Islamic Development Bank (IBD) committed CFA170 billion to support rice sector in 10 African countries. Sidy Mohamed Ould Taleb, IDB Regional Director, told APS. “The scheme aims to boost rice production and productivity as well as the development of national and regional businesses along the efficient value chain with strong private sector participation,” he said. The project’s phase...

During the 2018-19 season, Benin’s government plans to boost cotton output to 700,000 tons, up from the record level of 597,986 tons over 530,145 ha achieved a year earlier. This was announced June 14 by Tamou Gani Badou, head of the national federation of rural cotton growers’ cooperatives. Main production area was Banikoara district which delivered 142,741 tons, about 24 percent of...

Saudi Arabia announces it would invest $10 billion in South Africa. According to Bloomberg which reported the news giving no further details, this new financing mainly targets energy sector and other key sectors. Authorities said more funding details would be given by October during an investment summit that will be held in the country. Let’s note that this financing is timely as...

The Egyptian government awards German Siemens an operation and maintenance contract for the three power plants under construction in the cities of Beni Suef, Borollos and the country's new administrative capital. The EGP6 billion (over €287 million) contract is expected to be clinched by the end of the month, including a part payment of €165m. For the record, the company has...

Senegal’s civil society partnered with the national anti-graft committee (OFNAC) to organize an awareness session on fraud and corruption as well as wealth declaration, in Matam region (North-East). Speaking during the workshop, Marième Samb, head of asset declaration division at OFNAC said: “we are here to talk about fraud and corruption with the population. As well, we will receive...

The Kenyan government gave the green light to India-based Maharashtra Hybrid Seeds (Mahyco) to import genetically modified cotton seeds, Business Daily Africa reported. This permit would lead the government to lift ban on importation of genetically modified crops, set in November 2012. The company will supply the seeds to local famers on behalf of Monsanto, newly acquired by German agrochemicals...

The African Development Bank (AfDB) approved July 11 an additional $10 million in financing to the African Guarantee Fund (AGF) for small and medium-sized enterprises (SMEs) across Africa. This support will enable the Fund to continue guaranteeing loans, especially to SMES active in renewable energy, housing, health, education, finance, trade and agriculture. To date, more than 8,600 SMEs...

In Sub-Saharan Africa, Côte d'Ivoire was the most active country on the bond market during the first half of 2018. Overall, bond issuances from WAEMU’s economy driver reached $6.27 billion. This figure is far above South Africa’s major issuances which stood at about $4.69 billion, ahead of Angola ($3 billion) and Nigeria ($2.5 billion), ranked third and fourth, respectively. Over...

Trade and Development Bank (TDB) will approve $660 million in financing to Tanzania to boost economic growth, The Exchange revealed June 12. According to information relayed, the financing is timely as the country plans to attract the most of investment required to fund its budget by lifting key sectors. In Tanzania, agriculture employs over 60% of the working population. The sector would...

Houston-based private equity firm Denham Capital, specializing in mining, gas and energy sectors, announced it closed a mining fund worth $558 million that will be deployed on several markets including Africa. The fund targets operable or close-to-be exploitable projects. “The close of our first mining fund marks a significant and strategic milestone for Denham Capital. We are...