Connect with us
Anglostratits

Business

Africa Finance Corporation and Turk Eximbank collaborate to increase trade and infrastructure investment between Africa and Türkiye

Published

on

Turk Eximbank

This landmark collaboration stems from long-standing relations between Africa and Türkiye, spurred by their shared economic interests to accelerate South-South cooperation and promote inclusive and sustainable development

ISTANBUL, Turkey, October 16, 2023/APO Group/ — 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, and the Export Credit Bank of Türkiye (Türk Eximbank), Türkiye’s official export credit agency today signed an agreement to increase inter-regional cooperation, investment and trade between Türkiye and Africa. The agreement was signed on the sidelines of the just concluded 4th Türkiye -Africa Business & Economic Forum in İstanbul.

Through this partnership, AFC and Türk Eximbank will jointly finance cross-border trade and infrastructure investments between Türkiye and Africa, through mechanisms including credit lines, risk participation, guarantees, co-financing, and tenor extension. The partnership will also be aimed at knowledge exchange through advisory services, staff exchange programs, and jointly hosted seminars and conferences on trade and infrastructure development.

Our collaboration on concrete projects will be mutually beneficial in terms of increasing trade volumes and contribution to the continent’s development

This landmark collaboration stems from long-standing relations between Africa and Türkiye, spurred by their shared economic interests to accelerate South-South cooperation and promote inclusive and sustainable development. Today, Türkiye is considered one of the leading development and trading partners of Africa, with trade volumes reaching US$40.7 billion in 2022, up from US$5.4 billion in 2003. In addition, the total contract value of projects undertaken by Turkish companies across Africa topping US$85 billion in 2022. Türk Eximbank has played a leading role for the presence of many eminent Turkish constructors for the first time in the Continent by financing important infrastructure and superstructure projects in countries including but not limited to Ethiopia, Senegal, Cameroon. The Turkish contractors, who gained extensive experience in Africa through transactions financed by Turk Eximbank, have subsequently taken on additional projects that have contributed to the development of Africa without requiring the Bank’s financing.

AFC President & CEO, Samaila Zubairu commented, “We are pleased to deepen our already strong relationship with Türk Eximbank, an institution that shares a similar vision to accelerate Africa’s path to a prosperous future. Our partnership framework will pave the way for increased bilateral trade and infrastructure investment between Türkiye and Africa with a focus on beneficiating Africa’s abundant natural resources to increase value capture, create local jobs and drive rapid industrialisation on the continent”.

Mr. Ali Güney, the CEO of Türk Eximbank stated, “As Türk Eximbank gives utmost importance to its operations on the African Continent, we are more than happy to sign this MoU with AFC, one of the most distinguished institutions regarding Africa’s sustainable development. I am confident that this MoU will be another step to strengthen our relationship with AFC based on a win-win partnership. Our collaboration on concrete projects will be mutually beneficial in terms of increasing trade volumes and contribution to the continent’s development.”

In recent years, AFC has been working closely with several renowned Turkish Engineering Procurement and Construction (EPCs) to finance and develop transformational infrastructure projects in Africa, including a 300 MW Combined Cycle Gas (CCG) plant in Senegal, and the development and construction of an 80MW peat fired Independent Power Project (IPP) in Rwanda. The Corporation also enjoys a good working relationship with the Foreign Economic Relations Board of Turkey (DEİK) and Turkish Contractors Union, organising a joint infrastructure investment webinar for Turkish companies in 2021 and ongoing facilitation of Turkish investments into Africa.  

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

Business

Morocco: African Development Bank Mobilises €205 Million to Extend High-Speed Rail Line and Strengthen the Kingdom’s Mobility and Logistics Competitiveness

Published

on

African Development Bank

By improving travel flow between the Kingdom’s major economic and urban hubs, the project will promote more sustainable mobility and enhance territorial connectivity

RABAT, Morocco, July 9, 2026/APO Group/ –The Board of Directors of the African Development Bank Group (www.AfDB.org) approved €205 million in financing for Morocco to support the implementation of the Rail Infrastructure Development Support Project (PADIF) on 8 July.

 

The operation aims to strengthen the capacity and operational performance of the Kenitra–Marrakech railway corridor, which carries a significant share of the country’s passenger and freight traffic. It will do so by extending the high-speed rail line (HSR) and upgrading the existing railway infrastructure along this strategic corridor.

 

By improving travel flow between the Kingdom’s major economic and urban hubs, the project will promote more sustainable mobility and enhance territorial connectivity.

 

Beyond its positive impact on mobility, the project will support the transition to more sustainable and environmentally friendly transport modes and deliver significant economic benefits by reducing travel times and logistics costs.

