Afreximbank has set up a $4bn credit facilities program to help African businesses and economies manage the impacts arising from the Russia-Ukraine crisis that demand for financing. The multilateral financial institution, said that its Board of Directors had approved the launch of this Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) at the end…
Ghana is set to invest $25m in its tourism industry as part of its strategy to woo tourists into visiting Ghana. Through a global campaign dubbed ‘Destination Ghana’, the move seeks to upgrade Ghana’s tourist attraction sites and in turn attract one million tourists a year from Europe by 2024 as part of the recovery…
Walking into a supermarket or a grocery store in a mall for shopping for some everyday use products has become a dreadful affair. It is without a doubt sending chills and even angering the population as it is. A thousand Kenya Shillings note will only secure you just half a shopping basket worth of shopping…
Unfavorable business environment has decreased investments into Tanzania, with foreign direct investments dropping by a third since 2015. This is according to a report released by European Union on EU Investment in Tanzania. The report shows that the number of foreign businesses registered in the country have dropped by a third. This can be attributed…
UK has launched a program worth $46m to support negotiations and implementation of AfCFTA. This was announced by International Trade Secretary Anne-Marie Trevelyan This AfCFTA support programme will provide trade facilitation and trade policy support to the AfCFTA Secretariat and Member States through TradeMark East Africa (TMEA), Overseas Development Institute (ODI) and other regional partners…
It is all joy in East Africa today but most especially for DRC. DRC has officially joined the EAC after the heads of state approved its admission into the bloc at a summit today. However not much change is expected to change right away since lawmakers in Congo are yet to ratify the EAC laws…
Algeria has become one of the first countries in Africa to start a permanent unemployment benefits scheme for its young population. Surging energy prices are give this OPEC member country more firepower to tackle social unrest. According to Algeria’s National Employment Agency, about 580,000 job-seekers between 19 and 40 years of age are eligible to…
Morocco has signed new investment deals worth $180 million with five automotive cable suppliers. “This deal comes at a time when Morocco is trying to meet the growing demand from electric vehicle makers,” Moroccan industry minister Ryad Mezzour said. As part of these deals, Japan’s Yazaki will establish a new wiring plant worth $38 million…
The World Bank has priced the world’s first wildlife bond, raising $150 million that will be partly used for the conservation of black rhinos in South Africa. The five-year bond will pay returns determined by the rate of growth in populations of the animals in two South African reserves: the Addo Elephant National Park and the Great Fish River Nature…
As the world marked World Water Day yesterday; an annual United Nations observance day that highlights the importance of fresh water every March, statistics on Africa from the international body looks somewhat very promising. “The levels of water security in Africa overall are unacceptably low,” United Nation’s first ever assessment according to the United Nations’…
India is in final talks to start wheat exports to Egypt, one of the largest importers of wheat from Ukraine as well as Russia, the India’s Ministry of Commerce and Industry has said. “India is in final talks to start wheat export to Egypt, while discussions are going on with countries like Turkey, China, Bosnia,…
The U.S Treasury has sanctioned Belgian gold trader Alain Goetz and a network of companies tied to him including his African Gold Refinery Ltd, one of Africa’s biggest processors of metal for allegedly contributing to conflict in DRC through illicit movement of gold . According to a statement released by the U.S. Treasury on Thursday,…
Over the past five years there has been an impeccable growth in international attention on Africa’s economic potential. From a notable increase in investment by global brands to the creation new payment platforms, that are enabling a connected continent. Trade, has also become easier and its constant evolution through integration has presented Africa with major…
Rainbow Sports Global has announced the launch of the African Football Data Centre (AFDC), an open, digital platform created in support of the development of football on the continent. The African Football Data Centre is an interactive platform, developed in cooperation with Football Benchmark which covers a broad range of data of African football. The…
South Africa Civil Aviation Authority has grounded Comair’s planes indefinitely over unresolved safety issues. This move comes after a 24 hour precautionary suspension meant to end on Sunday lapsed leaving many passengers stranded. “This morning we communicated to Comair that their air operator certificate is now indefinitely suspended until they close all of the findings,”…
Ethiopian airlines has signed a strategic partnership agreement to jointly commence sea-air multi-modal transportation with International Djibouti Industrial Park (IDIPO) and Air Djibouti for swift transportation of goods for Africa. Based on this agreement, the cargo will be transported from China to Djibouti Free Zone by sea and will be uplifted by air from Djibouti…
African Indian Ocean island nation Mauritius has increased its key interest rate for the first time in over a decade as it anticipates Ukraine’s war piling on inflation pressures in 2022. This hike is the first ever since 2011. “The monetary policy committee raised the rate from 1.85% to 2%,” said Central Bank of Mauritius…
Libya’s national oil company says it has resumed oil production today on the country’s largest field three days after an armed group shut it down. The shutdown has caused the country’s daily production of oil to drop by 330,000 barrels. The state-run National Oil Corporation said the group closed pump valves at the Sharara field,…
Six African countries are set to benefit from a grant from the Transitional Support Facility (TSF) of the African Development Fund, a concessional lending arm of the African Development Group. This grants will soon be given through a project designed to “strengthen national capacity for governing natural resource outflows in Africa,” AFDB said. The Central…
As the heads of states, environment ministers and other representatives from 175 nations, endorsed a historic resolution on the full lifecycle of plastic, including its production, design and disposal at the UN Environment Assembly in Nairobi on Wednesday to end plastic pollution, and forge an international legally binding agreement, by the end of 2024 pollution…