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- Zimbabwe is the worst hit in Africa with food inflation at 26% YoY, followed closely by Egypt at 18%, Malawi at 9%, and Guinea at 7%.
- The persistent weakness of the Zimbabwe dollar has been a driving force behind the steep price growth throughout 2023.
- Real food inflation, calculated as the difference between food inflation and overall inflation, provides a dire picture of the strain on households’ budgets in these countries.
The economies of Zimbabwe, Egypt, and Guinea are facing significant challenges due to soaring food inflation, placing them among the top 10 countries globally most affected by this roiling crisis.
According to the World Bank’s February 2024 update, Zimbabwe leads the pack in Africa, with food inflation at a staggering 26 per cent year-on-year, followed closely by Egypt at 18 per cent and Guinea at 7 per cent.
Real food inflation, calculated as the difference between food inflation …
- International Finance Corporation targets specific projects in Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.
- IFC’s $30 million (Sh4.8 billion), own-account investment will help Africa Infrastructure Investment Fund 4 Partnership (AIIF4) exceed its final close target of $500 million (Sh80.4 billion).
- A pan-African infrastructure private equity firm called the Africa50 Infrastructure Acceleration firm I is raising up to $500 million for investments
Kenya is among six African countries that International Finance Corporation (IFC) will pump $30 million (about KSh4.8 billion) equity investment to fund works on essential infrastructure.
The fund, managed by Africa Infrastructure Investment Managers (AIIM), part of the Old Mutual Group, will support projects in the telecoms, renewable energy, and transport sectors across Africa but with a specific focus on Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.
In the telecoms sector, the fund will focus on financing data centers, fiber networks, and communications towers. In …
- Egypt’s President El-Sisi was reelected to a third, six-year term in last week’s presidential elections.
- Under President El-Sisi, Egypt’s foreign-currency debts have surged to around $163 billion, one of the highest levels in emerging markets.
- El-Sisis must immediately look to balance the concerns of a citizenry paying ever more for food, power, and transport following the currency devaluation since the beginning of 2022.
Egypt’s president, Abdel-Fattah El-Sisi, has been re-elected by a landslide, extending his leadership over the North African nation to 2030. Egypt is struggling with the worst economic plight in decades amid the prospects of another currency devaluation.
El-Sisi secured 89.6 per cent of the votes in the 10 to 12 December election, as announced by the National Elections Authority on 18 December. A record 66.8 per cent of Egypt’s 67.3 million registered voters participated in the election.
El-Sisi’s win in Egypt’s presidential election was no surprise, …
- An Egyptian company’s plan to build an industrial city in Kibaha by El Sewedy Industrial Development is a prime example of the growing complementarity between resources in the Middle East and those in Africa.
- Investing $400 million to create over 50,000 employees is more than a commercial move. This strategic move demonstrates Egypt’s growing clout in East Africa.
- As a result of growing interest in investing in African countries from the Middle East, the dynamic between these two regions is likely to reshape long-established economic alliances and partnerships.
Egyptian company Elsewedy’s remarkable investment in Tanzania
An Egyptian company’s plan to build an industrial city in Kibaha by El Sewedy Industrial Development is a prime example of the growing complementarity between resources in the Middle East and those in Africa. Consequently, completing a historic project in Tanzania represents a watershed moment in Africa’s economic progress.
Investing $400 million to create over …
South Africa is set to topple Nigeria and Egypt as Africa's biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF's World Economic Outlook, South Africa's gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria's GDP will reach $395 billion, with Egypt's GDP reaching $358 billion.
South Africa, the continent's most industrialised nation, is expected to maintain the top spot as Africa's biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF's World Economic Outlook, a report released last week.…
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- Africa has a capacity of 125GW of hydrogen, second only to wind in terms of renewable energy.
- The Africa Green Hydrogen Alliance (AGHA) aims to produce 30-60 million tonnes of clean hydrogen annually to add up to $126 billion to the continent’s GDP by 2050.
- The gas is an environmentally positive fuel with low emissions when produced with electrolysis powered by renewable energy.
There’s a new powerhouse in African renewables. And it has plenty of experts talking about it. The report “The State of African Energy 2Q 2023 Outlook,” recently released by The African Energy Chamber (AEC), discusses the current and future projections for renewables on the continent. The most exciting finding is the competitive growth within the hydrogen electrolyzer space.
Africa’s current announced capacity of hydrogen, of about 125 gigawatts (GW), has overtaken solar capacity on the continent and is now second only to wind when it comes to …
- The Grand Ethiopian Renaissance Dam (GERD) impact on downstream nations Egypt and Sudan has turned the project into a geopolitical hotspot.
- The three countries expect to find common ground on the Nile dam’s construction in about four months.
- Egypt’s concerns are rooted in its dependence on the Nile waters for the livelihoods of its over 100 million people.
The Grand Ethiopian Renaissance Dam (GERD), perched on the Blue Nile, stands as a symbol of Ethiopia’s ambitions for progress, energy independence, and economic growth. However, the $4.6 billion dam’s colossal impact on downstream nations, particularly Egypt and Sudan, has transformed this engineering marvel into a geopolitical hotspot.
Negotiations over the fate of the GERD are back on, with leaders of Egypt, Ethiopia, and Sudan expressing their intent to find common ground within a four-month window.
The stakes are high. Egypt relies on the Nile’s waters for agricultural sustenance and the livelihoods …
Africa’s e-mobility is gaining momentum, largely driven by the daunting climate change crisis, fueling the need to decarbonize transport systems. African countries remain in pursuit of e-mobility solutions and advancement to low-carbon economies. Africa’s endowment with minerals key to the global green transition offers a significant advantage.…
Egypt's Nile River Delta is the cornerstone of North Africa's economy. Boasting a pivotal role in Egypt's GDP, its fisheries, aquaculture, agriculture, and tourism sectors contribute an impressive 20 per cent to the nation's economic output.
The Nile River Delta, a verdant stretch spanning 240 kilometers along Egypt's northern Mediterranean coast, holds a unique significance. Occupying merely 2 per cent to 3 per cent of the country's landmass, the Delta is home to four out of 10 people living in Egypt today.…
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- Egypt has overtaken Nigeria by raising $540 million in tech startup funding in the year to June 2023.
- This year, Egypt achieved a major milestone by creating its first unicorn, MNT-Halan.
- In the year to June 2022, the Big Four—Nigeria, Kenya, South Africa and Egypt—jointly raised $4.6 billion. This was a 25 per cent drop from the $710 million raised previously.
Egypt is today the leading market across Africa with total equity in tech funding raised by start-ups in the last one year surpassing rival Nigeria. Data from the African Private Equity and Venture Capital Association (AVCA) shows that the North African country overtook Nigeria as start-ups raised $540 million in funding in the year to June 2023.
This was, however, a 25 per cent drop from the $710 million raised the previous year. The least decline recorded among the big four African countries