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Qatar Condemns Attacks on Police and Army Personnel in Pakistan

Source: Government of Qatar

Doha | July 8, 2026

The State of Qatar strongly condemns the armed attacks on police and army personnel in Balochistan Province of the Islamic Republic of Pakistan, which resulted in fatalities.

The Ministry of Foreign Affairs reiterates the State of Qatar’s unwavering position of rejecting violence, terrorism, and criminal acts, regardless of motives and reasons.

The Ministry extends the State of Qatar’s condolences to the families of the victims, as well as to the government and people of Pakistan.

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Financing Africa’s Future: Global Leaders to Convene for Africa Social Impact Summit 2026

Source: APO

As Africa faces one of the defining moments in its development journey, global leaders, policymakers, investors, philanthropists, development institutions, corporate executives and innovators will gather in Lagos for the 2026 Africa Social Impact Summit (ASIS), a landmark convening focused on unlocking the partnerships and financing needed to accelerate sustainable development across the continent.

Scheduled to take place from 22–24 July 2026 at the Eko Convention Centre, Lagos, this year’s summit is themed “Financing for Development: Building Resilience and Transforming Emerging Economies.” The convening will provide a high-level platform for shaping practical solutions to Africa’s most pressing development priorities through investment, collaboration and innovation.

Co-convened by the Sterling One Foundation alongside the United Nations in Nigeria and the Federal Ministry of Budget and Economic Planning, the Africa Social Impact Summit has, since its inception, grown into one of Africa’s leading platforms for advancing market-led solutions to sustainable development challenges. The summit brings together decision-makers from government, business, development finance institutions, philanthropy, civil society and the innovation ecosystem to move beyond dialogue towards measurable action.

Africa’s development trajectory presents both immense opportunities and urgent challenges. By 2050, the continent is projected to be home to more than 2.5 billion people, including the world’s largest youth population. At the same time, shifting global capital flows, climate pressures, food insecurity and infrastructure gaps continue to demand innovative approaches to financing development and strengthening economic resilience.

Against this backdrop, ASIS 2026 will focus on mobilising catalytic capital, fostering strategic partnerships and creating scalable solutions capable of driving inclusive growth across emerging economies.

Speaking ahead of the summit, Mohamed Malick Fall, United Nations Resident Coordinator in Nigeria, underscored the importance of collective action in advancing Africa’s development priorities.

“Africa’s greatest opportunity lies in the strength of its partnerships. The Africa Social Impact Summit continues to provide a unique platform where governments, the private sector, development partners and civil society come together to mobilise the investments, innovation and collaboration needed to accelerate progress towards the Sustainable Development Goals. Together, we can build resilient economies that leave no one behind.”

Highlighting the importance of sustained collaboration across sectors, Abubakar Suleiman, Board Member, Sterling One Foundation, said the summit has evolved into more than an annual convening.

“What we are building through ASIS is not just a convening, but a long-term platform for action. The conversations we are having today must translate into real commitments, measurable outcomes and partnerships that outlive the summit itself. That is how we move from intention to impact across the continent.”

Nigeria’s Honourable Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, also emphasised the importance of platforms that strengthen collaboration between governments, investors and development partners.

“Nigeria welcomes platforms like the Africa Social Impact Summit that bring together global capital, innovation and policy dialogue. Strengthening collaboration between government, investors and development partners is critical to accelerating economic growth, improving livelihoods and advancing sustainable development across the continent.”

For the organisers, the summit represents a deliberate effort to create a platform where ideas, investment and leadership converge to deliver lasting impact.

Speaking on the significance of this year’s edition, Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation, noted that the summit has already demonstrated the power of partnerships to unlock transformative outcomes across Africa.

“The Africa Social Impact Summit platform has already unlocked over $1 billion across sectors, and this needs to be scaled significantly. The future of Africa will be defined by the quality of the sustainable partnerships we build today. The Africa Social Impact Summit is a platform that brings together African leaders, local and international investors, innovative ideas and catalytic capital to address some of the continent’s most pressing challenges while unlocking opportunities for inclusive and sustainable growth. We are excited to unveil an edition that is bigger, more collaborative and more action-oriented than ever before. We expect deals of over $500 million to be signed this year.”

