The African Development Bank’s $13 billion investment in Southern African region since 2012 is delivering strong results across countries, the Bank’s President, Akinwumi Adesina said, addressing over 1000 delegates at the opening ceremony of the 39th Southern Africa Development Community (SADC) Summit. The theme for this year's Summit is, "A Conducive Environment for Inclusive and...

The Egyptian government announced last week it is planning new industrial projects for a total of about $663 million. According to the finance minister, Mohamed Maait (pictured), this consists of the construction of 13 industrial complexes to ease and promote export of Made in Egypt products. The construction component is taking a bit more than $300 million and the remaining will serve...

São Tomé and Principe signed, on Thursday, a country-specific memorandum of understanding for the implementation of the Lusophone Compact aimed at accelerating inclusive, sustainable, and diversified private sector growth. São Tomé is the fifth nation to ink the agreement, after Mozambique, Cabo Verde, Angola, Guinea-Bissau.  The agreement was signed by Hon. Osvaldo Vaz,  São...

Travels to receive medical care beyond borders costs the Zimbabwean economy an average of $400 million per year, the finance minister (pictured) said.According to him, this scenario is due to his country's multi-currency system, but also to the fact that many Zimbabwean Doctors and health professionals seek opportunity beyond our borders. It is also due to the high cost of medicines in the...

Kenya’s payment solution provider DPO Group makes a new step as part of its Africa expansion strategy. The company completed the acquisition of South Africa’s Payfast.The terms of this deal, funded by private equity firm Apis Partners, are not revealed but observers suggest the operation cost hundreds of millions of rand (the South African currency). DPO explained the resources were provided...

Telecom Egypt is setting strategies to develop its systems and broaden its networks. The company signed on August 8, 2019, on the sidelines of the BRICS Future Network Innovation forum (from 5 to 9 August 2019 in China), an agreement with Chinese technology company Huawei. Under this deal, signed between Adel Hamed, CEO of Telecom Egypt, and Vincent Sun, CEO of Huawei Egypt, the Chinese company...

Nigerian tycoon Aliko Dangote’s Dangote Cement continues to face difficulty in its expansion journey in Africa. According to official financial statement of H1 2019, the company posted a turnover of 140 billion Naira ($386 million) from operations across the continent, just 1% higher than the 138.6 billion Naira the same period in 2018.EBIDTA (earnings before interest, depreciation, taxes...

The African Development Bank in Nigeria met a private sector consortium from China to help attract investment through partnerships in the development of special agro-Industrial processing zones (SAPZs) across Africa. The Bank delegation, led by Professor Banji Oyelaran-Oyeyinka, the senior special adviser on industrialisation to the African Development Bank’s President, paid a courtesy call to...

The Central Bank of Sudan has just received $250 million in aid from Saudi Arabia, a statement from Saudi finance authorities informed.The fund injection is expected to loosen pressure on the local currency and contribute to exchange rate stability. This is to restore the balance of an economy long affected by a crisis that led to the ousting of President al-Bashir in April 2019.The new...

The government of Ethiopia and the African Development Bank Group have signed a $98 million grant agreement from the African Development Fund (ADF) to help finance phase one of the Ethiopia–Djibouti Road Transport Corridor Project. The agreement was signed by Ahmed Shide (photo), the Minister of Finance, on behalf of the government of Ethiopia, and Abdul Kamara, the African Development...