Africa

AfreximBank Inaugurates Kigali’s Office of Fund for Export Development in Africa

Published

1 year ago

March 27, 2024

Eric

By Dolapo Aina

On Wednesday, the 20th of March 2024, The African Export Import Bank (Afreximbank)’s Fund for Export Development in Africa inaugurated its’ Kigali office with a keen eye on addressing Africa’s $110 billion equity financing shortfall. The bank unveiled its Fund for Export Development in Africa (FEDA) office in Kigali, capital of Rwanda.

While the Fund for Export Development in Africa (FEDA) became the Fund Manager of the US$1 billion AfCFTA Adjustment Fund in 2023, it is noteworthy to state that the Fund for Export Development in Africa is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap especially in equity which are needed to transform the trade sector on the African Continent.

According to an official statement by Afreximbank, FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport and logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

The statement by Afreximbank further stated that FEDA was established to tackle Africa’s US$110 billion financing gap for intra-African trade, value-added export development, and industrialisation value chains, with Rwanda being the first among fifteen African nations to ratify its establishment agreement.

The event had in attendance Dr. Edouard Ngirente, the Prime Minister of the Republic of Rwanda’ President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah; Executive Vice Presidents of Afreximbank, members of the Board of Directors of FEDA including Ms. Marlene Ngoyi, who is the Chief Executive Officer of FEDA; officials from the Rwandan Government; representatives from the business and diplomatic communities in Rwanda; just to name a few.
Rwanda’s Prime Minister Dr. Ngirente stated: “The establishment of FEDA in Rwanda reflects Rwanda’s commitment to not only fostering economic development within our borders but also to playing a pivotal role in the economic transformation of our continent. This initiative is a step closer to the realisation of the goals outlined in the Agenda 2063 of the African Union which lays great emphasis on the transformation of African economies and acceleration of economic growth on the continent.” The Prime Minister of Rwanda highlighted the fact that despite Africa’s significant resource endowments and contiguous markets, the continent had the lowest level of intra-regional trade in the world, adding that the continent’s share of value created remained the lowest across many products and commodities due to sub-optimal value addition.

President of Afreximbank, Professor Benedict Oramah in his speech stated that: “FEDA adds to the pool of institutions helping Africa to create its own capital base for development. With a focus on providing long-term, patient capital targeting all segments, from SMEs to corporates, and cutting across dynamic sectors of value-addition, services, and technology, FEDA is positioned to drive Africa’s development under a new vision of de-commoditised, growth-oriented pathways underpinned by a dynamic private sector. We all share the view that the goals of the African Continental Free Trade Agreement (AfCFTA) will be a mirage, and its benefits will accrue to others unless tangible steps are taken to create tradable goods and services for the continental market. We also do recognise that the benefits of the Free Trade Agreement will not be evenly shared among all Participating States if pragmatic steps are not taken to equip all economies, especially small and fragile economies, with the capacity to produce goods or provide essential services necessary for the conduct of trade within the continent.”

Professor Benedict Oramah went further: “Less than four years since the commencement of operations, the evidence of the strategic importance of this institution is beginning to show as it has started to leave impactful footprints across the continent. Funds Under Management under different strategies amount to about 800 million US dollars. FEDA is using some of these funds to create and mobilise additional funds and is currently a co-promoter of a 500 million US dollar Africa Credit Opportunity Fund (ACOF). With seed funding provided by Afreximbank, it is also creating a 100 million US dollar Venture Capital Fund to focus on start-ups and SMEs. In 2023, FEDA became the Fund Manager of the 1 billion US dollar AfCFTA Adjustment Fund. Thanks to the equity and supporting debt instruments offered by Afreximbank, industrial complexes are emerging across Africa. The Fund has supported the emergence of Special Economic Zones in Gabon, Benin, and Togo. These Industrial Zones have changed the profiles of the countries from commodity-exporting countries to exporters of value-added or manufactured goods, attracting multiple times the values gained from commodity exports, helping to achieve economic diversification, creating dynamic local economies with strong domestic supply chains and, above all, jobs and stable incomes for the people. Similar investments are spreading and are expected to reach at least twenty countries, including Rwanda, Malawi, Cote d’Ivoire, Nigeria, Kenya, Congo Democratic Republic, the Republic of Chad, and Zambia, by year-end.”

On Rwanda, Professor Benedict Oramah posited in his speech that “Rwanda is also poised to benefit significantly. On the heels of the various supports provided by Afreximbank to Rwandan public and private sector entities, FEDA has progressed a significant deal pipeline in Rwanda. A number of investments are being processed across many sectors and industries, ranging from transport and trade logistics, manufacturing, agro-processing, and power generation. These equity investments, amounting to about 50 million US dollars, when concluded, will complement the over 300 million US dollars disbursed to Rwandan entities by Afreximbank in the past 5 years, boost local industrial actives, create domestic value chains, and elevate Rwanda’s preparedness to harness the benefits of the AfCFTA.”

Africa

Akinwumi Adesina Bags Kenya’s Highest National Honour

Published

3 weeks ago

March 17, 2025

Eric

By Eric Elezuo

“I am very proud to be the President that confers on you this well-deserved honor of the people of Kenya”

One of Nigeria’s finest exports, who is the President of the prestigious African Development Bank (AfDB), Dr. Akinwumi Adesina, has once again, raised the bars in honours and awards acquisition.

The seasoned diplomat, who once served as Nigeria’s Minister of Agriculture and Rural Development, was on Monday, March 17, 2025, conferred with the highest-rated honour in Kenya, the Chief of the Golden Heart (C.G.H) at the State House, Nairobi.

