The Board of Directors of the African Development Bank has approved a loan of $160 million to Banque Misr to finance Egyptian businesses that invest in key sectors of the economy. The loan comprises a $130 million line of credit from the Bank and an additional $30 million in funds from the Africa Growing Together Fund (AGTF). The financing will offer Banque Misr long-term...

In the pilot agropole of Kara, located some 423 kilometres north of Lomé, the capital city of Togo, there is a constant hum of bulldozers and harrowers. A few metres away from the deafening noise, engineers and agricultural technicians are supervising the work and talking to community representatives. Launched at the end of 2018, the Agrifood Processing Project of Togo has hit its stride. With...

MAUTO, the leading electric two-wheeler in Africa, announces the first closing of a $5 million transaction in the voluntary carbon offset market. "There are effective ways to finance the ecological transition in Africa and to make it affordable and sustainable. No population will accept this without strong support. That’s the whole point of this operation ", insists Shegun...

Al-Shabaab has been active in Somalia since 2006. The group’s repeated attacks have claimed thousands of lives and destroyed dozens of infrastructures, including telecom sites.   Somali telecom operator Hormuud Telecom confirmed on Monday, November 7, that a car bomb attack by the terrorist group Al-Shabaab destroyed a telecom center and tower in Qaayib, a village in Galmudug state. The...

According to the think tank, African companies and governments could have improved access to international markets if the IMF and World Bank’s debt sustainability framework is reformed. One of the solutions to improve African countries' access to international capital markets and mobilize much-needed capital is to revise the IMF debt sustainability framework, according to Development...

The funds, provided by the European Investment Bank and the Dutch government, will finance green hydrogen and renewable energy projects. Namibia announced, Tuesday (November 8), it has secured over €540 million (US$544 million) in climate financing during the 27th edition of the United Nations Climate Change Conference (COP27). The financing consists of a €500 million loan from...

African nations on Tuesday marked a special day on the sidelines of the 27th United Nations Climate Conference (COP27) in Egypt, with a common resolve to mobilize internal and external resources to tackle climate change. The event, dubbed ‘Africa Day,’ provided countries and development partners, including the African Development Bank, the opportunity to highlight measures to tap the...

The United Kingdom has announced a significant increase in its financial support to the poorest African countries that bear the brunt of climate change.  Speaking alongside African leaders at COP27 in the Egyptian city of Sharm El Sheikh, British Foreign Secretary James Cleverly confirmed the UK will provide £200 million to the African Development Bank Group’s Climate Action Window, a...

In the Kenyan market, rising operating costs have negatively impacted telecom operators’ revenues. Only Safaricom, the market leader was profitable at the end of the 2021/2022 financial year. Indian telecoms company Bharti Airtel Limited said its Kenyan subsidiary Airtel Networks Kenya recorded an after-tax loss of US$18.3 million at the end of the 2021/2022 financial year. This is down from...

The proposal provides for the construction of 8.4 gigawatts of renewable energy sources in twelve countries in the sub-region. Tanzanian President Samia Suluhu Hassan will present an US$18 billion energy transition proposal in 12 southern African countries at the 27th United Nations Climate Conference (COP27), Bloomberg reported Monday, Nov. 7, citing Tanzanian Energy Minister January...