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- SpaceX offers Starlink kit at half price for first-time Kenyan customers
- Mobile Banking Reshaping the Gender Gap in Financial Inclusion
- Unleashing ideas: AIM Congress sets the stage for over 450 dialogue sessions
- Abu Dhabi welcomes over 330 partners for AIM Congress 2024
- Kenyan Farmers Receive $2M Boost from Africa Fertiliser Financing Mechanism
- Brace for High Interest Rates for a Longer Period World Bank Warns Kenya
- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
Africa
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
- She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
- AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.
This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …
- UN faults UK-Rwanda asylum treaty citing concerns on potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
- Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country.
- With deportation flights slated to start in July, the move is sparking weighty debates over the ethical implications of outsourcing asylum responsibilities.
This week’s passage of the “Safety of Rwanda” Bill by the UK Parliament has triggered alarm bells within the United Nations (UN), with two prominent leaders, Filippo Grandi, the UN High Commissioner for Refugees, and Volker Türk, the UN High Commissioner for Human Rights, raising concerns over its potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country, paving the way for the deportation of thousands of migrants who have sought refuge …
- Majority of private equity investment in Sub-Saharan Africa is from outside the continent and represents only a fraction of the capital required
- African startups surpassed the US$ 1 billion mark in capital raised over the first seven weeks of 2022
- The bulk of the funding (76%) and of the deals (78%) have been claimed by startups headquartered in one of the ‘Big Four’ (Nigeria, South Africa, Kenya, and Egypt)
Africa continues to show strong growth prospects, with an expectation of a significant rebound from the Covid-19 pandemic that has spanned over two years, which has also affected African growth less than in developed markets.
International investment plans and programmes to promote investment in Africa support growth potential given the correlation between Foreign Direct Investment (FDI) and Gross Domestic Product (GDP).
Currently, the majority of private equity investment in Sub-Saharan Africa is from outside the continent and represents only a fraction …
- More than 677,000 have fled Ukraine to Poland, Romania and other countries
- African students in Ukraine are facing racial discrimination at the border, reports say
- Around 20 per cent of student studying in Ukraine are African citizens
- Russia invaded Ukraine on 24 February
Ukraine—as occupied with the war against Russian invasion, the European nation has been an investment partner to Africa for a while. Sadly, that relationship could be at risk as the ongoing crisis unearths troubling events detrimental to both sides, as Africans in Ukraine face hell.
The first in Europe in proven recoverable reserves of uranium ores, Ukraine is not new to African business landscapes nor productive interaction with Africa and its citizens through trade and education.
Unfortunately, the European nation broiled into war holds around 20 per cent of African citizens as international students.
Read: Corporate Apartheid Real in South Africa?
Most of the students from Africa …
UNCTAD argued that in the fourth quarter of 2021, all major trading economies saw imports and exports rise well above pre-pandemic levels of 2019. Moreover, the report pointed out that trade in goods increased more strongly in developing countries than in developed ones.
It is essential to realize that Africa has more to tap into the intra-African trade, standing at around $21.9 billion, according to UNCTAD.
Further, exports of developing countries were about 30 per cent higher than during the same period in 2020, compared with 15 per cent for wealthier nations.
The UNCTAD report argued that growth spiked in commodity-exporting regions as commodity prices increased. …
Ethiopia is the biggest Wheat producer in Africa, producing about 5.1 million tonnes in the 2020/2021 financial year. Russia’s restriction on the importation of Wheat has created a business gap in the African market and all over the globe.
Russia and Ukraine account for more than 70 per cent of Egypt’s imported wheat demand. In 2019, wheat imports from Russia to Egypt were worth US$2.55 billion, and Nigeria’s imports amounted to US$394 million. Other countries that import Russian Wheat include Sudan, Senegal, Tunisia and Morocco. Ethiopia will hold talks with Egypt and Sudan in March 2022 over the Nile waters’ use. Both countries are importers of Wheat, and production in Ethiopia could fulfil the demand from these two countries without exerting pressure on their production.…
- Top five priorities for the African Union
- Building Nutrition and Food Security top African Union Agenda
- Africa requires an equitable representation at the United Nations
The Assembly of African Union Heads of State and Government held its 35th Ordinary Session early February this year and listed the continent’s top five priorities. The Assembly meeting saw the handover of the rotating leadership of the Union from H.E. President Antoine Tshisekedi of the Democratic Republic of Congo who was Chairperson in 2021, to President Macky Sall of Senegal.
The Heads of State and Government launched the African Union Theme of the Year 2022 as Year of Nutrition: “Strengthening resilience in nutrition and food security on the African continent: Strengthening agro food systems, health and social protection systems for the acceleration of human, social and economic capital development”.
Five priorities were listed: Resilience to Covid-19 and Africa manufacture of vaccines, action against …
- African Union hosting eight events at the Expo 2020 Dubai
- The world sees Africa as the new frontier for business, trade and investment
- How the UAE is setting itself up as the launchpad for doing business in Africa
The African Union (AU) is hosting eight events at Expo 2020 Dubai. With one event each week, the AU hopes to highlight the continent’s investment opportunities and reshape the general world view of Africa, the least not being, science and technology development on the continent.
“From the onset, we set our sights on showcasing the incredible and continued opportunities that lie across the African continent,” remarked Dr. Levi Uche Madueke, the AU Expo Commissioner General.
“We are hitting the ground running. Our Expo 2020 Dubai activities further advance the cause of fulfilling the aspirations of Agenda 2063,” he said reassuring all visitors of ‘a great show of marvel and awe.’
As part …