President William Ruto of Kenya, who joyfully did the honours, noted that the award was for his role in the East African country’s Last Mile Connectivity and Lake Turkana Wind Projects among other landmark achievements across Africa.

For starters, the C.G.H. is the highest award in Kenya and is mostly given to sitting heads of state or exceptional global leaders. This signifies that Adesina, for his global glories, developmental strides, efforts at uniting Africans through via economic options, equate in status with a sitting president of Kenya. The award was some days earlier also given to His Highness Prince Rahim Al-Hussaini Aga Khan V.

Speaking elatedly after giving the award to Adesina, with all the accompanying paraphernalia, President Ruto hailed the AfDB President, saying he deserves the honour for his commitment and distinguished service to the people of Kenya.

He noted: “I am very proud to be the President that confers on you this well-deserved honor of the people of Kenya. It is an honor that I have the privilege as President but on behalf of the government and the people of Kenya to award you for the distinguished service, the commitment you have demonstrated, and the passion you have worked with to see to it that in every way even before you became the President of the African Development Bank.”

Responding, Adesina, who was flanked by his beloved wife, many other aides, colleagues and associates including the Chairman, Ovation Media Group, Chief Dele Momodu, thanked President Ruto for honoring him with the prestigious award saying it is a rare privilege to be conferred with the award.

“Your Excellency President Ruto I am most grateful to you for conferring me today with the prestigious honor of the Chief of Order of the Golden Heart (C.G.H), Kenya’s highest and most distinguished honor.

“I am very humbled for your incredible kindness what a great honor, what a rare privilege, what a historic recognition. The country that I love so much, Kenya, loves me back, appreciates and celebrates my leadership at the African Develpment Bank. Thank you, Mr. President,” said the AfDB President.

He added, “On behalf of my dear wife and your sister, Grace, the Board of Directors at the African Development Bank, our boards of governance, the management and staff of the African Development Bank and on my own behalf, I accept this honour with great humilty.”

A statement shared on their verified X handle after the award, the Kenyan State House noted in part that, “President William Ruto has thanked the African Development Bank (AfDB) for working with Kenya to drive critical areas of the country’s growth in the past 60 years.

“The President made the remarks when he conferred AfDB President and Chairman of the Board Akinwumi Adesina with the Chief of the Order of Golden Heart (CGH) award in Monday at State House, Nairobi.”

“It is an honour that I have the privilege as President, and on behalf of the people of Kenya, to award you for the distinguished service, commitment, and passion you have demonstrated for our country,” Ruto was qouted as saying.

Akinwumi was elected President of Africa Development Bank in 2015, and has remained in office till date.

The AfDB President’s speech is produced in full next page…

Africa

Mahama Nominates Youth Leader, John Opare Addo in New Ministerial List

Published

3 months ago

January 18, 2025

Eric

President John Mahama has released another batch of ministerial nominees. National Democratic Congress Youth Organiser George Opare Addo has been selected to head the newly created Ministry for Youth Development and Empowerment.

A statement from the presidency shows that more familiar names feature in the list, with Haruna Iddrisu nominated as the Education Minister-designate in his latest batch of nominations and Eric Opoku nominated as the Minister for Food and Agriculture.

These nominees join the three non-regional ministerial picks already nominated and vetted. Ten regional minister picks were also previously nominated but have not been vetted.

Two of the nominees, Joseph Nelson for the Western Region Minister and Amelia Arthur, are from the Western Region, which has prompted some praise from the NDC in the region.

George Opare-Addo is a lawyer, local government official, business executive, and accomplished party organiser. His political activism and organisational skills earned him the position of National Youth Organizer of the NDC, a role he has held since 2018. He is also a former Municipal Chief Executive for the Akuapem North Municipal Assembly.

Africa

Mozambique Prison Break: 33 Persons Killed, 1500 Inmates Escape

Published

3 months ago

December 26, 2024

Eric

A suspected riot inside a jail in Mozambique’s capital has left at least 33 people dead and 15 injured, while more than 1,500 prisoners escaped, authorities said.

Police General Commander, Bernardino Rafael, confirmed on Wednesday that 150 of the prisoners who fled the prison in Maputo have been recaptured.

Mozambique is experiencing escalating civil unrest linked to October’s disputed election, which extended long-ruling party Frelimo’s stay in power. Opposition groups and their supporters claim the vote was rigged.

While Rafael blamed protests outside the prison for encouraging the riot, Justice Minister Helena Kida told local private broadcaster Miramar TV that the unrest was started inside the prison and had nothing to do with protests outside.

“The confrontations after that resulted in 33 deaths and 15 injured in the vicinity of the jail,” Rafael told a media briefing.

The identities of those killed and injured were unclear.

A report by the South African Broadcasting Corporation (SABC) said the prisoners overpowered guards and seized AK-47 rifles, allowing them to escape the correctional facility.

Mozambican journalist, Clemente Carlos, told SABC that the escapees likely took advantage of the Christmas holiday season, when fewer guards were on duty compared with regular working days.

“This shocking incident raises urgent questions about the state of security and the justice system in Mozambique,” Adriano Nuvunga, director of the Center for Democracy and Human Rights in Mozambique, wrote on X on Wednesday.

“Now, more than ever, it is critical for authorities, civil society, and international partners to collaborate to ensure public safety and address the systemic challenges that led to this situation.”

Meanwhile, at least 21 people, including two police officers, were confirmed dead during two days of violence over election results on Monday and Tuesday, including attacks on petrol stations, police stations, and banks.

The fatalities brought the death toll in the country to 151 since October 21, according to Plataforma Decide, an election monitoring group.

Al Jazeera