The Federal government of Nigeria will spend N150 billion ($405 million) sukuk issued by the Debt Management Office (DMO) to finance 44 road projects ongoing in the country. The information was reported by the Minister of public works, Abubakar Aliyu, on March 12 in Abuja during a symposium on the national policy and development. The official says the projects are part of a larger series of 500...

Sweden will deploy 150 new soldiers to Mali as part of the fight against terrorism, the Swedish Foreign Minister Ann Linde (pictured) announced today. The African country will also benefit from helicopters to help with the transport of troops. The new soldiers are to be deployed as part of Task Force Takuba, a body that will bring together special forces’ units from several European countries...

Cauris Management, a private equity fund manager based in Côte d'Ivoire, received an additional €12 million for Yeelen Financial Fund, its investment vehicle targeting financial companies based in the West African Economic and Monetary Union (WAEMU). The investor is the African Development Bank (AfDB). This sum is in addition to the €36.4 million mobilized by the fund at its first...

MTN Uganda has reached a deal with the Ugandan government for the renewal of its license which expired since October 2018. The operator agreed to pay $100 million and float 20% of its capital on the local stock exchange. The investment will be paid in two installments of $50 million. The first was expected on 15 March 2020, and the second in April 2020. “It is true that MTN agreed to...

The government of Morocco will invest $1.07 billion to fight the current covid-19 pandemic. The money will be disbursed via a fund, the creation of which was ordered last week by King Mohammed VI (pictured). This new strategy aims at mitigating economic shocks, that come with the coronavirus crisis, in the country. The fund will assist the health sector, mainly by meeting urgent...

The Board of the World Bank approved, on March 10, two grants totaling $52 million to help Mauritania improve social security. $45 million will come from the International Development Association (IDA) while the remaining $7 million will be provided by the Sahel Adaptive Social Protection Program (ASPP), backed by the German government. The resources will support the Mauritanian...

Engineers Without Borders Canada (EWB Canada) has raised $24 million from its partners to invest in social and for-profit enterprises in Africa. From its Hummingbird Impact venture capital fund, the organization will provide pre-seed, seed and A-series funding to technology companies run by mixed teams. The resources mobilized by EWB Canada will be complemented by a $4 million facility...

The African Development Bank announced this week it is disbursing a total of $254.4 million in two loans to support the economic growth in Nambia and help the country develop some water supply projects. The first loan of $129.4 million will support economic governance and improve Namibia’s competitiveness by providing much-needed liquidities and enhancing investors’ confidence in...

Nigeria-based health care startup Field Intelligence has raised $3.6 million to develop its drug distribution platform, Shelf Life, in Nigeria and Kenya. The investment will also allow the development of extra services for customers and their patients. The operation was led by Blue Haven Initiative, a firm that targets high-growth companies. Accion Venture Lab and Newtown Partners also...

The Zimbabwe Post and Telecommunications Regulatory Authority (Potraz) has approved, with immediate effect, an increase in voice, data and SMS tariffs by 55.64%. This is the third consecutive increase in telecom tariffs by the public body. According to the telecom regulator, the increase is to catch up with the constantly rising operating costs that increasingly affect the telecom sector. Potraz...