The African Import and Export Bank (Afreximbank) is signing a financing agreement with DRC’s SofiBanque next September 6. Under this agreement, SofiBanque will get a credit line of $10 million but the maturity and interest rate have not been disclosed yet. The amount will be disbursed via Afreximbank Trade Facilitation Program (AFTRAF), a vehicle set up by the multilateral financial...

The President of the African Development Bank Group, Dr. Akinwumi Adesina, has announced the appointment of Mrs. Chinelo Anohu, a highly accomplished international corporate lawyer, as head and senior director of the Africa Investment Forum. The appointment of Chinelo, a member of the London Stock Exchange Africa Advisory Board, took effect from 1 Sept 2019. She also served as Director-General...

The president of the African Development Bank, Dr. Akinwumi Adesina, has approved the appointment of Mr. Takashi Hanajiri, as head of the Asia external representation office in the Bank’s Tokyo office with effect from 16 August, 2019. Takashi has over 28 years of professional experience covering national fiscal and monetary planning, and international development and business relations,...

The government of Senegal posed restrictions on outgoing calls in the public administration to cut public spending. Restrictions came into effect since September 1st. According to the State Information Office (BIG), which disclosed the information, the subscription of civil servants has been reviewed with mobile operators and “only incoming calls are maintained until September 30 before the...

Some Chinese companies committed to invest $1.4 billion in energy and mining projects in Africa. They expressed their intention during the visit to Beijing of the African Chamber of Energy (CAE), an organization bringing together government actors and companies involved in the development of the African energy sector. Funds will be injected into the electricity and renewable energy, oil and...

Japanese car maker Toyota announced last week it will set up an assembly line in Angola. The project is expected to cost about $200 million. According to the company’s vice president, Hideki Yanase, most of the budget will be used to purchase land, build the assembly line as well as office buildings. The infrastructure will make it possible to assemble cars, but also to manufacture spare...

Africa Finance Corporation (AFC), a pan-African Multilateral Development Financial Institution based in Lagos, Nigeria, has raised $150 million through a samurai syndicated loan, which is a loan on the Japanese capital market and complies with Japanese financial regulations. The 3-year maturity facility consists of two tranches, one denominated in US dollar and the second in Japanese yen....

The United Nations found that currently about 9.2 million people are food insecure in Southern Africa and the number could reach 12 million by March 2020. Most affected countries in the region are Zimbabwe where 2.3 million could be threatened, Zambia (1.7 million), Mozambique (1.6 million), Angola (1.1 million) and Malawi (1.1 million). According to a statement by the organization, parts of...

The International Finance Corporation is considering disbursing $15.5 million for the fundraising operation currently being conducted by British Alta Semper Capital, as part of its first-ever fund targeting sub-Saharan Africa. IFC will issue a final decision on September 30 after a Board meeting.The fundraising campaign aims at a $250 million closing. The British company recently...

The Egyptian firm NowPay, which operates in the financial services sector, sold a minority stake in its capital to two American venture capital companies, Endure Capital and 500 Startups, for $600,000. The company co-founded by Mostafa Ashour (pictured), Cherif Radi and Ahmed Sabry will use this investment to strengthen its team and improve its services. Operational since 2018, NowPay has...