The Moroccan Minister of Digital Economy Moulay Hafid Elalamy (pictured) announced on June 23 that the government wants to make use of digital technology to attract MAD10 billion (about $1.04 billion) in Foreign Direct Investments and create more than 120,000 direct and indirect jobs across the country. This was during his presentation on digital development on the sidelines of a meeting of...

In its latest World Economic Outlook Update, the International Monetary Fund IMF revised downwards the initial growth projections it made for sub-Saharan Africa for the current year. From -1.6%, the Fund now eyed on a -3.2% growth for the region, making a downgrade by 1.6 percentage points. The reason, IMF says, is the strong fallouts of the coronavirus pandemic on the global economy and...

In a new report published yesterday June 24, the Internet Society (Isoc) explained the need for African countries to follow the example of Nigeria and Kenya to offer faster and cheaper connectivity across the continent. The US nonprofit organization called on countries to invest more in Internet Exchange Points (IXPs). In 2012, the reports said, Nigeria and Kenya exchanged only about 30% of...

Last year, the number and size of venture capital transactions in Africa increased. According to a recent report by the African Private Equity and Venture Capital Association (AVCA), the number reached 139 in 2019, up from 114 the previous year, and the amount was $1.4 billion, up from $0.7 billion in 2018. Over the 2014-2019 period, Africa attracted a total of $3.9 billion in 613...

Sub-Saharan Africa will remain a global growth driver over the 2020-21 period, according to the reviewed projections of the International Monetary Fund (IMF). The international body downgraded growth outlook for the region to -3.2% this year, against -1.6% initially. However, recovery is seen for next year with growth going positive to +3.4%, compared to the previous forecast which predicted a...

Publish What You Fund has ranked the African Development Bank fourth out of 47 global development institutions on its Aid Transparency Index. The Index is the only independent measure of aid transparency among the world’s major development agencies. The index places the Bank in the highest category of transparency along with other world class institutions such as the World Bank, the Asian...

Egyptian Insurer Misr Insurance announced it has lowered its stake in cement producer Misr Cement from 9.3% to 4.3% following the sale of about 3.3 million shares at an average price of EGP6.23 per share. The seller cashed EGP20.7 million (about $1.2 million) from this transaction. The identity of the buyer has not been revealed so far but it could be one of Misr Cement’s shareholders who...

The World Bank’s Board of Directors approved on June 22 the disbursement of $500 million to help Morocco accelerate its digital and financial inclusion strategy. The aim is to enable businesses and households to access more competitive digital infrastructure and services, stimulate private sector growth by facilitating access to finance for start-ups and young entrepreneurs. “The...

Mobile operator Vodacom Tanzania has extended its Mobile Money service M-Pesa to more than 200 destinations across the world. According to Epimack Mbeteni, the company’s M-Commerce (mobile commerce) Director, the international roll-out of mobile financial services will transform the lives of thousands of Tanzanians by facilitating payments in education, health, and various commercial sectors....

Sudan will soon kick off an IMF staff-monitored economic reform program to revive its economy marked by decades of mismanagement. The two partners signed a 12-month agreement in that regard following an IMF mission held from June 8-21, 2020 via virtual meetings with the Sudanese authorities. The new program, which is not backed by funding, aims to rebalance the country's macroeconomic framework...