The 2026 edition will prioritise investment and partnerships across sectors that are central to Africa’s long-term prosperity, including education, healthcare, climate resilience, food systems, gender equality and women’s empowerment, youth development, the creative economy and sustainable finance.

Through keynote addresses, ministerial dialogues, investor roundtables, policy discussions, innovation showcases and strategic partnership announcements, participants will explore practical pathways for financing development while accelerating implementation of the Sustainable Development Goals and the African Union’s Agenda 2063.

The summit is expected to attract more than 2,000 delegates from over 50 countries, including heads of government, multilateral organisations, development finance institutions, global investors, corporate leaders, entrepreneurs, philanthropists, innovators and civil society organisations. The gathering will provide opportunities to forge new partnerships, unlock investment opportunities and scale solutions capable of delivering measurable social and economic impact across Africa.

As momentum builds towards July, the Africa Social Impact Summit 2026 continues to position itself as a catalyst for transformative action, bringing together the leadership, capital and partnerships required to build resilient economies and shape Africa’s sustainable future.

Registration for the summit is now open. Leaders, investors, innovators, development partners and organisations interested in participating can register by visiting www.TheImpactSummit.org.

Distributed by APO Group on behalf of Sterling One Foundation.

About Africa Social Impact Summit (ASIS):
The Africa Social Impact Summit (ASIS), co-convened by the Sterling One Foundation and the United Nations in Nigeria, is a premier platform dedicated to accelerating sustainable development across Africa through innovation, financing and cross-sector partnerships. Since its launch in 2022, ASIS has convened leaders from government, business, philanthropy, development institutions and civil society to co-create actionable solutions that advance the Sustainable Development Goals and Africa’s long-term development agenda.

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AFC Financing Supports Largest Power Plant in Burkina Faso to Tackle One of World’s Biggest Electricity Access Gaps

Source: APO

Burkina Faso is set to take a major step towards overcoming one of the world’s largest electricity access gaps after Africa Finance Corporation (AFC) reached financial close on funding for what will become the country’s biggest power plant.

In a country of 24 million, where only one in five people currently has access to electricity, AFC has successfully disbursed the first US$60 million tranche of a US$300 million corporate loan facility supporting development of the 119MW thermal power plant by Aksa Enerji Üretim A.Ş., Türkiye’s largest publicly listed power generation company.

The project is expected to transform Burkina Faso’s electricity system. The West African country currently imports approximately 60% of its power supply, leaving homes, businesses and industry vulnerable to supply disruptions and elevated energy costs, constraining industrialisation and economic growth. Once operational in 2027, the facility will reduce dependence on imported electricity by more than 50% while significantly strengthening domestic generation capacity. By delivering more reliable, lower-cost baseload power, the project is expected to improve energy security, attract private investment and create a stronger foundation for long-term economic growth.

The transaction marks AFC’s first investment in Burkina Faso, reinforcing the Corporation’s commitment to finance transformational infrastructure across every region of Africa. Expanding reliable electricity access remains central to AFC’s mission of accelerating industrialisation, strengthening economic resilience and unlocking sustainable growth.

The financing builds on AFC’s US$150 million corporate loan facility to Aksa Enerji in 2025, which supported the company’s utility-scale gas-to-power projects in Senegal and Ghana, including a 255MW brand new combined-cycle gas power plant in Senegal designed to use domestic natural gas and deliver more reliable and lower-emission baseload power. The successful execution of these projects established Aksa as a trusted partner in delivering large-scale energy infrastructure across Africa, providing the foundation for this expanded collaboration.

The financing underscores AFC’s strategy of partnering with experienced private-sector developers capable of delivering critical energy infrastructure at scale in markets where electricity shortages remain a major constraint on growth.

Samaila Zubairu, President & CEO of AFC, said: “Africa’s path to industrialisation and global competitiveness by 2050 depends on the infrastructure decisions we make today. Reliable electricity is fundamental to economic transformation. Without dependable power, countries cannot industrialise, businesses cannot grow and communities cannot realise their full economic potential. Aksa shares our commitment to delivering the reliable energy infrastructure needed to power Africa’s industrial growth and long-term transformation.”

