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Afreximbank breaks ground on historic state-of-the-art Afreximbank African Trade Centre (AATC) in Barbados, first outside Africa

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This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM’s journey towards economic advancement and regional integration

BRIDGETOWN, Barbados, March 25, 2025/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com/), Africa’s leading Multilateral Financial Institution, made history today when it broke ground on its first-ever state-of-the-art Afreximbank African Trade Centre (AATC) in the Caribbean, marking a pivotal moment for trade relations between Africa and the CARICOM region.

The US$180 million Barbados AATC, the first to be established outside Africa, is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections.  It is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South through Afreximbank’s Global Africa initiative.

To facilitate the construction of its iconic AATC in its capital, Bridgetown, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane, the former Ministry of Health headquarters. Upon completion, the business complex will house Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, 100 room hotel, and a trade and exhibition centre, as well as office spaces for local, regional and international financial and policy organisations. This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM’s journey towards economic advancement and regional integration.

Afreximbank initiated the AATC concept following a 2018 Board decision to create trade facilitation hubs in key commercial capitals across Africa. These hubs will provide integrated trade information, services, finance, and ancillary facilities. Nine leading commercial cities were subsequently selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d’Ivoire),Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda) and Tunis (Tunisia).They will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.

Delivering the keynote address during the event, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site’s historical significance as the location of Barbados’ first hospital, opened in 1844 to look after the health of emancipated slaves.

“My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country – the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.”

She added: “Professor Oramah, I ask you to accept, on behalf of Afreximbank, this clear offer from the Government of Barbados to make available this gesture of over two hectares of land to ensure that the investment will bring jobs to the people of Barbados; that it will bring foreign exchange and investment opportunities to the people of Barbados and the region.”

My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a build

Speaking during the groundbreaking, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, thanked the Hon. Mia Mottley, her government and its people for the warm welcome and for being a strong agent for the reunification of Global Africa and hosting Barbados AATC that will also serve as Afreximbank’s regional CARICOM office.

Prof. Oramah said: “The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa.

He expressed confidence that the project would deliver tangible positive economic, community and social impact to Barbados and the Caribbean region by enhancing trade and fostering sustainable development. Prof. Oramah assured the Prime Minister and other leaders present that Afreximbank remained committed to supporting the economic growth and prosperity of Africa and the Caribbean by attracting investments, removing barriers to trade and reshaping the narrative of business in the region.

The event also featured the official handover of the land for the project from the Government of Barbados to Afreximbank. Construction of the complex is projected to take approximately 30 months, generating around 1,000 direct and indirect jobs during this phase. Additionally, about 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services. Upon completion, the facility will create 300 permanent jobs, significantly contributing to employment. The facility will include a hotel, which will boost the supply of hotel rooms in Barbados, critical for tourism promotion. It will also house the Bank’s office as well as lettable office spaces, which are expected to be occupied by Caribbean businesses as well as African Banks and businesses that are already beginning to do business in CARICOM.

Afreximbank has extended its credit lines to CARICOM to the tune of US$2.5 billion, aiming to bolster the region’s development, particularly on the backdrop of Guyana and Suriname’s new oil discoveries, expected to impact the entire region once fully commercialised. In 2024, the Bank provided Barbados with US$25 million for its Cricket World Cup sports complex refurbishment, and currently has deals worth US$500 million in the pipeline.

Meanwhile, Hon. Dickon Amiss Thomas Mitchell, Prime Minister of Grenada, noted that in the very short period since the Bank landed by choice on the shores of the Caribbean, the region has benefitted tremendously.

PM Mitchell added: “Grenada will follow Barbados, Guyana and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada. And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean.”

Also participating in the groundbreaking ceremony was Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank’s Board Members, the Bank’s Senior Executive Vice President and Vice Presidents and several other notable local and regional government officials and business leaders.

Distributed by APO Group on behalf of Afreximbank.

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China-India ties at 75: ‘Dragon-Elephant Tango’ will benefit both

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April 3, 2025

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BEIJING, CHINA – Media OutReach Newswire – 3 April 2025 – CGTN published an article on China-India relations as the two Asian neighbors celebrate the 75th anniversary of the establishment of diplomatic relations, exploring the bilateral cooperation and exchanges and emphasizing why working together will benefit both countries, the region and the world.
China and India celebrated the 75th anniversary of the establishment of diplomatic relations on Tuesday with mutual congratulatory messages from their leaders.

