Browsing: Senegal

Bassirou Diomaye Faye
  • Bassirou Diomaye Faye, a former tax collector, is Senegal’s president-elect.
  • Faye has promised to embark on a fresh chapter in Senegal’s leadership following months of political violence and arrests of opposition leaders.
  • Outgoing President Macky Sall has termed the outcome of Sunday’s vote, which saw his preferred candidate Amadou Ba defeated, a victory for Senegal.

Bassirou Diomaye Faye, a former tax collector, has promised a new chapter in Senegal’s future following his victory in the bitterly contested presidential election in Senegal held on Sunday.

Bassirou Faye, 44, was declared winner having rode on a wave of frustration among the young voters, who are grappling with a high rate of joblessness as well as deep concerns about the current state of governance in the West African country of 18 million people.

Speaking to the nation as president-elect on Monday, Bassirou Diomaye Faye, promised to embark on a fresh chapter in Senegal’s …

the PRESAN-PC project
  • The African Development Bank has donated $20 million to Senegal to enhance food security and support small producers post-COVID through the PRESAN-PC project.
  • Infrastructure development, including agricultural boreholes and solar-powered systems, aims to increase farm production and resilience to climate change.
  • The project benefits vulnerable women and youth, includes contributions from various sources, and impacts 31,000 households across multiple Senegalese regions.

In an ambitious move to ensure food security and enhance the livelihoods of its small producers, Senegal has received a significant financial boost. On a notable day in March 2024, the African Development Bank Group allocated a $20 million donation to the nation for the Post-Covid Food and Nutrition Security Enhancement Project (PRESAN-PC).

The initiative aims to transform Senegal’s agricultural landscape, benefiting vulnerable women and young people through increased farm production and income.

African Development Bank’s $20 million donation to Senegal 

The African Development Bank’s generous donation comes from …

digital agricultural innovation
  • Africa continues to grapple with food insecurity exacerbated by climate change and inadequate access to financing for both startups and food producers alike.
  • In response, innovators and bold entrepreneurs are going digital, devising modern solutions to enhance food production.
  • At the Africa Tech Summit in Nairobi, agri-innovation startups Homemade by Dropp, Koolboks, Samalife, BWS, Hello Tractor, Seabex and ReNile shared their entrepreneurial journey and reasons why they need financing to create value for farmers and consumers.

A number of startups with a focus on digital agricultural innovation in Africa are seeking fresh financing to scale and accelerate their growth across the continent, which is currently under pressure to feed a rising population.

These startups are eyeing opportunities in climate smart agriculture in Africa, the new frontier for business expansion globally.

Currently, agriculture remains the continent’s largest industry and employer. The industry is, however, facing significant challenges across the value chain, …

  • 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 …

fastest-growing economies in 2024 | The Exchange

Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.

Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.…

Mozambique's green energy
  • Mozambique’s Green Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels.
  • As a nation with one of the world’s lowest electricity consumption rates, Mozambique is poised to leapfrog into a new era of energy sufficiency and independence.
  • Mozambique’s success or failure of this venture could offer valuable lessons for other countries grappling with the complexities of sustainable development and climate-aligned economic growth.

Mozambique’s green energy move

Mozambique has embarked on an $80 billion Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels. This bold initiative, set to be unveiled by President Filipe Nyusi at the COP28 international climate summit in Dubai, represents a significant pivot towards sustainable development and positions Mozambique at the forefront of the global green energy transition.

At the heart of Mozambique’s strategy is integrating 2,000 megawatts of hydropower capacity by 2030, which aims to address the country’s energy poverty and …

African oil and gas industry | global energy transition

Africa’s oil and gas industry looks flat in the final quarter of 2023. That is, as AEC details in its newly released 2024 African Energy Outlook, capital expenditure (CAPEX) on upstream projects is still rising, but it is on a relatively slow upward trajectory — and it is moving up more slowly than we had predicted last year because of changes in the timeline of certain African upstream projects.…

agribusiness Senegal
  • Agribusiness including the entire agriculture and livestock sector represents approximately 17 per cent of Senegal’s GDP.
  • The agriculture sector is currently employing 70 per cent of the population.
  • Food imports, especially rice, which is the population’s main staple crop with imports accounting for 65 percent of the national consumption.

The African Development Bank (AfDB) Group has approved a $95 million (€86.89 million) loan to Senegal to develop an agribusiness processing zone in the north of the country.

The Bank’s contribution accounts for 30.7 per cent of the estimated €283.05 million total project cost. The Islamic Development Bank (21.2 per cent), the West African Development Bank (15.9 per cent), Sponsor Dette (19.3 per cent) and Sponsor Equity (7.7 per cent) are the other contributors to the implementation of ‘Projet Agropole Nord‘, in English, ‘Agricultural Hub North Project’.

Agribusiness plant to enhance forestry, and fisheries segments

The project is intended …

natural gas

On the second day of the MSGBC Oil, Gas & Power 2023 conference, a thought-provoking panel discussion engaged regional and international energy leaders, delving into the pivotal role of natural gas in a changing energy arena. The panellists delved into evolving market dynamics stemming from the global energy transition, sustainability endeavours, and technological innovations within the sector.…

Gates Foundation

The Bill and Melinda Gates Foundation has unveiled a $40 million funding plan to support multiple African companies for new messenger RNA vaccine development. This initiative addresses the challenge faced by millions of African people who were among the last to receive COVID-19 vaccinations.

The Gates Foundation asserts this initiative will leverage over 20 years of collaborating with vaccine makers in poor countries. Further, it will harness recent scientific breakthroughs to develop cost-effective, high-quality health tools with a global reach.…