The government of Benin will receive $50 million from the World Bank to continue the fight against the coronavirus pandemic. According to Atou Seck, the World Bank's Country Director for Benin, the financing will make it possible to make up the shortfall in state budget resources to meet the basic social needs and those of the productive sector. It will support the reforms undertaken by the...

The Ivorian government announced the disbursement of $24 million to support the national carrier -Air Côte d'Ivoire- which has been running a deficit since 2012 when it started operations. In an interview with Reuters on June 26, the company’s MD, René Decurey (pictured), said the government support will help keep the company afloat and mitigate the impact of the pandemic. Air Côte...

The Board of Directors of the African Development Bank has approved a 100.5 million euros loan to the government of Gabon as budget support to mitigate against the effects of the COVID-19 outbreak. The loan will support the central African nation’s Budget Support Programme in Response to the COVID-19 Crisis or PABURC, which aims to strengthen the health system and mitigate the socio-economic...

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and...

Over $1.8 billion dollars in pledges for Sudan poured in during a high-level Sudan Partnership Conference held on Thursday, 25 June 2020, marking an important step in the African nation’s re-engagement with the international community. African Development Bank President, Akinwumi Adesina, and the World Bank and the International Monetary Fund chiefs attended the Conference, which was...

The Central Bank of Kenya has decided to extend for a further 6 months its measure allowing money transactions via mobile phones to be charge-free for users. The money issuing institution says it wants to reduce direct and indirect contacts between people in this context of the global health crisis. This decision will further affect the revenues of Safaricom's mobile money transaction platform,...

Mobile operator MTN South Africa announced it will launch 5G technology in the country on June 30, 2020. The company has planned a ceremony to this effect live on its YouTube channel. The event will be co-chaired by the CEO Godfrey Motsa, Chief Consumer Officer Mapula Bodibe, and Chief Technology and Information Officer Giovanni Chiarelli. MTN is announcing very high-speed mobile technology in...

The 187 banks listed on European financial markets lost $372.9 billion in market value since the beginning of 2020, according to information reported by Capital IQ. HSBC Banking Corporation, the most highly valued bank on the stock market in Europe, bears the heaviest loss ($52.2 billion). Banco Santander and Lloyds Banking Group closed the top 3. This drop, in market value, only reflects...

African countries made great strides in strengthening commitments and capacity to achieve tax transparency and exchange information on illicit fund flows in 2019, the latest Tax Transparency in Africa report, launched Thursday, revealed. Tax Transparency in Africa 2020 - produced by the Global Forum for Transparency and Exchange of Information for Tax Purposes, the African Union and African Tax...

The Board of Directors of the African Development Fund on Tuesday approved nearly $8.9 million in grant funding to bolster COVID-19-related control measures in six Southern African Development Community (SADC) countries. Separately, the Board approved $683,000 in grants to São Tomé & Príncipe, to support the two-island nation’s response to the pandemic and its impacts. The...