Chad is counting on the trans-Saharan fiber optic backbone to strengthen its digital infrastructure. The country frequently experiences Internet disruptions due to incidents on its infrastructure. The European Union (EU) and the African Development Bank (AfDB) are pleased with the progress of the trans-Saharan fiber optic backbone project in Chad. On October 24, representatives from both...

IMF Africa Deputy Division Chief Antonio David notes in the October 2024 regional outlook that while African public debt is stabilizing, its cost remains a concern. In one out of four countries, debt repayments consume over 20% of tax revenues, indicating budget pressures. Ecofin Agency: For the October 2024 economic outlook in sub-Saharan Africa, what improvements have you noticed since last...

Africa could see up to 3.3 million new direct jobs by 2030 in the green economy, particularly in sectors like solar energy, electric vehicle production, and climate-smart agriculture. This insight comes from a report published in late July by FSD Africa, a British government-funded development agency, and HR consulting firm Shortlist. The report, titled “Forecasting Green Jobs in Africa”,...

The operation will involve two bonds with 5- and 8-year maturities, offering fixed rates of 6.50% and 6.80%, to fund public projects. Burkina Faso's budget deficit is projected at 4.9% of GDP in 2024, while public debt has exceeded CFA7,313 billion, largely due to security-related expenses. Burkina Faso is seeking CFA100 billion, equivalent to $165 million, on the WAEMU regional market....

The international agency explains this rating by the improvements in the economic environment in WAEMU, even though political tensions continue in Niger, Mali, and Burkina Faso. Yesterday, Moody's announced it has upgraded the outlook for CRRH-WAEMU, the Regional Mortgage Refinancing Fund, from "negative" to "stable." The rating agency has also confirmed the institution's long-term local...

This agreement strengthens the military cooperation that began between Côte d'Ivoire and Turkey in 2015. On October 23, the Ivorian Ministry of Defense tweeted that it has signed a new military cooperation agreement with Turkey. This agreement was finalized during a visit by Minister Téné Birahima Ouattara to the SAHA EXPO in Turkey. Under the agreement, both countries will cooperate in the...

The report highlights that this record is nearly four times below the continent's needs, which are projected to reach around $190 billion annually by 2030. Climate funding for African countries surpassed $50 billion for the first time in 2022, according to a report released on October 23 by the Climate Policy Initiative, a think tank comprised of 90 experts. Titled "Landscape of...

The American rating agency cited the strength of Benin's economic and financial fundamentals to explain the revision of its outlook, despite the unstable international and regional environment. Standard and Poor's (S&P) maintained Benin's credit rating at "BB-" on October 16, but upgraded its outlook from "stable" to "positive." The information was made public on October 22 by the Beninese...

United Bank for Africa experienced a 20.2% rise in pre-tax profit, reaching 603.48 billion naira (about $422 million) in the first nine months of 2024. This growth was driven by strong interest income and robust balance sheet expansion. United Bank for Africa (UBA), led by Nigerian billionaire Tony Elumelu, reported a 20.2% increase in pre-tax profit for the first nine months of 2024. The...

In Senegal, SMEs make up 98% of the economy, yet they only access 9% of available credit, largely due to the banking sector's reluctance to lend. The African Guarantee Fund West Africa (AGF WA) has signed a CFA3 billion ($5 million) financing guarantee agreement with BGFIBank Senegal to support small and medium-sized enterprises (SMEs) in the country. The deal, finalized on October 21 in Lomé,...