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European Investment Bank Strengthens Engagement in Africa

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European Investment Bank - Investors King

On his first official visit to Africa since the start of the COVID-19 pandemic, European Investment Bank President Werner Hoyer and Vice President Thomas Östros today formally opened the EIB’s new Nairobi Hub with Kenyan Finance Minister, Cabinet Secretary Ukur Kanacho Yatani.

Ahead of the launch of the EIB’s strengthened presence in Africa President Hoyer joined the CEO’s of Co-Operative Bank, Trade and Development Bank and International Housing Solutions to announce EUR 400 million of transformational new financing to help the Kenyan private sector recover from COVID, strengthen investment in fragile regions across East Africa and construct affordable and energy efficient housing.

“At the European Investment Bank we are committed to enhancing the impact of our sustainable investment around the world in close cooperation with our global partners and through an increased local presence of our technical, environmental and financing experts. The EIB’s new Nairobi Hub opened today marks a milestone in the EU Bank’s engagement in Kenya and builds on our 56 years of operations in Africa. In the coming weeks the EIB will launch a dedicated development branch that will further intensify the EIB’s contribution to addressing global and local investment challenges.” said Werner Hoyer, President of the European Investment Bank.

“The EIB’s new Nairobi Hub will open a new chapter for the bank’s cooperation with Kenyan, African, Team Europe and global partners. It will allow the EIB to better respond to private and public investment priorities and build on best-practice engagement with project partners. It is a pleasure to be in Nairobi for the first high-level EIB visit to Africa since the pandemic and join political, business, banking and civil society stakeholders for today’s formal launch.” said Thomas Östros, European Investment Bank Vice President.

The European Union Ambassador to Kenya, H.E Henriette Geiger, noted: “We are honoured that the EIB has chosen Nairobi as the location for its regional hub. This is a testament to the growing importance of Nairobi as gateway to the East Africa region, and Kenya as a strategic partner to the European Union, through which we are engaging in different spheres, including trade and investment.”

The EIB Nairobi Hub was formally launched in Kenya in the presence of government, business and banking leaders, civil society and African and European diplomats.

Strengthening the impact of EIB engagement in Africa

The European Investment Bank is the world’s largest international public bank and the new Nairobi Hub will further enhance the impact of EIB technical and financial support for high-impact investment across East Africa. This will build on the EIB’s engagement in Kenya since the start of operations in 1976 and opening of the EIB’s East Africa representation in 2005.

In the coming months new Nairobi Hub will expand and increase its expertise on climate action, innovation and digital investment, in close cooperation with East Africa based partners.

In September the European Investment Bank’s shareholders, the 27 EU member states approved plans to strengthen its global development engagement and the EIB will launch a dedicated development branch in the beginning of 2022.

EUR 400 million new EIB support for business impacted by COVID, fragile regions and housing

Ahead of the formal opening the EIB confirmed new support for transformational investment across East Africa.

This includes backing EUR 50 million of new investment by Kenyan private sector firms in sectors most challenged by the COVID-19 pandemic in a new business financing scheme in partnership with Co-Operative Bank.

The EIB also agreed its first ever targeted support to unlock investment in fragile regions and overcome challenges linked to climate change, poverty and instability. The new EUR 163 million initiative with the COMESA Trade and Development Bank will finance projects across East and Southern Africa.

Construction of thousands of more affordable and energy efficient homes in Kenya will be accelerated in a EUR 180 million programme with African partner International Housing Solutions.

Building on EIB engagement with African financial partners

Last year the EIB provided more than EUR 5 billion of new financing to support more than EUR 12 billion of transformational private and public investment across Africa.

This includes launching new targeted financial initiatives in collaboration with African banks and financial institutions to help business recover from COVID-19 challenges, accelerate climate finance, improve access to finance by female-led business and enhance financing for rural small holders.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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