Representatives from the Kingdom of the Netherlands and the African Development Bank Group (www.AfDB.org) this week discussed further details of the Dutch government’s recent $27 million financial commitment to the Africa Disaster Risk Financing Program Multi-Donor Trust Fund.

With this commitment, signed earlier this month, the Netherlands becomes the sixth contributor to the Fund, operated by the Bank Group to boost Africa’s resilience and responsiveness to climate shocks.

The Africa Disaster Risk Financing Program (ADRiFI) Multi-Donor Trust Fund bolsters drought insurance protection for African countries to mitigate the negative impacts of climate-related extremes such as cyclones, flooding and drought. Working in collaboration with the African Risk Capacity Ltd., the funds will support the Bank’s promotion of parametric insurance and other climate risk management instruments in Africa.

During discussions on the sideline of the Bank’s Annual Meetings in Nairobi, Kenya, Mark Zellenrath, Director for Multilateral Institutions and Human Rights at the Dutch Ministry of Foreign Affairs, and Bank Vice President Dr. Beth Dunford welcomed the new partnership.

“This Dutch government commitment to the Trust Fund will help bring additional protection to millions of the continent’s most vulnerable people threatened by climate disaster,” said Dunford, responsible for agriculture, human and social development at the Bank.

Mark Zellenrath said: “The Kingdom of the Netherlands is proud of becoming a new donor to the Africa Disaster Risk Financing Programme and providing additional funding to reduce the protection gap in Africa and make parametric insurance solutions accessible to those at the frontlines of climate change across the African continent.”

The Bank has invested more than $100 million and supported 16 African countries to access sovereign insurance and financial protection against climate hazards.

Since its establishment in 2019, the ADRiFi program has provided financial protection against severe droughts and tropical cyclones to more than six million people, significantly bolstering resilience in vulnerable communities.

Apart from the Netherlands, other donors to the ADRiFi Multi-Donor Trust Fund are the United Kingdom, Switzerland, the United States, Canada, and Norway.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Alphonso Van Marsh
Principal Digital Content and Events Officer
email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Multinational commodity trader Trafigura will participate at the Angola Oil&Gas (AOG) 2024 conference – scheduled for October 2-3 in Luanda – as a gold sponsor. The sponsorship during this year’s event demonstrates the company’s commitment to deploying infrastructure, market expertise and a regional logistics network to support production and distribution in Angola.

As a supplier of commodities, Trafigura responsibly connects producers and consumers of minerals, metals and energy through the deployment of infrastructure and logistics to make supply chains more efficient. During the AOG 2024 conference, the company is expected to outline strategies for improving infrastructure and logistics in Angola as the country moves to increase oil production while bolstering the expansion of other strategic sectors such as mining.

Organized by Energy Capital&Power, AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

In February, Trafigura and Canadian mining company Ivanhoe Mines forged a long-term agreement to transport minerals via Angola’s Lobito Atlantic Railway. Under the agreement, which spans a minimum term of six years, Trafigura will transport up to between 120,000 and 240,000 tons of copper per year from Ivanhoe’s Kamoa-Kakula mine in the Democratic Republic of Congo to the Port of Lobito.

The agreement marks the first long-term commercial commitment to the Lobito Atlantic Railway, which connects Central Africa’s Copperbelt region to the Port of Lobito and aims to provide a more efficient and lower-carbon route for bringing copper, cobalt and other transition metals to market.

Trafigura also serves as part of the Lobito Atlantic Railway consortium, which features construction company Mota-Engil and transport services company Vecturis. The consortium was awarded a 30-year concession for the operation, maintenance and management of the railway and for the Lobito Minerals port.

This year’s AOG 2024 conference will serve as the premier platform for stakeholders to address pressing issues within Angola’s oil and gas domain, encompassing strategies to mitigate production decline, bolster exploration efforts, diversify the economy and spearhead a just energy transition by harnessing natural gas resources.

Distributed by APO Group on behalf of Energy Capital&Power.

A Kampala-based commercial bank with a “mission critical focus” to provide financial services to vulnerable women entrepreneurs has been named the “AFAWA Bank of the Year” at the African Banker Awards.

Centenary Rural and Development Bank picked up the honor named after African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) (https://apo-opa.co/3Kt8IUg) initiative at the awards ceremony held during the African Development Bank’s Annual Meetings underway in Nairobi, Kenya. The African Banker Awards celebrate excellence and best practices in African banking and finance. The AFAWA Bank of the Year accolade recognizes the commitment of Centenary Rural and Development Bank – popularly known as Centenary Bank – to advancing women access to finance, like its “Cente Supawoman” financial product that offers loans up to $1,300 without collateral.

“Our Supawoman product is about that underprivileged woman who is struggling to grow that business. The roadside seller, the hawkers, the retailers, market vendors,” said Michael JJingo, the Bank’s General Manager for Commercial Services, said after receiving the trophy.

“If given an opportunity for financial inclusion and financial services accessibility, this woman can do miracles,” JJingo added.

The AFAWA Bank of the Year award recognizes financial institutions contributing to bridging the $49 billion gender financing gap in Africa, particularly through the AFAWA Guarantee for Growth facility. AFAWA, with its Guarantee for Growth facility as its cornerstone, seeks to unlock $5 billion in access to finance for 30,000 women-owned and led businesses through financial institutions.

“For the second consecutive year, the AFAWA Bank of the Year Award honor goes to the bank that has impactfully incorporated the development and growth of women-led small and medium enterprises as part of [its small and medium enterprise] strategy”, said Dr. Beth Dunford, African Development Bank’s Vice President for Agriculture, Human and Social Development.

