The Federal Republic of Nigeria has acceded to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank). Nigeria joins the ranks of countries acceding to the Establishment Agreement of FEDA, becoming the 16th nation to do so. This underscores the increasing backing the Fund enjoys among African nations.

This announcement comes three decades following Afreximbank’s establishment in Nigeria, a key milestone that boldly demonstrates Nigeria’s continued commitment to supporting Afreximbank and FEDA’s missions. FEDA sees new memberships as critical to broadening its scope of interventions and its mission of delivering long-term capital to African economies, with a focus on industrialization, intra-African trade and value-added exports. The signing of the FEDA Establishment Agreement is expected to pave the way for the ratification of the Agreement in due course. This will in turn bolster FEDA’s interventions in Nigeria.

Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: “We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters. The partnership will enhance investments in sectors critical to the development journey of Nigeria.” 

Other countries who have acceded to FEDA’s Establishment Agreement include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana and Egypt.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Media Relations
Email: press@afreximbank.com
Tel: +20 2 24564100 /1/2/3
Mobile: +201030121123

About FEDA:
The Fund for Export Development in Africa (“FEDA”) 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 (particularly in equity) needed to transform the Trade sector in Africa. 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&logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

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 to effectively participate 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. The Bank disbursed more than US$104 billion between 2016 and 2023. 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.

President Yoweri Kaguta Museveni has today met and held discussions with Mr. Peter Sands, the Executive Director of the Global Fund at State House-Entebbe.

The Global Fund is an international organisation created in 2002 as an innovative financing mechanism seeking to rapidly raise and disburse funding for programs that reduce the impact of HIV/AIDS, tuberculosis, and malaria in low- and middle-income countries.

During the meeting, President Museveni appealed to the organisation to consider purchasing drugs, vaccinations, and other essential medical supplies from local manufacturers to enhance the country’s knowledge economy.

He also emphasised the importance of investing in the knowledge economy, particularly in vaccines, drugs, and scientific innovations for a country like Uganda.

Adding to the President’s submission, the Minister of Health, Dr. Jane Ruth Aceng outlined the four key areas for potential procurement, including Antiretroviral Drugs for HIV treatment, rapid diagnostic tests for malaria and HIV, long-lasting insecticidal nets and medical gloves.

President Museveni also reassured the Global Fund of Uganda’s commitment to combating HIV/AIDS and malaria, stressing the need for prevention alongside treatment efforts.

“For the last 30 years, we have spread our HIV prevention message, and people have heard it. Today, the prevalence rates have significantly reduced, and those living with HIV are adhering to their ARVs. However, they should be aware of the physical exhaustion that comes with taking the drugs and take good care of themselves,” the President advised.

On the other hand, President Museveni articulated Uganda’s economic progress through phases, underscoring the nation’s transition towards diversification and the expansion of its money economy.

“When we came in, we aimed at a number of phases. Phase one was what we called minimum recovery to bring back the small island of the money economy surrounded by those who work only for the stomach. This you can see with tourism, which has come back, along with maintained coffee production, a slight increase in cotton production, and the resurgence of tea,” he said.

“However, we have not yet succeeded in reviving the copper industry. Phase two was to expand that small island, which we have done. For instance, coffee production has increased from 2 million bags to now 9 million bags, and tea production has grown from 3 million kilograms to now 60 million kilograms,” he added.

Mr. Sands reciprocated the commitment assurance, expressing the Global Fund’s willingness to collaborate with local markets to ensure the supply of essential medical supplies while addressing cost-cutting considerations, market competitiveness, and tendering issues.

In his response, President Museveni committed to enhancing further engagements with local drug manufacturers to establish mutually beneficial terms for supplying their products to the Global Fund.

Mr. Sands also noted that the Global Fund’s partnership with Uganda’s Health Ministry aims to accelerate the end of AIDS, tuberculosis, and malaria epidemics and shall continue to support the government’s efforts in preventing the spread of these diseases.

