Africa

  • Sudan has stepped forward, increasing its pledge to $3 million in the African Development Fund.
  • Sudan’s pledge aligns it with other African nations, which have each committed to raise at least $1 million to the fund by 2025.
  • With backing from The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its key projects is strengthening.

African nations are coming together to secure a $25 billion replenishment for the African Development Fund (ADF), an ambitious target that signals a continent-wide push toward self-driven financing for projects.

In the latest update, Sudan has stepped forward, increasing its pledge to $3 million in this collective movement. With backing from countries including The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its development projects is strengthening.

As governments, led by the African Development Bank (AfDB), advocate for this replenishment, they set a critical precedent for financial autonomy in achieving Africa’s …

Read More
  • This initiative focuses on training developers to become certified in NVIDIA’s technologies, creating talent knowledgeable in AI, data science, and GPU processing.
  • By nurturing a workforce skilled in AI and advanced tech, this alliance will drive innovation, entrepreneurship, and economic growth.
  • Young developers will gain job opportunities and contribute to solutions in healthcare, finance, and agriculture.

Africa’s youth population, one of the fastest-growing in the world, presents both a challenge and an opportunity.

With millions of young Africans entering the job market each year, the continent faces a pressing need to generate work opportunities to check a worsening joblessness crisis.

However, in this era of digital transformation, the gig economy has emerged as a beacon of hope for Africa’s young workforce.

Two tech firms, Gebeya Inc. and NVIDIA, are rising to the occasion by launching an ambitious program to train 50,000 African developers, signaling strong intent to bridge …

  • Shelter Afrique Development Bank (ShafDB) and the Bourse Régionale des Valeurs Mobilières (BRVM) will tap Green, Sustainability-linked, and Social (GSSS) bonds to finance housing.
  • Green bonds will fund eco-friendly housing projects while social bonds will finance projects that prioritize affordability and accessibility.
  • At the same time, sustainability-linked bonds will support both objectives, ensuring a comprehensive strategy for tackling the current housing crisis.

Shelter Afrique Development Bank (ShafDB) has taken a new step toward addressing affordable housing needs in Africa through a partnership with the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for the West African Economic and Monetary Union (WAEMU).

In a Memorandum of Understanding (MOU), the Pan-African institution focused on affordable housing, signed the deal on the sidelines of the IMF-World Bank Annual Meetings in Washington, D.C., aiming to mobilize capital for affordable housing projects across the continent, particularly in WAEMU’s eight member countries.

With Africa’s …

  • China Henan International Cooperation failed to to disclose the use of a commission agent while submitting a bid.
  • The ban on Chinese firm reflects broader concerns about the nature of China-Africa economic relations.
  • The move follows the conclusion of a negotiated settlement agreement with the Chinese company.

The African Development Bank (AfDB) has suspended Chinese firm, China Henan International Cooperation Group Company Limited, from undertaking any contracts in Africa for the next one year.

The move follows the conclusion of a negotiated settlement agreement with the Chinese company putting an end to sanctions proceedings for a fraudulent practice against China Henan International Cooperation.

In the directive, pursuant to the negotiated settlement agreement, China Henan International Cooperation Group Company Limited, registered in China, will be debarred for a period of 12 months, effective 28 March 2024.

“An investigation conducted by the Office of Integrity and Anti-Corruption of the African Development Bank …

  • New investment in Tanzania’s railways sector is expected to directly benefit nearly 900,000 people and indirectly impact an estimated 3.5 million.
  • Tanzania operates two railway systems, totaling 3,682 km in length.

 

Tanzania railway sector is poised for immense growth as the World Bank poured significant funding by approving $200 million in financing from the International Development Association (IDA) which is a part of the bank.

 

According to available information from the World Bank statement made on Friday, the bank said the financing for the second phase of the Tanzania Intermodal and Rail Development Project (TIRP-2) will improve safety, climate resilience, and operational efficiency along this railway segment.

 

Read also: AfDB approves $696.4M financing for Tanzania-Burundi-DRC railway project

Tanzania railway plan anchored on Dar- Morogoro SGR

The funding comes a few weeks after Tanzania Railways Corporation (TRC) began its inaugural trial journey of the electric Standard Gauge Railway (SGR) train

  • If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
  • If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
  • If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.

If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.

There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would

  • Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
  • Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
  • Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.

Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.

Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.

Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …

  • Hormuud Telecom has launched the 5G network across Somalia, enhancing the speed of internet and communication.
  • This marks a significant leap towards a digitally inclusive society with reliable internet connectivity in the country.
  • A 5G networks is set to stimulate economic growth, create jobs, and revolutionize public services such as healthcare and education.

Hormuud Telecom has unveiled its 5G network, marking a historic moment for its main market Somalia, which now enters into the elite group of African nations such as Kenya and Ethiopia that have embraced this cutting-edge technology.

Hormuud Telecom 5G signal is now present across 30 cities and towns, promising to revolutionize the speed of the internet and communication and transform Somalia’s digital economy.

Enhancing Communication with 5G Technology

The introduction of the 5G network by Hormuud Telecom signifies a monumental leap in improving internet connectivity’s speed and reliability across Somalia. President Hassan Sheikh Mohamud, along …

  • Africa is loosing out on bad minerals for loan deals, AfDB warns.
  • AfDB is developing initiatives to  help countries’ address the bad loans.
  • China alleged to be the leader in bad minerals for loan deals with Africa.

Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.

 

In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”

 

The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’

 

“They are just bad, first

Subscribe to Our Newsletter

STAY INFORMED

Unlock Business Wisdom - Join The Exchange Africa's Newsletter for Expert African Business Insights!

Check your inbox or spam folder to confirm your subscription.

Stay ahead of the game with our weekly African business Newsletter
Recieve Expert analysis, commentary and Insights into the enviroment which can help you make informed decisions.

Check your inbox or spam folder to confirm your subscription.

Exit mobile version