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3. A PAN-AFRICAN EVENT FOR STRUCTURED FINANCE
Testimonials
Now in its fifth year, TXF Africa returns to Abidjan to decipher the hottest challenges and opportunities across the continent.
Join local and international ECAs, SOEs, DFIs, MFIs, borrowers, exporters, commercial banks, law firms, insurers and governments
in Abidjan this October.
With opportunities like this on the horizon, it’s no surprise that Africa is piquing interest.
TXF Data shows more deals closed in Africa than any other region in 2019, comprising 7.7% of global volumes. TXF Africa delves
into booming industries such as infrastructure and power, African free trade, West Africa’s dominance in the global cocoa market,
updates from Nigeria, and the importance of sustainability, so you can identify opportunities with those leading the charge.
2018
DELEGATE
BREAKDOWN
• Corporates: 35%
• Financial institutions: 33%
• MFI/DFI/ECA: 15%
• Governments: 6%
• Insurers: 4%
• Law firms: 3%
250+
Attendees
40+
Speakers
150+
Companies
More content:
2 days
2 streams
35%
33%
15%
6%
4%3%
‘Cannot be bettered as a forum to exchange ideas
and obtain access to the key players in the industry.’
Oliver Irwin, Bracewell
‘The premier event in the African market for trade,
export and commodity finance! Not to be missed!’
Craig Weitz, Nedbank
‘Very practical lessons on Africa’
Dr Layi Fatona, ND Western
‘TXF Africa is a must visit for everybody engaged in the export
and project finance in this region. The conference offers
excellent networking opportunities and good information about
the latest market trends from the relevant players.’ Dr Dietrich Stiller, SZA
4. OUR AFRICA EXPERTS:
Jim Dutton
Regional Head
for Africa
Bechtel
Hoda Moustafa
Africa Regional Head
MIGA
Michał Łupkowski
International
Relationship Director
LUG Light Factory
Chao Xu
Egypt Representative
Office
Sinosure
Angelica Adamski
CEO
Chromafora
Dr Nana Aidutwim
Mensah
Finance Manager -
West Africa
Sandvik
Dominique Aubert
Vice President
Acquisition & Rep.
Lausanne office
SERV
Seth Terkper
Former Minister of
Finance
Ghana
François Sporrer
Chef du Service
Economique Régional
pour l’Afrique de
l’Ouest
DG Trésor
Mandla Maleka
Group Treasurer
Eskom Holdings
Tewolde Gebremariam
CEO
Ethiopian Airlines
Alain Descamps
Chairman
STAR
Stefan Nalletamby
Director Financial
Sector Development
African Development
Bank
Atsuko Toda
Director for Agriculture
Finance & Rural
Development
African Development
Bank
Samuel Alemahyu
Managing Director
Cambridge Industries
Hacina Py
Global Head of
Export Finance
Societe Generale
Craig Weitz
Principal: Export Credit
Finance
Nedbank
Portia Gumbo-Dube
Head: Deal Origination
ECIC
Sujay Sarkar
Regional CFO, West &
Central Africa
Olam
Maelia Dufour
Director
International Relations
Bpifrance
Rahul Rastogi
CFO, Cote D’Ivoire
Olam
Robert Besselling
Executive Director
EXX Africa
Anne Crepin
Deputy Head of
Export Credit
SFIL
Jens-Oliver Schuenzel
Vice President -
Infrastructure
KfW IPEX Bank
Matthew McLean
President
Endsight Consulting
Aida N’Diaye
Country Manager
Cote D’Ivoire
Africa Business Portal
Victor Eromosele
CEO
ME Consulting Ltd
5. TOP 2019 CORPORATE GUESTS
Andritz Hydro
ASPAC International
Besix
BNEDT
Caterpillar
Chamber of Commerce Cote D’Ivoire
CNHI International SA
Colas
Colas Rail
Coordination Nationale du Programme
Compact MCC
CTCI Cote D’Ivoire
Daimler AG
Daimler Financial Services
Dangote Industries
DHL Global Forwarding
Dredging International
ECC
Ecom Trading
Elecnor
Energy Institute Nigeria
Eni
Enval Group
Ericsson
Ferrostaal Equipment Solutions France S.A.S
GAUFF GmbH & Co. Engineering KG.
