The World Bank approved this week $500 million in low-interest loans and grants to battle locust swarms in Africa and the Middle East. In Africa, Djibouti, Ethiopia, Kenya, and Uganda will benefit directly in the first phase of a total of $160 million granted through the International Development Association (IDA). In detail, Ethiopia is expected to receive $63 million, partly for...

Rwanda is expecting a crash in its GDP growth this year mainly due to the current coronavirus crisis that affected key sectors. The minister of finance Uzziel Ndagijimana (pictured), says growth is forecasted to be 2% this year, far below the 9.4% achieved last year. Due to the restriction measures ordered to contain the propagation of the virus, Rwanda’s main income sources (tourism, hotel...

The military base of Bilabirim, located 36km northeast of Nguigni in the region of Diffa, was attacked during the night of May 18 to 19 by the Nigerian terrorist sect Boko Haram. The information was reported by the defense minister, Issoufou Katambe. The statement mentioned 12 soldiers killed and 10 soldiers wounded, as well as equipment destroyed or taken away during the attack. On the enemy...

The telecom company Africell Holding SAL was finally awarded, on 19 May 2020, Angola's fourth mobile license, which is moreover a unified global license. Last March, the investor, who had successfully passed the qualification phase instituted by the Angolan government, was invited by the inter-ministerial working group - made up of the Minister of Finance, the Minister of Telecommunications and...

The Director-General of the Port Authority of Dakar (PAD), Ababacar Sédikh Bèye, reported on 20 May a turnover of CFA61.3 billion (about $$102.4 million) in 2019, from CFA49.2 billion (about $82.2 million) in 2017. This makes an increase of 24.7% between the two years. The official also indicated that the port establishment made a profit of CFA13.9 billion (about $23.2 million)...

The Egyptian government announced it has granted a subordinated loan of EGP2 billion (€116 million) to support the national carrier Egyptair. According to the finance minister Mohamed Maait, the repayment will be made once the carrier has reached an operating rate equivalent to 80% of its operating volume in 2019. This aid is aimed at supporting the national airline's cash flow, which has seen...

The World Bank approves a $1 billion loan to support Kenya’s budget deficit, we learned. Talks for this disbursement was made in January 2020. The resources come at the right time when the country, like many others, needs money to curb the propagation of coronavirus and control its impacts. The World Bank and the Kenyan government have not provided details on the terms of this...

The Ghanaian Ministry of finance launched three policy initiatives to boost financial inclusion and digital development in the country. The initiatives include the National Financial Inclusion and Development Strategy, the digital financial services policy, and the Cash-Lite roadmap. The National Financial Inclusion and Development Strategy, prepared in collaboration with the World Bank, aims to...

Ethiopia’s private equity firm Cepheus Growth Capital Partners has acquired a significant minority stake in the capital of East African Lion Brands Manufacturing Industries PLC (Lion Brands), an Ethiopia-based consumer goods retailer. The operation is Cepheus’ first commitment of the year. The stake buyer will provide strategic, managerial, and operational support to Lion Brands, which...

The Nigerian agribusiness company Tomato Jos, completed a Series A funding amounting to $4.2 million from four foreign investors, including Goodwell Investments, an Amsterdam-based impact investor, which led the operation. The asset managers Alitheia Capital and VestedWorld, and the investment firm Acumen Capital Partners are the three other investors involved. The agreement terms, as well...