Moove, an African mobility fintech, has partnered with CFAO Motors, a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries, and purchased over 5,000 brand-new, fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria. With deliveries already commenced, the alliance marks a major breakthrough in bridging the...

The government of Cabo Verde has launched a project to propel the development of vibrant capital markets in the country. The Bank approved a $350,000 grant from its Capital Markets Development Trust Fund in October 2021 to help develop the country’s first-ever Capital Markets Masterplan. The funds will also facilitate the expansion of domestic fixed-income markets by upgrading existing...

The Kenyan subsidiary of power producer Alten Energías Renovables secured a $35 million loan from British Emerging Africa Infrastructure Fund (EAIF). The facility, which comes to maturity in 15 years, will be used to finance the construction of a solar power plant in the Rift Valley region of Kenya. The transaction represents EAIF’s first investment on the continent in 2022. A first...

After a contraction of 1.8% in 2020, the Nigerian economy started a gradual recovery, thanks in particular to the rise in oil prices and government support. Although lower compared to 2021, the IMF expects positive growth of 2.7% this year. Nigeria's economic growth in 2021 is expected to rise to 3%, the IMF said in a report issued yesterday February 7. This estimate is motivated by the...

After the pandemic-induced slowdown in 2020, Ivorian growth has been on an upward trend since 2021. The IMF expects the recovery to continue this year, thanks in particular to government investment. Côte d'Ivoire should have a robust economic growth this year, IMF reported in a recent statement. The institution says the implementation of a solid reform program under the National Development...

In an era where digitalization has become a key lever of human activity, the capacity of large American digital groups seems to have slowed down. Some of them are even facing regulatory challenges that could further reduce their sales. In their latest financial reporting, the tech giants known as GAFAM (Google, Amazon, Facebook, Apple, and Microsoft) revealed they have achieved a cumulative net...

West African countries have taken the initiative to strengthen collaboration to tackle the growing insecurity in the Sahel. Under this strategy, more than 400 military troops from Africa, Europe, and America will gather on February 15 in Côte d'Ivoire for a joint military exercise.  The multi-nation military exercise Flintlock will take place this year in Côte d'Ivoire from February 15 to...

Nigerian healthtech startup Reliance Health announced yesterday it has successfully raised $40 million in a Series B round led by the U.S. PE firm General Atlantic. The deal is the largest of its kind in the African healthtech industry and marks General Atlantic’s first investment on the continent. “General Atlantic is thrilled to announce our first technology investment in Africa in...

On Tuesday, 18 January 2022, Meridian Port Services (MPS) signed a purchase agreement with Shanghai Zhenhua Heavy Industries Company Limited (ZPMC) for the acquisition of 15 new gantry cranes, including 3 STS cranes and 12 eRTG cranes. This USD 53.31 million investment will enhance the capacity at Terminal 3 in the Port of Tema and also reflects MPS' commitment to continuously improve its...

US investment fund Everstrong Capital reached an undisclosed deal with Kenyan telecom tower operator SealTowers to acquire a majority stake in the company. The investment channeled through the Everstrong Kenya Infrastructure Fund will be part of Everstrong Capital's $12.5 million financing package to roll out an additional 200 telecom towers in rural and urban Kenya over the next two...