IMF Executive Board Concludes the 2013 Article IV Consultation with Libya

 

TRIPOLI, Libya, May 23, 2013/African Press Organization (APO)/ – On May 17, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Libya.1

Background

The political situation is normalizing, but the government lacks control over parts of the country. While the new government brings together various interest groups, it continues to face a fragmented political landscape and tribal power struggles, which complicate the writing of a new constitution and efforts to reestablish security and the rule of law.

The loss of hydrocarbon revenues during the crisis and UN sanctions on Libya created considerable pressures. On March 17, 2011 the UN Security froze Libya’s foreign assets, which made the Central Bank of Libya (CBL) unable to provide adequate foreign exchange to the market. In response to foreign exchange shortages, demand for cash, and increased government spending, on March 6, 2011 the CBL imposed limits on deposit withdrawals. Nevertheless, the impact of the conflict was mitigated by confidence arising from large foreign exchange reserves.

Economic activity collapsed during the conflict with real GDP declining by 62.1 percent and average consumer prices increasing by 15.9 percent. The fall in hydrocarbon exports in 2011 led to a budget deficit of 15.4 percent of GDP and a sharply reduced current account surplus. The restoration of hydrocarbon production underpinned growth of 104.5 percent in 2012 while inflation declined to 6.1 percent. The budget had a surplus of 20.8 percent of GDP and the current account surplus widened to 35.9 percent of GDP.

The financial situation began to normalize in early 2012 after the removal of UN sanctions on the foreign assets of the central bank. In 2012, broad money grew by 11.5 percent with a modest shift from currency into deposits and credit to the private sector increased by 30.3 percent. Although the conflict will have caused asset quality to deteriorate, the systemic impact on the banking system should be modest in light of the liquidity buffer provided by banks’ substantial reserves, along with limited claims on the private sector and the implicit government guarantee of loans to state-owned enterprises. Preliminary data show that nonperforming loans increased modestly in 2011 and 2012.

On January 6, 2013, the General National Council (GNC) passed a law banning interest in financial transactions. The law was gazetted on March 21, 2013 and banks will no longer be allowed to pay interest to or receive interest from individuals. Companies and state entities will be prohibited from receiving and paying interest from the beginning of 2015.

Executive Board Assessment

Executive Directors welcomed the rebound in economic activity and the favorable growth outlook. They noted, however, that lingering political and security uncertainties and a pronounced vulnerability to oil price fluctuations add to the significant challenges faced by the transition, including the need to support the reconstruction effort while maintaining macroeconomic stability. Against this backdrop, Directors encouraged the authorities to move rapidly in the implementation of their reform program.

Directors welcomed the authorities’ intention to articulate and implement a strategic vision for economic development, including setting up a governance framework based on transparency and accountability. They noted that credible and efficient institutions and a favorable business environment will be crucial to create employment opportunities in the private sector and reduce hydrocarbon dependency.

Directors agreed that promoting financial intermediation is key to fostering macroeconomic stability and growth. In this regard, they encouraged the authorities to develop a comprehensive financial sector reform strategy to streamline regulation and strengthen the supervisory framework. In addition, they urged the authorities to adopt an Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) law in line with international standards and devote resources to its effective implementation.

Directors noted that the recently-enacted law banning interest in financial transactions in the absence of Sharia-compliant institutions and framework would preclude conventional bank lending. They recommended that the authorities consider delaying the implementation of the new law until the financial sector is able to comply with it.

Directors noted that expenditure is skewed toward wages and subsidies, which is eroding policy buffers, undermining the fiscal position, and reducing space for priority infrastructure spending. They supported the authorities’ efforts to implement an extensive subsidy reform in combination with a safety net and welcomed plans to develop a rules-based medium-term framework that would help ensure fiscal sustainability and intergenerational equity.