Cemil Kazanci, Chairman of Aksa Energy commented, “Burkina Faso represents an important milestone in our long-term commitment to Africa. Together with AFC, we are delivering critical energy infrastructure that will strengthen energy security, support economic development and improve the reliability of electricity supply for millions.”

The investment further advances AFC’s broader strategy of strengthening national energy systems and enabling industrialisation through partnerships with experienced private-sector developers delivering transformational infrastructure across Africa.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

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UTM Offshore, Seplat Energy and Nigerian National Petroleum Company (NNPC) Sign Gas Supply Agreement for Nigeria’s First Indigenous Floating Liquefied Natural Gas (FLNG) Project

Source: APO – Report:

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UTM Offshore has signed a Gas Sales Agreement (GSA) with oil and gas company Seplat Energy and the Nigerian National Petroleum Company (NNPC), marking a vital step forward in the development of Nigeria’s first indigenous-led FLNG project. The agreement represents one of the final commercial building blocks ahead of a final investment decision, reinforcing confidence in a project that is expected to support Nigeria’s gas monetization strategy while expanding LNG exports and domestic gas utilization.

The African Energy Chamber (AEC) – representing the voice of the African energy sector –commends UTM Offshore, the NNPC and Seplat Energy for reaching this landmark agreement. The Chamber views the GSA as a significant step toward unlocking Nigeria’s vast offshore gas resources through indigenous leadership and strategic collaboration. As Africa seeks to maximize the value of its natural gas resources while strengthening energy security and industrial development, projects such as UTM FLNG demonstrate how African companies can lead world-scale infrastructure developments that generate investment, create jobs and position the continent as a more competitive LNG supplier.

Situated in the deepwater Yoho field offshore Nigeria, the FLNG project is expected to produce 176 million cubic feet per day once operational. Engineering and pre-construction activities have been completed, with the operator now pursuing the signing of the Sale and Purchase Agreement and FID following the GSA milestone. On a financing side, the project has secured debt capital from Afreximbank as well as equity commitments from the NNPC and Delta State Government. Global technology firms JGC Holdings and Technip Energies are currently reviewing the EPCIC contract, supporting the project as it advances toward a 2030 shipping target.   

“The signing of this GSA demonstrates what is possible when indigenous companies, national institutions and private investors work together toward a shared vision. UTM FLNG is more than an LNG project; it is a blueprint for how Africa can commercialize its gas resources through African leadership, create long-term economic value and strengthen energy security while supplying cleaner energy to both domestic and international markets,” states NJ Ayuk, Executive Chairman of the AEC.

Advancements at the UTM FLNG project comes at a pivotal time for Nigeria’s natural gas sector as the country pursues new investments that align with its Decade of Gas Initiative. Focused on transforming the country into a gas-powered economy by 2030, the initiative aims to reduce gas flaring, improve energy access while monetizing the country’s 200 trillion cubic feet of proven gas reserves. Projects such as UTM FLNG represent a cornerstone of this strategy, raising Nigeria’s export capacity and strengthening its position in global energy markets.

Beyond exports, the project has also been structured to support Nigeria’s domestic energy ambitions. Approximately 300,000 tons per annum of LPG will be supplied to the local market, supporting cleaner household cooking fuels and reducing reliance on imports.

“It’s great to see companies like Seplat Energy come on board for this strategic project. We believe that the FLNG facility will strengthen Nigeria’s position as one of Africa’s leading LNG producers while providing a model for monetizing offshore gas resources across the continent. By combining indigenous ownership, strategic partnerships and world-class engineering, the project demonstrates how African-led developments can accelerate industrialization, reduce gas flaring and unlock greater value from the continent’s abundant natural gas resources,” Ayuk added. 

– on behalf of African Energy Chamber.

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A UTM Offshore, a Seplat Energy e a NNPC assinam um acordo de fornecimento de gás para o primeiro projeto FLNG de liderança nigeriana

Source: Africa Press Organisation – Portuguese –

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A UTM Offshore assinou um Acordo de Venda de Gás (GSA) com a empresa de petróleo e gás Seplat Energy e com a Nigerian National Petroleum Company (NNPC), marcando um passo vital no desenvolvimento do primeiro projeto FLNG liderado por entidades nacionais na Nigéria. O acordo representa um dos últimos alicerces comerciais antes da decisão final de investimento, reforçando a confiança num projeto que se espera que apoie a estratégia de monetização do gás da Nigéria, ao mesmo tempo que expande as exportações de GNL e a utilização doméstica de gás.

