Latest news with #intra-Africa
Zawya
09-04-2025
- Business
- Zawya
Afreximbank raises $300mln via its first Chinese panda bond
NAIROBI: The Africa Export-Import Bank (Afreximbank) has raised 2.2 billion renminbi ($299.9 million) through its first issuance of a Chinese panda bond, it said on Tuesday, charting a path for other African entities seeking new fundraising avenues. China has pledged to open up its domestic markets for African issuers to borrow money through the so-called panda bonds - debt issued on its domestic bond market, denominated in yuan. However, those looking to do so face several hurdles, including issuing in a currency that is not globally freely traded. Afreximbank, which is the main trade financier for the continent with assets of $40 billion, said it will press ahead with a secondary listing of depositary shares, which are currently listed on the Stock Exchange of Mauritius. "The market has not been very good for us to make the foray. But I can assure you that it is still on our radar," Benedict Oramah, the lender's president and chairman, told an investor briefing. The board of the Cairo-based bank, which is mainly owned by African states, is working to identify a replacement for his job as president, he said, to be unveiled to shareholders in June. Asked about the impact of turmoil sparked by sweeping trade tariffs by U.S. President Donald Trump last week, Oramah said it is an opportunity to boost intra-Africa trade. "It will open the opportunity we all want for us to trade more amongst ourselves, trade more in value-added products," he said, adding it would encourage the bank to lend more to develop industrial power, including through economic zones. "We do not want commodities to be the driver of our business." Afreximbank's new panda bond has a 2.99% interest rate, it said. Bank of China Limited was the lead underwriter and bookrunner, and Exim Bank of China and ICBC the joint lead underwriters. The panda issue is the first by an African financial institution, but the second by any African entity, after Egypt issued a panda bond in 2022. Panda bonds were first launched in 2005, pioneered by the Asian Development Bank and the International Finance Corporation, the World Bank's private investment arm. Issuance hit a record 195 billion yuan in 2024, according to Deutsche Bank calculations.
Zawya
07-04-2025
- Business
- Zawya
African Development Bank and Bank of Africa Tanzania sign $7.5 million facility to boost trade finance
The African Development Bank ( and the Bank of Africa Tanzania (BOAT) have signed a $7.5 million trade finance transaction guarantee facility to boost trade finance activities of the Bank of Africa in Tanzania. Under this facility, the African Development Bank will provide a guarantee of up to 100% to confirming banks against non-payment risks arising from letters of credit and similar trade finance instruments issued by the Bank of Africa Tanzania. The facility will support small and medium-sized enterprises (SMEs) and local corporates engaged in the import sector. The facility aligns with efforts to bolster intra-Africa trade, contributing directly to the objectives of the African Continental Free Trade Area (AfCFTA) ( Speaking at the signing event on March 10, 2025, in Dar es Salaam, the Bank's Country Manager for Tanzania, Patricia Laverley, stressed the importance of the facility in addressing Tanzania's trade finance needs, saying that given the country's import requirements, it will aid priority sectors such as trade, agriculture, manufacturing, and energy. 'This facility will support trade by enabling BOAT to play a more strategic role in the regional and international market.' Representing BOAT's management, Deputy Managing Director Hamza Cherkaoui lauded the strong partnership with the African Development Bank, emphasizing its role in expanding trade finance capabilities across the continent. 'This partnership strengthens our ability to support businesses across various sectors by providing seamless trade finance solutions, expanding our confirmation network, and enabling access to top-tier confirming banks,' he said. The new Trade Guarantee facility aligns with Bank of Africa Tanzania's strategic priorities and the African Development Bank's broader objectives, including promoting regional integration, increasing food security, and industrializing Africa. It also supports Tanzania's Country Strategy paper 2021-2025, which focuses on enhancing the private sector business environment for job creation. It also aligns with the country's development vision (Vision 2025), which aims to build a strong and resilient economy capable of competing globally. The signing of the agreement marks a significant milestone in the African Development Bank Group's direct engagement with Tanzania's private sector, reinforcing its commitment to strengthening the country's financial sector and economic development. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contacts: Joyce Mulama Communication and External Relations Department media@ Bernard Muhati Principal Trade Finance Officer
Zawya
27-03-2025
- Business
- Zawya
Ethiopian Airlines, AfDB seek to partner on new $7.8bln airport
