Africa

The Bank of Industry (BOI), assisted by Rand Merchant Bank (RMB) has issued a EUR700m Eurobond by way of 144A/RegS Senior Note Participation Notes, irrevocably and unconditionally guaranteed by the Federal Government of Nigeria. According to a statement by RMB, the global coordinator and active bookrunner on the Eurobond, BOI, …

elays in dealing with the growing debt burden in poor countries seems unlikely to be resolved by the G20, a top World Bank official warned. As interest rates are starting to rise around the world, putting more pressure on borrowers, the Group of 20 finance ministers are due to meet …

The Federal Government has put the financing for the Nigeria Electrification Project obtained from the World Bank and African Development Bank at $550m. It said the project, which was under the management of Rural Electrification Agency, a Federal Government organisation, would ensure the provision of affordable power to millions of …

The African Continental Free Trade Area (AfCFTA) Secretariat and African Export-Import Bank (Afreximbank), today in Cairo signed an Agreement relating to the management of the Base Fund of the AfCFTA Adjustment Fund. The Fund will support African countries and the private sector to effectively participate in the new trading environment …

Banque Misr has announced an investment of $201.1m in African Export-Import Bank (Afreximbank), of which US$80.5m is paid-in. The investment has made Banque Misr the largest non-sovereign shareholder of Afreximbank. This equity investment is a positive and strategic response to the ongoing General Capital Increase by Afreximbank. Banque Misr has …

The International Finance Corporation (IFC) plans to ramp up its new investments in Africa to $10 billion annually in support of businesses that will help drive economic recovery and growth on the continent. The member of the World Bank Group plans to add about $1 billion to the amount it …

Oluwasina Phillip Jaiz Bank Plc, the Premier Non-Interest Bank in Nigeria has released its unaudited financial results for the period ended 31 December 2021. The results as released to the Nigerian Exchange Group, showed a 37.17% growth in Profit Before Tax (PBT), from N3.07 billion in December 2020 to N4.21 …

Ebuka Uchenna The African Export-Import Bank (Afreximbank) has announced an investment by the Fund for Export Development in Africa (FEDA), its development impact-oriented subsidiary, into TND SA, a leading FMCG Company in Mauritania. This investment will help to diversify TND’s business beyond importation to include integrated manufacturing of dairy and …

The President, African Development Bank, Dr Akinwumi Adesina, says Africa needs $484bn over the next three years to tackle the socioeconomic impact of the COVID-19 pandemic and boost economic recovery. Adesina said this at the opening of the 35th African Union Summit in Addis Ababa, Ethiopia. A copy of his …

Oluwasina Phillip Fund for Export Development in Africa (FEDA), a development impact-oriented subsidiary of African Export-Import Bank (Afreximbank), has announced that it has invested into Ecow-Gas B.V. (Ecowgas), a Liquefied Natural Gas (LNG) distribution infrastructure platform in the West Africa region. Due to limited power supply from the grid, the …