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Fitch reaffirms Long-Term Issuer Default Rating for Afreximbank at ‘BBB’, with Stable Outlook

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Afreximbank

The ratings affirmation recognises Afreximbank’s strong profile and increasing systemic relevance to the African continent

CAIRO, Egypt, June 21, 2024/APO Group/ — 

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) for African Export-Import Bank (Afreximbank) at ‘BBB’ (www.Afreximbank.com), with a Stable Outlook. The agency also affirmed the Bank’s Short-Term IDR at ‘F2’ and the long-term ratings on the Bank’s Global Medium Term Note Programme and Debt Issuances at ‘BBB’.

The ratings affirmation recognises Afreximbank’s strong profile and increasing systemic relevance to the African continent as evidenced by the increasing number of key mandates placed on the Bank by the African Union (AU), including the implementation of the health response to the COVID-19 pandemic and, recently, the support for access to grains and fertilisers in the context of the Russia-Ukraine war.

Fitch also acknowledged the Bank’s strong capitalisation and liquidity position evidenced by its ‘excellent’ internal capital generation where the Bank was benefiting from ongoing shareholder support through the AU-initiated General Capital Increase (GCI) under the Bank’s current Strategic Plan (Plan VI), through which the Bank aims to raise US$2.6 billion in paid-in capital. Cumulatively, the Bank has mobilized a gross paid-in equity of US$2.1 billion since the GCI was launched in August 2021.

Together with the robust relationships it enjoys, the Bank has become integral to the achievement of the AU’s key strategic economic programmes and initiatives on the continent

Consequently, Fitch noted that Afreximbank had a strong liquidity profile, with its share of quality treasury assets rated ‘AA’ to ‘AAA” (53 per cent in 2023) remaining substantially above the ‘strong’ threshold of 40 per cent. The liquidity profile is further enhanced by its access to capital markets and other alternative liquidity sources even during challenging times.

Afreximbank has continuously demonstrated its ability to de-risk its lending portfolio, with a low concentration risk and a high degree of loan collateralisation (85 per cent of total loans in 2023, including provisions), with cash collaterals covering 20 per cent of the loans, and 8 per cent covered by credit insurance from ‘A’ to ‘AA’-rated insurers. Fitch assessed the Bank’s risk management policies as ‘moderate’ and primarily reflected “the Bank’s use of credit risk mitigants that have helped maintain a relatively low non-performing loan ratio, despite the high-risk environment that the bank operates in”.

Reacting to the reaffirmation of the Bank’s rating, Denys Denya, Afreximbank Group Senior Executive Vice President, said that it was pleasing to note that Fitch rates the Bank “a-” on a standalone basis, before notching two levels down due to operating environment; which is a strong testament to the Bank’s systemic relevance to Africa and a recognition of its strong delivery of its developmental mandate, its prudent risk management practices and its relentless focus on capital and liquidity which had culminated in robust financial performance.

“The Bank and its subsidiaries continue to play a pivotal role in facilitating trade and investment across its Member States,” said Mr. Denya. “Together with the robust relationships it enjoys, the Bank has become integral to the achievement of the AU’s key strategic economic programmes and initiatives on the continent and in the Diaspora, including the implementation of the African Continental Free Trade Agreement (AfCFTA) and the management of the AfCFTA Adjustment Fund.”

He further noted that, in executing its countercyclical role, Afreximbank continues to be nimble and resourceful in its support to Member States to enable them to mitigate the vagaries of a persistently challenging operating environment, such as the 2015 commodity price crisis, the Covid-19 pandemic, the Ukraine-Russia crisis and the current African debt crisis. The Bank is grateful for the support of the AU and its member countries in its capital and deposit mobilisation drive.

Distributed by APO Group on behalf of Afreximbank.

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In Africa’s Creative Economies, Women Are Claiming Ownership (By Libby Allen)

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Each March, International Women’s Day fills the calendar with campaigns, flowers, and carefully timed announcements. The day has real historical weight – born from early twentieth century demands for the right to work, vote, and organise. The question it rarely reaches is the one worth asking: not who is being celebrated, but who controls what they have built.

In African creative industries in 2026, that question has instructive answers. They’re economic, not symbolic. And they’re being written by women.

The ownership argument

In Senegal, Diarra Bousso grew up in a home where art and style were a daily language. She went on to study mathematics, worked on Wall Street, and came back to Dakar with a model for a fashion and lifestyle brand: nothing gets made until someone has asked for it.

DIARRABLU, the brand she built from her parents’ rooftop, uses proprietary mathematical algorithms to generate designs, puts them to a community vote before a single garment is cut, and produces entirely on demand – achieving a 60% reduction in waste, and cutting excess stock. Her supply chain is almost entirely Senegalese artisans. The IP – the algorithms, the methodology, the design system – is entirely hers. The value is in Bousso’s process, and the process is owned.

