The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $40 million transaction guarantee facility to support Dashen Bank’s trade finance activities in Ethiopia.

The Facility will provide support to Small and Medium Sized Enterprises (SMEs) and local corporates’ import and export trade finance requirements. It will also support intra-Africa trade, thus directly contributing to the successful implementation of the African Continental Free Trade Area (https://apo-opa.co/3WVlXE1) (AfCFTA) agenda.

The Bank Group will provide a guarantee of up to 100 percent to confirming banks for the non-payment risk arising from the confirmation of Letters of Credit and similar trade finance instruments issued by Dashen Bank.

Following the approval, the African Development Bank’s Director General for East Africa, Nnenna Nwabufo said: “Supporting Trade in Africa is a key priority at the African Development Bank. Trade finance is an important driver of economic growth and is critical for cross-border trade, particularly in emerging markets. We are delighted to work with Dashen, a strong partner with extensive knowledge and network in Ethiopia, on a shared ambition to support the region’s Trade.”

Reacting to news about the approval, Asfaw Alemu CEO of Dashen Bank, said: “After fulfilling the stringent due diligence requirements of the African Development Bank, we are so delighted that its Board of Directors has approved a trade finance transaction guarantee facility of $40 million. This much-needed guarantee facility will be instrumental in expanding our bank’s trade services across the region and beyond.”

He added: “The best practices learned through our engagement and the due diligence exercise passed with the continent’s premier development financier has been invaluable in pursuit of Dashen Bank’s strategic aspirations to be a best-in-class bank in Africa. We look forward to further strengthening our partnership and benefiting more from the resources and extensive capabilities of the African Development Bank and its partners, as we endeavor to support Ethiopia’s thriving small and medium enterprises in productive economic sectors, including agriculture and manufacturing.”

The  African Development Bank’s Transaction Guarantee Product (https://apo-opa.co/3WGPqAs) is an unfunded instrument that provides up to 100 percent non-payment risk cover to confirming Banks for trade finance transactions of eligible Africa-based Issuing Banks. By covering up to 100 percent non-payment risk, the transaction guarantee will enable the Bank Group to support local African banks operating in the continent, particularly in low-income countries and transition states.

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

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: a.mpoke-bigg@afdb.org

Technical Contact:
Bernard Muhati 
b.muhati@afdb.org

About Dashen Bank: 
Dashen (https://apo-opa.co/3WHtMvM) is one of the largest private banks in Ethiopia, operating through a network of 860 branches spread across the country. Dashen’s principal activities include providing conventional banking and Shariah-compliant interest-free banking services to its corporate clients, MSMEs and Retail banking customer segments. With its headquarters in Addis Ababa, Dashen Bank started operations in January 1996.

About the African Development Bank Group:
The African Development Bank Group 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 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The President of the Republic, Nana Addo Dankwa Akufo-Addo, as part of government’s determined pursuit to transform the road infrastructure of the nation, has on Thursday, 8th August 2024, cut the sod for the dualisation of the 22km Adentan to Dodowa road project.

Originally reconstructed in 1998, this vital inter-regional road, connects Ghana’s capital to the Eastern and Volta regions and beyond, thus forming part of government’s comprehensive strategy to enhance the main trunk roads of the country.

This comprehensive strategy also includes ongoing works on the dualization of other key roads such as the Accra-Kumasi Highway, Accra-Cape Coast road, Tema-Aflao Road and Tema Akosombo road, which are being constructed to reduce travel times, lower vehicle operating costs and significantly improve road safety.

Aside the dualization of the 22km section, the project, being undertaken by Messrs Oswald Investments Limited, an indigenous Ghanaian company, will be managed by the Ministry of Roads and Highways with the Ghana Highway Authority serving as the engineer, also includes the provision of service lanes on both lines of the main carriageway where required, provide adequate drainage structures, walkways and lay-bys along the urbanized sections.

Speaking at the well-attended sod-cutting event, which featured the Chiefs and hundreds of enthusiastic people of the area, President Akufo-Addo said this latest effort will be a welcome addition to the impressive strides by his government in the road network nationwide.

He said, some 12,830 kilometres of road have been completed nationwide. This includes 2055 kilometres of road and the construction of four interchanges in the Greater Accra Region, in addition to the construction of three bridges in Communities 12 and 19 in Tema, as well as in Taifa.

