Nigerian billionaire Tony Elumelu's UBA strengthens trade financing operations In a significant move to bolster its support for local small and medium-sized enterprises (SMEs), the Nigerian United Bank for Africa (UBA) has inked a trade finance agreement worth $150 million with the African Export-Import Bank (Afreximbank). The agreement was formalized on November 11 during the third...

Camco, a specialized impact fund manager focusing on sustainable energy and climate finance, is planning to raise $1.6 billion for electrification projects in Africa through its Renewable Energy Performance Platform 2 (REPP 2) debt fund. According to information relayed by Bloomberg on Thursday, November 16, citing Benjamin Hugues, the Investment Director at Camco, REPP 2 will devote 50% of...

African countries need to show stronger political will to advance industrialisation, including the adoption of new policies to promote improved productivity and harness the potential of a growing youth population, delegates attending the 2023 African Economic Conference heard. The three-day conference opened in the Ethiopian capital, Addis Ababa, on Wednesday under the theme "Imperatives for...

In a proactive move responding to the significant price pressures in the local market, the Ivorian government temporarily suspended the export of local rice and sugar until the end of the year. The decision was announced in September when the overall annual inflation rate reached 4.9%. The Commission for Economic and Financial Affairs (CAEF) in Côte d'Ivoire recently announced the exemption of...

More than thirty African countries benefit from India's duty-free tariff preference (DFTP) scheme for least-developed countries. Trade between India and Africa reached $98 billion in FY2022/2023 (April 1-March 31), registering an increase of 9.3% over fiscal year 2021/2022, Indian External Affairs Minister Subrahmanyam Jaishankar announced on Tuesday, November 14. "Trade with the African...

The Climate Resilient Livestock Management Project, implemented by the African Development Bank in Zambia between 2017 and 2022, has helped to equip small livestock farmers to adapt to climate change. In particular, the percentage of targeted households with enough water for their animals to drink all year round has risen from 48% to 89% over the period, according to the Project Completion Report...

In early November, the FAMA (Malian Armed Forces) launched an offensive to regain control of the Kidal camp, which had been attacked by rebels following the "hasty" withdrawal of MINUSMA without its handover to Bamako. In Mali, the transitional authorities announced on Tuesday, November 14, that they have taken control of Kidal, a strategic city in the north contested by the Army and armed rebel...

On 31 October 2023, two staff members of the African Development Bank Group based in Addis Ababa were unlawfully arrested, physically assaulted, and detained for many hours by elements of the security forces without any official explanation. We are pleased that the Prime Minister of Ethiopia immediately acted when he learnt of the incident, ordered the immediate release of the...

On 15 November 2023, the President of the Republic of Ghana, H.E. Nana Akufo Addo, together with Philippe Labonne, AGL Chairman, officially launched phase 2 of the Tema port expansion project including the commissioning of 3 STS gantries and 12 e-RTG gantries. The phase 2 works, led by Meridian Port Services (MPS), whose reference shareholders are AGL, APM Terminals and the Ghana Ports Authority...

A year after the military takeover in Burkina Faso, violence shows no signs of abating despite the authorities' announced efforts to reclaim territory. Burkinabe authorities confirmed on the evening of Monday, November 13, the massacres in Zaongo, in the north-central region of the country. According to the Burkina Faso Public Prosecutor at the Kaya Regional Court, Simon B. Gnanou, who visited...