United Metals Company (UMC), an Egyptian copper rod manufacturer and subsidiary of the El Sewedy Electric industrial group, has entered into a loan agreement with the European Bank for Reconstruction and Development (EBRD). The $50 million loan will be utilized to enhance UMC's working capital requirements and facilitate the acquisition of essential production inputs. This financing supports...

NuRAN is continuing its expansion strategy in Africa and aims to have 10,000 telecom sites under contract on the continent in the coming years. The Canadian telecom infrastructure provider NuRAN Wireless announced last October 17 that it has obtained a Category 1 license in Cameroon. This permit will enable the company to build and operate a shared passive infrastructure for the country's...

The bank’s listing will be done via an increase in share capital reserved for the public, up to a maximum of $58.4 million. Moroccan bank CFG Bank initiated its IPO on the Casablanca Stock Exchange. The lender announced the move on October 16. In a note to its shareholders, the bank informed that it would hold an Extraordinary General Meeting on November 16 to discuss and adopt a...

The Sahel is witnessing an upsurge in terrorist attacks in the tri-border area (Burkina-Mali-Niger). Under the weight of several sanctions imposed by international and regional organizations, Niger is calling for national solidarity to tackle this security crisis. The National Council for the Safeguard of the Homeland (CNSP), Niger's current military regime, announced on October 12 the creation...

Africa needs to rethink how it manages its natural resources to avoid adverse socio-economic consequences that could hamper sustainable development on the continent, experts said at a recent webinar organised by the African Development Bank. The call came ahead of the 2023 United Nations Conference on Climate Change scheduled for November 30 to December 12 in Dubai, United Arab Emirates. The...

The transitional government in Guinea, in partnership with the African Development Bank Group, has received a large consignment of agricultural supplies in Guinea’s western town of Forécariah for distribution to local farmers. The consignment, delivered on 13 October 2023, forms part of implementing the Emergency Food Production Project, spearheaded by the African Development Bank. Overall,...

The African Development Bank Group has appointed Dr Akinsola Babalola, a banking and finance management professional, Special Assistant to the Bank Group President. Dr Babalola is a Nigerian citizen with over 20 years of experience across sub-Saharan Africa. Before joining the Bank, he was Assistant Vice President at Ecobank Transnational Incorporated in Lome, Togo, where he served in various...

The African Development Bank has appointed Desiré Jean-Marie Vencatachellum Senior Director of the Country Economics Department, effective 1st November 2023. A Mauritian national and seasoned development banker, Vencatachellum has more than thirty years of experience in strategic leadership on development economics and finance issues, particularly in Africa. He has excelled in leading large and...

The Cameroonian Ministry of Finance issued a note Tuesday informing of the signing of a new cooperation deal with China. The document, signed as part of a visit by Minister Louis Paul Motazé to Beijing, aims to "eliminate double taxation on income and prevent tax evasion and avoidance." According to the Organization for Economic Co-operation and Development (OECD), double taxation, recognized...

Fish consumption continues to grow in West Africa with more than half of the region’s population consuming fish products daily, according to official stats. However, despite the firm farming potential West Africa has, governments there primarily turn to imports to meet demand. To address this situation, countries are now increasingly focusing on aquaculture, a sector that promises major growth....