Directors welcomed the authorities’ intention to adopt a comprehensive reform strategy for public financial management. They urged the authorities to integrate the sovereign wealth fund system into the fiscal framework and prohibit all elements of the system from participating in domestic investment. Directors also encouraged the authorities to enhance transparency and accountability in the governance of the Libyan Investment Authority, consistent with international good practices.

Directors noted that the currency peg to the SDR has served Libya well. They cautioned that continued fiscal expansion is likely to lead to an appreciation of the real exchange rate and deterioration in the external position, which calls for prudent fiscal policy and far-reaching structural reforms to improve external competitiveness and boost non-oil growth prospects.

 

Libya: Selected Economic and Financial Indicators, 2008–13

 

    2008    2009    2010    2011    2012    2013

 

    (Annual percentage change, unless otherwise indicated)

Production and prices

                        

Real GDP

2.7    -0.8    5.0    -62.1    104.5    20.2

Nonhydrocarbon

6.5    7.1    6.1    -52.5    43.7    24.5

Hydrocarbon

-0.5    -7.7    4.0    -72.0    211.4    16.7

Nominal GDP in billions of U.S. dollars

87.2    63.1    74.8    34.7    81.9    94.6

CPI inflation (average)

0.0    2.0    2.5    15.9    6.1    2.0

                             

    (In percent of GDP)

Central government finances

                        

Revenue, of which:

68.4    52.9    64.9    50.3    72.3    72.9

Hydrocarbon

61.3    44.7    58.8    47.8    69.2    69.5

Expenditure and net lending, of which:

43.1    55.9    56.1    65.7    51.5    53.7

Capital expenditure

25.4    26.1    25.6    8.2    5.3    10.8

Overall balance (deficit -)

25.2    -3.0    8.9    -15.4    20.8    19.2

Nonhydrocarbon balance

-36.1    -47.8    -50.0    -63.2    -48.4    -50.3

                             

    (Changes as a percent of beginning of the year money) stock)

Money and credit

                        

Money and quasi-money

47.8    12.5    3.6    25.0    11.5    4.5

Credit to the economy

5.6    0.5    4.1    -2.6    4.5    1.4

                             

    (In billions of U.S. dollars; unless otherwise indicated)

External Sector

                        

Exports, of which:

62.1    37.1    46.8    19.1    62.2    64.6

Hydrocarbon

60.7    35.7    45.4    18.7    61.0    63.1

Imports

20.9    22.0    24.6    11.2    25.7    30.5

Current account balance

37.1    9.4    14.6    3.2    29.4    24.9

(As percent of GDP)

42.5    14.9    19.5    9.1    35.9    26.3

Overall balance (deficit -)

15.7    5.2    4.5    6.0    16.9    18.2

(As percent of GDP)

18.0    8.3    6.1    17.2    20.7    19.2

Reserves

                        

Total foreign assets (NFA + LIA investments)

126.1    138.3    171.5    176.9    190.3    208.7

Net international reserves

91.9    100.3    101.8    111.6    124.5    142.7

(In months of next year’s imports )

40.7    39.0    78.3    41.6    39.1    40.0

Exchange rate (dinar/US$)

1.2    1.3    1.3    1.2    1.3    1.3

Real effective exchange rate (eop)

108.6    104.8    107.0    122.8    147.9    …

 

Sources: Libyan authorities; and IMF staff estimates and projections.

              

1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm

 

SOURCE 

International Monetary Fund (IMF)

 

 

Déclaration du porte-parole de Catherine Ashton, Haute Représentante de l’UE, sur les attentats terroristes au Niger

 

BRUXELLES, Royaume de Belgique, 23 mai 2013/African Press Organization (APO)/ – Le porte-parole de Catherine Ashton, Haute Représentante de l’Union pour les affaires étrangères et la politique de sécurité et vice-présidente de la Commission, a fait ce jour la déclaration suivante:

“La Haute Représentante condamne fermement les attentats de ce matin contre l’armée nigérienne à Agadez et contre un site minier à Arlit. Elle exprime ses plus sincères condoléances aux familles des victimes et souhaite un prompt rétablissement aux personnes blessées.

