The 17 agreements signed during Sheikh Mohamed bin Zayed Al Nahyan’s visit to Addis Ababa further reinforce the United Arab Emirates' ties with Africa. The agreements with Ethiopia, a promising market of over 100 million inhabitants, reflect the country’s increased ambition on the continent.  On August  18, Ethiopia and the United Arab Emirates signed 17 cooperation agreements...

The International Development Finance Corporation (DFC) announced on August 15 that it has provided a $500 million guarantee (over 313 billion FCFA at the current dollar value) against risks related to the issuance of a marine conservation bond in Gabon, known as the Gabon Blue Bond. Quoting the DFC CEO, Scott Nathan, Le Nouveau Gabon wrote in a statement that "The political risk insurance...

This growth in intra-regional trade can be primarily attributed to the continued elimination of non-tariff barriers, the harmonization of product standards, and the admission of the Democratic Republic of Congo (DRC) into the regional bloc. Trade among the member states of the East African Community (EAC) reached a record $10.9 billion in 2022, up 12.1% from the previous year. Peter...

Last year, Morocco's trade transactions with the rest of the world stood at $116.8 billion, against $85.9 billion in 2021. Despite the surge, however, the country’s trade deficit widened, reaching 22.7% of GDP. Morocco's trade deficit widened by 7.2 percentage points, from 15.5% of GDP in 2021 to 22.7% of GDP in 2022. The Moroccan Ministry of Economy disclosed the figures in its...

Nigeria presently grapples with a surge in its inflation rate, following near-stability since December 2022 when it stood at 21.34%. Nigeria's overall inflation rate reached 24.08% in July 2023, up from 22.79% in June 2023, an increase of 1.29 percentage points. The Nigerian Bureau of Statistics (NBS) disclosed the figures in a report it released on August 16, 2023. The NBS attributed the hike...

Vista Group eyes a 61.4% stake in Oragroup through a deal with Emerging Capital Partners. If the latter comes through, Vista would expand to 12 countries. The deal is backed by a $41.2 million loan obtained from the BOAD in March 2023.  Vista Group could become the majority shareholder in Oragroup with a 61.4% stake. The holding company recently inked an agreement in this framework...

With digital banks growing, and competition heating up among incumbents, new partnership offers banks accelerated innovation Backbase, the global leader in Engagement Banking announced today its strategic partnership with Valleysoft, a premier business and IT consulting provider with a strong presence across the Middle East and Africa. This collaboration aims to enable banks in the region to...

Last year, after an audit of its mining sector, Mali decided to suspend the issuance of new mining permits. A new mining code was subsequently adopted to boost and even double the sector’s contribution to GDP.  Mali's National Transitional Council, which currently serves as the country's legislative body, passed a new mining code on Tuesday, August 8. Adopted unanimously by the plenary...

Societe Generale has reportedly announced a $60 million loan to Spiro, a Benin-based startup that plans to use the money to expand its electric motorcycle leasing offers. The French banking group Société Générale will reportedly loan $60 million to the Indian start-up Spiro, based in Cotonou, Benin. Spiro plans to use the funds to expand its range of electric motorcycles through...

The Ugandan government has been taking several steps to speed up internet adoption in the country where the penetration rate stands at 53%. Recently, the government took a loan of about $496 million from the World Bank to achieve this goal. Internet cost has been halved in Uganda, from $70 to $35. Chris Baryomunsi (pictured), Minister of ICT and National Guidance, revealed the...