Cabo Verde Telecom is, since 2021, reorganizing its operations. According to its plan, on January 1, 2023, it was supposed to merge two of its business units, CVMóvel and CVMultimedia. The telecom company Cabo Verde Telecom (CVTelecom) will perform its IPO on the national stock exchange by the end of the year. The information was disclosed by Miguel Monteiro, president of the Cape Verde Stock...

The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank has approved a technical assistance grant of $5.03 million to implement the Africa Super Energy Service Companies (ESCO) acceleration program in Rwanda, Senegal and South Africa. SEFA is a bank-managed multi-donor special fund that works to unlock private sector investments in renewable energy and energy...

The Angolan government says the assets "embezzled" under former President Jose Eduardo Dos Santos include real estate, company shares, cars, and hard cash. Angola is considering setting a special fund to manage about $15 billion in assets recovered by the state as part of an anti-corruption drive, Finance Minister Vera Daves de Sousa (photo) announced Tuesday, March 7. "The government is...

The Republic of Zimbabwe became the sixth signatory to the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank). The Agreement was recently signed by His Excellency Dr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe. This accession marks another significant step...

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), today issued an AUD 50 million 10-year “Light up and Power Africa” Kangaroo due 8 March 2033. The new issuance was arranged by TD Securities and sold to a single Japanese investor, Fukoku Mutual Life Insurance Company. The funds raised by the African Development Bank through this...

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched an AUD 50 million 15-year Kangaroo Green Bond due March 2038. The new issuance was arranged by RBC Capital Markets and sold to a single Japanese investor, Taiju Life Insurance Company. This is the African Development Bank’s sophomore green bond in the Australian...

A year after launching the EDGE certification process, the African Development Bank has attained Level 1 Assess, in recognition of its commitment to monitoring, benchmarking and achieving gender parity in its workforce. The Bank began the EDGE certification process in 2022. EDGE is the world's leading certification that measures gender equity in the workplace. The Bank is now EDGE certified at...

US nominee for World Bank Group President, Ajay Banga began his global tour on Monday, with his first stop in Abidjan, Cote d’Ivoire where he met the African Development Bank Group President Dr Akinwumi Adesina, senior management and Board of Directors. Banga spoke about the need for the World Bank Group to develop a strong partnership with the African Development Bank Group that would...

William Ruto, who came to power in September 2022, is multiplying initiatives to accelerate the digital transformation initiated by his predecessor, Uhuru Kenyatta. To achieve its objectives, the new government is counting on the support of financial partners. The Kenyan government seeks the World Bank’s support to finance its digital superhighway project, which will require about $600...

The rating means that Moody's still considers the African Commercial Insurance Agency to have low credit risk and is therefore likely to meet its long-term commitments. The American financial rating agency Moody's has, in an analysis published on Tuesday 7 March, confirmed the A3 insurance financial strength of the African Commercial Insurance Agency (ACA) for the fifth consecutive...