La Haute Représentante exprime sa solidarité avec le peuple nigérien et réaffirme l’engagement de l’UE à poursuivre son soutien au gouvernement du Niger dans la lutte contre le terrorisme et le crime organisé, notamment par sa mission civile EUCAP SAHEL au Niger.”

 

SOURCE 

European Council

 

 

D.R. CONGO: TOP HUMANITARIAN OFFICIAL CALLS FOR PROTECTION OF CIVILIANS

 

GOMA, Democratic Republic of Congo, May 23, 2013/African Press Organization (APO)/ – Humanitarian Coordinator Moustapha Soumaré is calling for all parties to respect international humanitarian law after three people were killed and 14 wounded by shells dropped north-west of the city of Goma on 22 May.

On 22 May, three shells exploded in the crowded neighborhood of Ndosho, located in the north-west of the city of Goma killing three people and wounding another ten. The explosions, which took place next to churches, provoked panic among the population, causing many to flee towards downtown Goma in search of safer haven. The previous night, three shells exploded next to Mugunga III IDP camp, about 10 km west of Goma which hosts 13,000 IDPs, wounding four people and destroying several houses.

“I am very concerned with the developments yesterday in Goma” said Moustapha Soumaré, the Humanitarian Coordinator in DRC. “Civilians have been injured during military operations because military positions and military actions are taking place too close to where civilian populations are located, a violation of International Humanitarian Law. Civilians should not be mistaken for military targets. I call on all parties to take all measures necessary to avoid civilian casualties.”

Thousands of people, including internally displaced persons, have fled insecurity since fighting resumed on 20 May 2013 between the Armed Forces of the Democratic Republic of Congo (FARDC) and the M23 rebellion. Some have sought shelter in churches and schools in the center of Goma town, while others have moved towards the city of Sake, located 25 km west of Goma.

North Kivu, one of the country’s mineral rich province, has been destabilized for decades by armed fighting, maintaining the population in a cycle of insecurity and vulnerability.

“As the humanitarian community, we are extremely concerned about the protection of civilians and the insecurity which is hindering our capacity to assist people in urgent need of help. Humanitarian agencies are calling for total, unimpeded access to those in need”, added M. Soumaré.

The mineral-rich province hosts more than 973,000 internally displaced people, representing more than one third of the 2.6 million displaced people in the country. Since November 2012, humanitarian agencies have worked to mobilize the resources required to assist hundreds of thousands of people still displaced or returning home. Humanitarian organizations fear that the current deterioration of the situation risks exposing even more people to increasing suffering and need.

 

 

SOURCE 

UNITED NATIONS

 

 

Statement Attributable to Under-Secretary-General and Emergency Relief Coordinator Valerie Amos

 

KHARTOUM, Sudan, May 23, 2013/African Press Organization (APO)/ – The purpose of my visit to Sudan was two-fold: first, to look at humanitarian operations in the country; and second – given the sometimes difficult relations between the Government of Sudan and the United Nations on humanitarian issues – to work to build trust and confidence so that we are in a stronger position to help meet the humanitarian needs of people in Sudan.

 

During the last three days I received a warm welcome and had some very constructive and informative meetings with the President, other senior Government officials in Khartoum and Darfur, as well as with UN Member States, UN agencies, NGOs and other humanitarian partners. In all my meetings I have stressed the desire of the international community to assist in meeting the needs of war-affected people in Sudan.

 

Sudan is a country that faces a number of different challenges: on-going fighting in Darfur; unresolved conflict in South Kordofan and Blue Nile; rebel attacks that have spread recently to North Kordofan; a massive displacement crisis; and high levels of malnutrition in many parts of the country, including Eastern Sudan, where some of the highest malnutrition rates have been recorded.

