Browsing: African Export – Import Bank (Afreximbank)

According to Deutschland, German companies long concentrated only on South Africa, but this is changing. Over the past eight years, the Association of German Chambers of Commerce and Industry (DIHK) has opened not less than five new branch offices. Apart from South Africa, top investment destinations include Nigeria, Ghana, Angola, Tanzania, and Mozambique.

Alongside their primary business, German companies are also involved in numerous initiatives to support the African economy and combat poverty. Germany’s Mechanical Engineering Industry Association (VDMA) has founded the “Skilled Workers for Africa” initiative in Botswana, Kenya, and Nigeria. Germany’s successful dual vocational training model serves as an example in Africa. At the same time, Germans benefit from collaboration with local partners, who enable them to access new markets. Local shareholders are essential in some countries.

To strengthen their cross-continental network and promote a value and interest-based exchange, Konrad-Adenauer-Stiftung (KAS) and the Hanns-Seidel-Stiftung (HSS) supported by the …

For that purpose, PAPSS has entered into a Memorandum of Understanding (MoU) with Buna, the Arab Monetary Fund’s cross-border payment system. Its objective is to make it feasible for central banks in the Arab world and financial institutions elsewhere to send and receive payments in local and international currencies.

“Buna offers potential for financial integration and economic integration in the Arab area and strengthens investment relations with global trading partners.”

According to officials who announced the arrangement on Tuesday, the latest partnership lays the groundwork for PAPSS and BUNA  to develop an Africa-Arab payment gateway.…

• The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among Africa’s largest exporters of hydrocarbons
• A BP Statistical Review of World Energy 2021 reveals that oil and gas produced about 48 per cent of Africa’s total electric power generation in 2020
• At the COP26 climate summit held in Glasgow, the United Kingdom, in November, several countries agreed to stop the direct public financing for overseas fossil fuel development and extraction by the end of this year

The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among Africa’s largest exporters of hydrocarbons, who sees the creation of an African Energy Bank as a way out to fund fossil fuels in Africa.

To prevent catastrophic climate change, environmental and financial organisations and governments across Europe and America have insisted that developing nations in Africa must immediately transition from …

A global coalition of public development banks today emphasized the urgency of immediate resources for Africa’s recovery post-Covid 19. Together, they committed to deepening cooperation to boost investment opportunities across the continent.

Participants in the meeting, hosted by the African Development Bank, brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa. This would be recovery grounded in a dynamic private sector. The African Association of Development Finance Institutions co-organized the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Développement.

The meeting was held virtually and follows the first Finance in Common Summit held in November 2020. At that summit, public development banks committed to work together to support the transformation of the global economy and society towards sustainable and resilient development.

During the three principal sessions of the meeting, heads of public development banks and …

Africa trade and investment cooperation,

To drive Africa’s development, available workforce, access to markets and transport, investment and business climate, energy and technological infrastructure have been cited as key factors set to boost the continent.

Africa trade and investment cooperation,

This statement was said by Günter Nooke, the Africa Envoy to German Chancellor Angela Merkel during the “Investment and Trade for Africa’s Economic Development” public webinar co-hosted by the Germany-Africa Business Forum (GABF), Africa Oil & Power and the African Energy Chamber.

The German-African cooperation-focused webinar aims to show opportunities for sustainable Foreign Direct Investment (FDI) between Germany and Africa.

Also Read: Uganda’s trade deficit and exports in 2020

It is the second instalment of the German-African cooperation-focused webinar series which are under the theme of investment and trade for African economic development.

The panel comprised of NJ Ayuk, Executive Chairman of the African Energy Chamber, and Rene Awambeng, …

The African Export-Import Bank has announced its plans to list on the London Stock Exchange by way of a $3 billion Initial Public Offering.

The LSE announced on Wednesday that the Afreximbank said it intended to publish a registration document and consider proceeding with an IPO of global depositary receipts (GDRs), representing Class D ordinary shares of the bank.

It stated that the GDRs were expected to be admitted to the standard listing segment of the official list of the FCA and to trading on the main market of the LSE.

The President, Afreximbank, Professor Benedict Oramah, said, the bank was very much at the epicentre of Africa’s trade, which was expected to grow rapidly.

He stated that the growth would be driven by the enactment of Africa Continental Free Trade Agreement that would create an integrated market of 1.3 billion people, widespread urbanisation, favourable demographics and rising investments.

He …

The African Export-Import Bank (Afreximbank) has signed a deal with Uganda to open its East African branch in Kampala.

Uganda’s President Yoweri Museveni and Benedict Oramah, Afrexim bank president signed the deal which will see Uganda as its fifth branch.

Afrexim bank which is a pan-continent investment lender has other branches in Abuja, Cairo, Abidjan and Harare.

Prof Oramah said that the opening of an East Africa branch would deepen the bank’s involvement with the region’s institutions.

The Kampala branch will start operating end of October 2019 and will serve 11 countries: Uganda, Sudan, Kenya, Tanzania, Eritrea, Djibouti, Ethiopia, South Sudan, Rwanda, Burundi and Comoros.

Kudakwashe Matereke Afrexim East Africa chief operating officer said it is in talks with Uganda’s  National Social Security Fund (NSSF) to have it join others in the region like Rwanda’s social board to become one of the lender’s institutional investors.

Also Read: New bank

Russia has been striving quietly to become a major player in Africa starting with diplomatic efforts on African countries the Soviet Union supported in liberation struggles…

Africa’s total merchandise trade in 2018 had a value of over USD997.9 billion and the continent remained one of the fastest growing regions in the world during that time.…