Latest news with #CEMAC
Maroc
3 days ago
- Business
- Maroc
CEMAC Parliament Reaffirms Support for Morocco's Sovereignty over Sahara
The President of the Parliament of the Economic and Monetary Community of Central Africa (CEMAC), Évariste Ngamana, reiterated on Tuesday in Rabat the unwavering support of CEMAC member states for Morocco's sovereignty over the Sahara. 'The countries of Central Africa—namely Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea, and Chad—reaffirm their support for Morocco's sovereignty over all its territory, including the Sahara,' Ngamana said following talks with Speaker of the House of Councillors, Mohamed Ould Errachid. Leading a high-level parliamentary delegation to Morocco, Ngamana also praised the enlightened vision of HM King Mohammed VI for a 'strong and developed' Africa. He highlighted several major development projects launched under HM the King's leadership, including the Atlantic port of Dakhla, a flagship project under Morocco's development strategy for the southern provinces, and the African Atlantic Gas Pipeline, which reflects the Kingdom's commitment to South-South cooperation. On parliamentary diplomacy, Ngamana recalled the memorandum of understanding signed in Rabat last January between the House of Councillors and CEMAC to enhance dialogue and strengthen inter-parliamentary cooperation. Ngamana also welcomed his participation in the upcoming Morocco-CEMAC Parliamentary Forum on Economic Cooperation, set to take place this Friday under the High Patronage of HM King Mohammed VI. Jointly organized by the House of Councillors and the CEMAC Parliament, in partnership with the General Confederation of Moroccan Enterprises (CGEM), the Forum aims to establish a structured platform for dialogue to boost economic cooperation and expand trade between Morocco and CEMAC countries. MAP: 18 June 2025
Maroc
4 days ago
- Business
- Maroc
Morocco, CEMAC to Host Parliamentary Forum on Economic Cooperation in Laayoune
Laayoune is hosting, on Friday, the Parliamentary Forum on Economic Cooperation between Morocco and the Central African Economic and Monetary Community (CEMAC), held under the High Patronage of His Majesty King Mohammed VI. Organized by the House of Councillors and the CEMAC Parliament, in partnership with the General Confederation of Moroccan enterprises (CGEM), this Forum aims to establish an institutional platform for dialogue and exchange on the means of strengthening economic cooperation and developing trade exchange between the Kingdom and CEMAC member countries, the Upper House said in a press release. It also aims to promote the implementation of joint development projects and to contribute to Africa's economic integration momentum, as part of the implementation of the African Continental Free Trade Area Agreement (AfCFTA), the same source added. This forum reflects the enlightened vision of His Majesty King Mohammed VI for an effective and balanced South-South partnership, and for promising cooperation between the Kingdom and the countries of Central Africa, based on mutual interest and respect, and on economic complementarity. The event will be attended by high-level parliamentary delegations, private sector actors and employers' organizations from CEMAC member countries, alongside Moroccan officials and experts in economics, energy, climate and sustainable development. MAP: 16 June 2025
Zawya
6 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
6 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.
Business Insider
03-06-2025
- Business
- Business Insider
12 African countries account for about 65% of blocked aviation funds
The IATA report which listed fifteen nations, showed that twelve African countries account for about 65% ($846 million) of the total blocked airline funds currently withheld from repatriation and stands at $1.3 billion. According to the IATA report, Asian and African countries collectively owe a total of $1.163 billion in blocked airline funds. This figure includes the XAF Zone nations—primarily the countries within the Central African Economic and Monetary Community (CEMAC)—as well as other key African economies such as Mozambique, Algeria, Angola, Eritrea, Zimbabwe, and Ethiopia. The blocked funds, which represent revenues earned by international airlines operating in these countries, remain inaccessible due to government-imposed foreign exchange restrictions or delayed currency conversion. As a result, airlines face mounting financial pressure, often forcing them to scale back operations, reduce flight frequencies, or suspend routes altogether, decisions that ultimately hurt connectivity, tourism, and trade. The continued inability of carriers to repatriate earnings raises serious concerns among stakeholders and industry leaders, who warn that prolonged inaccessibility may further destabilize the sector and deter future investment. African countries top debtors' list As negotiations continue, attention remains focused on African markets, where the majority of blocked funds are trapped, posing a serious threat to the financial health of the aviation industry both on the continent and globally. Notably, Mozambique has risen to the top of the debtors list, withholding $205 million from airlines—an increase from $127 million reported in October 2024. Rank Country Amount (USD Million) 1 Mozambique 205 2 XAF Zone* 191 3 Algeria 178 4 Lebanon 142 5 Bangladesh 92 6 Angola 84 7 Pakistan 83 8 Eritrea 76 9 Zimbabwe 68 10 Ethiopia 44 Total 1,163 The XAF Zone which includes Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon accounted for $191 million of the blocked aviation funds. Despite the overall concerning trend, there have been notable signs of progress. Some countries previously listed among IATA's top debtors have made strides in clearing outstanding amounts and facilitating the repatriation of airline revenues. IATA also highlighted a significant recent improvement in Bolivia, which has fully cleared its backlog of $42 million that was outstanding as of the end of October 2024. Nigeria, once one of the largest contributors to blocked aviation funds, also stands out as a positive example of progress. In June last year, IATA confirmed that Nigeria had cleared $831 million in trapped funds owed to foreign airlines. Sustained debt, a challenge for airlines - IATA IATA Director General Willie Walsh described the lingering blocked funds as a major challenge for airlines operating in affected regions. He emphasized that economies and jobs depend on international connectivity, which becomes difficult to sustain when revenue repatriation is delayed or denied. ' Ensuring the timely repatriation of revenues is vital for airlines to cover dollar-denominated expenses and maintain their operations. Delays and denials violate bilateral agreements and increase exchange rate risks. Reliable access to revenues is critical for any business—particularly airlines which operate on very thin margins,' Walsh noted.