 

Since my arrival, I have had a chance to see first-hand the humanitarian situation in Darfur. Yesterday I was in Zam Zam camp for displaced people just outside El Fasher. Despite all the hardship that the people in Zamzam camp have endured over the last ten years, I was sorry to see that they still suffer from a lack of adequate basic services, including schools and the necessary education materials for their children. There are hundreds of thousands of children all over Darfur who were born in camps and who have never known life outside these camps. We cannot forget these children. They are the future of Darfur and of Sudan.

 

And the women also need our help. Speaking of life in a camp, one woman said to me that she feels like a bird in a cage.

 

I was particularly shocked when we visited some of the new arrivals in Zam Zam camp. I saw people who had recently fled fighting in South Darfur sheltering under small pieces of tarpaulin in the hot desert sun, in desperate conditions. Although the situation in Northern Darfur, where I visited, is now much calmer than it was earlier this year when fighting erupted in the Jebel Amir gold mining area, in other parts of Darfur fighting has unfortunately continued. The UN estimates that 300,000 people have fled fighting in all of Darfur in the first five months of this year, which is more than the total number of people displaced in the last two years put together. This is an extremely worrying situation and it is clear that humanitarian aid agencies are struggling to cope.

 

I am concerned that despite overall needs increasing, the amount of funding available to us is decreasing. This is for a variety of reasons, including concerns about where we are permitted to go because of the on-going conflict, competing needs in other countries, and a difficult global economic environment. We have a serious funding crisis in Sudan. We need to attract more funds from our traditional donors, but we also need to expand our partnerships and attract funding from other Governments in the region and elsewhere.

 

We cannot let Darfur slip off the radar screen of the international community. With 1.4 million people still living in camps, and a majority of the people in Darfur still suffering from inadequate access to basic health care, education and other services, the challenges remain enormous.

 

We also need to change the way we work. After ten years of major humanitarian operations in Darfur, we need to find more sustainable ways of supporting displaced people who have no other option but to remain in the camps. We need to build stronger bridges between humanitarian and development work. In this regard, I welcome the Darfur Donors Conference which recently saw US$ 3.6 billion in pledges for Darfur, including a commitment of US$ 2.6 billion from the Government of Sudan.

 

With regard to South Kordofan and Blue Nile, I am pleased to see that aid agencies in Sudan have greater access to war-affected people in Government-controlled areas today than they did a year ago – particularly in Blue Nile. But I am worried about the safety and well-being of civilians in the war-affected areas that are not under Government control.

 

The stories we hear from refugees arriving in South Sudan and the poor conditions in which many of them arrive, are a constant reminder of the hardships faced by people in the war zone. Farming is affected, food is in short supply and people die every day from a lack of access to adequate health facilities, clean water and other basic services. Ordinary people – men and women, boys and girls, the sick and the elderly – are paying the price. We know this also from those humanitarian organisations which have crossed the border to assist people in desperate need.

 

The UN and the international community has in the past condemned the Government of Sudan when there have been reports of armed attacks targeting or affecting civilians, as we do everywhere else in the world. However, it is important to note that rebel movements in Sudan are also responsible for similar crimes. I was shocked to hear detailed reports of the recent attacks on civilians and civilian infrastructure by the Sudan Revolutionary Front in Northern Kordofan and parts of South Kordofan. I condemn these attacks on civilians in the strongest terms.

 

Once again it is the civilians who are paying the biggest price in this war. The people of Sudan have suffered enough. I call on the parties to stop the fighting and to resolve their disputes by peaceful means. And above all, I call on the parties to protect civilians and to respect their obligations under international humanitarian law.

 

I welcome the direct talks between the Government of Sudan and the SPLM-N that started in April under the auspices of the African Union High Level Implementation Panel. I hope the talks will resume soon and that they will lead to a resolution of the conflict so that people can return to their homes and start to rebuild their lives.

