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After years in the cold, signs of renewed investor interest in Africa as 2024 proving bumper year (By Miranda Abraham)

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African countries are seeking to address global development challenges and are calling for a fair financial system to handle climate shocks and implement their development agenda

SANDTON, South Africa, May 17, 2024/APO Group/ — 

By Miranda Abraham, Head of Loan Syndication at RMB (www.RMB.co.za) in London.

Over the past few years, African debt markets have faced significant challenges due to a combination of factors including soft global economic conditions, the COVID-19 pandemic and related supply chain failures.

These factors led to a decrease in demand for African debt and a dramatic rise in borrowing costs, placing sovereign borrowing in particular in a difficult position.

In fact, in 2023, there was no issuance at all in Sub-Saharan Africa, marking the first time since 2008 that this happened.

The global bond market was effectively frozen for Africa.

The funding squeeze and the closure of the bond market forced African countries to seek alternative sources of financing, such as domestic capital markets, multilateral institutions, and bilateral agreements.

But in January and February 2024, everything changed. 

Suddenly there was a rush of deals. First Cote d’Ivoire reopened the market with a bumper $2.6bn of bond issuance. Even more encouragingly, the sale was oversubscribed more than three times, with a combined demand of $8 billion.

Then Benin came to market with a smaller issuance of $750m at a yield of just under 9%. Kenya issued a hefty $1.5bn at a yield of 10.4%, the proceeds of which will be used to buy back most of its debt which falls due in June this year. First Quantum Minerals issued $1.6bn, closely following Kenya.

Moreover, these bonds actually all priced lower than initial guidance – indicating that investor demand was far stronger than initially anticipated.  The issuance was proof positive that the market had turned a corner and confidence had returned.

This confidence spread to the loan market, with banks suddenly rushing to pitch loan bridges to bond issuance and / or medium-term financing at more attractive loan pricing than borrowers have been offered over the last 2 years.

As we approach the midway point of the year, the prospect of further interest rate cuts from central banks seems less and less likely. Debt capital markets issuance however is continuing with recent deals for Puma Energy for $500m and phosphate miner OCP S.A., which successfully completed a bond issue on the international markets for $2bn. There are more in the pipeline which suggest the African bond markets are alive and well again.

These recent debt sales in Africa show that investors are buying riskier bonds. This trend is likely to continue as more high-yield borrowers return to sub-Saharan Africa, seeking to capitalise on the region’s growth potential.

As we approach the midway point of the year, the prospect of further interest rate cuts from central banks seems less and less likely

The cost of borrowing remains high in Africa, but with projections that most of the central banks will be reducing their base rates in hard currency, borrowers will immediately start to see the benefits as costs fall.

Encouraging too, is that the debt levels in sub-Saharan Africa have largely stabilised at around 60%, and this could begin to ease slightly from 2024, halting a nearly decade-long upward trend.

We are also optimistic of a rise in event-driven financing this year.

Event driven financing refers to strategies where investment decisions are made based on specific corporate events, such as mergers, acquisitions, spin-offs and bankruptcies.

In the context of Africa’s economic development, event-driven financing can play a crucial role. We expect event-driven financing in Africa to leverage innovative financing instruments to crowd-in private climate investments and support sustainable development and green initiatives.

Importantly, the African Development Bank Group has actively promoted the use of philanthropic and other forms of capital to create an ecosystem of green growth.

This approach has been highlighted at the World Economic Forum (WEF) earlier this year.

Additionally, the African Union has hosted the Conference of Ministers of Finance, Planning, and Economic Development (COM2024) in Victoria Falls, Zimbabwe, with a theme focused on financing Africa’s green and inclusive transition. The event brought together experts to discuss ways to mobilise climate finance at national, regional, and global levels.

Events such as the African Economic Outlook 2023 launch and the Conference Internationale De Lome Sur Le Financement also focused on venture capital and infrastructure financing for African projects and businesses as the continent looks towards a new financial landscape to support green industrialisation and sustainable growth.

African countries are seeking to address global development challenges and are calling for a fair financial system to handle climate shocks and implement their development agenda.

Debt remains a headwind and inequalities in the international financing architecture make access to finance inadequate and expensive.

In other developments, the African Union has emphasised the need for global reforms, concessional finance, Special Drawing Rights, and Africa’s voice in decision-making to address debt, risk ratings, and the cost of capital.

We are also seeing a significant uptick in activity around underwriting, not only for clients who want fund certainty for general loans, but for M&A activity as well, which clearly demonstrates renewed investor appetite.

While M&A deals tend to have a long lead time before coming to market, they are eagerly anticipated and often represent new borrowers and new transactions, along with renewed investor activity in a challenging market.

All the signs point to a positive turnaround for both bonds and loans in 2024.

There is plenty of pent-up demand from both borrowers and investors, and as the year got off to a strong start there are clear grounds for cautious optimism. 

Distributed by APO Group on behalf of Rand Merchant Bank.

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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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Etu Energias

Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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