Despite Beijing’s efforts to rebalance its trade relationship with Africa, China’s imports from Africa recorded a two-digit decrease in the first fourth months of this year.  Trade between China and Africa reached $94.4 billion in the first four months of 2023, up by 8.9% compared to the same period the year before. The data was published by China’s general customs office. From...

Less than 10% of DR Congo’s arable lands are cultivated, despite the country being among the African nations with the greatest agricultural potential. This is because the country strongly depends on imports to meet its food demand. In the Democratic Republic of Congo (DRC), the Agricultural Sector Emergency Recovery Program will cost over $1 billion. This was disclosed by the country's...

The slight increase spurred by the rate is explained by the increase in food inflation. On the other hand, core inflation was down 0.38 percent to 1.46 percent in April 2023. In April 2023, Nigeria's headline inflation rose slightly to 22.22 percent month-to-month. According to the recent CPI index published by the National Bureau of Statistics (NBS), last Monday (May 15), this is up by 0.18...

The Board of Directors of the African Development Bank has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. The financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure...

Africa is highly vulnerable to climate change, and its impacts flooding, droughts, cyclones, sea-level rise are already driving shifts in how Africans grow food, live, and earn their livelihoods. Yet, most of the climate funding for the continent goes toward climate mitigation rather than adaptation. This is a problem, partly because adaptation creates well-paying jobs and diversifies economies,...

AGL Egypt, the leading logistics operator in Egypt, is proud to announce the successful delivery of a massive cargo to one of its Egyptian clients' sites. The operation involved the transportation of a heavy cargo, measuring 39 meters long and weighing 170 tons, to the client's site specializing in the oil and gas industry. Under the leadership of Osama Sedawy, General Manager of AGL Egypt, the...

The expected boom in the African fintech industry will be fueled primarily by low banking rates, high population growth, and the high proportion of the young population on the continent.  The combined revenue of African financial technology (fintech) startups is expected to grow 13-fold between 2021 and 2030, according to a report released on May 3 by Boston Consulting Group and QED...

The Board of Directors of the African Development Bank on 16 May 2023 approved a $11.7 million budgetary allocation to the African Fertilizer Financing Mechanism (AFFM) for its 2023 operations. Tuesday’s approval adds up to $16.4 million extended to the Facility to support its 2023 budget. It includes $4.7 million, which was carried over from the previous year. The Board of...

According to data from the GSM Association (GSMA), approximately 60% of the African adult population does not have access to the Internet. Microsoft wants to help reduce this digital divide by connecting 100 million people to broadband Internet by 2025. U.S. tech giant Microsoft announced, Tuesday (May 16), new agreements with Internet service providers Mawingu and Tizeti. The goal of these...

The number of unemployed individuals recorded by the Tunisian statistics institute in the first quarter of 2023 exceeded 655,000, against about 625,000 in the fourth quarter of 2022.  Tunisia’s unemployment rate reached 16.1% in Q1-2023, up from 15.2% a quarter earlier, results published, Monday (May 15), by the national statistics institute INS show.   The institute reveals...