Petro Ivoire intends to pay close to XOF9.7 billion (about US$15.5 million) interest overall on the 7-year bond.   Oil products distribution company Petro Ivoire launched, today (December 7), a bond issuance operation to raise XOF30 billion. The 7-year bond (with a two-year deferred period) will yield 6.8% annually and, over the period, Petro Ivoire will distribute nearly XOF9.7...

The escalating conflict between the DRC and the M23 rebels has prompted leaders of the East African Community (EAC) to meet to find solutions to defuse the situation. Less than two weeks after the EAC mini-summit, promising results are emerging. The M23 rebel movement, which is active in northeastern DRC, is ready to start disengagement and withdrawal, the rebel group informed in a release...

The Board of Directors of the African Development Bank has approved a loan of $179.66 million to support government reforms to restore post-pandemic fiscal stability and economic recovery. The funds for phase II of the program will build on the successes of the first phase by supporting policy measures designed to boost economic recovery, further ease private sector participation in the...

On 21 October 2022, the African Development Bank and the Mano River Union Secretariat hosted an event to launch the Project to Build Inclusive Business Ecosystems for Stabilization and Transformation in the Mano River Union (BI-BEST) in Freetown, Sierra Leone. Launching the $4.25 million project, Sierra Leone’s Minister of Gender and Children's Affairs, Manty Tarawalli, commended the...

The African Development Bank and Global Center on Adaptation today launched a new initiative under the Technical Assistant Programme of the Africa Adaptation Acceleration Program to help African countries access more climate adaptation funding. A  climate rationale is the scientific basis of a project and describes the climate change scenario, outlining the climate problem in a...

After a year of intense negotiations and a difficult global economic outlook, development partners of the African Development Fund (ADF) have agreed to commit a total package of $8.9 billion to its 2023 to 2025 financing cycle. It is the largest replenishment in the history of the Fund. ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to...

Following its success in Africa, the Middle East and other emerging markets, Trinity International, a pioneering law firm which was set up 16 years ago with the aim of becoming a top tier firm for projects and finance transactions in the emerging markets, has now set its sights on becoming a go to firm for international arbitrations in those regions with the successive hires in London and Paris...

An econometric model shows that Kenya’s GDP would have been just US$76 billion, instead of US$84 billion, in 2019 but for mobile money.   The successful adoption of mobile money in developing countries, particularly in Africa, can add one percentage point to the per capita GDP growth every year, says a report recently published by mobile operators Vodafone, Vodacom, and Safaricom in...

In January, the IMF approved a 36-month ECF arrangement worth about US$455 million for the Republic of Congo. An IMF team recently visited the country to assess the progress of the reform program contained in the deal.  In Congo, public debt is sustainable, but the risk of debt distress is high, the International Monetary Fund (IMF) said in a statement issued on Tuesday, December 6, 2022,...

Afruibana welcomes the publication by the European Union of its Directive on Adequate Minimum Wages and calls for its principles to inform the debate in producing countries around the concept of "living wages".  Paris, December 6th 2022: On the 4th October, the European Parliament and Council reached an agreement on the proposed directive which « provides for the promotion of the...