The Israeli satellite operator SpaceCom and Ignite Power, the Pan-African developer and financier of solar solutions, announced the signing of a strategic cooperation agreement on October 13, 2020. The two companies have agreed to collaborate to provide connectivity solutions for e-health in sub-Saharan Africa. Under their deal, SpaceCom will provide broadband connectivity on its AMOS-17...

ZamZam Bank has obtained a license from Ethiopia’s banking regulator to carry out Islamic banking activities in the country. With this license, ZamZam became the first officially recognized institution to specifically offer financial services and products that comply with Islamic law, according to local media. In May 2019, Abiy Ahmed, the Ethiopian Prime Minister, expressed his approval in...

U.S President Donald Trump plans to withdraw US troops from Somalia. The information was relayed by Bloomberg which quoted sources close to the matter. According to the media, Trump is already establishing a strategy with senior officials of his administration to repatriate 650 to 800 soldiers, including the special forces that are helping train Somalia’s army. If Trump’s demand is...

The African Development Bank Group is pleased to announce the appointment of Dr. Alex Mubiru as Director (Strategy and Delivery) in the Office of the President, effective 1st November 2020. Dr. Alex Mubiru, a citizen of Uganda, is currently the African Development Bank Group’s Country Manager for the United Republic of Tanzania. Alex worked as a Research Associate, International Economics...

The African Development Bank Group is pleased to announce the appointment of Ms. Yacine FAL Director General, Cabinet Office of the President, effective 1st November 2020. As Director General, Ms. Fal will oversee the administrative and operational work and activities of the Cabinet Office of the President. Primarily, she will provide oversight of all units and departments directly reporting to...

Telecom operator Vodacom Lesotho took legal action against the sector regulator refuting the revocation of its license. On October 10, 2020, the telecom company won the first round of the legal battle as the Supreme Court temporarily canceled the revocation of the license and the payment of a fine of R134 million rand ($8.1 million). The battle between Vodacom Lesotho and LCA stems from an...

The National Youth Employment Support Agency (Ansej), Algeria’s public body that manages the business creation fund, has announced the implementation of Sharia-compliant financial products as of November 2020. The Agency will collaborate with the National Bank of Algeria for the implementation of this mode of financing based on the principles of Islamic law. The Islamic financial products...

The Ethiopian government has raised its health budget by 46% for 2020 to better face the fallouts of the coronavirus pandemic on the sector. Speaking during a virtual conference this week, PM Abiy Ahmed said the health budget for FY2020-21 is $501 million, against $339 million in 2019-20. With more than 85,136 cases of covid-19 (1,301 deaths and 38,904 recoveries), Ethiopia is the...

At least $236.5 million was invested in private equity financing in Africa in September this year, we learned. This only includes operations for which the financial conditions were specified at the time of their announcement. This mobilization is the peak of Q3 2020. In July and August, the private equity transactions for which amounts were disclosed reached $73.8 million...

Diaspora remittances to the African continent could drop by 21% in 2020 compared to 2019. This is according to the "Preserving remittances in the era of covid-19" report published last week by the anti-poverty organization ONE and the United Nations Economic Commission for Africa (ECA) This represents an anticipated decline by $18 billion, compared to 2019 when the World Bank estimated...