Latest news with #regionalintegration
Zawya
5 days ago
- Business
- Zawya
Banque de Développement des États de l'Afrique Centrale secures EUR 100mln trade finance facility from Afreximbank
ABUJA, Nigeria -- African Export-Import Bank (Afreximbank) ( has signed an agreement to provide the Banque de Développement des États de l'Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region. The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank's President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization. Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, 'This facility marks another significant milestone in Afreximbank's efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.' On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: 'It confirms the excellent quality of the partnership between BDEAC and Afreximbank - two institutions at the forefront of financing African economies. The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.' The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.' BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: 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. For more information, visit: SOURCE: Afreximbank
Zawya
5 days ago
- Business
- Zawya
Banque de Développement des États de l'Afrique Centrale (BDEAC) secures EUR 100-million trade finance facility from Afreximbank
African Export-Import Bank (Afreximbank) ( has signed an agreement to provide the Banque de Développement des États de l'Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region. The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank's President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization. Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, 'This facility marks another significant milestone in Afreximbank's efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.' On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: 'It confirms the excellent quality of the partnership between BDEAC and Afreximbank - two institutions at the forefront of financing African economies. The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.' The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.' BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: 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.
Zawya
29-05-2025
- Business
- Zawya
Statement attributable to the Spokesperson for the Secretary-General – on the occasion of the 50th Anniversary of the Economic Community of West African States (ECOWAS)
The Secretary-General notes that, over the past five decades, ECOWAS has played a vital role in advancing economic cooperation, regional integration, and peace and stability in this rich and vibrant region. From free movement of people and trade liberalization to regional infrastructure projects, conflict resolution, and contributions to peacekeeping, ECOWAS has made remarkable strides towards achieving its vision of an integrated Community of peoples in a peaceful and prosperous region. The Secretary-General recognizes the strong institutional partnership between the United Nations and ECOWAS, as exemplified by several joint initiatives in the region, including through the United Nations Office for West Africa and the Sahel and the broader United Nations system. He encourages continued cooperation to preserve hard-won regional gains and mobilize international support to address the challenges and needs of the region. The Secretary-General reiterates the commitment of the United Nations to ECOWAS, including in support to regional efforts to accelerate the implementation of the 2030 Agenda for Sustainable Development and the ECOWAS Vision 2050 of an 'ECOWAS of the Peoples: Peace and Prosperity for All'. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Zawya
27-05-2025
- Business
- Zawya
ZEINOX, OQ Group to launch $2.6mln plastics factory in Oman
Egypt - A strategic cooperation agreement has been signed between Egypt's Arab Metals Company ZEINOX and Oman's OQ Group to establish a plastic manufacturing facility in the Sultanate of Oman, with a total investment of $2.6m. The project will be implemented under Oman's LADAYN industrial programme and is aimed at strengthening local production capacity and boosting regional exports. The signing ceremony was attended by Abdullah bin Nasser Al-Rahbi, Oman's Ambassador to Egypt, who described the agreement as a reflection of the deepening economic ties between the two countries and a tangible outcome of diplomatic and business collaboration. The upcoming factory will produce a broad range of plastic products for the Omani market and neighboring Arab countries, contributing to regional industrial integration and supporting Oman's diversification efforts under Vision 2040. Maged El-Zeiny, Chairperson of ZEINOX, said the initiative aligns with the company's strategy to deepen regional partnerships and support Oman's ambitions to localize manufacturing. 'This investment creates promising opportunities and reinforces industrial cooperation between Arab states,' he added. Ambassador Al-Rahbi praised the growing interest from Egyptian investors in Oman and emphasized the importance of such ventures in enhancing trade volume and mutual economic growth. 'This investment reflects Oman's strong industrial position in the plastics sector and the increasing appeal of its investment environment,' he noted. Mundher Al Rawahi, Head of the LADAYN programme, said the initiative—led by OQ Group in coordination with entities such as MADAYN—has already secured 18 investment agreements totaling $160m. The programme is focused on attracting strategic industrial projects that support Oman's broader economic transformation goals. Wael Abbas, Vice Chairman of ZEINOX, highlighted the partnership as a key step in the company's efforts to diversify its investment portfolio and expand its regional and global footprint. 'This collaboration is part of our ambition to build cross-border industrial partnerships that enhance competitiveness and drive growth,' he said. OQ Group continues to expand its polymer-focused value chain as part of its long-term strategy to localize advanced industries, attract specialized investment, and support Oman's shift toward a diversified, knowledge-based economy. The project represents a convergence of public and private efforts across Egypt and Oman, and underscores the broader trend of Arab industrial integration through targeted joint ventures. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Malay Mail
