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- South Africa Budget Disappoints Investors as Deficit Widens
- Kenya drops to 6th place in Africa trade barometer
- Tanzania’s bold move to boost cashew nut exports by 2027
- Chinese cities dominate global list of places occupied by billionaires
- Sudan tops up as Africa aims for $25 billion development fund
- Opportunities for youth: Tech firms Gebeya and NVIDIA to train 50,000 developers in Africa
- Shelter Afrique taps green bonds to raise funds for affordable housing in West Africa
- New digital wallet suite for Africa as Network joins forces with Ant
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 …
- 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 …
- Grey’s expansion in the East African Market follows $2 million seed funding of the West African company.
- Grey CEO AIdorenyin Obong says the Kenya office will help the firm navigate its planned operations across East African Community.
- The company has also privately launched Grey Business, a borderless business banking for startups.
Nigerian Fintech startup Grey has picked Kenya as its East African hub as it expands operations into the largest economy in the East African Community. The move follows $2 million seed funding the West African company raised as it eyes Uganda and Rwanda in the near future.
Already, the firm’s platform is live in Tanzania and Kenya with over 300,000 users. Grey CEO AIdorenyin Obong says opening offices in Kenya will help the firm navigate the markets in the East African Community.
“Kenya’s Diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in the last …
- DR Congo’s top government officials woo UAE investors at the Annual Investment Meeting 2023 in Abu Dhabi.
- From mining to agriculture to energy DR Congo is the global centre of billion-dollar focus sectors.
- In February 2022, logistics giant DP World started the construction of Banana Port, near Kinshasa.
DR Congo is inviting investors from the United Arab Emirates to bet big on the country’s vast investment opportunities. From mining to agriculture and fishing, to health, DR Congo is the global centre of billion-dollar focus sectors. DRC is the second-largest country in Africa with vast deposits of natural resources.
Speaking at the ongoing Annual Investment Meeting 2023 in Abu Dhabi, top government officials from DR Congo said the country’s ongoing legal and tax reforms are making the country ready for business.
The Annual Investment Meeting has attracted participants from 170 countries for its 12th edition in Abu Dhabi city, UAE.
At …
- A new $273,716 Growth for Jobs Tourism Challenge Fund seeks to grow South Africa’s tourism numbers by engaging SMEs.
- The fund will support regional and local tourism organisations, industry associations, and district and local authorities
- The target SMEs are expected to grow and expand their tourism product offerings.
South Africa has lined up a $273,716 fund to empower small businesses in the tourism sector to enhance their offerings. The $273,716 Growth for Jobs Tourism Challenge Fund will grow South Africa’s tourism numbers through local small businesses.
Minister of Finance and Economic Opportunities Mireille Wenger said the fund will power the sector’s future growth by removing barriers.
“Our tourism and hospitality sector was hit hard by the COVID pandemic. But, it has seen a remarkable recovery with international arrivals reaching 100 percent of their 2019 figures in February this year,” she noted.
Wenger added that this would be achieved by helping …
In the last 20 years, Africa’s external debt has grown fivefold to about $700 billion. According to Chatham House, a policy centre in London, Chinese lenders account for about 12 per cent of that amount. As of November 2022, the International Monetary Fund (IMF) and the World Bank considered 22 low-income African countries to either be in debt distress or facing potential external debt distress.…
- A finance-focused panel at the 2023 Namibia International Energy Conference explored new pathways to financing and developing capital-intensive African energy and infrastructure projects.
- As global financial institutions continue to reduce or eliminate fossil fuel lending, emerging producers such as Namibia are seeking to drive local and regional financial participation in capital-intensive projects and trade infrastructure.
- In addition to leveraging foreign investment as an end within itself, panelists discussed how the sector can leverage foreign support as a means of creating local capacity through regional debt and credit-support instruments.
Namibia is looking to increase local investment in large-scale energy projects moving forward, a panel at the 2023 Namibia International Energy Conference, has concluded.
Under the theme, “Financing Energy & Power Projects: Trends, Outlook & Forecast,” a strategic panel examined how the southern Africa country can finance massive projects and structure deals that benefit regional economies.
As global financial institutions continue to …
- The program, which runs for 18 months, aims to support political stabilization and reconciliation in Somalia, a fragile country in the Horn of Africa.
- In line with the National Stabilization Strategy the financing will go to water infrastructure, security, and reconciliation initiatives.
- The EU is making tangible progress in supporting Somalia’s transition to a peaceful and stable nation. The project also seeks to enhance the legitimacy of Somali authorities in locations recently liberated within Hirshabelle, Galmudug, Southwest, and Jubaland State.
The European Union alongside the Nordic International Support Foundation have launched a $4.9 million Rapid Nationwide Stabilisation project in Somalia aimed at further strengthening the fragile country’s water infrastructure, security and reconcilliation initiatives.
The European Union to the Federal Republic of Somalia together with the Somali authorities and its implementing partner the Nordic International Support Foundation recently launched the new program which will run over an 18-month period.
“We are …
