Over the first quarter of 2020, Tunisian company Sotemail posted a turnover down 36.7% compared to the same period in 2019. Income dropped by 30.9% to TND9.1 million. Outside the local market, sales fell by a record 95.8%. However, the company that manufactures and markets ceramic tiles for wall and floor coverings achieved a good performance in 2019 with export sales up 370% in the first...

The government of South Africa has set up a $26 billion response plan to curb the covid-19 and revive the economy. The information was reported on April 21 by the president, Cyril Ramaphosa (pictured). According to the Head of State, this amount, which represents 10% of the country’s GDP, will help stabilize the economy and combat the decline in supply and demand, protect jobs and finance...

Tunisia will benefit from a concessional loan of €600 million granted by the European Union to fight the coronavirus pandemic. According to an April 22 statement of the EU Commission, the facility is part of a €3 billion aid program for 10 third countries in and around Europe, available for 12 months. The financing will be used to strengthen the resilience of the Tunisian economy...

Egypt’s President, Abdel Fattah al-Sisi (pictured) announced on April 21 that his government will grant medical assistance to the US to fight the covid-19 pandemic. The aid, which will be transported by military aircraft, will consist mainly of medical equipment, anesthetic drugs, antibiotics, body bags, masks and screening kits.According to Abdel Fattah al-Sissi, this action “falls within...

Mobile operator Tigo Tanzania has expanded its Mobile Money service across East Africa. Tigo Pesa subscribers can now send or receive money to or from M-Pesa in Kenya, MTN MoMo in Uganda or Airtel Money in Rwanda via mobile phone, enabling families to transfer money to relatives, and small businesses to continue their operations. According to Angelica Pesha, the director of mobile financial...

Disruptech, an Egyptian fund launched in April 2020 by Mohamed Okasha (former MD of Fary) and his partners, announced it has realized its first investments in Egypt. The $25 million fund invested in the capital of fintech Khazna and the trade platform Brimore. Incorporated in 2019, Khazna offers various financial services including salary advances to employees. Brimore, founded in 2017,...

Nigeria and Ghana, which are considered the two reliable drivers for the implementation of the single currency (ECO) within the ECOWAS, are going through difficult times due to the current international conjuncture. Rating agencies Moody’s and S&P Global Ratings have both either downgraded or maintained the outlook on their sovereign ratings to negative. The two West African countries are...

Despite the coronavirus crisis that is hitting Morocco’s economy and disrupting all sectors including telecoms, the incumbent operator Maroc Telecom has posted a good result for the first quarter this year. The company’s consolidated turnover for the period was MAD9,307 million ($922 million), up 4% compared to that in Q1 2019. Turnover was MAD5,400 million ($$535 million), up 0.3%...

As part of the plan to modernise the activities of the container terminal, Conakry Terminal, a subsidiary of Bolloré Ports, took delivery of four RTG gantries on Friday 3 April 2020. The new investment will enable the Guinean supply chain to increase the productivity of the terminal with a view to bolstering the country’s competitiveness and boosting trade. Built by Konecranes, a lifting...

The Government of the Republic of Congo, through its Ministry of Posts and Telecommunications, has decided to conduct an administrative, financial and accounting audit of the management of the Central Africa Backbone project for 2020 and 2021. On 17 April this year, the government launched a tender to select the firm that will be in charge of this mission. According to the Congolese Ministry of...