 

In the meanwhile, the UN has called on both the Government and SPLM-N to agree to a one week moratorium in fighting to allow it to carry out a polio vaccination campaign for 150,000 children under the age of five. Sudan has recently been declared polio free and leaving pockets of unvaccinated children risks reversing this hard-won status. The vaccines have no military value. Both sides have agreed in principle for the vaccination campaign to go ahead, although the SPLM-N has insisted that it should take place from Kenya or Ethiopia rather than from Sudan. We will be meeting with both sides to try to resolve this issue so that the vaccination campaign can take place quickly, before the rainy season makes the roads impassable.

 

Whether it is Darfur, South Kordofan or Blue Nile, what is needed above all else is for the fighting to stop and for the conflicts to be resolved by peaceful means. The people of Sudan have suffered enough. Everyone I have spoken to in Sudan in the last three days has told me that what this country needs now is peace, not more war.

 

SOURCE 

UNITED NATIONS

 

 

African Union donates funds to Darfur for development, peace-building

 

EL FASHER (DARFUR), Sudan, May 23, 2013/African Press Organization (APO)/ – The African Union (AU) Commission and the joint AU-UN Mission in Darfur 23 May signed an agreement under which the AU will provide nearly US $3 million for a variety of humanitarian, development and peace-building projects in Darfur. These funds were originally part of a US $10 million donation from the Government of Japan for this purpose. According to the agreement, the funds shall be administered by the Trust Fund for the Support of Lasting Peace in Darfur.

 

SOURCE 

United Nations – African Union Mission in Darfur (UNAMID)

 

UNAMID delivers medical supplies to North Darfur population

 

EL FASHER (DARFUR), Sudan, May 23, 2013/African Press Organization (APO)/ – The African Union – United Nations Mission in Darfur (UNAMID) in collaboration with the World Health Organization (WHO) airlifted on 21 May more than 1.5 tons of critically needed medical supplies to thousands of civilians in El Sereif and Saraf Omra localities, North Darfur.

 

The supplies, which included pharmaceuticals, laboratory supplies and other related items, were immediately transferred to medical facilities in these locations.

 

This joint effort came after more than 170 cases of Hepatitis “E” were reported in the areas, where, apart from the permanent population, more than 60,000 internally displaced persons have taken refuge.

 

SOURCE 

United Nations – African Union Mission in Darfur (UNAMID)

AfDB Approves a USD 20 million Trade Finance Line of Credit for UT Bank Ghana to Support SMEs and Local Corporates

TUNIS, Tunisia, May 23, 2013/African Press Organization (APO)/ – The Board of Directors of the African Development Bank (AfDB) (http://www.afdb.org) approved on Tuesday, May 22 a USD 20 million Trade Finance Line of Credit for UT Bank Ghana (UT Bank) to support the trade finance activities of Small and Medium Enterprises (SMEs) and local corporates in Ghana.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank-2.png

As the Ghanaian economy continues to grow and diversify, there is increasing need to address critical market demand for Trade Finance by supporting businesses in key economic sectors such as agriculture and light manufacturing. This facility will therefore foster financial sector development, enhance regional integration through intra-African trade, and contribute to government revenue generation. Counting roll-overs, the Project is expected to facilitate approximately USD 140 million of trade in essential raw materials, intermediate and finished goods, and equipment to support economic growth in Ghana.

This 3.5-year facility is AfDB’s first trade finance intervention in Ghana since its participation in the Ghana Cocoa Board (COCOBOD) syndicated Commodity Finance Facility in 2009. The Project is designed to enhance UT Bank’s capacity to provide appropriate trade finance support to SMEs and local corporates, thereby promoting inclusive growth and contributing to Ghana’s economic progress.

The facility not only aligns with AfDB’s Ten-year (2013-2022) Strategy and Ghana Country Strategy, but also resonates well with UT Bank’s strategic intent to become a significant provider of trade finance solutions to SMEs in Ghana. AfDB’s additionality in this Project stems from its ability to provide UT Bank with medium term resources that are not readily available in the trade finance market under the prevailing economic environment.