A Câmara Africana de Energia (AEC) — que representa a voz do setor energético africano — felicita a UTM Offshore, a NNPC e a Seplat Energy por terem alcançado este acordo histórico. A Câmara considera o GSA um passo significativo no sentido de explorar os vastos recursos de gás offshore da Nigéria através da liderança local e da colaboração estratégica. À medida que África procura maximizar o valor dos seus recursos de gás natural, reforçando simultaneamente a segurança energética e o desenvolvimento industrial, projetos como o UTM FLNG demonstram como as empresas africanas podem liderar desenvolvimentos de infraestruturas à escala mundial que geram investimento, criam postos de trabalho e posicionam o continente como um fornecedor de GNL mais competitivo.

Situado no campo de águas profundas de Yoho, ao largo da costa da Nigéria, o projeto FLNG deverá produzir 176 milhões de pés cúbicos por dia assim que estiver operacional. As atividades de engenharia e pré-construção foram concluídas, estando a operadora agora a procurar a assinatura do Acordo de Compra e Venda (GSA) e a Decisão Final de Investimento (FID), na sequência do marco do GSA. No que diz respeito ao financiamento, o projeto garantiu capital de dívida do Afreximbank, bem como compromissos de capital próprio da NNPC e do Governo do Estado do Delta. As empresas globais de tecnologia JGC Holdings e Technip Energies estão atualmente a rever o contrato EPCIC, apoiando o projeto à medida que este avança rumo à meta de embarque prevista para 2030.  

«A assinatura deste GSA demonstra o que é possível quando empresas locais, instituições nacionais e investidores privados trabalham em conjunto em prol de uma visão partilhada. O UTM FLNG é mais do que um projeto de GNL; é um modelo de como África pode comercializar os seus recursos de gás através da liderança africana, criar valor económico a longo prazo e reforçar a segurança energética, ao mesmo tempo que fornece energia mais limpa aos mercados nacionais e internacionais», afirma NJ Ayuk, Presidente Executivo da AEC.

Os avanços no projeto UTM FLNG surgem num momento crucial para o setor do gás natural da Nigéria, à medida que o país procura novos investimentos que se alinhem com a sua «Iniciativa da Década do Gás». Centrada na transformação do país numa economia movida a gás até 2030, a iniciativa visa reduzir a queima de gás, melhorar o acesso à energia e, ao mesmo tempo, rentabilizar as 200 triliões de pés cúbicos de reservas comprovadas de gás do país. Projetos como o UTM FLNG representam uma pedra angular desta estratégia, aumentando a capacidade de exportação da Nigéria e reforçando a sua posição nos mercados energéticos globais.

Para além das exportações, o projeto foi também estruturado para apoiar as ambições energéticas internas da Nigéria. Serão fornecidas aproximadamente 300 000 toneladas por ano de GPL ao mercado local, promovendo combustíveis mais limpos para a cozinha doméstica e reduzindo a dependência das importações.

«É excelente ver empresas como a Seplat Energy a juntarem-se a este projeto estratégico. Acreditamos que a instalação FLNG irá reforçar a posição da Nigéria como um dos principais produtores de GNL de África, ao mesmo tempo que servirá de modelo para a rentabilização dos recursos de gás offshore em todo o continente. Ao combinar a propriedade local, parcerias estratégicas e engenharia de classe mundial, o projeto demonstra como os desenvolvimentos liderados por africanos podem acelerar a industrialização, reduzir a queima de gás e libertar maior valor dos abundantes recursos de gás natural do continente», acrescentou Ayuk.

Distribuído pelo Grupo APO para African Energy Chamber.

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UTM Offshore, Seplat Energy et la NNPC signent un accord d’approvisionnement en gaz pour le premier projet FLNG mené par des acteurs locaux au Nigeria

Source: Africa Press Organisation – French


UTM Offshore a signé un accord de vente de gaz (GSA) avec la société pétrolière et gazière Seplat Energy et la Nigerian National Petroleum Company (NNPC), marquant ainsi une avancée décisive dans le développement du premier projet FLNG mené par des acteurs locaux au Nigeria. Cet accord constitue l’un des derniers éléments commerciaux indispensables avant la décision finale d’investissement, renforçant ainsi la confiance dans un projet qui devrait soutenir la stratégie de monétisation du gaz du Nigeria tout en développant les exportations de GNL et l’utilisation du gaz sur le marché intérieur.

