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Luxembourg to extend support for European Investment Bank’s Financial Inclusion Fund

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Luxembourg

The Financial Inclusion Fund seeks to strengthen the capacity of the EIB’s existing and prospective microfinance counterparts and reach out to typically disadvantaged groups of the population

LUXEMBOURG, Luxembourg, July 19, 2023/APO Group/ — 

The Financial Inclusion Fund provides technical assistance for microfinance institutions in Africa, the Caribbean and the Pacific; With an additional €4.8 million pledged by Luxembourg over the next three years, the fund’s size has increased to €11.5 million; Building on remarkable results, the fund will continue to help micro and small businesses in vulnerable communities to access financial services.

The Grand Duchy of Luxembourg, represented by Minister for Development Cooperation and Humanitarian Affairs Franz Fayot, and Minister of Finance Yuriko Backes, has pledged an additional €4.8 million to EIB Global’s Financial Inclusion Fund, bringing the fund’s total size to €11.5 million. The contribution agreement was signed on 18 July 2023 at the EIB headquarters in Luxembourg.

The Financial Inclusion Fund will continue providing support to financial service providers that focus on vulnerable groups such as young people, women and rural populations in African, Caribbean and Pacific countries. The fund was launched in 2019 (https://apo-opa.info/3Q3Jf7D) to continue the long-standing partnership between the EIB and the Luxembourg Ministries of Finance and Foreign and European Affairs in the area of microfinance.

The Financial Inclusion Fund seeks to strengthen the capacity of the EIB’s existing and prospective microfinance counterparts and reach out to typically disadvantaged groups of the population. Its efforts are helping to achieve the United Nations’ Sustainable Development Goals, notably targeting SDG 1 (No Poverty), SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth).

Since its inception, the fund has provided 32 capacity-building grants to a range of inclusive finance stakeholders in 25 countries in Africa, the Caribbean and the Pacific as well as in the EU Southern Neighbourhood. These grants have been used for a variety of projects, from connecting microentrepreneurs and small businesses with funding via digital platforms, to empowering female business owners, improving processes for loan applications and for releasing funds, and offering savings accounts to make clients more resilient to different types of market shocks.

Our joint collaboration under the Financial Inclusion Fund is delivering concrete results on the ground, helping thousands of vulnerable people who lack access to finance

The fund’s ongoing operations are expected to achieve further impressive results. Some examples include training or coaching over 130 000 staff members and clients of microfinance institutions in the targeted regions, providing access to finance to 600 000 people in remote and rural parts of Zambia, rolling out digital banking services to thousands of people in sub-Saharan Africa, and enabling 200 000 female microentrepreneurs to access and use financial products.

Future projects made possible thanks to the contribution signed today will focus on promoting the economic empowerment of women (50% of projects will be aimed at gender and social inclusion), encouraging climate action and environmental sustainability by supporting sustainable agriculture, and advancing digitalisation in the world’s least developed and low- and middle-income countries.

EIB President Werner Hoyer said: “Finance is a critical enabler of the United Nations Sustainable Development Goals. To accelerate progress, we need more innovative models, particularly in the areas of women’s empowerment and climate action. The Financial Inclusion Fund is a powerful tool that allows the European Investment Bank to provide crucial support to microfinance institutions around the world and to deliver development impact. I am grateful for the long-standing support of the Luxembourg government in this field. The Financial Inclusion Fund is a testament to our shared commitment to using finance to achieve the SDGs.”

Yuriko Backes, Luxembourg Minister of Finance and EIB governor said: “With a contribution of €4.8 million to the Financial Inclusion Fund, Luxembourg aims to support meaningful action to foster economic empowerment and improve the lives of individuals and communities worldwide. Building upon our previous efforts, we will continue to prioritise the delivery of technical assistance through the fund, targeting key areas crucial for sustainable development, such as women’s empowerment and gender equality, climate and environmental protection, and digitalisation and food security, among others. This renewed contribution serves as another testament to the strong collaboration between Luxembourg and the European Investment Bank in driving finance for change, further solidifying our commitment to creating positive and lasting impact.”

Franz Fayot, Luxembourg Minister for Development Cooperation and Humanitarian Affairs said: “Providing formal financial services in a socially responsible and financially sustainable way can make a substantial contribution to poverty reduction and job creation in low- and middle-income countries. Yet, the lack of accessible and affordable financial services, particularly in remote rural areas, remains a major challenge. In this regard, the Financial Inclusion Fund is a key instrument to help overcome barriers to accessing impactful financial services. Its activities are making a considerable contribution towards achieving the SDGs.”

EIB Vice President Kris Peeters said: “Luxembourg is a key partner for the EIB and one of the largest donors to EIB Trust Funds, in a wide range of areas, such as financial inclusion, as well as climate action, economic resilience and infrastructure. Our joint collaboration under the Financial Inclusion Fund is delivering concrete results on the ground, helping thousands of vulnerable people who lack access to finance. The additional contribution from Luxembourg to the FIF is an occasion to celebrate its success so far, and of course aim higher, to do more and better, ensuring a better future for marginalised groups including women”

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

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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