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Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments
Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments

Zawya

timea day ago

  • Business
  • Zawya

Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments

The 32 nd Annual Meetings of African Export-Import Bank (Afreximbank) ( also known as AAM2025, witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion. In an agreement signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc (NBS), Malawi, the two institutions executed a Joint Project Preparation Facility Framework Agreement under which they will pool resources to provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner. As set out in the agreement, Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects in priority sectors, including energy, transport and logistics, logistical platforms (such as special economic zones and industrial parks), manufacturing, agro-processing, hospitality and tourism, extractives, solid minerals, and services (such as ICT, healthcare, and creative economy). Embedded in the framework agreement is a capacity building programme that will empower NBS staff to undertake project preparation activities in the medium term. Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term. In another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited. The facility will be deployed to finance the preparation of feasibility and bankability studies towards the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya. The project will improve access to quality, affordable life-saving medicines across the Great Lakes region, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region's health sector. The project preparation facility will bring onstream assets of about US$ 40 million. Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed the agreement on behalf of Afreximbank while Dr. Dhiren Thakker, Founder and CEO of Med Aditus Pharma, signed for his company. Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited. The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe. The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a 'take-or-pay' 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe's minerals, thereby boosting the country's foreign exchange earnings. The project preparation facility will unlock an investment estimated at US$ 350 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Eddie Cross, Chairman, for Green Hybrid Power Private Limited. Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer. The facility will be deployed towards financing the preparation of feasibility studies and procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The project will commence with an initial generation capacity of 150 MW. The project will evacuate the electricity generated primarily to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff. The facility is expected to bring on stream assets estimated at US$ 300 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Oti Ikomi, Executive Vice Chairman and CEO, for Proton Energy Limited. AAM2025 took place from 25 to 28 June and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers and business leaders, from across Africa, the Caribbean and beyond. It ended with the Annual General Meeting of Shareholders where Dr. George Elombi was appointed the next President of the Bank who succeeds Prof. Benedict Oramah whose tenure is ending after two five-year terms in the position. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.

African tea estates planted by Scots named as world heritage sites
African tea estates planted by Scots named as world heritage sites

Times

time6 days ago

  • Times

African tea estates planted by Scots named as world heritage sites

At the turn of the 20th century, planters with seedlings from Edinburgh would have crawled among the sacred trees and waterfalls of Malawi's towering Mount Mulanje, establishing Africa's first commercial tea plantations. Tea from Mulanje can still be bought in the UK. It is a remnant of a colonial history of industrious — and brutal — Scottish planters and Presbyterian missionaries, whose legacy in the area includes the name of Malawi's second city, Blantyre. The region now carries an added significance. The Mount Mulanje cultural landscape was recently designated a world heritage site — one of five new sites in Africa named by Unesco as annual committee meetings ended in Paris. 'Revered as a sacred place inhabited by gods, spirits, and ancestors, [Mulanje] holds deep cultural and spiritual significance,' the Unesco inscription reads. 'The mountain's geological and hydrological features are connected with the belief systems and cultural practices of the Yao, Mang'anja, and Lhomwe peoples.' The number of African world heritage sites has boomed in recent years, from just a few in 1978 when the list began, to 93 in 2018 and 112 as of this week. Unesco also awarded the prestigious designation to the Diy-Gid-Biy cultural landscape of Cameroon's Mandara mountains, the coastal and marine ecosystems of Guinea-Bissau's Bijagós archipelago — Omatí Minhô, and the Gola-Tiwai complex in Sierra Leone. It also extended the designation from South Africa's iSimangaliso Wetland Park into Mozambique's Maputo National Park. Complex colonial histories linger at many Unesco sites in Africa, where European powers had a footprint for hundreds of years and maintain historical ties. This can have a stark symbolism, such as the dramatic degradation of world heritage sites linked to French history in Senegal, which is among the many West African countries now distancing themselves from their former colonial masters. • French rediscover their love of tea — and want to supply Britain Traces of British influence also remain in Sierra Leone, which was established as a colony for freed slaves in 1808 and was the main base for the Royal Navy's West Africa Squadron, which was pivotal in anti-slaving operations. Sierra Leone's Gola-Tiwai complex is a biodiversity hotspot, hosting more than 1,000 plant species and 55 mammals. According to Unesco, 19 of the mammal species are globally threatened, including key species such as the pygmy hippopotamuses of recent viral video fame. British naturalists such as Henry Smeathman were dispatched to Sierra Leone as early as 1771, and the area that is now the Gola Rainforest National Park — part of the new Unesco site — was commercially logged under the colonial administration.