“With a cumulative investment of $2.9 billion and a forthcoming $700 million investment over the next three years, the Fund focuses on combating prevalent diseases and addressing unique challenges such as mosquito resistance and HIV/AIDS prevention,” he informed the President.

The Global Fund chief further lauded the President for his fight to end HIV/AIDS, stating that a progressive impact has been made.

“Thanks to the implementation of large-scale prevention, diagnosis, treatment, and care programs, all provided on the principle of access to healthcare for all who need it, without stigma or discrimination. This approach has saved lives.”

The meeting was attended by the Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija, the Permanent Secretary- Ministry of Health, Dr. Diana Atwine and Dr. Medard Bitekyerezo, the Chairman of the National Drug Authority (NDA).

Others in attendance were local drug manufacturers such as Mr. Emmanuel Katongole, the co-founder, and Chairman of Quality Chemicals Limited.

Distributed by APO Group on behalf of State House Uganda.

LG Showcase MEA 2024 recently welcomed guests and partners in Abu Dhabi to in-person experience the latest and greatest the brand has to offer.

The two-day event held at Conrad Abu Dhabi Etihad Towers Hotel in Abu Dhabi, UAE had over 500 guests who witnessed all of LG Electronics’ new innovations that will be rolled out in the region. The LG Showcase, returning after a successful event last year, created a common platform for experiencing LG Electronics’ unique customer focused innovations and reaffirms the company’s vision to bring innovative products to the market that enhances the customer’s overall experience. The event revolved around the theme of Reinventing Together, which expresses the brand’s commitment and passion toward its customers and their requirements.

Mr. Il Hwan Lee, Chief Executive Officer, LG MEA Region said: “We saw a huge success when we returned the LG Showcase MEA event last year and we are elated to see the same success in this year’s event as well. It is a great pleasure to showcase our latest innovations and give our guests the chance to experience them all firsthand. We are happy to see the love and appreciation received for each product and look forward to bringing more to this region overall.” He further added, “This event is a platform that showcases not just our products, but also reiterates our commitment to our customers. This event also serves as a platform for networking with our business partners and fostering relationships, another vital element of our work.”

The large-scale event was also home to multiple exhibition zones, where LG Electronics’ products were displayed in their ideal use-case scenario. This included a hero zone with the 97-inch LG SIGNATURE WIRELESS OLED M, the world’s-first consumer TV with Zero Connect technology which enables the transfer of 4K video and audio, wirelessly at 120Hz. Also on display was LG’s innovative StanbyME Go, the 27-inch FHD smart screen that comes in a carry bag design and a three-hour battery built in that allows for the ultimate in portability and making it a perfect companion for outdoor use, such as picnics and BBQs. The event highlighted the latest in LG Electronics’ innovation in processors and software with the new α (Alpha) 11 processor that will be used in its flagship TVs and the latest WebOS respectively. The α (Alpha) 11 processor will be actively used in flagship TVs for powerful AI features that enhance the viewing experience, while the new WebOS brings a revamped home screen with wider title cards and smoother tiles. The new WebOS will expand into 300 TV brands and 3,500 content partners, including local partners and has an active user growth increase in the MEA region by 20 times.  

A dedicated zone for audio visual products was also present, including the latest in XBOOM speakers which deliver bold and loud sounds with strong bass. This included the LG XBOOM XL9T, the most powerful-in-class party speaker, its smaller variant, the LG XBOOM XL5S with a 200W output, topped off with a dynamic pixel lighting effect that offers animation patterns, visual EQ or even characters, making it the perfect accessory for hanging out with friends or a must-have at parties.

LG CineBeam Q, the much awaited, stylish and smallest 4K portable projector from LG was a key attraction. This mighty 4K laser projector not only delivers stunning picture quality, but also a range of streaming features, while its minimalist design fits into any home design ethos.