Distributed by the African Press Organization on behalf of the African Development Bank (AfDB).

About UT Bank Ghana: UT Bank is a mid-sized, indigenous Ghanaian bank headquartered in Accra, Ghana. Established in 1997 as a non-bank financial institution, UT Bank has over the years transformed into a full-fledged commercial bank that is recognized as a strong SME partner in Ghana. With strong shareholder support from institutional investors, including major Development Finance Institutions, UT Bank is listed on the Ghana Stock Exchange. It has approximately 600 employees and 26 branches across the country.

http://www.utbankghana.com

Contacts Information: Sabrina Hadjadj Aoul, Senior Communications Officer, T. +216 71 10 26 21 / C. +216 98 70 98 43 / s.hadjadjaoul@afdb.org – Yaw Kuffour, Lead Trade Finance Specialist, T. +216 71 10 22 85 / y.kuffour@afdb.org

Press releases are also available in the Bank’s website at http://j.mp/AfDB_Media

SOURCE

African Development Bank (AfDB)

AfDB Approves a USD 100 million Risk Participation Agreement with Commerzbank AG to Boost Trade Finance in Africa

This facility will help address critical market demand for trade finance in Africa

TUNIS, Tunisia, May 23, 2013/African Press Organization (APO)/ – The Board of Directors of the African Development Bank (AfDB) (http://www.afdb.org) approved on Tuesday, May 22, a USD 100 million unfunded Risk Participation Agreement (RPA) between the AfDB and Commerzbank AG under which the two banks will share the default risk on a portfolio of qualifying trade transactions originated by issuing banks in Africa and confirmed by Commerzbank AG. This facility will help address critical market demand for trade finance in Africa by providing support for trade in vital economic sectors such as agribusiness and manufacturing. It will foster financial sector development, regional integration, and increase government revenue generation ultimately improving Africa’s sustainable economic growth.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank-2.png

The majority of African banks have small capital bases which constrain their ability to obtain adequate trade limits from international confirming banks and to undertake sizeable transactions that have significant development impact. Moreover, despite the growth in trade risk distribution globally, local banks in Africa have not significantly benefitted from this growth. AfDB’s additionality lies in the use of its “AAA” rating to share trade risk and expand the trade finance capacity of banks in Africa, thereby expanding trade and strengthening regional integration.

This RPA facility, running over a 3-year period, is 50/50 risk sharing arrangement that will enable Commerzbank AG to match AfDB’s undertaking in every transaction, thereby creating a maximum portfolio of up to USD 200 million. The facility will also result in the provision of significant support to African banks and SMEs. Counting roll-overs, it is expected to facilitate about USD 1.2 billion of trade in equipment, raw materials, intermediate and finished goods over the 3-year period.

Moreover, the proposed facility aligns with AfDB’s Regional Member Countries’ priorities to promote trade as was reaffirmed by the African Union at its 18th Ordinary Session in January 2012. It is also in line with the Bank’s Ten-year Strategy and Regional Integration Strategies which seek to consolidate its engagement in trade finance in Africa.

Distributed by the African Press Organization on behalf of the African Development Bank (AfDB).

About Commerzbank AG: Commerzbank AG is a leading international bank headquartered in Frankfurt, Germany. It is a leading provider of trade finance in Africa with a trade portfolio of approximately of USD 6 billion and an active network of over 500 correspondent banks on the continent. Commerzbank AG captures significant trade flows in Africa and it is one of the leading European banks in terms of LC issuance and reimbursement in Africa. It has six representative offices in Africa located in Cairo, Tripoli, Addis Ababa, Lagos, Luanda, and Johannesburg. Commerzbank AG’s long term ratings are A2/P-1 (Moody’s), A/A-1 (S&P) and A+/F1+ (Fitch).For further information please visit: www.commerzbank.com

