Mozambique will benefit from €47 million in funding approved by Spain to accelerate its economic recovery. The financing is part of the new framework cooperation agreement between the two countries until 2024. According to an October 18 statement by the Spanish Embassy in Maputo, €15 million of the total amount will be invested in Cabo Delgado, which will be added to the €11...

The Chadian government reached a new deal with the UN Development Program (UNDP) to continue fighting Malaria on its territory. A total of €71 million will be made available to the country as part of this initiative signed last October 18 under the Global Fund New Funding Model 3 (NFM3).   The project will be led by the Chadian Ministry of Health in collaboration with the UNDP...

The President of the African Development Bank Group, Dr. Akinwumi Adesina, received a high-level Nigerian delegation led by the country's Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar on Monday. The meeting follows on the heels of an address by Dr. Adesina last week at a mid-term ministerial retreat presided over by President Muhammadu Buhari. Dr. Adesina and the...

Global Foreign Direct Investments over the first six months of this year reached a total of $852 billion, according to a recent report issued by the UN Conference on Trade and Development. This represents an increase of 78% YoY. While in Europe, FDIs increased by 666% reaching $213 billion over the period under review, the Americas posted an 88% increase for a total of $244...

5G has been attracting interest from Telecom Egypt, Orange, Etisalat Misr, and Vodafone Egypt since 2019. The companies that have already tested the technology are only waiting for practical arrangements from the telecom regulator to begin proper deployment on the local telecom market. The Egyptian government is currently preparing the legal framework for the frequencies and licenses for 5G....

Last June 3, 2020, the United Bank for Africa (UBA) initiated legal action against entities of Credit Suisse over the scandal of misappropriated loans in Mozambique. According to information consulted by Ecofin Agency, the Lagos-based banking group had participated in the transaction of a syndicated loan in Mozambique and the loan is now subject to lawsuits in the U.S. and the UK for...

Three years after it obtained pre-seed funding, the Nigerian logistics platform Sendbox announced it has raised $1.8 million in early-stage financing to increase its staff and expand across West and East Africa. Sendbox says it wants to develop payment and e-commerce activities alongside its core business. The startup claims it has already reached more than 10,000 vendors and made more than...

The government of Tanzania unveiled plans to revamp its tourism industry in a post-Covid-19 period. TSh90.2 billion ($39.2 million) will be set aside for this project. Tourism Minister Damas Ndumbaro said the money will be drawn from the $567.25 million provided by the International Monetary Fund (IMF) to help the country get out of the Covid-19 Pandemic. Overall, 23 projects will be...

Tunisia’s National Agricultural Bank (BNA) increased its interest in local insurer AMI Assurances from 26% to more than 50%. The investor thus becomes AMI’s main shareholder. BNA had issued 46.4 million new shares to be subscribed in cash, in priority to former shareholders over the period from September 22 to October 14, 2021. Overall, TND92.8 million ($32.7 million) was invested to allow...

A major player in electrification solutions in Africa, the French group Electricité de France (EDF) is continuing its "EDF Pulse Africa" (Tour) innovation competition, at the Star Land Hotel in Bonanjo, Douala (Cameroon), this Tuesday 19 October - after a first stage in Pretoria (South Africa). Embodying EDF's commitment to Africa, this competition aims to support the continent's most promising...