The IMF Board approved on April 13 an immediate debt relief for 25 countries, 19 of which are African countries, under the revamped Catastrophe Containment and Relief Trust (CCRT) as part of the measures deployed by the Fund to help member countries in this covid-19 crisis context. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an...

The International Finance Corporation (IFC) is investing up to $20 million in SPE AIF I, a fund managed by private equity firm SPE Capital Partners which targets small- and mid-cap companies operating in North Africa, mainly in Egypt, Morocco, and Tunisia. “With IFC’s support, we hope to not only provide growth capital but also industry and value-creation expertise, which are all...

Tunisian microfinance institution Enda Tamweel concluded a syndicated loan agreement worth $65.7 million with the Dutch Development Bank FMO. The loan is denominated in local currency. Enda Tamweel will use the facility to strengthen support to SMEs, particularly those operating in rural areas which represent 40% of the institution’s portfolio. According to Chairman Mohamed Zmandar, this...

The Trade and Development Bank announced last week an investment of $328 million to support the Ugandan economy during this covid-19. The resources, provided as a seven-year syndicated loan, will support development and infrastructure financing in the country. This announcement comes at a time many African countries have adopted restrictive measures that could be detrimental to their...

The government of Mali announced it will mobilize at least CFA500 billion to support the economy and assist the populations most vulnerable to the coronavirus, while drastic measures are being taken to limit its propagation in the country. President Ibrahim Boubakar Keita, in an address to the nation on April 10, announced the government has decided several additional measures including a...

Saudi Telecom Company (STC), Saudi Arabia’s incumbent telecom operator, announced it is delaying the operation to buy the 55% interest of Vodafone Group in Vodafone Egypt by 90 days, due to logistical challenges caused by the coronavirus. A preliminary agreement was signed between the two partners on January 29, 2020, for $2.4 billion. The operation is a step forward for STC in its...

The IMF Board, on April 9, approved 147 million (CAF88.2 million) to help address the coronavirus crisis in Gabon. The resource is a loan approved under the Rapid Financing Instrument initiated by the institution to help countries in need. IMF explains that the amount to which each country is entitled under this facility depends on its balance of payments financing needs, its outstanding credits...

The government of Egypt has postponed the sale of stakes in the public bank Banque du Caire in an Initial Public Offering (IPO). Initially scheduled for mid-April, the operation is deferred to a future date, according to local sources. Several Egyptian strategic investors from other Arab and non-Arab countries had expressed interest in the offer, and individual investors were expected to...

Sub-Saharan Africa, a large part of the continent, shows a low level of financial inclusion, in particular, only 6% of the population in the Democratic Republic of Congo use banking services. However, in this era of globalization, with the advent of e-commerce, mainly paid remotely, some financial institutions provide innovative solutions in order to integrate as many people as possible into the...

About 1,000 terrorists of the Boko Haram sect have been neutralized by the Chadian army in recent days. This was announced today, April 9, 2020, by Colonel Azem Bernandoua Agouna, spokesman of the Chadian National Army (ANT), as the first assessment of Operation "Wrath of Boma" launched by President Idriss Déby. However, 52 Chadian soldiers were killed and 196 wounded after eight days of...