The Governing Committee of the Women Entrepreneurs Finance Initiative (We-Fi) has approved a funding allocation of $61.8 million for the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program. We-Fi is a partnership among 14 donor governments, eight multilateral development banks, and other public and private sector stakeholders, established in October...

The merger of Commercial Bank of Africa with National Industrial Credit Bank, well-known as NIC Bank, has been approved. This was announced by the competition authority of Kenya in a release published today May 13, 2019. The authority however required that no employee be fired from the merged entity in the twelve months following the transaction.  The merger will be done as an...

The administrative board of the IFC will adjudicate on the possibility of a $37.5 million loan to Bank One Mauritius. This Mauritius commercial bank is 50% owned by Kenyan financial group I&M Holdings Ltd and at 50% by Ciel Group, an investment bank based in Mauritius. The initiative is aimed at helping the bank boost its funding offers to the country’s SMEs in the long...

In Q1, 2019, some 2.506 million tourists visited Morocco, Moroccan Tourism Observatory reveals. This represents a 4.1% rise compared with the performance in Q1, 2018. The same source indicates that between January 1, and March 31, 2019, tourist arrivals from France grew by 10%. While from Italy and the Netherlands, it was 8%, and 3% growth for Germany and the UK (+3%). As for Spain, the growth...

Last week, Burkina Faso and the World Bank Group signed three funding agreements worth $235 million, the country’s economy and finance minister announced during the weekend. The first agreement is a budget support for inclusive growth, reduction of social inequalities and efficient public spendings. It will also help the country improve internal resources mobilization. The second...

In Guinea, mobile operator Orange launched the 4G technology on May 9, 2019, in Conakry. The new service covers the whole communities in the capital city, Kaloum, Dixinn, Ratoma, Matoto and Matam namely. The technology will be later deployed in other parts according to the guidelines set in its contract specifications, which provides that at least 90% of the population should be covered. On...

Low-cost internet provider Poa! Internet announces the completion of its wireless internet network in  Nairobi and Kiambu counties in Kenya. More than 3,000 Wifi hotspots were installed by the firm and already help Kibera, Jamhuri, Kawangware, Kangemi, Kabiria, Waithaka, Racecourse, Kinoo, Dagoretti, Kikuyu, Kiambu, Ting’ang’a, Kirigiti, Ndumberi and Githunguri communities get connected...

Ghana will provide $1 billion for the implementation of the ongoing road projects, minister of roads and highway Kwasi Amoako-Attah (photo) indicated this week. According to Graphic Online, part of the funds will be used to pay the government’s debt towards road contractors while the remaining will help relaunch interrupted road projects.   Revenue collection will be improved...

In Libya, the national unity government (GNA) has threatened to suspend the activities of 40 European firms such as Total and Siemens operating in the country. In a decree published on May 9, 2019, the government sets a 3-month deadline for those firms to renegotiate their exploitation rights or be suspended. According to a communique published by the economy and industry ministry, it is mainly...

The International Finance Corporation (IFC) announces a €14 million ($15.7 million support) credit line and technical support for the education sector in emerging countries. These supports will be provided to KMR Holding Pédagogique (KMR), a private higher education platform that will use the resources to boost its activities in Senegal and Morocco. KMR plans to open a medical faculty...