South African packaging manufacturer Nampak Limited has sold its London subsidiary Nampak Plastics Europe Limited (NPE), which supplies packaging for the UK dairy sector, following difficulties. According to the parent company, the price of recycled materials used to manufacture packaging for the dairy industry increased sharply while sales volume in the United Kingdom declined and the business...

The year 2020 looks bleak for African airlines. According to the International Air Transport Association (IATA), these companies will record a collective loss of $200 million in 2020, a result similar to that expected at the end of the current year. IATA says the bad performance is due to high government taxes and charges, a low load factor, and operating costs that are twice as high as the...

Chad will receive new funding of $38.8 million from the International Monetary Fund (IMF), the institution said in a statement last week. The new investment follows a satisfactory completion of the fifth review of the arrangement under Extended Credit Facility granted to the country. IMF commends the government’s efforts which aimed at stabilizing the economy and supporting growth...

The transnational road project between Kenya and Tanzania will benefit from €345 million from the African Development Bank (AfDB), the pan-African body announced on Thursday in Abidjan. The loan will be dedicated to the phase 1 of the construction of Mombasa-Lunga Lunga/Horohoro and Tanga-Pangani-Bagamoyo roads. This first phase involves the construction of 175 km of road sections...

The World Bank announced in a statement last week, it is investing about $53 billion to fight extreme poverty in Africa. The financing is part of a worldwide pro-poor investment of $82 billion, on the sidelines of the 19th replenishment of the resources of the International Development Association. In Africa, activities will focus on helping countries to meet vulnerable people’s...

The African Development Bank has joined forces with 11 other international organizations to assist developing countries to build resilience against the impact of natural disasters caused by extreme weather. Following a series of deadly weather events that have caused widespread destruction, especially in Africa, the institutions came together at the COP 25 climate change conference in Madrid on...

South African biotechnology start-up 3X4 Genetics, which offers genetic testing to patients through a network of health practitioners, announces the raising of $2.5 million from US venture capital firm Alethea Capital Management. The company, founded in 2017 by Jason Haddock (photo, left) and Yael Joffe (photo, right), will have the opportunity to receive additional funding of $2.5...

The International Monetary Fund (IMF) and the World Bank will provide a bit more than $5 billion to support economic reforms in Ethiopia, the country’s Finance Minister Eyob Tekalign (pictured) said during a press briefing on December 11, 2019. According to the official, this financial support will cover about 60% of the about $10 billion needed for this 3-year government economic...

PowerCom (Pty) Ltd, Telecom Namibia's subsidiary dedicated to the development of telecom infrastructure, announces an investment of N$27 million ($1.8 million) in 2020. According to CEO Alisa Amupolo (pictured), the project consists of the construction of new towers across the country to improve the quality of Internet connectivity, especially in pivotal areas of internet...

 The French group Colas and the local firm Fusion Architecture Urban entered a deal to build two modern markets in Côte d’Ivoire ; one in Bouaké and the second in Yopougon. The project is valued at €90 million. Financed by the French Development Agency (AFD), the initiative seeks to improve the conditions for retail and semi-wholesale trade in the two cities, and to support the...