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Finance in Africa 2022: Navigating the financial landscape in turbulent times

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European Investment Bank

Banks weathered the pandemic well, showing the resilience of the sector

ABIDJAN, Ivory Coast, October 20, 2022/APO Group/ — 

The European Investment Bank (EIB) (https://www.EIB.org) has completed its annual survey of banks in Africa in 2022, supported by Making Finance Work for Africa. In Finance in Africa in 2022: Navigating the financial landscape in turbulent times (https://bit.ly/3goYM2l), the seventh report in this series, we surveyed 70 banks in sub-Saharan Africa between April and June 2022 to understand how the war in Ukraine is impacting banks and to learn their views on climate lending, gender lending and the accelerating digitisation of the sector.

Banks weathered the pandemic well, showing the resilience of the sector. However, the war in Ukraine is leading to new concerns. With central banks in many countries raising domestic interest rates and bond funding becoming more expensive due to tighter global financial conditions, there has been a significant increase in banks worried about funding costs. This hardly featured in the survey last year, when banks were mainly concerned about the impact of the pandemic on asset quality.

“The slowdown of the global economy and the tightening of financing condition amplify the economic problems facing Africa. As public sector debt servicing costs are increasing, there is a risk of crowding out for the private sector. Investment needs remain however significant and countries in sub-Saharan Africa will need to keep focus on limiting the effects on private lending,” said EIB Chief Economist Debora Revoltella (https://bit.ly/3eRzNUJ). “It will be crucial to maintain access to finance for companies during a global downturn. The region has a strong partner with the European Investment Bank. We have been investing in Africa since 1965 and in 2021 alone, the EIB signed agreements for investments benefiting operations worth €2 billion in sub-Saharan Africa under a dedicated ACP Investment Facility”.

Banks cautiously optimistic

Asset quality remains a concern this year for many banks, especially for loans to small and medium enterprises. Headline non-performing loan figures do not tell the whole story — there are significant shares of loans under moratoria or restructuring. Banks’ concerns about asset quality deterioration suggest that the size of the problem may be bigger than official data suggest and, correspondingly, that non-performing loan ratios are likely to increase in some countries as support measures are wound down and tough global economic conditions persist. Banks expect to see increased credit demand, and they also plan to expand their own operations, which in turn requires an expansion of their funding. The share of banks planning to expand lending operations is somewhat higher in the survey for 2022 compared to 2021. Despite clear concerns about asset quality, the mood that seems to characterise the sector is one of cautious optimism.

Banks are stepping up efforts on gender lending

Progress is being made to increase access to finance for women: 70% of the banks in our survey have a gender strategy in place and sponsor women and gender-focused initiatives in the community, an increase of 10 percentage points on the share in the 2021 survey. When it comes to women and asset quality, four in ten banks found that non-performing loan rates for women-led businesses were lower than the average rate of their loan portfolios. In some countries, the difference was even greater. For example, in Nigeria, 71% of banks observed lower non-performing loan ratios for women, as did 50% of banks in Kenya.

The slowdown of the global economy and the tightening of financing condition amplify the economic problems facing Africa

Accelerating digital transformation

The pandemic led to an acceleration in the rate of digitalisation of the banking sector, as banks were forced to use digital channels to reach customers. Ninety percent of banks agree that the pandemic has accelerated their internal digitalisation transformation and 70% say that they increased the range of digital services available to customers. However, there are constraints to increasing digitalisation, with three-quarters of banks ranking cybersecurity risks as the biggest issue. The rapid growth of the FinTech sector has been another catalyst for increased digitalisation. The entire FinTech ecosystem in Africa has grown to more than 1 000 active companies in April 2022, up from 450 in 2020. Of these, 80% are homegrown and 20% come from outside Africa. Payments and lending services are still the dominant products, but the sector has diversified. The increasing competition from this sector is a key concern for banks, with more than half of banks listing it among their top three issues.

Climate issues still in focus

Almost 42% of banks assessed the climate exposure of their portfolio in 2021. In 2022, this has increased to 46% but with an additional 26% now planning to do so – none were planning this in 2021. Nearly 70% of banks see climate lending as an opportunity to fight climate change. To date, only one-fifth of banks have introduced green lending products, meaning there is significant scope to expand green lending – provided banks obtain support to do this. About 60% cite lack of expertise, data and tools for climate risk as a barrier to doing more on identifying climate risks and opportunities. In addition, two-thirds of banks think that IFIs can help them expand green lending by providing training and technical assistance. This sets out a clear policy objective for IFIs in terms of growing green lending.

Financial markets are also supporting climate change. The issuance of ESG bonds by African entities increased substantially to almost $5.1 billion in 2021, eclipsing the previous high of $3 billion set in 2018 before the pandemic, with a significant increase in the issuance of sustainability-linked loans and sustainability bonds. Banks and sovereigns were the principal issuers of ESG financial instruments in Africa in 2021. Historically, ESG issuance in Africa has been dominated by corporate issuers so recent developments point to a wider range of actors getting involved in ESG financing.

Nonetheless, the size of the green debt market in Africa is still small on a global scale and green funding costs are inflated by high sovereign risk.

Private capital

African private capital markets had a strong year in 2021. Fundraising reached pre-pandemic levels, following a significant fall during the pandemic. Private investment, which had remained quite resilient during the pandemic, grew by 48% annually to reach $6.3 billion, surpassing the previous peak of $5.4 billion set in 2014/2015. The increase in investment in 2021 was driven largely by the venture capital side, which saw deal value increase from $485 million in 2020 to $3.23 billion in 2021. Roughly half of this investment was in FinTech. Nigeria was the largest market for private equity/venture capital investment in 2021, followed by South Africa. Private equity is also contributing to the growth of green financing. There has been a surge in fundraising for climate-focused investing in recent years. However, like green financing, tougher market conditions in 2022 mean the record volumes seen in 2021 are unlikely to be repeated.

Distributed by APO Group on behalf of European Investment Bank (EIB).

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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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Afreximbank

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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IsDBI

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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