Like the Ghanaian Cedi, the Nigerian Naira showcased its vulnerability to external shocks. This resets the UEMOA's CFA Franc as a stability factor in the ECOWAS' common currency project, the ECO. For years, Nigeria has kept its currency on par with the US dollar, through artificial means, such as opening its domestic securities market to foreign investors and enforcing a fixed exchange rate for...

Amethis III, the third pan-African fund by Amethis, completed its initial closing at €140 million ($154.3 million). The fund, targeting medium-sized African companies, aims to raise €450 million by its final closing in late June 2024. Luxembourg-based investment fund manager Amethis announced on Monday, July 10, the successful initial closing of Amethis III at €140 million...

Following his re-election in 2021, President Faustin Archange Touadéra made digital development a cornerstone of the Central African Republic’s national agenda. The steps towards realizing this vision are gradually taking shape. Bayobab, MTN’s subsidiary specialized in telecom infrastructure operation, secured the contract to manage, operate, and maintain the national fiber optic...

In light of lessons learned from the global health crisis, African countries have been forging strategic partnerships since 2020 to support their digital transformation and economic development.  The Republic of Gambia officially became the 39th member of the Smart Africa Alliance. The organization, which promotes the use of ICT to boost economic and social development in Africa, made the...

In line with an economic reform program it has submitted to the IMF, the Egyptian government will gradually exit the productive sector. In exchange, it will get a $3 billion aid package from the Fund. Speaking at a press conference on July 11, Prime Minister Mostafa Madbouly announced that the Egyptian government earned $1.9 billion from selling its stakes in several companies. He...

The African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat and the Ministry of Trade & Industry of Egypt hosted a high-level business roadshow, ahead of the Intra-African Trade Fair (IATF 2023) scheduled to hold on the 9th to 15th of November 2023 in Cairo, Egypt. Under the theme "Promoting...

The Board of Directors of the African Development Bank Group has approved a €400 million partial credit guarantee for Côte d'Ivoire, to support the mobilization on international financial markets of financing for strategic environmental, social and governance (ESG) projects. The approval came on 12 July 2023. The partial credit guarantee will enable Côte d'Ivoire to raise long-term...

Tanzania’s President Samia Suluhu Hassan held talks with an African Development Bank delegation led by vice president Beth Dunford to boost the East African country’s agricultural production and food security. The meetings, held on 27 June, covered various development issues, including the Bank’s recognition of Tanzania’s progress in developing its agriculture sector following...

The West African Economic and Monetary Union (WAEMU) is poised to reach a significant milestone. The renewal of the Convergence Pact, the return of Mali, and a comprehensive overhaul of statutes point to a new era of integration and economic stability in the Union. Introduced in 2015 by the WAEMU States, the Convergence Pact was suspended in April 2020 to provide greater flexibility in managing...

Equity BCDC, a subsidiary of East African financial group Equity, has reached an agreement with Proparco for a $10 million guarantee. This is the second deal of the kind between the two parties, and it aims to boost access to financing for BCDC’s customers, with a focus on SMEs. On July 5, 2023, the Congolese commercial bank Equity BCDC finalized a guarantee agreement with Proparco. It is...