Sub-Saharan African countries had few resources to support their populations during the Covid-19 pandemic. Luckily, the region showed a certain resilience marked by a recovery that is expected to be better distributed.   A recent IMF update on governments’ Covid-19 budget response worldwide revealed that businesses and families in 41 SSA countries received little support. At the end of...

In October, 2019, MainOne extended its 7000 km long submarine cable connecting Africa to Europe to the coast of Grand-Bassam with a vision to expand access to broadband Internet in Côte d'Ivoire and neighboring countries. Following the approval of the required licenses subsequent authorizations from competent national authorities in 2018, the effective landing of the submarine cable from the...

The total value of bonds issued on African markets by governments and companies reached $536.1 billion over the first half of this year. The figure is provided by the South African banking group ABSA in its African Financial Market Index. In South Africa alone, the value of listed bonds stood at $258 billion over the period; $116.9 billion was estimated for those in Egypt...

Egypt's National Telecommunications Regulatory Authority (NTRA) announced last October 9 a financial package of EGP324 million ($20.6 million) to improve telecoms coverage on five strategic national roads by early 2022. The telecoms regulator revealed that a limited call for tender will soon be opened for this purpose, for companies authorized to establish and operate telecom base stations in the...

Emerging market fintech credit provider Lendable unveiled a plan to raise $100 million by the first half of 2022. The resources will be invested in small and medium-sized enterprises (SMEs) to support alternative energy projects and financial services in Africa and Asia. The investor says it will provide credit to more than 150,000 African and Asian fintech startups. These companies will...

A week after it acquired a minority stake in Nigeria’s non-life insurer Royal Exchange General Insurance, AfricInvest announced a new investment.  This time, the beneficiary is Raynal Assurances IARD, Burkina Faso’s third-largest non-life insurer with over 13% of the market share. The operation is made through the investor’s FIVE vehicles dedicated to African financial institutions,...

Egyptian fintech Fawry announced its first commitment outside Egypt. The African unicorn has acquired a minority stake in alsoug.com, Sudan's largest online classifieds and commerce platform. The amount disbursed by the Egyptian company was not disclosed. However, Fawry was participating in a $5 million investment round for the benefit of the online commerce platform. The fintech will...

Emirati group DP World and the British CDC Group announced today a joint investment of $1.72 billion to upgrade port infrastructures in Africa. The resources will be used to modernize the ports operated by DP World in Ain Sokhna in Egypt, Dakar in Senegal, and Berbera in the Somali separatist region of Somaliland. $1billion will be committed by the Dubai-based company and the remaining...

Both the World Bank and the IMF expect sub-Saharan Africa to get out of recession this year. However, only 4 countries in the region (Botswana, Seychelles, Burkina Faso, and Côte d'Ivoire) will record growth of 6% or more. The International Monetary Fund (IMF) estimates, in its new global economic outlook report, economic growth of 3.7% for sub-Saharan Africa in 2021. The Bretton Woods...

South African telecoms group MTN announced last October 8 it will invest $120 million in South Sudan over the next three years. The company wants to improve and upgrade its network in the country. The information was revealed during a courtesy call by MTN Group Chairman Mcebisi Jonas and MTN Group CEO Ralph Mupita to the South Sudanese President Salva Kiir. The leaders discussed several...