Latest news with #Ecobank
Zawya
6 days ago
- Business
- Zawya
Uganda says it will borrow $566mln, including from Afreximbank
KAMPALA - Uganda plans to borrow a total of 500 million euros ($568 million) from three lenders including Afreximbank to finance infrastructure development, Finance Minister Matia Kasaija said. Lawmakers on Thursday approved the government request to acquire the loans despite resistance from opposition lawmakers who have criticised the country's growing debt burden. At least 270 million euros will be borrowed from Cairo-based African Export-Import Bank (Afreximbank), while 230 million euros will be jointly lent by Ecobank Uganda and Development Bank of Southern Africa, Kasaija told parliament. He did not give a timeline for when the money will be borrowed. Uganda's total stock of public debt jumped 18% to $29.1 billion last year on the back of increased domestic borrowing, according to the finance ministry. The rising debt triggered a ratings downgrade last year. The government says the borrowings have been used to drive economic growth. ($1 = 0.8811 euros).
Reuters
6 days ago
- Business
- Reuters
Uganda says it will borrow 500 million euros, including from Afreximbank
KAMPALA, May 30 (Reuters) - Uganda plans to borrow a total of 500 million euros ($568 million) from three lenders including Afreximbank to finance infrastructure development, Finance Minister Matia Kasaija said. Lawmakers on Thursday approved the government request to acquire the loans despite resistance from opposition lawmakers who have criticised the country's growing debt burden. At least 270 million euros will be borrowed from Cairo-based African Export-Import Bank (Afreximbank) ( opens new tab, while 230 million euros will be jointly lent by Ecobank Uganda and Development Bank of Southern Africa, Kasaija told parliament. He did not give a timeline for when the money will be borrowed. Uganda's total stock of public debt jumped 18% to $29.1 billion last year on the back of increased domestic borrowing, according to the finance ministry. The rising debt triggered a ratings downgrade last year. The government says the borrowings have been used to drive economic growth. ($1 = 0.8811 euros)
Zawya
27-05-2025
- Business
- Zawya
Ecobank named Best Bank in Africa 2025 in Global Finance Awards
Ecobank ( the leading private pan-African financial services Group which has unrivalled African expertise, is delighted to have been named Best Bank in Africa 2025 in Global Finance's World's Best Banks 2025 Awards. The Awards also selected Ecobank Gambia and Ecobank Togo as the Best Banks 2025 in their respective countries. Jeremy Awori, Chief Executive Officer, Ecobank Group, said, 'Driving intra-African trade is an important focus of our Growth, Transformation and Returns strategy and we are continuously leveraging technology and partnerships to further enhance our continental digital payments platform and to position Ecobank as Africa's trade bank of choice. 'These awards are a testament to Ecobank's intense focus on putting our customers at the centre of our decision making, and the quality of our comprehensive suite of financial products, services and solutions that we provide to global and regional corporates, financial institutions and international organisations. Our expertise and integrated coverage, which is networked across our 35-African country footprint, enable us to structure complex local and cross-border transactions. We maximise our impact across our markets by deploying our key product pillars of cash management; trade finance; fixed income currencies and commodities; loans and liquidity; investment banking; and securities, wealth and asset management.' In selecting the best bank winners, Global Finance's judges considered factors including growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. They also sought the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry, and held extensive consultations with corporate financial executives, bankers, banking consultants and analysts. The winners are banks that attend carefully to their customers' needs in difficult markets and accomplish strong results while laying the foundations for future success. Ecobank Transnational Incorporated, Ecobank Gambia and Ecobank Togo will be presented with their awards at the Global Finance Awards Ceremony at the National Press Club in Washington DC, USA, on 18 October 2025, which is being held during the IMF/World Bank Annual Meetings. Distributed by APO Group on behalf of Ecobank Transnational Incorporated. Media Contacts: Ecobank Transnational Incorporated Christiane Bossom, Group Communications, Ecobank Transnational Incorporated Email: groupcorporatecomms@ Tel: +228 22 21 03 03 Web: About Ecobank: Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit
West Australian
14-05-2025
- Business
- West Australian
Big players line up to fund Lindian rare earths mine
