As the global venture capital market cools down, African startups are increasingly turning to non-dilutive funding to meet their capital needs. According to data released on December 5 by the platform Africa: The Big Deal, startups operating on the continent raised $1.1 billion in debt during the first eleven months of 2023, constituting 42.3% of the total funds raised during the same...

Upon his return from COP28 in Dubai, President Umaro Sissoco Embaló has dissolved the parliament in Guinea-Bissau, calling recent events an "attempted coup." New parliamentary elections are being considered, but the opposition, formerly the majority in parliament, is unlikely to favor this move. "After this attempted coup, the normal functioning of the Republic's institutions has become...

The IMF has praised the country's growth and debt management. However, over the next 12 months, Côte d'Ivoire will have repaid more to the IMF than it will receive if new disbursements are not approved. On December 4, 2023, the IMF Board of Directors approved the disbursement of resources equivalent to $495.2 million (around CFA300 billion) under an ongoing program with Côte d'Ivoire. The...

Meeting in Abidjan on 5 December 2023, the Board of Directors of the African Development Bank Group approved a grant of $33.25 million to Mozambique to implement the Songo-Matambo electricity transport line project. The grant is from the Transition Support Facility, a financial instrument of the Bank specifically for states undergoing transition. The project goal is to increase the...

Several African countries have formally expressed interest to join the groundbreaking Battery Energy Storage Systems (BESS) Consortium, launched Saturday during COP28, which could revolutionise Africa’s energy landscape by developing advanced energy storage solutions through collaboration and innovation. Joining the BESS Consortium, a multistakeholder partnership initiative of the Global...

In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the...

Meeting on 1 December in Abidjan, the Board of Directors of the African Development Bank Group approved a loan of $252.83 million to Uganda, to fund the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi road. The financial support consists of two loans: $179.68 million from the African Development Bank and $73.15 million from the African Development...

The Board of Directors of the African Development Bank Group granted a loan of EUR 74.5 million to Senegal in Abidjan on 1 December 2023 to support the implementation of the first phase of the Resource Mobilization and Industrial Development Support Programme (PAMRDI-I). The programme has a number of objectives: expanding the tax base, improving the efficiency of tax control and collection,...

The Board of Directors of the African Development Bank Group approved the Country Strategy Paper (CSP) 2023-2028 for Malawi on 16 November 2023. The strategy focuses on two priority areas: improving economic infrastructure to develop the industrial sector by investing in energy, transport, water, sanitation, and hygiene, and supporting economic diversification through investments in agriculture...

“Together, we have opportunities to create youth wealth and eradicate poverty, which is not a tradable commodity.” Akinwumi Adesina  The President of the African Development Bank Group, Dr Akinwumi Adesina and the CEO of the Prince’s Trust International (PTI), Will Straw, have met in London on 29 November 2023 to explore strategic partnerships to scale up youth employment, human...