The Republic of Turkey Joins African Development Bank Group

TUNIS, Tunisia, December 9, 2013/African Press Organization (APO)/ — The Republic of Turkey participated in the African Development Bank Group’s Board Meetings for the first time last week in Tunis (, following the country’s admission as the 26th State Participant in the African Development Fund and the 78th Member State of the African Development Bank.


“Our Constituency is delighted to welcome Turkey as an official member of AfDB and to our Constituency,” said Executive Director Hau Sing Tse, who represents Canada, China, Korea, Kuwait and Turkey.

“Our Chair represented Turkey for the first time at the Board today [December 3, 2013]. I shared with the Board our excitement about Turkey’s membership at this juncture of Turkey’s engagement with Africa through its ‘Opening to Africa’ policy.

“It is especially timely for Turkey to join AfDB as Turkey enters into a new phase of deepening its engagement with Africa. Turkey values AfDB’s unique and pivotal role in helping to shape Africa’s transformation, and, as a new member, looks forward to making a useful contribution to support AfDB in this regard,” Tse added.

A Declaration issued by the Bank Group’s President, Donald Kaberuka, on October 29, 2013 formalized Turkey’s membership in the Bank Group.

Turkey’s admission to the Bank Group followed the completion of the membership process after the approval of its membership application by the Bank Group’s Board of Governors on May 14, 2008.

Membership of the Bank Group is subject to the completion of the membership process including signing of the Agreements establishing the Fund and Bank, deposit of the instruments of acceptance/approval of the Fund and the Bank agreements, and the payment of the initial subscriptions to the Fund and capital stock of the Bank.

The agreement establishing the AfDB was signed by 23 newly independent African countries on August 4, 1963 in Khartoum, Sudan. It became effective on September 10, 1964, when 20 member countries subscribed to 65 per cent of the Bank’s capital stock which then stood at US $250 million. The inaugural meeting of the Board of Governors (mostly Finance Ministers) was held from November 4-7, 1964 in Lagos, Nigeria. The Bank Group’s key mandate is to contribute to the sustainable economic development and social progress of its regional members, individually and jointly.

The African Development Fund (ADF), the concessionary window of the Bank Group was established on November 29, 1972, by the African Development Bank and 13 non-regional countries (State Participants). At the end of December 2012, cumulative ADF resources amounted to UA 22.3 billion (US $34.2 billion)

The AfDB Group’s authorized capital stood at UA 66.98 billion (US $103 billion) at the end of 2012. The capital subscription by the regional and non-regional countries is based on a 60/40 per cent ratio.

The Bank’s has approved 3,769 operations (loans and grants) totaling US $96 billion (UA 63.66 billion) from 1967 when it began operations to year-end 2012.

AfDB Group maintains AAA ratings from the main international rating agencies demonstrating its strong financial position.

See ( for data on Turkey.

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

Source: APO

Categories: African Press Organization


ADDIS ABABA, Ethiopia, December 9, 2013/African Press Organization (APO)/ — Her Majesty Queen Máxima of the Netherlands and the three food agencies of the United Nations are teaming up to raise awareness of how access to financial services – such as bank accounts, short-term credit, small loans, savings and insurance – can help improve the lives and livelihoods of smallholder farmers and the rural poor.

Queen Máxima joins the visit in her capacity as UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). She arrived in Addis Ababa today at the start of a five-day trip to Ethiopia and Tanzania, together with Ertharin Cousin, Executive Director of the UN World Food Programme (WFP), Maria-Helena Semedo, Deputy-Director-General of the UN Food and Agriculture Organization(FAO), and Adolfo Brizzi, the Director of Policy and Technical Advisory Division at the International Fund for Agricultural Development (IFAD). On Wednesday, the group is scheduled to travel to Dar es Salaam, Tanzania, where they will stay until 13 December.

