On November 17, 2022, the Senegalese parliament launched the sessions for the adoption of the 2023 state budget. The budget submitted by the government provides for over US$8 billion in expenditures to address four main challenges. Senegal recently approved its 2023 finance bill, setting over US$8 billion in expenditures against US$6.4 billion in revenues expected. The expenditures are devised...

A year ago, Old Mutual unbundled Nedbank, its long-time investee, citing a desire to refocus its activities. It is now about to launch a banking subsidiary again, by investing US$152 million.   Old Mutual, Africa’s second largest group by market capitalization and revenue, recently announced it secured a commercial banking license from the South African financial sector regulator. In the...

As the demand for broadband connectivity continues to grow, Starlink continues to expand on the African continent. The company has already received regulatory approval in Mozambique, Nigeria, and Malawi. The Tanzania Communications Regulatory Authority (TCRA) has confirmed to local media that billionaire Elon Musk's (photo) U.S.-based Starlink has applied for a license to provide its satellite...

Rawbank announces the completion of a unique money market operation within its trading room: the issuance of negotiable debt securities for one of its clients. The bank, acting as arranger, once again demonstrates its ability to offer alternative sources of financing to companies operating in the DRC. As the first bank in the Democratic Republic of Congo to launch its own trading room in...

Botswana, which depends on mineral exploitation, wants to diversify its economy to accelerate its development. In that bid, it is counting on partners. With the EU particularly, it has a new cooperation agreement that will run until 2027. Last Tuesday, Botswana launched its Multi-Annual Indicative Program (MIP) 2021-2027, in collaboration with the European Union (EU). The program, which sets...

The Board of Directors of the African Development Fund has approved a $27.9 million grant to Ghana for the development of agricultural value chains in the Savannah region. The grant will increase the climate-resilient production of maize, rice and soybean, support the poultry value chain, and generate employment for women and youth. It will increase the incomes of farmers and support...

The whitepaper marks the operating debut of the Ivorian fintechs’ association created in 2021, which wants to improve financial inclusion. The Côte d’Ivoire Fintech Association (CIFA) officially presented its white paper on the digital finance ecosystem yesterday. The whitepaper, presented at Radisson Blu Hotel Abidjan, is the result of research conducted by the international firm...

2Africa, announced in May 2020, is expected to connect Africa, Europe, and Asia. Because of its position straddling the three continents, Egypt is of strategic importance for the implementation of the project. U.S. tech company Meta’s 2Africa cable has landed in Ras Ghared, in the Red Sea governorate, Egypt. This was announced by a joint release by Meta and Telecom Egypt yesterday. In a few...

Russia and Mali are pursuing a rapprochement, which is increasingly criticized by Western governments. The latest development in the two countries’ cooperation is Mali’s Interior Minister traveling to the Kremlin, at the invitation of his Russian counterpart, to sign agreements. The Malian government announced Monday (Nov.21) a new security cooperation agreement with Russia.   The...

SOGECO, a Bolloré Transport & Logistics partner, is to participate in the 6th edition of Mauritanides, the largest conference in the region on mining, oil & gas and renewable energies, which will take place in Nouakchott from 22 to 24 November 2022. At the conference, SOGECO Chairman Sid Ahmed Abeidna will speak on three occasions to discuss solutions to improve Mauritania’s mineral and energy...