When global oil prices reached a 15-year high in 2022, Libya, which holds 3% of the world’s hydrocarbon reserves and 39% of Africa’s, was unable to take advantage of the windfall. The reasons were purely political. Production was shut down for months beginning in April as oil became a pawn in the stalemate between…
The African Development Bank is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI). As…
Africa Finance Corporation, the continent’s leading infrastructure solutions provider, has welcomed into its fold Benin, Botswana, the Democratic Republic of Congo, and Somalia, in continuing to expand and diversify its membership and shareholder base. Memberships Accession to membership by Botswana and Somalia advances AFC’s mandate by conferring privileges and diplomatic immunities in line with the…
Islamic Corporation for the Development of the Private Sector (ICD) Â is launching a potential five-year Tenge sukuk to expand its operational assets in Kazakhstan and support local lending; this could be the first-ever tenge sukuk by a Development Financial Institution and will be an amortized Sukuk with all payments made in Tenge; the move supports…
The African Development Bank Group has announced a 24-month debarment of Goldsun Investments Company Ltd. with effect from 31 January 2023. Goldsun Investments Company Ltd. is a limited liability company registered in the Republic of Kenya. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Goldsun Investments Company Ltd. engaged in…
The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor has signed an agreement with Nucleo Operacional da Sociedade de Informacao (NOSI) in the Republic of Cabo Verde to host the Bank’s first backup site. At a ceremony which took place in the…
Olajide Abiola, co-Founder and Chief Executive Officer of Kiakia, one of Nigeria’s pioneer digital lenders and leading peer-to-peer marketplace, has announced his decision to step down as the Chief Executive Officer of Kiakia with immediate effect. In a statement released on Tuesday, Mr Abiola announced that Chiemeziem Anyadike, co-Founder and COO of Kiakia will be…
The 6th edition of the Transform Africa Summit held in Victoria Falls, Zimbabwe has come to an end. Notable among the things that transpired during the summit is new memberships in the Smart Africa Alliance namely The Kingdom of Eswatini which became the 37th member state of the alliance which celebrated its 10th anniversary this…
Critical minerals are essential for the development of renewable energy technologies such as solar panels, wind turbines, green hydrogen, electric vehicles (EVs), and battery storage, and Africa’s mineral wealth has the potential to benefit not only the continent, but to provide a foundation for the global energy transition. Accounting for more than 85% of most…
When Europe began searching for alternatives to Russian oil and gas following that country’s invasion of Ukraine, one of the producing countries they focused on was Algeria. The decision made strategic sense from both a supply and access standpoint. Algeria is the world’s 10th largest global gas producer and fourth largest gas exporter, and only…