African Development Bank Project Enhances Water Access in Malawi Town
African Development Bank Project Enhances Water Access in Malawi Town

Zawya

time14-07-2025

  • General
  • Zawya

African Development Bank Project Enhances Water Access in Malawi Town

In the green hills of Rumphi, northern Malawi, the hum of progress can be heard at the newly established Rumphi Technical College. With its modern buildings, new equipment, and a sense of optimism, the college has quickly become a symbol of opportunity. In just four years, enrollment has grown from a small group of students to a thriving community of 534 young men and women, supported by 45 staff members. These students are full of ambition, hoping that their technical skills will pave the way for a brighter future. But behind the progress lies a daily challenge that affects everyone on campus: the lack of safe and reliable water. 'Sometimes, we're left with no choice but to send students to fetch water from unprotected sources including a salty borehole left by the contractor,' the college's principal Akuzike Nkhoma explained, a concerned expression crossing his face. 'It's neither safe nor sustainable.' Students share similar worries. They speak of long walks in the early morning to distant water points—time that could be spent in class. Just a few months ago, 100 students were taken to Rumphi District Hospital after a cholera scare on campus. The taps had run dry, and students had turned to unprotected sources, putting their health at serious risk. The water challenge at the college reflects a broader issue impacting the entire Rumphi community as revealed by a series of community engagements the Board has been conducting to prepare people for the upcoming project implementation. For many households, especially those in higher-altitude areas, access to water is unreliable, limited by the capacity of a small 200,000-liter tank that has long outgrown its ability to serve the town's needs. Francis Munthali, Chief Executive Officer for Northern Region Water Board (NRWB) acknowledges the strain Rumphi's growth has placed on the aging water system, 'Back then, this tank was enough because there weren't as many people as possible. But now, with more households, schools, and the town expanding, it simply can't meet the demand.' 'For example, if we are to sustain supply to the college, it means we have to ration in town where there is the main hospital and several facilities needing water. It's becoming clear that we're facing a real crisis,' highlights Munthali. The water supply infrastructure, managed by the NRWB, has reached its limits. The Rumphi Water Supply Scheme was last upgraded in 2003, designed to meet the demands of 2010, estimated at 1.5 million litres per day. Today, however, demand has surged to over 10 million litres per day, a more than tenfold increase. Despite this, no major rehabilitation work has been done since 2004, and the aging system can only serve 23% of the town's population. Water is available to residents for just a few hours. Not surprisingly, frustration echoes across Rumphi customer forums. One resident Dora Mkandawire highlights the toll persistent water challenges are exerting on women. 'We are the most heavily impacted because our society is programmed that it is us women who go to fetch water. These persistent interruptions are stealing our valuable time and affecting our productivity,' laments Mkandawire The water system is also concentrated in the town, leaving major trading centers reliant on unprotected traditional water sources, such as wells. Additionally, the district lacks a functioning sewer system. This limited access hampers not only households but also the broader economic potential of the area. In key trading centers along the national M1 road, such as Phwezi, Bwengu, and Enukweni, the situation is even bleaker. These communities rely on unprotected sources, whereas Bolero, home to Senior Chief Chikulamayembe, has a basic community-led gravity-fed water system that struggles to keep pace with local demand. Chief Chikulamayembe notes: 'Our people need more. Growth centres like ours should have reliable water sources to foster prosperity and health.' To address these challenges and pave the way for sustainable development, the Northern Region Water Board with financing from the African Development Bank and Malawi Government is implementing the Rumphi Water and Sanitation Services Project. The goal? To turn frustration into relief and ensure no community is left thirsty. The project which is expected to increase access to sustainable and climate resilient potable water supply and safely managed sanitation services at Rumphi Town and surrounding areas will benefit over 158 000 people of which 51 percent are expected to be female. The project will span almost the width and breadth of Rumphi - extending to some parts of Northern Mzimba. The project is also leaving no stone unturned and no-one behind as it prioritizes all key components including restoration of forest landscapes and ecosystem-based adaptation initiatives for sustainable water supply. 'Under this project, we are upgrading both water and sanitation facilities including planting and nurturing 700 000 trees as part of catchment management. For the first time, Rumphi town will have a proper sewer system to cater for residents apart from improved supply,' explained Catherine Mwafulirwa, Director of Infrastructure Development at Northern Region Water Board. 'We are also extending the water supply from the town to new areas such as Bolero, Phwezi, Bwengu and Enukweni. Presently, consultants are on the ground to prepare detailed designs and tendering assistance for both water supply and sanitation works. We expect to recruit contractor for the works before year end.' In this planting season, the NRWB has planted 264 000 trees according to Mwafulirwa which among other things led to the creation of hundreds of short-term jobs for the local communities in the raising of the nurseries for the tree seedlings as well as the planting exercise. 'Rumphi is growing, but without water and improved sanitation, development stalls," District Commissioner for Rumphi Emmanuel Bulukutu laments. 'This project is critical as it will not only support the thriving Technical College but also improve the quality of life for all residents, fostering a healthier, more prosperous community. 'We will therefore diligently work with the NRWB and all stakeholders to ensure that this project is successfully implemented within the stated period,' adds Bulukutu. Once completed, the project will complete the water supply puzzle of the M1 road stretch between Mzuzu and Rumphi. It means all people lying along the 83 kilometre Mzuzu-Ekwendeni-Enukweni-Bwengu-Phwezi stretch will have access to safely managed drinking water. 'With reliable water infrastructure and sanitation improvements, Rumphi would be poised to unlock its potential as a vibrant hub of human capital and economic activity in northern Malawi. This change would give students the chance to focus solely on their studies, ensure that households no longer struggle for basic resources, and create an environment where both people and businesses can thrive. For the people of Rumphi, this project isn't merely about water; it's about hope, dignity, and a future they can depend on,' emphasized the District Commissioner The African Development Bank Group is providing a $32.2 million grant with the Malawi Government contributing $3.67 million for the project to be implemented over a period of 4 years from December 2023 to December 2027. Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Strengthening Immunity, One Dose at a Time: Malawi's Inactivated Polio Vaccine (IPV2) Success Story
Strengthening Immunity, One Dose at a Time: Malawi's Inactivated Polio Vaccine (IPV2) Success Story

