The French government, through the French Development Agency (AFD), has approved the disbursement of €15 million to strengthen the Covid-19 response plan set up by the Egyptian authorities. The financing agreement was signed on June 15 between the Egyptian Minister of Health, Hala Zayed, the Egyptian Minister of International Cooperation, Rania el Mashat, the French Ambassador to Egypt,...

The central bank of Morocco announced it has cut its benchmark interest rate by 50 basis points to 1.5%. This measure, which is the second rate reduction since the beginning of the year, is aimed at stimulating the country’s economic growth slowed by the coronavirus pandemic. The implementation of this strategy will be very beneficial to the tourism sector, at standstill for three months. In...

Nasdaq (Nasdaq: NDAQ) on Wednesday announced the inclusion of the African Development Bank, one of the world’s largest issuers of social bonds, in the Nasdaq Sustainable Bond Network (NSBN). The NSBN is a global and publicly available platform designed to improve transparency in the market for green, social and sustainability bonds. Ten Bank bonds were added to the platform, including its...

The African Telecommunications Union specializing in the promotion and development of ICTs on the continent signed a memorandum of understanding with Ericsson on 15 June 2020 in Nairobi, Kenya to accelerate the implementation of broadband connectivity across the continent. According to John Omo (pictured), ATU Secretary-General, the “collaboration with Ericsson is geared towards connecting,...

In a report issued today June 16, the UN Conference on Trade and Development (UNCTAD) revealed that global flows of Foreign Direct Investment will drop by up to 40% this year, from $1,500 billion at the end of 2019. This means that global flows of FDI will go under $1 trillion for the first time, well below the level during the 2008 crisis. “The outlook is highly uncertain. Prospects...

The World Bank has approved the disbursement of $175 million to help Tunisia face the economic and health impacts of the coronavirus pandemic. The money is granted under the Emergency Development Policy Operation. According to the Bank, the financing primarily targets vulnerable families and businesses; part of the money will finance key economic reforms aiming at improving the country’s...

The Kenyan government announced an investment of KSh52.8 billion (about $495.3 million) to boost the agriculture sector during the 2020-21 financial year starting July. The amount is 11% less than the KSh59.1 billion invested in the sector a year ago. The resources will be directed in irrigation programs, the purchase of inputs, and the promotion of good agricultural practices. This amount...

The World Bank approves $54.5 million to implement a natural resource management project in Chad. The Financing will help improve the livelihoods of people in areas vulnerable to climate change in the Ouadi Rime and Ouadi Achim (OROA) reserve located in the north-central part of the Sahelo-Saharan region of Chad. It is part of the ALBIÄ project which aims to improve the livelihoods of...

At the end of the interviews conducted as part of the first review of the agreement under the Policy Coordination Instrument (PCI) concluded with Senegal, the International Monetary Fund (IMF) indicated that the country's GDP growth rate is now projected at 1.1% for the year 2020, compared to 5.3% in 2019. These forecasts, which are based on the control of the evolution of the coronavirus...

South African insurance and digital banking group, Discovery Limited, warned its investors on the Johannesburg Stock Exchange that its 2019/2020 financial year ending on 30 June 2020 could result in a drop of 70 to 90% in its net profit excluding exceptional income, the main indicator of net margin in South Africa. “The financial performance of Discovery for the full year ending 30 June 2020...