The government of Rwanda and India Export Import Bank have signed a financing agreement worth $ 81 Million to support the establishment of integrated Technical Vocational Educational and Training (TVET) system.
President Museveni and President Magufuli have signed the East African Crude Oil Pipe Line Agreement(EACOP) as an expression of intent to go ahead with the construction of the1400km oil pipe line from Hoima to Tanga port.
Presently, there are 145,000 millionaires in the continent with a combined wealth of $800 billion.according to the Africa Wealth Report which also states that there will be 36% more millionaires by the year 2020.
The Somali government and high level business actors have endorsed a Public-Private Cooperation Agreement to Accelerate Somalia’s Economic Recovery.
An innovative trade initiative which is expanding opportunities for business, employment and prosperity in African, Caribbean and Pacific countries will be extended to February 2019.
Amid an unprecedented global trade slowdown, African policy-makers, negotiators and trade analysts will meet on 25-26 May 2017 in Mauritius to discuss priorities for reviving world trade and strengthening their trading capacity.
Food and Agriculture Organization of the United Nations (FAO) and the Kingdom of Swaziland have signed a five-year $19 million Country Programming Framework (CPF).
The African Export-Import Bank (Afreximbank) has disbursed more than $35 billion in trade and project financing to Nigerian public and private entities since its inception to support the country's economic and trade growth, Bank President Dr. Benedict Oramah has said.
The Lagos State Government has launched a free public Wi-Fi project at parks and gardens in Lagos in partnership with MainOne.
The Economic Commission for Africa’s Sub-Regional Office for West Africa and the National Assembly of Niger have established a partnership framework to organize a Forum on Information and Communication Technologies (ICTs) in the Economic Community of West African States (ECOWAS) region.
International Finance Corporation invests in Africa local currency bond fund to support capital markets
IFC, a member of the World Bank Group, has announced that it is investing $20 million in debt in the African Local Currency Bond Fund (ALCB Fund Ltd.) to help develop local currency capital markets in Africa.
On average Kenya imported around 500,000 metric tons of fertilizer each year to sate growing demand by farmers both large and small scale, emerging as the second largest fertilizer market in Africa after South Africa in overall tonnage.
ATI supported $4 billion worth of trade and investments in 2016 with call for increased participation
The African Trade Insurance Agency (ATI) held its 17th Annual General Meeting with sustained commodity price decline and current geopolitical uncertainties taking centre stage.
Kenya’s President Uhuru Kenyatta has met Prime Minister Theresa May and sought a pact to guarantee Kenyan exports accessed the UK market on a duty-free quota-free basis after the country exits from the European Union.
African Development Bank approves $226.5m loan to boost economic governance and competitiveness in Namibia
The Board of Directors of the African Development Bank has approved a loan of US$ 226.5 million (ZAR 3 billion) to finance the Namibia Economic Governance and Competitiveness Support Program.
Governments and investors meet to discuss Africa FDI flows in the wake of global economic uncertainty
At a Roundtable event in Nairobi, Ministers from across Africa sat together with investors and the private sector to determine how best to tackle the investment and credit risk hurdles in order to make African risks bankable.
Sierra Leone has officially unveiled a new purpose- built Murray Town Jetty which it is counting on to tackle the maritime industry’s greatest threats including unregulated fishing and smuggling.
[South Africa] Johannesburg Chamber of Commerce and Industry signs export, import and investment MOU with China Trade Council
The Johannesburg Chamber of Commerce and Industry and the China Council for the Promotion of International Trade have signed a Memorandum of Understanding (MoU) to enhance liaison and cooperation in the fields of export, import, investment, business information
President Abdel-Fattah Al-Sisi announced Sunday that the government will allocate EGP 100m from the Tahya Misr Fund to the Labour Emergency Fund to support factories, projects, and workers, on the occasion of Labour Day.
The World Bank Board of Executive Directors has approved an $80 million credit to the Malawi Government for general budget support. This is the first budget support financing approved by the World Bank for Malawi in four years.
Partnership between SAP SE and German Government Boosts Digital Skills Development in Developing Countries
By the end of 2016 SAP SE and Germany's Federal Ministry for Economic Cooperation and Development (BMZ) signed a historic agreement to strengthen tech entrepreneurship in developing countries under the BMZ's Make-IT initiative.
South Africa has made a comeback in the 2017 A.T. Kearney Foreign Direct Investment (FDI) Confidence Index, and has been ranked as the fourth most attractive investment destination in Africa according to the latest Africa Investment Index 2016 by Quantum Global’s independent research arm, Quantum Global Research Lab.
The Kenyan Government has provided a vote of confidence in the implementation of the Huduma Card in the country, and its role in driving financial inclusion.
Royal Philips today announced its full support for a new Government of Kenya and United Nations (UN) initiative aimed at strengthening primary and community healthcare in Africa.
The East African Community Partner States have undertaken a number of reforms over the past four years to facilitate implementation of the EAC Common Market Protocol, this is according to the East African Common Market Scorecard.
The South African Competition Commission has referred a supplier of the main ingredient in bricks used in the construction of affordable housing to the Competition Tribunal for charging excessive prices.
