In the first quarter of 2022, African startups raised US$1.8 billion, 2.5 times the amount raised over the same period in 2021. The figure is reported in a recent newsletter by the Big Deal.  According to the newsletter, it is just a matter of days before they pass the mark of US$2 billion raised. Indeed, in the first seven weeks of 2022, as of February 18, African startups had already...

Despite the rise in gas prices following the escalation of the Russia-Ukraine conflict, Sonatrach previously reassured its clients it would apply relatively fair prices. The decision is changing after Spain’s choice to support Morrocco, Algeria’s rival in the sensitive Western Sahara conflict.  Sonatrach, Algeria’s state oil and gas producer, announced, on April 1, it might raise the...

The leading Tunisian bank BIAT has successfully partnered with Backbase, the Engagement Banking category leader, to launch a new and innovative digital mobile and web offer for retail customers that will significantly improve customer engagement, contributing to a greater share of the digital banking market As part of its mission to be pioneers in banking innovation in Tunisia, BIAT has selected...

The International Finance Corporation (IFC) announced, on March 31, a US$5 million loan to soft drink manufacturer Kings Beverages. This is the first commitment being made by the IFC to the country’s agribusiness sector.   Half of the loan announced was provided by the IFC while the remaining half was granted by the Global Agriculture, Food and Food Security Program...

Leading material handling and warehousing equipment supplier, EIE Group in South Africa, will be known as CFAO Equipment, effective 1er April 2022. This follows the recent acquisition of the company from enX Group by CFAO South Africa, a leading provider of integrated mobility solutions across the automotive value chain. Andrew Velleman, Chief Executive Officer of CFAO South Africa, says that...

The steering committee of the Congolese component of Central Africa Backbone (CAB), set its 2022 budget to XAF12.3 billion (US$20.7 million). The budget approved last March 31, in Brazzaville, will allow the sterling commission to pursue the implementation of several key subprojects. The subprojects include the finalization of the fiber optic interconnection between Congo and the Central African...

South Sudan has since 2013 been trapped in a cycle of violence due to rivalries between its President and Vice-president. To end that cycle, several agreements were signed. The latest of those agreements is for the creation of a unified army.  In South Sudan, an agreement was signed yesterday, in Juba, to create a unified military command, according to media sources.  The agreement...

African Development Bank Group President Dr Akinwumi A. Adesina wrapped up an official visit to the United Arab Emirates on Friday. The three-day visit covered engagements in Dubai and Abu Dhabi. The visit—which took place alongside the World Government Summit and the closing days of Expo 2020 Dubai—explored potential partnerships for strategic investment in Africa between the African...

“Chad’s economic and financial situation was weaker than expected in 2021,” the IMF announces in a press release issued on March 30, after a 15-day visit to the country.  According to the Bretton Woods institution, the deterioration of the country’s economy was caused by a decline in oil production and low rainfall, which led to a drop in agricultural production and a surge in...

In the next few months, Mozambican telecom operator Mozambique Telecom (Tmcel) will proceed to the commercial deployment of the fifth-generation (5G) mobile network with the technical expertise of China's Huawei. This was revealed by Binda Jocker (photo), chief operating officer for Telecom Mozambique, at Huawei's extended virtual reality studio at the Mobile World Congress.  The 5G network...