According to the World Bank, Egypt, which is hit hard by the Russia-Ukraine war, will record double-(digit inflation and an increase in poverty rate in the 2022-2023 fiscal year.  The World Bank approved US$500 million to support social protection programs in Egypt, the country’s Ministry of International Cooperation announced in a statement released Friday, December 23. Called "Takaful...

Outsourcing is a strategic sector for Morocco given the number of jobs it creates for the youth. A growing number of BPO partnerships have been signed in recent years to make the country one of the best tech destinations in Africa.  French tech group will invest over MAD350 million (US$33.3 million) in the Moroccan cybersecurity sector, We Are Tech reports. The memorandum of understanding...

The funding -a mix of loans and grants- will finance projects in several sectors including renewable energies, water, sustainable agriculture development, and climate resilience. Germany recently approved a €405 million (US$430 million) finance package to fund development projects in Tunisia, the Tunisian Foreign Ministry announced in a statement released Saturday, December 24. The...

Boston Consulting Group believes that digital skills development has not kept pace with the rapid digitalization in Africa. Only 11% of higher education graduates are well trained in digital skills, it estimates. Some 650 million Africans would need initial or refresher training in digital skills by 2030 if the continent is to take full advantage of the enormous potential of the digital economy,...

African Union Member States meeting in Abidjan have called on governments to speed up investment, coordination and implementation of programs to improve nutrition and food security in Africa. African leaders gathered for a three-day meeting to draw attention to the 2022 African Union Year of Nutrition.  The meeting ended with the signing of an “Abidjan Declaration.” “This must be the...

Digital transformation is one of the main axes of Zambia’s 2030 socio-economic development strategy. To achieve its goals, the country wants to digitalize all the services offered to the population.  The Zambian government and telecom operators have reached an agreement to cancel scratch cards by June 2023. Subscribers will have to purchase airtime only through digital...

The Board of Directors of the African Development Bank Group has approved a $40 million Trade Finance Package in favor of Bank One Limited of Mauritius. The financial package comprises a $25 million Risk Participation Agreement and a $15 million Transaction Guarantee. The transaction guarantee facility will allow the Bank to provide, on a transaction basis, up to 100% guarantee to...

The Board of Directors of the African Development Bank Group has approved a $27 million and €10 million loan package to co-finance the construction of a 100-megawatt Solar power plant in Kairouan, Tunisia. The Board approval covers $10 million and another €10 million from the Bank, and $17 million concessional financing from the Sustainable Energy Fund for Africa...

The humanitarian situation in South Sudan is worsening due to years of conflict, food insecurity, climate crisis and public health problems. According to the UN, by 2023, 76 percent of the country's population will need humanitarian assistance. The percentage will represent a 5% increase compared to the 2022 level.   The UNOCHA plans to raise US$1.7 billion to help South Sudan deal...

The Congo rainforest sequesters more CO2 than the Amazonian and Southeast Asia combined. It is the most important tropical carbon sink. Yet, the funds raised to save that most important rainforest remain ridiculously low.  The Congo rainforest sequesters an average of US$30 billion worth of carbon yearly, according to a report published by the independent think tank Center for Global...