Seacom had been negotiating IFC financial assistance for an about $563 million African expansion project.  The International Finance Corporation (IFC) announced Thursday (June 22) that it had granted a long-term loan of $207 million to digital infrastructure and IT services company Seacom. The latter will use the funds to expand the coverage of its fiber optic network and...

The Malian citizens were given the opportunity on June 18 to cast their votes either in favor or against the proposed new constitution by the transitional government. According to an electoral observation mission, the turnout is 28%, but the Election Management Authority says it is 10 percent higher.   The turnout rate for Mali’s referendum on the new constitution is 38%, according...

The slowdown in the consumer price index lowers the pressure for a restrictive monetary policy. Headline inflation fell to 6.3% in South Africa in May, down from 6.8% in April, reaching its lowest level since April 2022, according to data released on Wednesday, June 21 by the South African statistics agency Stats SA. This slowdown in the annual rise in the consumer price index (CPI) lowers the...

To accelerate industrialization in Africa, Afreximbank wants to support initiatives that promote job creation, transform and formalize economies, foster industrialization, and support the growth of intra-African trade and investment. On the sidelines of Afeximbank’s annual meetings, in Ghana, the multilateral bank signed an agreement, with Arise IIP to accelerate industrialization in...

The plan was recently approved by Beninese authorities allowing the two tech companies to distribute audiovisual content to their subscribers.  In Benin, telecom operator Moov Africa and internet service provider (ISP) Isocel have obtained the right to provide audiovisual content. Their approvals were awarded by the High Authority for Audiovisual and Communication (HAAC) following an...

Al Salam Bank, which previously held 37.43% of the Algerian bank's capital, has acquired additional shares from several shareholders following the amendment of the 51/49 rule governing foreign investment in Algeria.  Bahraini banking group Al Salam Bank has increased its stake in Al Salam Bank Algeria (ASBA) from 37.43% to 53.13%. According to a press release published by the banking group...

Anwar Soussa became Safaricom Ethiopia's first CEO in August 2021. His achievements include the launch of the company's commercial activities, the gradual expansion of its telecoms network coverage, and the acquisition of 4 million subscribers. Anwar Soussa (photo), CEO of Safaricom Telecommunications Ethiopia PLC (STEP), will step down from the helm of the company on July 31, when his term of...

Global development financiers attending this year’s Organisation of Petroleum Exporting Countries (OPEC) Fund’s forum in Vienna, Austria, have pledged a strong commitment to remodel their investments to support green projects at scale. The delegates, representing multilateral development banks and intergovernmental institutions, said business and political leaders must do more to stimulate...

In mid-June 2023, year-to-date inflation was 9.2%, according to the Central Bank. To preserve price stability, the institution decided to raise its key rate to 11%. The Central Bank of the Democratic Republic of Congo has raised its key rate by 2 basis points, from 9% to 11%, in a bid to curb inflation. The announcement was made by the banking institution on Monday, June 19. For the Monetary...

Link Africa wants to connect over 10 million South African homes and businesses by 2025. To achieve this goal, the company needs to strengthen its fiber optic infrastructure. South African independent fiber optic network operator Link Africa announced on Tuesday, June 20 that it had raised ZAR500 million ($27.1 million) from Prescient, Absa Group, and Paragon Debt Advisory. This financing should...