Gift Machengete (photo), Director General of Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), announces the upcoming entry of new telecom operators into the national market.On the sidelines of a Parliamentary Committee on Information and Communication Technology, Postal and Courier Services workshop held in Nyanga, Mr. Machengete announced Zimbabwe will soon license new...

SEAF Morocco Growth Fund (SMGF), an investment fund that targets high growth potential companies in North Africa, announced it has invested in the brokerage firm SOS Crédit.This operation is SMGF’s third investment since it was launched in April last year. The fund will support the expansion of SOS Crédit in Morocco and on the international market.“This partnership will enable us achieve...

The International Finance Corporation (IFC) announces it is investing $60 million to acquire 10% stake in mining company Sierra Rutile Limited.The financial institution in charge of the private sector in developing countries will make an initial investment of $20 million to finance Sierra Rutile Limited's mining activities. Then, additional $40 million will support the company’s...

During the 3-day Economic and Trade Exhibition recently held in Changsha, China, as part of the China-Africa Partnership, a total of $20.8 billion worth of deals were concluded, Xinhua reports.More than 84 agreements were signed in sectors such as agriculture, trade, and tourism. Trade between China and Africa significantly increased in the past years and the organization of the Changsha...

U.S. firm Mercer just issued its 25th Cost of Living Survey that ranks the most expensive cities in the world. The survey ranked 209 cities, including 42 in Africa.Ndjamena, Chad, which ranks 11th in the world, comes first in Africa’s top 10. It is followed by Victoria (in Seychelles, 14th worldwide), Kinshasa (in DRC, 22nd worldwide), Libreville (in Gabon, 24th worldwide).The cities of Lagos...

South Africa’s Absa Bank Limited announced it is getting $500 million syndicated loan from Standard Chartered and Bank of America Merrill Lynch. Repayment period is two years with a one-year extension option. Interest rate is 1.05% per annum. According to the financial director of Absa Group Ltd., Jason Quinn, the loan will be used to fund the bank’s credit portfolio and its other...

U.S ride-hailing company Uber plans to launch boat taxi services in Lagos, Nigeria. Brooks Entwistle (photo), the company’s chief business officer (CBO), told Bloomberg last week. He said Uber engaged talks with the Nigerian government in that regard to start operating its Uber Boats in the country’s biggest city. The project will make it possible to leverage waterways to reduce traffic...

Telecom operator Maroc Telecom announced June 27 it has completed the full acquisition of Tigo Chad from Millicom International Cellular (MIC). According to Abdeslam Ahizoune, chairman of the management board of Maroc Telecom, the acquisition is another step forward in expanding across high-potential international markets. It aims to consolidate the company’s strategic position on the telecom...

Tunisia is planning to launch into orbit, with help from Russia, a constellation of 30 satellites for telecommunications by 2023. An agreement was signed in that regard last week in Skolkovo, Russia, by Tunisia’s TELNET Holding and the two Russian companies SPUTNIX and GK Launch Services.The partnership was initiated in April this year through the signing of an agreement for the launch by next...

The Ethiopian government is expecting a 9.2% economic growth for the 2019-20 fiscal year that begins this month and ends in June next year, against 7.7% the previous year, Prime Minister Abiy Ahmed (photo) announced Monday."The economy will grow by 9.2% for the coming financial year," he said while addressing parliament. In a report published in March, rating agency Moody’s observed that growth...