Thursday, February 29

Africa

World Bank
  • The World Bank attributes the downgrade to the recent conflict in the Middle East, which has heightened geopolitical risks and raised uncertainty in commodity markets.
  • Growth for Sub-Saharan Africa is projected to accelerate to 3.8 per cent in 2024 and firm further to 4.1 per cent next year.
  • The lender has upgraded Kenya’s GDP growth to 5.2 per cent due to easing inflation.

Global growth is projected to slow for the third consecutive year, decreasing from 2.6 per cent last year to 2.4 per cent this year, according to the World Bank.

In its January 2024 Global Economic Prospects report, the lender states that following a sharp slowdown in 2022 and a further decline last year, global output growth is set to decrease slightly this year.

This is occurring as global economic activity continues to soften due to the impacts of tight monetary policies, restrictive financial conditions, and weak growth …

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Safaricom
  • Safaricom recognized for its outstanding people strategy, work environment, talent acquisition, learning, diversity and inclusion, and employee well-being.
  • The telco first received the Top Employer certification in 2022 and has retained it for three consecutive years.
  • The certification comes just a few months after the company was ranked the third-best employer in Africa by an American business magazine, Forbes.

Kenya’s leading telecommunications company, Safaricom PLC, has, for the third consecutive year, received recognition as a top employer in both the country and across Africa.

The most recent certification for the year 2024, awarded by the Top Employers Institute (TEI), underscores the Nairobi Securities Exchange listed company’s HR policies and people practices.

The TEI program certifies organizations based on their participation and results in a comprehensive HR best practices survey covering 20 topics across six HR domains. These domains include people strategy, work environment, talent acquisition, learning, diversity and inclusion, and …

South Africa online casino invest

South Africa’s gambling industry is experiencing a significant economic transformation with the arrival of international online casinos in its market. This transformation has not only changed the gambling landscape but has also had a far-reaching impact on the broader economy. The integration of global online casinos has brought about a surge in revenue, heightened competition, technological advancements, and regulatory developments, making it a defining chapter in South Africa’s economic narrative. Now, here, there are available plenty of different online casinos supporting many languages. For example, for German-speaking, this website introduces a list of new (neue – in German) online casinos with different welcome bonuses. This article examines the various impacts of this transformation, exploring how it has influenced different sectors and dynamics within the country.

Fostering Economic Growth Through Global Investments

The emergence of international online casinos has been a major factor in generating substantial revenue. By attracting players from …

Idorenyin Obong and Femi Aghedo
  • 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 ANAPI
  • 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 …

View of the table mountain in Cape Town.
  • 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

China's role in Africa external debt

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.…

Bank of Windhoek
  • 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

Somalia Populations
  • 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

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