Congo currently has 24,000 km of roads, but only 4,000 km are paved, half of which are currently under concession. Pending a national plan to strengthen its infrastructure, the country is focusing on maintaining the few existing kilometers. At its meeting on Tuesday, September 14, the Congo Road Fund adopted a budget of CFA6.105 billion (about $11 million) for its activities in FY2021-22....

Egypt-based fintech dopay, which offers digital payment services to unbanked workers, has raised $18 million in a Series A funding round. The deal was led by UK firm Force Over Mass Capital, Dutch development bank FMO and NN Group. Mbuyu Capital and Alder Tree Investments also participated. Dopay will use the money to strengthen its presence in Egypt, "the largest market in the Middle East...

The Ivorian government will spend CFA308 billion ($550 million) to rehabilitate the “Coastal Road” which links Abidjan to San Pedro. The announcement was made last September 18 by the Prime Minister, Patrick Achi, at the launching ceremony. The soon-to-be-rehabilitated road, which connects the country's two port cities, has been suffering advanced degradation for several years. The situation...

As we enter the period of contractualization of our commitments for the following year with retailers, we, African producers, wish to draw the attention of stakeholders to the cost increases experienced by the global banana sector and our continent in particular. First of all, our maritime transport costs, affected by the current sectoral situation, are expected to increase in 2022 by more than...

The Africa Investment Forum will hold its 2021 Market Days in Abidjan, Côte d’Ivoire, from the 1-3 of December 2021. The annual business gathering will showcase transformative investment opportunities across the African continent, many of which hold the potential to drive Africa’s recovery from the Covid-19 pandemic. Invited participants to this third edition, including investors, project...

Nigerian agritech startup Releaf announced this week that it has closed a $2.7 million round of funding. The resources will help address logistics and processing yield issues. The startup received an additional $1.5 million in funding from the Challenge Fund for Youth Employment (CFYE) and USAID. Founded by Ikenna Nzewi and Uzoma Ayogu, the start-up has designed software that connects...

Digital payments company Zip Co, listed on the Australian Securities Exchange, bid to acquire South African fintech Payflex. The move is part of the Australian company’s ambition to expand on the African continent. Zip Co Limited offers point-of-sale credit and digital payment services in 12 markets around the world, primarily in America and Europe. Through this acquisition, it intends to...

In Burkina Faso, the government wants to change the current process of ratifying financing agreements. According to the authorities, the process, which requires parliamentary approval, slows down the entry into force of the deals. In a statement issued two days ago, the government said it will propose a bill to the National Assembly to ratify financing agreements by ordinance. “Article 107 of...

Since the 2020 edition, the World Bank had suspended the publication of the Doing Business to investigate irregularities in data. Yesterday, the institution announced it has terminated the publication after the irregularities were confirmed. The Bank said the situation has led to a global outcry, given the prestige and importance of this ranking for states wishing to attract foreign investors in...

The Sustainable Energy Fund for Africa (SEFA) has approved a $1 million grant for modernization of Africa’s aging hydropower fleet. The grant will fund the mapping and evaluation of African hydropower facilities’ rehabilitation needs. It will also support the preparation of modernization works for two pilot facilities to a bankable stage, a move expected to add 200 MW in generation...