The African Development Bank will support Côte d’Ivoire in creating agricultural value chains to create more jobs and make economic growth more inclusive, the bank’s president, Dr. Akinwumi A. Adesina, said on Tuesday during a meeting with Ivorian Prime Minister Patrick Achi.
“The African Development Bank will support the Ivorian government in the creation of agricultural value chains in banana, mango, palm oil, cashew, coffee and cocoa products … There will be investments to transform rural areas into areas of wealth” for the people, Adesina said.
Since 2015, the African Development Bank, whose head office is based in Abidjan, has quadrupled its investments in Côte d’Ivoire, bringing its portfolio to $2.7 billion.
The African Development Bank president said it was important to make Côte d’Ivoire’s economic growth “more” inclusive and job-creating, and to ensure the transformation of rural areas. To this end, he said the Bank will support the government’s 2021-2025 National Development Plan.
President Adesina also commended the Ivorian government’s efforts in the fight against Covid-19, which he noted had helped revive the country’s economy.
“Côte d’Ivoire was in an exceptional trajectory with an average growth rate of 7% from 2016 to 2019. Unfortunately, because of Covid-19, growth has dropped to 2% in 2020. But with the economic recovery and vaccinations helping, the tourism, services, transport and manufacturing industries are recovering. We expect the Ivorian economy to rebound by 6.2% this year and 6.5% in 2022,” Adesina said.
Prime Minister Achi welcomed the African Development Bank’s continuing support, and expressed the Ivorian government’s deep appreciation for its assistance as a strategic partner.
The Ivorian Ministers of Finance, Adama Coulibaly, Planning, Nialé Kaba, and Agriculture, Kobena Kouassi Adjoumani, attended the working session that followed the audience as well as the African Development Bank’s Director General for West Africa, Marie-Laure Akin-Olugbadé and her deputy, Joseph Manuel Riberio.
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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