Starlink plans to cover 23 African countries by the end of 2023 amid expansion on the continent. The company already offers its services in Nigeria, Rwanda, Mozambique, Kenya and Malawi. Starlink, the satellite internet network by U.S. company SpaceX, announced on Friday, November 3, the availability of its services in Benin. This marks the 6th African country to access the commercial services...

Several American officials, including the U.S. Deputy Trade Representative for African Affairs, have announced in recent months that the Biden administration aims to review the AGOA or replace it with a new trade agreement. The African Union (AU) called on Thursday, November 2, for the U.S. Congress to renew the African Growth and Opportunity Act (AGOA), a trade preference program granted by the...

Despite many African e-commerce platforms struggling to attain profitability, the sector's outlook remains promising, driven by the digitalization of payments, the implementation of the African Continental Free Trade Area, and the advancement of deferred payment systems. The overall revenue of active e-commerce platforms in Africa is expected to reach $59.18 billion in 2027, up...

Mali's military, FAMa, has confirmed the loss of the crucial Kidal camp in the north and is getting ready to regain control. The situation escalated following the UN force, Minusma, completing its withdrawal from the region in October, causing concerns. FAMa expressed disappointment as Minusma left Kidal without officially transferring control, echoing a similar situation at Aguelhok camp...

This funding supports the Senegalese government's efforts to develop smart cities and accelerate economic growth, in a context of boosting intra-African trade. The ECOWAS Bank for Investment and Development (EBID) has just granted CFA65 billion ($104.6 million) in financing to support urban development initiatives in Senegal. The agreement, approved at EBID's 85th Session in Lomé, was signed on...

Private equity investors played it safe in the third quarter of 2023, as macroeconomic uncertainties persist in the global market. Local and international private equity firms injected $1.2 billion into African companies in the third quarter of 2023, according to a report published on October 31 by the African Private Equity and Venture Capital Association (AVCA). This amount, which is...

Established by African States with the technical and financial support from the World Bank Group and, with a further support by the African Development Bank, the African Trade Insurance Agency (ATIDI) is a multilateral development institution dedicated to providing insurance, coinsurance, reinsurance and other financial services for the purposes of promoting trade, investment and other productive...

The Board of Directors of the African Development Bank Group has approved a loan of $196.43 million for Namibia to implement the second phase of its Transport Infrastructure Improvement Project (TIIP). The loan, approved on 31 October 2023, represents 51.8 percent of the project’s total cost. The Namibian government will provide the remaining 48.2 percent. The project aligns with...

The Tunisian commercial bank BIAT plans to issue guarantees in favor of cross-border correspondent banks, to support Tunisian operators. Banque Internationale Arabe de Tunisie (BIAT) has signed a guarantee agreement for 156 million dinars ($50 million) with the European Bank for Reconstruction and Development (EBRD). Sealed on October 25, the deal was disclosed by BIAT yesterday, October...

The U.S. rating agency S&P issued a note on October 21 saying it upgraded Benin’s rating outlook to positive from stable, with the B+ rating maintained. This upward revision, made in an international and regional climate marked by various instabilities, "places Benin as the only African country with a positive outlook with S&P", the country’s authorities said. The rater says the decision was...