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Rwanda: African Development Bank Extends $84 Million in Financing to Boost Electricity Access

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African Development Bank - Investors King

The Board of Directors of the African Development Bank Group has approved  $84.22 million in loans and grants to electrify nearly 80,000 rural households in south Rwanda. The project will advance the country’s goal of universal electrification and benefit small businesses and youth.

The funds comprise a loan of $36.77 million from the Bank Group’s African Development Fund and a $47.45 million ADF grant. The approval was made on 26 May.

The Transmission System Reinforcement and Last Mile Connectivity project will provide first-time electricity connection to 77,470 households to the grid, entailing the construction of 595 km of medium voltage distribution lines and 1,620 km of low voltage distribution networks in six southern Rwanda districts. The project will also see the upgrade, rehabilitation and extension of 1,720 km of low voltage network, and distribution of transformers in secondary cities with high load.

The project is expected to improve power supply reliability and stability across the country, expand electricity access and contribute to reducing greenhouse gas emissions by enabling access to clean energy. The project is also expected to bolster education by extending students access to light for study, and benefit small and medium enterprises while enhancing job creation for youth.

The project is part of the Rwanda Universal Energy Access Program (RUEAP), which seeks among other goals, to achieve universal access to electricity by 2024. It is also aligned with the country’s long-term development framework, Vision 2050.

The project also draws from two of the Bank’s High-5 strategic priorities:  Light Up and Power Africa and Improve the Quality of Life for the People of Africa.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

African Private Equity, Venture Capital Association (AVCA) and APO Group to Drive Trade and Investments Across Africa

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Trade - Investors King

African Private Equity and Venture Capital Association (AVCA), the pan-African industry body which promotes and enables private investment in Africa, today announced its collaboration with APO Group, the leading Pan-African communications consultancy and press release distribution service. The collaboration is aimed at driving trade and investment across Africa.

Over the past two decades, AVCA has empowered and connected fund managers, institutional investors, policymakers, and entrepreneurs through pioneering research, advocacy, and international networking events. Earlier this year, AVCA appointed a new CEO to lead the next chapter of the Association’s life as investors, fund managers and businesses navigate various economic, political, and social challenges. AVCA will be working very closely with the regional and local associations (e.g., SAVCA, EAVCA, PEVCA, AMIC, etc.) to support the policymakers and governments working hard to improve the ease of doing business in Africa.

APO Group works with companies in all 54 African countries. Its powerful global media channels facilitate the delivery of African stories to new audiences around the world, creating awareness and opening up business opportunities. The Company has unparalleled knowledge and expertise connecting the worlds of African business and communications. It also has a diverse, multinational client base that includes more than 300 of the world’s leading companies.

Speaking about the collaboration, the newly appointed AVCA Chief Executive Officer, Ms. Abi Mustapha-Maduakor, said: ‘”This strategic partnership with APO Group could not be happening at a better time in AVCA’s journey. By leveraging our research, advocacy and networking strengths with APO’s deep insight and knowledge of the continent’s business and political environment, AVCA will continue to shine a light on the vast investment opportunities in Africa, while delivering greater value for the investors, entrepreneurs and changemakers who are committed to building a thriving private investment ecosystem on the continent.”

As the Pan-African industry body championing and promoting private investment into Africa, AVCA is defined by one mission: to drive Africa’s growth story. “With the deep knowledge of key markets in Africa and wide-reaching network across the continent, we believe APO is the right communications partner for AVCA as we begin to implement our strategic vision for the next decade and broaden our reach across the private investment industry in Africa”, Abi added.

Commenting on the partnership, APO Group Founder and Chairman, Nicolas Pompigne-Mognard said: ‘’We are excited to collaborate with AVCA as both organisations share a similar vision in driving trade and investment and helping to stimulate African economies. At APO Group, we believe in a holistic approach to enhance the visibility of our partners. To this end, we have created strategic collaborations across the continent to build stronger footholds, helping them increase international exposure’’.

APO Group is the strategic partner of Getty Images in Africa and has established partnerships with the African Union of Broadcasting (AUB), Bloomberg, Thomson Reuters, CNBC Africa, Channel TV (Nigeria), and Africanews, a subsidiary of Euronews. APO Group content is available to AUB members in Africa, and also members of their sister associations around the world, including the European Broadcasting Union (EBU), the Arab States Broadcasting Union (ASBU), and the Asia-Pacific Broadcasting Union (ABU).

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Herbert Wigwe Wins Banker of the Year at African Banker Awards 2021

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Herbert Wigwe - Investors King

Herbert Wigwe, the Group Managing Director and the Chief Executive Officer of Access Bank Plc, has won African Banker of the Year at the just concluded African Banker Award 2021.

The CEO won for the second consecutive year following series of creative acquisitions and continental strategies deployed at deepening banking transactions in Africa.

Through his strategic move, Access Bank is now present in South Africa following its acquisition of Grobank. As a result of its rapid growth in the last decade, Access Bank has become one of the largest retail banks in Africa with over 40 million customers.

