- Costly loans loom large as Kenya’s Central Bank hikes rate to 12.5 per cent
- Falling commodity prices dampen Zimbabwe’s 2024 economic growth prospects
- Youth-led African enterprises awarded $800,000 at COP28 for climate solutions
- Kenya’s Bluewave Insurance readies entry into five African markets in $6 million plan
- The UAE Banks Federation plans to raise $270 billion in sustainable finance by 2030
- Africa must own carbon offsets value chain amid market failures
- Opportunities for South Africa in becoming the medical tourism hub of the SADC region
- Acquisitions that reshaped Zimbabwe’s banking sector in 2023
- They will also receive comprehensive mentorship and coaching as part of a 12-month accelerator program.
- This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, IoT among others.
- The winning ventures, led by women from across Africa, focus on sectors affected by climate change.
African enterprises have triumphed in the 2023 YouthAdapt challenge, with eight dynamic women-led businesses securing victory. Each of these enterprises is set to receive grant funding of up to $100,000.
They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative has provided more than $5 million to 33 young entrepreneurs from 19 African nations.
Jointly organised by the African Development Bank Group (AfDB) and the Global Center on Adaptation, supported by the Africa Climate Change Fund, YouthADAPT is …
- Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million to expand into five new African markets to increase insurance penetration in markets characterized by low uptake.
- Company Founder and CEO Adelaide Odhiambo says the investment would be raised over the next three years.
- The insurer is partnering with Mobile Network Operators and banks to distribute affordable micro-insurance products, with plans to enter Uganda, Nigeria, Ethiopia, Malawi, DRC, Tanzania, Rwanda, and Zambia.
Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million as the firm seeks to expand into five new African markets, aiming to increase insurance penetration in regions characterized by low uptake. Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, stated that the investment would be raised over the next three years to support the expansion plans.
Bluewave Insurance Agency’s new target markets
The company has forged partnerships with large aggregators, specifically Mobile Network Operators …
- The government has announced a reduction in interest rates on student loans in Zambia from 15 per cent to 10 per cent, effective January 2024.
- The cost of pursuing higher education can be a significant financial burden for many students and their families.
- In Zambia, there are several options. Universities are offering student loans to fund education, and one of the most common methods is through student loans.
In a significant move aimed at easing the financial burden on students, the Zambian government has announced a reduction in interest rates on student loans from 15 per cent to 10 per cent, effective January 2024. The announcement was made by Douglas Syakalima, Zambia’s Minister of Education, during a media briefing held on Monday, November 27, 2023, at his office.
The decision to lower the interest rates comes after extensive consultations between the government, facilitated through the Higher Education Loans and Scholarship …
A groundbreaking initiative, the SEMA ReACT (SEvere MAlaria treatment with Rectal artesunate and Artemisinin-based Combination Therapy [in remote settings]) consortium, marks a fresh collaboration between Africa and Europe. This study addresses the knowledge gap surrounding an intervention designed to provide a critical time buffer for seeking additional care in remote settings where transferring to health facilities is difficult.…
The Lobito Corridor represents a significant transport infrastructure project in Africa. The project will now become a reality with the backing of the US. Moreover, this is one of the projects through which Washington seeks to strengthen its investment ties on the continent. This project entails a transportation network that links northwest Zambia to Angola’s Benguela railway, ultimately connecting to the strategic Lobito port, the second largest seaport in oil-rich Angola.…
Africa is home to nearly all the valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Approximately 30 per cent of the world’s mineral reserves are in Africa, but most mineral-rich countries remain poor with little to celebrate. Some of the key minerals found in Africa include oil, diamonds, gold, silver, copper, cobalt, coal, iron ore, uranium, and platinum.…
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- Commodity exchanges are organized marketplaces that facilitate the trading of agricultural commodities such as grains, livestock, and even precious metals.
- These exchanges provide a structured environment for buyers and sellers to come together and exchange commodities based on standardized contracts.
- In Southern Africa, these exchanges have taken on a transformative role in empowering farmers and bolstering the agricultural sector.
Southern Africa's agriculture is marked by its rich diversity of crops and products. According to International Fund for Agriculture (IFAD), agriculture is the largest sector in the East and Southern Africa region, employing 65 per cent of Africa’s labour force and accounting for over 30 per cent of the region's GDP.
But it's not without its hurdles. Smallholder farmers, who constitute a substantial portion of the agricultural workforce, often grapple with unpredictable market prices. They also suffer from limited access to credit, and inadequate information on market trends.
- One in five people in Africa suffers from hunger.
- With the rising population, action is necessary to ensure access to healthy and sufficient food.
- AfCFTA can serve as a strong incentive for farmers and other participants in agri-food value chain.
Africa’s population is expected to hit two billion by 2050 yet her food security systems remain a fleeting mirage largely due to delayed financial commitments. Granted, in the past two decades, most African governments have placed great emphasis on transforming their food systems but it progress has been rather slow.
Financing of food systems
Currently one in five people in Africa suffers from hunger. And with a population of 1.1 billion people, it is imperative to take immediate action to ensure access to healthy and sufficient food by 2050. So how will Africa achieve this momentous goal? Experts say all the moving parts are in place, all except one, the …
- The African Development Bank offers an initial $150M to Zambia for budgetary support.
- Fresh from striking a debt restructuring agreement with creditors, Zambia will also get an additional $168M per year from AfDB’s non-concessional window.
- AfDB President Dr. Akinwumi Adesina says the lender will aid Zambia in her economic recovery efforts.
Fresh from a successful $6.3 billion debt restructuring deal with bilateral creditors, the African Development Bank (AfDB) is rolling out $150 million support line for Zambia to accelerate the country’s recovery efforts.
During a meeting with AfDB, Zambia President Hakainde Hichilema acknowledged the significant progress made on official creditor debt. Hichilema, however, highlighted the need to address debt owed to local and external commercial creditors, including Eurobond holders. He expressed the desire to …
Population growth and economic development have necessitated speeding up and scaling up infrastructure development in Africa. Over 28 African nations have seen population growth of more than double in the last 30 years. The population of 26 other African countries will quadruple over the next 30 years. Consequently, funding for the continent’s infrastructure has become essential.…