Egyptian technology companies continue to attract investor interest. Along with their Saudi and Emirati counterparts, they attracted 98% of all funds raised in North Africa and the Middle East last month. In February 2022 alone, Egyptian startups raised a total of $70 million in 18 funding deals, we learned from a recent study conducted by Wamda and Digital Digest. This amount is the...

Terrorism in the Sahel is spreading to countries on the Gulf of Guinea, including Côte d'Ivoire, which has already suffered several attacks on its northern borders. Although measures have been taken to deal with the problem, the government is still seeking additional resources to curb the threat. The Ivorian government says it needs $1 billion to strengthen security in its border areas....

While it was supposed to be operational since 2021, the African Continental Free Trade Area is still struggling to go on stream. To accelerate the process, the Enhanced Integrated Framework (EIF), the United Nations Economic Commission for Africa (ECA), and the International Islamic Trade Finance Corporation (ITFC) pledged support for the project. The information was made public via a March 10...

Backbase, the global Engagement Banking Platform leader, is pleased to announce it has hired Emmanuel Onyeje as Regional Manager West Africa and Head of its Nigeria operations. A former entrepreneur who worked in senior positions for some of Nigeria’s most renowned companies in the tech and banking sectors, he will oversee Backbase development in the region. In his new position, Emmanuel will...

Adenia Partners is building a new fund that targets $400 million of resources. The project has attracted the interest of several institutional investors, including the U.S. DFC, which pledges $40 million for the vehicle. Adenia Partners, a private equity firm incorporated in Mauritius with a portfolio of 13 active investments in Africa, has received $40 million from the US...

The European Union announced it is seeking $9.18 billion to support development projects in Morocco. The information was reported last week by Oliver Varhelyi, the European Commissioner for Neighborhood and Enlargement. The EU plans to raise the money between 2022 and 2029 from its international financial partners and the private operators in Morocco. The investments mainly target...

Côte d'Ivoire aims to achieve average economic growth of 7.65% between 2021 and 2025, in line with its National Development Program (NDP). To attain this goal, the government is stepping up measures to accelerate the structural transformation of the economy. The Ivorian government is preparing the construction of a new industrial zone in San Pedro, in the southwest of the country. According to...

People in Côte d’Ivoire, like in other West African countries, have been facing a sharp rise in food prices in recent weeks. To keep this situation under control, the Ivoirian government announced yesterday it has set a cap on the prices of seven basic foodstuffs for the next three months. The decision concerns sugar, tomato paste, rice, refined palm oil, pasta, beef, and milk. The new prices...

Accessing financing is a real headache for SMEs in Africa, especially women-led SMEs. Proparco, the private sector financing arm of the French Development Agency, announced last March 8 it has made an investment of $10 million in the African Guarantee Fund (AGF) to support these businesses. This investment will be used to support African women entrepreneurs, grouped within the Affirmative...

To address the shortage of Covid-19 vaccines in Africa, Africa CDC says it wants to promote local vaccine production on the continent. The institution seeks to produce 60% of the vaccines used on the continent by 2040, with the support of international partners. Biotechnology company Moderna announced this week the establishment of its first mRNA vaccine production plant in Kenya. This unit will...