EBRD’s Post

AfDB Ten - Year Strategy: Harnessing Ambitiousness to build Sustainable Development for Africa.

Africa's largest bank's discuss their plans for growth on the continent: on the back of increased activity from the Middle East in Africa - Standard Bank plans its entry into Egypt before the end of 2024. Adelaide Changole, CFA We speak to Rassem Zok about his plans for Africa's largest bank by assets on the Middle East and Northern Africa region - We also speak to Nedbank's outgoing CEO Mike Brown about the lenders plans going forward - and how its looking towards its investment bank to grow the business on the continent. #Investmentbanking #Africa #banking #MiddleEast Read more on Africa's banking plans in the Standard Bank story below, Nedbank cover to follow: https://lnkd.in/dKAjWBrz

Standard Bank Group, as the largest lender in Africa in terms of assets, is planning to open a new office in Egypt to benefit from the increasing trade between Africa and the Middle East. Read more > https://lnkd.in/d7gvwvCs #ArabFinance #Egypt #Economy #News

Navigating the transition from JIBAR to ZARONIA – South Africa’s benchmark reform https://lnkd.in/d45adpMn Zakhele Nyandeni | Director | BDO South Africa |  The South African Reserve Bank (SARB) recently announced the completion of the observation period for the South African Rand Overnight Index Average (ZARONIA). This development marks a pivotal shift in South Africa’s financial landscape, transitioning from the Johannesburg Interbank Average Rate (JIBAR) to ZARONIA as the primary reference rate.  For financial institutions and corporates in South Africa, understanding and navigating this transition is crucial to ensure stability, integrity, and transparency in financial markets. For years, JIBAR has been the key benchmark interest rate in South Africa, influencing the pricing and valuation of various financial products... #ZARONIA #JIBAR #SouthAfrica #LIBOR #InterestRates Zakhele Nyandeni CA(SA) BDO South Africa

📢 𝐌𝐚𝐣𝐨𝐫 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐟𝐫𝐨𝐦 𝐨𝐮𝐫 𝐌𝐞𝐝𝐢𝐚 𝐁𝐫𝐢𝐞𝐟𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐚𝐟𝐭𝐞𝐫𝐧𝐨𝐨𝐧 𝐨𝐧 𝐆𝐡𝐚𝐧𝐚 𝐚𝐧𝐝 𝐀𝐟𝐫𝐢𝐜𝐚'𝐬 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐞𝐝 𝐨𝐧 𝐛𝐞𝐡𝐚𝐥𝐟 𝐨𝐟 𝐀𝐏𝐑𝐌 𝐂𝐄𝐎 𝐛𝐲 𝐃𝐫. McBride Nkhalamba. P . Dr. Nkhalamba shared insights from the APRM’s Technical Support Mission to Ghana on credit ratings, highlighting Ghana's challenges with inaccurate and irregular ratings from international agencies. He emphasized APRM’s support, noting, "We corroborated Ghana’s concerns with the downgrades." The mission's findings revealed a need for better institutional coordination, proactive engagement with credit rating agencies, and improved communication of economic data. Recommendations include establishing a Credit Rating Liaison Team, revising regulatory frameworks, and developing a national credit rating strategy. Dr. Nkhalamba also discussed the establishment of the Africa Credit Rating Agency, describing it as "a private sector-driven agency for financial independence," with the goal of enhancing Africa's economic development. He called on the African Development Bank and Africa Export-Import Bank to provide the necessary support, with a target to have the agency fully operational by 2025. "This marks a significant step towards financial independence," he emphasized. Stay tuned for more updates and let’s work together for a stronger financial future! 💪🌟 #AfCRA #CreditRatings #APRM

Nora Bannerman-Abbott, a board member of the Development Bank Ghana, has passionately advocated increased access to long-term financing and robust public-private partnerships as crucial drivers of economic transformation and job creation at the just-ended 3i Africa Summit. Full details here: https://lnkd.in/dnQz4xjf #BFTOnline #EconomicNews #FinancialNews #BusinessNews

