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- Saudi Islamic Development Bank to the rescue of Uganda with $295 million loan
- Reshaping the future of sustainable food systems in Africa
- African Heads of State call for tripling of World Bank’s concessional financing
- SpaceX offers Starlink kit at half price for first-time Kenyan customers
- Mobile Banking Reshaping the Gender Gap in Financial Inclusion
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- Kenyan Farmers Receive $2M Boost from Africa Fertiliser Financing Mechanism
Africa
- The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
- Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
- The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation
Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.
The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …
- 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 …
According to SOS Children’s Villages, 3.2 million children under the age of five die every year because of hunger and drought in Africa. In other words, more than half the children who die of hunger-related causes come from the continent.
In the same breath, he said that there has also been inconsistency in the flow of funds to UNICEF to support humanitarian response.
UNICEF said more than 255,000 children received treatment for severe wasting in Somalia last year. On Tuesday, January 2022, the International Organization for Migration (IOM) said the widespread drought in the Horn of Africa has severely affected the country the most, forcing the government to declare a state of emergency in November.…
The gambling industry in Africa is experiencing significant growth, attracting economic interest and evolving regulations across various countries. With only a handful of nations enforcing outright bans on gambling, the industry is thriving, thanks in part to the widespread adoption of mobile money payment systems initially designed to reach the unbanked population in Africa. CMS proudly presents the second edition of “The African Guide to Gambling Laws,” a comprehensive expert guide exploring the legal landscape of gambling. This guide delves into key aspects such as regulatory frameworks, corporate governance, licensing, compliance, data protection, currency control, cross-border issues, and more.
Navigating African Jurisdictions
Covering countries like Algeria, Angola, Cameroon, Egypt, Ghana, Kenya, Nigeria, South Africa, and others, the guide provides valuable insights into the diverse regulatory landscapes of the African gambling scene. Legal experts from renowned law firms have contributed to this guide, ensuring a thorough understanding of the legal intricacies …
- On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014
- Aliko’s wealth has been increasing exponentially, from $10.1 billion in 2020, $12.1 billion in 2021, and 13.9 billion in 2022
- Nigerian Abdulsamad’s worth has risen from $3.1 billion in2020 to $7 billion in 2022, arguably the best performer on the list.
The African economy is not doing so well. But that does not mean so are all the people on the continent!
Aliko Dangote, a business magnate in Nigeria, has topped the 2022 Forbes list of the richest men in Africa for the eleventh consecutive time.
Despite the Coronavirus pandemic, the continent’s 18 billionaires’ combined worth is 15 per cent more than it was in 2021, standing at roughly $84.9 billion.
On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014.
Soaring stock prices across sub-Saharan …
The rhino horn has become “gold” as it is rumoured to have medicinal properties. The horn is also used as a status symbol to show success and wealth in some African and Asian countries.
Rhino horns are used to reduce hangovers and high fever, detoxify the body, and as a form of beauty through jewellery making.
In 2020, the northern white rhino went extinct as the last remaining male died in Sudan and the two remaining females were too old to reproduce.…
Twitter founder Jack Dorsey appointed four Africans to sit on Btrust (Bitcoin Trust) board on December 15, 2021.
Btrust is an initiative co-founded by Jack and the United States singer, Jay-Z, to deploy 500 bitcoin to develop and foster the currency in Africa and India.
Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil and South African Carla Kirk- Cohen. There were 7,000 applications interested in the same positions. The application form for board members established a mission to “make bitcoin the internet’s currency.”…
The Aga Khan Hospital Dar es Salaam (AKH,D) performed its first Cochlear Implant Surgery on 24th January 2022. Young Danial, a 3-year-old boy has not heard sound all of his life. This procedure is a life-changing opportunity for the young boy and his parents.
A cochlear implant is an electronic device that enables individuals with profound hearing loss to hear through direct stimulation of the hearing nerve. As of now, hearing is the only sense that can be ‘restored’ in this way. According to the World Health Organization (WHO), an estimated 430 million people worldwide have disabling hearing loss, a number that is predicted to grow exponentially over time.
Hearing loss has a variety of causes, some can be prevented, and others can be treated. The severity of hearing loss also differs from one person to another.
Hearing loss in children results in delayed development of speech and language. …
