The Egyptian economy has been hard hit by global inflationary pressures. To bring in liquidity and stimulate growth, the government decided to sell some of its public companies’ shares. It has chosen the IFC as its strategic advisor in that bid.  The International Finance Corporation (IFC) has been appointed as a strategic advisor to Egypt as part of the government's asset monetization...

The African Development Bank’s Urban and Municipal Development Fund is partnering with the Eswatini Water and Agriculture Development Enterprise on a new urban planning project, closely linked with the development of a transformative agro-industrial hub which will boost  economic activities and to attract tens of thousands of workers. The Fund approved a grant of $400,000 to the...

The Plan for Algerian banks to set up operations in sub-Saharan African countries is on.  After approval to operate in Senegal, Algeria's main public banks have been given the go-ahead to launch a subsidiary in Mauritania. Banque Nationale d'Algérie (BNA), Crédit Populaire d'Algérie (CPA), Banque Extérieure d'Algérie (BEA) and Banque de l'Agriculture et du Développement Rural (BADR)...

ICTs are at the heart of the Kenyan government's socio-economic development strategy. For the 2022/2023 fiscal year, the executive budgeted $112 million for the ICT sector.  The Kenyan government will dedicate Ksh15.1 billion ($108.4 million) to fund projects in the information and communication technology (ICT) sector in the 2023/2024 fiscal year. This was revealed by Finance Minister...

According to Forbes, Aliko Dangote has lost his position as the richest individual in Africa. However, data from Bloomberg presents a different view and even indicates that the Nigerian is the most solvent, with his fortune potentially increasing by several billion dollars thanks to his refinery. In its updated ranking of African billionaires, Forbes claims that South Africa's Johann Rupert...

The financial backing aims to enable the microfinance institution to support more SMEs in a context marked by economic challenges in Egypt.  Reefy Microfinance Enterprise Services, the microfinance subsidiary of CI Capital, recently signed an EGP200 million ($6.5 million) loan agreement with the European Bank for Development and Reconstruction (EBRD), according to local media outlets. The...

The agreement comes after a deal with the UK and talks with the USA. The EU, the other signing party, is Kenya’s main export market. In 2022, trade between the two parties reached $3.6 billion.  Kenya and the European Union (EU) recently signed a free trade agreement to boost their exchanges. The ceremony took place in Nairobi, earlier today, June 19, in the presence of Kenyan...

As Africa's leading telecom market, Nigeria is concerned about protecting its citizens' data in an increasingly digitized world. The country recently asked the Netherlands for support in realizing its ambitions in this area. Bola Ahmed Tinubu (photo), President of the Federal Republic of Nigeria, has just validated the Nigeria Data Protection Act, 2023. The text guarantees a formal legal...

MTN Cameroon's bank accounts were frozen by Cameroonian courts in September 2022. The telecom operator strongly contests this measure, which it considers abusive, fraudulent, and unacceptable. MTN Cameroon, a subsidiary of the South African multinational MTN Group, believes that its activities are threatened by the seizure of its bank accounts, in the framework of the "Bestinver affair". In a...

The Senegalese B2B marketplace, operating since 2021, wants to use the funds to finance its growth projects.  Maad, a Senegalese marketplace that connects small merchants with FMCG brands, secured €200,000 ($219,000) in financing from Proparco on Friday, June 16. The resource will help the young company, founded in 2021, to anchor its activity in Senegal, its main operating market...