Despite its strong financial fundamentals, Moody's estimated that Dangote Sugar Refinery's international debt presents a high-risk profile due to its exposure to a volatile Nigerian market and the current global economic conditions signaling potential imbalances. The financial rating agency Moody's has announced a Caa1 rating for the debt of Dangote Sugar Refinery Plc (DSR). This rating might...

The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced an investment into Cabinda Oil Refinery, an integrated modular oil refining platform in Angola being developed by Gemcorp Holdings (“Gemcorp”) in Joint Venture with Sonangol. Cabinda Oil Refinery is a 60,000 barrel per day (bpd) high conversion refinery, with a first phase of...

The International Monetary Fund identified sub-Saharan Africa as one of the regions to be hardest hit by the economic slowdown in China. In a recent report entitled “At a Crossroads: Sub-Saharan Africa’s Economic Relations with China”, the institution revealed that every percentage point drop in China's real GDP growth rate results in an average drop of around 0.25 percentage points in...

The project was originally scheduled for 2021 but was delayed due to the Covid-19 pandemic. Senegal is preparing for the launch of its first satellite, GAINDESAT. On October 13, the Ministry of Higher Education, Research, and Innovation (MESRI) announced that the satellite would be delivered on November 10. The launch date will then be announced by the government. The construction of this...

Earlier this month, on October 6, Ivoirian Prime Minister Patrick Achi was dismissed and his government dissolved. The news came as a shock for many observers. Now, a new PM has been appointed. Robert Mambé Beugré is Côte d’Ivoire’s new Prime Minister. President Ouattara confirmed his appointment today, October 16. Beugré replaced Patrick Achi who was dismissed on October 6. This is a...

Helped by the World Bank, Malawi has been increasing its efforts to accelerate its digital transformation. The Malawian government recently launched a project to provide free Internet connectivity to public establishments and institutions in the country. According to DW, which reported the news, these include schools, courts, police stations, prisons, hospitals, and markets. Over 500 public...

The African Continental Free Trade Area (AfCFTA) could lower the vulnerability of Africa to external shocks through a dynamic intra-African trade. To get to that point, it is suggested that Africa improves its stability and boosts infrastructures as well as the digitalization of economies, especially customs services. How can the AfCFTA become both the growth and industrialization catalyzer for...

African Development Bank Vice President for Regional Development, Integration and Service Delivery Marie-Laure Akin-Olugbadé, has saluted the "courage, dedication and work" of Moroccan emergency teams deployed in the Al Haouz region following the devastating earthquake on 8 September. Akin-Olugbadé, who was in Morocco as a participant in the 2023 IMF/World Bank Annual Meetings, took time off...

The African Development Bank Group, on 13 October 2023 announces the conclusion of a negotiated settlement agreement with Unik Construction Engineering (Pty) Limited, thus putting an end to sanctions proceedings for a corrupt practice against Unik Construction Engineering (Pty) Limited. Pursuant to the negotiated settlement agreement, Unik Construction Engineering (Pty) Limited, registered in...

The financing supports EBID’s 2021-2025 strategy to assist small and medium enterprises in ECOWAS. EOWAS Bank for Investment and Development, EBID, and Vista Group Holding signed a €50 million loan agreement on October 12, in Marrakech. The deal was sealed on the sidelines of the ongoing annual assembly of the World Bank and IMF. The loan is to help SMEs in the ECOWAS develop their...