African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an indicative term sheet with APD-Cameroon for the financing of the development and operation of a new port terminal in Douala, Cameroon, estimated to cost EUR210 million. 

According to the term sheet, the proposed facility will be in two tranches in Euro and Central African Francs (XAF) of up to EUR147 million, with a proposed Afreximbank participation of EUR80 million.

The new terminal will be an extension of the existing Port of Douala and will consist of two berths to be numbered 53 and 54.

Addressing guests at the signing ceremony, which took place as part of the ongoing Afreximbank Annual Meetings (AAM2024), Helen Brume, Director of Project and Asset Based Finance   at Afreximbank, said that the facility would help to address the “significant infrastructure financing gap” which remained on the African continent.

“By signing this term sheet, we are committed to helping our countries bridge this gap. We applaud the initiative of APD-Cameroon, which through its commitment to this project, is helping to promote an innovative financing mechanism through a public-private partnership, thereby, reducing the financial burden of these strategic investments on the Government of Cameroon,” said Mrs. Brume.

She noted that the Port of Douala was a key regional trade gateway for Central African countries which played a strategic role in regional integration by serving as a natural port for landlocked countries like Chad and the Central African Republic.

Marc Tabhcy, Founder and Chairman of APD Cameroon who signed on behalf of his organisation noted: “We are honoured to be part of the expansion and specialization of the Port of Douala by building additional berths that will be dedicated to dry bulk.  The committed resources will allow to develop this critical infrastructure, significantly contributing to the growth of the economy, creating employment opportunities and encouraging inter-African trade.”

The new specialised terminal is expected to help strengthen Cameroon’s position as a leading economic power in the central Africa region. AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), ended on 15 June.

Distributed by APO Group on behalf of Afreximbank.

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

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

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Pan-African legal and business advisory group has opened an office in Pointe Noire, in the Republic of the Congo. The firm will provide direct legal support for current and upcoming hydrocarbon projects.

The launch ceremony took place at the Atlantic Hotel on June 19 and was attended by Zion Adeoye, CEO of CLG; Strayson Vermeulen – Group (CFO)&COO; Yves Olivier, Director of CLG Congo; and Oneyka Ojogbo, Deputy Managing Director of CLG.

“CLG goes beyond just being a law firm, we are partners to our clients,” stated Adeoye, adding, “We are hoping that you can count on us on the ground in the Congo, across the Central African region and across the continent. We are here to build the industry, to ensure that Congo itself has legal professionals who are highly trained and highly skilled to assist you in your business.”

CLG represents oil and gas companies across 16 African countries, including emerging markets like Namibia and Sierra Leone and established players like Gabon and Nigeria. As such, CLG’s new office in the Republic of the Congo is poised to offer direct support for energy professionals navigating complex transactions and legalities in the oil, gas, mining and renewable energy sectors.

“We are known for our expertise in the areas of corporate tax, employees tax, indirect tax, international tax and other corporate investment vehicles including mergers and acquisitions,” stated Ojogbo, adding, “Our lawyers assist with arbitration, mitigation and other dispute resolution methods around the world and in Congo. If you have any requests, legal or tax or business in any industry or for any matter, think CLG.”

Renowned for its expertise in structuring, financing and developing energy projects, CLG’s local presence provides essential on-ground assistance, minimizing risks and protecting assets.

The Republic of the Congo – boasting over 1.8 billion barrels of proven oil reserves – is a key player in Africa’s oil and gas sector and has ambitions to double hydrocarbon production to 500,000 barrels per day. In February 2024, it became a liquefied natural gas exporter with its inaugural shipment from the Congo LNG project, which monetizes gas from the Marine XII concession.

International oil companies Perenco, Eni, and TotalEnergies are intensively exploring both offshore and onshore reserves, drawing new entrants to the market and heightening the need for specialized legal and strategic advisory services.

For more information about CLG and its service offerings, visit https://CLGGlobal.com/.

Distributed by APO Group on behalf of CLG.

