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Trade and Development Bank Secures $100 Million From BII to Support African Businesses

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Trade and Development Bank Secures $100 Million From BII to Support African Businesses

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The Trade and Development Bank (TDB), a key financial institution focused on African development, has secured a $100 million financing package from the British International Investment (BII), the UK’s development finance arm.

This investment aims to strengthen economic resilience across Africa by supporting essential trade finance activities, fostering agricultural development, and addressing food security challenges.

The TDB, with over $5 billion in assets, plays a crucial role in financing and promoting trade, regional integration, and sustainable development on the continent.

They achieve this through trade finance, project and infrastructure finance, asset management, and business advisory services.

This BII investment will empower TDB to provide financial support to local businesses and financial institutions in key African markets.

“This investment highlights the UK government’s commitment to supporting economic and agricultural development across Africa,” said Andrew Mitchell, the UK’s Minister of State for Development and Africa.

“The funding will help lower trade barriers, enabling businesses to expand, access resources, and tackle food security.”

The collaboration between BII and TDB underscores their shared goal of empowering vital economic sectors, particularly small and medium-sized enterprises, to drive inclusive growth across Africa.

Many African economies face currency depreciation, rising inflation, and debt challenges, further exacerbated by global events like the Russia-Ukraine conflict.

The financing reflects TDB’s growing collaboration with financial institutions, recognizing them as key partners in boosting trade.

“Our collaboration with TDB underscores our commitment to bolstering resilient economies across Africa,” said Seema Dhanani, head of the Kenya office at BII.

“This partnership provides vital liquidity and deepens access to finance.”

Admassu Tadesse, TDB Group President and Managing Director, highlighted the partnership’s importance: “TDB has been playing a crucial role in trade finance, contributing to essential commodity security in agriculture and healthcare. This is our fourth facility with BII, and we are pleased to continue building this strategic partnership to address ongoing challenges and enhance food security.”

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Africa Finance Corporation Raises $1.16 Billion, Its Largest Ever Syndicated Loan, to Close Africa’s Infrastructure Gap

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Africa Finance Corporation Raises $1.16 Billion, Its Largest Ever Syndicated Loan, to Close Africa’s Infrastructure Gap

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Africa Finance Corporation (AFC) (www.AfricaFC.org), the leading infrastructure solutions provider in Africa, has announced the successful close of its largest ever debt facility, a $1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe and Asia.

This landmark transaction, commemorated at an event in Dubai, is a significant milestone in AFC’s unwavering commitment to develop critical infrastructure projects across the continent by enhancing its financial flexibility and diversifying its investor base.

Testament to AFC’s appeal in global capital markets and the Corporation’s pivotal role in fostering economic growth and industrialisation in Africa, leading international financial institutions including First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank and Standard Chartered collectively acted as Global Coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China Coordinator. Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC, Mizuho and Sumitomo Mitsui Banking Corporation acted as Initial Mandated Lead Arrangers and Bookrunners. Additionally, Bank of China and Société Générale S.A acted as Initial Mandated Lead Arrangers.

Initially launched at US$1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49%, underscoring global investor confidence in AFC’s track record, creditworthiness, and its ability to navigate the current economic landscape marked by evolving global complexities. Proceeds from the loan will be deployed to advance AFC’s mission to consistently deliver fast and sustainable solutions to close Africa’s infrastructure gap and unleash the continent’s potential, leading to prosperity for all Africans.

“The global loan market’s overwhelming interest in Africa’s growth story is evident in the large pool of lenders that supported this syndication, making it AFC’s largest ever,” said AFC’s President & CEO, Samaila Zubairu.

‘’This is a significant endorsement of our commitment to ensure that infrastructure projects support local processing and value capture, thereby providing the much needed impetus to African industrialisation, enhanced export earnings and job creation.’’

AFC’s position as the pre-eminent partner of choice between African and global stakeholders and investors for mutually beneficial outcomes reflects the Corporation’s relentless dedication to shaping a brighter and prosperous tomorrow for Africa and Africans.

Financial institutions including Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders, showcasing AFC’s ability to build a global coalition of investors confident in the Corporation’s strong fundamentals as one of the highest investment-grade institutions in Africa.

On the back of its A3 credit rating by Moody’s, AFC has made significant strides in diversifying its funding sources in recent years.

In 2023, the Corporation orchestrated a US$625 million syndicated loan, its second largest, with lenders predominantly from the Middle East and Asia.

AFC also secured a US$350 million long-term line of credit from the African Development Bank (AfDB) and a EUR50 million loan facility agreement with the Italian development finance institution, Cassa Depositi e Prestiti SpA (CDP).

Both agreements were signed on the sidelines of COP28 in Dubai. Additionally, the Corporation received a US$400 million from the Exim Bank of China.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

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Yango Delivery Launches Cargo Express to Streamline Large Item Deliveries in Africa

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Yango Delivery Launches Cargo Express to Streamline Large Item Deliveries in Africa

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Yango Delivery, a leading logistics platform in Africa, has announced the launch of Cargo Express, a new feature designed to improve the delivery of bulky items across the continent.

Cargo Express addresses a critical need in the region’s rapidly growing e-commerce sector.

Customers in major cities like Accra, Abidjan, and Lusaka will now benefit from a streamlined process for delivering large furniture, appliances, and other cumbersome goods.

“The rise of online shopping demands reliable solutions for bulky items,” said Ireoluwa Obatoki, Head of Business Development for Africa at Yango Delivery.

“Cargo Express fills this gap by offering a dependable and transparent service.”

Yango Delivery’s Cargo Express provides access to a fleet of vehicles specifically suited for large cargo transportation.