In South Africa, game studio Nyamakop spent years building something hard to copy. Relooted, released last month, is a heist adventure set in a futuristic Johannesburg in which the player recovers 70 real African artefacts from Western museums and private collections. The game was built by a team drawn from more than ten African countries. Mohale Mashigo – its narrative director, a novelist, and comic book writer who has also worked for Marvel and DC – is precise about ownership. Every artefact in the game maps to a real object with a documented history belonging to a named people.

That specificity isn’t just artistic rigour. The world of Relooted is built so it can’t be detached from its own context and repurposed elsewhere. Culture travels differently when it’s self-authored.

Women’s creative output is feeding systems they don’t own

In Nigeria, Mo Abudu applies the same logic to distribution. EbonyLife Media – the production house and TV network she founded in 2012, whose films and series have drawn millions of viewing hours – launched EbonyLife ON Plus in November last year. It’s a membership-based platform designed to keep the value of African storytelling on the continent. The platform is new; the strategy is not: own the infrastructure, or someone else sets the terms.

Three countries. Three creative sectors. Find the point in the chain where value is captured. Own it.

Owned but exposed

AI-generated content has intensified the pressure. GenAI models are trained, in large part, on creative output they don’t pay for – and whether that output counts as a compensable input is now being tested in courtrooms and policy chambers. In African creative economies, where the volume of visual, narrative, and cultural material is vast and formal IP infrastructure is uneven, exposure is significant. Women’s creative output is feeding systems they don’t own.

The AI question and the infrastructure question aren’t separate. One is playing out in courtrooms. The other is playing out in markets.

Narrative control

Reaching the right markets requires a different kind of ownership. Africa isn’t a single market. It is 54 distinct countries, each with its own media landscape, languages, cultures, and decision-makers. Many communications partners offer visibility but don’t know the nuances of each market; they’re not present on the ground – so they offer approximation, which costs while the narrative is diluted.

The same logic that drives Bousso to keep her algorithms proprietary, that drove Mashigo and Nyamakop to build a game precisely, that led Abudu to build her own platforms rather than license outward – it applies here too. Who tells the story, in which markets, in whose language, through which channels: this is where narrative control is either held or lost. For brands to reach across Africa, brand communications must be African.

What happens next? 

International Women’s Day will generate thousands of posts this March. It’s worth watching what happens in the days after – whether the women building ownership across African creative industries control more of their work, their distribution, and their narrative than they did the year before. That is the only measure that matters.

Distributed by APO Group on behalf of APO Group Insights.

 

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Equatorial Guinea to Showcase 2026 Licensing Round to Global Investors at Invest in African Energy (IAE)

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Minister of Mines and Hydrocarbons Antonio Oburu Ondo will deliver a keynote at the Invest in African Energy Forum, unveiling strategic licensing opportunities tied to EG Ronda 2026

PARIS, France, March 6, 2026/APO Group/ –Reflecting a renewed drive for growth and upstream revitalization, Equatorial Guinea’s Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, will deliver a keynote address at the Invest in African Energy Forum, scheduled for April 22–23, 2026, in Paris. Designed to connect African energy opportunities with institutional and private capital, the forum provides a strategic platform for governments to present bankable projects directly to global investors.

 

At the center of Equatorial Guinea’s investor outreach is EG Ronda 2026, an upcoming licensing round expected to offer 24 upstream blocks across offshore and onshore basins. First announced at African Energy Week, the round will run through late 2026 and features updated fiscal terms and a competitive open-door framework aimed at attracting both majors and independents. In preparation, the Ministry has advanced seismic data acquisition and reprocessing programs, strengthening the technical dataset available to bidders and materially reducing exploration risk.

 

Equatorial Guinea’s strategy extends beyond licensing. In early 2026, the government signed a reconnaissance license agreement with Eni to support renewed upstream evaluation and field revitalization efforts. At the same time, cross-border collaboration on the Yoyo-Yolanda gas fields continues to advance, with a recent unitization agreement between Equatorial Guinea and Cameroon paving the way for joint development. The move reinforces the country’s ambition to deepen regional integration, optimize shared resources and accelerate monetization through coordinated infrastructure planning.

 

Project-level momentum further supports this positioning. The Aseng Gas Project, backed by Chevron, represents an estimated $690 million investment aligned with Equatorial Guinea’s flagship Gas Mega Hub initiative – a multi-phase strategy to strengthen domestic processing capacity and position the country as a regional gas hub. National oil company GEPetrol recently increased its stake in Aseng to more than 32%, signaling deeper national participation alongside international operators and a clearer pathway to execution.

