Latest news with #regionalintegration
Zawya
2 days ago
- Business
- Zawya
President Of Economic Community of West African States (ECOWAS) Bank Congratulates Sierra's President Julius Maada Bio On His Election As Economic Community of West African States (ECOWAS) Chairman, Assures ECOWAS Bank for Investment and Development (EBID)'s Full Support For His Developmental Agenda
Dr. George Agyekum Donkor, President of the ECOWAS Bank for Investment and Development (EBID), has extended heartfelt congratulations to President Julius Maada Bio on his recent election as Chairman of ECOWAS Authority. In a congratulatory letter, Dr. Donkor emphasized that the election reflects the sub-region's strong confidence in President Bio's leadership. He also commended the President's proven governance record and expressed optimism that his leadership will effectively tackle pressing regional issues such as economic growth, peace, and security throughout West Africa. The ECOWAS Bank for Investment and Development (EBID) stands as a premier financial institution dedicated to advancing economic progress across West Africa. Based in Lomé, Togo, EBID finances critical sectors including infrastructure, agriculture, energy, and small to medium enterprises (SMEs). The Bank is instrumental in promoting regional integration, strengthening the private sector, and reducing poverty within ECOWAS member countries. During the 67th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, Dr. Donkor also engaged in a productive discussion with President Bio. He reaffirmed EBID's commitment to supporting Sierra Leone's developmental priorities and lauded President Bio's leadership. Dr. Donkor pledged to explore potential areas of collaboration between EBID and Sierra Leone. President Bio's new role as ECOWAS Chairman highlights Sierra Leone's expanding influence in regional affairs and represents a pivotal achievement for the nation. His tenure is expected to focus on fostering sustainable economic development, empowering communities, and revitalizing cultural heritage across West Africa. Distributed by APO Group on behalf of State House Sierra Leone.
Zawya
5 days ago
- Business
- Zawya
Adesina spotlights African Development Bank's role in delivering Mattei Plan and Global Gateway investments across Africa to drive industrial growth
African Development Bank Group ( President Dr. Akinwumi Adesina has reaffirmed the Bank's central role in advancing Africa's connectivity, industrialization, and regional integration through strategic investments aligned with Italy's Mattei Plan and the European Union's Global Gateway initiative. Speaking at the joint Mattei Plan–Global Gateway Summit ( held in Rome on Friday 20 June, Adesina emphasized the progress made by the African Development Bank in turning strategic priorities into action—from infrastructure and energy to digital connectivity and value chains. He called for greater alignment between partners and accelerated delivery on the ground, noting that the Bank's investments are already helping reshape regional trade and economic resilience. He underscored for instance the Bank's catalytic role in the Lobito Corridor, with $1 billion committed over five years for value chain development and urban infrastructure. He also mentioned the development of the Tanzania–DRC–Burundi railway network, where the Bank is helping mobilize a $3.9 billion package alongside international partners. These efforts, he noted, reflect a coherent strategy to transform Africa's economic geography through inclusive, green growth Stretching from the Atlantic port of Lobito in Angola to the heart of the continent, the Lobito Corridor is a vital route for moving minerals, goods and people across Angola, Zambia, and the Democratic Republic of Congo—unlocking huge trade and industrial opportunities for landlocked countries. These developments were highlighted as international partners gathered to align efforts around new cooperation frameworks—the European Union's Global Gateway ( and Italy's recent Mattei Plan ( aim to deepen investment with Africa in energy, agriculture, infrastructure, and digital innovation. Adesina reaffirmed the Bank's role as a key implementing partner for both initiatives. The Mattei Plan, launched by Italy in 2024, is designed to foster equal partnerships with African countries, with a focus on strategic sectors including energy, agriculture, and migration. The Global Gateway, the EU's €300 billion investment strategy, similarly targets infrastructure development worldwide, with €150 billion earmarked for Africa. A cornerstone of this implementation is the operationalization of the Rome Process/Mattei Plan Financing Facility, which is a dedicated mechanism hosted by the Bank to accelerate climate-resilient infrastructure projects. The Facility's inaugural Governing Council has already met and approved an initial pipeline of operations across energy, water, and transport sectors. 'We have established a Special Fund, and its inaugural Governing Council has already met to begin evaluating projects, including the Lobito Corridor ( Adesina said. Underscoring the Bank's leadership, he noted that Africa's premier development finance institution has invested more than $55 billion in infrastructure over the past decade, making it the largest financier of regional transport corridors in Africa. European Commission President Ursula von der Leyen reaffirmed the EU's long-term commitment: 'Global Gateway is an investment agenda that combines public and private capital... Africa is a continent of abundance—what's missing is connectivity.' Italian Prime Minister Giorgia Meloni added: 'These are not top-down initiatives, but concrete projects shaped through dialogue and a shared desire for lasting development. The approach Italy has implemented is clear: respect, responsibility, vision.' A key pillar of this transformation, Adesina noted, is energy access. He highlighted Mission 300, the joint African Development Bank—World Bank initiative to connect 300 million Africans to electricity and announced ongoing negotiations for a €165 million package with the European Commission to scale up renewable energy under the program. Adesina urged donors to support a robust 17th replenishment of the Bank Group's soft loan arm for low-income countries -- the African Development Fund – scheduled for this year, to sustain the momentum of the Mattei Plan and Global Gateway. He concluded: 'Together, let us do more with Africa.' In a related development, the African Development Bank has signed a Letter of Intent with the Government of Zambia to advance the development of the Lobito Corridor, a transformative regional transport initiative connecting Southern and Central Africa. The project entails the construction of approximately 550 km of railway from Chingola in Zambia's Copperbelt to the Angolan border, as well as the upgrading of 260 km of road between Chisese and Jimbe via Mwinilunga. The initiative builds on a broader Memorandum of Understanding between the Bank, Zambia, Angola, the Democratic Republic of Congo, and international partners including the United States, the European Commission, Italy, and the Africa Finance Corporation. It aims to strengthen regional trade, improve transport infrastructure, and drive economic integration across the region. Distributed by APO Group on behalf of African Development Bank Group (AfDB). 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 44 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.
