On April 2-4, 2024 the Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus, Igor Bely, visited the Republic of Botswana.

During the meeting with the Permanent Secretary (First Deputy Minister) of the Ministry of Trade and Industry of Botswana, Ellen Richard-Madisa,  discussed the ways and mechanisms for developing economic relations between two nations.

The parties agreed to take prompt steps to create an institutional basis for strengthening trade and investment cooperation between Belarus and Botswana in the field of agriculture, industrial cooperation, and high technology. Special attention was paid to the increase of trade turnover and participation of Belarusian companies in economic programmes in Botswana. 

The Ambassador of Belarus also met with the CEO of Business Botswana, Norman Moleele. The interlocutors discussed specific steps to expand contacts between business circles of two countries and to establish interaction between Business Botswana and the National Center for Marketing and Price Study. 

I.Bely with another heads of diplomatic missions took part in a Conference, organised by the President of the Republic of Botswana, Mokgweetsi Eric Keabetswe Masisi, dedicated to the future development of this African country and the entire region. The importance to develop the agricultural sector of Botswana and create efficient production facilities in this country with foreign capital was highlighted.

At the meeting with the leadership of the Ministry of Foreign Affairs of Botswana held on the sidelines of the conference, the Ambassador of Belarus discussed specific steps to intensify bilateral political dialogue and economic ties, as well as legal framework of relations. 

The Ambassador discussed with the leadership of the Ministry of Agricultural Development and Food Security of Botswana the possibilities for Belarusian participation in the development of the Agricultural complex of Botswana. 

Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Republic of Belarus.

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria. This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between African countries in local currencies.

Payables Finance enables suppliers to access financing from the banking system by obtaining early payment for invoices which have been approved for payment by their corporate buyers. The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment received, enabling them to grow their business. The financing cost is linked to the credit rating of the corporate buyers, thereby making this product particularly valuable for SME suppliers who may face challenges in accessing bank finance at competitive pricing.

Payables Finance is the fastest growing trade finance product globally and there is an enormous opportunity for African businesses to benefit from it. The partnership with Sterling Bank is a unique and innovative arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers. Under this arrangement, Afreximbank will provide financing to corporates and banks in both US Dollars and Euros while Sterling Bank will manage financing in Naira. Suppliers of Nigerian corporates can thus benefit from financing in both local and foreign currency as per their requirements.

Haytham ElMaayergi, Executive Vice President of Afreximbank Global Trade Bank, welcomed the launch as another milestone in realising the Bank’s vision of transforming Africa’s trade. He said: “Afreximbank identified supply chain finance as a solution for improving access to trade finance in Africa and embarked on a journey to increase penetration through financial intervention and capacity building. The Bank’s Factoring Working Group has done extremely well to provide lines of credit to support factoring and has actively promoted factoring across the continent in collaboration with other institutions.” He added that the introduction of Payables Finance is the next step on the Bank’s roadmap for supply chain finance across Africa.

“African businesses now have the opportunity to harness the potential of this product, which has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed,” he explained.

Commenting on this partnership, Gwen Mwaba, Director&Global Head Trade Finance, Afreximbank said: “The launch in Nigeria is a first step in Afreximbank’s plans to introduce Payables Finance across Africa in partnership with leading African financial institutions. The product, which will deploy world class technology and a collaborative delivery model and will contribute towards achievement of the Bank’s strategic objective of reducing the trade finance gap in Africa, particularly for the Small and Medium Enterprises (SMEs) segment.”

Chukwuka Onuaguluchi, Ecosystem Banking Head at Sterling Bank, said: “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers and we are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses.”

Afreximbank provides both US Dollar and Euro financing to businesses in its member countries across Africa and in Caribbean Community (CARICOM) member countries. The launch in Nigeria will be followed by similar partnerships in other African countries to expand local currency financing capability across the continent in a phased manner. Adoption of the product will be supported by capacity building events to increase awareness of supply chain finance and its benefits. The product rollout in Nigeria is complemented by a workshop targeting corporate institutions and banks, in collaboration with Woodhall Capital, a leading finance company in Nigeria.

Underpinning the delivery of these new financial products is a market-leading supply chain finance platform, developed by UK-based fintech Demica, a leader in working capital solutions. Demica works with the world’s leading banks to power their supply chain finance solutions. In 2021, the company established a partnership with Afreximbank to extend this technology to banks across Africa.

Distributed by APO Group on behalf of Afreximbank.

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

Follow us on: 
Twitter: https://apo-opa.co/3OM69z1
Facebook: https://apo-opa.co/3uzf28d
LinkedIn: https://apo-opa.co/47po8Cm
Instagram: https://apo-opa.co/4bB9VF5

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 September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 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.

For more information, visit: www.Afreximbank.com

About Sterling Bank:
 Sterling Bank is a leading financial institution that delivers innovative financial solutions to millions of customers across Nigeria with a branch network spanning all states and regions within the country.

Sterling Bank operates a robust portfolio of innovative digital products and services focused on empowering businesses and individuals in its commitment to consistently accelerate growth in the Nigerian economy.

The bank, renowned for its HEART strategy which focuses significant investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy, has consistently played a pivotal role in the development of the Nigerian economy.

Sierra Leone’s Petroleum Directorate (PDSL) has confirmed its official partnership with African Energy Week (AEW): Invest in African Energy – scheduled for November 4–8, 2024. This collaboration signifies a pivotal moment in Sierra Leone’s energy sector, underscoring its commitment to forging global partnerships and showcasing its vast potential in the oil and gas industry.

