With an eye on promoting trade, investment and financing opportunities in São Tomé and Príncipe, African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in partnership with the Government and the Promotion, Commerce and Investment Agency (APCI) of São Tomé and Príncipe are hosting the “São Tomé and Príncipe Investment Forum.” The forum is expected to attract about 150 participants and will feature key investment opportunities and projects across the country.

Scheduled for September 17-19 at Hotel Praia, São Tomé the event will facilitate B2B engagements, present joint ventures, offer public-private-partnerships and allow for private sector business deals to be concluded.

It will also enable potential investors from the African continent as well as those from the diaspora to have direct engagements with the Government of São Tomé and Príncipe and the country’s private sector. The Investment Forum will assist São Tomé and Príncipe to mobilise investment in key sectors such as tourism, agriculture, fisheries, infrastructure, logisticsand energy, and boost its capacity to produce value added goods and services that can be traded under the African Continental Free Trade Agreement (AfCFTA).

Among those addressing the forum will be H.E. Patrice Emery Trovoada, Prime Minister and Head of the Government of São Tomé and Príncipe, and Mr. Eric Monchu Intong, Acting Group Managing Director, Client Relations, Afreximbank.

Other participants will include senior government officials from São Tomé and Príncipe, investors, financial institutions, representatives of private sector organisations and the business community from the rest of Africa.

H.E. Prime Minister Patrice Emery Trovoada commented: “This investment forum is a pivotal step in unlocking our nation’s economic potential and fostering connections with the global business community. By attracting strategic investments and partnerships, we are positioning our country as a key player in Africa’s trade landscape, ready to leverage opportunities under the African Continental Free Trade Agreement.”

Mr. Eric Monchu Intong, Acting Group Managing Director, Client Relations, Afreximbank remarked: “Afreximbank is committed to empowering São Tomé and Príncipe through its programmes and facilities needed to foster sustainable growth. This forum therefore offers a unique opportunity for global and African investors to explore investment opportunities in one of Africa’s most promising and strategically located markets, endowed with high return investment-friendly sectors.”

The forum follows a roadshow organised by Afreximbank in São Tomé and Príncipe in 2023 and a State Visit to the country by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, where the Bank agreed to partner with the government in promoting investments.

The Bank subsequently extended a credit facility of US$ 12 million to the Government, via the Central Bank of São Tomé and Príncipe, and also agreed to provide technical assistance and capacity building to the country.

Distributed by APO Group on behalf of Afreximbank.

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

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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

An African Development Bank (www.AfDB.org) delegation led by Vice President Solomon Quaynor has concluded a four-day official visit to India to explore investment and trade opportunities and partnerships between Africa and India in pharmaceuticals, agriculture, and technology.

During the mission, which took in the cities of New Delhi, Gurgaon and Faridabad, Quaynor, the Bank’s Vice President for Private Sector, Infrastructure, and Industrialisation positioned the Bank as a potential partner to India’s private sector in the areas of project financing and de-risking initiatives, among others. He also promoted the Africa Investment Forum as a platform offering access to unparalleled investments across the continent.

The delegation participated in a roundtable with 15 Indian pharmaceutical and healthcare infrastructure companies, co-hosted by the Bank and India Exim Bank. Discussions centred on the opportunities and challenges presented by developing local production and robust infrastructure in Africa’s pharmaceutical markets, which face an estimated $111 billion investment gap through 2030.

The African Development Bank has developed a pharmaceutical and vaccine manufacturing strategy (https://apo-opa.co/47xpdte) and plans to invest up to $3.1 billion through 2030 to support its implementation.

Quaynor said, “We have partnered with the India Exim Bank to support Indian private sector participation in Africa’s growth story. This includes India’s private sector participating in government projects that the African Development Bank finances with India Exim export credit financing. An example is the Noor Ouarzazate solar power plant in Morocco, which was funded by an AfDB loan to the Moroccan government; the EPC involved two Indian companies Sterling&Wilson and Shapoorji Pallonji.”

During a meeting with Ms. Manisha Sinha, Additional Secretary of the Indian Ministry of Finance and the Bank’s Group’s Alternate Governor, Vice President Quaynor commended India’s long-standing support to the Bank Group, and highlighted potential areas of collaboration in youth training, digital financial inclusion, and the digitisation of health infrastructure.

