News

Algeria: Country set to embrace Islamic insurance

Algeria will for the first time launch Islamic insurance, known as takaful, as the government seeks to boost the country’s Islamic finance industry.

South Sudan: Banks rekindle hopes of making profits

Kenyan top retail banks with operations in South Sudan are optimistic about an economic turnaround as the magnitude of monetary losses has declined because the hyperinflation rate has declined.

Ethiopia: First-ever PPP program begins with construction of solar projects

Ethiopia has finalised preparations to commence the first phase of a public-private partnership (PPP) program by launching the construction of two solar projects in Afar and Somali regional states.

Kenya: Country becomes first to be awarded safer tourism seal

Kenya is the first country globally to be awarded the recommended status of the “Safer Tourism Seal” by global pro-tourism group Rebuilding Travel, positioning the country as a safe and preferred destination.

Morocco: Renewable energy industry set for a windfall gain

Spanish wind power operator Siemens Gamesa has announced that it is set to reach a production capacity of 1 GW, which will help Morocco achieve its energy transition goals while creating a local value chain around renewable energy.

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DRC: Regional Business Council press EAC to fast track admission of DRC into bloc

The East African Community has been urged to speed up the admission of the Democratic Republic of Congo into the regional bloc noting that it could benefit from the Mombasa and Dar es Salaam seaports and vast opportunities for SMEs.

Kenya: Plans for a nuclear power plant revealed

Kenya is set to build a USD 5 billion nuclear power plant with an initial capacity of 1GW in Tana River County over the next seven years with funding from private investors.

Zambia: New diamond processing plant adds value to industry

Mutinta Jewellery has announced the opening of a USD 3.2 million diamonds and gemstone processing plant that will create about 200 job opportunities and encourage better earnings for small scale miners.

Morocco: USD 12.8 billion recovery plan to rescue economy

King Mohammed VI has announced that USD 12.8 billion will be injected into the national economy as Morocco seeks to recover from the impact of the COVID-19 crisis.

Mozambique: AFDB signs USD 20 billion Mozambique LNG loan

The African Development Bank has signed a USD 400 million loan to co-finance Mozambique’s LNG Area 1 Project which is ranked as Africa’s largest foreign direct investment, estimated to cost over USD 20 billion.

Rwanda: African Development Bank commits USD 98 million for COVID-19 response

The AfDB has approved a USD 98 million loan to strengthen Rwanda’s health system to contain the spread of COVID-19, safeguard economic resilience, and mitigate the pandemic’s impact on vulnerable sectors of the population.

East Africa: Home grown multinationals gain firm foothold in region

The EAC Common Market has opened a window for cross-border expansion, nurturing home-grown multinationals with financial services, manufacturing, retail, transport and ICT, providing launching pads for those keen to venture.

Algeria: New plan to revive economy, reduce dependence on oil

Algeria plans to launch a new economic plan to reduce reliance on oil and gas and give the private sector a greater role by developing the non-energy sector and seeking new funding sources.

Nigeria: E-commerce start-up to include financial services to its supply chain services

TradeDepot, which connects international brands to small businesses in Africa has raised USD 10 million in a new round of funding to expand its business into financial services and credit offerings for retailers.

Africa: Joint tech front set up in fight against pandemic

African countries have rolled out the Africa Communications Information Platform to gather user-generated survey data and statistics to furnish national and regional Covid-19 task forces with actionable health and economic insights.

East/Southern Africa: World Bank provides USD 425 million for infrastructure financing

The World Bank has approved USD 425 million to support the Regional Infrastructure Financing Facility project which aims to expand long-term finance to private firms in the power sector, as well as in the transport, logistics and social sectors.