The women-focused investment fund Wic Capital has secured a line of credit from UK investor FSD Africa to continue financing women entrepreneurs in Senegal and Côte d'Ivoire. Wic Capital has secured a $1 million loan from FSDAi Nyala Facility, an investment vehicle focused on sub-Saharan Africa. Wic Capital, which is a fund that invests in women-owned businesses in Senegal and Côte...

Despite lifting tariffs on 98% of products from 21 African nations in the past two years, China maintains a trade surplus, with its exports to Africa dominated by finished goods. The State Council's Customs Tariff Commission announced on December 6, 2023, that China will impose zero tariffs on 98% of imports from Angola, Gambia, Democratic Republic of the Congo, Madagascar, Mali, and...

Burkina Faso terminated its military agreements with France after a months-long standoff. Since then, the military leaders in the country have sought other partners to counter the jihadist threat. A few months after breaking off military cooperation with France, Burkina Faso reveals its new anti-terrorism allies. In a speech on the state of the nation delivered last Friday before the...

As the global venture capital market cools down, African startups are increasingly turning to non-dilutive funding to meet their capital needs. According to data released on December 5 by the platform Africa: The Big Deal, startups operating on the continent raised $1.1 billion in debt during the first eleven months of 2023, constituting 42.3% of the total funds raised during the same...

Upon his return from COP28 in Dubai, President Umaro Sissoco Embaló has dissolved the parliament in Guinea-Bissau, calling recent events an "attempted coup." New parliamentary elections are being considered, but the opposition, formerly the majority in parliament, is unlikely to favor this move. "After this attempted coup, the normal functioning of the Republic's institutions has become...

The IMF has praised the country's growth and debt management. However, over the next 12 months, Côte d'Ivoire will have repaid more to the IMF than it will receive if new disbursements are not approved. On December 4, 2023, the IMF Board of Directors approved the disbursement of resources equivalent to $495.2 million (around CFA300 billion) under an ongoing program with Côte d'Ivoire. The...

Meeting in Abidjan on 5 December 2023, the Board of Directors of the African Development Bank Group approved a grant of $33.25 million to Mozambique to implement the Songo-Matambo electricity transport line project. The grant is from the Transition Support Facility, a financial instrument of the Bank specifically for states undergoing transition. The project goal is to increase the...

Several African countries have formally expressed interest to join the groundbreaking Battery Energy Storage Systems (BESS) Consortium, launched Saturday during COP28, which could revolutionise Africa’s energy landscape by developing advanced energy storage solutions through collaboration and innovation. Joining the BESS Consortium, a multistakeholder partnership initiative of the Global...

In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the...

Meeting on 1 December in Abidjan, the Board of Directors of the African Development Bank Group approved a loan of $252.83 million to Uganda, to fund the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi road. The financial support consists of two loans: $179.68 million from the African Development Bank and $73.15 million from the African Development...