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Strong 2021 Results Lays Foundation for Recovery in 2022

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ICIEC is also proud to report that its membership grew to 48 Member States in 2021

SHARM EL SHEIKH, Egypt, June 5, 2022/ — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 04th June 2022.

The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.

ICIEC is also proud to report that its membership grew to 48 Member States in 2021, welcoming Maldives to the ICIEC community.

Based on its performance, ICIEC has maintained, for the 14th consecutive year, an Aa3 rating by Moody’s – which is one of the strongest in the Export Credit and Political Risk Insurance industry. Our strong credit rating reflects our resilience, standalone fundamentals, as well as the strong willingness of our key shareholders, including the IsDB (AAA stable) and our Member States, to support ICIEC in times of financial distress.

In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been established to eradicate poverty, protect the environment, and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.

Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world“.

Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States“.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). More News

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Global Financiers, Consultants to Detail Angolan Investment Outlook at Angola Oil & Gas (AOG) 2024

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Representatives from the Africa Finance Corporation, Standard Bank, Trade Development Bank and more have joined the Angola Oil & Gas conference this October

Também disponível em Português

LUANDA, Angola, August 19, 2024/APO Group/ — 

Angola anticipates an investment pipeline of up to $60 billion over the next five years as companies advance oil and gas projects across the country. Energy majors such as TotalEnergies, ExxonMobil and Chevron are investing in upstream oil and gas while E&P firms such as Afentra, Etu Energias, ReconAfrica and more expand their portfolios both on and offshore. As the pace of projects accelerates, so does the demand for accessible finance and legal support.

Global financiers and legal firms will join the Angola Oil & Gas conference & exhibition on October 2-3 to discuss investment opportunities, competitive fiscal regimes, and high-return projects supporting the country’s growth.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Multilateral finance institution Africa Finance Corporation (AFC) provides project support through accessible financial solutions in Africa. In Angola, the company invested $60 million in Etu Energias – Angola’s largest private oil company – to support oil and gas production; is providing $100 million towards the construction of the 30,000 barrels per day Cabinda Oil Refinery; and invested approximately $165 million in Angola’s NOC Sonangol between 2021 and 2022. During AOG 2024, Taiwo Okwor, Vice President: Investments at the AFC will outline the impact these investments will have on Angola’s production.

Operating in eastern and southern Africa, development financial institution Trade and Development Bank (TBD) supports regional integration and development by providing trade and project finance. Recently, TBA secured a $100 million financing facility from British International Investment to support local businesses in Africa; signed an MoU with the International Islamic Trade Finance Corporation to enhance trade solutions; and secured a $150 million finance facility from the African Development Bank to boost intra-African trade. During AOG 2024, TDB Head: Coverage, Indian Ocean-Lusophone Orlando Chongo will discuss downstream expansion and regional growth.

In addition to multinational institutions, regional finance players play a central role in supporting project development in Angola. As Africa’s largest lender by assets, Standard Bank is looking at strengthening its support for capital-intensive projects. For Angola, this creates newfound opportunities for projects to advance across the oil and gas value chain. Standard Bank’s Head of Oil & Gas Coverage-Southern Africa Paul Eardley-Taylor is speaking on a panel titled Beyond Oil: Angola’s Rise as a Gas Powerhouse at AOG 2024.

Financial institution Rand Merchant Bank (RMB) has a strong track record of providing finance towards projects that support trade, energy and infrastructure. With an Angola Representative Office that offers on-the-ground market intelligence services, RMB supports trade, finance, infrastructure and sovereign lending in the country. Liz Williamson, Head of Energy Corporate Finance at RMB is speaking on a panel titled Perspectives on Investment: The Key to Doing Business in Angola at AOG 2024.

Meanwhile, corporate and commercial law firm MC Jurist – with over 20 years’ experience in the Angolan petroleum sector – offers a range of services covering corporate and commercial matters, employment, shopping, customs and tax. Specializing in legal and tax consultancy, the firm is committed to supporting projects in Angola’s oil and gas industry. Nuno Catanas, Founding Partner at MC Jurist, is leading a Master Class for petroleum and oilfield service providers at AOG 2024. Titled Master Class to Petroleum and Oilfield Service Providers, the session offers companies a comprehensive guide to preparing winning bids and efficient contracts.

