The 10th largest global economic power is hosting delegations from 48 African countries for two days at the first South Korea/Africa Summit, themed "The Future We Build Together: Shared Growth, Sustainability, and Solidarity." South Korea will commit $24 billion in aid and investment support to Africa by 2030. The information was announced by South Korean President Yoon Suk Yeol on Tuesday,...

The Ghanaian government has unveiled plans to deploy 4,400 telecommunications sites for 4G and 5G over the next three years, aiming to enhance the country's high-speed connectivity. Ursula Owusu-Ekuful, Minister of Communications and Digitalization, disclosed this initiative last week during a press conference in Accra. These telecom sites will be built and deployed by Next-Gen InfraCo (NGIC),...

In response to a severe drought, Zambia has made an official request to the International Monetary Fund (IMF) for an additional $400 million in funding. The lender issued a statement yesterday explaining that the request aims to bolster the total funding announced under the ongoing Extended Credit Facility (ECF) agreement from $1.3 billion to $1.7 billion. The motivation behind...

Orano (formerly Areva) operates the only active uranium mine in Niger, supplying up to 17% of France's uranium needs. While the July 2023 putsch damaged relations between Paris and Niamey, the junta has strengthened its ties with Moscow. Russia's nuclear company Rosatom wants to take over Orano’s uranium assets in Niger. Bloomberg reported this ambition on June 3, 2024, citing various sources...

After China and Japan in Asia, South Korea is now organizing its first summit with Africa. Among the key topics that will bring together Seoul and around fifty African countries this week, the issue of critical minerals will figure prominently. From June 4 to 5, 2024, the South Korean government will hold its first African summit in Seoul and Ilsan. According to Kim Tae-hyo, Deputy National...

The African Legal Support Facility (ALSF), established in 2008, provides legal and technical assistance to African countries to strengthen their capacities in complex contract negotiations, debt management, and economic governance. During the recent African Development Bank (AfDB) Annual Meetings in Nairobi, Kenya, the ALSF unveiled the latest edition of its guide on sovereign debt in Africa....

The adoption of mobile money is on the rise in Africa, offering a financial inclusion solution for many who lack traditional banking access. In 2022, the Malian Telecommunications, ICT, and Postal Regulatory Authority (AMRTP) revealed a significant surge in mobile money accounts, reaching 14.5 million in Mali. This represents a remarkable 150% increase from the 5.8 million reported by operators...

The Tiris project can deliver 30 million pounds of uranium over 16 years, according to a 2024 study. With production set to commence in 2026, the project should make Mauritania West Africa’s second-largest uranium producer. Aura Energy announced on June 3 the commencement of a financing process to develop the Tiris uranium project in Mauritania. The Australian mining company hired Orimco and...

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...