The European Union (EU) announced on Wednesday 26 February an envelope of €11.45 million to support humanitarian aid projects in Burkina Faso. The information was given in a press release following a visit by EU representatives to the north-central part of the country on Tuesday 25 February to meet displaced persons. “This financial assistance will provide humanitarian aid to internally...

The African Union is considering sending 3,000 more soldiers to the Sahel to help combat the escalating terrorism activity in the region. This was announced February 27 in Addis Ababa by Smaïl Chergui (pictured), AU Peace and Security Commissioner. The new troops are going to support the G5 Sahel Force, which is still struggling to become operational, as well as the French Barkhane force. AU...

Nigeria-based analysis and investment firm CardinalStone calls upon investors to ditch their interest in Total Nigeria. The capital market company says Total has a current stock market value of 21 times its last net profit. This indicator is on average 8 times the net profit for companies operating on the same segment. Indeed, the year 2019 was a tough one for the local arm of French group...

Five (5) African countries have just been placed under enhanced surveillance by the Financial Action Task Force (FATF), an inter-governmental body which fights money laundering and terror financing. This decision was taken at the end of the plenary session held from Feb 16-21 in Paris. Concerned countries are Botswana, Ghana, Mauritius, Uganda, and Zimbabwe, which join 13 others on the...

The African Development Bank has approved $4 million to support economic reforms in Liberia. This financing is, according to the Liberian Minister of Finance, a boost to the government program which aims to achieve macroeconomic stability. AfDB has a portfolio of ongoing projects in Liberia worth over $400 million in various sectors, including infrastructure, agriculture, and energy....

The Emirates Khalifa Fund for Enterprise Development has provided $25 million to help Mozambique create 11,000 jobs for women and youth. The loan deal was signed on 24 February 2020, between the President of the Fund, Hussein Jassim Al-Nowais, and the Mozambican Minister of Economy and Finance, Adriano Afonso...

“Twenty-three years is not a trivial number of years to spend in an institution. You’ve been a pillar of this institution. You’ve done very well.” It is with those words that the Executive Director for Nigeria and São Tomé and Príncipe, Bright Okogu, also Dean of the Board of directors of the African Development Bank, commended the outgoing Senior Vice President, Charles...

A month ago, the UN Food and Agriculture Organization estimated the cost of fighting locust invasion in East Africa at $76 million. Today, estimates have risen to $138 million due to the fast spread of the pests. FAO says it urgently needs the amount to support control actions in the region, especially in the next four months. “The upsurge is threatening people's livelihoods and food...

The growing Coronavirus outbreak is bringing a heavy blow to Kenya Airway’s revenues. The airline could lose about $8 million due to the epidemic, according to Deputy MD Allan Kilavuka. In an interview with The EastAfrican, the official said: “We are looking at lost revenue of about $8 million, both passenger and cargo.” This is the consequence of the shutdown since January 31 of...

Algeria announced yesterday February 25 a first case of Coronavirus, the second on the continent, after that reported in Egypt. “The surveillance and alert system put in place at the national level made it possible to detect two (2) cases matching with the definition of a suspect case (fever, respiratory symptoms and the fact of having traveled to a zone of the Covid-19 coronavirus). The two...