The IT zone on the other hand showcased the latest lineup of LG UltraGear OLED gaming monitors including the new 32GS95UE, the world’s first VESA certified Dual Mode gaming monitor as well as the LG MyView Smart Monitor, a must-have for productivity and entertainment. To top it off, LG Electronics demonstrated the LG MAGNIT (model LSAL006), a stunning 4K (3840 x 2160) resolution Micro LED display, that delivers unparalleled picture quality through the brilliance of Micro LED technology, ideal for both personal and professional use.  For retail use, LG displayed the OLED transparent screens, which was highlighted in the LG café experience zone.

The exhibition zone also included an area for home appliances, including washing machines and air conditioning solutions as well as the brand’s premium built-in solutions. Featured in this zone was the MoodUP™ refrigerator, which adds a unique personality to any home kitchen with the ultimate in customisation by allowing users to choose from 22 colours for the upper door panel and 19 colours for the lower panel. In addition to its visual aesthetic, the new LG MoodUPTM Refrigerator comes with three LED panel doors and a transparent fourth door. Also on display was the LG built-in-kitchen package, a unique lineup that comprises of an InstaView™ oven, QuadWash™ dishwasher, bottom-freezer refrigerator and microwave oven, making it easier for customers to build an all-inclusive experience powered by LG Electronics.

On display was also its Residential Air Conditioning units, such as the ARTCOOL lineup which features the LG DUAL Inverter Compressor™, a critical element that brings powerful cooling without affecting efficiency. Also on display was LG’s new WashTower™ Compact laundry solution, which focuses on efficiency and space by combining both a washer and dryer with an all-in-one control panel and advanced AI in a single unit with a capacity of 13-kilograms for the washer and 10-kilogram capacity for the dryer.

 LG Electronics also set up Life Style zones, with a range of products appropriate for them. This included the ThinQ powered home setup, an elegant café setup as well as a camping setup.

For more details about LG Electronics’ range of products please visit: www.LG.com

Distributed by APO Group on behalf of LG Electronics.

About LG Electronics, Inc.:
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 75,000. LG’s four companies – Home Appliance&Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global sales of over USD 63 billion in 2021. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news. 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is proud to announce a landmark insurance agreement with the global financial services provider, Société Générale S.A. The agreement, focused on a Non-Honouring of a Sovereign Financial Obligation (NHFSO) insurance policy, was signed at the IsDB Group Annual Meeting 2024 in Riyadh.

This significant partnership will provide coverage for the EUR 259 million Murabaha financing facility extended by Société Générale. The funds are earmarked for the construction of the Dakar-Tivaouane highway and the expansion of the Cyrnos-Seven Up road. These initiatives are set to dramatically enhance transportation networks within the country, promoting economic growth and regional connectivity.

ICIEC CEO Mr. Oussama Kaissi expressed his enthusiasm about the partnership, stating, “This collaboration with Société Générale underlines our commitment to facilitating sustainable economic development through strategic partnerships. The Dakar-Tivaouane and Cyrnos-Seven Up projects are more than infrastructure development; they are vital arteries that will invigorate trade and improve the quality of life for the people of Senegal.”

The insurance support attests to ICIEC’s dedication to supporting member countries in their pursuit of infrastructure development that aligns with sustainable economic policies. By mitigating the risks associated with the underlying  financial obligations, ICIEC and Société Générale are ensuring that these pivotal projects move forward without financial impediments.

The developmental impact of the Dakar-Tivaouane and Cyrnos-Seven Up road projects cannot be overstated. Upon completion, these roads will significantly reduce travel time, facilitate smoother transportation of goods and services, and bolster economic activities across the region. They are also expected to create numerous jobs during and after construction, supporting local employment and skills development.

ICIEC remains steadfast  in its role as a catalyst for economic resilience and transformation within the Islamic world, contributing to the prosperity and well-being of its member states through the provision of risk mitigation tools and financial solutions.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

Follow us on: 
X: https://apo-opa.co/3xZ0397
Facebook: https://apo-opa.co/3y6MFzx
LinkedIn: https://apo-opa.co/44n9Wt5
YouTube: https://apo-opa.co/4diTJZZ

About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://ICIEC.IsDB.org