The United Nations believes that Africa should avoid mirroring Europe's path of industrialization. Instead, its development must be inclusive and sustainable to ensure that all sectors of society participate in industrialization while preserving the environment. On July 24, Norfund, the Norwegian investment fund for developing countries, announced a partnership with Veolia, a leading player in...

In February, Japan funded an artisanal fishing project in Casamance. Japan agreed to grant Senegal $31 million in aid to boost development in the African country. The deal was signed between Senegal’s Minister of Economy, Planning, and Cooperation, Dr. Abdourahmane Sarr, and Japan's Ambassador to Senegal, Izawa Osamu. This financial aid aims to bolster several critical sectors for...

Cameroon has raised $550 million in Eurobonds, leveraging a period of lower interest rates and increased demand for African debt. This move follows similar issuances by Côte d'Ivoire, Kenya, Benin, and Senegal. On Tuesday, July 23, 2024, Cameroon issued the seven-year Eurobonds at an interest rate of 10.75%. The issuance was conducted through a private placement, with Citigroup Global...

Cameroon's public debt has reached CFA13,070 billion ($21.61 billion) at the end of June 2024, according to data from the national sinking fund CAA. This is equivalent to around 43.3% of GDP, up 0.8% compared to the previous quarter and 4.9% compared to the same period last year. The majority of this debt, 93.5%, is the direct debt of the central administration, divided into 67.5% external debt...

Starlink is expanding its presence in Africa with plans to address the digital divide. In Liberia, approximately 70% of the population lacked internet access at the start of 2024, according to DataReportal. The satellite internet provider, a subsidiary of the American company SpaceX, is focusing on Liberia for its operations. Elon Musk, CEO of SpaceX, presented the initiative to Liberian...

In Q1 2024, Nigeria's GDP growth dropped to 2.98% from 3.46% in Q4 2023, according to the National Bureau of Statistics. The International Monetary Fund (IMF) has recently revised its growth forecast for Nigeria, lowering it by 0.2 percentage points. The country's economic growth is now expected to reach 3.1% in 2024, down from the 3.3% estimated in April. This update comes from the...

Namibia is Africa's top producer of uranium, with three active mines. After being in care and maintenance for about six years, the Langer Heinrich mine came back online on March 30, 2024.  Paladin Energy announced on July 22 its first uranium shipment since the Langer Heinrich mine resumed activity. The shipment of 319,229 pounds left the Walvis Bay port on July 12. The mine had been...

Zambia, Africa's second-largest copper producer after the DRC, is working to increase its copper exports and revenues as new deposits are discovered. Zambia’s copper production is expected to rise by 40%, reaching one million tonnes by 2027, up from about 700,000 tonnes in 2023. The figures are under the government's Medium Term Budget Plan for 2025-2027. According to Zambian authorities,...

The project aims to valorize Gabon’s mining potential. It will improve the sector’s management, by monitoring businesses that explore and exploit the country’s resources, and by expanding available date on geological potentiel. Gabon’s Ministry of Economy seeks a firm to draft application texts for Law N°037/2018, which regulates the country’s mining industry. The African Development...

After raising $520 million over the past three years, Egyptian financial services company MNT-Halan has secured an additional $157.5 million to fuel its growth beyond its domestic market. Egyptian fintech MNT-Halan announced on July 20 that it has raised $157.5 million to support its growth and geographical expansion. Of this amount, the International Finance Corporation (IFC)...