The African Development Bank (AfDB) mobilized on April 14 the equivalent of $258.8 million from various European and African capital markets, we learned. A significant part of this resource, $ 251.2 million, was mobilized on the Swedish capital market for the equivalent of SEK2.5 billion. The interest rate offered on this loan is 0.24% with a repayment date of 14 April 2023. Two other...

The IMF Board approved on April 13 the disbursement of SDR738 million or $1 billion in emergency aid for Ghana under the Rapid Credit Facility (RCF). Ghana will use the money to speed up its response plan against the Covid-19, including meeting an urgent budget and balance of payment needs. IMF financing will catalyze funds from other development partners. It is the highest amount so far...

Increasing numbers of women can be seen around the goat and sheep pens of Saria, in the province of Boulkiemdé, in Centre-West Burkina Faso. But not for the typical scenario - as animal herders; nowadays, they are there because they own them. One of them, Salimata Kaboré, runs a small penwith four animals- two ewes and two rams. "I built the pen myself with help from the Sahel 1 programme to...

IMF approved on April 13 the disbursement of $442 million for Senegal under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) to help the country address the urgent needs of the balance of payments caused by the covid-19 pandemic. The financing consists of the purchase under the RFI equivalent to SDR215.7 million (about $294.7 million or 67% of quota) and...

The IMF Board approved on April 13 an immediate debt relief for 25 countries, 19 of which are African countries, under the revamped Catastrophe Containment and Relief Trust (CCRT) as part of the measures deployed by the Fund to help member countries in this covid-19 crisis context. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an...

The International Finance Corporation (IFC) is investing up to $20 million in SPE AIF I, a fund managed by private equity firm SPE Capital Partners which targets small- and mid-cap companies operating in North Africa, mainly in Egypt, Morocco, and Tunisia. “With IFC’s support, we hope to not only provide growth capital but also industry and value-creation expertise, which are all...

Tunisian microfinance institution Enda Tamweel concluded a syndicated loan agreement worth $65.7 million with the Dutch Development Bank FMO. The loan is denominated in local currency. Enda Tamweel will use the facility to strengthen support to SMEs, particularly those operating in rural areas which represent 40% of the institution’s portfolio. According to Chairman Mohamed Zmandar, this...

The Trade and Development Bank announced last week an investment of $328 million to support the Ugandan economy during this covid-19. The resources, provided as a seven-year syndicated loan, will support development and infrastructure financing in the country. This announcement comes at a time many African countries have adopted restrictive measures that could be detrimental to their...

The government of Mali announced it will mobilize at least CFA500 billion to support the economy and assist the populations most vulnerable to the coronavirus, while drastic measures are being taken to limit its propagation in the country. President Ibrahim Boubakar Keita, in an address to the nation on April 10, announced the government has decided several additional measures including a...

Saudi Telecom Company (STC), Saudi Arabia’s incumbent telecom operator, announced it is delaying the operation to buy the 55% interest of Vodafone Group in Vodafone Egypt by 90 days, due to logistical challenges caused by the coronavirus. A preliminary agreement was signed between the two partners on January 29, 2020, for $2.4 billion. The operation is a step forward for STC in its...