On World Water Day the African Development Bank will join leading global stakeholders in calling for universal water security for Africans during the UN 2023 Water Conference which opens today in New York. The three-day conference will assess progress and evaluate additional steps to achieve UN Sustainable Development Goal 6 -- to ensure universal access to safe drinking water, sanitation and...

Despite the drought and difficult security situation, Somalia has continued the implementation of reforms under its Extended Credit Facility (ECF) program. Based on its progress in the implementation of those reforms, the IMF has reached a staff-level agreement on the fifth review of that agreement.  The International Monetary Fund (IMF) commends the reforms undertaken by Somalia despite...

African telecom operators need more capacity to meet the growing demand for broadband connectivity on the continent. This presents a market opportunity for local and foreign wholesale providers.  Omani telecom operator and wholesale service provider Omantel announced a partnership agreement with data center operator Wingu Group to establish a point of presence (PoP) in Djibouti. With that...

Africa has more than 500 climate startups, 147 of which have attracted venture capital since 2015. Over the past year, the category has attracted the second-highest volume of venture capital on the continent, behind financial technology.  African startups committed to fighting climate change or adapting to a dangerously warming world raised a total of $1.17 billion in funding in 2022....

The African Development Fund’s Board of Directors has approved $3.9 million grant to finance upgrade of Liberia's payments infrastructure and systems project. The approval of the grant from the Bank’s concessional lending window, was made on 17 March. The project’s primary objective is to strengthen the payments ecosystem in Liberia for increased efficiency and to foster growth and...

The Board of Directors of the African Development Bank Group has approved a $30 million Trade & SME Finance Facility for Family bank Limited (FBL) in Kenya. The facility is expected to boost intra-Africa trade, promote regional integration and contribute to the reduction of the trade & SME finance gap in the East African nation. The facility will provide a Trade Finance Line of Credit to...

In 2020, tourism contributed 7% to Morocco’s GDP but since then, arrivals are still below the 2019 level due notably to the impacts of the coronavirus pandemic. To revive the sector, authorities are considering structural reforms.  Morocco will invest $580 million, by 2026, to revive its tourism sector, attract more visitors and boost foreign reserves. The announcement was made by...

Seventeen motions have been submitted to be reviewed by African Ministers and multilateral partners to create a new global financial architecture. Documents seen and discussions with experts provide a glimpse into the shape of that architecture.   Addis Ababa means “New Flower,” according to tour guides we met in that famous Ethiopian capital. The city may once again confirm that...

Since 2019, Spacecom has been ramping up initiatives to gain a foothold in the African satellite-based telecom services market. The company acquired a 9.3% stake in Canadian firm NuRAN Wireless in June 2021 for $3.2 million. Israeli satellite operator Spacecom will leverage the capabilities of Azerbaijan's Azercosmos' Azerspace satellites to expand the geographic coverage of its services,...

According to Burkina Faso, greater priority should be given to security challenges that threaten development initiatives.  While acknowledging the importance of addressing security challenges, the ECA states that for greater effectiveness, development initiatives and security should go hand in hand. During discussions in preparation for the 55th Session of the Conference of African...