In his message to Indian President Droupadi Murmu, Chinese President Xi Jinping described China-India ties as the “Dragon-Elephant Tango,” symbolizing a harmonious partnership between the countries’ emblematic animals. He noted that realizing the “Dragon-Elephant Tango” is the right choice for the two sides, as it serves the fundamental interests of both countries and their peoples.

China-India relations have made positive strides over the past year. Last October, President Xi and Indian Prime Minister Narendra Modi met in Kazan, Russia, signaling a new phase of engagement. Since then, both sides have worked to implement the important consensus reached by the two leaders, strengthening exchanges at various levels and achieving a series of positive outcomes.

‘Partners of mutual achievement’

Noting that China and India, as ancient civilizations, major developing countries and important members of the Global South, are both at a critical stage of their respective modernization efforts, Xi called on the two sides to be partners of mutual achievement.

In an interview with CGTN, Harsh Pant, vice president for Studies and Foreign Policy at the leading Indian think tank Observer Research Foundation, pointed out that the two major economies should engage with each other much more substantively on economic matters amid simmering global trade tensions.

“If they continue to work according to the principles of free and open global trade, I think that can inspire other countries to do the same,” he noted.

He added the cooperation between the two sides could bring long-term sustainability to the current global economic order.

China reclaimed its position as India’s top trading partner last year, surpassing the United States after a two-year gap, according to the latest report from the Global Trade Research Initiative. Bilateral trade between the two Asian giants reached $118.4 billion in 2024, reflecting a four-percent increase from $113.8 billion in 2023.

Both countries have leveraged their strengths in technology and production. While China remains a vital supplier of industrial goods such as electronics, machinery and chemicals, it imports pharmaceuticals, agricultural products and software services from India.

Beyond trade, cultural exchanges have also played a vital role in strengthening ties. In January, China and India agreed to resume direct passenger flights and take steps to facilitate travel and journalist exchanges.

In the first quarter of this year, around 70,000 visas were issued, representing about a 15-percent year-on-year increase, according to Chinese Ambassador to India Xu Feihong.

‘Sound, steady development’ of ties

President Xi called on both sides to enhance strategic mutual trust, strengthen exchanges and cooperation in various fields, deepen communication and coordination in major international affairs, jointly safeguard peace and tranquility in the China-India border area, promote a sound and steady development of bilateral relations, and contribute to world peace and prosperity.

In a recent interview, Modi emphasized the need to strengthen ties with China despite past tensions, advocating dialogue over discord and cooperation over conflict.

Recent months saw frequent exchanges between the two sides at all levels. Chinese Foreign Minister Wang Yi and Indian External Affairs Minister Subrahmanyam Jaishankar met several times at multilateral events. The two countries held the 23rd meeting of Special Representatives for China-India Boundary Question in Beijing in December, 2024, as well as China-India Vice Foreign Minister-Foreign Secretary Dialogue in January, reaching broad consensus on bilateral relations, practical cooperation, and boundary issues.

Ambassador Xu noted that such frequent and constructive interactions have been rare in recent years, signaling that China-India relations are at a crucial stage of improvement and development. Moving forward, both sides will need to further overcome obstacles, remove disruptions, and take proactive steps to sustain and build on this positive momentum, he said.

https://news.cgtn.com/news/2025-04-02/Why-realizing-Dragon-Elephant-Tango-is-right-choice-for-China-India-1Cf7KsMpJiU/p.html

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Centurion Law Group (CLG) Granted CEMAC Tax Accreditation, Reinforcing Position as Regional Legal Partner

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April 3, 2025

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As the CEMAC region pursues accelerated growth across its oil, gas and mining industries, CLG’s accreditation will strengthen its position as a partner for multinational companies active across the region

SANDTON, South Africa, April 3, 2025/APO Group/ –Legal, tax and business advisory conglomerate CLG (www.CLGGlobal.com) – formerly Centurion Law Group – has officially been approved as a Central African Economic and Monetary Community (CEMAC) tax advisor by the CEMAC Standing Committee on Fiscal and Accounting Harmonization. CLG Tax and Legal will provide its full suite of tax services across all CEMAC member countries, supporting business and transactions across various strategic fields, including oil, gas and mining.

