The African Development Bank has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures. The Feed Africa Response to COVID-19 (FAREC) paves the way for a comprehensive intervention to build resilience, sustainability and regional...

Standard Bank Group, which owns 60.18% of stake in its subsidiary Standard Bank Malawi, and other minority shareholders of the subsidiary will receive 7.1 billion Malawian Kwacha (about $9.6 million) in dividends for the financial year 2019. Despite the current health crisis due to the coronavirus pandemic, the country’s Central Bank did not oppose banks’ decision to distribute...

The Mauritian government adopted for the FY2020-21 a budget of $2.5 billion to revive its economy hit by the coronavirus pandemic. The announcement was made last week by the Finance Minister Renganaden Padayachy (pictured). The new Finance Act has a triple objective: revive the economy and investments in the country, implement key structural reforms, and improve the framework for inclusive...

Ghana’s Vice-President, Dr. Mahamudu Bawumia, will today launch a single digital payment platform on which citizens can now pay their taxes and other financial obligations. This platform (Ghana.GOV) is a new step forward toward achieving the government’s digital strategy. According to the information minister, Kojo Oppong Nkrumah (pictured), Ghana.GOV will provide a single point of access to...

The total outstanding doubtful loans in Kenya's banking sector reached KSh366 billion (about $3.4 billion) in late April, the highest level in 13 years. This information was provided by the governor of the country’s Central Bank. The consequences of the current coronavirus pandemic have been presented as the first cause of this situation. During its recent ordinary general meeting, Kenya...

Agri-Business Capital Fund (ABC Fund), a fund that targets companies in the agro-industrial value chain in developing countries, will support the expansion of soybean processing company Dragon Farming Limited in Ghana. ABC will provide €800,000 and technical assistance to the company, which markets finished soybean processing products to companies involved in animal care and...

The International Telecommunication Union (ITU) and the UN Children’s Fund (UNICEF) have Selected Rwanda as a test land in Africa for the Giga initiative, which aims to provide internet connectivity to schools across the world. The information was given on June 5 by Doreen Bogdan-Martin, Director of ITU’s telecoms development bureau. According to her, Rwanda was selected regarding its ICT...

Liberia will benefit from SDR36.17 million ($50 million) approved by the International Monetary Fund on June 5 under the Rapid Credit facility signed with the country. The resources will be used to meet the urgent balance of payment needs ($150 million, 51% of the GDP) and the urgent budget needs stemming from the coronavirus pandemic. In addition to the health crisis caused by the pandemic, the...

Conakry Terminal, a subsidiary of Bolloré Ports and operator of the container terminal at the Port of Conakry, officially commissioned the Kagbelen inland container depot located in the municipality of Dubréka, 35 km from the Guinean capital. Covering a surface area of 30 hectares, the Kagbelen inland container depot has a specially laid out 5-hectare area with a storage capacity of 2,000...

Pursuant to a settlement agreement, the African Development Bank Group on 8 June 2020, announces the debarment of Burmeister & Wain Scandinavian Contractor, for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the Bank in Mauritius. In 2014 and 2015, Burmeister & Wain participated in tenders for the redevelopment of the Saint Louis power...