Author: James Wambua

Drought-hit Zambia will get immediate access to about $184 million from the IMF. Lender says authorities in the southern African country remain committed to maintaining macroeconomic stability and restoring fiscal and debt sustainability. Worsening impact of drought is, however, set to see Zambia’s economy decline to 1.2% growth this year. Zambia has secured about $184 million from the International Monetary Fund (IMF) to provide budget support to the southern African country that is reeling from adverse effects of drought, which now threatens to see the economy grow by marginal 1.2 per cent this year. The funding brings Zambia’s total disbursement…

The alliance aims to act as a pipeline for businesses in Europe and Africa to leverage investment opportunities across the two regions. Deal modelled to capitalize on Africa’s untapped potential and Europe’s advanced entrepreneurial and tech ability to drive investments. The two parties have identified demography, decarbonization, digitization, and derisking as reasons for Europe’s growing interest in Africa. Financial services giant ODDO BHF from Germany has taken a step forward in fostering cross-continental economic collaboration by signing a memorandum of understanding (MOU) with regional lender Equity Group. This alliance, which was formalized during the German-Africa Business Summit in Nairobi, aims…

Ban places Air Tanzania among 129 airlines barred from EU skies due to non-compliance with international safety standards. The European Union Aviation Safety Agency (EASA) identified safety deficiencies as the basis for the ban. These concerns also prevented Air Tanzania from securing a Third Country Operator (TCO) authorization, a critical certification required for non-EU airlines to operate within the zone. Air Tanzania has suffered a huge setback following its inclusion in the European Union’s Air Safety List, effectively banning it from operating flights to and within EU member states. This decision, announced after a review by EU aviation safety experts…

AfDB’s “green shares” plan is poised to unlock financing for high-impact wind and solar power plants in Djibouti and Egypt and energy storage systems in Cabo Verde. AFC expected to leverage green equity to mobilise debt funding from capital markets for on-lending to sub-projects in economies. Financing is poised to create at least 1,600 full-time work opportunities by 2031. The AfDB has set aside a $30 million equity investment in Africa Finance Corporation (AFC) aimed at implementing innovative “green shares”, an initiative that is structured to raise more resources for climate action projects in African economies. According to the Pan-African…

Agreement is critical in promoting infrastructure and economic development projects in 10 member states common to both institutions. ATIDI and ASF plan to enhance the region’s attractiveness to investors by mitigating risks often associated with doing business in Africa. The partnership has the potential to provide tailored financial solutions for Africa’s unique challenges. A new agreement between the African Trade & Investment Development Insurance (ATIDI) and African Solidarity Fund (ASF) is poised to reshape Africa’s investment trajectory. This partnership seeks to bolster economic development across the continent by mitigating risks associated with investment and trade. Signed during the Africa Investment…

BRICS Competitive Agencies are set to develop a new approach to food markets regulation. One of the largest global blockchain platforms on commodities, Covantis, may be the first to fall under restrictions. Founded by the largest agro-traders of the ABCCD group and Viterra, Covantis avoids antitrust scrutiny due to its structure. Antitrust authorities drawn from BRICS member countries are set to establish a unified system to monitor and control food markets regulation, in a move that is poised to put Covantis, one of the giant platforms on commodities under close check. In a statement released during a meeting on the…

Will U.S. policies empower Africa’s sustainable development, or will they prioritize American interests at the expense of local communities and ecosystems in the next four years? Africa’s vast mineral wealth makes the continent a focal point for global economic and strategic competition. By encouraging African nations to process and refine their minerals domestically, the U.S. can help Africa can create jobs and enhance economic benefits. Africa’s natural resources hold a key position in shaping the future of the global mining and energy industry. From critical minerals essential for modern technology to immense energy reserves, the continent is both an opportunity…

Pattni’s network exploited Zimbabwe’s natural resources, overreported cash proceeds from foreign sales to claim inflated compensation, and bribed officials to shield their illicit operations. A total of 28 individuals and businesses involved in gold smuggling network in Zimbabwe were Investigations show the gold smuggling and money laundering scheme had direct ties to President Emmerson Mnangagwa of Zimbabwe. The U.S. Department of the Treasury has imposed sanctions on 28 individuals and businesses involved in a gold smuggling network in Zimbabwe. Among the culprits slapped with far-reaching sanctions by the Office of Foreign Assets Control (OFAC) is controversial businessman Kamlesh Pattni, who…

AIM Congress 2025 will solidify its role in shaping a sustainable global economy, observes His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade. Already, the annual forum has positioned itself as a hotbed for transformative ideas and partnerships; the bridge between emerging economies and global powerhouses. Key themes Foreign Direct Investment, Global Trade, Startups, Future Cities, Future Finance, Global Manufacturing, Digital Economy, and Entrepreneurship are tailored to resonate with the pulse of a rapidly evolving global economy. In April next year, the bustling city of Abu Dhabi will once again take center stage as…

Despite a challenging economic climate, cleantech and internet connectivity sectors lead the way, with Kenya spearheading investment activity. Debt funding, often overshadowed by venture capital, played a dominant role in terms of volume, with transactions totaling over $26 million for November alone. The dual reliance on debt and equity highlights the adaptability of African startups in securing resources to fuel their growth. As 2024 winds down, the African startup ecosystem finds itself in a less-than-rosy funding environment. According to data from startup funding tracker Briter Bridges, over 580 startups in over 30 African markets secured $1.9 billion through more than…