Author: James Wambua

World leaders gathered at the United Nations General Assembly (UNGA) are confronting the stark reality that progress toward achieving the Sustainable Development Goals (SDGs) by 2030 is lagging and, in some cases, regressing. The United Nations adopted the SDGs, including eradicating extreme poverty, ensuring quality education for all children, achieving gender equality, and addressing climate change, in 2015 with great ambition. UN Secretary-General Antonio Guterres called for “bold and transformative action” to fulfill these commitments and close the growing global inequality gap. While leaders have committed to accelerating action, specific plans remain limited.…

• AfDB and South Korea have signed two agreements worth $28.6 million.
• The funding will boost growth in Africa. It complements the $600M co-financing deal under the Korea-Africa Energy Investment Framework.
• AfDB-South Korea partnership focuses on energy, agriculture, and capacity-building in multiple African economies.

In a plan to boost Africa’s development agenda, the African Development Bank (AfDB) and the Government of South Korea have inked two agreements, collectively valued at $28.6 million.

This financial support aims to catalyse growth and prosperity across Africa, marking a milestone in the collaboration between Africa and South Korea.

The funding, a testament to the growing partnership between AfDB and South Korea, complements the $600 million co-financing commitment established under the Korea-Africa Energy Investment Framework in 2021.

AfDB and South Korea partnership

This framework plays a pivotal role in supporting African nations in enhancing their human capacity and developing their energy sectors, thereby bolstering sustainable growth.…

• 4G Capital joins US Ambassador to Kenya Meg Whitman on the US-Kenya Business Roadshow in San Francisco.
• The Roadshow is an initiative with the US Government’s Prosper Africa programme.
• Over the past decade, 4G Capital has disbursed loans exceeding $390 million to SMEs in Kenya and Uganda.

4G Capital, a pioneering neobank at the forefront of fostering micro and small business growth in Kenya and Uganda, has been selected as one of the companies to accompany US Ambassador to Kenya, Meg Whitman, on the US-Kenya Business Roadshow.

This roadshow, is an initiative with the US Government’s Prosper Africa, is going down on September 15th at the Mission Bay Centre, San Francisco.

Ambassador Whitman, a former CEO of eBay and Hewlett Packard, aims to highlight the significant and burgeoning investment opportunities in Africa. The continent is poised for significant growth, with projections indicating that 25 per cent of the global …

• Kenya’s appeal comes at a moment when East Africa has seen only one exit through an IPO in the past decade.
• 2022 marked the highest level of exit activity in the region in the past decade. Projections show that 2023 is poised to surpass 2022 performance.
• Private Equity investors typically opt for one of three main methods to exit their investments: selling to industry competitors, conducting secondary buyouts, or engaging in Management Buyouts (MBOs).

Kenya is urging private equity firms and venture capital companies to turn to the Nairobi Securities Exchange (NSE) as a platform to realize their deal exits.

The move is part of the Kenyan government’s broader strategy to deepen its capital markets and attract more private investments. “Once you are in, exit through our capital markets,” said Mr. Abubakar Hassan Abubakar, the Principal Secretary of the State Department of Investment Promotion in the Ministry of …

• European Commission President Ursula von der Leyen says chaos in Africa’s Sahel leaves the area vulnerable to terrorism.
• Von der Leyen says the situation in the Sahel directly impacts Europe’s security and prosperity.
• The Sahel region has experienced eight coups across six nations, from Guinea to Sudan, in the last three years.

The European Commission President Ursula von der Leyen has pointed an accusing finger at Russia for orchestrating the roiling chaos gripping Africa’s Sahel region.

In her annual speech to the European Parliament in Brussels today, she noted that military coups currently plaguing Africa’s Sahel region have been a destabilizing factor, increasing the zone’s vulnerability to terrorism.

Von der Leyen made it clear that the European Union must significantly enhance its engagement with African countries, as the situation in the Sahel directly impacts Europe’s security and prosperity.

“We need to show the same unity of purpose towards Africa …

The eastern Libyan city of Derna has gone into mourning after catastrophic flooding that left about 10,000 people missing. Rescue teams have embarked on recovery efforts for the remains of loved ones as the scale of the disaster unfolds. Media reports say authorities estimate that close to 2,000 people have lost their lives in the Derna area alone.

The Libyan Government of National Unity (GNU) has issued a heartbreaking report stating that the entire road and bridge network in Derna has collapsed. This now calls for an estimated $67 million for reconstruction.…

• AIM Congress 2024 will run under the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.”
• The forum aims to provide an in-depth understanding of shifting investment dynamics and their global impacts.
• Global leaders, investors, and innovators will convene from 7th to 9th May 2024 at the Abu Dhabi National Exhibition Centre.

In a dynamic world marked by shifting investment landscapes, the 13th edition of the world-renowned investment platform, now rebranded as “AIM Congress,” is set to convene global leaders, thinkers, and innovators from 7th to 9th May 2024 at the Abu Dhabi National Exhibition Centre (ADNEC).

This high-level event, co-hosted by AfriCatalyst and Open Society Foundations, will explore the changes in the global investment arena. Participants will seek sustainable solutions to navigate these changes with a view to benefiting economies.

Under the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global …

• The partnership will simplify and elevate the crypto purchasing experience for Nigerians by harnessing the power of local bank transfers.
• Yellow Card’s collaboration with MoonPay will enhance the accessibility and utility of cryptocurrencies in the region.
• The integration will empower Nigerians to engage in peer-to-peer crypto transactions with ease.

In a move aimed at enhancing cryptocurrency accessibility in Nigeria, Yellow Card, a pioneering African fintech company, has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem.

Their partnership is set to simplify and elevate the crypto purchasing experience for Nigerians by harnessing the power of local bank transfers.

The Nigerian Crypto landscape

Nigeria has emerged as a formidable force in the African cryptocurrency landscape. More and more individuals are turning to digital assets as a means of safeguarding their wealth against inflation and economic uncertainties. Estimates show that over 22 million people or 10.3 per cent of Nigerians …

Eritrea has an extensive coastline along the Red Sea but limited freshwater resources. Faced with erratic rainfall patterns that have left much of the country arid, Eritrea is rising to the challenge with determination, innovation, and a strong sense of self-reliance. Within just three years, Eritrea has harnessed its local engineering talent and rallied thousands of its citizens, including students from technical and vocational schools, to construct Msilam Dam.…

In a devastating turn of events, Morocco was struck by a rare and powerful earthquake late Friday night. The catastrophe claimed the lives of over 800 people and caused extensive damage across the region. The earthquake, with a magnitude of 6.8, is the strongest to hit Morocco in 120 years.

The impact of the quake reached from remote mountain villages in the Atlas Mountains to the historic city of Marrakech. However, the full extent of the tragedy remains unknown. Consequently, rescuers face treacherous boulder-strewn roads to reach the hardest-hit mountain communities.…