JPMorgan Chase will provide $200 million in funding to Rwanda, guaranteed partially by the African Development Fund (ADF), to support sustainable development projects. This financing agreement was signed in Nairobi during the African Development Bank's (AfDB) annual meetings between Rwanda's Finance and Economic Planning Minister, Uzziel Ndagijimana, and AfDB Vice President for Private...

Countries in the West African Economic and Monetary Union (WAEMU) continue to depend on the public securities market, organized by Umoa-Titres, as a vital source of budgetary financing. From May 27 to May 31, 2024, the UEMOA public securities market, managed by UMOA-Titres, saw significant activity. During this period, various member states raised over CFA145 billion ($239.8 million). On May...

In the Democratic Republic of Congo, Manono hosts one of the world's largest lithium deposits. While legal disputes have slowed down the exploitation of this deposit, AJN Resources has begun exploration in the same region, hoping to identify another deposit. AJN Resources, a Canada-based mining company, has started a reverse circulation (RC) drilling program on its Manono Northeast project in...

The government of Algeria plans to establish a bank in China to promote its exports to the Asian country, Finance Minister Laaziz Faid announced on May 30. This move follows the launch of two banks in Senegal and Mauritania in September 2023. Algeria's major public banks aim to expand into other African, European, and Asian countries. The goal is to support economic operators and capture a...

The Congo's digital transformation acceleration project, officially launched in January 2023 and supported by the World Bank with $100 million in funding, moves forward with a budget of 38.7 billion CFA francs ($63.9 million) for FY2024. On May 28, the Steering Committee of the Digital Transformation Acceleration Project (PATN) approved this budget. The PATN aims to implement 57 projects in...

A new report by SWISSAID provides unprecedented figures on gold smuggling in Africa over the 2012-2022 decade. The report reveals that Africa loses billions of dollars each year due to this illicit trade. Between 2012 and 2022, the United Arab Emirates (UAE) imported 2,569 tonnes of undeclared gold exports from African countries, valued at over $115.3 billion. Swiss foundation SWISSAID...

Thanks to Endeavour Mining, Côte d'Ivoire will soon have a new active gold mine. With a lifespan of 13 years, the new mine is expected to produce over 200,000 ounces per year. Endeavour Mining announced on May 30 that the Lafigué gold mine is expected to deliver its first ingot by late June 2024, ahead of schedule. Construction work is 94% complete, and gold is already being sent to the mine's...

Burkina Faso, the third-largest gold producer in West Africa after Ghana and Mali, is ramping up efforts to boost gold production by focusing on artisanal and small-scale miners.  The Burkinabe government announced the Samissi gold residue project following a Council of Ministers meeting on May 29. The project is expected to generate 75,479,040 CFA francs (approximately $124,641) for...

Perseus Mining, an Australian company, entered the Tanzanian mining sector this year by acquiring OreCorp and its Nyanzaga project. The project is expected to produce 234,000 ounces of gold annually for over 10 years, making it the fourth gold mine in Africa for Perseus. Perseus Mining said it will commence production at the Nyanzaga mine in Q1 2027, its first gold mine in Tanzania. In a...

Kenyan President William Ruto announced on May 29 that Kenya will invest $120 million in the African Development Bank (AfDB) and the African Development Fund (ADF) over the coming years. Speaking at the AfDB Annual Meetings in Nairobi, Ruto detailed that Kenya will invest $100 million over the next three years to increase its stake in the pan-African financial institution. This follows...