J.M. Voith GmbH & Co.KGaA
Korlink
Lufthansa Cargo
Marubeni Corporation
Mitco
Mitsubishi Corporation
Mota-Engil Group
Moving Road
Nautic Africa
NMS International
Olam International Limited
Orascom Construction (OCI)
PFO
Power Africa
Razel
SAAF (Société d’Accompagnement des
entreprises en Afrique Francophone)
SAP
Satake Europe
Schneider Electric
SENET
Sifca
Société des Transports Abidjanais sur Rails
SOLSYS
South African Chamber of Commerce and
Industry (SACCI)
Spac
Star Energies
STOA
Sumitomo Corporation
Technologies Vision & Services
Thales
Transglobal
Tullow Oil
USAID Power Africa
VAMED
VERGNET HYDRO
VINCI Energies International And Systems
Wartsila
Yiris Group
6. Opening remarks
Welcome to the fifth edition of TXF Africa! We’re delighted to be back in Abidjan for the second year running and look forward to two days of
dynamic discussion and networking.
Ministerial Keynote: Cote D’Ivoire
Cote D’Ivoire’s economy has grown at an average of 8% per year since 2011, making it one of Africa’s fastest expanding markets. This significant development is
driven in part by the country’s booming agricultural industry; the country contributes around 40% to the world’s supply of cocoa. On top of this, CEPICI, Cote
D’Ivoire’s government backed investment promotion office, incentivizes private investment to drive growth in the private sector.
• What improvements are being made to the nation’s infrastructure to foster economic development? What impact will the creation of decentralized industrial zones have?
• What transformations are underway in the agricultural sector to boost Cote D’Ivoire’s competitiveness?
• How are the manufacturing, services and IT sectors developing to bolster local growth?
• What is being done to improve access to finance which will benefit local SMES and increase local banks’ MLT financing capacities
Reality check: An African security update
With militancy in the Sahel on the rise; a growing crime nexus including people smuggling, arms trading and drugs trafficking; and the re-emergence of piracy in
the Gulf of Guinea, trading in Africa certainly has its risks. However, guests at TXF Africa have consistently voted that perception of African risk is always greater
than actual risk. It’s no secret that the continent offers plentiful opportunities in various sectors including power, infrastructure and agriculture. In this reality
check, we take a frank look at how to make your business robust to the most pressing security threats:
• Which risks are most important to be aware of for your business?
• What actions should you take to protect yourself against today’s most prominent security threats?
• How can you make the most of the opportunities on offer in Africa despite significant threat?
Keri Leicher, Director, Consulting Relations, EXX Africa
Ministerial Keynote: Ghana
You’ve heard from the current government, but what of ministries past? Ghana’s economy is estimated for a 6.7% growth in 2019, up significantly on 5.4% in the
previous year. This includes a non-oil growth at a projected 6%. The country has seen impressive recovery in the service sector which has grown 7.2% in 2019,
compared to just 1.2% in 2018. The local banking sector remains strong, promising significant opportunities for international investment.
• Which sectors should your business keep its eyes on in Ghana over the next year?
• What’s the latest on the public utility ECG’s appointment of the private PDS? Has Ghana’s power distribution stabilized and, if not, what does this mean for
investment prospects?
• Where will we expect to see further growth in Ghana over the course of 2020?
Seth Terkper, Former Minister of Finance, Ghana
Fostering collaboration: A roadmap to intra-African trade
Since the formation of the World Trade Organisation, the Africa Continental Free Trade Area (AfCFTA) has been the largest of its kind. Comprising 54 of the 55
African nations, AfCFTA demonstrates countries’ willingness to collaborate and boost intra-African trade. This, paired with success in the ECOWAS region, show
that Africa is coming closer to its free trade goals. However, it is unclear when we will start to see the fruits of the agreement or whether it will remain a pipe
dream. For example, many African nations demonstrate a stringent nationalism which is at odds with AfCFTA’s goals – Nigeria, for instance, has closed its borders.
Our panel of experts discusses whether AfCFTA will boost business if made tangible, or if lengthy documentation and prohibitive tariffs will remain a hindrance:
• What would AfCFTA mean for international exporters, banks and ECAs if we see it come to fruition?
• How should you proceed with your operations in the interim between AfCFTA’s ratification and tangible results? Realistically, when will we start to see projects
emerging under AfCFTA’s remit?
• What actions do African governments and agencies need to take to make AfCFTA a reality?
