The African development Bank -AfDB- announced June 27, 2019, it has approved a credit line worth about TND327 million (€100 million) to Tunisia’s BH Bank. The new financing comes as a boost to the bank in the implementation of its strategy to support private companies operating the country. Targeted sectors include health, renewable energies, social housing and industry. “This financial...

South-African telecom company Vodacom, African arm of Vodafone, announce it is selling operations in Angola, Zambia, Côte d'Ivoire, Nigeria and Ghana. In the first country, the company plans to divest its Business Africa unit to Internet Technologies Angola (ITA). The selling cost is not disclosed but the agreement is subject to approval from market regulatory authorities. In Zambia, Côte...

BMCE Bank of Africa announced June 26 it has received approval from the Moroccan capital market authority AMMC to increase its capital by MAD1.89 billion ($199 million). The green light was given a week after British development finance agency CDC Group announced it has acquired a near 5% stake in the bank for $200 million. BMCE will first mobilize a first instalment, including share...

As part of its national e-government project, which aims to improve the efficiency of public services through ICT, Senegal's State IT Agency (ADIE) will increase the number of digitized administrative procedures to 700 by 2025. This was announced by MD Sheikh Bakhoum (photo), during a workshop organized June 26 in Dakar.The measure is to make public services more accessible to citizens. To date,...

Morocco will open new terminals at Tanger port to increase the infrastructure’s container capacity, Rachid Houari, the port’s Manager, told Reuters this week.He says the government plans to add six million TEU to the capacity of the biggest port in Africa, which last year was estimated at 3.5 million 20-foot equivalent units (TEU), under a €1.3 billion extension program.With program...

The International Monetary Fund IMF approved $47 mln in favor of Niger under an Extended Credit Facility signed with the country.According to the institution that reported the news this week, Niger performed well in implementing its reforms, despite tense security environment. The government improved public finances, and remains committed to meeting the budgetary convergence criteria of the...

The Chinese government writes off $22 million of Zambian state debt and approves a $30 million donation for the country. This was announced on June 24 by Wang Yi (photo), Chinese Minister of Foreign Affairs.New support aims to implement development projects to accelerate industrialization and create jobs, in line with the Seventh National Development Plan for the period 2017-2021.Zambia...

The government of Egypt, via the Information Technology Development Agency (ITIDA), has signed a cooperation agreement with Juniper Networks. The company specializing in the provision of network solutions and technologies will help the country develop a more skilled ICT human resource.Document was signed June 23 by ITIDA's Acting CEO, Hala El Gohary, and Juniper Networks' CEO, Rami Rahim (photo),...

Shelter Afrique, a pan-African housing finance company, announced June 20 it suffered an 18.5% increase in net loss to $9.23 million during the FY2018.The company attributes this fourth loss-making year in a row to its commitment in 2016 to suspend approvals of new loans as part of a moratorium period agreed with lenders.Shelter Afrique bases its business model on raising funds in local...

In 2017 and 2018, Kenya took the lion’s share of private equity investments in East Africa. This is indicated in a report co-issued June 20 by the audit cabinet KPMG and the East Africa Venture Capital Association (EAVCA).Of $1.4 billion invested over the period, Kenya captured $1.2 billion. According to the report, the largest transactions were made in Kenya for $1.2 billion....