Ethiopian Airlines and the African Development Bank (AfDB) have signed a letter of intent (LOI) to finance the construction of a multibillion-dollar airport in Abusera, 40 kilometres south of Addis Ababa. The project aims to solidify Ethiopian Airlines' status as Africa's largest carrier, while reinforcing Addis Ababa's position as a key aviation hub. The new Abusera International Airport, estimated to cost $7.8 billion, is expected to reduce congestion at Bole International Airport, which is nearing its annual capacity of 25 million passengers. Ethiopia last year signed an agreement with Dubai-based engineering and consulting firm Sidara to design the new four-runway airport, which will have a capacity of 100 million passengers a year and parking for 270 aircraft. Read: Ethiopian Airlines signs deal for design of 'biggest airport in Africa'The project is also seen as a driver of regional economic growth and a crucial step in the airline's ambitious 2035 strategy, which focuses on network expansion, infrastructure development and investment in human capital. The letter of intent was signed in Abidjan on March 14 by Ethiopian Airlines CEO Mesfin Tasew Bekele and AfDB Vice President for Regional Development, Integration, and Business Delivery Nnenna Nwabufo. The LOI is often a non-binding document that outlines the understanding between two or more parties with the intention of formalising it into legally binding agreement. The document, which is equivalent to a memorandum of understanding (MoU), is often written to initiate a business transaction and helps to define expectations with customers, partners and vendors prior to a binding agreement.'Today's signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB's commitment to supporting Ethiopia's ambitious flagship air transport project that will not only reinforce Ethiopian Airlines' competitive edge in passenger and cargo services, but also enhance Africa's global air connectivity and integration, solidifying the continent's aviation hub status,' Ethiopian Finance minister Ahmed Shide said. The AfDB said it views regional transport as critical to enhancing trade and mobility across Africa and has identified it as a key pillar of its regional integration agenda, alongside food and energy security and a transition to cleaner energy.'The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent's aviation leadership and economic integration,' said Akinwumi Adesina, President of the AfDB. Located in Bishoftu, the airport will complement Bole and bolster Ethiopian Airlines' ability to expand its intra-Africa network and global reach. Ethiopian Airlines reported a record revenue of $7.02 billion in the last fiscal year ending June 30, 2024, a 14 percent increase over the previous year. The airline transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-03-2025
- Business
- Zawya
Ethiopian Airlines Group and African Development Bank sign Letter of Intent for financing of world-class Abusera International Airport
The African Development Bank ( and Ethiopian Airlines Group have signed a Letter of Intent for the development of the East African nation's planned Abusera International Airport Project. The $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia's position as a leading aviation hub, and stimulate regional economic growth. Chief Executive Officer of Ethiopian Airlines Group Mesfin Tasew Bekele signed the Letter of Intent with African Development Bank Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo, at the Bank's headquarters in Abidjan on Friday, 14 March. Bekele was part of the Ethiopian delegation led by Finance Minister Ahmed Shide. Other members were Adamu Tadele, CFO for Ethiopian Airlines Group; Tiguist Fisseha, Senior Advisor to the Finance Minister; Abraham Tesfaye, Infrastructure Director for Ethiopian Airlines Group; and Berhanu Anbessa, Head of IFIs at the Ethiopian Ministry of Finance. The new world-class international airport will be situated in Bishoftu, about 40 km from the current Addis-Ababa Bole International Airport. Multinational transportation is key to improving interconnectedness and free movement between countries and contributes to regional integration, one of the Bank's High Five priorities. The new Abusera International Airport will complement Ethiopia's recently expanded Bole International Airport, which is expected to reach its annual 25 million passenger capacity limit soon. The new infrastructure will enhance Ethiopian Airlines' role in improving intra-Africa connectivity by enabling a more extensive and efficient network, and strengthening connectivity between Africa and the rest of the world. At a meeting with the delegation, the President of the African Development Bank Group, Dr. Akinwumi Adesina, said, 'I'm a great friend of Ethiopia, and of course, Ethiopian Airlines is Africa's pride, a symbol of excellence and resilience. The African Development Bank is fully committed to supporting this transformative flagship project, which will strengthen the continent's aviation leadership and economic integration.' 'Today's signing of the Letter of Intent for the new mega airport development project is yet another testament to AfDB's commitment to supporting Ethiopia's ambitious flagship air transport project that will not only reinforce Ethiopian Airlines' competitive edge in passenger and cargo services, but also enhance Africa's global air connectivity and integration, solidifying the continent's aviation hub status,' said Finance Minister Shide. Ethiopian Airlines Group, Africa's largest and most successful airline, is advancing its ambitious 2035 growth strategy, which emphasizes network expansion, infrastructure development, and human capital investment to enhance its global competitiveness. In the last fiscal year, ending on 30 June 2024, the airline reported record revenues of $7.02 billion (over 402 billion Ethiopian Birr), reflecting a 14% year-on-year increase. It transported 17.1 million passengers, with 13.4 million on international routes and 3.7 million domestically. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Bloomberg
27-02-2025
- Business
- Bloomberg
Minister Oduwole on Nigeria FDI Reforms, Trade
Jumoke Oduwole, Nigeria's Minister of Industry, Trade and Investment speaks with Bloomberg TV's Joumanna Bercetche on the sidelines of the Investopia conference in Abu Dhabi. Minister Oduwole gave her outlook on intra-Africa trade developments and the advantage of using local currencies with regional commerce partners. (Source: Bloomberg)
