The IFC loan is the institution’s first commitment to finance both infrastructure and water development in a special economic zone in Sub-Saharan Africa.  The International Finance Corporation (IFC) announced, Wednesday (July 27), plans to provide up to a US$30 million loan to Ghanaian diversified company LMI Holdings. The company, which operates in construction, real estate development,...

The aid, which comes after a US$476 million assistance granted to Somalia, is announced by Washington at a time when the Head of Russian diplomacy, Sergei Lavrov is visiting Ethiopia.   The U.S. will provide an additional US$488 million in assistance to Ethiopia. The assistance was announced in a statement issued by the U.S. embassy in Addis Ababa, Ethiopia, on Wednesday, July...

Nigeria is the largest telecommunications market in Africa. Its market potential attracts foreign investors amid strong demand for high-speed connectivity and the acceleration of digital transformation. U.S SpaceX’s Starlink satellite Internet network will officially launch operations in Nigeria next August. The information was disclosed by Elon Musk in a Twitter post published last Sunday,...

As digital transformation keeps accelerating on the continent, African governments are increasing infrastructure investments to capitalize on the opportunities offered by the sector. On Thursday, July 21, Malawi inaugurated its first national data center, built by Chinese tech giant Huawei. According to Lazarus Chakwera, Malawi's president, the new infrastructure will enable the country to take...

The deal announced by local media follows Kasada's acquisition of the Rwandan hotel Umubano in June 2022. Kasada Capital Management, an investment platform dedicated to investing in the Sub-Saharan African hospitality industry, has acquired the Crowne Plaza Hotel in Kenya for approximately Ksh4.6 billion (US$38.7 million).  The information was announced today, Tuesday, July 26, by the...

The surplus recorded by Algeria is mainly due to a sharp increase in the value of its exports, following the rebound in oil prices. Algeria recorded a US$5.68 billion trade surplus in the first half of 2022, against a US$1.34 billion deficit a year earlier. The figures were published by customs authorities on Monday, July 25.  The surplus is mainly due to a 48.3% increase in exports, which...

In Kenya, child malnutrition rose by 50%  to reach 942,000 cases in some regions, in the past three months. At the same time, 4.1 million Kenyans are facing acute food insecurity.   The U.S. Agency for International Development (USAID) announced, Friday (July 22), the disbursement of US$255 million in emergency assistance to combat drought and food insecurity in Kenya. The...

The investment aims to capitalize on the opportunities presented by the growing demand for broadband telecom services in Africa.   Airtel Africa PLC announced Monday (July 25), the acquisition of 60 megahertz of spectrum in the 2600 MHz band in Kenya. According to the company, the overall investment was US$40 million for a 15-year license.  The newly acquired spectrum will...

According to the international financial institution, the record financing helped “develop regional pharmaceutical manufacturing, increase intra-Africa trade, expand access to climate financing, and strengthen food security among many other pressing development needs.” The International Finance Corporation (IFC) claims “record financing”  in Africa during its 2022 fiscal year that...

Malaria is one of the leading causes of infant mortality in Africa. To help deal with this endemic disease, scientists have developed a serum that could stem the tide.  Vaccine Alliance, Gavi, recently launched a US$160 million fund to allow African countries to have the required financing to introduce or continue the rollout of the RTS,S/AS01 (RTS,S) malaria vaccine. The information was...