The African Development Bank in Nigeria met a private sector consortium from China to help attract investment through partnerships in the development of special agro-Industrial processing zones (SAPZs) across Africa. The Bank delegation, led by Professor Banji Oyelaran-Oyeyinka, the senior special adviser on industrialisation to the African Development Bank’s President, paid a courtesy call to...

The Central Bank of Sudan has just received $250 million in aid from Saudi Arabia, a statement from Saudi finance authorities informed.The fund injection is expected to loosen pressure on the local currency and contribute to exchange rate stability. This is to restore the balance of an economy long affected by a crisis that led to the ousting of President al-Bashir in April 2019.The new...

The government of Ethiopia and the African Development Bank Group have signed a $98 million grant agreement from the African Development Fund (ADF) to help finance phase one of the Ethiopia–Djibouti Road Transport Corridor Project. The agreement was signed by Ahmed Shide (photo), the Minister of Finance, on behalf of the government of Ethiopia, and Abdul Kamara, the African Development...

The African Development Bank Group on Monday signed a $4.8 million institutional support grant to the African Union (AU) for implementation   of the African Continental Free Trade Area (AfCFTA). The grant, approved by the Group’s Board of Directors on 01 April 2019, forms part of a series of interventions by the Bank in its lead role to accelerate implementation of the Free...

While Ethiopia was expecting $4.32 billion in export revenues for the financial year 2018-19, the country only cashed out $2.67 billion, or 61% of target. According to the trade ministry, this poor performance is due to smuggling, the fluctuation of global price, poor product quality, as well as instability in some parts of the country. Among Ethiopia's main export products, tantalum,...

A new health facility will soon be built in the town of Adzopé, 100 km north of Abidjan, in south-eastern Côte d'Ivoire. The project, which started last weekend, is funded by the Morocco-based company Agentis. It is estimated at more than $50 million and will cover 10 ha. Agentis says the hospital it is building will have a capacity of 200 beds, and will feature three surgery rooms, a...

The money the Egyptian government pumps into social protection increased from EGP198.6 billion (about $12 billion) in FY2014-15 to EGP327.7 billion (about $19.8 billion) in 2019-20, the planning minister, Hala El-Saied (pictured) announced in a report. This makes an improvement by 65% over the 5-year period. Between the two periods, Egypt dedicated a total of EGP1,300 billion...

The Association for the Development of Education in Africa (ADEA) yesterday concluded its annual policy dialogue on secondary education in Africa: Preparing youth for the future of work. In partnership with the African Development Bank, the Department for Basic Education of South Africa (DBE), and the Mastercard Foundation, the dialogue reached a consensus that it was critical to reform secondary...

Blank check company China Yunhong Group announces intention to invest $336.6 million, or about XOF200 billion, in Burkina Faso over the next 5 years. “I represent China’s private sector and in Burkina Faso, I commit to injecting funds in sectors such as agriculture, health and mining,” CEO Li Yubao said on July 29 during a meeting with the Burkinabe President, Roch Marc Christian...

Bushveld Minerals, the biggest vanadium producer in South Africa, says it has postponed its second listing on the Johannesburg Stock Exchange to next year. According to local media, the company which is listed on London’s Alternative Investment Market, wants to first complete and integrate the recent acquisition it made on 2 May 2019 for $65 million before proceeding with the Initial...