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Africa Finance Corporation (AFC), UNIDO and partners enter new alliance leveraging Islamic and Arab finance for economic transformation

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By integrating Islamic finance with proven entrepreneurship and business counseling interventions, IFETAA will empower MSMEs to become bankable, resilient, and key drivers of inclusive economic growth

VIENNA, Austria, June 17, 2025/APO Group/ –Today, Africa Finance Corporation (AFC) (www.AfricaFC.org), UNIDO, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Union of Arab Banks (UAB), formalized new strategic partnerships under the Islamic and Arab Finance for Economic Transformation in Africa, the Arab Region and Beyond (IFETAA) Programme.

Access to finance remains one of the most significant barriers to SME growth and economic transformation, particularly in Africa, the Middle East and South Asia. Only one in five African firms has access to credit, and those that do often face prohibitively high interest rates averaging 25 percent, compared to just 5 percent in Europe. Islamic finance, with over US$4 trillion in assets, offers a largely untapped opportunity to address this gap by directing capital stored in monetary markets into the real economy.

IFETAA represents a new alliance that will drive capital and capacity towards MSME development, resilience and growth across low- and lower middle-income countries. The signing ceremonies of the 3 Memorandum of Understanding (MoU) took place ahead of a high-level roundtable at the Hofburg Palace in Vienna, held on the margins of the OPEC Fund Development Forum, and marked the formalization of the programme.

“As traditional development funding continues to decline, Islamic and Arab financial institutions are emerging as key partners in driving industrialization and sustainable development”, said UNIDO Director General Gerd Müller. “Through this programme, we are building a powerful new alliance to support small and medium-sized businesses, increase productivity and resilience, and accelerate economic transformation in developing countries”.

IFETAA will also leverage UNIDO’s globally recognized Enterprise Development and Investment Promotion model (EDIP)

“The IFETAA Programme will unlock urgently needed capital for Africa’s economic transformation and AFC is proud to bring its unique expertise in both conventional and Islamic finance to mobilise funding at scale,” said Banji Fehintola, Board Member and Head of Financial Services at AFC. “As an issuer, guarantor, and investor, we are committed to delivering innovative, Shariah-compliant solutions that drive inclusive and resilient economic growth, whilst contributing to strengthening the south-south cooperation required to advance our shared development goals”.

H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI and the International Center for Entrepreneurship and Innovation announced that “AAOIFI is proud to contribute to this transformative partnership, which aligns Islamic finance with global development priorities and encourages Islamic financial institutions to voluntarily dedicate at least 20% of their financing – over US$1 trillion – to MSME development. We will work on developing a Shariah-compliant finance programme enriched with technical assistance, regulatory support, and capacity buildingIFETAA will also leverage UNIDO’s globally recognized Enterprise Development and Investment Promotion model (EDIP)”.

By integrating Islamic finance with proven entrepreneurship and business counseling interventions, IFETAA will empower MSMEs to become bankable, resilient, and key drivers of inclusive economic growth.

Dr. Wissam Fattouh, Secretary General of the Union of Arab Banks, stated: “IFETAA is more than a programme – it is a call to action. The Union of Arab Banks is proud to unite Islamic and Arab financial power to serve sustainable development and economic sovereignty. We are mobilizing capital not just to fund growth, but to shape the future of our region. This is about empowering MSMEs, restoring trust in financial systems, and building resilient, inclusive economies”.

IFETAA is a direct outcome of the commitments made at UNIDO’s A World Without Hunger conference in Addis Ababa in 2024. There, AAOIFI pledged to mobilize 20 percent of Islamic Financial Institutions’ loans and advancements towards MSME development, while UAB reaffirmed its commitment to channel US$1 trillion from its member banks towards the Sustainable Development Goals (SDGs). AFC, a close partner to UNIDO, expressed its support through its financial mechanisms and expertise. IFETAA will facilitate access to finance by developing a pipeline of bankable MSME projects, establish financial and non-financial de-risking mechanisms, and support host governments in strengthening regulatory frameworks to expand Islamic and conventional bank lending.

UNIDO has committed US$500,000 to support the preparation of the IFETAA programme and its initial implementation, which is co-led by the UNIDO Task Force on Islamic and Arab Financing and UNIDO’s Investment and Technology Promotion Office in Bahrain.

Each of the partner institutions brings unique strengths to the programme. AAOIFI, headquartered in Bahrain, is the world’s leading standard-setting body for Islamic finance and plays a critical role in ensuring Shariah compliance and supporting regulators and financial institutions globally. Beirut-based UAB represents over 300 Arab banks and financial institutions while serving as a regional platform for aligning Arab banking practices with global trends, including Islamic finance, ESG, and digital transformation. AFC is a pan-African multilateral financial institution specializing in infrastructure development. It has been expanding its use of Islamic finance instruments, recently closing a US$400 million Shariah-compliant Commodity Murabaha facility. AFC made history in 2017 by issuing a US$230 million Sukuk, the first-ever by an African supranational institution.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC)

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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