In the West African Economic and Monetary Union (WAEMU), their impact on economic activities is rising gradually. These institutions are microfinance firms. Based on their total balance sheets, Ecofin Agency makes a Top 10 list of the most important in the union.  Microfinance institutions are important financial actors that fund segments most of the time left out by mainstream banks....

Ethiopian state-owned telecom operator Ethio Telecom signed, Monday (April 11), an exclusive three-year contractual agreement with five virtual service providers to resell its Internet service. The service providers are WebSprix IT Solutions PLC, VIVATECH Trading PLC, Zergaw ISP, Skynet IT Solution PLC, and Dulle Business Group.  “Per the signed contract, the mentioned five partner firms...

Côte d’Ivoire will invest US$825.8 million to boost its tourism sector by 2025. The announcement was made on Tuesday, April 12, by the Director-General of the tourism and hotel industry, Klo Fagama (photo), during a press conference.  The country will notably fund a project “Tour de la Nation,” a project consisting of the construction, renovation, and development of various...

Dutch finance company Oikocredit approved, Tuesday (April 12), a €1.4 million (US$1.5 million) long-term financing facility for solar grids builder Weziza Benin. The facility will enable the company to connect about 40,000 people living in rural areas to solar power over the next 10 years. According to Siebren Wilschut, Oikocredit’s investment officer, “With Oikocredit’s support,...

Google will land its Equiano cable system in Nigeria this month. The plan was presented, Thursday (April 7), by Google’s Director for the West African region, Juliet Ehimuan-Chiazor (photo, left), during an audience with Isa Ali Pantami (photo, right), Nigeria’s Minister of Communications and Digital Economy. “Nigeria is a major landing point for the Equiano cable and the launch of this...

British investment fund Actis recently divested from auto part retailer AutoXpress. According to Africa Global Funds, which reported the news, Actis' shares were sold to private equity firm AfricInvest at an undisclosed amount.  “We are proud to have supported AutoXpress as it continues to scale, in its corporate development, and on its CSR programs. We wish them the very best as they...

The Food and Agriculture Organization of the United Nations (FAO) obtained nearly US$2 billion in funding pledges from the international community to combat food insecurity in the Sahel and Lake Chad region. The information was disclosed in a press release, published, Thursday (April 7) by the organization on its website.   The pledges represent almost half of the humanitarian appeal...

The Nigerian Senate on Tuesday, April 5, passed a bill creating a national industrial and technology park. The bill, sponsored by Senator Ibikunle Amosun, aims to establish the National Industrial and Technology Park as a mechanism for “ clustering of knowledge & innovation-based industrial parks formation in Nigeria.”  It has been referred to the Committee on Trade and Investment which...

Norwegian Investment Fund for Developing Countries (Norfund) and Danish fund IFU invested US$27.9 million in Continental Blue Investments Ghana (CBI), one of Ghana's five cement producers. Of the US$27.9 million invested, IFU contributed US$7.5 million. “We are excited to partner with and support CBI’s leadership team, its Board, and existing investors, and look forward to actively working...

Ghana will host the African Development Bank Group’s 2022 Annual Meetings from 23-27 May in its capital, Accra. This year’s meetings mark a return to in-person sessions following virtual meetings over the last two years. They will be held in a hybrid format with participants present in Accra and online. The physical sessions, including statutory meetings of governors of the Bank and...