News and deals from around Africa
The African Export Import Bank (Afreximbank) is prepared to raise up to $5bn to purchase Covid-19 vaccines for African countries, according to
John Nkengasong, the head of disease control body Africa CDC. The organisation is working with the WHO’s COVAX Facility to obtain vaccines but fears funding from this source will not cover Africa’s needs. Nkengasong told Reuters that the funds could go to COVAX or be used to negotiate with manufacturers directly.
Morocco, Egypt and South Africa attract most FDI in 2019
Egypt, South Africa, and Morocco were responsible for the greatest share of the 998 projects financed by foreign direct investment (FDI) in Africa last year, according to a recent report from fDi Intelligence. Egypt experienced a 60% increase from 85 to 136 projects in 2019, while South Africa registered 123 and Morocco 102. Other countries with large numbers of externally financed projects include Kenya (87), Nigeria (73) and Ghana (42), which saw a 56% increase.
Vista Bank expands in Guinea and enters Burkina Faso
Guinea’s Vista Bank has agreed to acquire majority stakes in BNP Paribas’ banks in Guinea and Burkina Faso. A majority interest in La Banque Internationale pour le Commerce et l’Industrie de la Guinée adds to its existing 22 branches in Guinea. Its entry into
Burkina Faso through La Banque Internationale pour le Commerce l’Industrie et l’Agriculture du Burkina extends its regional footprint beyond Guinea, Sierra Leone and The Gambia.
Jubilee Insurance signs strategic partnership with Allianz
Jubilee, East Africa’s largest insurance group, and Allianz, the German insurer, have signed a strategic partnership in the five African countries where Jubilee currently operates. The partnership covers the general insurance business in Kenya, Tanzania and Uganda and the shortterm insurance segment in Burundi and Mauritius. Subject to regulatory approval, Allianz will acquire controlling stakes in each of the businesses for $100m in total while Jubilee retains a significant minority stake. Kenyan subsidiary Jubilee General Insurance Limited is the future joint venture company and acquires the business of Allianz Insurance Company of Kenya.