Author: James Wambua

2Africa consortium has laid the world’s largest submarine cable project off the coast of Muanda in the DRC. The cable will connect 33 countries and enhance internet connectivity globally, offering economic potential across Africa, Asia, and Europe Facebook parent firm Meta is a key stakeholder and partner in the project that is advancing digital inclusion and development in the region. A huge milestone in the world of telecoms was marked on September 21st. This is the day when the 2Africa consortium, consisting of major telecom operators such as China Mobile International, Bayobab (formerly MTN Global Connect), Orange, center3 (formerly stc),…

Starlink, SpaceX’s satellite internet service, has shown strong performance in Nigeria and Rwanda during the second quarter of 2023. In Nigeria, Starlink outperformed traditional fixed broadband providers, delivering a median download speed of 63.69Mbps. Starlink’s internet speeds were substantially faster than the combined median speed of all fixed broadband providers in Nigeria at 15.60Mbps. Starlink, SpaceX’s satellite internet service, has shown strong results in Nigeria and Rwanda during the second quarter of 2023, in the fast-changing landscape of internet connectivity in Africa. According to Speedtest Intelligence data, Starlink has outperformed traditional fixed broadband providers in terms of download speeds in…

The African Development Fund has approved a grant of $19.98M to fund Mozambique’s Economic Acceleration and Governance Support Programme. This grant is the first of two budget support operations for FY2023/24, each valued at $20M. The program focuses on two key areas: improving the private sector environment for economic recovery and green growth and enhancing the efficiency, accountability, and transparency of public expenditure. The African continent, with its diverse cultures, landscapes, and economic potential, has been on a journey of transformation and development. Mozambique, a nation nestled on the southeastern coast of Africa, is no exception. Recent developments have shed…

World leaders meet at UNGA to address climate crisis and rescue Sustainable Development Goals. IFAD President emphasizes climate adaptation, food security, and resilience investment. G20 leaders support IFAD’s fight against food insecurity, and IFAD seeks funding to transform rural lives and combat poverty and hunger. World leaders gather in New York for the United Nations General Assembly (UNGA), to rebuild trust, reignite solidarity among nations and rescue the UN’s 2030 Agenda for Sustainable Development. This includes rescuing Sustainable Development Goals for Zero Hunger and No Poverty. Alvaro Lario, President of the UN’s International Fund for Agricultural Development (IFAD), warns of…

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…

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…

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.…

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…

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.