The Board of Directors of the African Development Bank Group has approved a $40 million Trade Finance Package in favor of Bank One Limited of Mauritius. The financial package comprises a $25 million Risk Participation Agreement and a $15 million Transaction Guarantee. The transaction guarantee facility will allow the Bank to provide, on a transaction basis, up to 100% guarantee to...

The Board of Directors of the African Development Bank Group has approved a $27 million and €10 million loan package to co-finance the construction of a 100-megawatt Solar power plant in Kairouan, Tunisia. The Board approval covers $10 million and another €10 million from the Bank, and $17 million concessional financing from the Sustainable Energy Fund for Africa...

The humanitarian situation in South Sudan is worsening due to years of conflict, food insecurity, climate crisis and public health problems. According to the UN, by 2023, 76 percent of the country's population will need humanitarian assistance. The percentage will represent a 5% increase compared to the 2022 level.   The UNOCHA plans to raise US$1.7 billion to help South Sudan deal...

The Congo rainforest sequesters more CO2 than the Amazonian and Southeast Asia combined. It is the most important tropical carbon sink. Yet, the funds raised to save that most important rainforest remain ridiculously low.  The Congo rainforest sequesters an average of US$30 billion worth of carbon yearly, according to a report published by the independent think tank Center for Global...

According to the AfDB, the measures initiated by Djibouti reduced poverty by 1.8% between 2020 and 2021. To assist the government’s efforts, several partners, including the World Bank, are also building the capacities of MSMEs to help them create jobs and economic opportunities.  The World Bank (WB) and the European Union (EU) recently signed an agreement to support the development of...

MSC Group is pleased to confirm that its wholly owned subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics. The transaction was approved by all applicable regulatory authorities. MSC’s acquisition of Bolloré Africa Logistics SAS and its affiliates (“Bolloré Africa Logistics Group”) highlights the long-term commitment of MSC to invest in...

Last January, Poa Internet raised US$28 million to expand its reach in Kenya and gradually enter other African countries.  Internet service provider Poa Internet Kenya won a grant from the U.S. Trade and Development Agency (USTDA) to conduct a feasibility study on the possibility of expanding its services to one million households in low-income urban areas outside Kenya. An agreement was...

The suspension concerns Eurobonds, commercial term loans, and most bilateral debts. It is aimed at preventing further deterioration of the country's economic, financial and social situation.  Ghana announced, Monday (Dec.19), the temporary suspension of the payment of most of its external debts pending a restructuring agreement with all its creditors.   “...We are announcing...

The return on equity of banks operating in the continent's five largest markets has declined by 2.6% since 2016, driven by a combination of declining margins and continually high operating costs.  Despite their rising profits since 2021,  African banks are struggling to reverse the dropping profitability that started long before Covid-19 partly because of a very high cost-to-income...

The Board of Directors of the African Development Bank Group has approved  a ZAR 2.2 Billion line of credit facility to the Development Bank of Southern Africa to build out its portfolio with strategic projects in energy, infrastructure, and communications technology within the Southern Africa region and across the African continent. The facility will provide long-term funding to DBSA,...