La Chambre africaine de l’énergie (AEC) – qui se fait le porte-parole du secteur énergétique africain – félicite UTM Offshore, la NNPC et Seplat Energy d’avoir conclu cet accord historique. La Chambre considère le GSA comme une avancée significative vers l’exploitation des vastes ressources gazières offshore du Nigeria grâce à un leadership local et à une collaboration stratégique. Alors que l’Afrique cherche à maximiser la valeur de ses ressources en gaz naturel tout en renforçant la sécurité énergétique et le développement industriel, des projets tels que l’UTM FLNG démontrent comment les entreprises africaines peuvent mener des développements d’infrastructures d’envergure mondiale qui génèrent des investissements, créent des emplois et positionnent le continent comme un fournisseur de GNL plus compétitif.

Situé dans le champ en eaux profondes de Yoho, au large du Nigeria, le projet FLNG devrait produire 176 millions de pieds cubes par jour une fois opérationnel. Les activités d’ingénierie et de pré-construction sont achevées ; l’opérateur s’attache désormais à la signature du contrat d’achat-vente (SPA) et à la décision finale d’investissement (FID), après le franchissement de l’étape clé que constitue l’accord de vente et d’achat (GSA). Sur le plan financier, le projet a obtenu un financement par emprunt auprès d’Afreximbank ainsi que des engagements en fonds propres de la part de la NNPC et du gouvernement de l’État du Delta. Les entreprises technologiques mondiales JGC Holdings et Technip Energies examinent actuellement le contrat EPCIC, soutenant ainsi le projet alors qu’il progresse vers son objectif de mise en service en 2030.  

« La signature de ce GSA démontre ce qu’il est possible de réaliser lorsque des entreprises locales, des institutions nationales et des investisseurs privés travaillent ensemble vers une vision commune. UTM FLNG est plus qu’un simple projet de GNL ; c’est un modèle montrant comment l’Afrique peut commercialiser ses ressources gazières sous la houlette africaine, créer de la valeur économique à long terme et renforcer la sécurité énergétique tout en fournissant une énergie plus propre aux marchés nationaux et internationaux », déclare NJ Ayuk, président exécutif de l’AEC.

Les avancées du projet UTM FLNG interviennent à un moment charnière pour le secteur du gaz naturel au Nigeria, alors que le pays recherche de nouveaux investissements s’inscrivant dans le cadre de son initiative « Décennie du gaz ». Axée sur la transformation du pays en une économie fondée sur le gaz d’ici 2030, cette initiative vise à réduire le torchage du gaz, à améliorer l’accès à l’énergie tout en monétisant les 200 billions de pieds cubes de réserves prouvées de gaz du pays. Des projets tels que l’UTM FLNG constituent une pierre angulaire de cette stratégie, en augmentant la capacité d’exportation du Nigeria et en renforçant sa position sur les marchés énergétiques mondiaux.

Au-delà des exportations, le projet a également été conçu pour soutenir les ambitions énergétiques nationales du Nigeria. Environ 300 000 tonnes de GPL par an seront fournies au marché local, favorisant ainsi l’utilisation de combustibles de cuisson plus propres dans les foyers et réduisant la dépendance vis-à-vis des importations.

« C’est formidable de voir des entreprises comme Seplat Energy se joindre à ce projet stratégique. Nous sommes convaincus que l’installation FLNG renforcera la position du Nigeria en tant que l’un des principaux producteurs de GNL en Afrique, tout en servant de modèle pour la valorisation des ressources gazières offshore à l’échelle du continent. En combinant une participation locale, des partenariats stratégiques et une ingénierie de classe mondiale, ce projet démontre comment des initiatives menées par l’Afrique peuvent accélérer l’industrialisation, réduire le torchage du gaz et tirer davantage de valeur des abondantes ressources en gaz naturel du continent », a ajouté M. Ayuk.

Distribué par APO Group pour African Energy Chamber.

