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Afreximbank delivers exceptional financial results in 2023 amidst a challenging operating environment, results well ahead of expectations

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Afreximbank

Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022

Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity

CAIRO, Egypt, April 5, 2024/APO Group/ — 

African Export-Import Bank (“Afreximbank” or the “Group”) (www.Afreximbank.com) has released the consolidated financial statements of the Bank and its subsidiaries for the year ended 31 December 2023.

Largely propelled by the Bank’s and its subsidiaries’ growth, the Group’s results for the financial year ended 31 December 2023 demonstrate a strong and resilient performance, surpassing prior year results and well ahead of expectations. The Bank remained steadfast in implementing its 6th Strategic Plan and delivering value to stakeholders, and this resulted in the Group ending the year, once again, achieving a solid performance and attaining an exceptional financial position.

It is noteworthy that this performance has been enhanced by the Group’s ability to successfully execute its four strategic pillars focused on “Promoting Intra-African Trade,” “Facilitating Industrialization and Export Development,” “Strengthening Trade Finance Leadership” and “Improving Financial Performance and Soundness”.

Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022. The 58.67% increase was driven by the growth in interest income, which in turn was driven primarily by the growth in the Bank’s portfolio of loans and advances. Net Interest Margin grew to 4.96% compared to the prior year’s level of 3.83%.

Due to global inflationary pressures and investment in human capital to support increased business activities, the Group’s total operating expenses were US$304.5 million, 34.93% higher than in 2022. The capacity expansion and rise in expenditures were envisaged in the five-year Sixth Strategic Plan, which is currently under implementation until December 2026.

The Group’s Total assets grew by 20.12% to US$33.5 billion (FY2022: US$27.9 billion), largely on account of increases in net loans and advances to customers and cash and cash equivalents.

The Group Shareholders’ funds, which largely mirrored the Bank’s Shareholders’ funds, recorded a solid growth of 17.55% to reach US$6.1 billion as of December 31, 2023, compared to the FY’2022 position of US$5.2 billion. Accounting for this growth were the US$546.8 million retained income (which is net of appropriated 2022 dividends) and the US$349.8 million fresh equity raised during the year as shareholders supported the GCI II programme, which aims to raise US$2.6 billion paid-in-capital (US$3.9 billion callable capital) by 2026.

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:

“During the 2023 financial year, the Afreximbank Group exceeded the budget and significantly surpassed its 2022 performance. This outcome was mainly driven by the Bank’s and its subsidiaries’ achievements. Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity. We will continue to maintain a cautious balance between profitability, liquidity, and safety to ensure a decent net interest margin and deliver profitable and sustainable growth and quality assets. We are delighted to report results well above forecasts for the financial year ended 31 December 2023, and look forward to delivering stronger financial outcomes in 2024.”

In 2023, the Bank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets – number one Mandated Lead Arranger, Bookrunner and Administrative Agent for Sub-Saharan Borrower Loans. This is a testament to the Bank’s leadership role in facilitating capital from within and outside the continent.

 Additionally, its subsidiary, the Fund for Export Development in Africa (FEDA), received multilateral support from Zimbabwe, Kenya, Congo, Chad, Gabon, Sierra Leone, and São Tomé and Príncipe, who officially signed the FEDA Establishment Agreement. This collective support is pivotal in the Bank’s mission to provide lasting financial support to African economies.

The Bank also celebrated a key milestone — its 30th anniversary, marking three decades of financing and supporting trade in Africa and highlighting the need for Africa to enhance intra-African trade and integration amidst the challenges stemming from the global shocks caused by the COVID-19 pandemic, the adverse economic ramifications of the Ukraine crisis, and other global conflicts.

Moreover, the Bank inaugurated its Afreximbank Caribbean Office, a pivotal step in supporting the implementation of the Partnership Agreement between Afreximbank and the Caribbean Community (CARICOM) member states. This expansion solidifies Afreximbank’s commitment to promote and develop trade between Africa and the Caribbean, aligning with its Diaspora Strategy and the African Union’s designation of the African Diaspora as Africa’s sixth region.

Despite Africa’s economic challenges and constraints, Afreximbank’s management and team demonstrated a focus on supporting member countries by offering customized programmes and facilities designed to address the continent’s distinctive needs. These efforts and interventions assisted member countries in meeting trade finance commitments, assessing crucial imports, boosting food security and commodity production, alleviating supply chain bottlenecks, and adjusting to challenges arising from climate change.