The tax certification not only comes as part of a broader restructuring of CLG’s tax and legal services offerings, aimed at positioning the firm to better serve clients throughout the region with integrated solutions, but as the CEMAC region pursues accelerated growth across its strategic economic sectors. Specifically, the region’s oil and gas sector is on track for rapid growth, as nations implement ambitious production targets. The Republic of Congo aims to produce 500,000 barrels per day (bpd) by 2027; Gabon targets 220,000 bpd in the short-term; while Equatorial Guinea and Cameroon are scaling-up gas monetization. These targets require significant levels of investment and CLG stands ready to support transactions and broader economic growth.

Given the potential of the CEMAC region’s natural and mineral resources, project developers and investors have already begun to expand their presence across the region. In the Republic of Congo, TotalEnergies is investing $600 million in the Moho Nord project; Trident Energy recently acquired stakes in the Nkossa, Nsoko II, Lianzi and Moho-Bilondo fields; while Perenco increased production at the Tchibouela II and Tchendo II fields following a $30 million investment. In Gabon, wildcat drilling is underway on Blocks BC-9 and BCD-10 while Perenco advances the $1 billion Cap Lopez LNG terminal toward a 2026 start. In Equatorial Guinea, the country is preparing to launch an oil and gas licensing round while Cameroon drives a gas-to-industry agenda. Further developments in Chad are underway, highlighting the region’s potential as a major producing hub.

The CEMAC accreditation aligns with our strategy to support impactful transactions in Africa and we look forward to strengthening our presence across the continent

Stepping into this picture, CLG’s accreditation will serve to further support current and future transactions. Over the past decade, CLG has significantly grown its tax practice, providing comprehensive tax advisory and compliance services to numerous multinational companies operating across Africa. This sustained growth reflects CLG’s commitment to meeting the complex tax needs of investors and businesses on the continent, from corporate tax planning and regulatory compliance to cross-border taxation strategies.

“By bolstering our tax practice in the CEMAC region, CLG continues to establish itself as a one-stop-shop for investors in the region and across the continent. The CEMAC accreditation aligns with our strategy to support impactful transactions in Africa and we look forward to strengthening our presence across the continent,” stated Zion Adeoye, CEO and Managing Partner of CLG.

CLG already has a strong presence in Africa, with offices in South Africa, Nigeria, Mauritius, Ghana, the Republic of Congo, Cameroon, Equatorial Guinea, Namibia and South Sudan. The company caters to a diverse portfolio of multinational companies operating globally, delivering bespoke solutions tailored to address the unique challenges and complexities faced by clients in different industries. CLG’s expertise covers energy, infrastructure, mining, agriculture and ESG, to name a few. For the CEMAC region, CLG’s extensive network and growing expertise positions the firm as strategic partner for regional and global firms. As companies expand their presence across the region, CLG’s agile, integrated approach – underpinned by its local roots and depth of experience – demonstrates the rising prominence of African advisory firms on the global stage. The CEMAC tax certification not only expands CLG’s regional service coverage but also solidifies its reputation as a trusted partner for businesses navigating Central Africa’s evolving tax landscape.

“CLG’s deep understanding of its clients’ businesses, collaborative approach with local authorities, multinational orientation and highly experienced local teams are some of the factors that set our tax practice apart in the region,” stated Daoudou Mohammed, CLG Tax and Legal Director.

Distributed by APO Group on behalf of CLG

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Emerging Markets-Focused Fintech Platform PalmPay Unveils New Debit Card in Nigeria with Verve

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April 3, 2025

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The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria

LAGOS, Nigeria, April 3, 2025/APO Group/ –PalmPay (www.PalmPay.com), a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.

“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services.“ said Sofia Zab, Chief Marketing Officer at PalmPay. “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

  • Smart POS terminals and a business app
  • Payment orchestration and checkout solutions
  • Bulk payment tools via a self-service merchant portal
  • APIs for embedding and reselling PalmPay’s services
  • Direct integration of services into the PalmPay consumer and business apps

 

“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships.”, said Jiapei Yan, Chief Commercial Officer of PalmPay. “The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”

Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

Distributed by APO Group on behalf of PalmPay

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