Afreximbank and Uganda Development Bank Partner to Boost Investment

African Export-Import Bank (Afreximbank) and the Uganda Development Bank (UDB) have signed a Joint Project Preparation Facility (JPPF) Framework Agreement to accelerate industrialization and export development in Uganda.   The partnership aims to provide early-stage financing and technical support to public and private sector entities for project preparation. By de-risking projects and advancing them to bankability, the JPPF will unlock investments in key sectors such as energy, transport, logistics, special economic zones, manufacturing, agro-processing, hospitality, tourism, mining, and solid minerals. Afreximbank and UDB will jointly mobilize up to US$25 million in project preparation funds. The facility will cover feasibility studies, project development advisory services, and related costs. Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank (Afreximbank), signed the agreement on behalf of Afreximbank while Mr. Samuel Edem Maitum, Director of Credit, UDB signed on behalf of his organisation on 14 June 2024 in Nassau, The Bahamas. Commenting on the execution of the agreement, Mrs. Awani stated: “The JPPF is a critical collaborative tool through which the Bank and its partners pool resources to prepare bankable projects, given that one of the major challenges in developing projects was moving commercially viable projects to financial close. “Through this…

Bloomberg Law to showcase AI-powered legal tools and expanded dockets at AALL Conference

Bloomberg Law has announced its participation as a Silver Sponsor at the upcoming American Association of Law Libraries (AALL) Annual Meeting & Conference in Chicago. The company will showcase its latest advancements in legal technology and content development, including the newly acquired project management and collaboration tool, Dashboard Legal. During the conference, Bloomberg Law will spotlight its robust AI and machine learning capabilities, with a particular focus on Clause Adviser, a generative AI tool that assists in drafting M&A agreements. The company will also demonstrate enhancements to its market-leading Dockets platform, including the addition of over 400 state courts and innovative features like AI-powered Docket Path and Time to Rule Analytics. Additionally, Bloomberg Law will highlight expansions to its Practical Guidance offerings, covering specialty litigation, commercial, and regulatory topics, as well as new In Focus resource pages on critical legal issues such as Chevron deference and overtime exemptions. “We are thrilled to demonstrate how Bloomberg Law’s continuous innovation and customer-focused enhancements make a real difference in the daily work of legal professionals,” said Joe Breda, president, Bloomberg Law. “Our value our participation at AALL and look forward each year to connecting with the library community to showcase our latest advancements.”…

Moody’s Joins Singapore’s Project Guardian to Explore Asset Tokenization

Moody’s Corporation (NYSE: MCO) has announced its participation in the fixed income workstream of the Monetary Authority of Singapore’s (MAS) Project Guardian. The initiative, launched in 2022, aims to enhance financial market liquidity and efficiency through asset tokenization while mitigating risks to financial stability. As part of Project Guardian, Moody’s will provide risk analysis for tokenized fixed income products, including bonds, fund units, stablecoins, and tokenized deposits. This analysis will contribute to market transparency, reduce systemic risk, and foster the growth of the tokenization industry. “Moody’s is entering a new era of brand identity, innovation, and collaboration, and we’re proud to be part of this project at the forefront of asset tokenization,” said Wendy Cheong, Managing Director and Regional Head of Asia-Pacific for Moody’s Ratings. “Our participation in Project Guardian reflects our commitment to innovation, transparency, and risk analysis in financial markets.” “Project Guardian is a testament to the power of transparency in the financial industry and as we join other leaders in this initiative, we are excited about the potential of tokenization to transform the financial landscape,” said Fabian Astic, Managing Director and Global Head, Digital Economy, Moody’s Ratings. “At Moody’s, we are committed to paving the way for…

The Essentials of Project Finance

At the heart of every successful project lies a delicate balance between aspirations and resources, objectives and expenditures. As project managers our financial literacy provides a key navigational tool guiding us through financial intricacies, ensuring our projects not only stay afloat but thrive amidst turbulent environmental currents. Navigating Budgetary Boundaries: Even with a meticulously crafted project plan, a project can be quickly derailed by unforeseen budgetary constraints. Its frustrating – I know! The project manager’s value comes from being able to adeptly navigate budgetary boundaries.  Your role is to transform these static plans into tangible achievements, optimizing resource allocation and ensuring maximized stakeholder value. Mitigating Financial Risks: As a project manager you must be able to quickly identify and abate cost overruns.  Putting in place contingency plans, that will shield the project from volatility and buffer the impact of financial shortfalls from the final project objectives.  Taking difficult but essential decisions on where and when to pull back within the project, identifying new sources of funding, or adjusting stakeholder expectations to meet the new constraint. Driving Strategic Decision-Making: Every decision we make as project managers has the potential to impact our projects’ financial outturn. Understanding how these decisions will impact…

UAE Ministry of Finance Unveils Transformational Projects to Boost National Competitiveness and Global Influence by 2031

The United Arab Emirates Ministry of Finance announced the launch of a series of transformative projects designed to propel the nation towards a future-oriented, globally competitive economy. Aligned with the ambitious “We the UAE 2031” vision, these initiatives aim to solidify the UAE’s position as a global hub for the new economy within the next decade. The projects are specifically crafted to deliver rapid, impactful results across various sectors. They directly support the government’s foresight objectives and financial goals outlined in “We the UAE 2031,” with a focus on achieving key national indicators that positively influence society and the country’s industries. His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritises developing governmental work to be able to meet the future requirements of the nation by adopting new methodologies and ways of working through the digital transformation. He noted that these are pursued by the UAE to achieve a quantum leap in project implementation, budget preparation, and resource management. His Excellency emphasised the Ministry’s efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments….

