The ECOWAS Bank for Investment and Development (EBID) has signed an agreement with WEMA Bank Plc, Nigeria providing a USD50 Million line of credit to support Small and Medium Enterprises (SMEs) in the agro-business sector in the Federal Republic of Nigeria. The signing ceremony took place on November 20th , 2023, at the Bank’s Headquarters in Lomé, Togolese Republic. In his address, Dr George...

Cameroon has postponed its $333.2 million international bond issuance until 2024, as revealed by Fitch Ratings in its latest creditworthiness analysis. This decision aligns with a proactive debt management strategy, responding to negative assessments by rating agencies and the commitments made by the International Monetary Fund (IMF). Fitch Ratings' recent analysis on Cameroon's solvency...

As of September 30, Burkina Faso grapples with an estimated budget deficit nearing $900 million, as revealed in an official statement following the Council of Ministers' meeting published on Wednesday, November 15. During the specified period, the country mobilized $3.5 billion in budgetary revenue, falling short of the $4.5 billion projected in the revised budget. Meanwhile, both...

The World Bank suggests that Kenya could partly cushion the climate-induced shock through a higher annual growth rate and structural transformation of the economy. Kenya could experience a substantial economic setback, potentially losing up to 7.25% of its GDP by 2050 if decisive measures are not taken to adapt to and mitigate the adverse effects of climate change. The findings were detailed in...

In the midst of a global venture capital market slowdown, plummeting valuations, persistent inflation, and escalating operational costs, African startups are entering survival mode, implementing drastic workforce reductions. African startups laid off 738 employees in the third quarter of 2023 as they strive to extend their lifespans in a climate marked by drying up funding sources and soaring...

The third General Assembly of the African Public Procurement Network (APPN), which wrapped up in Abidjan on Thursday, adopted around ten recommendations for an effective contribution to sustainable development in Africa. This followed an earlier decision by participants from around 40 African countries to host the 2024 APPN General Assembly in Rwanda. Among the resolutions adopted were the...

Mobile operator Africell Angola has announced ambitious plans to double its communication towers and extend its services to four additional provinces in the country by 2024. This plan was made public by Jorge Vasquez, the newly appointed CEO of the company, during a media briefing on Wednesday, November 15. The expansion initiative aligns with Africell's gradual network extension strategy in...

Canadian telecom infrastructure provider NuRAN Wireless is seeking to bolster its presence in Africa, aiming to have 10,000 telecom sites under contract in the coming years. Having recently secured an operating license in Cameroon, the company is now in the process of acquiring a similar license in Madagascar. On Thursday, November 16, NuRAN Wireless announced that its local subsidiary has...

The Board of Directors of the African Development Bank Group approved a loan of USD 33 million to Seychelles on 17 November 2023 to implement Phase III of the Governance and Economic Reforms Support Program. Following Phases I and II, the results of which were considered satisfactory, the third phase will focus on consolidating and deepening the reforms to strengthen the country’s economic...

The Board of Directors of the African Development Bank Group granted a loan of 92 million euros to the Republic of Congo in Abidjan on 17 November 2023 to implement the first phase of the Economic Diversification Support Program. The aim of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector with the aim of reconciling the need for...