World Bank approves US$250M for the establishment of Development Bank of Ghana

GHANA – The World Bank Board of Executive Directors has announced that it has approved US$250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG). The establishment of DBG would increase access to long-term finance to boost job creation for 10,000 enterprises in key sectors including agribusinesses, manufacturing and high value services. “By offering long-term wholesale financing, credit guarantees, and other services, the Ghana Development Finance project will help increase overall lending to priority sectors and market segments,” said Pierre Laporte,…

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ABSA Group appoints Nadine Byarugaba as the new board chairman for its Ugandan subsidiary

UGANDA – ABSA Group, a financial service provider, has announced the appointment of Seasoned banker Nadine Byarugaba as the new ABSA Uganda board chairperson after acting in the position for close to a year. Previously, Swithin Munyantwali held the position until September 2019, when she was appointed to the Board of ABSA Group as a Non-Executive Director. Byarugaba has served on the Board since January 2016. In a statement, deputy ABSA Group chief executive officer Peter Matlare said her appointment will strengthen the value of the bank to shareholders. “I…

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Nigerian banks attract US$4.74bn foreign investments in six months

NIGERIA – Data obtained from the National Bureau of statistics showed that the amount of investment attracted by 22 banks accounted for 33.16 per cent of the total amount of foreign investment recorded in the first half of the year, which stood at US$14.31 billion. In the first quarter of the year, the total value of capital importation into Nigeria stood at $8.49 billion. This is an increase of 216.03 per cent over the value recorded in the fourth quarter of 2018 and 34.61 per cent increase over the value…

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