African Development Bank Empowers Madagascar with Project Management Training

The African Development Bank Group (AfDB) recently concluded a two-day training program designed to strengthen project implementation capabilities in Madagascar. This initiative, held on June 11th and 12th, 2024, brought together Malagasy government officials overseeing AfDB-funded projects, including project managers, administrative and finance officers, and representatives from the Bank’s Public Debt Directorate. Co-organized by the AfDB’s Madagascar Country Office and Disbursements Department, the workshop focused on equipping participants with a thorough understanding of the Bank’s disbursement rules and procedures. This knowledge will be instrumental in optimizing expenditure performance and ensuring the successful execution of AfDB-backed projects in Madagascar. Abdoulaye Kane, head of the Disbursements Department in the Bank’s Financial Control team, stated, “The aim of the workshop, which was to build the capacity of the management units responsible for projects funded by the Bank Group, was achieved. Understanding the procedures will improve the quality of the documentation sent to the Bank.” He added that the improved documentation quality will enable faster processing and enhance Madagascar’s capacity to absorb funding from the Bank Group. Mandimbisoa Heriniaina, an accountant responsible for reviewing project disbursement requests in the Bank Group’s Public Debt Directorate, lauded the training approach and clarity of the answers provided….

Marqeta Expands European Footprint with New Warsaw Office

Global modern card issuing platform Marqeta today announced the opening of a new office in Warsaw, Poland. This strategic expansion underscores Marqeta’s commitment to accelerating its card program management capabilities across Europe. Marqeta has been processing transactions in Europe since 2019. The Warsaw office will serve as a springboard for further growth, leveraging Polish talent to deliver Marqeta’s comprehensive card program management services to a wider European audience. Marqeta’s card program management solutions encompass a full suite of capabilities, including industry-leading risk and compliance services, dispute management, card fulfillment, cardholder web components, and robust cardholder support options. This expansion strengthens Marqeta’s position as a leading provider of modern card issuing solutions, enabling European companies to navigate the complexities of card program development and operation.

Ascertus teams up with ActiveNav to tackle unstructured data in UK Legal Sector

Ascertus Limited, a leading provider of document and information lifecycle management solutions, has announced a new partnership with ActiveNav, a specialist in unstructured data discovery. This collaboration makes Ascertus the first UK implementation partner for ActiveNav within the legal sector. The partnership strengthens Ascertus’ position as an innovator in legal tech solutions. They are strategically building a portfolio of best-in-class products that complement the iManage Work platform. This approach allows them to offer unbiased consultations and technology implementation tailored to evolving client needs. “We continuously explore innovative technologies and services to stay a step ahead of our customers’ evolving needs,” commented Roy Russell, CEO of Ascertus. “This approach allows us to deliver solutions that proactively address customer pain points, business requirements, and risk. Unstructured data is a rapidly growing business risk many enterprises severely underestimate today. We are delighted that ActiveNav has chosen us as their implementation partner in the UK. Together we can truly deliver value to our customers.” By incorporating ActiveNav’s solution, Ascertus gains a powerful tool to assist businesses in tackling the ever-growing challenge of managing “dark data” – undiscovered and unstructured information residing within organisations. This hidden data can pose significant business, governance, and compliance risks,…

CyEx bolsters Data Breach Response with acquisition of Simpluris

Data breach response provider CyEx announced the acquisition of Simpluris Inc., an award-winning class action settlement administrator. This strategic move strengthens CyEx’s ability to provide comprehensive data breach solutions and deliver vital restitution to a wider client base. “We’re thrilled to welcome Simpluris to CyEx,” said Jerry Thompson, Executive Vice President at CyEx. “Their leadership and industry know-how are exceptional. Simpluris’ authority within the settlement administration category will allow CyEx to build on its foothold in the data breach response and class action market.” Simpluris is a leader in class action settlement administration, particularly within the public sector and across various verticals like employment and consumer litigation. Simpluris’ project management experts deliver legal administration services with speed, precision and accountability. The company will operate as a standalone business within CyEx, led by its existing experienced leadership team. “Simpluris is excited to join CyEx. We believe the synergies of CyEx’s expertise in the cyber and data breach remediation space and our technology-driven approach to legal administration will enable us to enhance our opportunities to serve our clients and grow our business,” said Kevin Lee, President and CEO of Simpluris.

Deloitte and Basware join forces to streamline E-Invoicing for global businesses

Professional services firm Deloitte and cloud-based procurement provider Basware have announced a strategic alliance to revolutionize touchless invoice processing for global clients. This partnership leverages their combined expertise to accelerate automation and drive finance transformation initiatives. E-invoicing is rapidly gaining traction within finance departments, aligning with the growing trend of electronic reporting mandated by local governments and tax authorities. Accounting teams will need to adapt to comply with specific legislation governing the sending and receiving of electronic invoices. These regulations aim to eliminate paper-based processes and reporting, with the EU and other regions moving towards a standardized approach and centralized government databases for data comparison. The Deloitte and Basware alliance focuses on addressing key challenges, opportunities, and regulatory requirements within the finance domain. It combines Basware’s industry-leading AP automation solutions with Deloitte’s extensive network of finance, procurement, and tax specialists, creating significant value for clients. This partnership will also equip businesses with the latest trends and best practices in finance transformation through the integration of AP automation services. Finance teams in large corporations, often processing and paying thousands of invoices weekly, face significant challenges including late supplier payments, duplicate invoices, and even fraudulent activity. According to an Ardent Partners’ Performance…