Quaynor also participated in the 19th India-Africa Business Conclave, an annual event organized by the Confederation of Indian Industry (CII), in partnership with Indian Ministries of Commerce and Industry, and External Affairs. The Vice President stressed that Africa remains the second-fastest growing region globally, with average real GDP growth expected to reach 4.3 percent in 2025, up from 3.7 percent in 2024. According to African Development Bank forecasts, seventeen African economies are projected to grow by more than 5 percent in 2024.

During a panel session on critical minerals, Quaynor emphasised that African countries are seeking partners that can help them move up EV and battery supply chains, as Africa pursues industrialisation. He added that the African Development Bank helps finance projects by offering long-term debt and guarantees, as well as indirect equity through private equity and venture capital fund investments.

The Bank’s team also visited the premises of the Indian Agricultural Research Institute (IARI) to discuss potential collaboration on extension models, public seed systems, and training. The IARI played a key role in driving India’s green revolution, during which the country’s agriculture underwent transformation into a modern industrial system through adoption of high yielding variety seeds, mechanisation, irrigation and other inputs.

India recently contributed $6 million towards a new trust fund to be managed by the Bank, under a bilateral Technical Cooperation Agreement signed in March 2024. The Indian government has also provided $2 million to the Africa Digital Financial Inclusion Facility (ADFI) (www.ADFI.org), managed by the African Development Bank.

“As we look forward, there are key sectors of growth that Indian companies could have a competitive advantage over other global markets, thereby facilitating south-south cooperation,” Quaynor said. “This requires industrialisation in Africa – so moving up the production value chain in Africa to take advantage of the AfCFTA, which is a single continental market of 1.4 billion people and a GDP of over $3.4 trillion.”

The Vice president was joined by Mr. Osamu Kawanishi, Director of the Asia External Representation Office, Ms. Yuna Choi, Chief External Relations and Communications Officer and Mr. O’Neil Rane, Principal Resource Mobilisation and Partnerships Officer. The mission took place from August 20-23. 

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

Contact:
Yuna Choi
Chief External Relations and Communications Officer
African Development Bank Group
y.choi@afdb.org

O’Neil Rane
Principal Resources Mobilization and Partnerships Officer&PPF Coordinator
African Development Bank Group
o.rane@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 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its fifty-four regional member states. For more information: www.AfDB.org  

Today, President Abdel Fattah El-Sisi received a phone call from King of the Hashemite Kingdom of Jordan, His Majesty King Abdullah II ibn Al Hussein.

President El-Sisi and His Majesty King Abdullah II discussed the latest developments in the region, particularly in the Gaza Strip and the Palestinian territories and exchanged views on efforts to achieve a ceasefire.

Jordan’s King commended Egypt’s efforts to achieve a ceasefire and ensure the unfettered delivery of humanitarian aid into the sector.  President El-Sisi also valued Jordan’s efforts in this context. They both reiterated their categorical rejection of all attempts to liquidate the Palestinian cause or turn the Palestinian territories into uninhabitable areas to force the displacement of the Palestinians. They also emphasized the urgent need to end the war immediately to save Gaza from the devastating humanitarian catastrophe it is facing.

Spokesman for the Presidency, Ambassador Ahmad Fahmy, stated that the two leaders warned of the danger of the ongoing war in Gaza and the expansion of the violations in the West Bank. They stressed that such a development could escalate the conflict, negatively impacting all peoples of the region as well as international peace and security.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.

The UN Economic Commission for Africa’s Subregional Office for North Africa launched today, in partnership with the Mauritanian Ministry of Economy and Sustainable Development, a capacity-building workshop for women leaders of small and medium-sized enterprises (SMEs). The workshop is taking place in Nouakchott on 17-19 September 2024 with a focus on best practices in exporting, digitalisation, and eco-friendly approaches.

“Supporting women-led SMEs is a key driver of inclusive and sustainable growth in North Africa. Focusing on digitalisation, improving market access and adopting green practices can help these businesses become more competitive. It can also promote a resilient economic transformation that addresses the challenges posed by climate change,” said Adam Elhiraika, Director of the ECA’s North Africa Office.

This project is aligned with several Sustainable Development Goals (SDGs), including SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation, and Infrastructure). It also supports the ECA North Africa Office’s goal of enhancing the growth and competitiveness of SMEs as well as employment in the region.

This workshop is taking place within the framework of the Office’s broader programme to support women-led SMEs in North Africa which has allowed for similar training workshops to take place in Morocco for the benefit of about 350 women entrepreneurs. In addition to Mauritanian women-led SMEs, the project will soon be extended to their Libyan counterparts.

Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).