Category: Africa

Source: APO

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.

This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent. The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent. The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.

Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.” He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”

The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries. The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks),  infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.

Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”

This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.

The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.

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

Media contact: 
Alexis Adélé
Communications and External Relations Department
African Development Bank
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

About TCX:
TCX is a global development finance initiative supported by an investor base that includes FMO, IFC, EBRD, EIB, KfW as well as the European Commission and Dutch, Swiss, British, French and German governments and other DFIs and Microfinance Vehicles. The AfDB was a founding member of TCX when it was established in 2007.

TCX protects borrowers in emerging and frontier markets from currency risk by facilitating currency hedges that transfer the risk to TCX’s balance sheet. TCX offers derivative instruments—cross-currency swaps and FX forwards—in currencies not or insufficiently covered by commercial parties. Based in Amsterdam, The Netherlands, TCX started operations in 2007 and has since hedged a total volume of over USD 17bn in development loans in 66 currencies, including over USD 4.1bn in African currencies.

Source: APO

Five years may seem a short time in the lifespan of an industry, but in the African energy space, it has been nothing short of a revolution. At the heart of that transformation stands NJ Ayuk, Executive Chairman of the African Energy Chamber (https://EnergyChamber.org/), a figure who has become synonymous with unapologetic advocacy for African-led solutions, deal-making at scale, and an unrelenting drive to end energy poverty on the continent. His voice carries weight not just in Africa but across global boardrooms, where he has positioned Africa not as a bystander in the energy transition but as a decisive player. 

Against this backdrop of ambition, grit, and unprecedented growth, Pan African Visions recently had a Q&A with NJ Ayuk, a conversation that captured both the triumphs of the African Energy Week (AEW) journey and the sharper edges of Africa’s energy reality. More than just a conference, AEW has grown into what Ayuk describes as a “movement,” one that in just five years has turned Cape Town into the epicenter of global energy dialogue. 

In the exchange that follows, Ayuk speaks candidly about the birth of AEW, its achievements, the hurdles of perception, and the bold steps that still lie ahead. His words are not rehearsed slogans; they are infused with the lived intensity of someone who has fought to bring Africa’s energy story back to African soil—and won. 

The fifth anniversary of this incredible conference fills me and the AEC team with pride as well as clarity of purpose. From our 2021 debut of 1,700 delegates, ministers, global executives, and financiers, we’ve evolved into the continent’s premier energy investment platform, with just short of 7,000 delegates attending in 2024, with 26 official delegations and 27 ministries. Celebrating this symbolic fifth year, the mood is electric – we’ve catalyzed multi-billion-dollar deals, shaped policy, and intensified regional collaboration. With renewed confidence, I can wholeheartedly say, AEW is the heartbeat of Africa’s energy ambitions. We feel fortitude, optimism, and an unwavering commitment to deliver deals that will make energy poverty in Africa history by 2030. 

AEW was born out of a need to bring the discussion about Africa’s energy future back to the continent. For so long, we have seen major energy events discuss key topics about the continent in international locations. From Houston to Dubai to London. And during COVID-19, when it was even more imperative to protect Africa’s interests, we saw major conferences abandon the continent for Dubai. This not only took the discussion about Africa away from the continent but also took all of the economic benefits of hosting a conference away from the community as well. Africa deserves to not only be part of those discussions but drive them. AEW proved that the continent is capable of hosting international energy conferences. 

In five years, AEW has delivered transformative outcomes: facilitating multi-billion-dollar deals, institutionalizing platforms like the African Farmout Forum and Deal Room, and shaping energy policy dialogue across Africa. We launched initiatives such as the African Green Energy initiative and the Just Energy Transition Concert, amplifying green energy investment and inclusive engagement. Strategic financing commitments have flowed – like Afreximbank channelling over $120 million in 2024, and impactful cross-border projects like hydrogen exploration in The Gambia and gas facility funding in Nigeria. We’ve built the continent’s prime energy forum – where deals happen, and barriers fall. 