Highlights of the results for the Group and Bank are shown below:

 Financial Metrics FY-2022  FY-2023
 Gross Income (US$ billion) 1.50 2.62
 Operating Income (US$ billion) 1.03 1.60
 Net Income (US$ billion) 455.3 756.1
 Total Assets (US$ billion) 27.86 33.47
 Total Liabilities (US$ billion) 22.66 27.35
 Shareholders’ Funds (US$ billion) 5.21 6.12
 Net asset value per share US$58,500 US$63,683
 FY-2022 FY-2023
 Profitability Return on average assets (ROAA) Return on average equity (ROAE) 1.87% 9.91%  2.56% 13.31%
 Operating Efficiency Net interest margin Cost-to-income ratio  3.83% 21.88% 4.96% 19.09%
 Asset Quality Non-performing loans ratio (NPL)3.40% 2.47%
 Liquidity and capital adequacy Cash/Total assets Capital Adequacy ratio (Basel II)14.71% 27.62%16.80% 23.77%

Distributed by APO Group on behalf of Afreximbank.

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HELI Aims for #1 Position in Middle East and Africa with New Forklift Models and Strategic Investments

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HELI

Company Expands Regional Footprint, Hosts 40 Regional Partners at Exclusive Distributors’ Conference in Dubai

DUBAI, United Arab Emirates, November 22, 2024/APO Group/ — 

HELI (www.HELIChina.net), China’s leading forklift manufacturer and a global player in the material handling industry, has unveiled three new forklift models at the opening of its UAE distributor Hala’s state-of-the-art showroom and workshop in Dubai Industrial City.

This launch marks another significant step in HELI’s ongoing expansion in the Middle East and Africa (MEA) region, as the company continues its drive to become the leading forklift brand across the region.

HELI’s mission, Lifting the Future, is driven by a vision to become a global leader, and a singular aim to be ranked among the world’s Top 5 forklift manufacturers. Founded in 1958, HELI has consistently delivered innovative, intelligent logistics solutions, establishing itself as a global first-class integrator of industrial vehicles and intelligent logistics systems. With a people-oriented approach and a commitment to repaying society through high-quality products, HELI’s brand proposition—Empower the World—reflects the company’s dedication to empowering industries worldwide.

Ranked among the top ten forklift manufacturers globally since 2006, HELI’s streamlined strategies in capital, industrial, and innovation chains have fueled rapid growth. Today, HELI’s products are sold in over 150 countries, and in the MEA region, the company has already secured the leading position in 15 African countries, with an expanding presence in the Middle East. With continued investment in new product launches and strategic partnerships, HELI is on track to achieve its ambitious goal of becoming the leading forklift brand across the region.

The new HELI G Series 2.0-ton lithium battery forklift, specifically engineered for the beverage industry, was also introduced at the event. Building on the proven reliability and advanced technology of HELI’s G Series, this model incorporates several innovative features tailored to the unique demands of beverage logistics. These include a flexible adjustable cab height for enhanced operator visibility and safety, an intelligent steering system that prevents sharp turns for smoother operations, and an active safety protection system that decelerates or brakes when personnel approach danger zones, reducing workplace risks. Designed with beverage industry needs in mind, it includes features like single/double pallet forks and a 360-degree vision optimization system for better maneuverability.

The G3 Series forklifts, available in 2-3.5 Ton and 5-10 Ton models, offer key shared advantages that enhance efficiency, safety, and performance. Both models are energy-efficient, with the 2-3.5 Ton version reducing consumption by 15% and the 5-10 Ton featuring a low-noise system. They incorporate advanced safety features, such as pedestrian detection, AI-powered collision warnings, and an optional reversing camera, ensuring a safer work environment. Designed for high performance and reliability, both models require minimal maintenance and are built to handle demanding industrial tasks. The 2-3.5 Ton version offers an enhanced load capacity up to 4.5 meters, while the 5-10 Ton excels in climbing performance. Additionally, ergonomic features like reduced steering effort and low-noise operation improve operator comfort and productivity.

With the increasing focus on electrification, we are providing customers with clean energy alternatives that align with global sustainability goals

Together, the G3 Series forklifts deliver a reliable, cost-effective solution for businesses seeking safety, efficiency, and durability in their material handling equipment.

