With financial inclusion high on the agenda of African countries, many nations are setting concrete targets for women’s financial inclusion
WASHINGTON D.C., United States of America, October 21, 2022/APO Group/ —
The African Development Bank’s (www.AfDB.org) Affirmative Finance Action for Women in Africa program, known as AFAWA, and the Alliance for Financial Inclusion introduced African Finance Ministers and Central Bank Governors to a new partnership set to increase financial inclusion for women-led enterprises across the continent.
At a roundtable dinner held on the sidelines of the International Monetary Fund and World Bank Annual Meetings on 12 October, the Bank and Alliance leadership presented the AFAWA-Alliance for Financial Inclusion partnership to more than 70 guests, including 50 representatives from Ministries of Finance and Central Banks, and 10 of whom are current ministers or governors. The $4-million program supports policymakers, regulators, and other stakeholders to create financial inclusion-friendly policies that benefit small and medium-sized businesses run by African women.
“Through this project, we expect to yield improved data for policy decision-making and improved technical capacity among policymakers at the institutional, national and regional levels. These efforts will lead to an enhanced financial policy and regulatory environment for women in business in Africa,” Bank Senior Vice President Swazi Tshabalala said in her opening remarks.
With financial inclusion high on the agenda of African countries, many nations are setting concrete targets for women’s financial inclusion. When Africa’s women are unable to access finance, Africa will lose out an estimated $316 billion in GDP by 2025, according to a McKinsey study. However, evidence-based support from partnership institutions could help African governments establish an enabling environment.
We recognize that reducing gender disparities, especially with access to finance, leads to exponential economic growth
Representing the Alliance for Financial Inclusion’s management unit, Mozambique’s Central Bank Governor Rogério Zamdemela said, “We, as African Central Banks, are very pleased to see the deepened cooperation between the African Development Bank and Alliance for Financial Inclusion since signing a memorandum of understanding in 2017 in Abidjan.”
“I commend the leadership on the launch of the program,” Zamdemela added.
Last year, the Bank, through the AFAWA-Alliance for Financial Inclusion partnership, identified countries with the most progressive policies to accelerate financial inclusion. The Alliance selected the Democratic Republic of the Congo, Morocco, Nigeria, Rwanda, Senegal, Zambia and Zimbabwe as case study countries. It based its selection on: having made significant progress towards the financial inclusion of women-led small and medium enterprises; best practices to inform the financial inclusion harmonization process; and providing policy guidance to accelerate this targeted access to finance. For example, in the last decade, Senegal has seen an impressive 900% increase in women’s financial inclusion, with the Democratic Republic of the Congo realizing a 700% increase in the same period.
Representatives from the International Monetary Fund, which recently launched its first Gender Strategy, told event attendees that statistical research and collaboration would aid the new partnership achieve its goals.
“We recognize that reducing gender disparities, especially with access to finance, leads to exponential economic growth. We encourage all countries to publish gender-disaggregated data and to find synergies with new emerging sectors,” said Ratna Sahay, the International Monetary Fund’s Senior Advisor on Gender.
Also in support of the new partnership were: Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development; Malado Kaba, the Bank’s Director for Gender, Women and Civil Society; and Esther Dassanou, Manager of the AFAWA initiative.
AFAWA and the Alliance for Financial Inclusion will implement the joint program across 35 countries represented by Alliance member institutions in Africa, and with regional organizations Union économique et monétaire de l’Afrique de l’Ouest and la Communauté économique et monétaire de l’Afrique centrale.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
As an African-owned investment banking and advisory firm, Premier Invest is aiming to bridge Africa’s oil and gas financing gap through strategic partnerships in the sector
LONDON, The United Kingdom, July 12, 2024/APO Group/ —
Rene Awambeng, Managing Partner at investment banking and advisory firm Premier Invest, outlined Africa’s current oil and gas financing gap and strategies for unlocking global capital at the Invest in African Energy reception -organized by the African Energy Chamber (www.EnergyChamber.org) – in London on Thursday. Last month, Premier Invest signed a milestone agreement with Shell to enable access to financing for oil and gas projects across the continent.
