USD exchange rates above EGP 50-mark at Egyptian banks
Likewise, the USD traded at EGP 50.1 for purchasing and EGP 50.2 for selling at Banque Misr, the Commercial International Bank Egypt (CIB), and the United Bank
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Zawya
4 hours ago
- Zawya
Cassa Depositi e Prestiti and SACE provide EUR250 Million to Africa Finance Corporation
Africa Finance Corporation (AFC) ( the continent's leading infrastructure solutions provider, has secured a landmark EUR 250 million 10-year term loan facility from Cassa Depositi e Prestiti (CDP) the Italian Financial Institution for Development Cooperation. The transaction is backed by a guarantee from SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, covering up to 80% of the facility amount. The financing builds on engagement at the Mattei Plan-Global Gateway summit, attended by Italian Prime Minister Giorgia Meloni, European Commission President Ursula Von der Leyen, CDP, SACE and AFC, where the parties confirmed their intent to collaborate. The facility is structured to cultivate Italian supply chain opportunities in infrastructure and renewable energy generation, including the supply of components for the Lobito Railway Corridor - a commercial railway line that will run through Angola and extend to the borders of Zambia and the Democratic Republic of Congo. This long-term facility deepens AFC's strategic partnership with both CDP and SACE, while reinforcing its mandate to mobilise high-quality, long-tenor capital in support of delivering sustainable infrastructure across Africa. "Cassa Depositi e Prestiti confirms its role as a strategic partner in supporting infrastructure projects with a high social and economic impact in Africa. With this financing - said Dario Scannapieco, Chief Executive Officer of CDP - we are strengthening business and technological relations between Italy and Africa, enhancing talent and innovation. We are convinced that investing in strategic projects not only creates new opportunities for our companies but also helps to build lasting and shared ties capable of fostering growth and well-being for local communities." 'We are proud to contribute to the involvement of Italian companies in the transport and logistics sector to realise a significant strategic project like the Lobito Railway Corridor within the Mattei Plan,' said Alessandra Ricci, CEO of SACE. 'This collaboration reaffirms SACE's commitment to promoting new connections for Italian companies seeking to diversify their exports and embrace new growth opportunities.' ' Our partnership with CDP, further strengthened by SACE's guarantee, exemplifies the power of blended finance in unlocking capital for infrastructure development in Africa,' said Banji Fehintola, Executive Board Member and Head, Financial Services, AFC. ' The Lobito Corridor is a transformational project that will open new trade routes for resources, support regional industrialisation, accelerate job creation and strengthen Africa's position in global value chains, while delivering long-term, inclusive growth. ' Distributed by APO Group on behalf of Africa Finance Corporation (AFC). SACE Media gallery: Media Enquiries: Communications Africa Finance Corporation Email: communications@ SACE Press Office ufficiostampa@ CDP Media Relations Tel: +39 06 42213990 Website: Follow CDP on: LinkedIn: X: Facebook: Instagram: YouTube: About Lobito Corridor Rail Project: The railway line will be approximately 830 km long and will connect Chingola in Zambia to Luacano in Angola with the aim of facilitating the transportation of agricultural products, minerals and consumer goods. The greatest opportunities for the Italian supply chain in the region lie in sectors such as energy, renewables, transportation and logistics. About CDP: Cassa Depositi e Prestiti is the National Promotional Institute which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets. About SACE: SACE is the insurance and financial group controlled by the Ministry of Economy and Finance, specialising in supporting the growth of Italian companies through a wide range of solutions to facilitate export and innovation, including financial guarantees, factoring, risk management and protection, advisory services and business matching. With a network of 11 offices in Italy and 13 worldwide in target countries for Made in Italy products, SACE serves over 60,000 companies, supporting their growth in Italy and globally, with a portfolio of insured operations and guaranteed investments totalling EU 267 billion across approximately 200 foreign markets. About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in core infrastructure sectors. AFC has 45 member countries and has invested over US$15 billion since its inception.
