The downward trend in fundraising by African startups continues, though sectors like transportation, logistics, and fintech remain strong, with the "Big Four" maintaining their dominance on the continent. Data released on July 4, by the specialized platform thebigdeal.substack.com reveals that approximately $780 million flowed into African startups in the first half of 2024, marking a 57%...

In Burkina Faso, where insecurity heightens the risk of food scarcity, the government has decided to bolster one of its key food stock management structures. The government has approved increasing the capital of the National Food Security Stock Management Company (SONAGESS) to CFA1 billion ($1.6 million), five times its initial capital of $329,250. This announcement was made during the...

Ethiopia is negotiating a $10.5 billion loan with the International Monetary Fund (IMF) and the World Bank, Prime Minister Abiy Ahmed announced on Thursday, July 4, 2024. This agreement is crucial for the country's debt restructuring efforts, with Ethiopia's external debt standing at $28.5 billion at the end of 2023. “We have been negotiating with the IMF and the World Bank on a wide...

Burkina Faso is set to have a new active gold mine next year, the Kiaka mine. The project’s owner, West African Resources, recently upscaled its expected output for the mine. A new gold mine in Burkina Faso, with an annual production capacity of 234,000 ounces, will start operations in the third quarter of 2025. West African Resources confirmed that its Kiaka mine (currently 50% developed),...

Morocco's Procaneq, a mining subcontractor for the OCP group, will boost its green investments with a loan from the European Bank for Reconstruction and Development (EBRD).  On July 2, 2024, Procaneq signed a €13.6 million ($14.6 million) loan agreement with the EBRD to enhance its activities in the mining sector. We are supporting Procaneq with a €13.6 million loan to...

Last year, Gécamines, the DRC’s public mining company, announced a deal to sell its share of the copper produced at the Tenke Fungurume mine operated by China's CMOC. In 2023, this 20% share amounted to 280,297 tonnes. Gécamines, the state-owned mining company in the Democratic Republic of Congo (DRC), is currently negotiating with several firms to sell part of the output from the Tenke...

The ECOWAS Bank for Investment and Development (EBID) and the EU-Africa Chamber of Commerce (EUACC) have signed a Memorandum of Understanding (MOU) aimed primarily at resource mobilisation, project financing and technical cooperation for the benefit of ECOWAS Member States. The MOU, which was signed on June 28, 2024, at the 36th Annual Session of the Crans Montana Forum, held in Brussels,...

Loan and investment guarantees act as a powerful catalyst in mobilizing essential capital to stimulate economic growth and improve public services in developing countries. The World Bank Group announced on July 1 the launch of a new centralized loan and investment guarantee platform to enhance financing mobilization for developing countries and high-risk projects. "Starting today, the World...

The World Bank's 14th economic analysis of Côte d’Ivoire highlights the challenges and opportunities tied to the country’s climate ambitions. Despite robust growth, Abidjan struggles to secure the necessary financing for its climate actions. In its report released on June 28, the World Bank assesses the state of climate financing in Côte d'Ivoire. Although the country has shown significant...

The Digital Inclusion Acceleration Program will be implemented in several phases over eight years. Angola, the Democratic Republic of Congo and Malawi, countries where broadband access remains below 50%, are involved in the first phase. The World Bank has announced a significant investment of $2.48 billion to boost digital inclusion for 180 million people across East and Southern Africa by...