The amount to be disbursed to IDA-eligible African countries represents about 70% of the US$93 billion announced for the "IDA 20" program. It is the largest amount of aid the institution ever granted since its creation in 1960. World Bank’s International Development Association (IDA), dedicated to the poorest countries, will disburse US$65 billion to 39 eligible African countries over the...

The platform is launched two months after GlobalCorp was acquired by a consortium consisting of Amethis, SPE Capital, and the EBRD. It will serve as an “All-In’ platform for all the consumer financing needs” in the Egyptian market. Egypt-based non-banking financial institution GlobalCorp recently announced the launch of a platform that will finance essential consumer needs in the Egyptian...

 Africa Development Solutions (ADS) Group, a high-impact pan-African multinational with a presence in more than 20 countries, organized the reunion concert of the congolese famous group Wenge Musica 4x4. With this historic event, ADS Group was able to reaffirm its support for not only Congolese music but to use music and culture as a tool for integration.   ADS Group affirms the...

A Safaricom-led consortium won Ethiopia's second telecommunications license in May 2021. More than a year later, the company is yet to launch commercial operations, initially scheduled for April 2022.  Telecom operator Safaricom, which holds Ethiopia’s second telecom license, will launch commercial operations next August. The operator revealed the information during a press conference...

Flutterwave, one of Africa’s leading fintech startups is named in a money laundering case in Kenya, after an investigative report by a Nigerian journalist. Its management denies the accusations.   Nigerian startup Flutterwave has denied the money laundering accusations leveled against it by a Kenyan court. “Claims of financial improprieties involving the company in Kenya are...

Over the past few years, Côte d’Ivoire has implemented several projects to improve the living conditions of its residents living in poor areas. The projects are supported by international partners.    Côte d’Ivoire and the French Development Agency (AFD) recently signed two loan agreements totaling US$333.2 million to fund two connectivity and sanitation projects. The...

The loan is in line with one of the commitments made by Chad in December 2021 to improve its banking system. It is intended to recapitalize Commercial Bank Chad.  Commercial Bank Chad signed, Monday (July  4), a XAF15 billion (US$23.2 million) loan agreement with the Development Bank of Central African States (BDEAC). The agreement was announced the following day in a release issued by...

In 2014, Burkina Faso Blaise Compaoré was ousted by a popular uprising, forcing him into exile in Côte d’Ivoire, after nearly three decades in power. He has since been tried in absentia for his role in the assassination of his predecessor and friend Thomas Sankara. Former Burkinabe president, Blaise Compaoré (photo) is announced for a short visit to his country next Friday. The information...

In Africa in general, demand for broadband connectivity is growing thanks to a certain number of factors. The growth is attracting new investors, even those in the energy sector.  Public company Kenya Power announced, Wednesday (July 6), it would launch fixed internet services in the country by June 2023. According to the utility company, the move will help diversify revenue streams and...

In South Africa, demand for broadband connectivity is ever rising. To meet the growing demand, telecom operators are increasing their infrastructure investments across the country.   South African telecom operator Vodacom announces it invested more than ZAR460 million (US$27.5 million) to upgrade its infrastructure in Limpopo. The investment will extend the operator’s broadband...