Latest news with #GCR
Zawya
09-07-2025
- Business
- Zawya
GCR upgrades ShafDB's long and short-term issuer ratings, maintains stable outlook
Nairobi - Global Credit Ratings (GCR), has affirmed and upgraded Shelter Afrique Development Bank's (ShafDB) international and several key national scale ratings, reflecting the Bank's strengthened capital position, risk management improvements, and growing credibility across our its shareholder base. In its latest review, the Johannesburg-based rating agency has affirmed the Bank's international scale long-term and short-term issuer ratings at B/B, with a Stable Outlook. At the same time GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE); Nigerian to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG); and Mauritian to BBB(MU)/A2(MU) from BB+(MU)/B(MU). All the three national scale ratings have been accorded a stable outlook. The Agency has also Upgraded the ratings of its Nigerian Series 1 Senior Unsecured Notes under the NGN200bn Domestic Bond Issuance Programme to AAA(NG) from AA+(NG). 'The upgrades reflect GCR's confidence in the Bank's improved risk management, strengthened capitalization (leverage ratio up to 82.2% in FY2024), and progress in capital arrears resolution. The Stable Outlook affirms expectations of continued sound capitalization, strategic disbursement growth, and enhanced shareholder engagement,' GCR said in a commentary. 'This recognition underscores Shelter Afrique's growing operational credibility, commitment to quality lending, and continued transformation into a resilient and trusted multilateral development bank dedicated to delivering affordable housing and urban development solutions across Africa,' GCR added. Welcoming the rating reviews, Shelter Afrique Development Bank's Director of Risk, Bernard Oketch said the rating upgrade has reinforced the Bank's financial strength, strategic direction, and institutional credibility. 'These upgrades reflect our strong fundamentals and our unwavering commitment to reforms, growth, and sustainable impact. Clearly, we are on a solid path forward in delivering impactful, quality-driven housing finance solutions across Africa,' Mr. Oketch said. Shelter Afrique Development Bank's has 46 shareholders comprising 44 member States under 'Category A' shareholding, and African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re) under 'Category B' shareholding – who will be convening in Algiers, Algeria from 15th to 17th July 2025 for the Bank's 44th Annual General Meeting and Housing Symposium. It has also 'Category C' shareholding for non-African institutions and States willing to join the institution as shareholders. About Shelter-Afrique Development Bank: Shelter Afrique Development Bank is a Pan-African institution solely dedicated to financing and promoting housing, urban & related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re). The Institution delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa's housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable developmental impact
Zawya
07-07-2025
- Business
- Zawya
Women's Leadership in Times of Crisis: Zura's Story and the First Restaurant in Her Community
"Since I started participating in the activities of this project, many changes have happened in my life. Today, I am an empowered, resilient, and determined woman. I've learned how to manage my own business, and each day I continue to grow. I was able to build the first restaurant in my community, buy a freezer, and dig a well in my backyard.' This is the testimony of Zura Constantino, a 30-year-old woman from Ancuabe district — one of the regions most affected by the armed conflict in Cabo Delgado, northern Mozambique. Since 2017, Cabo Delgado has been the epicenter of a humanitarian crisis caused by armed conflict, which has affected more than one million people, the majority of whom are women and children. The situation has been further worsened by successive natural disasters, such as cyclones and floods, which have had a deep impact on the lives of local communities. In this context of vulnerability, UN Women — in partnership with Girls Child Rights (GCR) and with financial support from the Government of Norway — implemented the project 'Promoting Women's Participation and Leadership in Peace, Security and Recovery Processes in Mozambique.' The initiative aimed at ensuring that women and girls contribute to and to have greater influence in building sustainable peace and resilience, and to benefit equally from the prevention of conflicts and disasters in Mozambique. Zura Constantino is a vibrant and determined young woman from a rural community in Mozambique, who always dreamed of creating something meaningful for herself and those around her. Facing limited economic opportunities and the hardship of being abandoned by her husband, Zura was left to raise her child alone. Her turning point came when, she participated in financial literacy training and joined a community savings and rotating credit group, promoted by GCR. With support from the group and by applying the knowledge she gained, she took a bold step: she applied for a collective loan of 2,000 MZN to invest in her small food business. Through dedication and hard work, Zura transformed her reality. From selling basic goods like tomatoes and bread, earning less than 500 meticais a day, she expanded her offerings, began selling cooked meals, and now, on busy days, earns up to 2,000 meticais daily. With the profits she saved, she took a leap of faith and is now building the first restaurant in her community — a long-held dream made possible through access to information, credit, and collective support. Today, Zura is an inspiring example of resilience and transformation. She is one of 6,365 women affected by the conflict, aged between 18 and 59, who have benefited from financial literacy training and support through 194 community savings and credit groups established in Cabo Delgado. Each group consists of an average of 25 members, who are encouraged to save a minimum of 72.8 meticais, with savings cycles occurring twice a year. Stories like Zura's stand as a powerful example of how access to capital, capacity-building programmes, and social support can enable women to overcome adversity, lead with confidence, and become drivers of peace and development in their communities. Distributed by APO Group on behalf of UN Women - Africa.