Queen Máxima and the senior representatives of the three Rome-based UN food agencies –FAO, IFAD and WFP – will meet in both Ethiopia and Tanzania with senior government officials and high officials of national and international financial organizations. During fieldtrips in both countries they will meet rural community members and smallholder farmers and discuss how expanding access to financial services can help farmers to manage irregular cash flows and respond to external shocks such as drought and flood, invest in capital to improve their productivity, reach markets and access insurance to mitigate risks of crop loss.

The UNSGSA and the three food agencies are working together with governments and the private sector to extend financial services to marginalized groups, especially women, who often face legal and policy barriers, as well as disproportionate obstacles to services, training and information. Greater financial inclusion can also help increase the success of small producers who are not served by microfinance, but are also often perceived as ‘too risky’ by commercial banks.

On Thursday, 12December, Queen Máxima will givethe keynote speech during the launch of the National Financial Inclusion Framework at the Bank of Tanzania. A press conference will follow this event.

Press briefings of the four UN organizations will be held in Addis Ababa on 11 December and in Dar es Salaam on 13 December.

Source: APO

Categories: African Press Organization

Heirs Holdings investment philosophy delivering gains for Nigerian shareholders as Transcorp shows record growth in 2013

LAGOS, Nigeria, December 9, 2013/African Press Organization (APO)/ — Heirs Holdings (, the pan-African proprietary investment company with interests in key economic sectors, has again demonstrated its transformational ability over ailing businesses as one of its major investments, Transnational Corporation of Nigeria plc (Transcorp), presented its laudable achievements of 2013 to the Nigerian Stock Exchange (NSE) this afternoon.

Photo Tony Elumelu:


Management officials visited the NSE today for a ‘facts behind the figures’ presentation to the Exchange, stockbrokers and analysts, highlighting key fundamentals of the company’s business dynamics that have driven its recent impressive performance on the stock market.

Key accomplishments for Transcorp in 2013 include the acquisition of the 1000MW Ughelli Power Plant in November, after paying a bid price of $300m. Earlier this year, Heirs Holdings committed $2.5b to power investments throughout Africa under the Power Africa initiative; the Ughelli purchase is the first major transaction under the programme.

Transcorp’s strategy of seeking synergistic investments across the value chain in Nigeria, with the power purchase complementing existing investments in oil and gas, has been welcomed by investors, who are beginning to appreciate the strong strategic direction Heirs Holdings brings to the conglomerate.

Heirs Holdings Chairman, Tony O. Elumelu, CON, who is also the Chairman of Transcorp, said, “Transcorp represents the new Nigeria—dynamic, globally competitive, transparent and founded on good governance. We promised our investors that they would reap the rewards of their patience, and now we have built a company that is not only sharing the tangible fruits of our labour, it is also a vehicle for all Nigerians to gain access to the opportunities that our country offers.”

Transcorp’s presentation showed the company’s investments benefiting key sectors across the Nigerian economy. In the agribusiness space, the company is making new investments in food processing subsidiary Teragro, following its recent attainment of global certifications in international safety standards for its juice concentrate products. In the hospitality sector, Transcorp has commenced the refurbishment and expansion of the award-winning Transorp Hilton Hotel, Abuja. In oil and gas, the company expects to see production start on oil block OPL 281 next year.

Elumelu further stated: “Transcorp is one of the few ways through which institutional investors can obtain diversified access to Nigeria’s key economic sectors, from power and hospitality to oil and gas and agriculture. Our long term, sustainable investment philosophy reflects Heirs Holdings’ ability to create value, just as we did with the United Bank for Africa, which started as a national bank and is now one a pan-African institution.”

Speaking at the Exchange, Transcorp’s CEO, Obinna Ufudo, said, “We are delighted to be able to come to the Exchange having delivered on our promises. We believe the Transcorp transformation is only a the beginning and we look forward to recording further success for our shareholders, stakeholders and staff. We also pay tribute to the critical role leading shareholder Heirs Holdings has played in catalyzing change.”

