,” said Mrs. Kanayo Awani.Mrs. Awani’s election is also a recognition of Afreximbank’s efforts in promoting factoring in Africa.

Prof. Benedict Oramah, President of the African Export-import Bank

Over the years, the Bank has built a strong bond with FCI, supporting the growth of factoring in Africa, nurturing the Africa Chapter and significantly increasing its membership. Afreximbank has initiated innovative programmes to promote factoring in Africa, including the development and promotion of a factoring model law, which has now been adopted by six countries and is now being considered by the parliaments of several African countries including Senegal and Nigeria. In addition, Afreximbank has supported factoring transactions of up to USD 100 million in the last five years and has leveraged its influences to attract grant capacity from the African Development Bank (AfDB) and other partners towards capacity building of African Factors.

With more than 400 members in 90 countries, FCI offers various solutions for cross-border receivables finance as well as a unique network for cooperation in international factoring. It helps its members to develop international trade and finance business. Transactions by FCI members represent nearly 90% of the world’s factoring volume.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenyan President Says Saudi Arabia is an Important Partner in Energy and Trade

President William Ruto has called for enhanced collaboration between Saudi Arabia and Africa in the development and sustainable exploitation of clean energy.

The President observed that the combined hydrocarbon and green energy resources of Africa and Saudi Arabia hold enough promise to meet current and future global energy demands.

“If we work together, we can provide the world with effective solutions to the global climate crisis,” added.

He made the remarks at the in Riyadh, Saudi Arabia.

The Head of State said Africa is keen on forging a stronger trade and investment partnership with Arab nations to foster regional and global stability.

He appealed to Arab nations to explore investment opportunities in the African Continental Free Trade Area agreement and make Kenya their gateway.

“This emerging market is hungry for development and abounds with attractive investment opportunities,” he added.

To cultivate skilled workers, promote sustained productivity and competitiveness, the President underscored the need for partnership in education, training and human capital development.

He proposed that Africa and Saudi Arabia work together to confront contemporary security threats and outbreaks of conflict and war in neighbouring states.

“I see great potential for us to strengthen our complementarity in this sphere and institute a vast belt of peace, security, stability and prosperity covering the Middle East and Africa,” he said.

Present were Saudi Arabia’s King Salman bin Abdulaziz al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Comoros President and Chairperson of the African Union Azali Assoumani, Secretary-General of the Arab League Ahmed Aboul Gheit and Chairperson of the African Union Commission Moussa Faki.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Group Commits $3 Billion Investment to Boost African Agriculture and Food Production

November 10, 2023

The Alliance for Special Agro-Industrial Processing Zones is committing $3 billion towards boosting food production in Africa. The alliance made up of the African Development Bank Group, Afreximbank, Arise Integrated Industrial Platforms, the Islamic Development Bank Group and the United Nations Industrial Development Organization was launched at the 2023 Africa Investment Forum Market Days a new private sector-focused Alliance to bridge the critical financing gap in agriculture.

Founding members of a new private-sector focused Alliance for Special Agro-Industrial Processing Zones (SAPZ) have announced $3 billion in new investment to transform Africa’s underdeveloped rural areas into agro-industrial corridors of prosperity.

The Alliance, comprising development financial institutions, the private sector and development-oriented technical partners, will also help streamline the development and delivery of SAPZ projects.

The new commitments consist of $1.1 billion by the African Development Bank Group, $1 billion by Afreximbank, $300 million by the Islamic Development Bank Group (IsDB) and $600 million from Arise Integrated Industrial Platforms (Arise IIP) and its partners.

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, said, “The Alliance will raise funds through various investment windows for project preparation, project development and construction, and financing for tenant companies.”

“By doing so, the Alliance will bridge the critical financing gap, complement existing initiatives, and mobilise resources towards our common goal of enhancing agricultural value addition in Africa”, Adesina added.

The Alliance was launched at the 2023 Africa Investment Forum Market Days¾the continent’s premier investment marketplace¾in Marrakech, Morocco on Wednesday. During the launch session, founding members discussed how the SAPZ model could impact Africa’s agro-industrialisation process.

“The beauty of this Alliance is that it brings together a lot of different, diverse players¾this is just a start and others will join us,” said Dr. Beth Dunford, African Development Bank Vice President for Agriculture, Human and Social Development.

Special Agro-Industrial Processing Zones stimulate structural transformation in agriculture by connecting rural and urban development through the zone’s ecosystem. These zones integrate smallholder farmers into value chains through logistics and infrastructure, linking them to agro-industrial processors and consumer markets.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, welcomed the emergence of the Alliance and suggested that, to attract the private sector, the creation of continental regulatory bodies that countries could respect should be considered. “Projects of this nature are very visible,” he explained.

According to the Alliance members, meeting this financing goal will deliver an additional 15 to 20 SAPZ projects in various countries across the continent and improve administrative, policy and investment incentives.

“Financing alone has never been enough to develop,” said Eng. Hani Sonbol, CEO of the International Islamic Trade Finance Corporation and acting CEO of the Islamic Corporation for the Development of the Private Sector, representing IsDB President Dr. Muhammad Al Jasser. “Strengthening food sovereignty in Africa will require us to think differently in terms of investment. We look for self-sufficiency, climate change and adaptation, and how to attract private sector involvement”, he said.

Arise IIP CEO Gagan Gupta underlined the need for infrastructure around the zones that reflects the need of these communities, including housing, transportation, health and extension services. “These zones rely on the governments for policy frameworks, supporting infrastructure, and training and vocational centres,” he said.

The United Nations Industrial Development Organization (UNIDO) brings on its part to the Alliance a wealth of technical assistance knowledge, practical experience, tools and methodologies.

“We have a lot of experience in developing, planning and implementing industrial parks and special economic zones,” said Gunther Beger, UNIDO Managing Director of the Directorate for Sustainable Development Goals, Innovation and Economic Transformation. “The Alliance presents a completely new approach to transform Africa’s agro-food system. This is a much-needed partnership of financial institutions, public and private sector players,” he added.

Across the continent, the African Development Bank has already committed $853 million to develop more than two dozen Special Agro-Industrial Processing Zones in 11 countries. This investment has attracted $661 million in cofinancing from Bank partners.

Professor Oyebanji Oyelaran-Oyeyinka, Senior Special Advisor to Dr. Adesina, concluded: “SAPZ is a tool designed to achieve the twin objectives of structural transformation and rural development through agro-industrialisation.”

Prior to the panel discussion, Mr. Ryad Mezzour, Minister of Industry and Trade, Kingdom of Morocco, called on large private sector companies to become tenants in SAPZ. “You need a company that can bring the others – that integrates this area.”

Rwanda’s Minister of State for Treasury, Richard Tusabe, said: “Special Agro-Industrial Processing Zones will give us a chance to mass produce the food we need to feed our population. We need to feed our people¾there is no shortcut.”

The Africa Investment Forum draws African heads of government, investors, transaction sponsors and development financial institutions. The Forum also includes boardroom sessions that showcase billions of dollars in agribusiness, transport and energy deals, among other critical sectors, to investors

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry