News

East Africa: Region sitting on untapped trade worth USD 60 billion

Kenya, Tanzania and Uganda are seeking to revive connected ports and maritime operations on the shared waters of Lake Victoria to enhance integration and grow trade by offering cheaper transport across borders.

Africa: Internet economy to contribute USD 180 billion by 2025

Google and the International Finance Corporation estimate that Africa’s Internet economy has the potential to reach 5.2 percent of the continent’s gross domestic product by 2025, contributing USD 180 billion to its economy.

Ethiopia: Multinational telcom giants jostle for full-service licence

The Government is expected to request for full-service telecommunication licences proposals after the Ethiopia Communications Authority completed the evaluation of expressions of interest submitted by twelve multinational telecom giants.

Kenya: Government, UK agree on terms of post-Brexit trade pact

Kenya has agreed to the terms of a post-Brexit trade deal with the United Kingdom paving way for the signing of a long-term treaty that will shield East Africa Community exports from tariffs.

Nigeria: USD 10 billion targeted from blockchain technology by 2030

Nigeria is putting together an economic strategy aimed at realising up to USD 10 billion from blockchain technology by capturing its huge payment and financial services sector value chain.

Namibia: Country moves to ratify SACU-Mozambique-UK agreement

Namibia is in the process of ratifying the SACU-Mozambique-United Kingdom economic partnership agreement to provide continuity and certainty in trade when the UK is no longer a member of the European Union.

Ethiopia: Government aims to complete WTO accession by 2021

Ethiopia is working to complete its accession to the World Trade Organization by next year as an outcome of the domestic economic reform program that the Government is currently undertaking.

Africa: US launches COVID-19 recovery financing for sub Saharan Africa

The US International Development Finance Corporation has created a regional fund targeting small and medium sized companies and projects that support COVID-19 economic recovery in form of debt, credit guarantee and equity.

Zambia: Country gets lifeline with time running out to avoid default

Zambia has gone into extra time in its bid to win debt relief from its Eurobond holders as key investors abstained from voting rather than outright rejecting the nation’s debt-standstill proposal.

Uganda: Court decision rattles East Africa’s syndicated loans market

East Africa’s syndicated loan markets have been upended after a Ugandan High Court declared foreign bank loans illegal if done without the permission of the Central Bank.

Africa: Mastercard moves to empower fintechs in Africa

Mastercard’s new programme known as ‘Fintech Express’ aims at providing tailor-made solutions that boost market entry and expansion for fintechs in Africa to help them focus on innovation that drives the digital economy.

Nigeria: Facebook to open office in Lagos

Facebook has announced plans to open an operational office in Lagos, the first on the continent with a team of engineers, presenting new and exciting opportunities in digital innovations.

East Africa: Tanzania, Rwanda and Uganda forge a single stock market

The three East African countries are set to start trading as a single market after interconnecting their trading systems and hooking to the EAC Capital Markets Infrastructure Information Technology platform.

Africa: World Bank targets green, resilient economic growth

The World Bank Group released the Next Generation Africa Climate Business Plan, which calls countries to increase energy access, take advantage of sustainable and innovative approaches to leapfrog into greener development pathways.

Morocco: Taza wind farm set to improve country’s energy mix

Construction of the Taza wind farm has begun, and its projected 159 MW production capacity is expected to significantly contribute to the country’s social and economic development.

Uganda/Tanzania: USD 3.5 billion crude pipeline deal signed

Tanzania and Uganda have signed an agreement to commence construction of a USD 3.5 billion oil pipeline which is set create jobs, promote cooperation in the region, and stimulate economic development.