Rare earths developer Lindian Resources is juggling a slew of financing proposals from leading African and European commercial and investment banks to fund construction of its world-class Kangankunde hard rock rare earths project in Malawi. The company says it is riding a wave of financial momentum, with multiple funding proposals to bankroll Kangankunde's Stage 1 development. One standout non-binding proposal involves a US$30 million loan from Ecobank Malawi and another proposal involves a US$30M – US$40M secured debt/equity bond from a leading European investment bank. Another US$50M proposal from Gerald group dates back to last December and the company also has a number of offtake prepayment proposals from numerous commodity traders. The latest offer from Malawi's Ecobank includes a five-year pledge to act as mandated lead financier, with other commercial banks apparently circling for a syndicated deal. The support of Ecobank underscores Malawi's rising status as a growing mining jurisdiction for global investment and critical minerals supply. A leading European investment bank has tossed its hat in the ring with a Nordic-style bond, targeting a 60:40 debt-to-equity split for up to US$40M over five-years. Lindian says the bond is tailor made for upstream projects like Kangankunde, promising flexibility for construction costs. The company's existing US$50M non-binding term sheet with Gerald Group, to lock up the remaining 60 per cent of monazite product for a full offtake right to Stage 1, remains a solid contender too. Lindian's board will now sift through all of the proposals with a view to locking one in for its final investment decision. An optimised feasibility study for Kangankunde is also nearing completion and is set to wrap up in late June and will look to build on last year's blockbuster numbers. The project shows around 23.7-million-tonnes in reserve grading a weighty 2.9 per cent total rare earth oxides (TREO), placing it in rarified air on the global rare earths stage. Stage 1 is set to churn out 15,300t of premium 55 per cent TREO monazite concentrate annually for a massive 45 years, pegging a post-tax net present value at Kangankunde of some US$555 million, despite seriously depressed rare earths prices since 2023 that many believe will eventually move skywards. At a lean US$40 million pre-production capex and a miniscule US$2.92/kg TREO operating cost, the project is expected to pay for itself in under two years according to Lindian. Management says the preconstruction works are now in full swing on the ground in Malawi including the company's 5km access road that is expected to be delivered ahead of schedule and under budget. That road will allow construction crews to tackle run-of-mine (ROM) pad earthworks, storage facilities and security yards, shaving precious time and costs off the schedule. With 40 per cent of Stage 1 production already locked in under binding offtake terms with Gerald Group, production is slated for mid-2026, with the bidding process heating up for the remaining 60 per cent. Management also notes that joint venture discussions in the US and CIS countries are gaining traction, aligning with Presidential executive orders and Western efforts to diversify critical mineral supply chains. With a treasure trove of financing options, construction milestones and a low-cost foothold in the global rare earths market, Lindian is charging towards becoming a global rare earths supplier in 2026. Kangankunde's sky-high grade and dirt-cheap costs make it a first-class alternative to Chinese rare earths production as the West clamours for strategic rare earths alternative suppliers . Is your ASX-listed company doing something interesting? Contact:
Zawya
06-05-2025
- Business
- Zawya
Nigeria: Equities market opens week strong as ASI adds 0.6%
Equities trading at the Nigerian Exchange (NGX) opened the trading week on a strong note, as the All-Share Index rose by 0.62 percent to close at 106,698.50 basis points. Market capitalization followed suit, increasing by 0.62 percent to N67.06 trillion, thereby adding approximately N412.3 billion to investors' wealth. Market breadth was positive, with 35 gainers outpacing 29 decliners. On the performance board, top gainers included Beta Glass, The Initiates, Cadbury Nigeria, Caverton Offshore Support Group, and Multiverse, after their respective share prices appreciated by 9.97 percent, 9.90 percent, 9.87 percent, 9.77 percent, and 9.45 percent. Conversely, Ecobank Transnational Incorporated, Meyer, Custodian Insurance, Mutual Benefits Assurance, and Access Holdings led the losers' chart, as their share prices declined by 9.62 percent, 6.70 percent, 4.72 percent, 4.49 percent, and 3.88 percent, respectively. Sectoral performance was largely positive: the Insurance, Consumer Goods, Oil & Gas, Industrial Goods, and Commodity sectors advanced by 2.69 percent, 2.90 percent, 2.58 percent, 0.07 percent, and 1.59 percent, respectively, while the Banking sector declined by 1.62 percent. Trading activity remained robust, with the number of deals, volume, and value traded rising by 1.33 percent, 0.66 percent, and 26.61 percent, respectively. Overall, transactions worth N18.93 billion were recorded across 18,612 deals involving 569.04 million units. On Monday, FBN Holdings was the toast of investors, as its shares topped the activity chart with 106 million units traded. Guaranty Trust Holding Company led in terms of value, with N5.6 billion worth of shares exchanged.