Transcorp’s performance has been transformed from a loss of N8.88 billion loss in 2007, to a profit after tax (PAT) of N1.257 billion in 2011. This was improved in 2012 with a PAT of N2.527 billion, and by the end of September 2013, Transcorp recorded a profit before tax of N5.1 billion for the first three quarters of the year.

Distributed by APO (African Press Organization) on behalf of Heirs Holdings.

For more information

Dupe Kupoluyi Olusola

Director of Resources

Transnational Corporation of Nigeria Plc

38 Glover Road (formerly 22B)

Ikoyi, Lagos

Tel: +234-1-9033946-50


About Heirs Holdings

Heirs Holdings ( is a pan-African proprietary investment company driving Africa’s development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa.

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the power, hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL 281.

For more information about Transcorp, please visit

Source: APO

Categories: African Press Organization

AfDB President Joins World Leaders to Mark Late “Madiba” Nelson Mandela Rites

TUNIS, Tunisia, December 9, 2013/African Press Organization (APO)/ — AfDB President Donald Kaberuka ( is among the world leaders and dignitaries who are in Johannesburg to pay final respects to Nelson Mandela, who will finally be laid to rest on Sunday 15 December 2013 in his home town of Qunu in the province of East Cape (formerly Transkei), South Africa.

Photo Donald Kaberuka:


Before leaving for Johannesburg to represent the Bank Group for the rites, which last for five days beginning from Tuesday, 10 December, President Kaberuka had previously paid tribute to the late Mandela in which he described the South African leader as “an extraordinary man” and one of the world’s and Africa’s most illustrious sons. Eulogizing Mandela, the AfDB President said:

“As we mourn today, we also celebrate one extraordinary life that touched the hearts of millions of people. Nelson Mandela was a true servant – not just of his country and of Africa, but of men and women all over the world. His leadership was borne of humility, humanity and passionate desire for change. His vision was equality and opportunity for all and we honour Madiba by striving everyday to complete the task he began.”

The Bank mourns a man whose release from prison on 11 February 1990 paved the way for a high-level AfDB delegation to South Africa and the commissioning of a study on how to integrate the country into AfDB operations. Today, South Africa is a key player in AfDB operations both in its share capital structure and as a committed client, with Johannesburg hosting one of the Bank’s two Regional Resource Centres.

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

Source: APO

Categories: African Press Organization

African Financial Markets Initiative (AFMI) announces launch of revamped website –

TUNIS, Tunisia, December 9, 2013/African Press Organization (APO)/ — The African Financial Markets Initiative (AFMI), managed by the African Development Bank (AfDB) (, on Monday, December 9 announced the official launch of the redesigned AFMI website: The website displays new features including a mobile-friendly interface. AFMI also used the occasion to launch the inaugural edition of the AFMI newsletter, The African Bond Market Review (


The African Financial Markets Initiative (AFMI) is an African Development Bank Initiative designed to promote African bond markets. Since its inception, the AFMI website endeavours to be a premier knowledge management and information dissemination tool, raising awareness and understanding of African local currency bond markets.

An integral component of the AFMI website is the Data Portal, which provides a variety of data namely: (i) high frequency data from Thomson Reuters’ Knowledge Direct platform; (ii) low frequency data on macroeconomic indicators, debt indicators and governance indicators from the AfDB; and (iii) static data and content on bond market infrastructure, monetary policy and public debt management from African Central Banks, Ministries of Finance and stock exchanges.

The AFMI website provides more than data and information: it provides a platform for AFMI stakeholders and development partners to engage in debates on a range of bond market development issues.

The website is currently available in English, with the French version of the website available in the first quarter 2014.

AFMI is funded by the AfDB, the Fund for African Private Sector Assistance and the Canadian International Development Agency.

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

Technical contact: Cedric Mbeng Mezui Tel: +216 71 10 38 13 /

Media contact and knowledge management: AFMI Team. Tel +216 71 10 19 93 /

Source: APO

Categories: African Press Organization

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