The joint venture set up by British private equity firm Actis and Canadian-based hotel management company Westmont Hospitality Group has acquired the Sheraton Casablanca hotel in Morocco for an undisclosed amount. This is the venture’s second acquisition in the North African country. “The acquisition of the Sheraton Casablanca marks the next step of our joint venture platform. Current hotel...

The Nigerian government has approved 645.5 million Naira (more than $1.7 million) to build an air accident investigation school in the federal capital Abuja. This is an outcome of the Federal Executive Council chaired last week by President Muhammadu Buhari. Equipment for the new facility will be certified by the International Civil Aviation Organization (ICAO) and the Nigerian Civil...

The government of South Africa is stepping up measures to revive the economy. In an address on the country’s finances today, President Cyril Ramaphosa (pictured) announced plans to reduce ministerial spending as to save R261 billion ($16.8 billion) over the next three years. Mr. Ramaphosa says the rate at which the public service wage bill increases will also be cut. “I have decided that...

NEoT Offgrid Africa (NOA) has closed a receivables securitization program with Zola Electricity Côte d'Ivoire (ZECI - a joint venture between EDF and Zola Electric) which aims to equip more than 100,000 households with solar home systems in Côte d'Ivoire, mainly in rural and peri-urban areas. NOA, majority-owned by Meridiam, is the first investment platform to set up a receivables...

Private equity firms injected about MAD765 million (about $79.5 million) in Moroccan businesses last year, according to the 2019 equity investment report by the Association Marocaine des Investisseurs en Capital. Investments were carried out through acquisition of less than 34% of stake in the businesses. Companies in the services and transport sector captured most of the money, followed by...

The government of Kenya will invest over KSh62 billion (about $612 million) in water supply projects this year, Ismail Fahmy Shaiye, Head of the Water Sector Trust Fund, announced. Projects seek to increase access to basic infrastructure services to the poor and most marginalized populations. Last week, the government launched in collaboration with some German companies a project aiming at...

Over 200 leading African political, business, and diplomatic leaders gathered in Johannesburg for the 8th African Leadership Magazine Persons of the Year Award dinner. They witnessed Dr. Akinwumi Adesina, President of the African Development Bank, being honored as the African of the Year 2019.   Themed ‘Africa for Africans – Exploring the Gains of a Connected Continent’, the...

Global communications enabler Belgacom International Carrier Services (BICS) has joined the Smart Africa Alliance to implement the One Africa Network (OAN), the free-roaming initiative on the continent. Smart Africa seeks to connect Africa and help member countries achieve sustainable development goals by capitalizing on ICT. The related agreement was signed on February 27 in Brussels, Belgium,...

Afrikrea, a Côte d’Ivoire-based startup specializing in the online sale of creations by African artists working in the art, fashion and handicrafts sector, has finalized a $1 million financing round with Saviu Ventures, an investment firm that targets companies with high growth potential in Côte d'Ivoire and Senegal. Showroomprive.com, the French specialist in online event sales, and ID4...

Burkina Faso raised an amount of CFA33 billion (about $55.5 million) on the WAEMU public securities market through the issue of 6-month Treasury Bills (BATs).At the end of this operation carried out on February 26, Burkina Faso collected CFA85.743 billion (about $144.3 million) for an initial requested amount of CFA30 billion (about $50.5 million), a remarkable coverage rate of...