AfDB interested in transformational agro value chain industrialization projects which add value to competitively-produced commodities in Africa – VP Quaynor At a webinar held Thursday by the Nordic-African Business Association (NABA), African Development Bank Vice President Solomon Quaynor made a powerful case for strategic investment opportunities in Africa. The digital webcast, organized by...

The Ivorian government has reached an agreement with Chinese telecom operator Huawei to strengthen its ICT industry. The deal was signed in Abidjan yesterday October 8 between Huawei’s Vice President for West Africa, Li Yungao, and Mamadou Sanogo, the Ivorian Minister of Digital Economy and Post. Under this partnership, Huawei will assist Côte d’Ivoire in designing its national digital...

Nigeria’s Federal Executive Council (FEC) approved on October 7 the construction of a deep seaport in Bonny in Rivers State, southern Nigeria. According to Transport Minister Rotimi Amaechin, the facility will be executed under a public-private partnership (PPP). It is expected to cost $461.9 million. Once completed, this platform will help boost the economy of this oil and gas island in...

Dutch company Goodwell Investments just launched a new fund - Goodwell Impact Privak- targeting fast-growing African SMEs. The vehicle, which pools financial resources of wealthy Belgian families and individuals, will invest in about 30 companies across the continent. Half of its capital will go into businesses specialized in the provision of financial services, while the other half will be...

Swedish company Ericsson, which specializes in the supply of fixed and mobile telephone, data telecommunications systems, and equipment, will upgrade Airtel Kenya's 4G network. A contract - unveiled on October 7, 2020 - has been signed with the mobile operator, a branch of the Indian telecom group Bharti Airtel. The modernization agreement will simplify and enhance Airtel Kenya's existing...

The African Development Bank hosted an online seminar 7 October as part of the fourth annual Global Infrastructure Forum, drawing together representatives of government, the private sector and multilateral development institutions to discuss strengthening infrastructure development in the COVID-19 pandemic era. The Bank’s workshop, titled Infrastructure Project Preparation: Ensuring...

The coronavirus pandemic could push up to 40 million Africans into extreme poverty this year, the World Bank said on October 8. The institution said the advent of such a scenario would undermine at least five years of progress in fighting poverty in Africa. According to the World Bank, growth in Sub-Saharan Africa is projected to fall to -3.3% in 2020, pushing the region into its first recession...

The International Finance Corporation (IFC) said it will invest $25 million in Lorax Capital Partners Fund II, an Egyptian private equity fund, to help local SMEs better cope with the coronavirus fallouts. The investment will improve access to financing for businesses affected by both the health and economic crises caused by the pandemic. With these resources, the Egyptian private equity...

The U.S. will maintain its suspension of military support in Mali until the country holds new elections. The information was reported yesterday October 7 by the U.S. special envoy to the Sahel, J. Peter Pham (pictured, left). As a reminder, Washington suspended military assistance to Mali following the August 18 coup which saw President IBK ousted. According to Peter Pham, the U.S. will however...

The UN Food and Agriculture Organization (FAO) announced the disbursement of $70 million to support 600,000 victims of flooding in Sudan. According to Dominique Burgeon (pictured), Director of Emergencies and resilience at FAO, a survey revealed that more than 2 million ha of plantations was washed away by heavy rains, putting thousands of families in food distress. Smallholders also...