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Flawed credit ratings in Africa: are top 3 western agencies driven by data or bias?

Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

The three major credit rating agencies – Moody’s, S&P Global and Fitch – have often differed among themselves when rating African institutions and countries. Their opinions don’t have to be aligned, but a huge gap in the ratings suggests inaccuracies in the analyses.

Wrong ratings have consequences. They drive up the cost of capital. Lower ratings indicate higher risk, and lead investors to demand higher interest rates to compensate for that risk. When a sovereign (country) is downgraded, its borrowing costs increase. It has to pay more interest on the same amount of debt, and has less chance of getting funding for development.

In the last three years there have been notable examples of rating agencies differing significantly in their decisions.

The first example is African Export-Import Bank. Between June 2025 and June 2026, the three major agencies reached materially different conclusions about the creditworthiness of the bank. The African Union has highlighted the flawed ratings.

Read more: Africa’s development banks are being undermined: the continent will pay the price

The second example is Fitch Ratings’ downgrade of the Nigerian industrial group Dangote Industries Limited on 6 August 2024. It cited risk linked to the construction of a refinery. A year later, the Dangote Oil Refinery proved to be a transformative project that rebalanced Nigeria’s trade position. It reduced the country’s imports and increased its domestic production. Fitch was wrong and its rating downgrades put the completion of the project at risk.

The African Finance Corporation shows a similar divide. S&P New York and its Chinese subsidiary gave widely differing assessments.

And finally, Moody’s downgraded Kenya in July 2024 while S&P maintained its B-rating.

These examples highlight the same problem: the differences between rating agencies ostensibly looking at the same set of risk factors.

In my view these discrepancies present African countries with two opportunities:

  • challenge the ratings

  • diversify their ratings and funding relationships away from the western markets.

Lastly, the differences highlight the need for rating agencies to be more objective and base their ratings on factual data and fundamentals.

The differences

Fitch downgraded the African Export-Import Bank twice, from BBB to BBB- in June 2025 and subsequently to BB+ in January 2026 before withdrawing its rating. This means Fitch stopped assigning ratings to the bank after its contract was cancelled.

Both Moody’s and S&P maintained investment-grade ratings, assigning Baa2 and BBB+, respectively. This is a three notch difference between Fitch and S&P on the same institution.

This rarely happens in other continents because the three international rating agencies assess largely similar risk factors in an entity’s ability to repay its loans.

The question is whether Fitch’s three-notch downgrades of Afreximbank were driven by facts about the bank or by analysts’ own subjective misjudgements.

Asian agencies tend to recognise the policy importance of Afreximbank, which plays a strategic role in financing Africa’s trade and development. As a result they recognise its preferred creditor status, that its member countries continue to repay the bank’s loans even during periods of crises.

Fitch, however, argued that Afreximbank’s role in Africa was diminishing and it was not a preferred creditor because the International Monetary Fund said so.

S&P Global Ratings aligned with China’s Chengxin International Credit and Japan Credit Rating Agency.

When Fitch Ratings downgraded Dangote Industries it said the risk was refinancing linked to a new oil refinery. Fitch speculated that delays in meeting funding requirements would make financial restructuring or default more likely, and that could trigger further downgrades.

Faced with such a conservative and speculative outlook, Dangote Industries Limited decided to end its contract with Fitch Ratings. It said the rating no longer made commercial sense and the group would instead focus on securing ratings from African-based rating agencies.

A year later, the Dangote Oil Refinery has turned Nigeria into a regional exporter and bolstered its energy security.

Moody’s downgraded Kenya on 8 July 2024 after the government withdrew planned tax hikes in response to protesters. S&P decided to wait for Kenya’s August 2024 budget.

The Moody’s downgrade resulted in a two-notch rating split on Kenya between Moody’s and S&P. Within six months Moody’s had reversed the downgrade with an outlook upgrade. Skipping from negative, past “stable”, to positive. It is highly unusual for a rating agency to revise its outlook within six months and to skip one notch.

It can be argued that the revision was an implicit admission by Moody’s that its earlier ratings were incorrect.

Kenya incurred approximately US$150 million in additional interest costs on existing Eurobond debt as investors rushed to sell off their bonds.

Alternatives

The high cost of capital, driven by weak ratings from the international rating agencies, is pushing Africa to shift towards Asia for foreign funding sources.

