Partnerships Key to Improving Prosperity and Economic Development in Africa Says DP World Chairman and CEO

Removal of trade barriers, connecting nations and infrastructure development key to the future

DP World group chairman and CEO, Sultan Ahmed bin Sulayem

The key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development,  DP World’s Group  (https://www.DPWorld.com) Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, told African leaders and top executives in Dakar Senegal.

“We be believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved efficiency and volumes 135 percent in 10 years,” Mr Bin Sulayem told the audience at the Africa Emergence Conference 2019 in Dakar Senegal.

Addressing a panel on how private institutions can help support emergence in Africa with President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia Mr Bin Sulayem explained how economic emergence is dependant on increasing inter African trade  and infrastructure development. 

“The Removal of trade barriers is very important. In Africa tariffs are 50% higher in than in Latin America and Asia,” he said. “Intra regional trade in Africa is only 12% while in Europe, Asia and Latin America is over 50%, we need to improve this to prosper,” he added.

Mr Bin Sulayem reiterated the company’s commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa during the panel with President Macky Sall.

He stressed that as a smart trade enabler, DP World has the extensive expertise and know-how that can help African countries realise their trade and infrastructure goals, while assisting countries to address national ports and logistics infrastructure challenges.

He highlighted the importance of developing a logistics infrastructure reflecting DP World’s activities in Rwanda and Mali.

“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region,” he said. “The Price of container moving from Shanghai to an East African port is anywhere between USD $500 to USD$1000, the price of same container from the port to Kigali is USD$5000,” he added

President Macky Sall of Senegal said to the Audience that DP World helped in the development of Senegal.

“What the CEO said is the truth, in Senegal we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar,” he said. 

President Sall added that the government, has a consolidation of DP World’s presence and are working together finalise new port investments by DP World in Senegal.

“Country  stability is essential but also the stability of the contracts between the a state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he added.

DP World has operations in Senegal, Egypt, Mozambique, Somaliland, Rwanda and Algeria and has recently signed an agreement with the Republic Mali to develop a logistics platform and the Democratic Republic of Congo for the countries first deep-sea port.

Strategic partnerships and investments key to Africa’s economic transformation: African Development Bank President Akinwumi Adesina in the Netherlands

Intimating Dutch officials and industry captains on attractive investment opportunities in Africa, Adesina underscores the fact that Africa can feed itself in 10 years and the rest of humanity thereafter if Africa gets the needed investment to unlock its agr-business potential

The President of the African Development Bank (www.AfDB.org/en), Akinwumi Adesina, has taken the case for expanded partnerships and investments in Africa to the Netherlands. On a three-day visit this week, he met with government officials and private and public sector business leaders and affirmed the accord between the Bank and the Dutch government’s development agendas and foreign policy.

At a meeting with Sigrid A.M. Kaag, Minister for Foreign Trade and Development Cooperation, in the Hague, on 29 August, Adesina spoke about investing in Africa and commended the Netherlands for its support, which has extended to legal systems, water, food and nutrition, and gender. He also congratulated the government for its Development Policy, which emphasizes global fragility, gender and climate.

“Africa is growing economically. Foreign direct investment is on the increase. This is due to political stability and improved governance. Africa is open and ready to do business,” Adesina said.

Kaag said the adoption of renewable energy by a growing number of African countries was a key element to reducing fragility of countries and to fighting climate change and said this aligned closely with her government’s policy.

“I am happy to see where we can work together on gender, fragility, and conflict prevention in countries in Africa”, the Minister said.

Making a similar point, Peter van Mierlo, Chief Executive Officer of the Netherlands Development Finance Company (FMO),   called for greater harmonization between the work of FMO and the Bank in the area of energy, agriculture and institutional investment. President Adesina met with him and other officials, the same day.

“A benefit for Africa is that it can skip development cycles that often developed countries had to go through”, Mierlo said.

Commercial banks are withdrawing from trade finance and as such FMO and African Development Bank would be able to work jointly in boosting trade financing, Mierlo said. Currently, joint projects between FMO and the Bank are estimated at US$ 55 million.

Addressing a High-level Roundtable with Dutch Business Leaders, hosted at Netherlands Enterprise Agency (RVO), on 29 August, Adesina presented the Africa Investment Forum (AIF), the Bank’s innovative marketplace scheduled for 7-9 November in Johannesburg, South Africa. The AIF will bring together project sponsors, lenders, fund managers and investors, to attract investment and capital for development, projects in Africa.

“Our role is to mobilise capital for Africa. We have done this through the High 5 Agenda. In the energy sector, the African Development Bank is investing US$12 billion over the next 5 years, with the goal of leveraging US$40-50 billion. The Bank will also be investing US$ 24 billion, over ten years, in agriculture to implement its Feed Africa Strategy,” Adesina said,

Susan Shannon, Vice President for Government Relations, Policy & International Organisations for Shell, who was present at the meeting, said the move towards cleaner and renewable energy in African countries had resulted in a higher level of engagement by the oil giant on the continent.

“Shell can work with the African Development Bank to expand access to energy in Africa”, Shannon said.

On 30 August in Wageningen, at the Sustainable Development Goal Conference, Adesina repeated the Bank’s call to end hunger on the continent.

“What Africa does with agriculture will determine the future of food in the world”, he said. “The greatest agenda we have is how to unlock Africa’s agricultural potential. If Africa can get the right technology to raise productivity, transform its savannahs, turn agriculture into a business and address the issue of nutrition. Africa can feed itself in 10 years and contribute to feeding the world in the years to come.”

GIMAC and TerraPay announce collaboration for enabling real-time cross border money transfers to CEMAC region

The partnership will enable instant cross border money transfer to bank accounts and mobile wallets in the CEMAC zone, comprising of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad

GIMAC, the regional electronic money transfer platform of Central Africa and TerraPay (www.TerraPay.com) the world’s first mobile payments switch have signed a strategic partnership agreement that will strengthen the remittances ecosystem in CEMAC region. The partnership will enable instant cross border money transfer to bank accounts and mobile wallets in the CEMAC zone, comprising of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad.

GIMAC aims to define and establish the regulatory and security framework of the remittance ecosystem, as well as to enhance interoperability between banks, public treasuries, postal and micro finance institutions, and electronic money transmitters in the Economic and Monetary Community of Central Africa (CEMAC). Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for migrants across the globe to send money to mobile wallets and bank accounts, in real time to Central Africa.

“TerraPay’s collaboration with GIMAC is part of the company’s long-term strategy to enable interoperability and to democratise financial services in Africa. Our partnership would aid in realizing a vision for low-cost and convenient money transfers to the CEMAC region and accelerate the creation of an ecosystem to deliver essential value to stakeholders and consumers alike. The main economic and social objective of our partnership is to help the migrants of the CEMAC area to have an access to low-cost, secure and instant payment medium.” explains Ambar Sur, Founder & CEO, TerraPay.

“The digitization of money transfer services is the final step in improving the delivery of our financial services. Through this partnership, GIMAC will contribute to the reduction of transfer costs and the improvement of the quality of life of many in CEMAC. Transfers incoming via TerraPay will instantly be channelled to their destined bank accounts, mobile accounts, or prepaid card accounts.” says Mr. Valentin Mbozo’o, CEO of GIMAC.