During the 2023 edition of AOG, insurance company Protteja Seguros signed a deal with oil and gas company Petromar to develop a partnership and collaborate on social responsibility. Specializing in insurance consultancy, Protteja Seguros aims to enhance financial strength and transparency in Angolan oil and gas. Kianda Troso, CEO of Protteja Seguros is speaking on a panel titled A Seat at the Table: Access to Finance for Angolan Service Companies.

Consultancy firm EY also supports the growth and operations of companies in Angola through assurance, tax, law, strategy and transaction services. The company is one of the oldest professional service organizations active in the market in Angola and provides SME support by offering financial solutions tailored to Angolan companies. During AOG 2024, EY’s Partner and Energy Leader Andre Afonso; Managing Partner Carlos Basto; Financial Services Consulting Leader João Rueff Tavares; and Global Risk Leader Rui Bastos are speaking.

For more insight into the AOG 2024 speaker lineup, visit https://apo-opa.co/3yxr6sQ

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

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Invest Africa and the United Arab Emirates (UAE) Government Announce Strategic Partnership for The Africa Debate – UAE

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The event, taking place on 31 October in Dubai, will serve as a platform to explore and capitalise on the burgeoning opportunities along the UAE- and broader Gulf-Africa trade and investment corridor

The UAE is already the fourth-largest investor in Africa, and we are excited to work with the government to bolster commercial ties across the continent at this critical time

DUBAI, United Arab Emirates, August 6, 2024/APO Group/ —

Invest Africa (www.InvestAfrica.com), a business network promoting trade and investment in Africa, is proud to announce a strategic partnership with the Ministry of Economy of the United Arab Emirates to host The Africa Debate-UAE (https://TheAfricaDebate.com/UAE). The event, taking place on 31 October in Dubai, will serve as a platform to explore and capitalise on the burgeoning opportunities along the UAE- and broader Gulf-Africa trade and investment corridor.

Following ten successful editions of The Africa Debate in London, Invest Africa is excited to take the conference to the UAE – the largest investor in Africa among the GCC states. This year’s programme will spotlight investment opportunities along the UAE- and broader Gulf-Africa trade and investment corridor, featuring sessions on financial services, logistics and supply chain optimisation, energy and infrastructure, and ICT and digital transformation. The event will bring together global businesses, private and public investment bodies, thought leaders, and policymakers for a series of insightful debates on UAE-Africa relations in 2024 and beyond.

Chantelé Carrington, Chief Executive Officer, Invest Africa said: “Our partnership with The Ministry of Economy – UAE is a testament to our commitment to facilitating meaningful business connections and fostering two-way trade and investment between the UAE and Africa. The Africa Debate – UAE will not only spotlight investment opportunities but also provide a robust platform for dialogue and collaboration among key stakeholders. The UAE is already the fourth-largest investor in Africa, and we are excited to work with the government to bolster commercial ties across the continent at this critical time in Africa’s growth story.”

H.E. Juma Alkait, Assistant Undersecretary for International Trade Affairs, Ministry of Economy – UAE said: “The UAE has long recognised the strategic importance of Africa as a key trade and investment partner. By collaborating with Invest Africa, we aim to deepen our engagement with African markets and explore new avenues for economic cooperation. The Africa Debate has already established itself as a premier platform for promoting Africa-forward initiatives and investment, and we are excited to bring this prestigious event to Dubai. We look forward to welcoming 300+ vetted industry leaders to advance UAE-Africa partnerships and drive mutual growth.”

The conference will feature a series of breakout sessions focusing on:

  • Financial Services
  • Logistics and Supply Chain Optimisation
  • Energy and Infrastructure
  • ICT and Digital Transformation

As global businesses, investors, and policymakers converge in Dubai, The Africa Debate – UAE will serve as a crucial nexus for those seeking to engage in trade and investment along the UAE- and broader Gulf-Africa corridor.