When we launched AEW in 2021, our vision was ambitious. Seeing dozens of ministers, presidents, multinationals, financiers, and international institutions converge annually exceeds initial expectations. What started as a bold conference has matured into a movement. We now convene the full spectrum – governments, national oil companies, investors, and technology providers – powering tangible capital mobilization and project acceleration. Today, the AEW ecosystem is broader, deeper, and more impactful than we dared to dream. 

Behind closed doors, ministers and heads of state recognize both urgency and opportunity – their energy stakes are existential, tied to development, jobs, and security. We hear a unified call for enabling regulation, transparency, and finance. Many affirm meaningful political will: Nigeria’s Petroleum Industry Act, South Africa’s new petroleum company, the Republic of Congo’s Gas Master Plan. Each underscores commitment to reform and sector growth. That political will is real and rising, though implementation must accelerate. At AEW, declarations are becoming actionable through partnerships, policy alignment, and capital flow. 

Expect AEW 2025 to raise the bar. Highlights include expanded Big-5 Premium Content Stages, African Farmout Forum, and Deal Room. We’re introducing high-impact elements: the G20 Energy Leaders Roundtable, OPEC-Africa Roundtable, COP30 positioning sessions, and country spotlight forums for nations like Senegal, Equatorial Guinea, Namibia, and more. Pre-conference workshops, technical hubs, fireside chats, African Energy Awards, and the Just Energy Transition Concert also return, fueling innovation, recognition, and high-value networking. AEW 2025 delivers new formats and cutting-edge content. 

Financing momentum is accelerating, with Africa’s oil and gas capital expenditure jumping to $47 billion in 2024 – a 23% year-on-year increase. Institutional elements like the African Energy Bank, launching with $5 billion this year, signal a new African-led financing era. Cross-border collaboration also strengthens – from joint LNG developments to regional pipeline planning and farm-out partnerships across the continent. While challenges persist, capital and cooperation are surging – proof that Africa is writing its own energy narratives. 

Our global mission is shifting perception. Africa is not an energy laggard but a frontier of high-growth and resilient opportunity. Investors now see us not as a risk, but as full-sized players in oil, gas, and renewables. However, the myths remain: that Africa lacks governance, scale, and legitimacy. AEW counters that. Through real deals, ministerial validation, and deliverables. That lens is changing. We are now positioned as energy champions, not bystanders. But we still combat outdated tropes about instability and poor capacity – and events like AEW are the antidote. 

We hope that Africa emerges as a global energy powerhouse, leveraging oil, gas, and renewables to power inclusive industrialization, growth, and energy justice. Financing, policymaking, and implementation must not falter. AEW’s future is to deepen impact, expanding satellite forums, reinforcing policy-to-project pipelines, and embedding digital integration and sustainability at every stage. We aim to revolve AEW into a year-round engine for capital flow, institutional building, and continuous energy transformation. 

Distributed by APO Group on behalf of African Energy Chamber.

Source: APO – Report:

By Ajong Mbapndah L, Managing Editor, Pan African Visions

In 2021, when the African Energy Chamber (AEC) announced the inaugural African Energy Week (AEW) in Cape Town, many raised skeptical eyebrows. The conventional wisdom was clear: world-class energy summits belonged in Dubai, Houston, or London – not in Africa. Yet, NJ Ayuk, the AEC’s Executive Chairman, saw a different story -one rooted in possibility and pride. 

“Africa has the resources, the talent, and the vision to lead,” he often reminds audiences. What others dismissed as ambition; Ayuk embraced as a calling. He imagined corridors buzzing with dealmakers, innovators, and policymakers, all converging on the continent to shape its energy future. 

From that first leap of faith, what started as a modest gathering has since blossomed into Africa’s largest energy event, now moving billions in potential deals and drawing the world’s attention to a continent redefining its energy destiny. 

“They told us it couldn’t be done in Cape Town,” Ayuk recalls. “But with huge support from the City of Cape Town, the South African government, international oil companies, national oil companies, and even alternative energy firms, we proved Africa can host a world-class, continent-wide energy event. And we did it in the middle of a pandemic.” 

