According to the AfDB, the measures initiated by Djibouti reduced poverty by 1.8% between 2020 and 2021. To assist the government’s efforts, several partners, including the World Bank, are also building the capacities of MSMEs to help them create jobs and economic opportunities.  The World Bank (WB) and the European Union (EU) recently signed an agreement to support the development of...

MSC Group is pleased to confirm that its wholly owned subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics. The transaction was approved by all applicable regulatory authorities. MSC’s acquisition of Bolloré Africa Logistics SAS and its affiliates (“Bolloré Africa Logistics Group”) highlights the long-term commitment of MSC to invest in...

Last January, Poa Internet raised US$28 million to expand its reach in Kenya and gradually enter other African countries.  Internet service provider Poa Internet Kenya won a grant from the U.S. Trade and Development Agency (USTDA) to conduct a feasibility study on the possibility of expanding its services to one million households in low-income urban areas outside Kenya. An agreement was...

The suspension concerns Eurobonds, commercial term loans, and most bilateral debts. It is aimed at preventing further deterioration of the country's economic, financial and social situation.  Ghana announced, Monday (Dec.19), the temporary suspension of the payment of most of its external debts pending a restructuring agreement with all its creditors.   “...We are announcing...

The return on equity of banks operating in the continent's five largest markets has declined by 2.6% since 2016, driven by a combination of declining margins and continually high operating costs.  Despite their rising profits since 2021,  African banks are struggling to reverse the dropping profitability that started long before Covid-19 partly because of a very high cost-to-income...

The Board of Directors of the African Development Bank Group has approved  a ZAR 2.2 Billion line of credit facility to the Development Bank of Southern Africa to build out its portfolio with strategic projects in energy, infrastructure, and communications technology within the Southern Africa region and across the African continent. The facility will provide long-term funding to DBSA,...

This is the best performance recorded by the bank since 2020.  Société Ivoirienne de Banque recently posted XOF26.6 billion (US$43 million) as its interim net profit for the nine months ending September 30, 2022.  Year-on-year, the performance is up by 17%. It is also the best performance since 2020 when the global economy was affected by the coronavirus pandemic. During the same...

With the restructuring process ongoing at Angola Telecom, the government wants to leverage the private sector’s expertise to strengthen the capabilities of its incumbent operator in a context marked by accelerated digital transformation.    Angola has contracted a consortium led by asset manager Gemcorp to renovate and expand incumbent operator  Angola Telecom's...

The USA wants to warm up its diplomatic and economic relations with Africa to become one of the main partners on the continent. For that purpose, for the first time in the last eight years, it invited African leaders for a US-Africa summit that enabled it to mark its return in the influence of ongoing warfare on the continent.  From December 13 to 15, the United States brought together...

African leaders and the United States government have underlined the the need for increased investment and prioritization of nutrition across the African continent. The African Development  Bank through the African Leaders for Nutrition, the Nutrition CEO Council and the African Union Commission convened a high-level discussion on 12 December, on the sidelines of the U.S.-African Leaders...