A growing number of venture capital investors are willing to commit over US$1 million per deal on African startups. The list of countries they are interested in for such deals is long but the main ones are Nigeria, Kenya, Egypt, and South Africa.  As of Wednesday, August 31, 2022, 277 startups active in Africa had raised US$1 million or more in venture capital funding, for a total of US$3.6...

In 2020, due to the coronavirus pandemic,  tourist arrival fell sharply in Seychelles after years of steady growth.  From 428,000 visitors in 2019, the country recorded just 124,500 visitors the following year. To bring the sector back to its pre-pandemic levels, authorities have initiated a number of measures.   Seychelles recently launched Africa’s first tourism satellite...

The Government of the Arab Republic of Egypt and the African Development Bank Group on Monday signed a memorandum of understanding on the hosting of the Bank Group’s 2023 Annual Meetings in May next year. The meetings, which comprise the 58th annual assembly of the African Development Bank and the 49th meeting of the African Development Fund the African Development Bank Group’s concessional...

Launched in 2016, the Young Rural Enterprises Project in the Central West of Madagascar has helped improve agricultural yields. Yields of rice and maize doubled, according to a project progress report released by the African Development Bank on 30 August 2022. The African Development Fund, the Bank Group's concessional window, provided the project with $23.42 million in financing, which was...

Africa has been losing from 5 to 15% of its GDP per capita growth because of climate change and its related impacts, but needs about $1.6 trillion between 2022 and 2030 to meet its nationally determination contributions, says African Development Bank Group Acting Chief Economist and Vice President Kevin Urama. Speaking at a panel discussion titled “African Countries Ownership in...

If successful, the operation will increase the French banking group’s stakes in its Egyptian subsidiary to 65.3%.  The French banking group Crédit Agricole is on the move to acquire a 4.8% direct stake in its Egyptian subsidiary, which it controls (60.5%) through its investment banking branch. The news was disclosed by Egyptian investment bank EFG Hermes which was the main arranger of...

In April 2022, Africell launched its commercial activities in Angola. With five million subscribers currently, it wants to accelerate its growth and increase revenues.   The U.S telecom group Africell recently signed a partnership agreement with the British company Perception TVCDN to launch a free television service in Angola. The television service called AfriTV, is scheduled to...

Between 2008 and 2018, intraregional trade rose by more than four percentage points, from 15.2% to 19.5%, in the SADC region. By implementing several measures, regional authorities want to increase that rate. The Southern African Development Community (SADC) launched, Wednesday (September 7) its electronic certificate of origin (e-CoO) to facilitate intra-regional trade. The launch was announced...

The African Development Bank has welcomed 12 new Executive Directors, including five women, for a three-year term. The President of the African Development Bank Group, Dr. Akinwumi Adesina, welcomed the new representatives of the 20-member Board of Directors. They officially joined the Board on 1 August 2022, and began a four-day induction programme on 1 September 2022 to familiarize themselves...

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today announced that the current Group Chief Executive Officer, Ade Ayeyemi, will retire after he attains the age of 60, in accordance with ETI policy. The Board of Directors selected Jeremy Awori to succeed Ade Ayeyemi as Group Chief Executive Officer. The relevant effective dates will be communicated in due...