The agreement to co-finance and originate oil and gas agreements in Africa aims to drive growth in the oil and gas sector across the continent
Under the strategic partnership, the two companies will collaborate to identify and co-finance oil and gas transactions in Africa that have the potential to generate significant returns, while creating value for local communities and economies.
“The agreement to co-finance and originate oil and gas agreements in Africa aims to drive growth in the oil and gas sector across the continent. We will work together to identify and evaluate potential opportunities in the oil and gas market and leverage our respective expertise to fund projects that have the potential for significant returns. This is a significant step forward in our commitment to support the growth of the sector,” said Awambeng.
The partnership serves to address the persistent lack of FDI on the continent – in which Africa receives only five percent of global investment – placing African countries at a disadvantage when it comes to establishing requisite infrastructure to produce refined petroleum products and increase power generation and distribution capacities. According to Awambeng, 50% of oil product consumption in Africa is met through imports, despite Africa being a net crude oil producer.
“To address these finance challenges, we have put together an African-owned and managed investment banking firm to offer a range of financial advisory services supporting clients across industry to invest in small, medium and large-sized projects… The continent lacks funds to finance its oil and gas projects, as well as needs technology to manage its oil and gas industry,” said Awambeng.
Distributed by APO Group on behalf of African Energy Chamber
AOG 2024 serves as Angola’s premier energy event, providing unparalleled opportunities for international investors and stakeholders to gain access to the oil and gas market
LUANDA, Angola, July 12, 2024/APO Group/ —
Angola’s oil and gas industry is growing rapidly, with a $60 billion investment pipeline planned for the next five years, a 2025 limited tender on the cards and industry reforms offering improved fiscal and contractual terms. The county’s premier industry event Angola Oil & Gas (AOG) connects international stakeholders to the market, serving as a bridge between foreign players and Angolan projects.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Strong International Focus
In recent months, Angola has been strengthening cooperation with various global partners to support oil and gas development. Recent deals include with Italy, the UAE, South Korea, Ivory Coast and many more. These deals and future collaborations are expected to drive project development and innovation in Angola while supporting global demand through Angolan exports.
The 2024 edition of the conference builds on this to bring new players to the market while promoting projects, partnerships and potential investment opportunities. In addition to local and regional delegates, AOG 2024 will feature the participation of delegations from China, the UK, the UAE, Germany, Portugal, Brazil and many more. International companies are invited to participate in the event and seize new opportunities in Angolan oil and gas.
Access Upcoming Projects
Last month, Angola’s national concessionaire for the oil and gas industry the National Oil, Gas & Biofuels Agency (ANPG) announced a series of measures that aim to support crude oil production in Angola. This comes as the country recently awarded oil and gas companies Etu Energias, Effimax Energy and Grupo Simples Oil a new concession for Block CON 8, stipulating an exploration phase lasting five years from the signing of the contract.
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Angola is enhancing cooperation with global players, including IOCs such as Chevron, TotalEnergies, Azule Energy and ExxonMobil, to bring new projects online and maintain hydrocarbon production above 1.1 million barrels per day through 2027. A key component of AOG 2024 is unparalleled access to upcoming projects. Attendees will be given exclusive access to the latest requests for proposals, tenders, market trends, policies and regulations shaping the sector.
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Drive Real Investment
Each year, AOG cements itself as the platform of choice for partnerships, collaborations and multi-billion-dollar deal signings. In 2023, seven industry-advancing deals were signed, laying the foundation for collaboration, market growth and future prosperity. In 2024, this trend is expected to continue as foreign companies travel to Luanda to engage with Angolan companies. The conference’s multi-track program covers the entire oil and gas value chain, providing insight into investment opportunities and strategic projects.
Participate in Exclusive Networking
The AOG 2024 conference serves as an opportunity for local, regional and international delegates to collaborate and discover new avenues for investment. Delegates can connect with top energy investors and executives – from operators, IOCs, NOCs and independents – as well as government officials, industry innovators and financiers to expand their professional network.
