Highlights of Kigali’s Transform Africa summit 2015

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Rwanda’s First Lady Jeannette Kagame’s remarks at the day 2 of Transforming Africa Summit. «Adressing the gender equality gap well before 2030  is as urgent as it is imperative».

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“We must not get fatigued telling good stories”: The AfDB Development Effectiveness Review on Ethiopia

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imageOne of the most trustworthy partners of Ethiopia for half a century, the African Development Bank (AfDB), has officially launched the “Development Effectiveness Review on Ethiopia” on Wednesday (November 18).

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EU welcomes adoption of the 2030 Agenda on Sustainable Development by the United Nations

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Today, the 2030 Agenda for Sustainable Development will be adopted by the United Nations at a special summit. The EU has been a leader in contributing to this process from the start.

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AfDB SME Program: Enhancing inclusive growth and job creation in Rwanda

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Kigali, Rwanda, September 9, 2015 – The African Development Bank Group (AfDB) and Access Bank Rwanda Ltd.

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Centurion Law Group is continuing its pan-African expansion

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Centurion Law Group is continuing its pan-African expansion with the opening of an office in Cameroon. The group will set up operations in Douala, Cameroon’s largest city and the wealthiest business hub in Central Africa.

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Johannesburg Stock Exchange launches JSE Eris Interest Rate Swap Futures

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The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South African Rand (ZAR).

The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South African Rand (ZAR).

The product will follow the standard South African swap market conventions while using the Eris MethodologyTM, allowing the contracts to replicate the cash flows of over the counter (OTC) swaps. The new product offering will be available for trading by all registered Interest Rate market members and their clients and will be cleared through JSE Clear.

“Bringing this product to market has been a collaborative effort between us, our clients and our partnership with Eris. After significant engagement with market participants we took a global product and modified it to make it a truly South African product relevant to the South African market needs,” says Warren Geers, Head: Interest Rates and Currencies at the JSE.

“Eris congratulates the JSE on today’s launch of JSE Eris Swap Futures, which utilise the Eris Methodology to offer the South African market the cash flows of interest rate swaps in a capital-efficient futures form,” said Neal Brady, CEO of Eris Exchange. “We look forward to growth in JSE Eris Swap Futures similar to what we have seen in the U.S., where year-to-date volumes are twice that of last year.”

The new IRS Swap Futures will be competitively priced; clients will be charged R1 per contract (R100 000) for 1 and 2 year tenors and R2 for any tenors greater than 2 years. The JSE will make appropriate pricing alignment as the product gathers more trading momentum.

The swap futures which are based on the Eris Methodology remain futures throughout the full lifecycle of the contract with no risk of physical delivery and can be held to their maturity date.

In a first of its kind and truly innovative move, the JSE will use a portfolio VaR framework to determine the amount of initial margin participants should post for position in the swap futures product suite, instead of the traditional portfolio scanning framework (j-SPAN) that is used for all other futures at the JSE. Portfolio level initial margin will thus recognise the offsets associated with trading long and short positions across the curve.

“We believe that providing these swap futures products via the JSE will offer our clients the regulatory certainty of futures and allow market participants to operate within the familiar eco-system of exchange traded futures,” concludes Geers.

Looking forward, the JSE expects trading of the IRS Swap Futures to pick up in the last quarter of 2015 as clients are in the process of ensuring their systems are equipped to start trading the new Eris Interest Rate Swap (IRS) futures.

Distributed by APO (African Press Organization) on behalf of the Johannesburg Stock Exchange.

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Investec has held a final close on Investec Africa Credit Opportunities Fund 1

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Africa-focused asset management firm Investec Asset Management has held a final close on Investec Africa Credit Opportunities Fund 1 with US$226.5 million in commitments.

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Ecobank to boost Nedbank results

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Translated by  Aminata Dia
Over the first six months of the current year, South African Nedbank saw its results jump from 15.7% reaching 3.5 billion Rand (South African currency), far more than analysts predictions.

This result is reinforced by the 246 million rand from its 20% in Ecobank capital. The subsidiary based in Togo had 111 million profit in the first quarter of the current year. Nedbank CEO Mike Brown believes that the rest of Africa is rising sharply in the Bank’s balance sheet.
 
This performance, better that expected, have earned a significant increase to Nedbank stocks; closing the trading session of august 5, 2015 with an increase of 5% of 271 rand. 
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Cameroon: Afriland First Bank’s agreement ​ with IFC

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The International Finance Corporation (IFC), a subsidiary of the World Bank specialized in financing the private sector, has signed with Afriland first Bank, the leader of Cameroun banking market in Douala, the economic capital of the country, a funding agreement amounting to $ 15 million (about 8.2 billion CFA francs)

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Cameroon: First Bank Afriland

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The International Finance Corporation (IFC), a subsidiary of the World Bank specialized in financing the private sector, has signed with Afriland first Bank, the leader of Cameroun banking market in Douala, the economic capital of the country, a funding agreement amounting to $ 15 million (about 8.2 billion CFA francs)

With this funding, IFC will provide Afriland First Bank guarantees for transactions related to trade, for better coverage of flows of importers and exporters by the correspondent banks, thereby strengthening their international competitiveness.

Note that this financing agreement with IFC came after signature, June 17, 2015 in Beijing, China, of a funding agreement between Afriland First Bank and China Development Bank Corporation, for a total of 26.2 billion fCFA.

Afriland first Bank boasts a network of 38 agencies in Cameroon and two representations in France and China.

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