Atsuko Toda, Director for Agriculture, Finance & Rural, Development, African Development Bank
Sujay Sarkar, Regional CFO, West & Central Africa, Olam
08:30
DAY 1
Taking the pulse: TXF’s audience survey
What do you think of today’s African market? How is your business faring, where do you see opportunities, and what excites you most about the industry? Have
your say in our interactive audience survey.
AGENDA
7. Export & project stream Trade & Commodities Stream
Networking coffee break
Moving ahead: Opportunities in rail & road
Transport and infrastructure development are priorities not just for the Ivorian
government, but for ministries across the continent. However, it’s no secret that
getting large-scale infrastructure projects off the ground in Africa presents a
plethora of unique challenges. For example, sovereign borrowers, as opposed
to private sector, can complicate procedures. Further, whilst local banks have
low capacities that inhibit involvement in mega-projects, their on-the-ground
know how is vital for getting things done. Add to this Africa’s infamous logistical
challenges and you have a complex situation that requires delicate handling.
• What templates can a big-ticket, multi-sourced deal like Nacala provide for
future large-scale projects across the continent?
• Why is dealmaker collaboration so important to get the perfect balance on
African infrastructure projects?
• Why does rail and road infrastructure remain a vital, lucrative sector for
investors into Africa?
Dominique Aubert, Vice President Acquisition & Rep. Lausanne office, SERV
Jim Dutton, Regional Head for Africa, Bechtel
François Sporrer, Chef du Service Economique Régional pour l’Afrique de
l’Ouest, DG Trésor
Sector focus: Cocoa
70% of the world’s cocoa is produced in West Africa; Cote D’Ivoire alone
contributes 40%. Ghana is close on Cote D’Ivoire’s tails – given that the
commodity represents some of the countries’ biggest exports, the two have
collaborated on an ‘OPEC for cocoa’, or ‘COPEC’. The aim is for fixed term
prices to increase price stability, but whether international markets will
respond positively remains to be seen. Further, there have been global calls to
increase traceability and reporting to eliminate child labour in the industry.
• How will continued investment into processing equipment allow value to be
captured in Africa rather than lost along the supply chain?
• What role will blockchain and other technologies play in ensuring that beans
are ethically sourced?
• How will the industry step up its transparency in response to global calls for
improved workers’ rights?
Rahul Rastogi, CFO, Cote D’Ivoire, Olam
Networking lunch
The future of agriculture: Digital disruptors and supply
chain revolution
Over the past years, digitization has become more than just a buzzword
in African trade finance; it’s a vital process. For example, AI and big data
are becoming necessities for traders as they develop precision agriculture
techniques and boost productivity. Further, microfinancing has taken the
continent by storm as it helps connect local SMEs to the supply chain.
• What impact is the micro-loan ecosystem having for local SMEs? What is the
importance of technology in creating an inclusive financial system?
• How has digital banking transformed over the years and why is it so
important for small African businesses?
• Where have we seen the biggest developments in AI, big data and
blockchain that will transform the financial ecosystem?
Energise: Powering African communities
Many African countries rely on expensive fossil fuels as their main source
of power, yet the World Bank estimates a saving of USD $5-8 billion per
year from improving integrated power trade. This would increase access
to accessible, reliable power with lower CO2 emissions. As well as dealing
with costly and emission heavy fuel, Africa grapples with the challenges of
connecting rural communities to the grid. Despite this, Cote D’Ivoire has
increased capacity by 56% between 2011 and 2018 up to 2200 MW. This
includes upping rural electricity coverage from 33% to 54%, according to the
African Development Bank. We consider the innovative solutions currently
in play to keep driving these figures: whilst renewables are set to play an
important role, intermittent power distribution means that surplus energy is
lost and ‘dirty’ energy still dominates.
• Which energy sources will dominate the mix in the coming years and
therefore promise rich return on investment?
• How can we balance urgent demand for affordable power with the global
need for clean energy? Will battery storage play a role?
• Which nuances of the African market must be considered when putting
together a large-scale power project in the region?
8. Sector focus: Export & Project Sector focus: Commodities
Networking coffee break
Focus groups: infrastructure and energy in depth
You’ve heard from our experts, now it’s time to have your say on two of
Africa’s most important sectors for development. Join a small group with
one of our panelists to ask your questions, pitch in your experiences, and
workshop solutions to the challenges facing these industries.
These small groups of off-record discussions will allow you to speak frankly
and candidly about your sector concerns
Focus group: Transport & Infrastructure
• Which infrastructure projects have piqued your interest this year?
