The government of Tanzania, the African Development Bank, and the French Development Agency (AFD) have signed agreements for two development project loans worth $300 million. The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region in the northern part of Tanzania. The project also received a grant of EURO 36 million from the European...

The Board of Directors of the African Development Bank Group has approved a trade finance transaction guarantee facility to Banque Commerciale Du Burundi (Bancobu). Leveraging Bancobu’s strategic footprint in the East African nation, this instrument will provide support to Small and Medium Sized Enterprises (SMEs) and local corporates, to facilitate their import and export trade finance...

Amazon Web Services believes that its investments in South Africa over 2018-2029 will contribute $4.4 billion to the country's GDP and create 5,700 full-time jobs. Amazon Web Services (AWS), the dedicated cloud computing arm of U.S. web giant Amazon, announced on Thursday, April 13, that it will invest an additional $1.7 billion in South Africa by 2029. The package is part of a larger...

The IMF's spring meetings in Washington, D.C., provided an opportunity for financial and economic policymakers to discuss the challenges they face. At the end of a meeting on the sidelines of that event, G-24 countries took stock of the multiple crises and shocks that threaten the world and proposed solutions. Last Tuesday, the Group of 24 (G-24) met on the sidelines of the International...

Unitel is the leading telecom operator in Angola, with a 78 percent market share. It was nationalized in October 2022 when the government took over the shares of Isabel dos Santos and Leopoldino Fragoso do Nascimento. Angola wants to privatize state-owned telecom operator Unitel by listing it on the Angola Debt and Stock Exchange (BODIVA), local media outlets reveal. The listing process is...

For the second consecutive year, the share of official development assistance attracted by Sub-Saharan Africa has declined. This imbalance reinforces the position of those who believe the continent should focus on financing its development goals by itself.   In 2022, official development assistance (ODA) from Development Assistance Committee (DAC) members reached a record $204.0...

At a time when businesses are undergoing profound changes worldwide, Moroccan business leaders plan to invest in transformation programs to improve human resources, operational efficiency, technology deployment, and energy transition. 44% of Moroccan executives believe that their company will not be viable in ten years if it does not transform human capital, operational efficiency, and...

The African Development Bank Group will mobilise close to $4 million to help Burundi urgently procure over 3,000 tons of fertilizer over the upcoming agricultural season. The support will enable the country to procure fertilizer for the first phase of the season, which begins in May. The country’s needs for the entire season are estimated at 145,000 tons. Burundi’s Minister of Finance,...

In 2022, the CFA Franc zone -with Cameroon and Congo-Brazzaville in the lead- drove the growth of banking UBA. Countries in the zone performed better than large markets like Ghana and Kenya.   In 2022, the CFA Franc zone contributed 72.2% of UBA Group’s profits outside Nigeria. In that zone, countries that host UBA’s subsidiaries generated NGN52.3 billion ( $113.5 million) in...

The South African telecom regulator has obliged all telecom operators to open their networks to MVNOs. This should facilitate the entry of this type of operator in the fast-growing telecom market. Melon Mobile, a mobile virtual network operator (MVNO) is expected to officially launch its commercial operations in South Africa. According to Calvin Collett, the company's founder, and CEO, it will...