 

In the long term, it will strengthen Morocco’s logistics competitiveness and reinforce its role as a strategic hub linking Europe and Africa

“By combining the extension of the high-speed rail line with the modernisation of existing infrastructure, this operation will help accommodate growing passenger and freight traffic, facilitate trade flows, and reduce travel times,” said Achraf Tarsim, Head of the African Development Bank Group’s Country Office in Morocco. “In the long term, it will strengthen Morocco’s logistics competitiveness and reinforce its role as a strategic hub linking Europe and Africa.”

 

The project includes the acquisition of equipment to modernise railway infrastructure along the Kenitra–Marrakech corridor and around the Casablanca rail hub. This includes the supply of new rails and track components for conventional rail lines and the high-speed network, to increase corridor capacity and sustainably improve operational performance.

 

PADIF also incorporates a project management support component covering project ownership, engineering supervision, and the monitoring and evaluation of results and impacts, ensuring effective implementation.

 

By contributing to the development of resilient, sustainable, and high-value-added infrastructure, the operation is fully aligned with the African Development Bank Group’s Four Cardinal Points (https://apo-opa.co/4vWv2Mb) and the institution’s 2024–2029 Country Strategy Paper for Morocco. It also supports Morocco’s New Development Model and the Rail 2040 Plan, which aims to modernise the national railway network.

 

Since 1978, the African Development Bank Group has mobilised nearly €15 billion to finance more than 150 projects and programmes in Morocco. Its interventions (https://apo-opa.co/4wd803P) span strategic sectors, including transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Continue Reading

Business

Institute for the Management of State Assets and Holdings (IGAPE) Launches Initial Public Offering (IPO) of Angola’s Largest Telecommunications Company

Published

on

IGAPE

The transaction comprises the sale of 7,500,000 ordinary registered book-entry shares, representing 15% of UNITEL’s share capital, each with a nominal value of AOA 5,000.00

LUANDA, Angola, July 9, 2026/APO Group/ –The Institute for the Management of State Assets and Holdings (IGAPE) (https://IGAPE.MinFin.Gov.ao), acting as the selling shareholder, launched the Initial Public Offering (IPO) of a 15% stake in UNITEL, marking one of the largest capital market transactions ever undertaken in Angola.

 

The transaction comprises the sale of 7,500,000 ordinary registered book-entry shares, representing 15% of UNITEL’s share capital, each with a nominal value of AOA 5,000.00. Upon completion of the offering, all 50,000,000 shares, representing the company’s entire issued share capital, are expected to be admitted to trading on the Angola Debt and Securities Exchange (BODIVA).

The final offer price will be determined within a price range of AOA 36,036.00 to AOA 40,040.00 per share. The price will be set following the bookbuilding process, based on investor demand during the subscription period.

The IPO comprises two tranches. The Employee Offering reserves 1,000,000 shares, representing 2% of UNITEL’s share capital, for preferential subscription by eligible employees. The General Public Offering comprises 6,500,000 shares, representing 13% of the company’s share capital, together with any shares remaining unsubscribed under the Employee Offering.

The subscription period opens at 2:00 p.m. on 6 July and closes at 3:00 p.m. on 24 July 2026, allowing retail, corporate and institutional investors to participate in what is expected to be a landmark transaction for Angola’s capital market.

Investors may submit subscription orders through the participating financial intermediaries: BFA Capital Markets, Áurea SDVM, Distribuidora Valor SDVM, Eaglestone SDVM, Standard Invest SDVM and Hemera Capital Partners Securities. Orders may also be placed through Banco Caixa Geral Angola and Banco de Fomento Angola via their branch networks, digital platforms, websites, telephone banking services and email.

With more than 21 million customers and operations across all 18 provinces of Angola, UNITEL has been the country’s leading telecommunications operator for the past 25 years. The IPO provides Angolan citizens and investors with the opportunity to become shareholders in one of the country’s most established companies and to participate in its future growth while supporting the continued development of Angola’s capital market.

Distributed by APO Group on behalf of Institute for the Management of State Assets and Holdings (IGAPE).

 

Continue Reading

Business

Ancient Port, New Voyages: Ningbo’s Smart Manufacturing Expands Global Trade Footprint via Maritime Silk Road

Published

on

China

COLOMBO, SRI LANKA- Media OutReach Newswire – 9 July 2026 – On July 4, 2026, the cultural exchange event Encounter & Insight: Dialogue Between Ningbo, China and Colombo, Sri Lanka took place in Colombo.

Separated by thousands of miles, the two millennia-old port cities reconnected, leveraging their ports as a bond and cultural exchanges as a cohesive force to hold in-depth talks on integrated port-city development and bilateral economic and trade connectivity.

This cross-Indian Ocean dialogue echoes the ancient Maritime Silk Road while charting a brand-new outbound development path. As a pivotal starting port of the ancient Maritime Silk Road, Ningbo is building a new global trade landscape powered by smart manufacturing.

