The President of the African Development Bank Group, Dr. Akinwumi Adesina is pleased to announce the appointment of Ms. Bajabulile “Swazi” Tshabalala as Acting Senior Vice President of the Bank with immediate effect.  Ms. Tshabalala, currently the Vice President for Finance and Chief Finance Officer for the African Development Bank Group, joined the Bank on August 1, 2018....

Subsea cable operator Seacom announced it has signed a partnership with Tata Communications today March 2 to expand connectivity in new markets. While Seacom will take advantage of the strong Asian and European presence of Tata Communications' telecom infrastructure to reach markets such as Hong Kong, Singapore, London, Marseilles, Frankfurt and Amsterdam, the Indian company will in return take...

Last year, the United States became Kenya’s biggest export destination beyond the continent’s borders, the Central Bank of Kenya reports. Over the period reviewed, Kenyan exports to the US grew by 9.53% YoY to KSh51.9 billion (about $512 million), the highest peak in 5 years. The exports mainly consisted of textiles and clothing. While Pakistan was the East African nation’s top buyer...

The Egyptian government will start activities on its satellite assembly plant in March 2021. The announcement was made by Mohamed Al-Qousi, CEO of the Egyptian Space Agency. The infrastructure will be established in the space and satellite technology city that is under construction near the new administrative capital. The space and satellite technology city - due to open this year - and the...

The Islamic Development Bank has granted the Republic of Guinea €41.8 million to finance the construction of the Boke-Quebo corridor linking the country to neighboring Guinea-Bissau. According to the Guinean Minister of Public Works, Mustapha Naïté, the government “intends to use part of this funding to make payments for the acquisition of goods, related works and services, and...

On February 28, the Kenya Competition Authority (KCA) gave the go-ahead for the acquisition by Amethis Finance of 30% stake in supermarket chain Naivas. According to Businessdailyafrica, which reported the news, the regulator required that the new entity complies with all current contracts with suppliers, whatever their duration, and that all existing debts to them be settled.  The entry...

The joint venture set up by British private equity firm Actis and Canadian-based hotel management company Westmont Hospitality Group has acquired the Sheraton Casablanca hotel in Morocco for an undisclosed amount. This is the venture’s second acquisition in the North African country. “The acquisition of the Sheraton Casablanca marks the next step of our joint venture platform. Current hotel...

The Nigerian government has approved 645.5 million Naira (more than $1.7 million) to build an air accident investigation school in the federal capital Abuja. This is an outcome of the Federal Executive Council chaired last week by President Muhammadu Buhari. Equipment for the new facility will be certified by the International Civil Aviation Organization (ICAO) and the Nigerian Civil...

The government of South Africa is stepping up measures to revive the economy. In an address on the country’s finances today, President Cyril Ramaphosa (pictured) announced plans to reduce ministerial spending as to save R261 billion ($16.8 billion) over the next three years. Mr. Ramaphosa says the rate at which the public service wage bill increases will also be cut. “I have decided that...

NEoT Offgrid Africa (NOA) has closed a receivables securitization program with Zola Electricity Côte d'Ivoire (ZECI - a joint venture between EDF and Zola Electric) which aims to equip more than 100,000 households with solar home systems in Côte d'Ivoire, mainly in rural and peri-urban areas. NOA, majority-owned by Meridiam, is the first investment platform to set up a receivables...