When announcing the AFAWA Bank of the Year award, Dr. Dunford also said aside from Centenary Rural and Development Bank’s “Cente SupaWoman” financial services tailored to the needs of women entrepreneurs, the Bank had also experienced a 23 percent growth in women-owned and led businesses in its portfolios from 2020 to 2023. Centenary Rural and Development Bank joined the AFAWA Guarantee for Growth program as a partner financial institution at the program’s onset.

AFAWA is supported by various development partners including the G7 countries (France, Canada, Italy, Germany and the European Commission), the Netherlands, Sweden, and the Women Entrepreneurship Finance Initiative (We-Fi) of the World Bank Group. 

The awards ceremony is organised by African Banker magazine with the African Development Bank as its High Patron. The African Banker Awards are part of the African Development Bank Annual Meetings official program, which this year is held under the theme: “Africa’s Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Alphonso Van Marsh
Principal Digital Content and Events Officer
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Representing the biggest gathering of energy stakeholders on the continent, Africa’s premier energy event – the African Energy Week (AEW): Invest in African Energy conference – will host a dedicated Upstream E&P forum to showcase licenses and active assets to global investors and industry leaders. The forum serves as the principal platform to connect investors and project developers with available acreage.

The forum will feature private sector executives, ministers and senior and government officials as they drill down on key issues and offer progressive solutions for maximizing the value of Africa’s energy resources. Representing the ideal platform for leading players throughout the continent and abroad to build on a shared commitment towards bringing Africa out of energy poverty, the forum aims to bolster energy access through resource exploitation and monetization. Don’t miss the chance to connect with Africa’s E&P market. Contact register@aecweek.com or sales@aecweek.com for more information about the forum.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

In 2024, Africa’s E&P landscape is witnessing unprecedented growth owing to regional demand, with recent large-scale discoveries and calls by African stakeholders to advance hydrocarbon monetization. While major oil producing countries such as Algeria, Angola and Libya look towards expanding production on the back of new exploration campaigns, nascent markets such as Namibia and the Republic of Congo have put forward ambitious upstream agendas which aim to position the countries as both producers and exporters.

Africa is making strides to expand its oil and gas reserves, with multiple countries introducing new licensing rounds and accelerating ongoing ones. Sub-Saharan Africa is expected to spearhead this growth, with more than 11 licensing rounds planned for 2024 and 2025. Namibia is awarding new E&P licenses in two 2-month periods in 2024 as part of a new open-door system entitled the New System, which was launched in January to address a backlog of permit applications. The country received applications for its onshore blocks from April to May and is poised to receive applications for offshore E&P licenses from September to October.

Meanwhile, Angola’s national concessionaire – the National Oil, Gas&Biofuels Agency (ANPG) – is set to launch its 2025 Limited Public Tender, offering up to 10 offshore blocks in the Kwanza and Benguela basins in 2025. In March 2024, the ANPG announced winners for a 12-block oil and gas tender covering the Lower Congo and Kwanza onshore basins. The government’s updated Hydrocarbon Exploration Strategy 2020-2025 showcases the immense potential within the country’s geologically-appraised concessions and sedimentary basins, with underexplored prospects such as the Kwanza Basin and Namibe Basin serving as some of the world’s leading frontiers for hydrocarbon exploration.

Additionally, Nigeria launched its 2024 licensing round in April, offering 19 blocks – including seven deep offshore assets and 12 new assets. The licensing round will conclude in January 2025, highlighting a strategic opportunity for E&P players. Uganda is also expected to launch its third licensing round in mid-2024, offering blocks in the Open Albertine Graben basin, while Somalia is set to offer some 26 offshore blocks in its 2024 bid round – expected to close in 2026. Kenya and Tanzania are preparing to launch their own respective licensing rounds this year, underscoring frontier opportunities in East Africa.

Across the continent, E&P players are already making strides towards developing untapped resources. In April, energy giant TotalEnergies signed an MoU with Algerian state-owned energy company Sonatrach for the appraisal and development of gas resources in the North-East Timimoun region. Meanwhile, the same month saw the discovery of a well in Libya by the country’s state-owned National Oil Corporation with the potential to produce 16.8 million cubic feet of gas per day. In addition to gas, the discovery also shows the potential for the well to produce 646 barrels of oil per day with a specific density of 49 API.

On top of these recent advancements, large scale discoveries in the Orange Basin and the MSGBC Basin have positioned Africa as one of the world’s top oil and gas markets. In Namibia – compounded by favorable fiscal incentives and a large-scale investment landscape – discoveries include the Graff-1, Venus-1, Jonker-1X, La Rona-1, Lesedi-1X, Mopane-1X and most recently, the Mangetti-1X concessions, which have attracted oil and gas supermajors including TotalEnergies, Shell, Chevron and ExxonMobil, as well as independents players such as Azule Energy, Galp and ReconAfrica.

Meanwhile, the Sangomar Field Development – Senegal’s inaugural offshore oil project – anticipates first oil in mid-2024 and is set to process 100,000 barrels per day once operational. Straddling the maritime border between Mauritania and Senegal, the development of the Greater Tortue Ahmeyim LNG project is nearing completion.

“What Africa needs to make energy poverty history by 2030 is for more wells to be drilled. The Upstream E&P Forum will be crucial for moving projects forward and prioritizing the funding of large-scale oil and gas projects to fuel economic growth and accelerate industrialization,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Register now at registration@aecweek.com to take part in this strategic forum.

Distributed by APO Group on behalf of African Energy Chamber.