The Board of Directors of the African Development Bank has approved a loan of $170 million to finance a digital and creative enterprises program in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries. It is part of Nigeria’s efforts to build back better, greener,...

With the repeated occurrence of cryptocurrency scams in South Africa, the government announced measures to regulate the sector. Recently, scammers stole more than $3 billion from the Cajee brothers' Africrypt exchange platform. South Africa's financial regulator (FSCA) wants to put in place a regulatory framework to cover the cryptocurrency sector by early next year. The move is aimed at...

The institution financing small and medium-sized enterprises (SMEs) in the health sector in Africa, Medical Credit Fund, unveils plans to strengthen its financing business on the continent. The company has raised €32.5 million (about $37 million) from a group of investors through its second investment fund MCF II. In an official note released on December 14, the fund manager said it...

The Board of Directors of the African Development Bank has approved a line of credit of €70 million and an equity investment of $24 million, to be granted to the West African Development Bank. The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy, health and information...

4DX Ventures has completed the final closing of its second fund, raising $60 million in commitments. The Africa-focused VC firm will target opportunities in Nigeria, South Africa, Egypt, Kenya, and Côte d’Ivoire. Investments will mainly go into fintech, e-commerce, healthcare, and logistics businesses. “Our goal is ultimately to invest in companies that are building products that solve...

Ghana will benefit from $93.4 million from the European Investment Bank (EIB) to strengthen its response against Covid-19. The announcement was made by the Ghanaian Presidency via a December 13 press release. Out of the money, $84.8 million will be provided as a financing facility and the remaining ($8.4 million) will be a grant. The resources will help strengthen health care and...

Congo's mobile operators are working to comply with the regulator's quality of service recommendations to avoid possible sanctions. Under this plan, Airtel Congo and MTN Congo signed an agreement last December 9 to improve the quality of telecoms services on national roads 1 and 2. The partners say they will now ensure that signal is received seamlessly along both routes. Speaking during the...

Media sources report that the French and Malian presidents will meet on December 20 in Bamako. This will be an opportunity for the two leaders to seek ways to ease tensions between their countries. Since Colonel Assimi Goïta (pictured) came to power, Paris has repeatedly expressed doubts about the Malian government's willingness to transfer power to civilian hands. French authorities strongly...

Opening up Africa’s borders to travel will drive investment and an economic rebound, according to the authors of the 2021 Africa Visa Openness Index. Published yearly since 2016, the Index measures African countries’ openness to travellers from elsewhere on the continent. This year’s edition found that the onset of the Covid-19 pandemic substantially impacted free movement. “In this new...

Cement producers listed on the Casablanca Stock Exchange are expected to end 2021 on a positive note with their net results up 30.1% compared to last year. The good performance is driven by the dynamics in the country’s real estate and construction sectors, which led to higher demand for cement in the local market. This is good news after a particularly gloomy year marked by the Covid-19 and...