Zawya
13-06-2025
- Business
- Zawya
Nigeria: Wema Bank ratings upgraded by Fitch, GCR
Wema Bank, Nigeria's oldest indigenous bank and the pioneer of Africa's first fully digital bank, ALAT, has received rating upgrades from credit rating agencies Fitch and GCR. The upgrades reflect the bank's strong performance and resilience in the face of industry challenges. Fitch upgraded Wema Bank's National Long-Term Rating to 'A-(nga)' from 'BBB(nga)', with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at 'B-'. GCR also upgraded the bank's national scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable outlook. The upgrades are a testament to Wema Bank's commitment to delivering value to its customers and shareholders. The bank's deliberate approach to banking has earned it a reputation as Nigeria's most innovative bank, with a legacy of impact, resilience, empowerment, innovation, and excellence. Wema Bank's Managing Director and CEO, Moruf Oseni, commended Fitch and GCR for their objective assessments and projections of the bank's promising future. He reiterated the bank's commitment to its customers and shareholders, asserting that Wema Bank's journey has just begun at 80 years. According to him, 'Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, 'Nigerian-owned can stand the test of time'. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving. 'Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your 'all' to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead. 'These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder,' Oseni concluded. The upgrades align with previous positive ratings Wema Bank has received, including a rating upgrade from Agusto & Co to Bbb+, with an ESG Score of 2 and a Stable outlook in 2024. The bank's solid performance and resilience have earned it recognition both nationally and internationally. '2024 also saw GCR upgrade Wema Bank Plc's national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch affirmed the bank at 'B-' with Outlook, Stable. 'Wema Bank's commitment to delivering value and generating positive impact on individual, industry, national, and global levels is evident in its continued growth and innovation. The bank's legacy of 80 years is a testament to its ability to adapt and thrive in a rapidly changing banking landscape.'
