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Banking / Investment in Africa

  • EXIM-Bank-of-India.jpg

    INDIA, 2014/11/05 The Gambia government last week signed a US$45 million transaction with the Indian government for a financing facility with the Export-Import Bank of India for electricity expansion and replacement of the asbestos water-pipe network in the Better Banjul Area, an official release has announced. In his remarks on the occasion, Exim Bank deputy managing director Debasish Mallick said he was satisfied with the evolution being made in the implementation of the bank-financed projects in the country so far.

  • AfDB chief economist outlines path for Africa’s transformation

    AFRICA, 2014/11/03 Populations of African nations should see to it that their respective governments are strengthened and always do the right thing to rid the continent of the scourges of poverty, ignorance and disease, the African Development Bank (AfDB)’s Acting Chief Economist and Vice President, Steve Kayizzi-Mugerwa said here Sunday. “Fighting poverty, disease and ignorance is equivalent to transforming the economy. If the people are well-fed, have access to health services and education, again we’ll have transformed our nations,” the AfDB official told journalists on the sidelines of the Ninth African Economic Conference(AEC), being held in Addis Ababa under the theme ‘Knowledge and Innovation for Africa’s Transformation’.

  • South African Reserve Bank (SARB) Governor designate Lesetja Kganyago

    SOUTH AFRICA, 2014/11/02 South African Reserve Bank (SARB) Governor designate Lesetja Kganyago has promised continuity at the central bank, saying he is honoured by his appointment. This as President Jacob Zuma announced on Monday that Kganyago, who is currently serving as one of the three Deputy Governors of the SARB, will take over the reins on 9 November 2014. This follows the announcement by Governor Gill Marcus that she will step down at the same time as her term ends on 8 November this year. "To Governor Marcus and colleagues it is continuity. I don't have to reinvent anything; I just have to carry from where she left off. She has guided us through the dangerous forest that is the world economy; she knows where the drinking holes are," he said.

  • Angola: Banking Sector Consolidates Growth

    ANGOLA, 2014/10/19 The Angolan banking sector continued, in 2013, in the path of increase in terms of number of branches with 11.77%, the average number of employees and 12.45% of assets with 15.8 % in relation to the year 2012, announced on Friday in Luanda, the chief of financial and audit services of KPMG, Vitor Ribeirinha. According to the official, who spoke at the presentation ceremony of the 5th edition of the 2014 Banking Study under Analysis, there are five financial institutions in the process of constitution and appropriate registration to the National Reserve Bank of Angola (BNA), elevating to a potential of 29 commercial banks operating in the market.

  • The Monetary Policy Committee of the Bank of Mozambique,

    MOZAMBIQUE, 2014/10/19 The Monetary Policy Committee of the Bank of Mozambique, conference in Maputo on Friday, decided to keep the bank's key interest rates unchanged for at least an extra month. The statement issued by the Committee said that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will remain at 8.25 %. The Standing Deposit Facility (the rate paid by the central bank to the commercial banks on money they deposit with it) remains at 1.5 %, and the Compulsory Reserves Coefficient - the all of money that the commercial banks must deposit with the Bank of Mozambique - is as well unchanged at eight %.

  • Nigerian bank partners African insurance firm to boost regional trade

    NIGERIA, 2014/09/29 One of Nigeria’s leading financial institutions, United Bank for Africa (UBA) Plc, has signed a partnership agreement with the Pan African Trade Insurance Agency (ATI) to relieve the flow of credit to clients engaging in regional and international trade. The bank said in a statement made available to PANA Wednesday in the commercial city of Lagos that the agreement was signed in Kenya. Bank Chief Executive Officer Kennedy Uzoka and his counterpart from ATI George Otieno signed the agreement in the Kenyan capital, Nairobi. “UBA is keen to boost inter and intra-African trade because of its capacity to accelerate development and integration across the continent. “Over the years, we have supported our customers to grow their business network across Africa and internationally in pursuit of a additional prosperous Africa. UBA’s partnership with ATI will relieve the flow of credit to our customers and help them expand their businesses across the continent,” the statement said.

  • Zambia: State, AFDB Invest K600, 000 in Mporokoso Lavatory Project

    ZAMBIA, 2014/08/31 THE Government and the African Development Bank (AfDB) have invested about K600, 000 in the construction of 33 VIP pit latrines in Mporokoso District aimed at improving sanitation situation in the area. PLADOC Enterprises site manager Kapembwa Kapembwa said his firm was engaged by the Government to construct about 33 VIP pit latrines in Mporokoso at a cost of K600, 000. Speaking during a media tour organised by the National Savings and Credit Bank (Natsave) in Mporokoso, Mr Kapembwa said the project was expected to be completed by the end of the year, saying that the VIP pit latrines would help improve the sanitation in the area.

  • Canada gives Mali 29 billion CFA francs for 4 projects

    CANADA, 2014/08/30 Canada and Mali have signed four Memorandums of Considerate totaling about 29 billion FCFA to finance four projects to promote socio-economic development in rural areas of the West African country. Official sources said the MOUs were signed on Wednesday by the Malian Minister of Foreign Affairs, African Integration and International Cooperation, Mr. Abdoulaye Diop and the Chargé d'Affaires of the Embassy of Canada in Mali, Mr Marc-Andre Fredette. The initial project entitled Support to Rural Inclusive Financing in Mali (AFIRMA) is part of a sectoral and inclusive approach to the development of microfinance.

  • Morocco well-positioned to draw investment to sub-Saharan Africa

    MOROCCO, 2014/08/18 Morocco is well-positioned to be a driving force in order to attract international investment towards sub-Saharan Africa, said, on Monday in Washington, Malian Minister of Industry and Investment Promotion Mustapha Bin Barka. Next several decades of economic presence in Africa, Morocco has the competences and the necessary expertise to better assess dangers facing Africa and play a role of a facilitator to direct international investment to some strategic sectors in sub-Saharan Africa, the Malian minister told MAP.

  • Gabonese insurers to benefit from regional banking expansion

    GABON, 2014/08/16 Gabon’s already-competitive insurance sector is set for a shake-up with the planned entry of another foreign-owned operator, although given the country’s low penetration rates there is still ample room for growth. Wafa Assurances, Morocco’s leading insurer by market share, announced in March that it plans to establish subsidiaries in four of the top five CIMA markets: Côte d’Ivoire, Cameroon, Gabon and the Congo. The group will rely on the regional network of Attijariwafa Bank, its parent company, following a similar, successful experience with its Tunisian subsidiary.
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