South Korea has agreed to grant Senegal $500 million to help implement various development projects. The financing deal was signed last week on the sidelines of the 5th Korea-Africa forum held on March 3 in Seoul. This new South Korea-Senegal partnership mainly focuses on financing the agriculture, education, and transport sectors. It is expected to strengthen trade relations between the...

After two years on the Lagos Stock Exchange, MTN Nigeria has become one of the fastest-growing assets compared to Dangote Cement. The latter, however, has room for improvement and above all better fundamentals to attract more investors than its stock market rival. Between May 2019, when it entered the Nigerian Stock Exchange, and March 7, 2022, MTN Nigeria has seen its market value rise by 87.4%...

African experts met last March 3-5 in Kigali, Rwanda, to discuss climate impact on the continent. This was a part of the eighth session of the Africa Regional Forum on Sustainable Development (ARFSD-8). During their session, the experts expressed the need for increased financing to help the continent adapt to climate change and reach carbon neutrality. Vera Songwe, UN Under-Secretary-General and...

As 2030 -the first milestone for most national climate commitments- approaches, countries are multiplying efforts to deliver on their promises. Rwanda announced it will benefit from €56 million ($62 million) in funding from Germany to finance climate initiatives. According to initial reports, the KfW Development Bank will provide €30 million to the urban development project, Green...

Telco Vodacom DRC announced the deployment of its services in remote rural areas across the country. The company will be assisted in this project by satellite-based telecom services operator Intelsat. The cooperation deal between the two parties will see Vodacom use Intelsat's end-to-end managed CellBackhaul service in areas where fiber or microwave backhaul networks are not yet available or...

The African Development Bank (AfDB) announced this week the disbursement of $400,000 to digitize public tenders for savings on the regional financial market. The same amount was granted last December to the Dépositaire Central/Banque de Règlement of the West African Monetary Union (WAMU) for the project. AfDB says it wants to create a digital platform to automate the management of public...

Mozambican President Filipe Nyusi (pictured) gave his government a new face in the new reshuffle Thursday. According to a Presidency statement, the President dismissed six ministers "using the powers conferred on him by the constitution.” The officials targeted by the measure include Adriano Afonso Maleiane, Minister of Finance and Economy, Ernesto Max Elias Tonela, Minister of Mineral...

To support South Africa and the African continent increase vaccine manufacturing capacity and reduce reliance on imports, a consortium of nine development and finance institutions have today announced a partnership with Biovac in Cape Town, South Africa to support Biovac’s vaccine manufacturing expansion. Biovac, a bio-pharmaceutical company and established vaccine manufacturer based in South...

The South African biopharmaceutical company Biovac has finally raised the money needed to produce Covid-19 vaccines locally. In July 2021, the company signed a deal to manufacture and distribute covid-19 vaccines from Pfizer and BioNTech laboratories. Yesterday, Biovac announced it has raised about $150 million from a consortium of nine development banks, including the African Development...

The Tunisian banking sector suffered a decline in credit activity last year. However, banks have seen their outstanding loans slightly grow by 4.6% to TND77.1 billion, according to a recent analysis by Tunisie Valeurs. The financial institution attributes this slowdown in the distribution of credit to the sluggishness of the business climate that has led to a decline in demand for credit. On the...