Contacts Information: Sabrina Hadjadj Aoul, Senior Communications Officer, T. +216 71 10 26 21 / C. +216 98 70 98 43 / s.hadjadjaoul@afdb.org – Yaw Kuffour, Lead Trade Finance Specialist, T. +216 71 10 22 85 / y.kuffour@afdb.org

Press releases are also available in the Bank’s website at http://j.mp/AfDB_Media

SOURCE

African Development Bank (AfDB)

La BAD approuve 20 millions de dollars pour UT Bank Ghana pour soutenir les PME et les entreprises locales

TUNIS, Tunisie, 23 mai 2013/African Press Organization (APO)/ – Le Conseil d’administration de la Banque africaine de développement (BAD) (http://www.afdb.org) a approuvé le 22 mai 2013 une ligne  de crédit de financement  du commerce de 20 millions de dollars EU pour UT Bank Ghana (UT Bank) en vue de soutenir les activités de financement de commerce des petites et moyennes entreprises (PME) et des entreprises locales au Ghana.  

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank-2.png

Alors que l’économie ghanéenne continue de croitre et de se diversifier, le besoin croissant de répondre à la demande du marché pour le financement du commerce est devenu primordial, notamment, à travers le soutien  aux  entreprises dans les secteurs économiques essentiels comme l’agriculture et la fabrication. Cette facilité va donc favoriser le développement du secteur financier et le  renforcement de  l’intégration régionale par le développement du commerce intra-africain. Elle va, en outre, contribuer à générer des revenus au gouvernement.

Si l’on tient compte des transferts, le projet devrait faciliter environ 140 millions de dollars EU en transactions commerciales pour les matières premières essentielles, les biens intermédiaires et les produits finis et d’équipements pour soutenir la croissance économique au Ghana.

Cette facilité  de 3,5 années est la première intervention de financement du commerce de la  BAD au Ghana depuis sa participation au mécanisme de financement des produits de base syndiqué COCOBOD en 2009.  Le projet vise à renforcer la capacité de l’UT Bank à fournir un soutien de financement du commerce approprié pour les PME et les entreprises locales, favorisant ainsi une croissance inclusive et contribuant au progrès économique du Ghana.

La facilité ne  s’aligne pas seulement avec la stratégie à long terme de la BAD et la  Stratégie  pays du Ghana, elle est également en adéquation avec l’objectif stratégique de l’UT Bank de devenir un  fournisseur important de solutions de financement du commerce  pour les PME au Ghana. L’additionnalité de la BAD dans ce projet provient de sa capacité à fournir à UT Bank des ressources à moyen terme qui ne sont pas facilement disponibles sur le marché du financement du commerce dans l’environnement économique actuel.

Distribué par l’Organisation de la Presse Africaine pour la Banque Africaine de Développement (BAfD).

A propos d’UT Bank Ghana: UT Bank est une banque nationale moyenne ghanéenne dont le siège est à Accra, au Ghana. Créé en 1997 comme une institution financière non bancaire, UT Bank s’est au fil des années transformées en une banque commerciale à part entière qui est reconnue comme un partenaire solide pour les PME au Ghana. Avec le soutien de l’actionnaire auprès d’investisseurs institutionnels, y compris les grandes institutions de financement du développement, UT Bank est cotée à la Bourse du Ghana. Elle compte environ 600 employés et 26 branches à travers le pays. http://www.utbankghana.com

Contacts:        Sabrina Hadjadj Aoul, Chargée de communications, T. +216 71 10 26 21 / C. +216 98 70 98 43 / s.hadjadjaoul@afdb.org – Yaw Kuffour, Spécialiste principal du financement du commerce, T. +216 71 10 22 85 / y.kuffour@afdb.org

Les communiqués de presse sont également disponibles sur le site internet de la Banque à http://j.mp/AfDB_Media

SOURCE

African Development Bank (AfDB)

