In February, the Egyptian government announced plans to sell its stakes in 32 companies by March 2024, in a context where economic growth is stalled by external shocks.  Telecom Egypt, 80% owned by the state, was rumored to be among the targeted companies.   The Egyptian Ministry of Finance, the main shareholder of Telecom Egypt, has confirmed that the government is considering selling...

The closing is announced two years after Inua Capital launched in Uganda. The fund aims to support about thirty businesses, women-led mostly, in the coming ten years. Impact investor Inua Capital announced, Wednesday, the close of its first fund, Inua Impact Fund, with over $8 million in commitments. This generalist vehicle will invest patient and catalytic venture capital in more than 30...

Ghana is trying to break out of the vicious circle of its sovereign debt, which, although modest, is now perceived as risky by some investors. Nevertheless, its president, Nana Akufo-Addo, says he has no regrets and remains confident of a successful outcome to the ongoing processes. Ghana's President Nana Akufo-Addo (photo) has no regrets about his country’s debt since the borrowed resources...

Africa Fashion Up, the first large-scale Parisian event dedicated to contemporary African fashion, returns this year for a third edition placed under the sign of audacity and originality, while giving a special place to ethical and sustainable fashion. The selected future laureates will have the chance to showcase their original creations at a major fashion show to be held on 7 July at the Quai...

Cabo Verde Telecom is, since 2021, reorganizing its operations. According to its plan, on January 1, 2023, it was supposed to merge two of its business units, CVMóvel and CVMultimedia. The telecom company Cabo Verde Telecom (CVTelecom) will perform its IPO on the national stock exchange by the end of the year. The information was disclosed by Miguel Monteiro, president of the Cape Verde Stock...

The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank has approved a technical assistance grant of $5.03 million to implement the Africa Super Energy Service Companies (ESCO) acceleration program in Rwanda, Senegal and South Africa. SEFA is a bank-managed multi-donor special fund that works to unlock private sector investments in renewable energy and energy...

The Angolan government says the assets "embezzled" under former President Jose Eduardo Dos Santos include real estate, company shares, cars, and hard cash. Angola is considering setting a special fund to manage about $15 billion in assets recovered by the state as part of an anti-corruption drive, Finance Minister Vera Daves de Sousa (photo) announced Tuesday, March 7. "The government is...

The Republic of Zimbabwe became the sixth signatory to the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank). The Agreement was recently signed by His Excellency Dr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe. This accession marks another significant step...

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), today issued an AUD 50 million 10-year “Light up and Power Africa” Kangaroo due 8 March 2033. The new issuance was arranged by TD Securities and sold to a single Japanese investor, Fukoku Mutual Life Insurance Company. The funds raised by the African Development Bank through this...

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched an AUD 50 million 15-year Kangaroo Green Bond due March 2038. The new issuance was arranged by RBC Capital Markets and sold to a single Japanese investor, Taiju Life Insurance Company. This is the African Development Bank’s sophomore green bond in the Australian...