Customers can expect upfront pricing, eliminating any surprises upon checkout. The in-app platform also allows for real-time order tracking and keeps users informed throughout the delivery process.

This new offering complements Yango’s existing services, which include ride-hailing, motorbike delivery, and food delivery, creating a comprehensive suite of daily conveniences within a single app.

The launch of Cargo Express underscores Yango Delivery’s dedication to leveraging technology to enhance urban delivery experiences in Africa.

By providing clear pricing and efficient solutions, the company aims to empower both customers and local logistics partners.

“Cargo Express creates new revenue opportunities for our local partners and couriers while ensuring a more transparent delivery landscape in Africa,” Obatoki added.

This initiative builds upon Yango Delivery’s past efforts to improve its services.

In December 2023, the company partnered with MTN to provide free data plans for drivers, and in February 2024, they increased ride-hailing fares to support driver livelihoods.

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Malian Industrial Giant Ibi Group Launches Electric Vehicle Subsidiary “Angata”

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Malian Industrial Giant Ibi Group Launches Electric Vehicle Subsidiary "Angata"

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The Malian industrial conglomerate Ibi Group, known for its work in aviation, renewable energies, and irrigation systems, has expanded its operations into the urban transport sector with the launch of a new subsidiary, Angata.

Angata, which translates to “Let’s go” in Bambara, aims to revolutionize transportation in Bamako by offering electric vehicles (EVs) powered by solar energy.

The company will initially focus on selling electric cars and taxis with a range of up to 300 kilometers. These vehicles will be imported until Ibi Group establishes its own manufacturing plant for EVs in Mali.

“There’s a significant cost difference between traditional gasoline or diesel vehicles and electric vehicles,” said Ibrahima Diawara, CEO of Ibi Group.

“Internal combustion engines cost roughly 100 CFA francs (around €0.15) per kilometer for small vehicles and 200 CFA francs (€0.30) for larger ones. With our electric vehicles, each kilowatt covers 12 kilometers, translating to less than 15 CFA francs (under €0.02) per kilometer. That’s a major change!”

Diawara pointed to China, where a significant portion of vehicles on the road are already electric, and upcoming bans on internal combustion vehicles in developed countries by 2035 as evidence of the shift towards electric mobility.

Mali, with its abundant sunshine (averaging 4,200 hours annually), is well-positioned to capitalize on solar energy and reduce reliance on expensive and polluting fossil fuels.

Moussa Alassane Diallo, Mali’s Minister of Industry and Trade, expressed the government’s support for the private sector’s role in developing electric mobility during the Angata launch ceremony.

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Kenya Opens Center of Excellence for Biodiversity and Climate in Nairobi

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Kenya Opens Center of Excellence for Biodiversity and Climate in Nairobi

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The Center of Excellence for Biodiversity and Climate aims to equip 24 countries in the region with cutting-edge data for protecting their precious forests and marine environments.

This groundbreaking facility is a significant step towards Kenya’s goal of achieving the Sustainable Development Goals (SDGs) by 2030.

It represents one of the first such centers on the African continent, bringing together experts and resources to explore innovative technological and leadership solutions for a sustainable ecological future.

The center’s research and development efforts will provide participating nations with the latest data to inform conservation strategies.

This vital information will be crucial for protecting biodiversity and mitigating the impacts of climate change, including prolonged droughts – a major threat to local communities and wildlife populations.

The initiative is backed by the Regional Centre for Mapping of Resources for Development, located in Nairobi.

Additional documentary and IT support comes from the Centre for International Forestry Research and World Agroforestry (Cifor-Icraf), a longstanding champion of ecosystem preservation.

“Our goal is to address the challenges of biodiversity loss, extreme heat events, and promote sustainable natural resource management,” explained Peter Minang, Cifor-Icraf’s Africa Director.

Kenya’s dedication to environmental protection extends beyond the new center. In 2022, the nation successfully launched its first satellite, Taifa-1, with the help of SpaceX.

This constellation of initiatives, including the Center of Excellence, promises a comprehensive response to the region’s environmental challenges, particularly the devastating droughts that threaten livelihoods and wildlife survival.

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AfDB Approves $20 Million Grant to Boost Food Security and Water Access in Senegal

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AfDB Approves $20 Million Grant to Boost Food Security and Water Access in Senegal

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The African Development Bank (AfDB) has pledged $20 million to bolster food security and water access for vulnerable communities in Senegal.

This funding aims to accelerate the implementation of the ongoing Post-Covid-19 Food and Nutritional Security Project (Presan-PC).

Presan-PC specifically targets small-scale producers, aiming to sustainably increase their agricultural output and incomes.

The AfDB’s grant, approved in March 2024, will focus on enhancing water supply through various infrastructure projects.

The Senegalese government plans to utilize the AfDB grant to construct boreholes, solar-powered pumping stations, water retention structures, and lowland development works. These improvements aim to directly address water scarcity challenges faced by farmers.

The allocated funds will also go towards establishing new drinking water supply systems. This initiative prioritizes improved access for women and young people involved in agriculture.

Presan-PC expands upon the previous food security support project (Pasa-LMK) and targets the Louga, Matam, and Kaffrine regions.

The project will also reach similar areas in the Matam region and departments of Koumpentoum (Tambacounda) and Nioro (Kaolack).

An estimated 31,000 households, or roughly 310,000 people, are expected to benefit from the project’s reinforced water infrastructure. This improvement is anticipated to lead to increased harvests and higher incomes for these small-scale producers.

Presan-PC has garnered additional support from the Office chérifien des phosphates (OCP Group) with a contribution of $4.57 million.

The Senegalese government and participating farms are also contributing $1.29 million and $370,000 respectively.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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