Guinea's National Transitional Council (CNT) has approved a €60 million ($65.03 million) loan from the French Development Agency (AFD). Several local media outlets announced the decision on July 8. The loan supports the Guinea Forest Region Electricity Access Improvement Project (PAAEGF), which is part of the government's broader National Program for Improved Access to Low-Cost...

The Democratic Republic of Congo (DRC) recorded 6.4 million new mobile subscribers in 2023, according to data from the Congolese Post and Telecommunications Regulatory Authority (ARPTC). The number of mobile subscriptions rose from 49.8 million at the end of 2022 to 56.2 million by December 31, 2023, marking a 12.8% increase. The mobile penetration rate increased from 52.35% to 59.1% during this...

Following its $8 million investment in 2019, the International Finance Corporation (IFC) is once again partnering with fintech firm TerraPay. Together with other partners, they are injecting a total of $75 million to support the company's expansion in Africa. TerraPay, a digital payments provider focused on Africa, is set to receive $75 million through a financing arrangement led...

On July 8, 2024, the International Monetary Fund (IMF) approved a $60.03 million disbursement to Mozambique under the fourth review of the Extended Credit Facility (ECF) agreement. Initially approved in May 2022, the program, totaling approximately $456 million, aims to support Mozambique’s efforts to restore macroeconomic stability, ensure debt sustainability, and foster stronger...

In April 2024, Orange, a competitor of Telecel, was confronted by the government after the company increased transaction fees on its mobile money platform in response to a new 1% tax. The Ministry of Finance and Budget has closed the offices of mobile operator Telecel Centrafrique, according to local media reports. The telecom company is accused of failing to pay taxes amounting to about 2.7...

Benin has been focusing on processing its cotton output in recent years. A new project, backed by four major banks, (87.17 billion FCFA) will help the country boost its processing capacity. Société des Textiles du Bénin (STB) has secured 52.3 billion FCFA (around $86 million) from a consortium of banks, including BIIC, CBAO Bénin, BGFI Bank, and BOAD. The agreement, signed in Cotonou at...

The UK-Rwanda migration partnership, intended to send asylum seekers arriving illegally in the UK to Rwanda, has been canceled. British Prime Minister Keir Starmer labeled the program "expensive and ineffective." In his first announcement since taking office, Starmer declared the plan "dead and buried before it started." This controversial project aimed to deter illegal arrivals by relocating...

Enugu State government is ramping up its digital governance efforts by collaborating with the public enterprise Galaxy Backbone. The partnership, signed last week, aims to enhance connectivity across 265 smart schools, 160 primary healthcare centers, the state secretariat, and the governor's office spanning 260 districts. Galaxy Backbone will provide data center, cloud services, and other ICT...

A week after the release of the World Bank's 14th report on Côte d’Ivoire, which focused on climate financing, Abidjan hosted a roundtable on the same subject. The aim was to assess the needs, efforts made, and support expected by the country. On July 5, Côte d’Ivoire held a climate financing roundtable at the Sofitel Hotel Ivoire in Abidjan. The event gathered several government members,...

The Confederation of the Alliance of Sahel States (AES) is set to focus on economic, social, and infrastructure development, as well as counter-terrorism efforts. These two key areas present significant challenges in the West African region and will be the benchmarks against which its actions will be measured in the coming months. Leaders from Niger, Mali, and Burkina Faso met yesterday in...