MTN is taking multiple initiatives to boost its market share in Rwanda, where mobile penetration stands at 87.4% according to official statistics. In November 2022, the company launched a mobile device financing program in partnership with the Bank of Kigali. Mobile operator MTN Rwandacell PLC (MTN Rwanda) recently signed a cooperation agreement with data platform Bboxx to accelerate smartphone...

The Crowne Plaza hotel, acquired by Kasada in July 2022, will undergo renovation and modernization with joint financing from the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and Proparco. Kasada, a private equity platform focused on hospitality in Sub-Saharan Africa, secured $49.5 million in funding on July 19. The financing includes an $11...

The Board of Directors of the African Development Bank has approved a $1 billion exposure exchange with the Asian Development Bank. The transaction will support its efforts to unlock additional sovereign lending headroom. It will also bolster continued efforts to create buffers within the African Development Bank’s capital adequacy metrics. This new exposure exchange agreement is the...

The need for new platforms allowing for effective dialogue between stakeholders in the mining sector on the continent has been highlighted. The 6th edition of the Annual African Mining Summit (MOTA) ended today. MOTA is a key event for the African mining industry. Experts have raised new ideas to strengthen mining operations in Africa while making them both profitable and fair, to the benefit of...

In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Development Fund (ADF) has given the green light for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in the West African country. Approximately $16 million has been allocated to finance this strategic initiative, which targets youth-led micro, small, and medium...

MCB has been mandated to act as lead arranger for the structuring of a leveraged financing, enabling the acquisition of Nouvelle Mici Embaci (NME) by a consortium of investors formed by Advanced Finance and Investment Group ("AFIG Funds") and Norfund, the Norwegian investment fund for developing countries. Owned by the Carré d'Or Group for over fifteen years, NME is one of the leading...

African telecom operators are increasingly turning to space technology to accelerate network coverage. Since March 2022, Safaricom has had an ongoing partnership agreement with satellite telecom services provider Intelsat. Kenyan telecommunications operator, Safaricom, will utilize AST SpaceMobile's satellite capabilities to enhance its mobile services reach in Kenya, especially in remote rural...

AMN aims to expand its portfolio of towers in Africa to 10,000 by 2025, up from approximately 2,000 currently. The company has recently started offering services in Latin America and plans to expand into Asia in 2024. Africa Mobile Networks (AMN) is partnering with Starlink, the satellite constellation of American company SpaceX, to bolster its telecom tower network in Africa, particularly in...

In September 2020, Indiana Resources initiated an arbitration process against the Tanzanian government for the "illegal" expropriation of the Ntaka Hill nickel project. Nearly three years later, the International Centre for Settlement of Investment Disputes (ICSID), a World Bank arbitration tribunal, has made its ruling. The ICSID has condemned the Tanzanian government to pay $76.7 million...

With the Abidjan Exhibition Park, the Ivorian government has found a new avenue to showcase itself to the international world. Valued at more than $128 million, it would be the largest exhibition center in French-speaking sub-Saharan Africa, according to local authorities. Côte d’Ivoire inaugurated the Abidjan Exhibition Park on Monday, July 17, in a ceremony presided over by Vice...