Distributed by APO Group on behalf of Invest Africa.

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The Canada-Africa Chamber of Business celebrates 30 years of accelerating trade and investment in Toronto

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During the celebration Elephant Trade-Services DRC was announced as continuing headline sponsor for 2025, under the leadership of Gabriel Tshitende, the company founder and CEO

Egalement disponible en Français

TORONTO, Canada, May 10, 2024/APO Group/ — 

With messages from Prime Minister Justin Trudeau, Trade Minister Mary Ng and Premier Doug Ford – among others – the Canada-Africa Chamber’s (www.CanadaAfrica.ca) contribution to Canada was celebrated this week.

Over 150 members and invited guests attended the 30 Year-Anniversary on Tuesday 7 May 2024, with the keynote address by Joe Lombard, Vice Chairman of Hatch. Gabriel Tshitende, founder and CEO of Elephant Trade-Services DRC, as well as Founding Chair of the Chamber, Stephen Pincus, a Partner at Goodmans LLP, also addressed delegates. The historic ballroom of the National Club of Toronto was adorned with portraits of past distinguished speakers (https://apo-opa.co/44DWBwY) – commemorating addresses by leaders over the past three decades, who have included Heads of State, captains of industry and world-leading think tanks.

Paula Caldwell St-Onge, Chair of the Board, opened the 30th Anniversary, underscoring this year’s extensive programming – including but not limited to events in Toronto (https://apo-opa.co/4dz6K1F), Ottawa (https://apo-opa.co/4dAPxVA) and Sudbury (https://apo-opa.co/4ahkfAe) in Canada, as well as Nairobi (https://apo-opa.co/4ahkgnM), Kenya; Kolwezi (https://apo-opa.co/3JYfeC9), Democratic Republic of Congo; Harare (https://apo-opa.co/4ahkgEi), Zimbabwe and Cape Town (https://apo-opa.co/44y6Qmh), South Africa – in addition to the inaugural upcoming Canada-US Forum for African Partnerships in Washington, DC (https://apo-opa.co/3JVcHIM).

Mr. Gabriel Tshitende, founder and CEO of Elephant Trade-Services DRC, headline sponsor of the 30th Anniversary Program, delivered the official welcome – which included an invitation to attend the Elephant Trade Services’ February 2025 Investment Mission (https://apo-opa.co/4ahkhrQ) in the Democratic Republic of Congo. This follows from the success of this year’s DRC Mission undertaken with the Canada-Africa Chamber of Business, showcasing major investment opportunities.

Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, thanked Chamber leaders for their contribution in remarks from her Ministerial Office in Ottawa.

Thank you to all who have made the last 30 years a success, in addition to those who’ve pledged today to writing the story of our next 30 years

Awards Ceremony

In recognition of their incredible support, four leading corporate members were recipients of our Major Supporter Awards. Board Chair, Paula Caldwell St-Onge, Board Director Pierre Boivin and Vice President Ateau Zola, were pleased to present the awards:

  • Goodmans LLP – received by Stephen Pincus (Partner)
  • MineAfrica Inc – received by Wayne Floreani (President) and Bruce Shapiro (co-founder)
  • Hatch – received by Joe Lombard (Vice Chair)
  • Elephant Trade Services DRC- received by Gabriel Tshitende (Founder and CEO)

“Thank you to all who have made the last 30 years a success, in addition to those who’ve pledged today to writing the story of our next 30 years,” said Chamber President Garreth Bloor.

“I am delighted to announce that the headline sponsor of our 30-year anniversary programming writes that story with us as we step into the future: Elephant Trade-Services DRC has committed to 2025 headline sponsorship of our organization,” he added.

More information on this week’s Anniversary Event can be found here (https://apo-opa.co/3UDdjId), including links to upcoming events in North America and in African markets.

For information on joining the Canada-Africa Chamber of Business, click here (https://apo-opa.co/3Uyad85).

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

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