Zawya

time14-07-2025

  • Health
  • Zawya

Strengthening Immunity, One Dose at a Time: Malawi's Inactivated Polio Vaccine (IPV2) Success Story

In the heart of Southern Africa, Malawi has taken a bold step in the fight against polio. After reporting its first case of Wild Poliovirus Type 1 (WPV1) after 30 years in 2022, the country responded with urgency and resolve. By May 2024, thanks to multiple vaccination campaigns, vigilant surveillance and strengthened immunization systems, Malawi was declared polio-free once again. But the journey didn't end there. With the looming threat of circulating Vaccine-Derived Poliovirus Type 2 (cVDPV2) from neighboring countries, Malawi recognized the need to boost its population's immunity. Backed by GAVI, The Vaccine Alliance funding and guided by the Malawi Immunization Technical Advisory Group (MAITAG), the Ministry of Health introduced the second dose of the Inactivated Polio Vaccine (IPV2) into the national immunization schedule in December 2024. This milestone was more than a policy shift—it was a nationwide movement: Over 187,348 eligible children better protected from Polio following vaccination with 2nd Dose of IPV as of April 2025 17,000 health workers were trained across all districts. IPV2 was rolled out in every health facility, including outreach posts in remote areas. Community engagement efforts flourished, with local leaders and health workers leading sensitization campaigns. Data management tools and systems were updated to incorporate the new vaccine In Karonga District, which borders Tanzania and faces high cross-border transmission risk, the rollout was seamless. Health workers reported no challenges, and community members welcomed the new dose with open arms. Mr. Kayuni, an area supervisor with over 20 years of experience in immunization programming within the district, discussed the introduction of IPV2, which aims to enhance protection against the type 2 poliovirus. He noted that due to the anticipated benefits of IPV2, efforts had been increased in community awareness regarding the new dose to reduce vaccine hesitancy for improved coverage. At the Mlongoti outreach post, a structure built by the community demonstrates their support for the health system and immunization program. Suzgika Gondwe, a local mother, expressed her understanding that this dose reduces the risk of polio for her child. Another caregiver, Gift Ngofi, mentioned that she believed in the benefits of the additional dose because the information came from their community health workers. Temwa Kaula supported her community members' opinions, noting no expected harm beyond typical vaccine side effects from the new dose. All three caregivers discussed the overall importance of vaccines, observing fewer illness episodes for their children, decreased hospital visits, and increased time for income-generating activities. This success story is not just about a new vaccine—it's about resilience, trust, and community-driven health progress. With continued support and vigilance, Malawi is not only protecting its children today but also securing a polio-free future for generations to come. Distributed by APO Group on behalf of World Health Organization (WHO) - Malawi.

New Unesco heritage sites: Cameroon's Mandara Mountains and Malawi's Mount Mulanje
New Unesco heritage sites: Cameroon's Mandara Mountains and Malawi's Mount Mulanje

Malay Mail

time12-07-2025

  • Malay Mail

New Unesco heritage sites: Cameroon's Mandara Mountains and Malawi's Mount Mulanje

PARIS, July 12 — Two cultural sites, in Cameroon and Malawi, were added Friday to the Unesco World Heritage List, said the organisation, which has made boosting Africa's representation a priority. The Diy-Gid-Biy landscape of the Mandara Mountains, in the far north of Cameroon, consists of archaeological sites, probably created between the 12th and 17th centuries, surrounded by agricultural terraces and sites of worship. Malawi's choice is a mountain range dominated by Mount Mulanje, in the south of the country, considered a sacred place inhabited by gods, spirits and ancestors. Among the 30 heritage list applications under consideration this year, two others are from African countries that had not previously been represented on the World Heritage List. They are the Gola Tiwai Forests in Sierra Leone, which provide sanctuary for threatened species such as forest elephants, and the biosphere reserve of the Bijagos Archipelago in Guinea-Bissau. Unesco Director-General Audrey Azoulay has presented Africa as a priority during her two terms in office, although the continent remains underrepresented in the list. A view of the Mulanje Massif on October 29, 2017. — AFP pic Among the candidates from elsewhere, a number of competing sites date back to prehistoric times, such as the Carnac stones in western France and rock carvings along the Bangucheon Stream in South Korea. Making the Unesco heritage list often sparks a lucrative tourism drive, and can unlock funding for the preservation of sites that can face threats including pollution, war and negligence. — AFP

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