Tech

Afreximbank seals $100m trade finance deal with DRC’s Rawbank

Published

4 months ago

June 18, 2024

African Export-Import Bank (Afreximbank) has announced signing an agreement that will see it commit $100 million in trade finance facility in favour of Democratic Republic of Congo’d Rawbank aimed at assisting the bank increase its trade flows into and out of the country.

The facility which is by far the largest trade finance facility ever provided by Afreximbank to a commercial bank in the DRC is expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) programme.

Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, who made the announcement during the signing ceremony held as part of Afreximbank Annual Meetings (AAM2024), said the facility would make a serious impact in supporting economic development in the DRC.

“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Elmaayergi.

He added that some of the benefits of the facility includes creating business opportunities for Rawbank and its clients while supporting the economic development of the DRC.

“Our partnership with Rawbank will be further strengthened to support economic development in the DRC.

“Our synergies can only help to build the Africa we want by unleashing the full potential of intra-African and global trade for the benefit of our people,” he stated.

Elmaayergi further noted that “AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable reimbursement undertakings to clients,” adding that it was designed to counter the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.

Didier Tilman, Vice-President, Business Development, for Rawbank, who welcomed the deal, said:

“Today marks a significant milestone for Rawbank and for the Democratic Republic of Congo. This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region.”

Related Topics:Afreximbank Agreement DRC Featured Rawbank

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Tech

South Sudanese telcos increase tariffs as exchange rates soar

Published

23 hours ago

October 23, 2024

Isaac Dachen

Telecommunication companies in South Sudan have been forced to increase their tariffs as a result of a hike in the official exchange rate.

Local media reports that the likes of MTN South Sudan, Zain South Sudan, and Digitel Holdings have jointly announced a tariff adjustment in response to an increase the official exchange rate following an agreement between the National Communications Authority (NCA) and the Bank of South Sudan (BOSS) to align telecommunications service prices with the official exchange rate.

The adjustment will occur in three phases from October to December 2024 with the first change taking effect on the night of October 18, followed by subsequent changes on November 18 and December 18, 2024.

In a joint communique, the telcos confirmed that notifications about the initial adjustment were distributed via various channels and the decision was made after considering the potential impact on customers and the telecom sector.

“Since the first phase began, operators have increased the cost of internet and mobile airtime subscriptions by 600 South Sudanese pounds,” a media platform reported.

“Thus, subscribers now pay SSP1,565 for 100 MB with Zain, SSP1,790 with MTN, and SSP1,835 with Digitel, rather than the previous SSP900.

Meanwhile, another report has also indicated that the parliament will address rising telecommunications tariffs once the committee investigating alleged malpractices within telecommunications companies has submitted its findings.

According to one lawmaker, these practices have significantly raised the cost of communication services in the country, affecting the general public.

Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

3 days ago

October 21, 2024

Isaac Dachen

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.