Some other notable projects which have been completed include the iconic 4-tier Pokuase Interchange, the first of its kind in Ghana and West Africa, and the second in Africa. This project also included the construction of 12 km of local roads.

The others also include the Tema Motorway Interchange Phase One, and Obetsebi Lamptey Phase One, the dualization of Aviation Road, Otano-School Junction Road and Nana krom road, totalling 12.8km. The partial reconstruction of selected roads in Ga North, Dome-Kwabenya and Ga Central, covering 24km and the partial reconstruction of selected roads in Teshie and Nungua, covering 9 km, as well as, the surfacing of the Bobobokor area roads in Ga West, covering 25 km are all progressing steadily.

“In addition to these completed projects, major road works are ongoing in the greater crowd region, including the dualization of the Achimota-Ofankor road, which will be expanded to a 10 lane facility with 4 interchanges at Amasaman, Pobiman, Medie and Nsawam. The project is 62% complete.”

He also mentioned the construction of the 30km Dome-Kitasi road, currently at 26% complete, the construction of the 64 km Tema Akosombo road, with sections to be dualized to six lanes and with interchanges at Ashaiman roundabout and Asutuare, which is 10% complete, the construction of the Obetsebi Lamptey Interchange Phase II, which is 87% complete, the construction of the Flower Pot Interchange across the motorway, which is 90% complete, and the dualization of the 5.7 km School Junction to Motorway road, which is 98% complete.

President Akufo-Addo also touched on the resumption of work on the construction of the Tema-Aflao road, which provides four interchanges at Kpong, Savannah, Dahwenya and Ningo Junction, the dualization of the 14.6 km Coastal road Phase I, with major bridges across the Kpeshie, Songhor, Ablekeshie street to address perennial flooding and the dualization of the 9.7 km Coastal road Phase II, Nungua to Tema, involving the construction of a 3-tier Nungua Interchange and a railway bridge towards Sakumono, which were suspended due to the debt restructuring exercise.

The President urged the contractor to implement necessary traffic management measures to minimize inconveniences to commuters in pedestriants during the construction period.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

Distributed by APO Group on behalf of High Commission of the United Republic of Tanzania Abuja, Nigeria.

The Special Representative of the Chairperson of the African Union Commission (SRCC) for Somalia, Ambassador Mohamed El-Amine Souef, on Wednesday, visited the African Union Transition Mission in Somalia (ATMIS) personnel, admitted to various hospitals in Kenya’s capital, Nairobi.

The SRCC was accompanied by ATMIS Force Commander Lt. Gen. Sam Kavuma and other senior officials from Mission Headquarters in Mogadishu.

“The patients are getting good treatment and the medical team is taking care of them. Some of them will be discharged very soon, and we are very glad to go back to Mogadishu with this positive message,” said Ambassador Souef at Nairobi Hospital. 

The ATMIS personnel are receiving specialised medical treatment and support in Kenyan hospitals after being evacuated from Somalia. 

Ambassador Souef wished the patients a speedy recovery and thanked them for their commitment to peace and security in Somalia. 

The Head of ATMIS also acknowledged the significant contributions of the Troop Contributing Countries (TCCs) of Uganda, Ethiopia, Djibouti, Kenya, and Burundi in Somalia’s stabilisation efforts. 

“It is very important to highlight that we are in Somalia for the peace, security, and stability of this African country,” he added. 

Lt. Gen. Kavuma recognised and appreciated the doctors and hospital management for their efforts in treating the patients. 

“Today we visited six remaining patients, they are receiving excellent care, and they will be discharged from the hospital very soon. We are impressed and thankful to the doctors, coordinators, and other officers at this hospital for the job well done,” said Lt. Gen. Kavuma. 

The SRCC and the Force Commander also paid a courtesy call to the Eastern African Standby Force (EASF), a major player in promoting peace and security in the Eastern Africa region. 

“This is a follow-up from what we started [with ATMIS] because we realized that we are working to achieve the same goal, which is peace and security, and we do appreciate the briefing that we got from the Head of Mission and his team,” said the Director of EASF, Brig. (Rtd) Paul Kahuria Njema. 

Distributed by APO Group on behalf of African Union Transition Mission in Somalia (ATMIS).