Below is a Complete List of African Banker Award Winners 

Sustainable bank of the year
Commercial International Bank (CIB) Egypt

Infrastructure deal of the year
Tanzania Standard Gauge Railway $1.46bn loan facility
Nedbank | Standard Chartered | TDB

Deal of the year – Equity
Privatisation of Afam Power Plc and Afam Three Fast Power Ltd
FBNQuest

Deal of the year – Debt
African Export-Import Bank, COVID-19 Support Facility
MUFG Bank, Mitsubishi UFJ Financial Group

Award for financial inclusion
Trust Merchant Bank, DRC

African Banker Icon
Charlie Robertson, Chief Economist, Renaissance Capital

Finance Minister of the year
H.E Mohammed Benchaâboun, Minister for Economy and Finance, Morocco

Award for Innovation for Financial Services
Bank of Industry, Government Enterprise Empowerment Programme

Energy deal of the year
Nkhotakota Solar Power Plant in Malawi / 7.5 MW Solar PV Power Plant in Burundi
African Trade Insurance Agency (ATI)

Agriculture deal of the year
USD 400m Revolving Trade Finance Facility in favour of ETC Group
African Export-Import Bank (Afreximbank)

African SME Bank of the Year
Ecobank

Best Regional Bank in Africa
North: Attijariwafa Bank, Morocco
West: Banque de Développement du Mali
East: Equity Bank, Kenya
Central: BGFI, Gabon
Southern: Mozabanco, Mozambique

Investment Bank of the Year
ABSA

Central Bank Governor of the Year
H.E. Lesetja Kganyago, Governor Reserve Bank of South Africa

Lifetime Achievement
Felix Bikpo

African Bank of the Year
Standard Bank Group

African Banker of the Year
Herbert Wigwe, Group CEO, Access Bank

For more on the African Banker Awards, please visit: www.africanbankerawards.comAfr

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Banking Sector

Innovation and Resilience Common Themes Amongst Winners of African Banker Awards 2021

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African Banker Awards 2021 - Investors King

Winners of the 2021 edition of the African Banker Awards were announced today at a virtual awards ceremony. The Awards, since 2013, are held during the Annual meetings of the African Development Bank, the event’s High patron, which are taking place also virtually between 23rd and 25th June.

The Awards have become the most respected and recognised industry event celebrating African banking achievements. The organisers this year put an emphasis to recognise and reward institutions that contributed to the real economy which has suffered from the impact of Covid-19 as well as contributed to women empowerment on the continent.

Herbert Wigwe won for the second consecutive year African Banker of the Year. Access Bank is now present in South Africa following its acquisition of Grobank. As a result of its rapid growth the last decade, Access Bank has become one of the largest retail banks in Africa with over 40 million customers.

Morocco’s Minister of Economy and Finance, Mohammed Benchaâboun, won Finance Minister of the Year. He was recognised for the exceptional work of his ministry which coordinated an exemplary response to the economic impact from the crisis, helping to protect both lives and livelihoods. The fiscal stimulus provided has cushioned the impact of the pandemic. The ministry managed to crowd in both public and private sector resources that were used to support the most needy.

Lesetja Kganyago, Governor of the Reserve Bank of South Africa, was awarded the Central Bank Governor of the year. Under his leadership, the Reserve Bank has managed to act decisively but also, the Committee noted, in a measured way, managing both upside and downside risk.

Felix Bikpo earned the Life Achievement Award for his long and distinguished career. When asked for his outlook on the future of the continent, he remained upbeat saying technological developments and also the human capabilities that we have developed in Africa are cause for optimism.

Charlie Robertson, chief economist at international investment bank Renaissance Capital won the African Banker icon category. In his remarks he noted that it was important to drive up savings rates to help spur greater investments on the continent, if Africa is to replicate the Asian miracle.

Omar Ben Yedder, Group Publisher of African Banker said: “I was really impressed by the entries this year. It showed that the banking sector is healthy and resilient which will be critical if it is to support the economic recovery post-COVID. What will be fundamental to our recovery is the support of the real economy, especially SMEs, and also a focus on more equity investments and investments in general. For that, as our African Banker Icon suggested, we will also need to increase our savings rate across the continent. If I had one comment on the winners, it was dominated by men this year. However I should add that the institutions that were recognised in our ceremony all had strong gender programmes, both in terms of supporting women-led businesses but also strong programmes to promote women and have women leaders within their organisations.”

This year the Awards were sponsored by the African Guarantee Fund, Bank of Industry (Nigeria), Banque du Développement du Mali and technology partner TagPay.

THE 2021 AFRICAN BANKER AWARD WINNERS 

Sustainable bank of the year
Commercial International Bank (CIB) Egypt

Infrastructure deal of the year
Tanzania Standard Gauge Railway $1.46bn loan facility
Nedbank | Standard Chartered | TDB

Deal of the year – Equity
Privatisation of Afam Power Plc and Afam Three Fast Power Ltd
FBNQuest

Deal of the year – Debt
African Export-Import Bank, COVID-19 Support Facility
MUFG Bank, Mitsubishi UFJ Financial Group

Award for financial inclusion
Trust Merchant Bank, DRC

African Banker Icon
Charlie Robertson, Chief Economist, Renaissance Capital

Finance Minister of the year
H.E Mohammed Benchaâboun, Minister for Economy and Finance, Morocco

Award for Innovation for Financial Services
Bank of Industry, Government Enterprise Empowerment Programme

Energy deal of the year
Nkhotakota Solar Power Plant in Malawi / 7.5 MW Solar PV Power Plant in Burundi
African Trade Insurance Agency (ATI)

Agriculture deal of the year
USD 400m Revolving Trade Finance Facility in favour of ETC Group
African Export-Import Bank (Afreximbank)

African SME Bank of the Year
Ecobank

Best Regional Bank in Africa
North: Attijariwafa Bank, Morocco
West: Banque de Développement du Mali
East: Equity Bank, Kenya
Central: BGFI, Gabon
Southern: Mozabanco, Mozambique

Investment Bank of the Year
ABSA

Central Bank Governor of the Year
H.E. Lesetja Kganyago, Governor Reserve Bank of South Africa

Lifetime Achievement
Felix Bikpo

African Bank of the Year
Standard Bank Group

African Banker of the Year
Herbert Wigwe, Group CEO, Access Bank

For more on the African Banker Awards, please visit: www.africanbankerawards.com

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