Month: July 2020

Africa is great and has the potential to be greater—economically. The youngest continent in the world stands to garner billions in the trade as its youngest generation present a potential to transform, the continent’s economic pillars, from agriculture to investment.

The region has more than 1.3 people and nearly 60 per cent of its population is under 25 years, according to United Nations Data for World Population Prospects 2017. This means that Africa can fetch healthy intra-regional and international trade growth if it utilizes its existing potentials.

As the African Continental Free Trade Area (AfCFTA) is around the corner to be domesticated (postponed due to virus outbreak), the trade pact could ignite Africa’s industrialization and boost income generation.

The trade pact connects more than 1.3 billion Africans in 55 countries with a combined gross domestic product of nearly $ 3.4 trillion while lifting more than 30 million people from extreme …

The Aga Khan Health Services, the arm of the Aga Khan Development Network (AKDN) that supports activities in health across Africa and Asia has announced a new partnership with the French Development Agency (Agence Française de Développement – AFD) to establish infectious disease units in two of Tanzania’s cities.

The two entities have signed a €300,000 grant agreement to establish Infectious Diseases Units (IDU) in Dar es Salaam and Mwanza. The Infectious Disease Units will offer full-fledged services, capacity building, infrastructure, and technology to enhance the quality of service delivery.

The grant will enable the strengthening of the current system to address challenges pertaining to infectious disease control management. It will enable the Aga Khan Hospital, Dar es Salaam to respond adequately to pandemics, such as COVID, including addressing issues pertaining to inadequate health infrastructure and capacity.

The grant of €300,000 is provided as part of the worldwide “COVID-19–Health in …

The Ethiopian Grand Renaissance Dam is inching closer to completion, rekindling the environmental and political controversies that have dogged the project from the start nearly 10 years ago. In addition, recent satellite images show a steady increase in the amount of water being held back by the new mega dam. Mahemud Tekuya explains what’s at stake.

The current dispute over the Grand Ethiopian Renaissance Dam is directly linked to colonial-era Nile treaties. During the scramble for Africa, controlling the source of the Nile was a major colonial goal for the British. In 1902, the UK and Ethiopia concluded the Anglo-Ethiopian Treaty in which Ethiopia agreed not to arrest or totally block the flow of the Nile.

Then there was the Anglo-Egyptian Treaty signed in 1929. This was between the British (on behalf of its colonies, Sudan, Kenya, Tanzania and Uganda) and Egypt. The treaty prevented British East African colonies …

Since its creation, the Luanda-Bengo Economic Exclusive Zone (EEZ) has been a factor encouraging investment, not only in the region but also in the Angolan economy.

Its economic evolution has been felt over the last few years, in the flourishing of several innovative projects within this project, much due to the commitment and promotion that the Government has made. One of the paradigmatic examples of this commitment is the privatization plan that has been carried out over the last few months, in order to allow for greater competitiveness in the EEZ and an increase in the investment of national and foreign investors in businesses in order to create wealth and increase national productivity.

In addition to diversifying the economy, the EEZ aims to develop business clusters, create jobs and increase exports.

Also Read:  Securing the future of Mozambique finances

For that purpose, the Government has defined a set …

The I&M Bank Foundation and the Kenya Community Development Foundation (KCDF) signed a Ksh 50 million partnership deal for the conservation of the environment.

The partnership aims at introducing the culture and practice of environmental awareness and conservation amongst children and youths in 172 learning institutions including primary, secondary and vocational in four sub-counties in Narok and Kilifi counties.

The partnership will target water catchment communities and is expected to benefit over 5,000 households in the two counties.

“At the Foundation, we have identified the challenges undermining efforts in protecting and restoring natural and sustainable environments in the country. We realise and appreciate that sustainable environments play a critical role in achieving the country’s economic growth plans, therefore we have set up inclusive and measurable programmes and interventions to address these challenges.” Said Sarit Raja-Shah, Trustee, I&M Bank Foundation.

“The partnership with our able partners KCDF, that we are rolling …

The African Development Bank approved a grant of $27.4 to boost the efforts of the African Union (AU) to mobilize continental response to curb the spread of COVID-19 pandemic.

“With this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal that collectively, the continent can address the pandemic in Africa, which is straining health systems and causing unprecedented socio-economic impacts on the continent.” Said Akinwumi Adesina, African Development Bank President after the approval of the funds.

About $26.03 million of the grant will help strengthen the institutional capacity of the Africa Centres for Disease Control and Prevention (Africa CDC) to respond to public health emergencies across the continent. The remaining balance of about $1.37 million will be a contribution to the AU COVID-19 Response Fund.

The two grants are from the bank’s African …

The African Development Bank approved a grant worth $69 million to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact.

The grant is from the African Development Fund (ADF) a concessional arm of the African Development Bank.

The grant will provide fiscal budget support to finance the national COVID-19 Emergency Preparedness and Response Plan and Coronavirus Alleviation Program in Ghana.

The funds will specifically help upgrade the capacity of healthcare facilities to isolate, diagnose and care for the patient and provide more pharmaceuticals, test kits, equipment and beds. It will also support financial incentives and an insurance package for health and allied professionals as well as ensure adequate personal protective equipment (PPE) for health workers.

“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting …

South African Airways (SAA)—one of Africa’s largest carriers have gained a promising turn, as its administrators said conditions for a business rescue were met to bring the state-owned carrier back to operations.

According to information from Bloomberg News, the administrators did not provide any further notice to affected parties on Tuesday, Bloomberg reported that “whether the government had met their demand to place in an escrow account $988 million the state has guaranteed to creditors should the carrier fail. The Treasury said on Monday its usual guarantees should suffice”

The SAA which was illustrated by News24 a South African business publication, that had a net asset value of nil in 1999 and since then has contended with a weak balance sheet exaggerated by weak management and a poor business model.

Further, the which SAA has received no less than $3 billion in bailouts or recapitalization over 20 years, starting from …

Mozambique is a country blessed with vast natural resources and abundant fertile lands – some of the key elements to ignite economic growth and social development that promises to change the good faith of the country.

Nevertheless, and despite the massive approved foreign investment related to natural gas rivalling its GDP, Mozambique will face strong challenges in order to secure a better future.

FurtherAfrica spoke to H.E. Adriano Maleiane, Mozambique’s Minister of Economy and Finance to better understand how the country intends to tackle these challenges using long-term strategies to ensure economic sustainability and a better future for its people.

Mr. Maleiane is no stranger to challenges, having served as Governor of Mozambique’s central bank for some 15 years and later overlooking the founding of the country’s national investment and development bank, an institution he served for nearly 5 years as chairman before he was appointed Minister of Economy and …

The reality is that many facilities cannot effectively run without electricity. …