A thousand years ago, merchant vessels from Mingzhou Port set sail southward loaded with Yue Kiln celadon porcelain, passing through Ceylon to deliver Oriental crafts across the Indian Ocean coasts. Precious gemstones and spices traveled the same sea route back to regions south of the Yangtze River, laying the groundwork for the earliest cultural exchange between the two ports through trade. Today, the cargo carried by giant cargo ships has undergone a dramatic transformation. Beyond traditional daily necessities, intelligent equipment, digital home appliances and industrial robots now dominate shipments.

Official statistics show that Ningbo’s exports of intelligent equipment, including mechanical arms and industrial robots, hit 440 million yuan in 2025, surging more than 40% year-on-year. From January to May this year, Ningbo’s exports of mechanical and electrical products maintained steady growth, reaching 247 billion yuan, a 4.1% year-on-year increase and accounting for 58.0% of the city’s total export volume. The new energy foreign trade sector saw explosive growth, with exports of new energy vehicles, lithium batteries, and photovoltaic products jumping 138.4% year-on-year, with electric vehicle exports skyrocketing 215.9%. Smart manufactured goods are continuously expanding the scope of Ningbo’s foreign trade.

Complementing the Colombo forum, an exhibition highlights Ningbo’s outstanding going-global enterprises and their products, vividly illustrating the profound shift in Ningbo’s trade structure.

Alongside time-honored Maritime Silk Road staples such as celadon porcelain and silk, Ningbo’s smart manufactured products—including AI translation glasses, intelligent outdoor gear and digital small home appliances—occupy prominent display spaces across the venue. In Sri Lanka, Ningbo smart water meters are widely adopted nationwide, while handheld cooling fans and intelligent kitchen appliances have entered ordinary households.

Leveraging Colombo Port’s transshipment advantages, massive volumes of Ningbo smart manufactured goods are distributed onward to Europe, the Middle East and beyond. What Ningbo exports today is no longer mere commodities, but a complete outbound solution integrating technology, brand value and after-sales services.

Faced with mounting challenges including homogeneous global market competition and rising trade barriers, Ningbo’s manufacturing sector has abandoned the old model of low-cost OEM production, relying on intelligent transformation to consolidate its competitive edge in overseas markets.

Over more than a decade of digital transformation efforts, Ningbo has achieved full digital upgrading of all industrial enterprises above designated size. A large number of local factories have built unmanned black-light workshops and flexible production lines, escaping vicious price competition through continuous technological iteration. Represented by five specialized, sophisticated, distinctive and innovative enterprises dubbed Ningbo’s “Five Little Tigers”—famous for their core proprietary technologies, including highly sophisticated visual inspection equipment, heat-resistant materials, sun-proof coatings, puncture-proof materials and self-drilling fasteners—these niche manufacturers have developed differentiated technical routes and full-spectrum production capacity, cementing irreplaceable competitiveness for Ningbo smart manufacturing on global markets.

Beyond trade expansion, Ningbo has built a supporting cultural communication system to ensure “products go global, accompanied by local culture”.

The launch of Sri Lanka’s first “One-Meter Cultural Space” cultural station during the Colombo event marks a tangible milestone of Ningbo’s go-global initiative. Built on enterprises’ overseas outlets, these miniature cultural exhibition halls integrate intangible cultural heritage crafts, urban stories and smart products, enabling overseas clients to experience cutting-edge manufacturing while gaining insight into Ningbo’s profound cultural heritage.

During the twin-city story-sharing session, Ningbo entrepreneurs based in Sri Lanka and local designers blending Chinese and Sri Lankan aesthetics shared stories of bilateral exchanges. Economic and trade ties have evolved into a bond for people-to-people communication, bridging divides in cross-cultural trade.

From Tang-dynasty celadon porcelain sailing across the Indian Ocean to intelligent equipment shipping to every corner of the globe, Ningbo, the ancient Maritime Silk Road port, has preserved its enduring gene of openness. Where exchanges once relied purely on commodity trade, today smart manufacturing underpins a stable, diversified and high-value-added global trade network.

The Ningbo-Colombo dialogue stands as a vivid microcosm of this transformation: the port still links lands and seas, yet the core of its trade has undergone a full intelligent upgrade.

Rooted in its historical legacy as a key Maritime Silk Road hub, Ningbo has consolidated its industrial foundation through a decade of digital development, expanded global market reach via worldwide port networks, and softened trade cooperation through cultural exchanges. This brand-new outbound shipping route forged by smart manufacturing has not only reshaped the city’s foreign trade landscape, but also delivered a replicable port-city development model for Chinese manufacturing to go global.

 

 

Continue Reading

Trending