Ethiopian President Sahle-Work Zewde met with African Development Bank President Dr Akinwumi A. Adesina while on a working visit to Côte d’Ivoire. Meeting Thursday at the Bank’s headquarters in Abidjan, they discussed Ethiopia’s current and post-Covid-19 development priorities. Describing the African Development Bank as Ethiopia’s development partner of choice, President Zewde...

In Senegal, Sonatel has covered 89% of the population with its 4G network. Currently, the company is seeking to move to 5G. Under this plan, it has recently conducted a second test of its 5G network in the town of Saly, and validated the compatibility of several categories of equipment with the technology. More importantly, the telco confirmed its ability to offer ultra-high-speed services to its...

The Government of Benin plans to mobilize a little more than $20.5 billion over the next five years to finance its development program. The decision was made public following the Council of Ministers held yesterday. The Government Action Program (PAG) 2021-26 aims to boost the country's economic and social transformation. It builds on three areas, including strengthening democracy, the rule...

The Board of Directors of the African Development Bank has approved a loan of $170 million to finance a digital and creative enterprises program in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries. It is part of Nigeria’s efforts to build back better, greener,...

With the repeated occurrence of cryptocurrency scams in South Africa, the government announced measures to regulate the sector. Recently, scammers stole more than $3 billion from the Cajee brothers' Africrypt exchange platform. South Africa's financial regulator (FSCA) wants to put in place a regulatory framework to cover the cryptocurrency sector by early next year. The move is aimed at...

The institution financing small and medium-sized enterprises (SMEs) in the health sector in Africa, Medical Credit Fund, unveils plans to strengthen its financing business on the continent. The company has raised €32.5 million (about $37 million) from a group of investors through its second investment fund MCF II. In an official note released on December 14, the fund manager said it...

The Board of Directors of the African Development Bank has approved a line of credit of €70 million and an equity investment of $24 million, to be granted to the West African Development Bank. The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy, health and information...

4DX Ventures has completed the final closing of its second fund, raising $60 million in commitments. The Africa-focused VC firm will target opportunities in Nigeria, South Africa, Egypt, Kenya, and Côte d’Ivoire. Investments will mainly go into fintech, e-commerce, healthcare, and logistics businesses. “Our goal is ultimately to invest in companies that are building products that solve...

Ghana will benefit from $93.4 million from the European Investment Bank (EIB) to strengthen its response against Covid-19. The announcement was made by the Ghanaian Presidency via a December 13 press release. Out of the money, $84.8 million will be provided as a financing facility and the remaining ($8.4 million) will be a grant. The resources will help strengthen health care and...

Congo's mobile operators are working to comply with the regulator's quality of service recommendations to avoid possible sanctions. Under this plan, Airtel Congo and MTN Congo signed an agreement last December 9 to improve the quality of telecoms services on national roads 1 and 2. The partners say they will now ensure that signal is received seamlessly along both routes. Speaking during the...