Category: Finance

Combating Africa,3rd World Debt Burden

Story: Mohammed A. Abu Mr. Sohaili Ahmed Zubairi, a globally renowned Islamic Banking and Finance(IBF) and Shariah Consultant, who is also a former Advisor to the Dubai Federal government on Islamic economy, has said that, the current age-old debt initiation system has completely failed. That is, in providing the economic relief to the people whose countries borrow money from development financial institutions (DFIs). This outdated method Mr. Sohail intimates, needs to be replaced by a disruptive approach with the help of technology which should work inversely than initiating debt and…

Africa Investment Forum 2024: Turning Continent’s Potential into Bankable Opportunities

RABAT, Morocco, December 6, 2024/ — $15 billion in deals already originated Private capital in Africa will be more attractive than other emerging markets in five years’ time Africa has the lowest infrastructure default rates in the world—Moody’s Analytics The Africa Investment Forum kicked off its 2024 Market Days in Rabat, Morocco, with leaders highlighting the continent’s bankability and readiness for investment. In her welcoming remarks, Morocco’s Minister of Economy and Finance Nadia Fettah Alaoui told more than 1,000 delegates that this year’s Forum was a critical moment for creating…

Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

GABORONE, Botswana, November 25, 2024/ — Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s President, Duma Boko, stressed at the opening of the 2024 African Economic Conference in Gaborone. “Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He also called on African countries to strengthen democracy and uphold the rule…

Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

DUBAI, United Arab Emirates, November 18, 2024/ — Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, has successfully closed a US$300 million India-focused syndicated loan, marking a significant milestone in its ongoing strategy to diversify its international investor base. The transaction introduced a new group of lenders from India, further expanding AFC’s global partnerships. This landmark transaction, commemorated in Dubai, underscores AFC’s robust standing as an investment-grade rated development financial institution with a unique ability to attract diverse global investors, furthering its pivotal mission to catalyse infrastructure development…

How Would a New BRICS Currency Affect the US Dollar? (Updated 2024)

By:Melissa Pistilli,First Published,July 8,2024 The BRICS nations are interested in creating a new currency to compete with the US dollar, and recently announced plans for a blockchain-based payment system. Learn about the developments thus far and how investors can prepare for the possibility. The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies. The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing…

Djibouti Forum wraps up with promising agreements, optimism about economic prospects

Djibouti City, Djibouti – 15 May 2024 The inaugural Djibouti Forum brought together nearly 400 delegates, including international institutional investors collectively overseeing a staggering $2.5 trillion in assets. Describing the forum as a “resounding success”, Dr. Slim Feriani, CEO of Fonds Souverain de Djibouti (Djibouti’s sovereign wealth fund), noted that it was evident that there “is great and growing interest in Djibouti.” During the closing ceremony of the two-day event, Feriani signed a memorandum of understanding with Tamini Insurance, part of the influential Salaam Group, a leading financial conglomerate in…

Africa enters epic global AI innovation race, joining world’s tech capitals as an epicentre for digital advancement

Marrakech, Morocco: The AI mania that’s transforming business, government and society globally is also igniting waves of innovation across Africa, with the shape-shifting tech’s existential prospects powering a cross-continental investment surge at the AI Everything Expo by GITEX AFRICA in Morocco next month. Africa’s epic AI opportunity is already disrupting digital advancements in diverse sectors from finance and agriculture, to healthcare and mobility, all fueling a booming AI market that, according to analysts Statista, will grow 30 percent annually over the next six years to value US$17 billion by 2030.…

President Ramkalawan announces the appointment of women professionals in key positions

To coincide with the International Women’s Day, the President of the Republic, Mr Wavel Ramkalawan has recently appointed four women professionals in prominent positions in the administration of the country. These are: The re-appointment of the Governor of the Central Bank of Seychelles, Ms Caroline Abel, the new Principal Secretary for Finance, Ms Astride Tamatave, the new Commissioner General of the Seychelles Revenue Commission (SRC) Mrs Varsha Singh, and also the appointment of the Chief Executive Officer of the National Bureau of Statistics, Mrs Li Fa Cheung Kai Suet. Governor of the Centrel Bank, Ms…

African Energy Week (AEW) Launches African Energy Finance Summit in Partnership with Afreximbank and S&P Global Commodity Insights

JOHANNESBURG, South Africa, February 28, 2024/ — Africa’s largest energy event – the African Energy Week (AEW): Invest in African Energy conference – will feature the African Energy Finance Summit during this year’s edition in Cape Town. The summit, hosted in partnership with multilateral financial institution the African Export-Import Bank and S&P Global Commodity Insights, offers a platform for project developers and financiers to sign deals and is poised to unlock a new era of growth across Africa’s oil, gas, critical mineral and renewable energy sectors. Africa requires over $200 billion in annual…

Africa needs China for its digital development – but at what price?

Author: Stephanie PhD Candidate, University di Bologna First Published: February 27, 2024 4.08pm SAST Digital technologies have many potential benefits for people in African countries. They can support the delivery of healthcare services, promote access to education and lifelong learning, and enhance financial inclusion. But there are obstacles to realizing these benefits. The backbone infrastructure needed to connect communities is missing in places. Technology and finance are lacking too. In 2023, only 83% of the population of sub-Saharan Africa was covered by at least a 3G mobile network. In all other regions…