The government of Niger has initiated a financing mechanism to give a helping hand to businesses affected by the coronavirus pandemic. According to authorities, the strategy is based on two lines: one for SMEs (CFA50 billion) and the second for large companies (CFA100 billion), for a total amount of CFA150 billion ($249.6 million). “The government will make available to banks CFA25 billion in...

WAEMU countries successfully raised a total of CFA1,172.63 billion through the issue of covid-19 social bonds on the regional public securities market between April 27 and May 14 (18 days). The Bonds were issued in the form of treasury bills (BATs) with a 3-month maturity and an average rate of 3%. The resources enabled States to finance their urgent response plans against the pandemic, pending...

South African asset manager Ninety One agreed to sell 24% of the shares it holds in Botswana's consumer goods retailer, Kamoso Africa, to Botswana Development Corporation (BDC). The announcement comes two years after the asset manager and its partners acquired a majority stake in Kamoso. The operation was at that time the biggest private equity investment in Botswana, according to local media....

The Burkinabe national carrier Air Burkina sent its staff on technical unemployment for 3 months due to the coronavirus pandemic. “Considering the impact of the coronavirus on the financial situation of the company [...] Air Burkina staff is placed on partial technical unemployment as of May 15 for three months,” the MD Blaise Sanou said. In a liquidity crisis, Air Burkina “will pay each...

The European Union approves the urgent disbursement of €31 million (CFA20.3 billion) to help the government of Niger fight the coronavirus pandemic, which has already killed 54 people in the country. “For now, the budget aid is the most suitable instrument to respond to the pandemic,” according to the EU ambassador to Niger Denisa-Elena Ionete (pictured). Initially scheduled for June,...

Jely Group, a firm specializing in the financing and restructuring of SMEs has mobilized between September 2019 and April 2020, the amount of CFA5.3 billion (about $8.5 million) to support Ivorian SMEs. Of this sum, 20% has been disbursed to mitigate the impact of the coronavirus. According to the group’s Managing Partner, Mamadou Kouyaté, “financing exists for SMEs, but only on the...

The government of Mali adjusted its 2020 State budget, increasing spending by 6.77% from CFA2,604.568 billion (about $4.3 billion) initially to CFA2,780.935 billion (about $4.6 billion). The decision was taken during the Council of Ministers held on Wednesday 13 May. In the meanwhile, revenues have been revised downwards from CFA2,181.828 billion (about $3.6 billion) to...

China Mobile International, Facebook, MTN GlobalConnect, Orange, STC, Telecom Egypt, Vodafone and WIOCC announced on May 14, 2020, that they are collaborating to build a new submarine optical fiber system that will connect 23 countries in Africa, the Middle East and Europe. Named 2Africa, the telecom infrastructure, which is designed to significantly improve connectivity will connect Europe...

Airtel Nigeria weighted the most in the revenues of Airtel Africa over the financial year 2019 ending March 31, 2020. The Nigerian arm alone generated $1.4 billion, up 5% compared with the previuos year and making 40% of the total Group’s revenues over the period. The strong performance by Airtel Nigeria was spurred by a 67.8% increase in data revenues, which reached $435 million,...

Brimore, an Egyptian trade platform, raised $3.5 million in an operation led by Algebra Ventures and backed by various venture capital and investment firms. The retail company co-founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay intends to invest the money in its expansion plan and strengthen its personnel. “With this new round of financing, we will be able to invest...