27-05-2025
- Business
- Malay Mail
‘Forging Ahead Together' is just the start — Ahmad Faiz Yazid
MAY 27 — As Malaysia is hosting the 46th Asean Summit, 2nd Asean-GCC Summit, and Asean-GCC-China Summit, a significant milestone has been announced: the Asean Economic Community (AEC) Blueprint 2025 has reached a 97 per cent implementation rate. This figure, while commendable, marks not an end, but a critical juncture to reflect, recalibrate, and reimagine Asean's economic trajectory in a far more complex global environment. Formally launched in 2015, the AEC represents Asean's most ambitious push towards regional integration. Grounded in five interconnected pillars, economic cohesion, competitiveness and innovation, sectoral cooperation, inclusivity and resilience, and global engagement, the blueprint has guided the region through significant transformation. Asean now stands as the fifth largest global economy and the second largest recipient of foreign direct investment. Intra-Asean trade, long criticised for its modest share of overall trade, has nonetheless grown substantially in value, increasing from US$353 billion (RM1.49 billion) in 2007 to over US$856 billion by 2022. Tools like the Asean Single Window have further facilitated cross-border trade, enhancing regional supply chain integration. Yet these achievements obscure persistent structural gaps. Intra-regional trade remains proportionally low compared to blocs like the European Union (EU) or United States-Mexico-Canada Agreement (USMCA), reflecting fragmented regulations and non-tariff barriers that continue to undermine the promise of a truly unified market. Even as Asean becomes more globally connected, the integration of its own markets still falls short of potential, revealing a paradox that demands urgent resolution. Progress under the AEC's second pillar, that is fostering a competitive and innovative region, has also been uneven. All ten Asean countries now possess competition laws and regulatory authorities, up from just five in 2014. Innovation capabilities, however, remain concentrated in a few member states such as Singapore, Malaysia, and Vietnam. Others lag in research capacity, digital adoption, and skills readiness, highlighting widening disparities that could threaten the region's collective competitiveness in an era shaped by technological disruption, green transition demands, and intensifying geopolitical tensions. Asean now stands as the fifth largest global economy and the second largest recipient of foreign direct investment. — Bernama pic Without convergence in regulatory standards and innovation ecosystems, Asean risks falling behind. Connectivity, both physical and digital, has improved markedly, but access remains unequal. While major infrastructure and logistics upgrades have reduced costs and streamlined processes, the digital divide continues to disadvantage marginalised populations and less developed economies. Bridging this gap requires not only expanded broadband access and affordability but also harmonised data governance, cybersecurity standards, and digital economy frameworks. Without these foundational reforms, Asean's ambition to become a global digital hub will remain aspirational. As the AEC Blueprint 2025 nears completion, Asean must look beyond the percentage of goals fulfilled. The 'Asean Post-2025: Reimagining the Asean Economic Community' report by the Iseas — Yusof Ishak Institute, rightly points to a shifting context, one marked by climate volatility, inflationary pressures, geopolitical realignments, and vulnerable supply chains. In such a world, resilience must become the cornerstone of the AEC's next chapter. That means integrating climate risk into economic planning, embedding equity and social protection into regional frameworks, and developing agile institutions capable of collective crisis response. Institutional reforms, particularly in monitoring and dispute resolution, are essential to reposition Asean as a proactive, credible, and responsive economic bloc. Equally important is reaffirming Asean's people-first ethos. Economic integration must deliver tangible benefits to workers, small businesses, and communities, not just corporations or state actors. This calls for deeper cooperation in skills recognition, labour mobility, and digital upskilling, alongside expanded access to economic opportunities across all segments of society. Sustained prosperity will depend not only on growth rates or trade volumes, but on how inclusively Asean can unlock the potential of its people. Externally, Asean must continue to play a constructive role in shaping global trade and investment flows. Its central role in initiatives like the Regional Comprehensive Economic Partnership (RCEP) offers an avenue for reinforcing multilateralism and stabilising regional architecture. But this outward posture must be matched by inward cohesion. Asean's credibility abroad will increasingly rest on its ability to deliver at home. From blueprint to breakthrough, the AEC has evolved from a set of frameworks into a platform of real consequence. But implementation alone is no longer sufficient. The challenge now is to build a bolder, more coherent vision. One that enhances integration, deepens trust, and places people at the centre. With 2025 on the horizon, Asean must move beyond box-ticking toward building a resilient, inclusive, and future-ready regional economy. * Ahmad Faiz Yazid is a graduate executive trainee at Permodalan Nasional Berhad (PNB), and part of the secretariat under Yayasan Sukarelawan Siswa (YSS) for the Asean Summit 2025. ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