 

For capital providers focused on the Gulf of Guinea and broader African energy markets, Minister Ondo’s address in Paris will provide direct insight into fiscal reforms, licensing mechanics, partnership models and infrastructure expansion plans through 2026 and beyond. As global capital becomes more selective, IAE 2026 offers a critical space for engagement, due diligence and deal origination – helping convert announced opportunities into executed transactions.

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

 

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African Development Bank Group (AfDB) Unveils Africa-Wide Aviation Financing Platform to Turn Growth into Sustainable Profit

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The priority now is execution—aligning policy, capital and infrastructure to ensure aviation becomes a durable driver of inclusive growth and regional integration across the continent

NAIROBI, Kenya, March 5, 2026/APO Group/ –With Africa poised to become the world’s fastest-growing aviation market, policymakers and industry leaders are focused on a central challenge: how to translate rising demand into sustainable connectivity, competitiveness, and financial viability.

This question anchored deliberations at the two-day Airlines, Capital and Connectivity Forum convened in Nairobi on 25–26 February 2026 by the African Development Bank Group in partnership with the African Airlines Association (AFRAA).

Despite strong demand fundamentals, Africa’s aviation sector continues to face structural constraints, including high costs of capital, fragmented regulatory regimes, infrastructure gaps, and limited access to long-term financing. To address these challenges, the Bank is advancing the Integrated Aviation Transformation Program (IATP), a continent-wide platform designed to modernise the aviation ecosystem and mobilise private, institutional, and concessional capital at scale. The programme seeks to align policy reform, innovative financing instruments, and project execution within a single, bankable framework.

The Forum brought together airline executives, transport ministers, regulators, investors, manufacturers, and development partners to explore how the IATP can accelerate coordinated delivery across the sector. Participants underscored aviation’s role as a strategic enabler of regional integration, trade facilitation, tourism, and economic diversification.

Opening the Forum, the Bank’s Director for Infrastructure and Urban Development, Mike Salawou, noted that while Africa’s aviation demand outlook ranks among the strongest globally, supply-side capacity and investment readiness have lagged. The IATP, he said, seeks to de-risk priority investments, support early pilot transactions, and restore confidence among commercial and institutional financiers.

Africa represents nearly 18 percent of the global population but accounts for less than three percent of worldwide air traffic

From the industry’s perspective, AFRAA Secretary General Abderahmane Berthé highlighted the scale of the opportunity and the imbalance confronting the continent. “Africa represents nearly 18 percent of the global population but accounts for less than three percent of worldwide air traffic, reflecting structural and regulatory barriers rather than weak demand,” he said.

Remarks delivered on behalf of Kenya Airways described Africa as the largest structural aviation opportunity of the 21st century. Over the next two decades, one in four new global air travellers is expected to originate from Africa, driven by rapid urbanisation, a growing middle-income population, and a youthful demographic profile.

However, the industry’s financial performance remains constrained. According to the International Air Transport Association (IATA), African airlines are projected to generate net margins of only 1–2 percent, below the global average forecast of 3.9 percent in 2026. High fuel costs, heavy taxation, incomplete liberalisation and limited hub infrastructure continue to undermine profitability.

Connectivity remains a critical bottleneck. Intra-African traffic accounts for only about a quarter of total air travel, with many passengers required to transit outside the continent. Participants emphasised that full implementation of the Single African Air Transport Market is essential to unlock efficient intra-continental connectivity.

A keynote address delivered by Eric Ntagengerwa, Head of Transport and Mobility at the African Union Commission (AUC) on behalf of Lerato Dorothy Mataboge, Commissioner for Infrastructure and Energy, framed aviation reform as an imperative for sovereignty, integration, and competitiveness. He observed that the Single African Air Transport Market is the designated African Union Theme for the Year 2027.

Discussions over two days focused on practical delivery, including strengthening airline bankability, advancing climate-aligned aviation, developing cargo and logistics, building skills, and deploying innovative risk-sharing mechanisms under the IATP. Country experiences from Nigeria, Kenya, and Ethiopia illustrated how continental objectives can translate into coordinated national reforms and near-term investment opportunities.

Samuel Obafemi Bajomo, Senior Adviser to Nigeria’s aviation ministry, emphasised that forward-looking, pro-investment policy frameworks are critical to strengthening connectivity and unlocking Africa’s growth potential and positioning aviation as a catalyst for trade, tourism, and shared prosperity.

The Forum concluded with a clear message: Africa’s aviation demand is real, accelerating, and irreversible. The priority now is execution—aligning policy, capital and infrastructure to ensure aviation becomes a durable driver of inclusive growth and regional integration across the continent.

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

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