Navigating the transition from JIBAR to ZARONIA – South Africa’s benchmark reform https://lnkd.in/d2ThBHf9 Zakhele Nyandeni | Director | BDO South Africa |  The South African Reserve Bank (SARB) recently announced the completion of the observation period for the South African Rand Overnight Index Average (ZARONIA). This development marks a pivotal shift in South Africa’s financial landscape, transitioning from the Johannesburg Interbank Average Rate (JIBAR) to ZARONIA as the primary reference rate.  For financial institutions and corporates in South Africa, understanding and navigating this transition is crucial to ensure stability, integrity, and transparency in financial markets. For years, JIBAR has been the key benchmark interest rate in South Africa, influencing the pricing and valuation of various financial products... #ZARONIA #JIBAR #SouthAfrica #LIBOR #InterestRates Zakhele Nyandeni CA(SA) BDO South Africa

🏦  ADB and Dashen Bank partner to boost trade finance in Ethiopia The African Development Bank Group (ADB) has approved a $40 million transaction guarantee facility for Dashen Bank, aimed at enhancing trade finance activities in Ethiopia. 🗣️ Nnenna Nwabufo, Director General of East Africa at ADB, said, “This facility underscores our commitment to supporting trade in Africa. By partnering with Dashen Bank, we’re leveraging their extensive knowledge and network in Ethiopia to drive economic growth through improved trade finance capabilities.” 📖 Read the article by following the link in the comments section below ⬇️ #Ethiopia #internationaltrade #SMEfinance

Egyptian lender CIB Egypt has taken a significant step in its East African expansion by opening its seventh branch in Kenya, bringing its total number of branches to 200 in Egypt. This latest investment underscores the bank's commitment to leveraging the entrepreneurial spirit of coastal Kenyans and strengthening business ties between Kenya and Egypt. CIB Kenya Limited Chairman Tom Gitogo emphasized the bank's dedication to fostering business links between traders in Kenya and Egypt through the new Mombasa branch. This branch is expected to play a crucial role in expanding the bank's East African operations and facilitating intra-African trade, particularly given Egypt's status as the second-largest market for Kenyan tea exports. The recent branch opening ceremony featured remarks from H.E Wael Nasreldin Attia, Egypt's Ambassador to Kenya, who highlighted the strengthened economic ties between Egypt and Kenya. This move aligns with CIB's strategy to capitalize on the robust trade between the two nations, with Kenyan exports to Egypt totaling approximately Sh31.2 billion in 2023. In addition to expanding its branch network, CIB Egypt has launched an Africa Business Desk to focus on growing African-based business in key sectors such as textiles, consumer durables, and construction. The new Mombasa branch exemplifies CIB Kenya's ongoing commitment to enhancing its service offerings and contributing to the economic development of Kenya's second-largest city and the broader East African region. #CIBBank #Kenya #Egypt #EastAfrica #Trade #BusinessExpansion #EconomicDevelopment #IntraAfricanTrade

🌍 The African Development Bank Group (AfDB) and Banque Centrale Populaire - BCP have entered into a $70 million risk-sharing agreement (RSA) aimed at invigorating private sector financing and enhancing trade across Africa. 🤝 “This partnership with BCP includes objectives to diversify Morocco’s production capacity, strengthen its competitiveness, generate additional tax revenues, while creating new job opportunities,” said ACHRAF TARSIM, AfDB's, Country Manager for Morocco. 🏢 “Hand in hand, we are offering solutions to unleash the potential of companies that believe in their continent, invest in it, and create added value and jobs,” said Mohamed El Azizi, AfDB’s Director General for North Africa. 📑 “This new agreement with the African Development Bank represents an ideal model of South-South collaboration, offering a comprehensive solution adapted to the development needs of pan-African trade and Africa’s trade with the rest of the world,” said Kamal Mokdad, CEO of BCP. 📖 Read the news by following the link in the comments section below ⬇️ #agreement #collaboration #trade