The Italian Government has signed an agreement for an additional €1 million contribution to the Multi-Partner Somalia Infrastructure Fund. Established by the Bank in October 2016, the Fund is one of the financing windows under the Somalia Development and Reconstruction Facility of the New Deal Compact for Somalia. It aims to support and accelerate Somalia’s inclusive and sustainable...

The African Development Bank is pleased to announce  the nomination of Professor Anthony Nyong, Director for Climate Change and Green Growth, as one of the ‘100 Most Influential People in Climate Policy 2019’ by Apolitical, a peer-to-peer learning platform for governments. Nyong, a pioneering and globally recognized climate change expert, was named among the top 20 on the prestigious...

STOA, The investment vehicle of French bank CDC, acquired 23.08% of the capital of South African optical fiber operator Metro Fibre Networks. According to Marie-Laure Mazaud, deputy managing director of STOA, this investment is the third of a large infrastructure investment project. It will “help support a firm with strong growth in a dynamic market (…) and offer a first-class...

Morrocan Banque Centrale Populaire (BCP) announced, in a release published on March 19, 2019, a net profit of MAD2.9 billion ($302 million) in 2018. Year on year, it represents a 3.5% rise.   During the period under review, the bank’s net banking product grew by 4% year on year to reach MAD17 billion. The group, which has more than 6 million clients in Morrocco, granted MAD15 billion...

On March 15, 2019, the IoT Industry Council was created. The new body will defend the interests of companies providing IoT devices, connection, software and services. It will also lobby for the development of this segment in the country. The founders of this council are Internet Solutions, Nerospec IOT, Real Telematics Systems, Sqwidnet, Activer Group, Comsol Networks, CST Electronics, Dimension...

Morocco will issue two Eurobonds in 2019 and 2020, Abdellatif Jouahri (photo), governor of the central bank, announced on March 19, 2019. During the press conference announcing the operation, the official indicated that MAD11 billion will be raised during each operation. According to the governor, the operations are aimed at increasing Morroco’s foreign reserves from MAD231 billion in 2018 to...

South African rental car startup FlexClub raised $1.2 million during a funding round managed by CRE Venture Capital. Savannah Fund, a fund targetting high growth Sub_Saharan firms, and Montegray Capital also took part in the fundraising. FlexClub will use the funds to extend its activities out of Africa (in the Mexican market namely) in partnership with Uber Mexico. The revenues...

Mercer cabinet recently unveiled its 2019 ranking of cities with the highest quality of living. As was the case in the past three years, Port Louis, Mauritius’ capital, is the 83rd globally and the best in Africa. This capital is directly followed by Durban, South Africa, which is the 88th globally. Next comes Cape Town and Johannesburg both in South Africa) that are respectively the...

United Bank for Africa (UBA) ended 2018 with a drop in its shareholders’ equity. Its report revealed that the period under review ended with NGN483.4 billion equity, a 5.1% decrease compared with the NGN509.5 billion recorded during the 2017 fiscal year.   According to the group, this is due to the new financial standard IFRS9. The group’s figures indicate that this negative performance...

Orange Guinea is increasing the pressure on its local competitors MTN and Cellcom. On March 14, 2019, the operator acquired a 4G licence thus becoming the pioneer of this technology in the country. By acquiring its 4G licence at $90 million, Orange Guinea also renewed its 2G and 3G licences now valid for ten more years. In the license agreements, the operator is required to cover every...