The government of Mali adjusted its 2020 State budget, increasing spending by 6.77% from CFA2,604.568 billion (about $4.3 billion) initially to CFA2,780.935 billion (about $4.6 billion). The decision was taken during the Council of Ministers held on Wednesday 13 May. In the meanwhile, revenues have been revised downwards from CFA2,181.828 billion (about $3.6 billion) to...

China Mobile International, Facebook, MTN GlobalConnect, Orange, STC, Telecom Egypt, Vodafone and WIOCC announced on May 14, 2020, that they are collaborating to build a new submarine optical fiber system that will connect 23 countries in Africa, the Middle East and Europe. Named 2Africa, the telecom infrastructure, which is designed to significantly improve connectivity will connect Europe...

Airtel Nigeria weighted the most in the revenues of Airtel Africa over the financial year 2019 ending March 31, 2020. The Nigerian arm alone generated $1.4 billion, up 5% compared with the previuos year and making 40% of the total Group’s revenues over the period. The strong performance by Airtel Nigeria was spurred by a 67.8% increase in data revenues, which reached $435 million,...

Brimore, an Egyptian trade platform, raised $3.5 million in an operation led by Algebra Ventures and backed by various venture capital and investment firms. The retail company co-founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay intends to invest the money in its expansion plan and strengthen its personnel. “With this new round of financing, we will be able to invest...

The value of the 6 Moroccan commercial banks listed on the Casablanca Stock Exchange is down, two days after the Central Bank (Bank Al-Maghrib) ordered the suspension of dividend distribution. “It is important for credit institutions to maintain sufficient capital to cope with the effects of the crisis and thus preserve their ability to provide funding in these exceptional circumstances,”...

The Nigerien army and the multinational joint task force have, on May 12, neutralized at least 75 Boko Haram terrorists in Diffa and the Lake Chad region. According to a statement by the Ministry of National Defense, 25 terrorists were killed in Diffa and 50 others in the Lake Chad zone on the Nigerian territory, making a total of 75. During the operation, the army seized weapons and ammunition,...

The government of Niger has cashed CFA110 billion (about $180 million) on the WAEMU securities market, in the first issue of covid-19 social bonds. The initial target was CFA100 billion in the form of treasury bills maturing in 91 days. The operation generated a total of CFA416.7 billion, but Niger’s Public Treasury will only retain CFA110 billion at a multiple interest rate lower or...

The African Development Bank Group, today, announced a decision by its Sanctions Appeals Board imposing a 13-month debarment on Entreprise de Travaux et d’Etudes de Projets (ETEP) SA, a civil engineering company registered in Tunisia, for engaging in sanctionable practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that ETEP engaged in a...

MTN Nigeria, which did not join the Nigerian Stock Exchange until 20 May 2019, has rapidly risen to become one of the most valued companies on African financial markets, with a market capitalization currently worth $5.83 billion. The company has seen its value rise above that of its parent company since August 9, 2019. MTN Nigeria is attracting many investors because of the revenue...

Export Trading Group (ETG), an integrated chain for the management and processing of agricultural products present in 26 African countries, is to receive $15 million in financial support from a Finnish investor.The resource will enable the agro-industrial group to strengthen its agricultural trading and processing operations mainly in Malawi, Mozambique, and Tanzania.Finnfund, ETG's new...