100 millions de dollars EU pour stimuler le financement du commerce en Afrique

TUNIS, Tunisie, 23 mai 2013/African Press Organization (APO)/ – Le conseil d’administration de la Banque africaine de développement (BAD) (http://www.afdb.org) a approuvé, le 22 mai 2013, un accord de participation aux risques (APR) de 100 millions de dollars EU non capitalisé entre la BAD et Commerzbank AG. Selon les termes de cet accord, les deux banques partageront le risque de défaut d’un portefeuille de transactions commerciales qualifiées, en provenance de banques émettrices en Afrique et confirmées par Commerzbank AG.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank-2.png

Cette facilité permettra de répondre à la demande en matière de financement du commerce en Afrique en fournissant un soutien au commerce dans les secteurs économiques vitaux tels que l’agro-industrie et les industries de fabrication. Cet accord favorisera le développement du secteur financier, l’intégration régionale, et augmentera le volume des recettes publiques, améliorant ainsi la croissance économique durable de l’Afrique.

La majorité des banques africaines disposent de faibles bases de capitaux, qui altèrent leur capacité à obtenir des limites commerciales adéquates auprès des banques internationales de confirmation, et à procéder à des transactions de taille à l’impact significatif sur le développement. En outre, les banques locales en Afrique n’ont pas vraiment bénéficié de la répartition croissante des risques du commerce mondial. L’additionnalité de la BAD réside dans sa notation “AAA”, qui lui permet de partager les risques du commerce et d’étendre la capacité de financement du commerce extérieur des banques en Afrique, en élargissant ainsi les échanges commerciaux et renforçant l’intégration régionale.

Cette facilité APR, en cours d’exécution sur une période de 3 ans, est un arrangement de partage des risques à 50/50, qui permettra à Commerzbank AG de correspondre à l’engagement de la BAD à chaque transaction, créant ainsi un portefeuille de 200 millions de dollars EU maximum. La facilité se traduira également par l’octroi d’un soutien important aux banques et aux PME africaines. En prenant en compte les transferts, il est prévu de générer environ 1,2 milliard de dollars EU en transactions commerciales pour des équipements, des matières premières, des biens intermédiaires et des produits finis sur une période de 3 ans.

En outre, la facilité proposée s’aligne sur les priorités des pays membres régionaux de la BAD en matière de promotion du commerce, comme cela a été réaffirmé par l’Union africaine lors de sa 18e session ordinaire tenue en janvier 2012. Elle est également conforme à la stratégie à long terme de la Banque et à la stratégie pour l’intégration régionale qui vise à consolider son engagement dans le financement du commerce en Afrique.

Distribué par l’Organisation de la Presse Africaine pour la Banque Africaine de Développement (BAfD).

À propos de Commerzbank AG : Commerzbank AG est une banque internationale, qui a son siège à Francfort, en Allemagne. Elle est un important pourvoyeur de financement du commerce en Afrique, avec un portefeuille commercial d’environ 6 milliards de dollars EU et un réseau actif de plus de 500 banques correspondantes sur le continent. Faisant partie des premières banques européennes en termes d’émission de LC et de remboursement en Afrique, Commerzbank AG capte des flux commerciaux importants sur le continent. Elle dispose de six bureaux de représentation en Afrique, situés au Caire, à Tripoli, Addis-Abeba, Lagos, Luanda et à Johannesburg. Les notes à long terme de Commerzbank AG sont A2/P-1 (Moody), A/A-1 (S & P) et A + / F1 + (Fitch).

Pour plus d’informations, veuillez consulter : www.commerzbank.com

Contacts:    Sabrina Hadjadj Aoul, Chargée de communications, T. +216 71 10 26 21 / C. +216 98 70 98 43 / s.hadjadjaoul@afdb.org – Yaw Kuffour, Spécialiste principal du financement du commerce, T. +216 71 10 22 85 / y.kuffour@afdb.org

Les communiqués de presse sont également disponibles sur le site internet de la Banque à http://j.mp/AfDB_Media

SOURCE

African Development Bank (AfDB)