The event offers extensive opportunities to network and build meaningful business relationships, including exclusive networking breaks and lunches, the closing Networking Cocktail as well as the Gala Dinner and Awards which recognizes the companies pioneering the oil and gas industry in Angola.
Help Fuel Development
With the recent commencement of construction at Angola’s first integrated economic zone as well as its first aluminum industrial park, the country is on track to accelerate economic diversification and sustainable development. Apart from oil and gas, AOG 2024 is poised to set the benchmark for development in Angola while facilitating a strategic investment hub for various sectors in the country’s public and private sectors.
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Angola continues to provide great opportunities for international investors to develop energy projects that serve local and international energy demand. AOG 2024 targets key initiatives in the country including a heightened exploration drive, gas monetization, local content development and renewable energy and will clearly show Angola’s ambition and future plans for development.
Distributed by APO Group on behalf of Energy Capital & Power.
Ahead of a new licensing round, Liberia is offering incentives for early investors, coupled with extensive 2D and 3D seismic data in its Liberia and Harper basins and a working petroleum system previously established by global majors
CAPE TOWN, South Africa, July 12, 2024/APO Group/ —
Kicking off the Invest in African Energy (IAE) reception in London on Thursday, Marilyn Logan, Director General of the Liberia Petroleum Regulatory Authority (LPRA), showcased Liberia’s available oil and gas blocks and upstream investment opportunities. The reception served to connect major technical and financial partners to Africa’s energy sector ahead of the African Energy Week: Invest in African Energy conference in Cape Town this November, organized by the African Energy Chamber (AEC) (www.EnergyChamber.org).
Global investors have been clamoring to Africa’s frontier markets in recent months, with countries like Namibia, Mauritania and Mozambique attracting sizable oil and gas CapEx spending, coupled with a renewed exploration focus in West Africa. Liberia represents a proven petroleum system supported by extensive reprocessed 2D and 3D multi-client seismic data in its Liberia and Harper basins.
“Liberia stands out as a new and exciting destination for oil and gas exploration. Positioned strategically on the West Africa Transform Margin, Liberia shares geological similarities with the Jubilee field in Ghana and [discoveries] in Guyana. We are on the verge of a new decade realizing untapped potential in West Africa, and Liberia is ready to play a pivotal role.”
Our round is expected to attract serious investors, with Liberia offering incentives for early investment and ensuring the yield of substantial returns
“Many years ago, many thought Namibia was an oil man’s graveyard…Today, there are even more prospects in countries like Liberia. The belief coming out of [London] drove exploration in places like Namibia – Liberia could be a replica of that,” added NJ Ayuk, Executive Chairman of the AEC.
Logan highlighted the role of majors ExxonMobil and Chevron in confirming the presence of a working hydrocarbon system, which has been supported by recent seismic surveys and data reprocessing that show promise of significant reserves. In 2021, the country opened a direct negotiation process for 33 offshore blocks in the Harper and Liberia basins, with plans to launch a new round later this year.
“Liberia’s upcoming 2024 licensing round provides the opportunity to secure prime exploration blocks. Our round is expected to attract serious investors, with Liberia offering incentives for early investment and ensuring the yield of substantial returns,” said Logan.
In addition to its prospective hydrocarbon resources, Liberia offers a competitive fiscal regime, stable governance and a conducive operating environment. According to Logan, the country has established a fee structure that incentivizes and rewards oil and gas investors with appropriate returns, while still ensuring Liberia retains social and economic benefits from oil and gas extraction activities.
“On the policy side, the Liberian government has implemented a robust oil and gas program to ensure a conducive environment for oil and gas investments, including a streamlined regulatory process and stable and democratic political environment,” she said.
“We have to keep an enabling environment – when we enable you to put in money and finance projects, then we both win. The idea of resource nationalism has to go, and also the demonization of the energy industry,” stated Ayuk.
Distributed by APO Group on behalf of African Energy Chamber.
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