During the meeting, the two sides reviewed the long-standing relations of friendship between the Kingdom of Bahrain and the United States of America and ways to promote bilateral cooperation in various fields to achieve the common interests of the two countries within the framework of the Comprehensive Security Integration and Prosperity Agreement (C-SIPA).

They also exchanged views on the current situation in the Middle East, the most prominent outcomes of the recent Arab Summit held in Bahrain, and the initiatives adopted by the Summit, including the convening of the International Peace Conference for the establishment of a Palestinian State, the provision of education and health services to those affected by conflicts in the region, as well as a number of issues of common concern.

The meeting was attended by the Ambassador of the Kingdom of Bahrain to the United States, Shaikh Abdullah bin Rashid Al Khalifa, the Chief of the Coordination and Follow-up Sector at the Ministry of Foreign Affairs, Ambassador Saeed Abdulkhaliq Saeed, and the delegation accompanying the Foreign Minister.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Kingdom of Bahrain.

In a move to bolster regional environmental safety and fortify its oil and gas sector, Ambassador Richard Kabonero, Head of Regional Economic Cooperation Department at the Ministry of Foreign Affairs, met today with a delegation from the Petroleum Authority of Uganda (PAU), led by Dr. Joseph Kabusheshe, Director of Environmental Health and Safety. The discussions focused on enhancing Uganda’s international collaboration efforts concerning oil spill contingency preparedness and response mechanism. During the meeting Dr. Kabusheshe said that PAU has a robust, detailed and comprehensive National oil spill contingency plan which she needs to share with her neighbors.

“These strategic frameworks are designed to ensure rapid and effective response to any potential oil spill incidents within Uganda,” he said. Highlighting the inherent need for Trans boundary cooperation, Dr. Kabusheshe emphasized the critical importance of collaborating with neighboring countries that could be affected by oil spill events. Recognizing the importance of this initiative, Ambassador Kabonero expressed support for enhanced regional partnerships. He articulated the necessity for a cohesive, multinational approach to oil spill management, which not only safeguards the environment but also ensures sustainable development and mutual prosperity. The meeting agreed to establish a dedicated committee tasked with formulating and implementing strategic agreements with neighboring nations.

This committee will serve as a pivotal platform for dialogue, cooperation, and coordination, ensuring that Uganda and its neighbors are well-prepared to address any oil spill contingencies with unparalleled efficiency and effectiveness. “Uganda and her neighbors need to be prepared in the unlikely event of an oil spill,” stated Ambassador Kabonero. “Our proactive measures and collaborative efforts underscore our dedication to protecting the environment and fostering regional stability. By working hand in hand with neighboring countries, we can collectively mitigate the risks associated with oil spill incidents and safeguard our shared natural resources,” he said. This initiative marks a significant milestone in Uganda’s environmental and energy sector policies, reflecting the country’s steadfast commitment to international standards of safety, sustainability, and regional cooperation. The proactive stance taken by Uganda will not only enhance the nation’s capacity to manage oil spill incidents but also strengthen its position as a responsible and forward-thinking leader in the global oil and gas industry.

Distributed by APO Group on behalf of The Republic of Uganda – Ministry of Foreign Affairs.

The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org) concluded a two-day virtual training program on “Risk Management and Stress Testing for Islamic Financial Institutions” from 3-4 July 2024.

The program, attended by a diverse group of stakeholders including regulators and senior executives from Islamic financial institutions, aimed to enhance the participants’ understanding of the latest developments and best practices in risk management and stress testing for the Islamic finance industry.

The training covered a wide range of topics, including:

Fundamentals of risk management in Islamic finance
Regulatory requirements and guidelines for risk management
Developing robust stress testing frameworks for Islamic banks
Integrating Shariah principles into risk management practices
Liquidity risk management and capital adequacy
Emerging risks and their implications for Islamic financial institutions in light of relevant standards issued by Islamic Financial Services Board (IFSB)

“We are delighted to have collaborated with the Islamic Development Bank Institute to deliver this timely and valuable training program,” said Dr. Ahmed Al Shaikh, Chief Executive Officer at BIBF. “The program was designed to equip participants with the knowledge and tools needed to effectively manage risks and ensure the resilience of their Islamic financial institutions.”

Dr. Sami Al-Suwailem, Acting Director General of the IsDBI, said, “This joint initiative reflects our commitment to supporting the development of the Islamic finance industry by providing high-quality, industry-relevant training programs. The active participation and engagement of the attendees were key to the success of this program, and we are encouraged by the positive feedback received.”

The training program, facilitated by Dr. Abozer Mohamed, a Senior Islamic Finance Specialist at IsDBI, was conducted in a highly interactive format, encompassing case studies presentations, group discussions, and giving opportunities for the participants to share their experiences and best practices. The virtual format enabled participants from across the Middle East and beyond to attend the program, further enhancing the diversity of perspectives and insights shared during the sessions.

For more information about the program or future collaborations between BIBF and the IsDB Institute, please contact islamicfinance@bibf.com.