Strengthening cooperation between the Economic Community of West African States (ECOWAS) and the United States of America was the main topic of discussion on 19 June 2024 in Abuja, Nigeria, between the Vice-President of the ECOWAS Commission, Mrs Damtien Larbli Tchintchibidja, and an American delegation led by congresswomen French Hill and Chrissy Houlahan.

On behalf of the President of the ECOWAS Commission, Dr Omar Alieu Touray, Mrs Tchintchibidja expressed her deep gratitude and sincere appreciation to the United States of America for its ongoing support to ECOWAS in achieving its objectives.

The meeting was also attended by a number of senior staff from the ECOWAS Commission, including the President’s Director of Cabinet, Abdou Kolley, and the Director of Peacekeeping and Regional Security, Dr Cyriaque Agnekethom.

Cooperation between ECOWAS and the United States of America covers several areas, mainly security, economic development, humanitarian assistance, democratic governance and institutional strengthening.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

Within the framework of the ECOWAS Gender Strategy and Action Plan 2020-2030 for gender-sensitive disaster risk reduction, the ECOWAS Centre for Gender Development (ECGD) is organising the official launch of the implementation of its gender programmes in the Republic of Côte d’Ivoire on 21 June 2024 at the auditorium of the Office of the Prime Minister in Abidjan, Côte d’Ivoire.

The event is being held under the patronage and in the presence of His Excellency Mr Robert BEUGRÉ MAMBÉ, Prime Minister and Head of Government of the Republic of Côte d’Ivoire. The meeting will be held in partnership with the Ministry for Women, the Family and Children (MFFE) and the Ministry attached to the Minister of Foreign Affairs, African Integration and Ivorians Living Abroad, responsible for African Integration and Ivorians Living Abroad, through the ECOWAS National Office.

This event will also be attended by His Excellency Dr. Omar Alieu TOURAY, President of the ECOWAS Commission, the Honourable Hadja Memounatou IBRAHIMA, President of the ECOWAS Parliament, Mrs Fatou SOW SARR, ECOWAS Commissioner for Human Development and Social Affairs, Mrs Massandje TOURE-LITSE, ECOWAS Commissioner for Economic Affairs and Agriculture and the Honourable Veronica Kadie SESAY, Representative of the Economic Community of West African States Association of Women Parliamentarians (ECOFEPA).

This event demonstrates the ECGD’s commitment to working closely with its Member States, as well as with regional and international institutions and civil society organisations, to advance gender equality and the empowerment of women and girls at regional, continental and global levels.

For the record, since 2010, the ECGD has initiated technical and financial support programmes for women, men, young people and children. These include the Medical and Financial Support Programme for Women and Girls Suffering from Obstetric Fistula, which aims to improve the health of women and girls suffering from this condition, to enable them to lead productive, useful lives and give women their dignity.

The second programme involves support for the promotion of girls in the specialised technical and vocational training sector through the provision of scholarships for excellence to bright young girls from poor families, in order to help young girls in the ECOWAS region to obtain a quality education and skills in agricultural research, biotechnology, molecular biology and other areas of specialised technical and vocational training.

The third programme focuses on technical and financial support for women processors of agricultural, fishery and craft products, with the aim of strengthening the economic power of women involved in the processing of agricultural, fishery and craft products, so as to empower them completely. Finally, the 4th programme is the “50 million African Women Speak” project, which aims to facilitate the empowerment of women through the creation of a virtual platform for networking, sharing and accessing financial and non-financial information with a view to creating and developing their businesses in Africa.

As part of the implementation of the Fistula Programme, Côte d’Ivoire is one of the beneficiary countries of an exceptional allocation from ECOWAS for the medical and financial care of 60 women suffering from fistula, the rehabilitation of the unit for the care of fistula victims, the training of medical staff and social workers, and awareness-raising and information activities on the causes and consequences of fistula.

These programmes are run by the Ministry for Women, the Family and Children (MFFE) in collaboration with the technical ministries and institutions involved. The Ministry attached to the Minister of Foreign Affairs, African Integration and Ivorians Living Abroad, responsible for African Integration and Ivorians Living Abroad, through the ECOWAS National Office, coordinates and monitors the implementation of these programmes.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).