BBC News
7 days ago
- Business
- BBC News
Hopes ahead of ECOWAS 67th meeting, end of Tinubu tenure as Chairman
President Bola Ahmed Tinubu go host di 67th ordinary session of di Economic Community of West African States in Abuja. Delegates from member states Ecowas begin land for di Banquet hall of di state house, for di meeting on Sunday. Dis meeting dey happun six months afta di one wey happun for December 2024 and e go also mark di end of Tinubu two-year tenure as Chairman of ECOWAS. Na during di last meeting di bodi bin approve di exit of Mali, Burkina Faso, and Niger from di regional bloc. Nigeria ministry of Foreign Affairs bin announce say di summit aim na to deepen regional economic integration, address security challenges, and advance economic cooperation across ECOWAS member states. Dis 67th Ecowas summit go bring togeda West African leaders to discuss pressing issues, including democratic governance, regional stability, and ongoing efforts to reintegrate Sahelian states wey bin commot di bloc. Meanwhile, di West Africa Economic Summit (WAES), wey President Tinubu bin hold bifor di 67th ECOWAS summit focus on how to boost trade and investment cooperation across West Africa. Di programme see attendance from different West African leaders, including di Presidents of Ghana, Liberia, Sierra Leone, Senegal, The Gambia, Benin, Togo, and Guinea-Bissau. WAES dey aim to get ogbonge outcomes and deliverables wey go help fast-track West Africa integration agenda, wey dey key for regional peace, security, and prosperity. President Tinubu bin dey re-elected on 7 July, 2024, for a second term aft aim first tenure wey wey bin strat for 9 July, 2023. Military takeovers in West Africa and ECOWAS main challenge "Di recent wave of instability and military takeovers in our region no be just security concern—na economic emergency. We must defend democracy as a prerequisite for prosperity", dat na statement from Ghana president John Mahama during di West Africa Economic Summit for Abuja. Di president wey tok through Ghana finance minister during di WAES on Saturday, say economic integration and trade no fit thrive for atmosphere wey political instability dey. Mahama describe di recent wave of military coups in West Africa as no be just a threat to democracy but "economic emergency" wey undermine di region growth prospects. "Trade no fit flourish wia democracy dey retreat. Investment no dey land wia governance dey broken. "Let West African leaders recommit to constitutional order—no be as abstract ideal, but as a practical requirement for growth. We no fit unlock trade while our region dey locked in conflict," di president tok.
Zawya
16-06-2025
- Business
- Zawya
Banque de Développement des États de l'Afrique Centrale secures EUR 100mln trade finance facility from Afreximbank
ABUJA, Nigeria -- African Export-Import Bank (Afreximbank) ( has signed an agreement to provide the Banque de Développement des États de l'Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region. The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank's President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization. Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, 'This facility marks another significant milestone in Afreximbank's efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.' On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: 'It confirms the excellent quality of the partnership between BDEAC and Afreximbank - two institutions at the forefront of financing African economies. The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.' The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.' BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: 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 over 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 industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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: SOURCE: Afreximbank
Zawya
16-06-2025
- Business
- Zawya
Banque de Développement des États de l'Afrique Centrale (BDEAC) secures EUR 100-million trade finance facility from Afreximbank
African Export-Import Bank (Afreximbank) ( has signed an agreement to provide the Banque de Développement des États de l'Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region. The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank's President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization. Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, 'This facility marks another significant milestone in Afreximbank's efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.' On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: 'It confirms the excellent quality of the partnership between BDEAC and Afreximbank - two institutions at the forefront of financing African economies. The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.' The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.' BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: 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 over 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 industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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.