Five African countries have already issued a combined US$5 billion in bonds from Japan, China, Hong Kong, Korea and the United Arab Emirates over the past two years. This shift has made Asian rating agencies more relevant as no country or institution would raise capital in Asia without a rating from local rating agencies. These are giving some African institutions stronger assessments than their western peers. Asian agencies are equally independent and credible.

When Fitch Ratings downgraded Afreximbank to speculative grade, Asian rating agencies saw it differently. Chengxin International Credit Ratings Co. kept a stable AAA rating on Afreximbank. Japan Credit Rating Agency rates the bank A- stable for its Samurai bond programme. They differ widely from Fitch on the same institution, with the same balance sheet and the same mandate.

What needs to change

The widening rating splits among the three international rating agencies present an opportunity for African sovereigns and their institutions.

First, rather than accepting rating assessments that prove to be analytically flawed, African sovereigns and their institutions must challenge these ratings. In my view this will help the rating agencies be more thorough. It will also bring flawed ratings to the attention of international investors.

Second, African entities need to diversify their ratings and funding relationships away from the western markets. Domestic rating agencies have demonstrated a more nuanced understanding of local realities.

Lastly, the rating agencies need to be more objective. Analysts’ sentiments and frustrations should not find their way into the rating process.

– Flawed credit ratings in Africa: are top 3 western agencies driven by data or bias?
– https://theconversation.com/flawed-credit-ratings-in-africa-are-top-3-western-agencies-driven-by-data-or-bias-286364

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President Dr Patrick Herminie Chairs Third Presidential Economic Advisory Council Meeting on Agriculture, Food Security and National Resilience

Source: APO


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The President of the Republic, Dr Patrick Herminie, today chaired the third meeting of the Presidential Economic Advisory Council at State House, continuing the Council’s strategic deliberations on the future of agriculture and its role in strengthening Seychelles’ food security, economic resilience and national well-being.

The meeting built on the Council’s previous discussions, with particular focus on the policies and investments required to support a modern, productive and sustainable agriculture sector capable of meeting the country’s long-term development aspirations. Members also considered the important interrelationship between agriculture, nutrition and public health, recognising that resilient food systems are fundamental to the health and quality of life of the Seychellois people.

Also in attendance were Ms Jeniffer Vel, Chief of Staff and Economic Advisor to the President, and Secretary to the Council; Mr Wallace Cosgrow, Principal Minister and Minister for Fisheries, Agriculture and the Blue Economy; Mr Kevin Nancy, Principal Secretary for Agriculture; and members of the Presidential Economic Advisory Council.

The Council was briefed on current developments within the agriculture sector, including ongoing initiatives to strengthen domestic production, enhance biosecurity, improve institutional coordination and reinforce technical support for farmers.

Deliberations centred on the structural priorities necessary to unlock the sector’s full potential. These included improving access to finance, strengthening water security and energy efficiency, investing in agricultural technology and innovation, developing local skills, enhancing market linkages, promoting value addition, and encouraging production models that are commercially viable, environmentally responsible and responsive to the evolving needs of the country.

Members also highlighted the importance of ensuring that research, innovation and technical expertise are translated into practical solutions that improve productivity, strengthen farmer resilience and support evidence-based policy development.

Addressing the Council, President Herminie reaffirmed that agriculture remains a strategic national priority and an essential pillar of Seychelles’ long-term development. He emphasised that building a resilient agriculture sector requires coordinated action across Government, the private sector, financial institutions, research organisations and farming communities. The President underscored the importance of expanding access to finance, embracing technological innovation, improving resource efficiency, and creating an enabling environment that encourages investment, productivity and sustainable growth.

The President further noted that strengthening domestic agricultural production extends beyond food security. It is equally an investment in public health, economic resilience and national self-reliance, ensuring that future generations benefit from a food system that is secure, sustainable and capable of withstanding external shocks.

The meeting concluded with a shared commitment to advancing a coherent national approach to agricultural transformation, recognizing that sustained progress will depend on strong partnerships, innovation, strategic investment and policies that empower producers while safeguarding the country’s long-term food security and sustainable development objectives.

Distributed by APO Group on behalf of State House Seychelles.