The federal government is to buy 20 aircraft to equip Nigeria College of Aviation Technology (NCAT) Zaria and make it a centre of excellence.
Approximately 2.1 million Liberians have registered to vote in the upcoming October 2017 presidential and legislative elections, according to provisional results.
Family First will regain its Senate seat after Kenyan-born Lucy Gichuhi won a special count of the South Australian ballot papers.
President Muhammadu Buhari yesterday appointed 24 persons to head federal government agencies. A statement announcing the appointments which are to take immediate effect was signed by the Director of Press in the Office of the Secretary to the Government of the Federation (OSGF), Bolaji Adebiyi.
An additional 16 government agencies involved in clearing international trade documents will be linked to the Uganda Electronic Single Window (ESW) as phase two of the system commences.
The World Bank Board of Executive Directors has approved an International Bank for Reconstruction and Development (IBRD) loan of $50 million equivalent to strengthen Gabon’s statistical system.
Nigeria has been re-elected, for the 45th time, to chair the UN Special Committee on Peacekeeping Operations, regarded as UN's most strategic committee, the News Agency of Nigeria reports.
The World Food Programme (WFP), together with the Government of Zimbabwe, launched a five-year plan today to build resilience, end hunger and boost nutrition in country.
Kenya and the rich Persian Gulf nation of Qatar have signed agreements of cooperation on tourism, education and culture as part of activities marking the Emir of Qatar’s State Visit to East Africa’s economic powerhouse.
Italian Deputy Minister of Foreign Affairs and International Cooperation Mr, Mario Giro with a team of NGOs and Investors are expected in Zambia in September, 2017 to come and explore investment opportunities in the country.
The Kenyan cabinet has approved the draft Financial Services Authority Bill 2016 which will merge the functions of four financial regulatory bodies.
The Executive Board of the International Monetary Fund (IMF) has approved a three-year arrangement under the Extended Credit Facility (ECF) for Benin for an amount of $ 151.03 million, or 90 percent of Benin’s quota to support the country’s economic and financial reform program.
Over 500 high-level delegates from Morocco and Rwanda gathered in Rwanda for the African Business Connect 2017 which has seen the signing of key agreements including between the National Federation of Electricity and Renewable energy and private developers within the renewable energy sector in Rwanda.
Kenya and Seychelles have agreed to collaborate in areas of fisheries, livestock, marine security and aviation among others following Seychelles President Danny Faure visit to Kenya.
Egyptian Minister of Communications and Information Technology Yasser ElKady has held talks with his Immigration and Egyptian Expatriate Affairs counterpart Nabila Makram, on the significance of using and integrating ICTs to serve Egypt's nationals abroad.
The Kenyan cabinet has approved the creation of the Nairobi Metropolitan AreaTransport Authority, key to removing the capital’s traffic gridlock and unlocking its vast economic potential.
The Government of Madagascar faces an International Labour Organization (ILO) complaint over its treatment of 43 dockworkers who were sacked for joining a union.
A report commissioned by the Kenya Association of Manufacturers in partnership with Suppliers Association of Kenya and Retail Trade Association of Kenya, Retrak has been hailed as key in assisting the sector in regulation.
[Ghana] AfDB co-organizes workshop on Actualizing Mini-grid Policy and Advancing Universal Energy Access
The AfDB in partnership with the Government of Ghana through the Ministry of Energy, the Energy Commission and other partners, organized a two-day workshop under the title “Actualizing Mini-grid Policy and Advancing Universal Energy Access in Ghana” on March 23-24, 2017 in Accra.
The African Minerals Development Centre (AMDC) together with the Minerals and Energy for Development Alliance (MEfDA) and the World Bank, has delivered the first of two regional workshops on transfer pricing in Africa’s mineral sector.
Burundi has acceded to the Agreement for the Establishment of the African Export-Import Bank (Afreximbank), making it a participating state of the continental trade finance bank.
[Kenya] Ban on plastic bags will cut jobs and affect livelihoods, Kenya Association of Manufacturers
Kenya Association of Manufacturers (KAM) has stated that local manufacturers were not consulted on the impending ban of plastic bags following the ban to use, manufacture and import all plastic bags.
The Trade Development Bank (TDB), formerly known as PTA Bank, and the African Export-Import Bank (Afreximbank) have closed a $500 million dual-tranche syndicated loan facility for the Government of Kenya which acted through the country’s National Treasury.
Following a meeting with G20 finance ministers and central bank governors, World Bank Group President Jim Yong Kim today announced a record $57 billion in financing for Sub-Saharan African countries over the next three fiscal years.
The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spearheaded the backward integration policy introduced by the government.
The Government has announced plans to revive the Kenya National Shipping Line that has the potential to contribute $3 billion into the country’s economy annually.
Africa Progress Panel Report on Electrifying calls on governments to bridge continent’s energy deficit
Former UN Secretary-General, Kofi Annan, and the President of the African Development Bank, Akinwumi Adesina, have called on African Governments and their partners to do everything possible to close the continent’s huge energy gap.
