The 2022/2023 fiscal year begins with stronger growth but some pressures, inflation and currency depreciation notably, threaten that growth.  Uganda's economy grew by 7.5% in the first quarter of the current fiscal year (2022/2023), according to the monthly economic performance report published by the Ministry of Finance last Tuesday. The growth is up by 4.8 points compared with the rate...

Africa Specialty Risks (“ASR”), the pan-African focused reinsurance group, has been approved as a coverholder at Lloyd’s, the world’s leading specialist insurance and reinsurance market. As a Lloyd’s Coverholder, ASR is able to work with Lloyd’s syndicates and manage delegated authorities for specialist lines of business commencing with Political Violence and Terorrism and leverage...

The African Development Bank  will partner with African Hidden Champions in support of its efforts to promote the growth of African companies and aid their transformation into global champions. African Hidden Champions, co-founded by Africa Foresight Group (AFG) and the German Investment Corporation, DEG - Deutsche Investitions- und Entwicklungsgesellschaft,  identifies African firms...

The last SIM verification campaign was due to end on January 31, but the government extended the deadline to February 13 to allow all citizens using telecom services to get comply with the rules. The Tanzania Communications Regulatory Authority (TCRA) has deactivated  970,046 unregistered SIM cards, Semu Mwakyanjala, the regulator's chief communications officer, announced over the...

With XOF873 billion ($1.42 billion) raised this year, governments have already made twice as many public securities issuance as they made in 2022. As of February 20, 2023, WAEMU countries have raised XOF873 billion ($1.42 billion) in 53 operations, according to data seen by Ecofin Agency. Specifically, the funds were raised through 25 and 28 treasury bills and bond issuance operations on the...

In recent years, the number of joint projects implemented by Uzbekistan and Egypt has increased sixfold, according to Uzbek President Shavkat Mirziyoyev. During the latter's ongoing visit (February 20-21) to Egypt, new cooperation agreements were signed.   Egypt and Uzbekistan want to increase bilateral cooperation through new investments in several sectors, according to a release...

Following a rigorous review, WeLight has become the first company in Madagascar to achieve the B Corporation (B Corp) certification, an international label for companies that meet the highest standards of environmental and social performance. WeLight Madagascar in now part of a community of 50 certified B Corps in Africa. This prestigious recognition highlights WeLight's commitment to creating a...

Mauritius has made significant strides in bolstering its public procurement system, but there is room for improvement in electronic procurement and capacity-building for practitioners. These are among the findings of an assessment report the African Development Bank launched virtually on 15 February from Port Louis, the capital. The bank undertook the study in partnership with the Mauritius...

The African Development Bank and Japan have signed an exchange of notes for an eighth private sector assistance loan from Japan to finance the Bank’s private sector operations. The loan agreement, to the tune of JPY 44.1 million or $350 million, carries an interest rate of 0,11 % and a repayment period of 30 years, with a grace period of 10 years. The loan will contribute...

The funds committed through the Tide Africa II fund target early-stage startups, which are the riskiest in the venture capital value chain. The African Development Bank (AfDB) announced, Thursday, a US$10.5 million equity investment in Tide II Africa, an Africa-focused venture capital fund that invests in early-stage African technology companies. The operation will finance start-ups primarily in...