• What are your biggest concerns when it comes to African infrastructure in
2020?
• Have you seen any deals ‘go wrong’ this year, or did any projects fail to live
up to your expectations?
• Which deals have impressed you this year, and what elements of the deal
structure do you seek to emulate?
Focus group: Energy
• In your opinion, what have been the most exciting developments in Africa’s
energy sector this year?
• What exciting projects have you been working on? Have there been any
developments that you think will radically change the industry?
• What are the biggest challenges for your business in the African energy
sector? Do you have any grievances you’d like to air?
Discussion leaders:
Jim Dutton, Regional Head for Africa, Bechtel
François Sporrer, Chef du Service Economique Régional pour l’Afrique de
l’Ouest, DG Trésor
Oil & opportunity: Focus on Nigeria
As well as being the continent’s most populous country, Nigeria represents
Africa’s largest economy. Despite this, economic growth proceeded at a
sluggish but stable 2% in the first half of 2019 (according to the World
Bank). Oil GDP remains stable, but as ever the market remains vulnerable
to price fluctuations.Some 40 per cent of Nigeria’s oil comes from its offshore
deepwater fields, with billions of dollars worth of project awaiting sanction in
the sector. This roundtable considers the investment opportunities at stake:
• What impact will the recently amended Production Sharing Contracts Act
have on major deep offshore projects awaiting sanction?
• What opportunities are arising from the emerging gas to power sector?
• What role can multilaterals and other financial institutions play in bringing
Nigerian oil and gas projects to fruition?
• What opportunities will arise from the Final Investment Decision taken on
the Train 4 expansion of the Nigeria LNG Bonny Island plant?
Moderator: Victor Eromosele, CEO, ME Consulting Ltd
Sector focus: Mining & extractives
Although concentrated in West Africa, the trend for resource nationalism is
sweeping the continent. For example, Sierra Leone cancelled a prominent iron
ore mining license in 2019 following a 5 year high in iron ore prices (around
$125 per metric ton). Whilst the trend is not universal, Tanzania, Congo and
Zambia have all raised mining taxes without industry support. However,
international companies must adapt to create a more inclusive mining sector.
This session will assess the financial implications of resource nationalism on
mining projects:
• Local companies are less financially sound than multinationals. What financial
structures could be put in place to support local African mining companies? For
example, what roles could ECAs and DFIs play in the funding mix?
• Have we seen any success stories where local companies have formed joint
ventures with multinationals?
• Have increased calls for environmental reporting and extra documentation
pressured local mining companies? How can these be mitigated given calls for
nationalization?
Angelica Adamski, CEO, Chromafora
Dr Nana Aidutwim-Mensah, Finance Manager - West Africa, Sandvik
9. International perspectives: The exporters’ revue
With significant projects on the horizon, Africa offers many opportunities to international exporters. Although it can be a challenging market to navigate, the
rewards are more than worth it. Exporters looking to get their teeth stuck in to mega projects must navigate the fact that local banks cannot lend in sufficient
volumes. Further, African governments are militant with regards to local content requirements. Many are asking these to be upped to 40-50% of the export
contract, placing significant pressures on market players.
• What do exporters want from ECA products and how can agencies tailor their offerings to suit the African market?
• How do exporters get comfortable with tender to contract FX risk? Do they hedge, and if so with what implements?
• What creative solutions have exporters found to dealing with the nuances of the African market?
• Whilst West Africa’s currency has shifted from the CFA Franc to the Eco, it’s still pegged to the Euro. What impact will this have for international exporters
seeking financing on African projects?
Drinks reception
Join us in the Sofitel Gardens for a relaxed drink
18:00
DAY 2
Power up: Taking on Africa’s challenged utilities
Many of Africa’s energy utilities are state owned companies that can be described as monopolistic. This model has led to problems with electricity delivery,
notably in South Africa and Ghana. However, utilities in Kenya, Morocco and Cote D’Ivoire suggest that there could be a successful template for nations to follow.
We gather leaders from African utilities – both successful and challenged – for an update on the continent’s energy delivery:
•Why has Eskom had so many challenges, notably load shedding, and what are their plans to improve the business model?
• Kenya, Morocco and Cote D’Ivoire are getting it right. What are they doing that’s proving successful and how could other countries emulate them?
• What role should the private sector play in African utilities?
Mandla Maleka, Group Treasurer, Eskom Holdings
Opening remarks
Welcome to the second day of TXF Africa 2020. Having discussed the importance of intra-African trade and its impacts on specific sectors, today
we dig down into specific projeccts and focus on encouraging sustainable growth.
