Uganda has revised down its economic growth forecasts for the fiscal year 2019-20. From 6%, growth is now expected to be between 5.2% and 5.7%, the Ministry of Finance said. According to the department, this is due to the current covid-19 pandemic that is still spreading at a worrying pace. Although Uganda has no confirmed case yet, the government says the transport restriction measures in...

In Egypt, remittances reached $26.8 billion in 2019, 5% higher than the $25.5 billion the previous year. Figures were provided by the Central Bank in a statement issued on March 19. This growth is also up from the estimated 3.1% growth in 2018. According to the Bank, this overall increase is due to a sharp rise in remittances in the second half of 2019, reaching $13.7 billion; an...

CcHub, a major innovation incubator in Africa, announced it is offering financing along with technical support to technology projects aiming at curbing the covid-19 pandemic and its impact on the continent. Bosun Tijani, CEO of the company headquartered in Lagos and Nairobi, said a call for projects is currently opened for this purpose. CcHub will provide between $5,000 and $10,000 to...

Investment fund AfricInvest Financial Inclusion Vehicle (FIVE), launched in 2017 and managed by private equity firm AfricInvest, has acquired a minority stake in I&M Bank Rwanda for an undisclosed amount. The transaction was carried out through Africinvest Evergreen Investments, a special purpose vehicle formed by the firm. “We are delighted to partner with AfricInvest even as the Bank is...

In a report issued March 18, US rating agency Standard & Poor’s indicated that the existing social and macroeconomic weaknesses in Africa will be heightened due to the current coronavirus pandemic, especially since there is no indication of the exact time needed to stop the virus. According to Mohamed Damak, Credit Analyst at S&P Global Ratings, the sharp deterioration in financing conditions...

Analysts at the rating agency Moody’s expect the current covid-19 pandemic to have uneven impacts depending on sectors. Casinos, accommodations, transports and catering are in the front line, experts say. According to them, these sectors generally depend on trade and the free movement of people, both of which are limited to varying degrees around the world. Automobile manufacturers are also...

Telco Africell Holding announced March 17 it has completed a strategic reorganization to attract more investors and partners. According to Ian Paterson, the Chief Investment Officer, the company has opened a new head office in London and has legally incorporated the US parent company in Jersey. “Being headquartered in a dynamic hub like London and incorporated in a major international...

The Public Procurement and Property Disposal Service (PPPDS) of the Republic of Ethiopia awarded Imperial ICT Solution, National Marketers, Bridgtech and Maxi Tech the 188 million birr ($5.7 million) contract to provide ICT equipment to the country's 187 federal institutions. The four companies won the tender launched on 23 August 2019. Imperial ICT won the contract to supply scanners and...

The Board of Crédit du Maroc has proposed that the bank’s shareholders receive a dividend of MAD18.7 per share for the financial year 2019. If this proposition is accepted, the first payment will occur next June 19. For this investment, the bank will use its net profit of the year (MAD406.32 million) and part of its buffers up to MAD818.52 million. This reward is 133% higher than that of...

Moroccan Capital Market Authority (AMMC), the stock market regulator, has issued a communiqué capping the maximum variation thresholds for the value of shares on the Casablanca stock exchange. Depending on the mode of transaction or the nature of the security (shares or bonds), these prices can no longer vary by more than 2% or 4%. Due to the fear that came with the coronavirus pandemic, many...