Vodafone Group engaged talks with Saudi Telecom Company (STC) to divest the 55% shares it holds in its Egyptian subsidiary. The information was announced by the CEO of Vodafone Group, Nicholas Read, following a meeting with the Egyptian Prime Minister and the Minister of Communications and Information Technology. Since 2013, STC has tried to enter the Capital of Vodafone Egypt. That year, the...

On December 19, 2019, the consortium composed of Bolloré Ports, Toyota Tsusho Corporation and Yusen Kabushiki Kaisha signed a concession agreement with the General Authority for the Suez Canal Economic Zone with a view to building, equipping and managing a ro-ro terminal at Port Said in Egypt. The consortium is committed to investing USD 150 million over the period to acquire the equipment...

Between January and June last year, a total of 41,894 cases of e-payment fraud valued at CFA578 million were recorded in the West African Economic and Monetary Union (WAEMU).  Orange finances mobiles Senegal (OFMS) alone was the victim of 41,893 cases, making 99.9% of total frauds. According to BCEAO’s monitoring report on e-money payment services, as at 30 June 2019, most of frauds in...

In 2020, nearly 5 million children will need humanitarian assistance in the Sahel region, the UN Children’s Fund said in a statement last week. Compared to the 4.3 million children in the same situation last year, the new estimate makes an increase by 16.2%. UNICEF linked the situation to the resurgence of violence in the region targeting civilians and children, as well as an upsurge in the...

The public debt in Congo could exceed the amount previously forecasted, NGO Global Witness found in a report published January 27.  The document reports a debt amounting to about $3.3 billion, so far undisclosed, contracted by the National Oil Corporation of Congo (SNPC) mainly from foreign oil companies including Total, ENI, and many banks.   This newly reported liability...

US company Honeywell has signed a memorandum of understanding with the mobile operator Etisalat Misr to deploy digital solutions in the new administrative capital of Egypt, currently under construction 45 kilometers east of Cairo. The agreement was initialed last week during the Intersec 2020 conference held in Dubai. Honeywell will provide innovative and connected technologies to improve the...

ARISE P&L, the company that manages ARISE's ports and logistics operations in Africa, announces it is selling 43% of its capital to A.P. Møller Capital P/S (APMC). The latter thus joins Olam International Ltd and Africa Finance Corporation, which hold 31% and 26% of ARISE P&L’s capital respectively. ARISE P&L's African operations currently include the New Owendo International Port (NOIP)...

The President of the DR Congo, Félix Tshisekedi, recently met with a delegation of the British telco Vodafone on the sidelines of the UK-Africa summit. As part of their partnership which aims to give a new face to the Congolese telecom sector, Vodafone announced new investments to boost financial inclusion in the country. Vivek Badrinath, Vodafone's CEO for the Africa, Middle East, Asia, and...

Ethiopian Shipping & Logistics Enterprise wants to make the dry port of Modjo the main logistics hub of the country. The project valued at $150 million will be funded by the World Bank. The dry port of Modjo, situated in the centre of the country 76 km from Addis Ababa, will be completely transformed into a logistics center over the next five years, says Ewnetu Taye, Deputy Managing...

US-based venture fund Lateral Capital, which operates in sub-Saharan Africa, has achieved a $20 million first close for its fund dedicated to promising startups in the focus region. Called Lateral Investment Partners I Fund, the new facility will support early-stage and growth-stage startups with investment of between $250,000 and $5 million. The company also announces six new...