09:00
ECA & DFI collaboration: The key to African deals?
When political risk is high, ECA and DFI backing are incredibly popular. Many deals necessitate support from both types of agency, meaning that collaboration is
vital – but this can complicate deal structuring.
• What exemplary cases of financial collaboration have we seen on African deals across 2019 and 2020?
• 2019 has seen an increase in ECAs offering direct lending facilities. How does this play into the overall deal structure and opportunities for collaboration?
• Mozambique put $40 billion of debt to the market this year. What opportunities will this offer the ECA and DFI market?
Hoda Moustafa, Africa Regional Head, MIGA
Maelia Dufour, Director - International Relations, Bpifrance
Sponsored by:
10. Networking coffee break
Plenary Idea lab
Getting the price right: Optimising financing conditions
for infrastructure projects
Financing infrastructure in Africa is never easy, especially for projects that are
out for public tender. However, there are some tricks you should have up your
sleeve to secure the best value for money. This presentation gives you the
lowdown on securing optimal financing, including ECA cover, for projects out
for public tender.
• How does financial structuring impact selection of bidders?
• Why should ECA finance be considered for cost effective public tenders?
• Why is it imperative for financing to be considered from a project’s nception?
Jens-Oliver Schuenzel, Vice-President, Infrastructure, KfW IPEX Bank
Case study: The Abidjan Metro
Cote D’Ivoire’s most hotly anticipated project, the Abidjan Metro, is finally
making progress. Having seen its fair share of dramas – the project was
changed from a PPP to a sovereign loan during its early stages for one – the
Abidjan Metro could prove a vital case study for future dealmakers in the
region to learn from.
• Senior dealmakers gather to discuss the project’s peaks and troughs,
assessing the next steps required to bring the project to fruition
• What lessons have been learned from the 6 year saga and how can these
teach us best practice for future large-scale infrastructure deals?
• We address any questions you have regarding the project’s structure and
financing
Alain Descamps, Chairman, STAR
China vs the world: International investors into Africa
China is renowned for bullish investment into Africa, particularly when it
comes to ambitious infrastructure projects. But whilst their activity in the
region is certainly remarkable, is it monopolistic? Over the last year, we’ve
seen China be far more selective about the projects its been involved in. This
session examines
international investment prospectives in Africa, including:
• The development of Africa-Russia relations, concretized by the recent
Russia-Africa summit and Afreximbank’s Moscow based AGM. Which African
countries and industries are piquing Russian interests?
• The increase in Indian activity on the continent, particularly when it comes
to securing energy assets
Chao Xu, Egypt Representative Office, Sinosure
Resilient cities: Encouraging sustainable growth
According to a recent report by TXF Data, 14.1% of all sustainable deals
done in 2019 were closed in Africa. A vital step in the continent’s continued
development is the establishment of resilient smart city infrastructure that
will support countries as they continue to grow. For example, we are seeing a
host of waste to energy projects coming to a fruition in Ghana and Nigeria, all
of which include significant ECA involvement. Sustainable infrastructure must
be thought of in the long term. This may be self-explanatory, but it is vital
that we shift our thinking about African projects so as to plan for a lifespan
upwards of ten years.
• Which innovative infrastructure technologies are being rolled out across
Africa and why are they so important for continued development?
• How should projects be implemented on the ground to account for
geopolitical fluctuations and logistical challenges?
• What opportunities does the booming sustainable infrastructure sector offer
for ECAs, DFIs, exporters and commercial banks?
Michał Łupkowski, International Relationship Director, LUG Light Factory
Samuel Alemahyu, Managing Director, Cambridge Industries
11. Networking lunch
Looking to the future: Sustaining growth in Africa
Agriculture, forestry and other land use comprise 25% of greenhouse gas emissions caused by humans. Given West Africa’s reliance on agriculture, sustainability has
become a hot topic that can no longer be ignored. However, there’s a balancing act to be performed between sustainable development and urgent local needs. Palm
oil, for example, is renowned for its environmental impact but provides around 200,000 regular jobs and 500 billion CFA Francs to Cote D’Ivoire alone.
• How can we make real progress on sustainability without a solid definition of the term?
• What is at stake if we fail to make sustainability a vital consideration in the deal making process?
• What solutions can prioritize local development whilst also benefitting the environment?
Closing remarks
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