The IPO, which is the first of its kind in Egypt and the Middle East & North Africa (MENA) region, is expected to increase the capital of Ghazl El Mahallah Football Company from EGP98 to 200 million.   Ghazl El Mahallah Sporting Club made its Initial Public Offering (IPO) on the Cairo Stock Exchange on Sunday, June 12, becoming the first soccer club to get listed on the Egyptian stock...

Demand for broadband connectivity is rising in Africa since 2020. The demand is driven by the accelerated digital transformation prompted by the Covid-19 pandemic. As the trend is expected to continue, Cabo Verde is investing to build its internet capacity.  EllaLink, the subsea cable connecting Europe to Latin America, became operational in Cabo Verde last June 6. The new infrastructure is...

The Gambia, which has been severely hit by covid-19, signed an extended credit facility arrangement with the IMF to revive its economy. In the framework of that arrangement, it is implementing a set of reforms. The International Monetary Fund (IMF) announced,  Friday (June 10), a US$6.7 million disbursement to support Gambia’s post-pandemic recovery.  According to the IMF release...

On 8 June 2022, Bolloré Transport & Logistics Cameroon opened Kribi Logistics Hub, a modern logistics base with a total area of 24,000 m2. Located close to the Kribi Container Terminal (KCT), this platform is designed to receive, store and deliver goods for both import and export. More than 4 billion CFA francs (nearly €6 million) have been invested to launch the first phase of the...

Nigeria is one of the largest telecom markets in Africa, with over 201 million subscribers by April 2022. It is, therefore, an attractive market for mobile phones and accessory manufacturers.  Smartphone accessory manufacturer Oraimo Mobile Technology has announced plans to build a large mobile technology factory in Nigeria. The venture was revealed by Oraimo Managing Director Chidi...

According to the WFP, some 20 million people are at risk due to the worsening drought in the Horn of Africa. The organization estimates that US$473 million is needed by October to address the situation. Ethiopia, Kenya, Somalia, and the Intergovernmental Authority on Development (IGAD) will benefit from a US$385 million groundwater development project. The information was disclosed by the World...

The aim for Partech is to raise double the US$133 million secured by Partech Africa I, which closed in 2019. Private equity fund Partech Africa announces plans to launch Partech Africa II, its second investment vehicle focused on fast-growing African startups and SMEs active in the digital and tech sectors. The new investment vehicle aims to raise double the commitments secured with Partech...

The Board of Directors of the African Development Bank on Wednesday approved the creation of a virtual academy to build public financial management capacity in African countries. Countries will receive technical assistance through structured, targeted, dedicated and local training as well as through policy dialogue. The academy, hosted within the African Development Institute of the African...

The investment is announced twelve years after Proparco made its first investment in Maris Limited. This time, the support is aimed at helping start-ups active in the renewable energy and agriculture sectors in Sub-Saharan Africa.   Proparco announced, Wednesday (June 8), a US$12 million investment in Maris Limited,  an impact investment holding company focused on Eastern and...

After a 1.8 percent decline in 2020 due to covid-19, Mauritania's economy rebounded the following year to 2.3 percent, thanks to a strong extractive sector and eased confinement measures. The country has also implemented IMF-backed reforms.  The IMF recently praised the “substantial progress” made by Mauritania “in improving the legal framework for governance.” The Bretton Woods...