One of the missions of AFRO includes improving daily well being of people of the African continent. We have mentioned it before, but today it became a reality. AFRO partnered with two companies to guarantee population of the continent a simple and secure access to drinking water. O’Claire and Sunwaterlife rely on systems that transform non-potable water into potable water using ultra...

Angola has recovered more than $5 billion embezzled funds this year, the Minister of Justice, Francisco Queiroz (pictured), announced. According to the official, more than $3 billion of the money had been misappropriated from the Angolan sovereign wealth fund, an organization with a financial capacity of $5 billion and managed in recent years by José Filomeno dos Santos. For the...

While harvest was expected to be better this year in the Horn of Africa thanks to good rainfall, the UN Food and Agriculture Organization (FAO) sounded the alarm on a possible invasion of Desert Locust. According to the organization, these insects are already ravaging crops in Djibouti, Eritrea, Sudan, Ethiopia, and Somalia. In the last two nations, the pests have already destroyed 70,000...

British CDC Group agreed to sell the 9.97% interest it holds in Ugandan commercial bank Development Finance Company of Uganda (DFCU) for an undisclosed amount. The British institution that has been investing in DFCU since 1964, when the Ugandan bank was established, sold its shares to the Danish financial institution Investment Fund for Developing Countries (IFU). “We take this opportunity to...

The Portuguese company Mota-Engil Engenharia e Construção África has won a tender for infrastructure projects worth €115 million ($127.9 million) in Angola, Macauhub reported. Projects to be implemented concern the water and energy sectors and include the completion of the Northern pumping system, the construction of the Calueque irrigated perimeter in the province of Cunene in...

For this current year, Kenya Airways says it is expecting its earnings to decline by at least 25% compared to the previous year. The decline is as a result of a growing competition which significantly affected pricing, the company reports in a note. “Although Kenya Airways realized improved revenue growth in the year, profitability was constrained by the increased competition in the airline...

The European Union announced it is investing an additional €30 million in the AfricaConnect project designed to build a high-capacity Internet network for research and education networks across Africa. The new contracts signed under the financing will support the third phase of the project and funds will be invested in three African Regional Research and Education Networks: UbuntuNet...

Rensource Energy, a Nigerian startup specializing in providing solar energy solutions, raised $20 million in a Series A round co-led by investment firm Omidyar Network and South African venture capitalist CRE Venture Capital. Inspired Evolution, Proparco, Sin Capital and three other investors also participated in the transaction. Rensource says it will use the resources to expand its energy...

The African Development Bank’s Board of Directors has approved a $60m loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme. The planned expansion includes increasing agricultural productivity, enhancing related infrastructure, food processing and distribution. It will directly contribute in developing Sudan’s livestock value chain...

The African Development Bank (AfDB) announced on Monday that it is dedicating $208 million to support Congo’s economy. The loan is set to foster the implementation of the country’s economic and financial reforms support project (PAREF) which aims to create the conditions for sustained economic growth through the strengthening of fiscal consolidation and the recovery of the economy. With...