Zawya
6 hours ago
- Zawya
From Discovery to Delivery: Building a Legal Framework for Namibia's Midstream Infrastructure (by Rachel Mushabati)
By Rachel Mushabati, Senior Associate Attorney&Country Head – CLG Namibia ( Namibia's recent offshore oil discoveries mark a pivotal moment in the country's energy sector. With major players such as Shell, TotalEnergies, QatarEnergy, and Galp uncovering significant reserves, Namibia is poised to become a key oil producer. However, while exploration and production activities have gained momentum, the midstream sector; involving transportation, storage, and refining of petroleum, remains underdeveloped. A strong legal framework for midstream infrastructure is essential to ensure that Namibia maximizes economic benefits, attracts investment, and builds a sustainable energy industry. CLG Legal and Business Advisory, with its extensive advisory experience across Africa, is uniquely positioned to support this transition. CLG has advised on midstream regulatory frameworks, infrastructure structuring, and investment promotion strategies in various jurisdictions, and brings this expertise to the Namibian context. Understanding Midstream Infrastructure and Its Importance Midstream infrastructure serves as the critical link between oil extraction and the end consumer. This includes pipelines, refineries, storage facilities, and specialized port infrastructure that facilitate the transportation of crude oil and natural gas. Without adequate midstream infrastructure, Namibia risks becoming an exporter of raw crude without capturing additional value through processing and distribution. A robust midstream sector can boost job creation, industrial development, and energy security, making it a strategic national priority. Market studies from other African producers have shown that well-developed midstream infrastructure can contribute up to 30% more in local value addition compared to direct crude exports.[1] In Ghana, for instance, domestic refining and pipeline infrastructure contributed significantly to its GDP growth in the petroleum sector between 2016–2022. Namibia has the opportunity to tap into similar economic potential.[2] Existing Legal Framework and Gaps Namibia's petroleum sector is primarily governed by the Petroleum (Exploration and Production) Act 2 of 1991 and the Petroleum Products and Energy Act 13 of 1990. These laws focus largely on upstream activities and the regulation of downstream petroleum products. However, there is no dedicated midstream regulatory framework. The absence of clear midstream regulations means there is little guidance on ownership structures, investment incentives, and operational guidelines for pipelines, storage, and refining facilities. For example, Nigeria's midstream sector prior to the Petroleum Industry Act (2021) faced significant bottlenecks due to the absence of a clear regulatory framework, particularly regarding third-party access and tariff setting for pipeline infrastructure. These issues led to investor reluctance and underinvestment, which were only addressed after the establishment of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (Nigeria Petroleum Industry Act, 2021). Lessons from Other Oil-Producing Countries Namibia can draw inspiration from countries that have successfully developed midstream infrastructure through effective regulation. Norway, for example, has established a robust midstream legal framework that ensures state participation in pipelines and refineries while promoting private investment.[3] Ghana has a dedicated Petroleum Midstream Regulatory Authority that oversees infrastructure development and ensures compliance with environmental and safety standards. Similarly, Nigeria's Petroleum Industry Act (2021) introduced the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which provides clear guidelines on pipeline ownership and operations. The Role of Key Stakeholders in Strengthening Namibia's Legal Framework To unlock the full potential of the midstream sector, coordinated action is required among various stakeholders: Government Ministries and Regulators: Responsible for drafting legislation, setting environmental and safety standards, and issuing licenses. Private Sector and Investors: Bring in capital and technical expertise, while also needing legal certainty to invest confidently. State-Owned Entities: Can serve as infrastructure operators and strategic partners in public-private partnerships. Civil Society and Communities: Essential for ensuring environmental accountability and social license to operate. Legal Advisory Firms: Provide technical assistance in drafting laws, structuring transactions, and navigating policy reform. Strengthening Namibia's Midstream Legal Framework To address the existing gaps, Namibia must develop a comprehensive legal framework that clearly defines the governance of midstream activities. A dedicated Midstream Act would be a crucial first step, providing legal certainty on pipeline infrastructure, refineries, storage, and transportation. Encouraging public-private partnerships can drive midstream development while ensuring local participation. Establishing an independent regulatory authority will help enhance transparency, streamline approvals, and enforce compliance. Additionally, Namibia should implement policies that prioritize local employment and skills transfer, ensuring that midstream investors contribute to national workforce development. Environmental and safety standards must also be strengthened to mitigate risks associated with pipeline integrity, spill prevention, and emergency response. To further attract investors, tax breaks, duty exemptions, and streamlined licensing processes should be introduced to make Namibia a more competitive destination for midstream infrastructure development. Conclusion For Namibia to fully capitalize on its oil discoveries, it must establish a strong midstream legal framework that facilitates the efficient transportation, storage, and processing of petroleum resources. Without this, the country risks losing significant economic value and remaining dependent on crude exports. By adopting best practices from other oil-producing nations and implementing strategic legal reforms, Namibia can create a thriving midstream sector that benefits both investors and citizens alike. CLG stands ready to support this transformation, leveraging its pan-African expertise in midstream regulation, infrastructure development, and legal advisory. Our team has been instrumental in shaping midstream legal regimes across West and Central Africa, and we are committed to helping Namibia build a regulatory foundation that supports sustainable growth and long-term prosperity. [1] Ruben, R., Kuijpers, R.,&Dijkxhoorn, Y. (2022). Mobilizing the Midstream for Supporting Smallholder Intensification. Land, 11 (12), 2319. [2] Oxford Business Group. 'Ghana's energy production targets and exploration attract investment'. Retrieved from [3] Norwegian Petroleum Directorate (2021). 'Midstream Regulatory Framework and Investment Guidelines'. Distributed by APO Group on behalf of CLG.
