In the region, venture capital financing was down but Senegal has remained the country most attractive for venture capital investors.  As of August 31, 2022, Senegal was the WAEMU country with the largest venture capital funding in the region. During the period, its startups captured US$106.2 million in venture capital funding. The bulk of that financing (US$91.5 million) was raised by Wave...

The new "food shock window" would allow member countries to borrow additional financing representing up to 50 percent of their IMF quota under the rapid financing instrument. The IMF executive board reviewed, Monday, a proposal to create a new "food shock window" to provide emergency assistance to countries hard hit by rising food prices. "The IMF is looking at all options to improve its...

Earlier today, during an official visit to Luxembourg by representatives from Bourse Régionale des Valeurs Mobilières (BRVM), the Luxembourg Stock Exchange (LuxSE) and the West-African regional exchange celebrated the signing of a Memorandum of Understanding (MoU).  The MoU, which places a heavy emphasis on sustainable finance, marks the first official step in what is hoped to be a...

Namibia's incumbent telecom operator controls 90 percent of the national market, according to figures from the regulator. As a result, the state-owned company earns much more money than other operators for calls originating from other networks. The Communications Regulatory Authority of Namibia (CRAN) recently announced the reduction of local mobile and fixed-line termination rates by 50...

A growing number of venture capital investors are willing to commit over US$1 million per deal on African startups. The list of countries they are interested in for such deals is long but the main ones are Nigeria, Kenya, Egypt, and South Africa.  As of Wednesday, August 31, 2022, 277 startups active in Africa had raised US$1 million or more in venture capital funding, for a total of US$3.6...

In 2020, due to the coronavirus pandemic,  tourist arrival fell sharply in Seychelles after years of steady growth.  From 428,000 visitors in 2019, the country recorded just 124,500 visitors the following year. To bring the sector back to its pre-pandemic levels, authorities have initiated a number of measures.   Seychelles recently launched Africa’s first tourism satellite...

The Government of the Arab Republic of Egypt and the African Development Bank Group on Monday signed a memorandum of understanding on the hosting of the Bank Group’s 2023 Annual Meetings in May next year. The meetings, which comprise the 58th annual assembly of the African Development Bank and the 49th meeting of the African Development Fund the African Development Bank Group’s concessional...

Launched in 2016, the Young Rural Enterprises Project in the Central West of Madagascar has helped improve agricultural yields. Yields of rice and maize doubled, according to a project progress report released by the African Development Bank on 30 August 2022. The African Development Fund, the Bank Group's concessional window, provided the project with $23.42 million in financing, which was...

Africa has been losing from 5 to 15% of its GDP per capita growth because of climate change and its related impacts, but needs about $1.6 trillion between 2022 and 2030 to meet its nationally determination contributions, says African Development Bank Group Acting Chief Economist and Vice President Kevin Urama. Speaking at a panel discussion titled “African Countries Ownership in...

If successful, the operation will increase the French banking group’s stakes in its Egyptian subsidiary to 65.3%.  The French banking group Crédit Agricole is on the move to acquire a 4.8% direct stake in its Egyptian subsidiary, which it controls (60.5%) through its investment banking branch. The news was disclosed by Egyptian investment bank EFG Hermes which was the main arranger of...