Latest news with #AfricanExportImportBank
Bloomberg
5 days ago
- Business
- Bloomberg
IMF Says Malawi in Arrears With Afreximbank Throughout Program
Malawi suspended payments to its commercial creditors including African Export-Import Bank during its International Monetary Fund program that terminated in May, the Washington-based lender said. The country has been in talks with bilateral and commercial creditors to restructure unfordable debt since 2022. The government's Extended Credit Facility program with the IMF lapsed after no review was completed for 18 months.
Zawya
22-07-2025
- Business
- Zawya
Central African Pipeline System Gains Traction as Committee President Returns to African Energy Week (AEW) 2025
In line with the African Energy Week (AEW): Invest in African Energies conference's vision to make African energy poverty history by 2030, Gabriel Mbaga Obiang Lima, President of the Strategic Partnership and Fund Committee for the Central African Pipeline System (CAPS), is returning to this year's edition as a speaker. Lima's participation comes as the development of CAPS - an integrated network of downstream and midstream oil and gas infrastructure - is advancing with an aim to enhance energy access, reduce fuel imports and spur industrial growth in Central Africa. In July 2025, a significant milestone was achieved when the Central African Economic and Monetary Community, the African Petroleum Producers' Organization (APPO) and the Central Africa Business&Energy Forum signed a Memorandum of Understanding (MoU) to kick-start a feasibility study for CAPS. The MoU sets the foundation for participation from up to 11 Central African countries in evaluating the project's viability, regional impact and national contributions. The 6,500km pipeline network will enhance Central Africa's energy market resilience and affordability by optimizing the exploitation, local beneficiation and distribution of Africa's estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas resources. With APPO finalizing the launch of the multi-billion African Energy Bank with the African Export-Import Bank this year, the organization's participation in the MoU and interest in CAPS is timely. The MoU not only strengthens regional collaboration but also strategically positions CAPS to be shortlisted for financing from the new bank. Furthermore, with 18 oil-producing APPO member states focused on accelerating the exploitation of hydrocarbon resources, the organization's involvement in CAPS represents a powerful step toward eradicating energy poverty and enhancing regional energy security. The CAPS project will encompass oil, gas and LPG pipelines, pumping stations, storage terminals, refineries and gas-fired power plants, all contributing to regional energy access and industrial transformation. AEW: Invest in African Energies serves as the continent's premier platform for connecting high-impact African projects such as CAPS with global investors. Under the theme, Invest in African Energy: Positioning Africa as the Global Energy Champion, the event provides a strategic venue for Lima to present updates on CAPS milestones, development timelines and its alignment with Africa's broader industrialization agenda. With the pipeline set to span various countries such as Angola, Burundi, Cameroon, Chad, Republic of the Congo, Democratic Republic of the Congo, Equatorial Guinea, Gabon, Rwanda and São Tomé⪻íncipe, AEW: Invest in African Energies enables Lima to engage directly with policymakers and stakeholders vital to advancing the initiative. 'As Africa advances its 'drill baby drill' agenda, building robust downstream and midstream infrastructure for local energy beneficiation and distribution is critical,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. 'The CAPS project, under Lima's leadership, is a testament to Africa's breakthrough in closing infrastructure gaps. Projects like CAPS are essential to lifting 600 million people out of energy poverty and providing access to clean cooking for over 900 million.' Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Reuters
10-07-2025
- Business
- Reuters
Nigeria secures $747-million Deutsche Bank-led syndicated loan for coastal highway
ABUJA, July 10 (Reuters) - Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank ( opens new tab, to finance construction of the first phase of its planned 700-km (435-mile) coastal highway project, the finance ministry said on Thursday. Finance ministry spokesperson Mohammad Manga said the loan is the first of its size for road infrastructure in Nigeria. Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank ( opens new tab, African Export-Import Bank ( opens new tab, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank ( opens new tab. The initial section of the highway financed by the loan spans 47.47 km, Manga said. The entire project is expected to cost around $11 billion and be completed in about eight years. The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar. ($1 = 1,523.4800 naira)
Finextra
01-07-2025
- Business
- Finextra
Pan-African card scheme launches
The first Pan-African card scheme has launched in a move designed to bolster the continent's financial sovereignty. 0 The Papsscard is a joint venture between African Export-Import Bank, the Pan-African Payment and Settlement System (Papss) and Mercury Payment Services. They note that most African card payments are currently routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, Papsscard aims to keeps value, data, and economic benefit in Africa. Benedict Oramah, chairman, African Export-Import Bank, says: "For too long, Africa's reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. "Papsscard changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent."
South China Morning Post
19-06-2025
- Business
- South China Morning Post
China's payment system spreads across Africa and Asia amid US trade war
China's cross-border yuan payment system has signed up more financial entities from Africa, Central Asia and the Middle East, as Beijing accelerates efforts to promote the global use of its currency amid rising tensions with the United States. A group of six financial institutions officially joined the yuan-based Cross-border Interbank Payment System (CIPS) as direct participants during a ceremony in Shanghai on Wednesday, becoming the latest entities to sign up to China's alternative to the Society for Worldwide Interbank Financial Telecommunication (Swift) system. The newcomers include the African Export-Import Bank, First Abu Dhabi Bank, South Africa's Standard Bank, Singapore's United Overseas Bank, the Kyrgyzstan-based Eldik Bank, and Chongwa (Macau) Financial Asset Exchange, a state-owned asset trading platform from the special administrative region, according to state broadcaster CCTV. Beijing has been promoting the CIPS – which was first launched in 2015 – as it strives to expand the use of the yuan in global trade and hedge against any potential moves by the United States to impose financial sanctions on Chinese entities. The system had 174 direct participants as of the end of May, though most of them were made up of domestic and overseas branches of Chinese banks, as well as Chinese branches of global financial giants such as HSBC, JP Morgan and Citibank. A direct participant refers to an entity that owns a CIPS account and can directly remit through the system, while indirect participants have to rely on others to complete transactions on their behalf.
