The African Development Bank and the Japan International Cooperation Agency (JICA) today signed a JPY 44,100,000,000 ($350 million) loan to finance the Bank’s support for private sector operations in Africa. The loan comes under the Enhanced Private Sector Assistance (EPSA) initiative, which is a component of Japan’s Official Development Assistance to Africa. The fifth version of EPSA, for...

The positive performance of the agricultural sector and the increase in electricity generation capacity is expected to boost the growth of the Zimbabwean economy this year. The Zimbabwean government announced, Friday, it is expecting a 6% growth this year, up from the 3.8% announced previously. Its renewed forecast is partially based on the strong performance of the agriculture sector and a...

As Africa's foremost development finance institution, the African Development Bank Group has significantly increased its commitments to climate finance since the 2015 United Nations Climate Change Conference (COP 21) in Paris. Following the expiry of its Second Climate Change Action Plan after COP21, the Bank has launched a more comprehensive and ambitious strategic framework on climate change...

In late 2021, the Kenya-based financial services holding had 77.5% in EquityBCDC. By increasing it to 84.1%, it is therefore consolidating its shareholding in the bank.  In 2022, financial services holding Equity Group Holdings acquired an additional 6.6% stake in the capital of its Congolese subsidiary, Equity Banque Commerciale du Congo (EquityBCDC), for $86.3 million. The holding...

With digital transformation accelerating across Africa, there is a surge in investment in the African data center market. Recently, Onix Data Centres launched its second West African data center in Dakar, Senegal. Nigerian Tier 3 neutral data center operator Rack Centre recently announced plans to build a new facility in Ikeja, Lagos State. Named Rack Centre LGS 2, the new facility will span...

Despite the unfavorable global environment, crypto exchanges captured 52.4% of the overall funds raised by African blockchain-focused startups last year.     African startups operating in the crypto industry attracted $474 million in venture funding in 2022. The amount is up 429% compared to 2021, according to a recent report published by Swizerland-based venture capital...

Mozambique's telecommunications sector is growing rapidly with 13.8 million active subscribers. The regulator wants to adjust existing regulations to better protect consumers and accelerate digital transformation. The Mozambique Communications Regulatory Authority (INCM) has developed a new "Regulation on the Registration of Telecommunications Services Subscribers" in coordination with mobile...

Africell started testing its mobile money platform in Angola in October 2022. The operator is already operating the service in its other African markets: The Gambia, the Democratic Republic of Congo (DRC), and Sierra Leone.  Telecom operator Africell Angola announced, Friday, the commercial launch of its mobile money operations in Angola. With this launch, its Angolan subscribers will...

The African Development Bank Group’s governors will address three strategic challenges when they meet next month for the group’s Annual meetings, the group’s Secretary General Vincent Nhemielle said during a news conference held on April 20. The challenges confronting Africa in the coming year are: financing a low carbon development path that delivers growth and inclusivity and the...

Africa, the continent that pollutes the planet the least, is today one of the world’s most vulnerable to climate risks. While nations across the continent grapple with financing constraints, resources from the international private sector, including multilateral development financiers such as the African Development Bank, are helping to catalyze climate action and green growth. For the African...