African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and the Lesotho National Development Corporation (LNDC) co-hosted a Joint Project Preparation Facility (JPPF) workshop in Maseru, Lesotho, to help address investment gaps in project preparation and to highlight the critical role of project preparation.

Organised under the theme “Leveraging Project Preparation to Boost Trade and Investment in Lesotho,” the workshop that was held on 21 June 2024 attracted participation from Lesotho’s key government ministries, departments and agencies, captains of industry, policy makers, regulators and representatives of commercial banks.

The workshop is part of Afreximbank’s continued push for the development and implementation of high-quality projects across Africa. It highlighted some of the challenges faced by project developers and sponsors in preparing projects and how these can be addressed by accessing financing from project preparation facilities. Notably, the workshop examined the critical role project preparation facilities can play in unlocking investment inflows into Lesotho and closing out the prevalent infrastructure and investment gaps.

Mr. Zitto Alfayo, Head of Project Preparation at Afreximbank represented Mrs. Kanayo Awani, Executive Vice President Intra Africa Trade and Export Development (IATED), Afreximbank. He noted that such interventions will promote industrialization and export development activities in Lesotho thereby catalysing sustainable growth in the priority sectors as outlined in Lesotho’s National Strategic Development Plan II.

LNDC Interim CEO, Mr. Molise Ramaili emphasized that the JPPF collaboration was implemented at a time when his organisation is in the process of rolling out a strategy anchored on collaboration as a form of competitiveness, to leverage the strengths of like-minded players in economic development at local and regional levels. He challenged the Lesotho private sector to engage more with LNDC and Afreximbank to advance their projects to bankability and investment readiness.

The workshop followed the establishment of a Joint Project Preparation Facility (JPPF) partnership between Afreximbank and the LNDC in November 2022 with the overarching objective of increasing the number of investment-ready projects available for private sector investment in Lesotho. 

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: 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

Exness (https://apo-opa.co/3LKDl87), one of the largest multi-asset retail brokers in the world, has announced that it has reached yet another significant regulatory milestone. The Financial Sector Conduct Authority (FSCA) has granted the company an ‘Over-the-Counter Derivative Provider’ (ODP) license in South Africa, broadening its license portfolio.

This achievement underscores Exness’ dedication to client security, high regulatory standards, and transparency within the South African market.

The ODP license mandates stringent risk management protocols, and reporting standards, providing clients with an extra layer of protection in the trading environment. This enhanced regulatory status further reinforces Exness’ position as a trusted broker for local traders.

Paul Margarites, Exness Regional Commercial Director, said, “The ODP license acquisition signifies a significant stepping stone for Exness in South Africa. Our promise to provide a frictionless trading experience doesn’t stop at trading conditions and a seamless client journey but extends to robust safety and security measures that put our clients first. In today’s online trading landscape adherence to the FSCA’s stringent standards ensures that our South African clients have an extra layer of peace of mind when trading with Exness.”

Exness uses technology and ethics to raise the industry benchmark and create favourable conditions for traders. It offers clients a frictionless trading experience through its superior proprietary platform and unique market protections, allowing traders to experience how the markets should be.

Distributed by APO Group on behalf of Exness.

The March 2024 food and nutrition situation analysis indicates that almost 50 million people of the region including 31.7 million living in Nigeria, representing 16% of the whole population are food insecure and need assistance to cover their basic food needs in the current lean period. Considering this, the decision-making body of the ECOWAS Regional Food Security Reserve has stood up, though, availing 4,976,75 MT of cereals on technical rotation and 2000 MT under the regional solidarity modality, to support the efforts of Nigeria in handling this situation.

The Economic Community of West African States ECOWAS has donated over 2,000 Metric Tons of cereals comprising of millet, sorghum, and white maize from the Regional Food Security Reserve to the Government of Nigeria in Kano on Saturday 27th July.

ECOWAS also handed over 4976.75 tons of cereal to the Government of Nigeria as part of a technical rotation of the stocks of the Regional Food Security Reserve. Stock rotation is part of normal stock management procedures, allowing ECOWAS to regularly replace stocks that have over 2 years of storage with new ones to ensure that they are always in good quality and fit for consumption.

Handing about 7000 Metric Tons over to the Director of the Food and Strategic Reserve Department of Nigeria, Dr. S A Haruna, on behalf of the President of the ECOWAS Commission, the ECOWAS Commissioner for Human Development and Social Affairs, Prof Fatou Sow Sarr, congratulated the Federal Government of Nigeria for the efforts already undertaken towards curbing the current difficult food situation of the vulnerable populations. “This expression of regional solidarity stands as ECOWAS contribution in support of the various efforts of the Federal Government of Nigeria. This intervention contributes to strengthen the resilience of the populations affected by the difficult food and nutrition crisis”, she says.

While receiving the stocks meant for both technical rotation and voluntary donation from ECOWAS, Dr Haruna, appreciated ECOWAS for this kind gesture to the good people of Nigeria, especially the most recent donation of 2000 MT of cereals under the modality of regional solidarity. “In view of the importance and achievements of the Regional Food security Reserve, the Federal Government of Nigeria will continue to play an active role in the sustenance and growth of the Regional Reserve and is committed to the replenishment of the 4 976.75 Metric Tons mobilized stock grain-for-grain at the next harvest time”, he promises.

This intervention occurs at the right time, in response to the call from the April 2024 RPCA meeting for urgent action to support Member States to assist more than 50 million to meet their basic food needs in West Africa during this lean period with more than half leaving in Nigeria. The ECOWAS regional Food Security Reserve also plans to support five other countries (Burkina Faso, Ghana, Mali, Niger, and Sierra Leone) most affected by food and nutrition hardships during the same period.

To recall, so far, Nigeria has already benefited from the Regional Food Security Reserve about 10, 129 MT of food grains breaking down to 3,999 MT in 2020, 5,000MT in 2019 and 1,130 in 2017.

The Regional Reserve has intervened 19 times between 2017 and 2024 to support six countries in the region (Burkina Faso, Cabo Verde, Ghana, Mali, Niger, and Nigeria) for a total of more than 55,000 tons of cereals. The Regional Food Reserve also granted to Niger 205 tonnes of fortified flours in 2021 and is currently securing 230 tonnes for Nigeria to provide food supplement to pregnant and breastfeeding women and children under 59 months.

ECOWAS is grateful to the various technical and financial partners who have been supporting the operationalization of the Regional Food Security Reserve since 2016. Such partners are mostly the European Union, the French Development Agency (AFD), the Spanish Cooperation (AECID) and the World Bank.

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

Foreign Ministry Spokesperson Hua Chunying announces:

The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing from September 4 to 6. The theme of the summit is “Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future.” Leaders of FOCAC’s African members will attend the summit at the invitation of the forum. Representatives of relevant African regional organizations and international organizations will attend relevant forum events.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of the People’s Republic of China.