The inaugural AEW was more than a conference – it was a declaration. Ministers from South Africa, Namibia, Nigeria, Equatorial Guinea, Angola, Mozambique, Libya, South Sudan, and beyond arrived with a united front: Africa would not be sidelined in global energy dialogue, especially discussions related to the global energy transition. 

Gwede Mantashe, South Africa’s Minister of Mineral Resources and Energy, set the tone: “Natural gas will be part of the transition, and yet we are told that all fossil fuels are bad. Africa must position its oil and gas at the forefront of global energy… When we commit to net zero, we do so with the reality that energy can guarantee economic growth and industrialisation.” 

It wasn’t just rhetoric. Deals were struck, partnerships formed, and a new platform for African energy diplomacy was born. By the time the event closed, the AEC knew it wasn’t a one-off. The AEW conference would return – bigger and bolder. 

Billions in Play, Billions at Stake 

Fast forward to 2025, and AEW has evolved into the largest energy gathering on the continent. This year’s edition – scheduled for September 29 to October 3 in Cape Town – is expected to facilitate more than $25 billion in potential deals. 

The transformation has been remarkable: African capital expenditure in the energy sector jumped 23% in 2024 to $47 billion, with projections climbing to $54 billion by 2030. Exploration spending alone exceeded $6 billion, while rig demand is forecast to rise to 46 rig years in 2025. Meanwhile, international eyes are turning toward the continent’s natural gas reserves, particularly in Nigeria, Mozambique, Mauritania, Senegal, and Tanzania, as the global energy landscape seeks new reliable sources. 

“Africa is not only rich with resources but with opportunities,” Ayuk says. “Gas will be central to electrifying Africa, driving socio-economic growth, and ensuring a just transition.” 

Key financing breakthroughs have been critical to this surge. The $5 billion Africa Energy Bank, spearheaded by APPO and Afreximbank, aims to close the funding gap left by retreating Western financiers. Likewise, the $100 million China-Africa energy fund, developed with Tima Networks, promises to back both fossil fuel and renewable projects. Add to this the U.S. Export-Import Bank’s $4.7 billion loan to Mozambique LNG, and the momentum becomes unmistakable. 

“These are not abstract commitments – they’re real money, moving into real projects,” Ayuk stresses. Beyond figures, it’s about confidence: companies and governments are now taking Africa seriously as a reliable, competitive energy player. 

From small beginnings in Cape Town, what started as a bold gamble has become a continental showcase, blending high-stakes deals with the lived ambition of a continent determined to shape its energy future. In every corridor of AEW, you can feel the pulse of possibility – billions in play, billions at stake, and a story still being written. 

Diplomacy, Politics, and the Push for Sovereignty 

Behind the billions lies a deeper ideological battle. For Ayuk and the AEC, the issue isn’t just about drilling wells or signing MOUs; it’s about Africa’s sovereign right to develop its resources on its own terms. 

“Drill, baby drill. Invest, baby invest,” Ayuk told audiences in Suriname, London, Brazil, Saudi Arabia, and China during a whirlwind of global engagements. The message is deliberately provocative, a counterweight to what he sees as paternalistic climate rhetoric from some in the West. 

Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, put it bluntly during AEW 2021: “It is unfathomable that I will go to Houston or Dubai to discuss problems about electricity in Africa because they will not understand. Africa is the least polluter.” 

This insistence on localizing Africa’s energy debate has shaped AEW’s identity. It’s not just an exhibition floor; it’s a forum where African ministers, CEOs, financiers, and innovators sit at the same table, often hammering out positions ahead of global forums like COP27 and COP28. 

The political climate is also shifting. Governments from Nigeria to Djibouti have rolled out reforms to improve ease of doing business in energy, a trend Ayuk credits for attracting fresh capital. “Political will is Africa’s biggest renewable resource,” he quips. “When leaders create enabling environments, investment follows.” 

