The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, has approved a $500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF), a new private equity fund developed by All On, a Nigerian impact investment firm financed by Shell. NEAF will make strategic investments in sustainable energy in Nigeria, particularly in the...

The Kenyan government announced September 19 it will reduce its 2019-20 budget spending by KSh46.2 billion, or about $445 million, due to revenue collection shortfalls. This announcement comes a few days after Acting Finance Minister Ukur Yatani announced strict cuts in spending on foreign travel by public servants and advertising by ministries. These new budget cuts represent 2.1% of...

South Africa’s Rand Merchant Bank (RMB) has just published the 9th edition of its “Where to invest in Africa” report which ranks the most attractive destinations for investment on the continent in 2020.While the most attractive economies remain broadly the same as in previous editions, there have been significant changes in positions. Egypt remains the most attractive African country for...

Zambian aquaculture company Yalelo received $6 million from Finnfund, a Finnish financial institution that provides fund for private companies in developing countries, to expand its activity. The financing is Finnfund’s first direct investment in Zambia. The sum will enable the company specializing in the production and marketing of fish (Tilapia) to increase its annual production...

Norway approves a financial aid of $3.4 million to supply school canteens in Mali during the ongoing school year. According to the African Press Organization which reveals the news, the money will support about 55,000 students through the school feeding program, managed by the World Food Program in the central city of Mopti. “Norway is supporting school meal programs in several...

Guinea’s mining company Société Guinéenne du Patrimoine Minier (SOGUIPAMI) is developing a program to reinforce the operation of its gold licenses at Siguiri, including soil geochemistry and trenching on identified mineralization.According to initial ground sampling results, the 22 270 permit of Siguiri reveals varying grades between 0.5 and 11,614 parts per billion of gold; with 58%...

Angolan commercial bank Banco de Fomento Angola (BFA) concluded a credit deal of $50 million with African Export-Import Bank (Afreximbank) under the Trade Facilitation Program (AFTRAF).With this agreement, BFA becomes the first Angolan bank to benefit from this facility. The line could also be increased based on demand from the Angolan market to boost BFA’s international...

Verod Capital announced September 18 it has obtained a green light from regulators to get full control of insurer Metropolitan Life Insurance Nigeria. Under this agreement, Verod is acquiring the shares South Africa Momentum Metropolitan Holdings Limited (MMI Holdings) has been holding in Metropolitan Life Insurance’s capital for 12 years.The financial terms of the transaction were not...

Malawi’s economy is expected to grow by 4.5% this year, driven by boosted agricultural production, the International Monetary Fund -IMF- said in a statement this week.The southeastern African country has implemented a recovery strategy which includes the reconstruction of infrastructure after the cyclone Idai, and the resumption of sales of tea, tobacco, and sugarcane which were slowed due to...

The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. private financing arm in developing countries, approved $64 million to support the construction and operation of two hotels in Dakar, the Sheraton Dakar hotel and Aloft Dakar hotel.The project is also expected to strengthen local small businesses involved in the supply chain of both hotels. Since 2019...