The private sector arm of the AFD group has extended a third loan to Microfinance Solidaire since 2016. This funding will support the lending activities of the French institution to microfinance organizations in Senegal, Sierra Leone, Togo, Guinea, and Liberia. Proparco announced yesterday a new €2 million ($2.1 million) loan to Microfinance Solidaire (MFS). This funding will support...

The World Bank now expects Sub-Saharan Africa's economy to grow by 3% in 2024, down from the 3.4% projected in April. In a report released on October 14, the institution points to the collapse of Sudan's economy as a major factor behind this downgrade.    However, the World Bank remains optimistic about a potential rebound, citing a recovery in private consumption and easing inflation...

Fiber optic internet for businesses and homes was launched in Algeria in 2018. By November 2023, the service exceeded one million subscribers. Algeria’s Ministry of Post and Telecommunications announced last week that 1.5 million households are now connected to fiber-to-the-home (FTTH) internet. This marks a remarkable growth of 2730% since November 2020, when only 53,000 homes were...

Niger will not export any uranium in 2024 due to several factors. Uranium typically makes up 15 to 20% of Niger's exports, significantly more than other products. Following the coup in July 2023, the country faced economic sanctions, including border closures with neighboring countries. Orano, Niger's only uranium producer, plans to operate at just 40% capacity next year. CEO Nicolas Maes said...

Canadian firm Dynacor plans to invest in artisanal gold mining in Senegal. The sector employs tens of thousands of people and produces 7 tonnes of gold annually. Dynacor announced on October 11 that it will build a pilot plant to process gold ore sourced from artisanal miners. This facility will help Dynacor evaluate the potential for larger operations in the country. The plant will be located...

JP Morgan Chase & Co, the largest U.S. bank with assets totaling $3.875 trillion, will open a representative office in Kenya under the name JP Morgan Chase Bank N.A. Representative Office Kenya. The Central Bank of Kenya (CBK) announced on Monday, October 14, 2024, that it has approved the bank's setup. The office will not engage in banking activities in Kenya. It will serve as a liaison...

Since 1997, the IMF has imposed surcharges on countries that borrow more than allowed or take longer to repay their loans. Economists and developing nations have often criticized this system for increasing their debt burden. The International Monetary Fund (IMF) announced on October 11, that it will no longer charge additional fees, known as surcharges, on loans for four African...

Improving the quality of Internet service enables African countries to benefit from diversified growth. High-speed networks are essential for applications in all sectors, and align with the region's broader economic objectives. Mobile operator Vodafone Egypt has announced the successful commercial launch of a 25 Gbps microwave link, operating in the E-band spectrum. Unveiled on Tuesday, October...

MTN Côte d'Ivoire has announced that the 2Africa submarine fiber optic cable, managed by Meta, is coming soon to the country. On October 10, 2024, Djibril Ouattara, CEO of MTN Côte d'Ivoire, shared this exciting news with Kalil Konaté, Côte d'Ivoire's Minister of Digital Transition and Digitization. The cable will be installed by Bayobab, MTN’s subsidiary for digital connectivity, and it...

Under the High Patronage of the President of the Republic of Angola, H.E. Joao Lourenço, the General Inspection of the Administration of the State of the Republic of Angola is organizing the 9th General Assembly and 11th International Colloquium of the Forum of General Inspections of State and Related Institutions (FIGE) from October 22 to 25, 2024, at the Intercontinental Miramar Hotel in...