New Economic Community of West African States (ECOWAS) Headquarters nears completion as vice president of the ECOWAS commission urges contractor to expedite works
Download logo
The Vice President of the ECOWAS Commission, Her Excellency Damtien L. Tchintchibidja on the 11th November 2025 paid a working visit to the site for the new Headquarters complex of the ECOWAS Commission, in the company of the technical officials from the Directorates of Transport and Administration & General Services. Representatives from the Embassy of the People's Republic of China in Nigeria, the major financier, was also in attendance.
The Vice President and Her delegation were briefed on the progress of the project, the expected completion timelines and a few challenges requiring urgent attention to ensure the functionality of the Complex once completed. The overall physical progress was given as around 85%, and arrangements have been made to ensure that the remaining 15% works are completed urgently for handover. The excessive rainfall in the past months and a few site issues had led to substantial delays especially to the external works, but the contractor has doubled up its workforce to ensure the timely completion.
The Commission also acknowledged the progress made by the Federal Republic of Nigeria on contracting out the construction of the buildings for the ECOWAS Parliament, Community Court of Justice, and thanked His Excellency the President, H. E. Bola Ahmed Tinubu for his continued support to ECOWAS Community Institutions, through direct assistance to strengthen the institutions.
The Vice President of the Commission made a humble request for the Federal Government and the Federal Capital Territory and its Development Authority to expedite works on the district infrastructure and utilities connecting the site to the respective national/FCT networks including the access road, district water & sewage system, as well as telecommunication and electricity.
Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Afreximbank Forge Strategic Partnership to Boost Arab–Africa Trade and Investment
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and African Export‑Import Bank (Afreximbank) (www.Afreximbank.com) are pleased to announce the signing of a memorandum of understanding (MoU) to strengthen their cooperation in promoting trade and investment flows across Arab and African countries.
The MoU was signed in Cairo, Egypt, on 27 October 2025 by Eng. Yasser Alaki, Director of the Business Development Department at ICIEC, and Mr. Kofi Asumadu Addo, Director, Guarantees and Specialised Finance at Afreximbank who represented the Bank's Executive Vice President, Global Trade Bank, Mr. Haytham ElMaayergi.
The partnership provides a robust framework for collaboration, enabling the two parties to harmonise their efforts in supporting Arab-African businesses seeking regional market opportunities while facilitating practical information exchange in areas where access to trade and investment intelligence has been limited. Through the cooperation, ICIEC and Afreximbank will align their strategic decision-support tools, developing synergies to better serve public- and private-sector actors across their respective networks.
Areas of cooperation covered in the MoU include risk-sharing mechanisms, which will underpin Afreximbank's efforts to mobilise financing in support of trade; a structured exchange of information to strengthen the outreach and insight of both institutions; support for Afreximbank's digital platforms; access for both partners to TRADAR Club offerings, such as TRADAR Intelligence (TIP) and TRADAR Regulations (TRIP); joint capacity-building and advisory services; collaborative work in marketing, promotion and product development; and deployment of the AfrexInsure initiative to maximise risk mitigation and trade-finance tools.
Eng. Yasser Alaki, Director of the Business Development Department at ICIEC commented, “This partnership marks a milestone in our shared commitment to inclusive and sustainable trade and investment across the Arab-Africa corridor. By combining ICIEC's risk-mitigation expertise with Afreximbank's expansive financing and advisory platform, we are enabling businesses to move from ambition to action. Together, we will unlock new opportunities and deliver strategic value-add to trade flows that benefit our member countries and private-sector partners.”
Commenting on the MoU, Mr Haytham ElMaayergi, Executive Vice President of Global Trade Bank at Afreximbank noted, “This MoU is a testament to the long-standing relationship between Afreximbank and ICIEC aimed at deepening Arab-Africa trade. It is expected to generate mutually beneficial and meaningful outcomes in areas such as market development, risk-sharing, digital innovation, and capacity building. Both institutions look forward to advancing our joint initiatives, including the achievement of the strategic objectives of the Arab African Trade Bridge.”
Distributed by APO Group on behalf of Afreximbank.Contact:
Email: ICIEC-Communication@isdb.org
Follow us on:
X: https://apo-opa.co/4i91gh0
Facebook: https://apo-opa.co/4i91vZs
LinkedIn: http://apo-opa.co/47M1E1x
YouTube: http://apo-opa.co/3LJy4RK
Instagram: http://apo-opa.co/4830qh4
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
As a member of the Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to counterparts in its 51 Member States. ICIEC, for the 18th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC's "AA-" long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors—energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, Visit http://ICIEC.IsDB.org
About the African Export-Import Bank (Afreximbank):
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt. www.Afreximbank.com