After securing €13 million in financing from the EBRD last November, Moroccan banking group BOA is once more reaching out to the European lender for more support.  The Bank of Africa (BOA) group is seeking €50 million ($54.6 million) from the European Bank for Reconstruction and Development (EBRD). The Morrocan group says it will use the financing to support SMEs in...

The program is expected to reduce debt vulnerabilities and support the fight against money laundering, terrorist financing, and climate adaptation efforts. The International Monetary Fund (IMF) announced, Thursday (May 11), a staff-level agreement with Senegal on an over $1.8 billion assistance program to support reforms aimed at enhancing the country’s economic resilience.  The...

MTN Group is one of the largest telecommunications companies in Africa along with Airtel Africa, Orange, and Vodacom. The South Africa-based company has 291 million mobile subscribers across 19 markets.  MTN Group plans to exit three West African markets in the medium term. In its quarterly update for Q1-2023, the group said it was considering a takeover offer from Axian Telecom for its...

During the IsDB's 2023 Annual Meeting, Mali, Gambia, and Djibouti signed agreements with the International Islamic Trade Finance Corporation (ITFC) that will support key sectors of their economies to create opportunities for economic growth. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed four agreements with Mali, Gambia,...

At a time when protecting sensitive data and enhancing cybersecurity are seen as a challenge shared by African countries, experts are increasingly advocating for public and private actors to pool efforts to sanitize the cyberspace.  On the sidelines of the Cyber Africa Forum (April 24 -25, 2023) in Abidjan, Youssef Mazouz, Secretary General of the African Cybersecurity Center, agreed to be...

Egypt plans to cede its stakes in 32 companies, including Egypt Telecom, by March 2024. The initiative is part of a program to mobilize budgetary resources and boost growth in the national economy. Egypt has revived its plans to sell an additional 10% stake in state-owned company Telecom Egypt, Bloomberg reported on Wednesday (May 10), citing unnamed sources close to the matter. The transaction...

10-year-old Karen hopes for “tangible outcomes” to boost climate action in Africa to emerge from the 2023 African Development Bank Annual Meetings Karen Wanjiru Kimani, a young African ambassador for the environment, has called for policies that will encourage young people to participate in protecting the planet, including through climate change mitigation. The Kenyan-born 10-year-old...

To address the funding gap facing startups and SMEs, the Ivorian government will set up an investment facility that will allow investors to acquire stakes in the concerned companies and startups.  The Ivorian government is planning a Long Term Investment Facility (LTIF) to improve the financial inclusion of start-ups and small, medium, and large enterprises (SMEs), several local media...

The subsidiary of Moroccan investment holding H&S Invest Holding will open its capital to the French investor STOA, engaged in infrastructure projects in Africa. The transaction is expected to be finalized by the end of June 2023. STOA, a subsidiary of French deposit and consignment fund CDC, announced Tuesday (May 9) a MAD330 million ($32.9 million) operation to acquire a minority shareholding...

The Seychelles Country Team of the African Development Bank held its first Civil Society Organizations (CSOs) Open Day in Seychelles on Thursday, 27 April 2023. A total of 25 representatives of CSOs, including the umbrella body, Citizens Engagement Platform Seychelles (CEPS), joined to discuss the bank’s country strategy and portfolio and identify opportunities for collaboration towards...