In a release published on May 5, 2019, the World Bank announced a $200 million financing to support SMEs in Egypt and boost job creation for women and young people. According to the release, this financing “aims to empower Egyptian women and youth to become successful entrepreneurs. This is an investment that offers many opportunities to improve the livelihoods of Egyptians through job...

On May 7, 2019, South African retail group Steinhoff International published its restated 2017 financial report, postponed several times due to the complexity of the task entrusted to audit firm Deloitte. It appears that the group recorded an operating loss of $4.14 billion in 2017. The publication of its restated 2018 financial report is expected for June 18, 2019. The group has been...

Shelter Afrique invested Ksh200 million ($2 million) in Kenya Mortgage Refinance Corporation (KMRC) whose mission is to increase the offer of affordable housing in the country. “We are encouraged by the formation of the (Kenya) Mortgage Refinance Company that will cushion commercial and microfinance banks as well as savings and credit societies (saccos) engaged in long-term mortgage financing...

Congo can now boost its growth with the IT and communications sector. Indeed, on May 2, 2019, the national strategy for the development of a digital economy was approved during a ministerial council. Soon, the related decree will be promulgated. According to Léon Juste Ibombo (photo), the minister of posts, telecommunications and digital economy, the strategy defines Congo’s digital vision...

Late April 2019, Maxwell Massaquoi, director of the National Telecommunications Commission (NATCOM) in Sierra Leone, signed an agreement with his Guinean, Liberian and Ivorian peers suppressing roaming fees on international communication. Soon then, telecom services users in Sierra Leone, Guinea, Liberia and Côte d’Ivoire can call at more advantageous rates. During the 16th annual meeting of...

On May 6, 2019, Radisson Hospitality officially launched activities in Algeria by opening its first ever hotel in the country. This launch is like a welcome gift to the Chinese Jin Jiang International. Late February 2019, the HKEX listed group announced that in partnership with SINO-CEE Fund, it finalized the acquisition of 50.2% stake in Radisson Hospitality via Aplite Holdings, an investment...

Tunisia expects 9 million visitors by the end of the ongoing tourism season, the ministry of tourism indicated last weekend, according to many local media.   According to René Trabelsi (photo), the tourism ministry, this forecast is based on the good performances in the sector despite challenges experienced by national airline company Tunisair. The performances were mainly due to the...

Egypt has introduced a draft bill setting the stamp duty on each block of EGP1,000 transactions on the local financial market to EGP1.5, Reuters indicated citing an official release.   In June 2017, the country set an EGP1.25 stamp duty per EGP1,000 transactions in the local market. This stamp duty was expected to rise to EGP1.5 in the following fiscal year and to EGP1.75 in the...

Mozambique wants to invest $200 million to rebuild a railway link to Zimbabwe, Macauhub announced this week quoting official sources.   The new investment is to be made by the Caminhos de Ferro de Moçambique (CFM). It will help rebuild Machipanda railway linking Beira port (Mozambique) to Zimbabwe, after the havoc wrecked by Cyclone Idai in March 2019.  This will improve...

In South Africa, the State Information Technology Agency (SITA) has contracted Liquid Telecom to unroll high broadband internet in Eastern Cape. This connection will be used by the local government to improve its services to residents in hospitals, schools and provincial offices. Ntutule Tshenye, acting CEO of the SITA, explains that "the provision of broadband connectivity is key to the...