The African Development Bank and the African Union Development Agency (AUDA-NEPAD) have agreed to jointly develop a blueprint for a pan-continental electricity network and market. The agreement to set up a Continental Power System Master Plan between the Bank and AUDA-NEPAD was unveiled, on November 29th, during a three-day workshop on the sidelines of Programme for Infrastructure Development...

There was standing room only as ministers, diplomats, activists and journalists gathered at the IFEMA conference centre in Madrid to mark Africa Day at the COP 25 climate meeting. Speakers called for a united front to tackle the challenges of climate change in Africa. In the opening statement for Africa Day on Tuesday, Yasmin Fouad, Egypt’s Minister of Environmental Affairs, on behalf of the...

Kenyan insurtech startup Turaco, which distributes life and health insurance products to low-income populations through local organizations and institutions, raised $1.2 million to finance its expansion. Monies were provided by Gan Ventures, Mercy Corps Ventures, Musha Ventures, and a group of angel investors. The funds raised will be used to expand Turaco's presence in new African markets...

ZKTeco, a Chinese firm specializing in biometrics technology, identity management, and security applications, has announced its intention to invest in Nigeria. The company’s CEO and founder, John Che, paid a working visit to the country this week and said that he wants to open an office and set up a research center in the country. According to John Che, the company's interest in Nigeria stems...

The European Union says it will grant €147.7 million to fight human trafficking and protect vulnerable people in North Africa. The fund will be made available via the North African Window of the Emergency Trust Fund for Africa. It includes 4 disbursements that will go for 4 different projects. €101.7 million will be used to support Morocco in its fight against human trafficking and...

The African Development Bank has just granted €245 million to support the electric transmission network and rural Electrification Program in Morocco. The initiative aims to improve the safety and efficiency of electricity supply by increasing the national grid capacity. “This new operation is a concrete response to the fight against climate change. Its inclusive dimension is equally...

Canadian Teranga Gold has invested about $430 million to acquire 90% in the Senegalese project gold Massawa. Teranga is already active in the country on the Sabodala project. The agreement was concluded with mining giant Barrick and its joint venture partner, the Senegalese transatlantic transport company West Africa (CSTTAO). Teranga will first invest $380 million, including $300...

The Corporate and Investment Banking arm of South African Absa Group Ltd. plans to open an office in China as part of an expansion plan that also targets other parts of Asia and the Middle East. “Next year, we will be seeking strategic approval from our board for an on-the-ground presence in China,” Charles Russon, the subsidiary’s CEO said. Let’s note that Absa’s strategy aligns with...

The pharaonic bloodline conferred to the Egyptians could be disrupted in the coming years. The government has approved a law that will allow foreign investors to acquire Egyptian citizenship. This means, even if their fathers or their mothers are not from the country, they can still acquire citizenship. Under the law, foreigners can become citizens either by purchasing state property worth at...

The OPEC Fund for International Development (OFID) has granted a loan of $20 million to the Agricultural Promotion Support Project (PAPFA) in Burkina Faso. Valued at $71.7 million, this program aims to increase farmers' productivity and income by strengthening four sub-sectors namely rice, market gardening, sesame, and cowpea. The initiative targets the Cascades, Hauts Bassins and...