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Treasury launches probe into Madlanga Commission allegations

Source: Government of South Africa

Treasury launches probe into Madlanga Commission allegations

National Treasury has announced the launch of an investigation into allegations of improper conduct involving a former National Treasury employee.

The investigation comes after testimony given at the Madlanga Commission and will be conducted by external forensic investigators.

“It has been alleged at the Madlanga Commission that a former employee improperly influenced the awarding of various transversal contracts during his time at the National Treasury. In light of the seriousness of the allegations presented, the National Treasury has initiated an investigation into the awarding of transversal contracts concluded during this period.

“The investigation will test the veracity of the allegations made and, importantly, determine any measures needed to further strengthen the procurement and award processes within the transversal contracting system. Findings of this investigation will be made public in the interest of public trust and good governance,” the department said in a statement on Wednesday.

Furthermore, the department said it has already started processing the Commission’s documentation requests.

“National Treasury… will continue to ensure that the Commission’s work is fully supported by the department.

“The National Treasury remains committed to transparency, accountability and integrity in public procurement and will take all necessary steps to ensure that any allegations of misconduct are thoroughly investigated and consequence management is applied,” the department assured.

Transversal contracts

Explaining the nature of transversal contracts, National Treasury explained that these are procurement arrangements that the department facilitates for “goods and services required by multiple public sector entities.

At the department itself, these contracts are managed by the Office of the Chief Procurement Officer, who is responsible for “sourcing strategy, bid process, and contract award”.

“All transversal contracts managed by the National Treasury involve line departments who participate in the procurement process.

“For example, if a transversal contract is for the South African Police Service [SAPS], officials from SAPS would participate in the Bid Specification, Bid Evaluation and Bid Adjudication Committees, where they provide sector-specific expertise, confirm demand requirements, and contribute to evaluation and recommendation processes,” the department explained.

Additionally, public sector entities may choose to utilise transversal contracts.

“However, procurement transactions are conducted directly between the participating institution and the appointed suppliers. This model therefore combines centralised contracting with decentralised purchasing.

“The National Treasury recognises public interest in this matter; however, to protect the integrity of the investigation, the department will not provide media interviews while the process is underway,” National Treasury said. – SAnews.gov.za

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Tourism Minister welcomes Turkish decision to increase direct flights

Source: Government of South Africa

Tourism Minister Patricia de Lille has welcomed the decision by the Turkish Airlines to increase its direct services between South Africa and Türkiye to 20 weekly flights to strengthen air connectivity between the two countries.

From October 2026, the airline will operate 10 weekly direct flights between Istanbul and Johannesburg and 10 weekly direct flights between Istanbul and Cape Town. 

Turkish Airlines currently operates seven weekly flights to Johannesburg and seven weekly flights to Cape Town. The additional flights will be introduced ahead of South Africa’s summer tourism season.

“This expansion is the result of deliberate engagements between Department of Tourism and Turkish Airlines, supported by growing demand for travel to South Africa.

“It is another vote of confidence in our tourism sector and aligns with our efforts to improve air access through the Tourism Growth Partnership Plan. More flights mean more visitors, more trade, more investment, and ultimately, more jobs,” De Lille said.

The increased frequency is supported by strong market performance. In May 2026, arrivals from Türkiye increased by 92% compared with the same month in 2025, highlighting the growing demand for travel between the two countries.

South Africa’s tourism sector continues to build strong momentum following a record 10.5 million international arrivals in 2025. Between January and May 2026, the country welcomed 4 761 108 international visitors, representing a 12.8% year-on-year increase.

To further stimulate demand, South African Tourism and Turkish Airlines have agreed to implement a joint destination marketing campaign to promote travel between the two countries and support strong passenger demand on the expanded route network.

The announcement follows a series of positive developments in South Africa’s international air connectivity.

In June, Spanish carrier Air Europa launched its inaugural direct service between Madrid and Johannesburg, while last week Brazil’s LATAM Airlines commenced three weekly direct flights between São Paulo and Cape Town.

These developments reinforce the implementation of the Cabinet-approved Tourism Route Development Marketing Plan, which seeks to expand direct connectivity, strengthen strategic airline partnerships, and unlock new tourism and investment opportunities for South Africa. – SAnews.gov.za