Zambia partners EU and COMESA for US$7m border posts project

ZAMBIA – The Government of Zambia in partnership with the European Union (EU) and the Common Market for Eastern and Southern Africa (COMESA) have conducted the official launch of the 6.8 million Euros (US$7.59m) project to upgrade Zambian border posts. The project, Zambia Border Posts Upgrade Project (ZBPUP), whose implementation has been underway since the signing of the financing agreement…

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AfDB approves US$1.5m grant for intra-regional harmonization of electricity in COMESA

AFRICA – The Board of the African Development Bank (AfDB) has approved a grant of US$1.5 million to advance intra-regional harmonization of electricity regulations and drive cross-border power trading in the COMESA region. This will be implemented through COMESA’s energy regulatory arm -the Regional Association of Energy Regulators for Eastern and Southern Africa (RAERESA). The two-year project seeks to provide…

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Egypt selected as chair for COMESA, pledges to deepen intra-trade opportunities

EGYPT – Egypt is the new Chair of the COMESA Heads of State and Authority after taking over from Madagascar that has been steering the organization since 2016. The exchange of power took place in Cairo, Egypt, during the 21st Summit of the COMESA Authority of Heads of State and Governments. Egypt last hosted the COMESA Summit in 2001. The…

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ADF extends US$2.5m in grants to support the regulatory environment in SADC and COMESA electricity markets

SOUTHERN AFRICA – The Board of the African Development Bank Group has approved grants of US$2.5 million to advance intra-regional harmonization of electricity regulations and drive cross-border power trading in the COMESA and SADC regional blocs, which cover 28 African countries. The grants, US$1,500,000 for COMESA and US$1,000,000 for SADC, will be sourced from the African Development Fund, the Bank Group’s concessional financing…

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COMESA, Djibouti sign US$3m agreement to upgrade Galafi border post

DJIBOUTI – The COMESA Secretariat and the Government of Djibouti have signed an agreement that sub-delegates the implementation of coordinated border management activities at the Galafi border post, on the Djibouti- Ethiopia border. A total of US$3 million is allocated to this project under the European Union-funded Trade Facilitation Programme (TFP). The objective of the sub-delegation agreement is to enhance…

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I&M Holdings completes acquisition of Ugandan lender Orient Bank

UGANDA – I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan. In a press statement, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority…

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Solar energy start-up Jirogasy in fundraising push to finance its solar computer and expansion in East Africa

MADAGASCAR – After the successful launch of its solar computer Jirodesk II, Malagasy company Jirogasy, has joined the Seedstar and Shell Foundation’s acceleration program to open a fundraising round.  Jirogasy, the first company to manufacture connected objects and solar kits “made in Madagascar” for e-health and e-education, has been deploying its new generation solar computer Jirodesk II for a month…

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Afreximbank, COMESA partner to implement its US$1b Continental Transit Guarantee Scheme

AFRICA – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank), has signed the Instrument of Accession to the Inter-Surety Agreement for the Implementation of the COMESA Regional Customs Transit Guarantee/Bond Agreement. The Bank is now set to begin the implementation of its US$1billion Continental Transit Guarantee Scheme, of which about US$200 million is earmarked for the COMESA region. The…

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Saudi Arabian Mining Company buys 85% stake in Malawian firm Meridian Group

MALAWI – Ma’aden Marketing and Distribution, wholly owned by Saudi Arabian Mining Company has acquired 85% of Malawi’s – Mauritius headquartered largest phosphate producers Meridian Group. Meridian group which distributes 500,000 tonnes of fertilizers across Malawi, Mozambique, Zambia and Zimbabwe comprises Farmers World Limited, Demeter Seed Limited, Malawi Fertilizer Company, Agora Limited, Grain Securities Limited, Liwonde Property Investment, and Optichem…

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AFD and TDB partners to open US$150m line credit to finance infrastructure in East Africa

AFRICA – The French Development Agency (AFD), a public financial institution, has recently signed a partnership with the Trade and Development Bank (TDB) of Eastern and Southern Africa, a commercial bank owned by the member states of the Common Market for Eastern and Southern Africa (COMESA), the World Bank and China. The two development banks have just signed an agreement…

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