“These new models reflect HELI’s commitment to addressing the growing demand for sustainable and efficient material handling solutions in the region. With the increasing focus on electrification, we are providing customers with clean energy alternatives that align with global sustainability goals and empowering our partners to achieve #1 status in their respective markets,” said Guan Lei, General Manager of HELI Middle East FZCO.

During the showroom opening, Mathew Abraham, Managing Director of Hala, HELI’s UAE distributor, emphasized the potential of the partnership, noting, “With HELI’s world-class technology and our deep understanding of the regional market, we are well-positioned to offer comprehensive solutions, ensuring the highest standards of after-sales support and sustainability.”

HELI’s growth in the region is underscored by its ongoing investment in infrastructure. The company is currently leasing between 6,000 and 8,000 square meters of space in the Middle East to expand its service capabilities and provide quicker, localized support. These efforts are aligned with HELI’s strategic goals and reinforce its position as a key player in the material handling and logistics sectors.

At a closed-door distributors conference held this week, 40 partners from across the region gathered to discuss HELI’s product innovations and regional growth strategies. The conference highlighted the company’s vision for the future and its strong partnerships with regional distributors. The theme of the conference, “Together We Thrive, Limits We Defy,” reflected the shared ambition to work harder with determination, pushing past boundaries and striving for excellence.

Recent industry data from the World Industrial Truck Statistics (WITS) shows HELI’s growing presence in the UAE, where it is now the second-largest forklift brand. This growth, coupled with a rising shift toward electrification, further positions HELI as a leader in the MEA region. The company’s success in Africa, where it holds the #1 position in 15 countries, demonstrates the strength of its offering and its ability to meet local market needs.

Chen Xianyou, Vice General Manager of Anhui HELI Co., Ltd, emphasized, “Our continued investment in the MEA region is a testament to our long-term vision. We are focused on achieving sustainable growth, backed by our strong after-sales service network, and building lasting relationships with our regional partners.”

With its leadership position in China for 33 consecutive years and a growing footprint in the Middle East and Africa, HELI is poised to become a globally recognized brand in the material handling industry.

Distributed by APO Group on behalf of HELI.

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West Africa Deal Summit 2024 calls for regional collaboration to unlock catalytic capital, rewards outstanding organisations

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West Africa Deal Summit

The summit closed with an invitation to the Africa Impact Summit 2025 scheduled for June 11-12, 2025, in Accra, Ghana

LAGOS, Nigeria, November 22, 2024/APO Group/ — 

The 2024 West Africa Deal Summit (WADS) (www.WestAfricaDealSummit.org) concluded on Wednesday, with a call for more regional collaboration to mobilise catalytic capital to address West Africa’s unique socioeconomic challenges. The two-day event attended by over 400 investors, entrepreneurs, government representatives, and thought leaders, focused on building innovative financing mechanisms. 

The summit themed “Actions to Deepen Catalytic Capital in West Africa” organised by the Impact Investors Foundation, Impact Investing Ghana alongside impact investing taskforces in Burkina Faso, Senegal and Cote d’Ivoire highlighted several other priority actions in a joint statement issued at the event’s close. 

One of the highlights of the summit was the launch of two transformative reports – Catalytic Capital in Nigeria (https://apo-opa.co/3ZiaMGL) and Context Mapping and Market Landscape for Catalytic Capital in Nigeria (https://apo-opa.co/3CCKEO7),  that identified organisations deploying catalytic capital in Nigeria; spotlighted the types of investments they make and their impact; and mapped the spectrum of capital used in Nigeria. 

Catalytic capital, strong governance, regional collaboration, and innovative financing mechanisms are essential for leveraging West Africa’s potential

At the end of the two-day summit, the Impact Investors Foundation in partnership with LEAP Africa also celebrated trailblazing organisations for their meaningful contributions to environmental and social causes. Alitheia Capital Management bagged the Impact Investor of the Year 2024, FAMASI Limited was conferred with the Social Enterprise of the Year 2024 while Centre for Legal Support and Inmates Rehabilitation (CELSIR) bagged the Innocent Chukwuma Award for Social Impact, 2024.  In the Social Innovators Programme Award categories by LEAP Africa, FarmSpeak Technology and Power Wheels Electricals received the Outstanding Fellow Award; the Seyi Bickersteth Award for Financial Accountability 2024 recipient was Read To Learn Foundation while Natal Cares bagged the Innocent Chukwuma Award for Youth and Gender Empowerment 2024. 