From Cape Town to the World 

AEW’s rise mirrors a broader recalibration of Africa’s role in the global energy conversation. It has become the annual moment when Africa presents not just its resources, but its vision for the future: a hybrid model blending oil, gas, renewables, and new technologies like hydrogen and carbon capture. 

In 2025, AEW will debut the National Oil Company and International Oil Company Forum, designed to spark joint ventures, technology transfers, and regional integration. The event will also host panels on innovative financing – introducing African stakeholders to nontraditional capital sources and showcasing case studies from recent successes. 

The scope is ambitious. Alongside the business of signing deals, AEW has evolved into a networking juggernaut. Side events bring together energy ministers and start-up founders; deal rooms hum with last-minute negotiations; and industry veterans swap war stories over Cape Town sunsets. 

But Ayuk is quick to note the stakes are higher than ever. “Making energy poverty history by 2030 is not just a slogan; it’s a necessity,” he says. “Without affordable, reliable energy, Africa cannot industrialize, cannot create jobs, cannot compete.” 

The AEC’s international footprint continues to expand, with high-profile events planned in Suriname, London, Saudi Arabia, Brazil, the Democratic Republic of the Congo, and China in the first quarter alone. Each is an opportunity to “reframe the narrative” and secure allies. 

It’s a far cry from the skepticism of 2021. Then, the idea of hosting Africa’s biggest energy event on African soil seemed audacious. Today, it’s the epicenter of a movement – one that blends the pragmatism of resource development with the urgency of economic transformation. 

“We are not just talking about fossil fuels,” Ayuk reminds his critics. “We’re embracing renewables and innovative technologies that will power our future. But we’re doing it the African way – on our terms, with our resources, for our people.” 

– on behalf of African Energy Chamber.

Source: APO – Report:

The Global Head for Social Impact and Human Rights at Nestlé (www.Nestle.com), Yann Wyss has highlighted the importance of integrating literacy into business models and empowering marginalized communities through innovative programs.

Speaking as a panelist at the International Literacy Day at UNESCO Headquarters in Paris, France, he shared insights into Nestlé’s initiatives, particularly, the “MAGGI Mammies” Literacy program in Côte d’Ivoire targeted at women’s traders who sell MAGGI products in traditional markets. This is a UNESCO program in collaboration with Nestlé and the Ivorian Ministry of Education.

‘‘We have trainers hired and trained by UNESCO to teach these women to read and write. We distribute smartphones to these women with an application provided by UNESCO so they can actually continue learning even when they are not in the market or with the trainers.’’

He remarked that this perspective emphasizes that promoting literacy is crucial not only for individual empowerment but also for the sustainability of businesses.

He shared the program focuses on enhancing digital, financial, and social literacy among women in traditional markets.

“Literacy is not only a philanthropic approach for us; it is really part of our business and part of what we do as part of our approach to Creating Shared Value.”

Since inception in 2017, more than 2,500 MAGGI Mammies have been trained in Cote d’Ivoire as part of this functional literacy program.

Speaking on the theme “Promoting literacy in the Digital Era” he noted the program’s success is attributed to its flexibility and community engagement.

This literacy program fosters an environment where women can support each other and share their experiences.

According to Yann Wyss, Head of Social Impact and Human Rights at Nestlé, the functional literacy program has already shown positive results, with participating women acquiring essential skills in stock management, financial transactions, and simple calculations to help them run their businesses more effectively.

He noted the program will be further expanded.

The insights shared by Yann Wyss at the International Literacy Day event underscores the critical role of literacy in the digital era by integrating literacy into business strategies.

UNESCO Chief of Section, Technology and AI in Education, Shafika Isaacs who also was the moderator of the discussion, said Literacy Day serves as a reminder of the collective responsibility to promote literacy and empower marginalized communities in our increasingly digital world.

Every year the UNESCO International Literacy Day (ILD) is celebrated on 8 September around the world to remind policymakers, practitioners, and the public of the critical importance of literacy for creating more literate, just, peaceful, and sustainable society. 

– on behalf of Nestlé.