Between the covid-19 pandemic and the Ever Given accident, the global economic environment was not conducive to increased revenues for the Suez Canal. However, the waterway generated a historic annual revenue in 2020-21. Osama Rabie, chairman of the Suez Canal Authority (SCA), announced last July 11 the Suez Canal has generated record revenues for 2020-21. According to him, between 2019-20 and...

An Arbitral Tribunal of the London Court of International Arbitration (LCIA) has ruled against Djibouti’s port company, Port de Djibouti S.A. (PDSA), in its dispute with DP World, confirming the unlawfulness of its effort to terminate its Joint Venture Agreement and transfer its shares to the State. PDSA is 23.5% owned by China Merchants Port Holdings Company Ltd of Hong Kong (China...

The Government of the Republic of Djibouti has approved, during the Council of Ministers convened on July 11, a draft law defining the terms and conditions for the total or partial transfers of shares in state-owned capital in public enterprises. In this context, the government announces the share capital opening of the historical national operator Djibouti Telecom to private investors. The...

Vantage Capital, a South African black-owned and managed private equity fund manager, announced the first close for its fourth mezzanine fund - Vantage Mezzanine Fund IV. The fund which aims to raise $350 million at the final close, has now raised $207 million to provide mid-sized African businesses with capital that will enhance job creation, facilitate economic opportunities and...

The trade agreement that could be the most significant development in U.S-Africa trade relations, since the African Growth and Opportunity Act (AGOA) passed in Congress in 2000, faces another hurdle. This is attributable to the expiration of the key legislative tool (TPA) needed to accelerate Congress’s approval of the agreement. Consequently, the prospects for the deal to conclude becomes...

Seychelles has reached a staff-level agreement with the International Monetary Fund (IMF) for a $107 million Extended Fund Facility (EFF). The announcement was made by the institution in a July 7 statement. Set to be deployed over 28 months between 2021 and 2023, the economic program consists of reinforcing the Seychellois economy by addressing debt and fiscal consolidation issues. “The...

The G7 group, an inter-governmental political forum including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, is committing $382 million to tackle the increasing food crisis and famine in the Northeast region of Nigeria. This was disclosed on Thursday, July 8, 2021, in Abuja during a meeting held by Catriona Laing- the British High Commissioner to Nigeria-...

South Africa's Imperial Logistics has been particularly buoyant on the Johannesburg Stock Exchange where it is listed, increasing by 34.5% on July 8. The reason is the announcement of an $890 million offer by DP World, the Dubai-based port management company, to buy the entire company, which specializes in logistics and air freight. The Emirati offer is 40% higher than Imperial's market...

For the 2021 edition of its fiscal transparency report, the U.S. State Department features 141 countries worldwide. Sixteen African states, including seven from ECOWAS, meet the minimum requirements of fiscal transparency as defined by Washington. Côte d'Ivoire, Togo and Burkina Faso fit the box. These three countries are the only ones in the WAEMU to be included in the first category,...

The Board of Directors of the African Development Bank Group has approved two grants worth $83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region. The funds comprise a $69.65 million grant to Ethiopia and a second grant of $13.93 million to Djibouti, both sourced from the African Development...