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Tag: Banking

Al Ain Finance selects Temenos SaaS to remotely deploy Corporate Banking Solution during Covid-19

Al Ain Finance selects Temenos SaaS to remotely deploy Corporate Banking Solution during Covid-19

CORONAVIRUS
GENEVA, Switzerland, July 9, 2020/ -- UAE-based corporate finance institution selects Temenos Infinity and Temenos Transact on Temenos SaaS to address surge in digital banking for SMEs during Covid-19 and beyond ; Temenos’ front-to-back advanced AI and cloud technology will be remotely implemented to power rapid digital transformation; Temenos SaaS solution will replace Al Ain Finance’s in-house system, simplify its digital business model and drive operational efficiencies. Temenos (SIX: TEMN) (www.Temenos.com), the banking software company today announced that Al Ain Finance (www.AlainFinance.ae) will rapidly deploy Temenos Infinity and Temenos Transact on Temenos SaaS to replace its legacy in-house system and achieve end-to-end digital transformation. The front-to-back SaaS digi...
African Development Bank appoints new Acting Vice President- Agriculture, Human and Social Development

African Development Bank appoints new Acting Vice President- Agriculture, Human and Social Development

AFRICA
ABIDJAN, Ivory Coast, July 7, 2020/ -- The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Wambui Gichuri as Acting Vice President- Agriculture, Human and Social Development, effective 5 July 2020. Wambui joined the African Development Bank Group in 2018 as Director, Water Development and Sanitation. She currently oversees the Bank’s water sector program of over $ 4.5 billion covering 44 countries and multinational projects. Wambui Gichuri, Acting Vice President- Agriculture, Human and Social Development at AFDB Wambui supervises two divisions: the Water Development, Coordination and Partnerships, and Water Security and Sanitation divisions, as well as the African Water Facility divisions, a project preparation facility. She also leads the ...
Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

INTERNATIONAL
DUBAI, United Arab Emirates, July 7, 2020/ -- A crowd of over 1000+ engaged participants comprising of exceptional entities, seasonal practitioners, Government officials, individual investors, business associations, entrepreneurs, Multilateral and financial institutions, Chairmen, Presidents & CEOs of local/international companies, Chambers of Commerce & Industry and Investment promotion agencies, came together to celebrate in the IsDB Group (https://www.IsDB.org/) Private Sector Action Response to COVID-19 webinar and launching new online initiatives by Islamic Development Bank Group (IsDB Group ) Private Sector Entities in partnership with UAE Ministry of Economy and AIM. The webinar was inaugurated by H.E. Dr. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Gro...
Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

CORONAVIRUS
ABIDJAN, Ivory Coast, July 4, 2020 -- The Board of Directors of the African Development Fund (ADF) on 3 July approved a grant of $165.08 million to support Ethiopia’s response to the health and economic impacts of the COVID-19 pandemic, including helping to ease fiscal pressures on the economy. The grant, awarded from the country’s ADF-15 Performance-Based Allocation, will help bolster Ethiopia’s COVID-19 National Emergency Response Plan (NERP). The NERP outlines a reliable, multi-sector approach to tackling the pandemic. It aims to expand social protection coverage for the most vulnerable, enhance capacity to contain the virus outbreak, and address macro-fiscal imbalances as well as cushioning the effects of the crisis on the private sector. “This Bank’s support will especiall...
African Development Bank to launch African Economic Outlook 2020 Supplement

African Development Bank to launch African Economic Outlook 2020 Supplement

AFRICA
The African Development Bank (www.AfDB.org) will launch its African Economic Outlook 2020 Supplement in a live Zoom event from 14.30 to 16.00 (Abidjan time) on Tuesday 7 July 2020. The COVID-19 pandemic has resulted in economic disruptions that have changed the strong growth projections the African Development Bank reported in January in the 2020 African Economic Outlook. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It recommends workable policy responses to safely reopen economies and  accelerate growth recovery. This is the first supplement published in the 19-year history of the African Economic Outlook. The report will be presented by Dr. Hanan Morsy,&...
Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

AFRICA
ABIDJAN, Ivory Coast, July 3, 2020/ -- The Bureau recalls its Communiqué issued on June 4th 2020 informing the general public of its decision to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations made by Whistle blowers against the President of the Bank Group.The Bureau agreed on the Terms of Reference for the Independent Review at its meetings of 18 June 2020 and 1st July 2020 and selectedthree persons namely, Mrs. Mary Robinson, Mr. Hassan B. Jallow and Mr. Leonard F. McCarthy to constitutea High-Level Panel of Independent Experts to conduct the said Review – individuals with unquestionable experience, high international reputation and professional integrity. The panel will be chaired by Mrs. Robinson. Mrs. Mar...
Ecobank Group spearheads new private sector initiative to end malaria