The IIF and Nigeria Office for Philanthropy and Impact Investing (NPO) also jointly awarded the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu with the Policy Champion for Philanthropy and Impact Investing award for his role in championing Nigeria’s first-ever legislation on impact investing and philanthropy. 

Etemore Glover, CEO of the Impact Investors Foundation, highlighted the collective commitment of summit participants to accelerating efforts in building national and regional ecosystems that drive resilience and sustainable growth. 

“We, the impact investing community, commit to building national and regional ecosystems that foster sustainable growth and resilience. Catalytic capital, strong governance, regional collaboration, and innovative financing mechanisms are essential for leveraging West Africa’s potential,” she said. 

The joint statement was issued by Mirabelle Moreaux, Board Vice Chair, Impact Investing Ghana (IIGh); Etemore Glover, CEO, Impact Investors Foundation; Amma Lartey, CEO, Impact Investing Ghana; Yacouba Ouedraogo (PhD), Member, Burkina Faso Impact Investing Taskforce and Co-founder, Africa Impact Investing Partnerships Centre and Bowel Diop, Member, Senegal Impact Investing Taskforce. 

Key initiatives outlined in the joint statement include strengthening regional collaboration and Knowledge Exchange; Mobilising Local Capital; Encouraging Innovation and Collaboration for Systemic Change; Strengthening Good Governance and Capacity-Building for MSMEs; and promoting Data-Driven Design and Execution. The summit closed with an invitation to the Africa Impact Summit 2025 (https://apo-opa.co/3OleFV3) scheduled for June 11-12, 2025, in Accra, Ghana. 

Distributed by APO Group on behalf of West Africa Deal Summit.

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How 5G Transforms Life: A Foreigner’s Journey Through East China’s Digital Revolution

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World Internet Conference Summit

HANGZHOU, CHINA – Media OutReach Newswire – 22 November 2024 – As the 2024 World Internet Conference Summit opened in Wuzhen, Zhejiang province on November 20, showcasing China’s latest achievements in artificial intelligence and digital technology, a foreigner who has called China home for 15 years witnessed firsthand how one particular technology – 5G – is revolutionizing everyday life in this eastern province.

Yegor Shyshov, who has lived through China’s digital transformation, found himself amazed by the practical applications of 5G technology beyond mere phone services. From smart manufacturing to autonomous vehicles and remote healthcare, his journey through Zhejiang province revealed how the technology showcased at Wuzhen is already improving lives in neighboring cities.

“These applications are not just exhibition pieces – they’re already changing how people work and live,” said Shyshov, as he toured various 5G-enabled facilities across the province.

In Zhejiang’s Yiwu city, blankets are being weaved in bulk by Truelove, one of China’s leading blanket makers, under the custody of 5G-empowered AI system.

“The inspection for broken threads used to be the toughest job,” Zhang Xiaomao, a chief engineer at Truelove’s smart manufacturing sector, told Shyshov. “In cooperation with China Mobile, we rolled out the 5G+AI visual quality monitoring system, after 18 months of testing.”

The system is able to monitor the threads while they are being weaved, Zhang said, adding that it could stop a warp knitting machine when a broken thread is detected, ensuring accurate quality control.

“There are 24 cameras installed on a warp knitting machine, in short, we have installed ‘electronic eyes’ on our machine, which can realize real-time monitoring of 8,000 threads,” he said.

Upon detection of broken threads, the system automatically halts production, reducing defects by 90% while processing 40 million images daily. The efficiency gains are remarkable: one worker can now manage 12 machines, triple the previous capacity of four.

While the 5G buildout brought revolution in industries, it can be better felt in people’s daily life, as phone service has long become a modern necessity. However, 5G is ready to make big changes in areas beyond that little plate of screen.

Some self-driving mini shuttle buses are currently on its trial operation around the Jinyi Lake in Jinyi New District, Jinhua city.

Shyshov went to take one of the buses — the 5.8-meter-long vehicle has eight passenger seats and can travel at a speed of 20 km/h. It is installed with five LIDAR (Light Detection And Ranging) and five cameras, which enable it to give way to pedestrians if detected, and bring itself to halt upon reaching designated stops.

While the vehicle drives itself, a safety staff sits at the driver’s cab to ensure safe operations. These vehicles are currently on trial service for now, providing transport between seven stops along a 6.5-kilometer-long loop within a limited area

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