New European
26-05-2025
- Politics
- New European
‘You are not welcome here'
Voridis first came to prominence in 2014 when he was appointed health minister, and people cottoned on to his ultra-nationalist links. Then in 2023 he made headlines for saying that, if it came to a vote, he wouldn't support same-sex marriage. In a political system plagued by accusations of corruption and cronyism, few Greek ministers can claim to be controversy-free. But the new minister for migration and asylum, Makis Voridis, is in a league of his own. Back in the 1980s, he led the youth wing of a fascist party founded by Greece's former dictator Georgios Papadopoulos. There's even a photograph of Voridis wielding an axe against leftist students. And so the prime minister, Kyriakos Mitsotakis, put him in charge of helping refugees. It was partly a response to the protests in March, when hundreds of thousand took to the streets after the 2023 Tempi rail disaster. Greece's worst-ever train crash killed 57 people, and there's a broad view that the government response has been inept. In an attempt to help his approval ratings, Mitsotakis went for a cabinet shake-up, which is when Voridis got his new job. 'I was devastated,' says Lefteris Papagiannakis, director of the Greek Council for Refugees (GCR). 'Because I know exactly who Voridis is, what he stands for.' The GCR provides legal aid and other support for asylum seekers and refugees, which makes it precisely the sort of organisation Voridis will see as an obstacle to his hardline agenda. 'We're seeing a symbolic change in the narrative – much more direct, much more aggressive. At least, that's the image he wants to project. But I don't think he'll actually be able to make all the changes he's shouting about. I don't think Greece will manage to change the European policy at the level he wants.' Voridis is the latest in a stream of hardliners in Greek politics. 'Putin has a higher approval rating here than anywhere else in Europe, so the 'strong man' model people really respond to,' says Papagiannakis. 'Mitsotakis knows this, so he's using them to appeal to the far right electorate.' While the prime minister is supposedly centrist, you'll often see Greeks referring to this political stance in air quotes. Since coming to power in 2019, his New Democracy party has pushed policies that blur the line between mainstream conservatism and far right nationalism, such as tightening immigration laws and cracking down on press freedoms. More from this author The horror of Greece's femicide Hester Underhill And while Voridis might not live up to his bold claims, his appointment couldn't have come at a worse time for Papagiannakis and his organisation. Trump's foreign aid cuts have put the Greek Refugee Council's future in danger, as the NGO was heavily reliant on the UNHCR to finance its operations. 'We might not be the only organisation advocating for refugees here, but we're one of the only ones that really bites. We use the legal system to hold the government accountable for its actions. So the government will really benefit from all these funding cuts, because if there are no NGOs around to challenge them, they can get away with whatever they like. And that scares me.' Earlier this year his organisation helped to win a landmark case at the European Court of Human Rights for a woman forcibly sent back to Turkey despite her attempts to seek protection. Greece was found guilty of carrying out a policy of illicit deportation – the first time the country had been publicly condemned for conducting the 'systematic' repatriation of refugees. But a new EU migration pact that comes into force next year might lead to even more rights violations. The pact on migration and asylum is meant to be 'a fresh start' for the EU. It will give member states three options: relocate a certain number of asylum seekers, pay €20,000 per claimant they refuse to relocate, or finance operational support, such as staff and equipment. 'It will make things worse,' says Papagiannakis. 'Because we'll just end up seeing more illegal detentions and pushbacks.' And with new political figures like Voridis in positions of authority, the question isn't just how the Greek government will handle the flow of migrants across its borders, but who will be left to hold them accountable. Hester Underhill is a freelance British journalist currently based in Athens
New Indian Express
23-05-2025
- Politics
- New Indian Express
Environmentalists urge MoEFCC to reconsider implementation of Aravalli green wall project
Environmentalists are urging the Ministry of Environment, Forest and Climate Change (MoEFCC) to reconsider the implementation of the Aravalli Green Wall Project, warning that the plan poses significant risks to India's oldest mountain range. The statement was made by the 'People for Aravallis' group shortly after Union Minister Bhupender Yadav announced during a national workshop in Rajasthan on 22 May 2025 that the project would enhance green cover and biodiversity in the Aravalli range. Neelam Ahluwalia, a founding member of the non-profit People for Aravallis, expressed concern about the project's implementation through the 'Green Credit Programme' for eco-restoration work in the Aravalli landscape. Additionally, a legal petition is currently pending in the Supreme Court, filed in early March 2025 by People for Aravallis and the Goa-based group 'Rainbow Warriors'. This petition challenges the existing Green Credit Rules (GCR), emphasising that the rules inadequately address the responsibility of the entity seeking green credits. Specifically, the GCR focuses only on the initial planting of trees and does not ensure the long-term survival of those trees. Further, the GCR allows the plantation of 1,100 trees per hectare without any scientific study and permits plantations in fragile ecosystems such as open forests, scrublands, wastelands and catchment areas.
