Africa has lost an estimated $17.1 billion in tax revenue due to tax evasion by rich countries and multinationals. The figure is revealed in the 2021 edition of the State of Tax Justice report, jointly published on Tuesday by the Tax Justice Network, Public Service International, and the Global Alliance for Tax Justice. Compared to 2020 when the continent lost up to $25.4 billion, the...

The African arm of British Vodafone -Vodacom- unveiled plans to acquire 30% stake in Community Investment Ventures Holdings (CIVH). The latter is an investment company and subsidiary of Remgro Limited which manages Dark Fiber Africa (DFA) and Vumatel, both specialized in the construction and operation of optical fiber networks in South Africa. According to available information, once the...

The Ivorian government says it will invest $800 million (more than CFA460 billion) between 2021 and 2025 to empower the youth. The plan was unveiled this week by Mamadou Touré (pictured), Minister of Youth Promotion. This announcement follows a recent meeting between Prime Minister Patrick Achi and the country's youth organizations, during which the governement official reassured them of...

The government of Nigeria plans to vaccinate at least 55 million people by the end of January next year. This was announced by Boss Mustapha (pictured), head of the presidential steering committee on Covid-19. This target represents about 50% of the targeted population within the country, pegged at 111 million. Additional doses of vaccines will be acquired as part of this strategy. “The PSC...

Satellite Connectivity provider InterSAT announced last week, that it has signed an agreement with U.S. satellite communications company Kymeta and Azerbaijani satellite operator Azercosmos. As part of this deal, InterSAT will leverage the expertise of these two companies to strengthen its broadband connectivity solutions in Africa. The operator plans to pool its SkyMOVE services with the Kymeta...

Equity Banque Commerciale du Congo has secured a loan of $50 million in local currency from the International Finance Corporation (IFC). The Congolese arm of Equity Group should use the money to better support to micro, small and medium-sized enterprises (MSMEs) active in the country. “We want our MSMEs to grow at the global pace. By working with partners like IFC, we are...

FinDev Canada will provide a $20 million loan to the Trade and Development Bank (TDB) to support small and medium enterprises (SMEs) and businesses in Southern and Eastern Africa.  The facility will mature over eight years. “TDB has demonstrated its willingness and ability to be there for its clients, supporting their ambitions to grow and create a more integrated, equitable,...

The International Monetary Fund (IMF) announced the disbursement of $372.4 million to help Tanzania strengthen its response against Covid-19. The amount will be approved in the form of a Rapid Credit Facility (RCF) towards meeting the urgent balance of payment needs, while providing the necessary concessional resources to take coping measures. “Tanzania requires urgent financial...

The government of Algeria plans to launch 100% digital banks in the coming years. The information was disclosed on a Clubhouse forum by Yacine Oualid, the Minister Delegate to the Prime Minister in charge of the knowledge, economy, and startups.   Under this initiative, all traditional banking services can be provided online. The minister adds that new providers will also enter the segment,...

Peter Ndegwa (pictured), CEO of mobile operator Safaricom, confirmed his company’s ambition to enter the Ethiopian market in mid-2022, despite the risk of political instability in the country. He revealed this on Tuesday 9 November during the presentation of the telecom company's H1 financial results. We are looking forward to launching commercial operations as projected, while cognizant of...