28-29 April 2020Sofitel Abidjan Ivoire hotel, Côte d’Ivoire

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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

OUR AFRICA EXPERTS:

Seth TerkperFormer Minister of

FinanceGhana

Jim DuttonRegional Head

for AfricaBechtel

Hoda MoustafaAfrica Regional Head

MIGA

Michał ŁupkowskiInternational

Relationship DirectorLUG Light Factory

Chao XuEgypt Representative

OfficeSinosure

François SporrerChef du Service

Economique Régional pour l’Afrique de

l’OuestDG Trésor

Angelica AdamskiCEO

Chromafora

Samuel AlemahyuManaging Director

Cambridge Industries

Mandla MalekaGroup TreasurerEskom Holdings

Tewolde GebremariamCEO

Ethiopian Airlines

Sujay SarkarRegional CFO, West &

Central AfricaOlam

Robert BessellingExecutive Director

EXX Africa

Anne CrepinDeputy Head of Export Credit

SFIL

Joseph MbuyiDirector, Sub-Saharan Africa Regional Office

KfW IPEX Bank

Alain DescampsChairman

STAR

Stefan NalletambyDirector Financial

Sector DevelopmentAfrican Development

Bank

Keri LeicherDirector, Consulting

RelationsEXX Africa

Dr Nana AidutwimMensah

Finance Manager - West Africa

Sandvik

Maelia DufourDirector

International RelationsBpifrance

Dominique AubertHead of French-

speaking Switzerland, Head of Acquisitions &

AdvisorySERV

Matthew McLeanPresident

Endsight Consulting

Atsuko TodaDirector for Agriculture

Finance & Rural Development

African Development Bank

Rahul RastogiCFO, Cote D’Ivoire

Olam

Aida N’DiayeCountry Manager

Cote D’IvoireAfrica Business Portal

Victor EromoseleCEO

ME Consulting Ltd

TOP 2019 CORPORATE GUESTS

Andritz Hydro

ASPAC International

Besix

BNEDT

Caterpillar

Chamber of Commerce Cote D’IvoireCNHI 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

Opening remarksWelcome 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 keynoteCote 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 updateWith 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

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 tradeSince 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 BankSujay Sarkar, Regional CFO, West & Central Africa, Olam

08:30

DAY 1

Taking the pulse: TXF’s audience surveyWhat 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

Export & project stream Trade & Commodities Stream

Networking coffee break

Moving ahead: Opportunities in rail & roadTransport 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?Jim Dutton, Regional Head for Africa, BechtelFrançois Sporrer, Chef du Service Economique Régional pour l’Afrique de l’Ouest, DG Trésor

Sector focus: Cocoa70% 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 revolutionOver 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 communitiesMany 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?

Sector focus: Export & Project Sector focus: Commodities

Networking coffee break

Focus groups: infrastructure and energy in depthYou’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 del’Ouest, DG Trésor

Oil & opportunity: Focus on NigeriaAs 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 pace at 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. However, after his reelection in 2019, the President has upped the country’s already record breakingly high budget for next year, begging the question: where is the money coming from?

• Nigeria’s debt outlook is increasingly worrying – how will this impact the country’s economic prospects and therefore international investment opportunities?

• How does Nigeria plan to square its ambitions to boost intra-African trade with the closing of its borders?

• Despite attempts to diversify, Nigeria is still reliant on oil as a source of foreign exchange. What long term solutions can be implemented to overcome this challenge?

Moderator: Victor Eromosele, CEO, ME Consulting Ltd

Sector focus: Mining & extractivesAlthough 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

International perspectives: The exporters’ revueWith 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 receptionJoin us in the Sofitel Gardens for a relaxed drink

18:00

DAY 2

Power up: Taking on Africa’s challenged utilitiesMany 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 remarksWelcome 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, MIGAMaelia Dufour, Director - International Relations, BpifranceDominique Aubert, Head of French-speaking Switzerland, Head of Acquisitions & Advisory, SERV

Sponsored by:

Networking coffee break

Plenary Idea lab

Balancing the books: Countering African indebtedness with local currency When the IMF is calculating a country’s balance sheet, FX debt weighs much more heavily than local currency debt. By this logic, increased lending in local currency rather than FX would lighten the load on a country’s balance sheet. As fears surrounding debt sustainability mount, we ask:

• What structures can be implemented to help African banks lend in local currency?

• How can we alleviate the overall need for indebtedness?

• How can we boost African banks’ creditworthiness to match that of internationals who would lend in FX?

Case study: The Abidjan MetroCote 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 financingAlain Descamps, Chairman, STAR

China vs the world: International investors into AfricaChina is renowned for bullish investment into Africa, particularly when itcomes to ambitious infrastructure projects. But whilst their activity in theregion 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 examinesinternational investment prospectives in Africa, including:

• The development of Africa-Russia relations, concretized by the recentRussia-Africa summit and Afreximbank’s Moscow based AGM. Which Africancountries and industries are piquing Russian interests?

• The increase in Indian activity on the continent, particularly when it comesto securing energy assetsChao Xu, Egypt Representative Office, Sinosure

Resilient cities: Encouraging sustainable growthAccording 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 FactorySamuel Alemahyu, Managing Director, Cambridge Industries

Networking lunch

Looking to the future: Sustaining growth in AfricaAgriculture, 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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Contact…Eavie for content and speaking enquirieseavie.burnett@txfmedia.com

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