The government of Morocco will invest $1.07 billion to fight the current covid-19 pandemic. The money will be disbursed via a fund, the creation of which was ordered last week by King Mohammed VI (pictured). This new strategy aims at mitigating economic shocks, that come with the coronavirus crisis, in the country. The fund will assist the health sector, mainly by meeting urgent...

The Board of the World Bank approved, on March 10, two grants totaling $52 million to help Mauritania improve social security. $45 million will come from the International Development Association (IDA) while the remaining $7 million will be provided by the Sahel Adaptive Social Protection Program (ASPP), backed by the German government. The resources will support the Mauritanian...

Engineers Without Borders Canada (EWB Canada) has raised $24 million from its partners to invest in social and for-profit enterprises in Africa. From its Hummingbird Impact venture capital fund, the organization will provide pre-seed, seed and A-series funding to technology companies run by mixed teams. The resources mobilized by EWB Canada will be complemented by a $4 million facility...

The African Development Bank announced this week it is disbursing a total of $254.4 million in two loans to support the economic growth in Nambia and help the country develop some water supply projects. The first loan of $129.4 million will support economic governance and improve Namibia’s competitiveness by providing much-needed liquidities and enhancing investors’ confidence in...

Nigeria-based health care startup Field Intelligence has raised $3.6 million to develop its drug distribution platform, Shelf Life, in Nigeria and Kenya. The investment will also allow the development of extra services for customers and their patients. The operation was led by Blue Haven Initiative, a firm that targets high-growth companies. Accion Venture Lab and Newtown Partners also...

The Zimbabwe Post and Telecommunications Regulatory Authority (Potraz) has approved, with immediate effect, an increase in voice, data and SMS tariffs by 55.64%. This is the third consecutive increase in telecom tariffs by the public body. According to the telecom regulator, the increase is to catch up with the constantly rising operating costs that increasingly affect the telecom sector. Potraz...

The Nigerian multimillionaire and businessman Jim Ovia (pictured) will receive in the coming days, a pre-tax income of about N12.64 billion (about $34.5 million). Less known abroad than his compatriots Aliko Dangote and Tony Elumelu, he owns 5.1 billion common shares in Zenith Bank, one of Nigeria's biggest banking groups, which he founded in 1990 and chairs. The Board of the bank has...

The French Development Agency (AFD) has disbursed €18.7 million (about CFA12.3 billion) to support the development of excellence centers in Côte d'Ivoire, as part of the African Centers of Excellence (CEA) project.The loan agreement was signed on March 10, 2020, between the Ivorian Minister of Economy and Finance, Adama Coulibaly and the French Ambassador to Côte d'Ivoire, Gilles...

Amid the current coronavirus outbreak, hand sanitizers have become a very sought-after product in all markets and the federal government of Nigeria announced plans to ban their importation to bolster the local production. The announcement was made on March 11 by Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN). After the country confirmed the first covid-19 case in sub-Saharan...

For truck driver Joseph Turay, navigating the 120 km Matotoka-Sefadu road in northeastern Sierra Leone used to be a nightmare. On average, he spent between five hours to one day on the road, which was last properly repaired nearly half a century ago.Joseph and other drivers watched goods perish and vehicles destroyed before they reached their destination. The rainy season brought more hazards....