The Board of Directors of the African Development Bank Group has approved a loan of $500 million to the Federal Republic of Nigeria, to finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), a new program aimed at accelerating transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy. The loan...

The transaction's financial terms have not been disclosed, but the combined balance sheet of the involved activities amounted to CFA376 billion at the end of 2023. This move would strengthen Benin's dominant position in the country's banking sector. The Republic of Benin has signed an agreement to acquire all shares directly and indirectly held by French banking group Société Générale in its...

Ethiopia has secured a $3.4 billion loan from the International Monetary Fund (IMF), with an immediate disbursement of around $1 billion, the institution said in a July 29 statement The financing falls under a four-year Extended Credit Facility (ECF) agreement. According to the IMF, this will help Ethiopia address macroeconomic imbalances, restore external debt sustainability, and lay...

Resolute Mining, an Australian company, operates two gold mines in West Africa: Syama in Mali and Mako in Senegal. In Q1 2024, the company had to sell gold at below-market prices due to forward sales agreements. Resolute sold 88,321 ounces of gold at an average price of $2,342 per ounce in Q2 2024. This is against 69,000 ounces sold in Q1, at $1,950 per ounce.  For the...

Italy’s National Promotional Institution Cassa Depositi e Prestiti (CDP) and the African Development Bank Group plan to jointly invest up to €400 million over five years, to boost the continent’s private sector growth through the newly established Growth and Resilience Platform for Africa (GRAf). Under the new collaboration, both financial institutions will support the continent’s...

The government of Benin has introduced free schooling for girls, aiming to boost their enrollment and ensure they receive a quality education. This effort is part of a broader strategy to encourage active participation in the country's development. On July 24, the Council of Ministers approved the National Program for Accelerating the Education and Well-being of Girls in Benin. This five-year...

Adenia Partners, an investment firm focused on Africa, has secured the necessary regulatory approvals and finalized the acquisition of 12 subsidiaries of the French industrial group Air Liquide in sub-Saharan Africa on Monday, July 23, 2024. These subsidiaries, which represented less than 10% of Air Liquide’s revenue in Africa, are located in Benin, Burkina Faso, Cameroon, Congo, Côte...

The Algerian government is set to advance its information society by integrating ICT across all economic sectors. A clear roadmap has been established to achieve these goals. Algeria is getting ready to implement a new digital transformation strategy. The final version of this plan was submitted to the presidency in June for approval, as announced by Meriem Benmouloud, High Commissioner for...

The United Nations believes that Africa should avoid mirroring Europe's path of industrialization. Instead, its development must be inclusive and sustainable to ensure that all sectors of society participate in industrialization while preserving the environment. On July 24, Norfund, the Norwegian investment fund for developing countries, announced a partnership with Veolia, a leading player in...

In February, Japan funded an artisanal fishing project in Casamance. Japan agreed to grant Senegal $31 million in aid to boost development in the African country. The deal was signed between Senegal’s Minister of Economy, Planning, and Cooperation, Dr. Abdourahmane Sarr, and Japan's Ambassador to Senegal, Izawa Osamu. This financial aid aims to bolster several critical sectors for...