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Media contact:
Habeeb Idris Pindiga
Associate Manager
Knowledge Horizons
Islamic Development Bank Institute (IsDBI)
Email: hpindiga@isdb.org

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About the Islamic Development Bank Institute: 
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce the launch of an innovative capacity development program designed to empower African corporates to capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA).

This initiative, spearheaded by Afreximbank Academy (AFRACAD) in collaboration with the AfCFTA Secretariat, aims to equip businesses with the necessary skills and knowledge to navigate and thrive in the evolving intra-African trade landscape.

Scheduled to run from 9 to 13 September 2024 in Cairo, Egypt, the training programme which will be delivered in collaboration with the American University in Cairo and the AfCFTA Secretariat will focus on the business implications of AfCFTA and the numerous opportunities which the Agreement presents for African corporates. It will also equip members of Afreximbank’s TRADAR Club and other participants with practical insights to enable them to leverage the benefits and opportunities presented by the Agreement. Additionally, it will help translate the various treaty instruments of the AfCFTA into practical language that corporates can easily understand. It will also provide an exposé on the requirements businesses must meet to seize opportunities of the continually expanding AfCFTA market.

Commenting on the programme, Dr. Yemi Kale, the Group Chief Economist&Managing Director of Research at Afreximbank, highlighted the importance of creating the requisite competencies and capacity for local industrial activities to enable all African countries to benefit from the single market arrangements offered by the AfCFTA.

Dr. Kale said, “Afreximbank is a key supporter of the implementation of the AfCFTA whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about 2 billion people with a combined GDP of about US$3.4 trillion. In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”

Commenting on the programme, Mr. Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat emphasized the importance of capacity building for the successful implementation of the AfCFTA. Mr. Makong stressed the importance of ensuring a value chain approach to capacity building by first prioritizing human resources competences, fit for purpose administrative procedures and processes, translation of the AfCFTA into national and regional regulatory infrastructure, fostering predictable institutional framework across state institutions involved in facilitating and executing trade transactions and ensuring that trade transactions are underpinned by requisite hard and soft infrastructure. He said: “Investing in capacity building for the Corporates and SMEs will ensure that home sourced investments are mobilized and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”

While the AfCFTA has immense potential to support economic development, a lack of understanding of the technical nuances relating to the interpretation of the Agreement is impeding the full actualisation of its benefits. Some enterprises are also not able to fully take advantage of the Agreement or to compete with the influx of new competitors from other regions.

The training programme will, therefore, focus on removing the hurdles in the business environment as well as tackling the capacity constraints of African companies in order to support the transition from the current model of local production for local consumption to a model that ensures local production for the continental and international export markets.

Participants in the programme include African corporates (mainly importers and exporters), trade support institutions (including trade promoting organisations, chambers of commerce and investment promotion agencies), export trading companies, the foreign trade community (including investors), and bank executives.

The training programme was conceptualised by Afreximbank, which will also manage the implementation and other related activities with the American University in Cairo and the AfCFTA Secretariat as implementing partners.

For more details and to register for the training program, please click here (https://apo-opa.co/3WhFajd).

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com

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About AFRACAD:
The Afreximbank Academy (AFRACAD) is the proprietary corporate academy of African Export-Import Bank (Afreximbank). AFRACAD is a centre of excellence for capacity building in trade and the go-to hub for Afrocentric knowledge and African trade expertise. It provides high impact learning solutions that cover trade and project finance, industrial capacity, innovation, leadership, trade language, and Knowledge and networking.

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 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 industrialization 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 is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its 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.

For more information, visit: www.Afreximbank.com

About the AfCFTA Secretariat:
The African Continental Free Trade Area (AfCFTA) is a flagship project of Agenda 2063 of the African Union – Africa’s own development vision. The immediate implementation of the AfCFTA will provide quick wins that impact on socio-economic development and enhance confidence and the commitment of Africans as the owners and drivers of Agenda 2063. The AfCFTA aims at accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.

For more information: www.AU-AfCFTA.org

Trade Intelligence Solutions​:
Trade Intelligence Solutions was conceived by Afreximbank to address one of the barriers to intra-African trade – lack of comprehensive African trade and investment information. Inadequate and the often-fragmented data on trade, market opportunities, and even customs procedures, can increase the cost of doing business in Africa, and this makes it more likely that African businesses will choose to trade with entities outside the region. In response, Trade Intelligence Solutions combines innovative technologies and trusted advisory services to form a powerful intelligence solution that informs our clients’ strategic decisions. The Trade Intelligence Solutions Unit of  the Afreximbank Research Division (https://apo-opa.co/4bIviTU) provides strategic trade advisory services to clients that are seeking to enter new markets in Africa or expand into the continent. We also advise clients in Africa who want to expand elsewhere. The team is integrated across all the major regions in Africa and consists of people with in-depth knowledge of the continent, unrivalled trade expertise, strong relationship with key government officials and diverse range of influential stakeholders.