Zawya
8 hours ago
- Zawya
African and Caribbean leaders to headline Afreximbank's 32nd Annual Meetings in Abuja, Nigeria
The 32nd Annual Meetings (AAM2025) of African Export-Import Bank (Afreximbank) ( will bring together an influential coalition of global, African and CARICOM leaders in Abuja, Nigeria from 25–27 June 2025. This high-level forum will focus on advancing trade, investment, and innovation across the continent, with Heads of State, Prime Ministers, top business executives, academics and acclaimed academics confirmed to speak. H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria; former Nigerian President H.E. Chief Olusegun Obasanjo and H.E. Ambassador Albert Muchanga, African Union Commissioner for Economic Development, Tourism, Trade, Industry&Mining, are among the confirmed dignitaries. They will be joined by ministers, central bank governors, investors, and industry leaders from Africa, the Caribbean, and beyond. Held under the theme 'Building the Future on Decades of Resilience', AAM2025 will focus on accelerating trade opportunities, driving investment and fostering innovation. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, remarked: 'AAM2025 comes at a pivotal time for Africa. As the continent confronts global uncertainties, it is doing so with renewed resolve. Following the successful 31st edition of AAM held in The Bahamas last year, we are back on the African continent for this year's meetings which are about catalysing practical action—building stronger institutions to strengthen trade integration and unlocking the full potential of African innovation. We thank H.E Bola Ahmed Tinubu, President of the Federal Republic of Nigeria for his support.' The speaker lineup includes renowned economists and industry leaders including Professor Jeffrey Sachs, Director, Centre for Sustainable Development, Columbia University and Dr. Kishore Mahbubani, Distinguished Fellow, Asia Research Institute, National University of Singapore. Africa's foremost business innovation leaders such as Mr. Aliko Dangote, President&CEO of Dangote Group and Mr. Tony Elumelu, Chairman of Heirs Holdings, will also participate. The speaker lineup further includes Professor Ghulam Mufti of King's College London, former Prime Minister of Jamaica P.J. Patterson, and other influential figures. Afreximbank's 32nd Annual Meetings (AAM2025) in Abuja are expected to deliver strong economic benefits, both in the short and long term. The main anticipated impacts include the trade and investment mobilisation, policy and institutional advancement and strengthening South-South cooperation and trade flows. AAM2025 is expected to facilitate significant trade and investment deals, including Memoranda of Understanding (MoUs) and public-private partnerships. The meetings are expected to catalyse billions of dollars in funding over the next 5–10 years for key strategic sectors. By bringing together heads of state, ministers, leaders of trade institutions, policymakers and the private sector, the meetings will advance regional dialogue on several priorities: implementing the African Continental Free Trade Area (AfCFTA), enhancing cross-border payment systems to speed up regional transactions, strengthening Africa–Caribbean (CARICOM) economic ties through expanded trade, tourism, and joint ventures, and ensuring private sector participation in policy reforms. These discussions aim to reduce business costs, improve trade infrastructure, and deepen regional economic integration. With world-renowned economists, scholars, and entrepreneurs participating, AAM2025 will shape thought leadership on Africa's development path. Platforms like this influence policy, shift narratives, and inspire reforms that foster innovation, inclusion, and competitiveness. This year's meetings will also mark the launch of several new initiatives. AAM2025 is expected to welcome thousands of participants and media from more than 80 countries. A full programme of events and speakers is available on Distributed by APO Group on behalf of Afreximbank. Follow us on: Twitter Facebook LinkedIn Instagram About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