Ecobank Group spearheads new private sector initiative to end malaria

HEALTH
LOME, Togo, July 3, 2020/ -- Yesterday, Ecobank Group (www.Ecobank.com) confirms its commitment to support ending malaria, launching the first-of-its-kind Zero Malaria Business Leadership Initiative in partnership with Dakar-based not-for-profit strategic communications and advocacy organization, Speak Up Africa, and the UN-hosted RBM Partnership to End Malaria.The new programme is set out to drive private-sector engagement on the fight against malaria in Africa. It supports the Pan-African Zero Malaria Starts with Me Movement, led by the African Union and the RBM Partnership to End Malaria launched two years ago today by African Heads of States at the 31st African Union Summit in Nouakchott.The collaboration will support malaria affected countries across the continent, starting with Beni...
Joint Statement by heads of multilateral development banks and the World Trade Organization (WTO) on supporting trade finance during the COVID-19 crisis

Joint Statement by heads of multilateral development banks and the World Trade Organization (WTO) on supporting trade finance during the COVID-19 crisis

CORONAVIRUS
GENEVA, Switzerland, July 2, 2020/ -- The COVID-19 pandemic has provoked the deepest economic downturn of our lifetimes. In addition to the ongoing shocks to supply and demand, international trade has been affected by a reduction in the supply of trade finance. Risk perceptions about non-payment in international trade are at the highest levels in a decade; banks are increasingly reluctant to take on payment risks in many countries where economic conditions are deteriorating. Insufficient trade finance threatens to compromise otherwise-viable trade transactions. We share the concerns being expressed in markets, and will work within our respective remits to make trade finance available through this difficult period, just as we did during the global financial crisis of 2008-10. In many...
Development Finance Institutions commit to support Sudan’s transformation

Development Finance Institutions commit to support Sudan’s transformation

AFRICA
ABIDJAN, Ivory Coast, July 1st, 2020/ -- Three leading international financial institutions, the African Development Bank (www.AfDB.org), the World Bank, and the International Monetary Fund (IMF), on Thursday pledged  multi-pronged support to Sudan as it opens a new chapter to overcome political and economic challenges. At a high-level Sudan Partnership Conference held virtually and hosted in Berlin on 25 June, the three multilateral organizations and several governments affirmed their strong support for the country’s Transitional Government and its economic recovery efforts. Over $1.8 billion dollars in pledges for Sudan poured in during the conference, which marked an important step in the African nation’s re-engagement with the international community. Sudanese Finance Mi...
African Development Fund approves $9.52 million to enhance coordinated COVID-19 response in East and Horn of Africa and the Comoros

African Development Fund approves $9.52 million to enhance coordinated COVID-19 response in East and Horn of Africa and the Comoros

CORONAVIRUS
ABIDJAN, Ivory Coast, July 1, 2020/ -- The Board of Directors of the African Development Fund (ADF) have approved grants totaling $9.52 million to strengthen responses to the COVID-19 pandemic in East Africa and the Horn, and in the Comoros. The grant, approved on 26 June, is part of the $10 billion COVID-19 Rapid Response Facility (CRF) approved by the Board of Directors in April 2020 and complements the Bank’s direct support to regional member countries across the continent. The beneficiaries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Somalia, Kenya, Rwanda, South Sudan, Sudan, Tanzania and Uganda. Funding will also go toward the procurement of essential medical supplies, including testing kits and to train health workers. The funds will be used to bolster health system...
Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions

Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions

AFRICA
LAGOS, Nigeria, July 1, 2020/ -- Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group (http://www.Ecobank.com), the leading pan-African bank with banking operations in 33 countries, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria, today. For the first time in the history of ETI and in line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the Articles of Association of the Company. Ecobank Group Chairman Emmanuel Ikazoboh said: “We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong...
Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting to Host a Live Webinar

Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting to Host a Live Webinar

INTERNATIONAL
DUBAI, United Arab Emirates, June 30, 2020/ -- The Islamic Development Bank Group (www.IsDB.org) in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak. The webinar will be inaugurated by H.E. Eng. Sultan Al Mansoori, Minister of Economy, UAE and H.E. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Group).The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corpor...
Coronavirus Global Response: European Investment Bank (EIB) and Commission pledge additional €4.9 billion

Coronavirus Global Response: European Investment Bank (EIB) and Commission pledge additional €4.9 billion

INTERNATIONAL
LUXEMBOURG CITY, Luxembourg, June 28, 2020/ -- The ‘Global Goal: Unite for our Future’pledging summit organised today by the European Commission and Global Citizen mobilised €6.15 billion in additional funding to help develop and ensure equitable access to coronavirus vaccines, tests and treatments. The money raised will also support economic recovery in the world’s most fragile regions and communities. This amount includes a €4.9 billion pledge by the European Investment Bank, in partnership with the European Commission, and €485 million committed by EU Member States. This brings total pledges under the Coronavirus Global Response pledging marathon, launched by European Commission President Ursula von der Leyen on 4 May, to €15.9 billion. ...
Ecobank Nigeria Extends Zero Charge for Digital Money Transfers

