Since 2012, France has signed three debt relief and development contracts with Côte d'Ivoire. The latest agreement signed on October 27 will allow the country to use the resources initially intended to pay its debt to Paris to finance development projects. Côte d'Ivoire signed a new debt reduction and development contract (C2D) with France on October 27 in Paris. Through this deal signed...

The World Bank announced it has approved a Development Financing Policy (DFP) loan of $360 million to support the recovery of the Egyptian economy in the post-Covid period. Called “Egypt Inclusive Growth for Sustainable Recovery,” this financing operation comes in addition to the first set of macroeconomic reforms, which bolstered the country's resilience and improved its fiscal and...

The Democratic Republic of Congo and the International Monetary Fund have reached an agreement on the first review of the Extended Credit Facility (ECF) granted to the country. The information was reported by the Bretton Woods institution in a statement issued yesterday. Approved at $1.52 billion by the IMF last July, this ECF agreement aims to help the country “to raise revenues,...

Nigerian automotive technology startup Autochek has raised $13.1 million in seed funding to strengthen its auto loan processing platform and expand its presence in West Africa. The fundraising was led by TLcom Capital and 4DX Ventures and saw the participation of ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho Corporation, among others. Mobility 54's...

The African Union (AU) announced it will purchase 110 million doses of covid-19 vaccine from the pharmaceutical company Moderna at the "lowest tiered price". The institution reached a deal to redirect doses initially destined for the U.S. to Africa. "This is important as it allows us to increase the number of vaccines available immediately. We urge other vaccine-producing countries to follow the...

For the second year running, SouthBridge co-hosts the Brazil Africa Forum 2021 with the Brazil Africa Institute. #BAF2021 will be held virtually on November 23rd and 24th with the theme “Natural Resources: Environmental Protection and Sustainable Development”. The event will delve into the natural resources’ agenda: discussing governance, new technologies, the changing role of...

The Nairobi Securities Exchange (NSE) has signed a partnership with the Konza Technopolis Development Authority (KoTDA) to connect Kenyan tech startups with potential investors. The agreement is part of the knowledge economy and innovation program of KoTDA's second strategic plan (2021-2025) for technology startups and SMEs. Both entities want to establish an ecosystem to effectively support...

Tanzania has unveiled a plan to expand its national fiber grid. TSh170 billion (S73.7 million) will be invested in the project, Prime Minister Kassim Majaliwa (pictured, right) announced during the 5th annual national ICT conference held in Arusha last October 20-22. The government plans to build an additional 4,244 km of optical fiber by the end of 2021 to bring the national grid to 12,563...

The Congolese government plans to collect about CFA1,935 billion, or $3.4 billion in revenues next year. This is about 17.2% higher than the amount estimated in the 2021 rectifying finance law. To achieve its objective, the government mainly bets on oil and tax revenues. Oil revenues are expected to jump by 16% from $1.8 billion this year and tax revenues are expected to jump by 15%...

Egyptian investment holding company Raya has completed the sale of its subsidiary BariQ, two years after the deal was announced. The transaction is part of the company’s strategy to exit assets that have become non-core.   Raya sold 6.5 million shares in BariQ for EGP496 million plus an additional EGP75 million, corresponding to a debt waiver, which makes a total of EGP571 million...