Proparco, the private sector arm of the French Development Agency (AFD), and Côte d'Ivoire signed three financing agreements worth €32.5 million on Saturday 21 December 2019. The first agreement signed with Société Générale Côte d'Ivoire (SGCI) is estimated at €15 million and concerns a pilot project which will enable the development of a guarantee offer for short-term Trade...

Between 2000 and 2018, Rwanda’s economy grew by an average of 8%, the Finance Minister, Uzziel Ndagijimana (pictured), announced during the 17th National Dialogue held on 19 and 20 December 2019, in Kigali. Over the period reviewed, GDP rose from 174 billion Rwandan francs (about $183.4 million) to 2876 billion Rwandan francs (about $3.03 billion) and the minimum wage increased 3.5...

The African Development Bank’s investments in West Africa are yielding remarkable results, the President of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, said in Abuja on Saturday. He was speaking at the bloc’s fifty-sixth ordinary session, attended by regional heads of state and government. Brou said the Bank had provided “invaluable technical...

The Economic Community of West African States (ECOWAS) has endorsed the candidacy of African Development Bank President Akinwumi Adesina for a second term at the helm of the institution. The decision was announced at the end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, held on Saturday in Abuja, Nigeria.“In recognition of the sterling...

One of the missions of AFRO includes improving daily well being of people of the African continent. We have mentioned it before, but today it became a reality. AFRO partnered with two companies to guarantee population of the continent a simple and secure access to drinking water. O’Claire and Sunwaterlife rely on systems that transform non-potable water into potable water using ultra...

Angola has recovered more than $5 billion embezzled funds this year, the Minister of Justice, Francisco Queiroz (pictured), announced. According to the official, more than $3 billion of the money had been misappropriated from the Angolan sovereign wealth fund, an organization with a financial capacity of $5 billion and managed in recent years by José Filomeno dos Santos. For the...

While harvest was expected to be better this year in the Horn of Africa thanks to good rainfall, the UN Food and Agriculture Organization (FAO) sounded the alarm on a possible invasion of Desert Locust. According to the organization, these insects are already ravaging crops in Djibouti, Eritrea, Sudan, Ethiopia, and Somalia. In the last two nations, the pests have already destroyed 70,000...

British CDC Group agreed to sell the 9.97% interest it holds in Ugandan commercial bank Development Finance Company of Uganda (DFCU) for an undisclosed amount. The British institution that has been investing in DFCU since 1964, when the Ugandan bank was established, sold its shares to the Danish financial institution Investment Fund for Developing Countries (IFU). “We take this opportunity to...

The Portuguese company Mota-Engil Engenharia e Construção África has won a tender for infrastructure projects worth €115 million ($127.9 million) in Angola, Macauhub reported. Projects to be implemented concern the water and energy sectors and include the completion of the Northern pumping system, the construction of the Calueque irrigated perimeter in the province of Cunene in...

For this current year, Kenya Airways says it is expecting its earnings to decline by at least 25% compared to the previous year. The decline is as a result of a growing competition which significantly affected pricing, the company reports in a note. “Although Kenya Airways realized improved revenue growth in the year, profitability was constrained by the increased competition in the airline...