Ecobank Nigeria Extends Zero Charge for Digital Money Transfers

TECHNOLOGY
LAGOS, Nigeria, June 27, 2020/ -- Ecobank (http://www.Ecobank.com) has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD - Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. New customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#. The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank's corporate action to cushion the rising spread of Coronavirus. The decision to extend the zero-charge policy is hinged on the bank's drive to continuously encourage cit...
Gabon: African Development Bank approves 100.5 million euros budget support for COVID-19

Gabon: African Development Bank approves 100.5 million euros budget support for COVID-19

CORONAVIRUS
ABIDJAN, Ivory Coast, June 27, 2020/ -- The Board of Directors of the African Development Bank (https://www.AfDB.org/) has approved a 100.5 million euros loan to the government of Gabon as budget support to mitigate against the effects of the COVID-19 outbreak. The loan will support the central African nation’s Budget Support Programme in Response to the COVID-19 Crisis or PABURC, which aims to strengthen the health system and mitigate the socio-economic impact of the pandemic on households and businesses. “The response is focusing on containing the spread of the virus, increasing public resources allocated to the health sector, and boosting the resilience of the most vulnerable communities, as well as to maintain livelihoods and shore up domestic business and industry in order to m...
Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

AFRICA
ABIDJAN, Ivory Coast, June 27, 2020/ -- Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank (https://www.AfDB.org/), the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa and Cassa Depositi e Prestiti Spa. Commercial lenders were represented by Credit Suisse AG, and the Industrial and Commercial Bank of China, London ...
African countries making headway in tackling tax evasion and money laundering, 2020 Tax Transparency report says

African countries making headway in tackling tax evasion and money laundering, 2020 Tax Transparency report says

AFRICA
ABIDJAN, Ivory Coast, June 27, 2020/ -- African countries made great strides in strengthening commitments and capacity to achieve tax transparency and exchange information on illicit fund flows in 2019, the latest Tax Transparency in Africa report, launched Thursday, revealed. Tax Transparency in Africa2020 - produced by the Global Forum for Transparency and Exchange of Information for Tax Purposes, the African Union and African Tax Administration Forum (ATAF), in close partnership with the African Development Bank - noted the need for African countries to engage further in revenue mobilization, a concern sharpened by the backdrop of the ongoing global novel coronavirus pandemic. The report was published during a virtual launch. The report provides comparable tax...
African Development Fund approves COVID-19 Response grants for six Southern African countries and São Tomé & Príncipe

African Development Fund approves COVID-19 Response grants for six Southern African countries and São Tomé & Príncipe

CORONAVIRUS
ABIDJAN, Ivory Coast, June 26, 2020/ -- The Board of Directors of the African Development Fund on Tuesday approved nearly $8.9 million in grant funding to bolster COVID-19-related control measures in six Southern African Development Community (SADC) countries. Separately, the Board approved $683,000 in grants to São Tomé & Príncipe, to support the two-island nation’s response to the pandemic and its impacts. The grant funding comes under the Bank’s COVID-19 Response Facility. The funds will facilitate the procurement of laboratory and medical supplies, including testing kits, personal protective gear and non-invasive ventilators in Lesotho, Malawi, Madagascar, Mozambique, Zambia and Zimbabwe, all SADC nations. The SADC Secretariat is the recipient and the implementing agency o...
African Development Bank ranks 4th on global index of transparency

African Development Bank ranks 4th on global index of transparency

AFRICA
ABIDJAN, Ivory Coast, June 25, 2020/ -- Publish What You Fund has ranked the African Development Bank (www.AfDB.org) fourth out of 47 global development institutions on its Aid Transparency Index. The Index is the only independent measure of aid transparency among the world’s major development agencies. The index places the Bank in the highest category of transparency along with other world class institutions such as the World Bank, the Asian Development Bank and UNDP. “We congratulate the African Development Bank - Sovereign Portfolio on achieving 4th place in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever,” said Gary Forster, CEO of Publish Wh...
African Development Bank approves EUR 88 million loan to Cameroon to finance COVID-19 response

African Development Bank approves EUR 88 million loan to Cameroon to finance COVID-19 response

CORONAVIRUS
ABIDJAN, Ivory Coast, June 24, 2020/ -- The Board of Directors of the African Development Bank (www.AfDB.org) on Monday approved a EUR 88 million loan to Cameroon as direct budget support to finance the country’s COVID-19 crisis response. The loan, to the country’s COVID-19 Crisis Response Budget Support Programme (PABRC), falls under the framework of the Bank’s COVID-19 Rapid Response Facility (CRF) of up to $10 billion, the institution’s main channel to cushion African countries from the economic and health impacts of the crisis. In Cameroon, the pandemic has revealed the structural weaknesses of the country’s health system and economy, particularly the limited human and financial resources allocated to the health sector. The PABRC’s goal is to check the spread of the coronavir...