Sierra Leone concluded its fifth licensing round in October 2023. Offering 56 blocks, the round saw several applications made by prominent players, enabling Sierra Leone to intensify its exploration endeavors with the aim of uncovering additional finds. As such, numerous opportunities are available for investors interested in the West African nation’s oil and gas sector. During AEW: Invest in African Energy, the PDSL will provide an update on ongoing exploration initiatives while inviting new investors to join the high-potential market.

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

Three companies pre-qualified as operators for exploration and production licenses for the country’s fifth licensing round, a milestone set to support the discovery and development of untapped resources. Among the winners was Nigeria’s F.A. Oil, which was awarded licenses for six deepwater exploration blocks. This signals renewed interest and potential in the country’s upstream sector.

As a frontier exploration market in West Africa, Sierra Leone has already made notable discoveries, including the Venus-B1, Mercury-1, and Jupiter-1 wells by Anadarko Petroleum Corporation and the Savannah-1X well by LUKOIL. Despite limited drilling, the country’s offshore acreage offers immense potential, supported by extensive multi-client data and favorable fiscal terms. Only eight wells have been drilled to date, and yet, exploratory success demonstrates the prospectivity of offshore acreage. During AEW: Invest in African Energy, upcoming investment opportunities will be showcased.

Moreover, the PDSL confirmed that the country offers over 10,000 km2 of released 3D seismic data covering offshore areas, including previously unreleased PSDM and PSTM surveys and multi-client data covering the four hydrocarbon discoveries. Geological mapping aims to support exploration efforts in the country and further enhances the country’s attractiveness as a frontier market.

“The PDSL is driving initiatives to enhance investor confidence in the country’s oil and gas sector. With a focus on creating a business-friendly climate, Sierra Leone beckons investors to leverage its favorable policies and vast opportunities. The forthcoming licensing rounds herald fresh prospects for exploration and discovery, reaffirming Sierra Leone’s status as a destination for energy investments,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

At AEW: Invest in African Energy 2024, the PDSL will serve as an official partner, showcasing Sierra Leone’s proactive approach to cultivating international collaborations and attracting strategic investments in its burgeoning hydrocarbon sector. For more information about how you can get involved, visit www.AECWeek.com.

Distributed by APO Group on behalf of African Energy Chamber.

A delegation from Africa-focused oil and gas upstream company Afentra has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – Africa’s premier event for the energy sector – scheduled for November 4 – 8 in Cape Town. The delegation will be led by a team of executives including CEO Paul McDade, COO Ian Cloke and CFO Anastasia Deulina.

Afentra is expanding its portfolio in Africa, with recent acquisitions in Angola adding to the company’s production capacity. Currently, Afentra holds an 18% interest in Block 3/05 and a 5.33% stake in Block 3/05A, which achieved a combined gross production rate of 20,180 barrels of oil per day in 2023. Afentra is working with Angolan national oil company Sonangol to complete the purchase of an additional 12% interest in Block 3/05 and a 16% interest in Block 3/05A from international energy company Azule Energy, demonstrating its commitment to sustainable energy and economic growth in the country. During AEW: Invest in African Energy, the Afentra executives are expected to provide insight into the company’s investment and project pipeline.

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.

With a strategy to build a material diverse portfolio of mid-life producing assets that provide scope to optimize production and reduce emissions, Afentra holds exploration and production licenses in Angola and Somaliland. By acquiring assets that no longer fit the portfolio of major companies, Afentra aims to optimize, redevelop and extend the lives of assets in a safe and productive manner.

In Angola, Afentra sold its first cargo for the year of 450,000 barrels of crude oil in February 2024, showcasing its commitment to position the country as a global energy supplier. Afentra is in the final stages of acquiring stakes in multiple blocks, including KON 15, KON 19, Block 3/05, Block 305A and Block 23, highlighting its commitment to driving fresh investments to unlock Angola’s energy potential. The company is also conducting light well interventions to boost the current gross average production of 23,700 barrels of oil per day in blocks 3/05 and 305A.

In Somaliland, Afentra is conducting extensive studies and drilling campaigns to formulate a development plan for the Odewayne Block – where the company holds a 34% interest. The Odewayne block is an undeveloped frontier asset. The block offers convenient resource commercialization owing to its strategic location and proximity to Somaliland’s Berbera Deepwater port.

“Africa’s oil and gas resources are going to play a crucial role in driving the continent’s industrialization and ensuring a just energy transition. Afentra plays a pivotal role in advancing the growth of Africa’s energy market. Investment and expertise of Afentra are pivotal in the energy transition era as Africa maps a roadmap that aligns with its socioeconomic development plans” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber.

Afentra is dedicated to being a reliable partner for the continent by fostering a fair and inclusive energy transition for Africa through optimal exploration, development, and monetization of its abundant oil and gas resources. With over 600 million people in Africa living in energy poverty, the continent’s 125.3 billion barrels of proven crude oil and 620 trillion cubic feet of proven gas reserves are crucial for electrification and industrialization, offering substantial returns on investments for reliable investors and development partners such as Afentra. AEW: Invest in African Energy 2024 represents a strategic platform for Afentra executives to connect with African projects and policymakers, laying the foundation for new deals to be signed.

Distributed by APO Group on behalf of African Energy Chamber.