A $350 million deal to finance an 80 megawatt (MW) peat to power project in Rwanda, which will improve access to electricity for the three quarters of the country's population that is currently off the grid, has reached financial close.
Algeria signs $43 million deal with European Union to develop renewable energy and modernize public finance
At the high level EU-Algeria Association Council taking place in Brussels, the EU and Algeria signed a €40 million package to support Algeria diversify its economy and improve business climate through measures ranging from the development of renewable energy to modernisation of public finances.
The management of Dangote Salt and the National Agency for Food and Drugs Administration and Control (NAFDAC) () have expressed their readiness to collaborate and corroborate efforts to rid the food market of unwholesome practices by unscrupulous traders.
In the period since independence in the 1950s, Africa has undergone profound social, cultural, economic and political changes. Some inherited and historically rootless colonialist political and social systems have collapsed, been transcended and reconstituted.
South African government prioritizes creation of vibrant export culture to increase capability and capacity
The Department of Trade and Industry in partnership with Tshwane Economic Development Agency (TEDA) hosted the Exporter Development Training in Pretoria. The purpose of the training was to prepare small medium enterprises (SMEs) for the successful expansion of their businesses into international markets.
The National Bureau of Statistics (NBS) stated that Nigeria's real GDP growth contracted to -1.30% (year-on-year) in the fourth quarter of 2016.
A new United Nations Industrial Development Organization (UNIDO) project will develop an entrepreneurship curriculum for senior secondary schools in Nigeria.
Heritage Foundation released its 2017 Economic Freedom report in February revealing that Sub-Saharan African (SSA) countries are distributed primarily within the lower ranks of economic freedom.
Tunisia is preparing to sign the COMESA Treaty during the next COMESA Summit in October 2017. The signature will herald the admission of Tunisia to the regional economic community as its 20th member State.
Export – Import Bank of India has committed $93.50 million to the government of Cameroon for construction of the 225 kV Nkongsamba - Bafoussam and Yaounde – Abong Mbang Transmission Line.
President Uhuru Kenyatta has signed amendments to the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill 2017, a tough legislation aimed at combating economic crimes, into law.
Innovative research released by The MasterCard Foundation is making the case for a new approach to youth employment training strategies in Africa. Invisible Lives: Understanding Youth Livelihoods in Ghana and Uganda sheds light on the working lives of African youth.
Zambia has called for increased international cooperation to achieve sustainable transportation at national and regional level.
Africa Development Bank Group Director General (DG), Southern Africa Regional Development and Business Delivery Office, Tonia Kandiero, and Zimbabwe’s Finance and Economic Development Minister, P.A. Chinamasa, signed a grant agreement on the Institutional support for State enterprise reform and delivery project (ISERDP) for a total amount of $4 million
Africa’s cities are growing in population – adding the size of another Nigeria to cities by 2025 – so have a critical role to play in their countries’ economic growth, says a new World Bank report.
The parlous story of African economic and social development since independence best expressed in the failure to achieve the autonomous capacity for self-actuated development and in particular to create conditions of national and continental modern mass production and prosperity is well known and need not be repeated.
South Africa has announced it is set to launch the Invest South Africa One Stop Shop to provide strategic guidance, reduce regulatory inefficiencies, and reduce red tape for all investors looking to invest in South Africa.
Rwanda’s economy is expected to remain stable and resilient in 2017 despite the downside risks registered in 2016.
February has seen Kenya’s inflation climb to its highest since 2016 as the effects of the ongoing drought continues to pile pressure on the cost of food according to recently released data from the Kenya Bureau of Standards.
Rating agency Standard and Poor’s says the Zambian government’s financing position remains very tight, with access to external debt markets and available domestic capacity both limited.
The Uganda Revenue Authority (URA) has launched three customs trade facilitation programmes that will improve the ease of doing business in Uganda and the East African Community, and also promote trade and investment.
The Securities and Exchange Commission (SEC) is in the process of unveiling higher standards for the securities industry in keeping up with the latest international development and to ensure the growth of the sector.
Common Market for Eastern and Southern Africa pushes for alternative dispute resolution to safeguard integration
The Common Market for Eastern and Southern Africa (Comesa) is working towards improving investment opportunities in the region by offering better protection to the business community against any violations relating to the regional integration agenda.
In the financial year 2017-2018, the Cameroon government has pledged to surface a total of 1,615 km of new roads, the Minister of Public Works, Emmanuel Nganou Djoumessi, announced.
A surprisingly large number of small businesses in Kenya are in the manufacturing industry. Out of the 700,000 micro enterprises captured in the Medium, Small and Medium Enterprises Report 2016 published by the Kenya National Bureau of Statistics, 175,000 or 12 per cent are in manufacturing.
[South Africa] National Empowerment Fund to be incorporated into Industrial Development Corporation to guarantee funding for black entrepreneurs
In a landmark breakthrough for South Africa’s quest for inclusive growth and radical economic transformation, the Ministers of Trade and Industry and of Economic Development announced in Cape Town that the National Empowerment Fund (NEF) will become a wholly-owned subsidiary of the Industrial Development Corporation (IDC) in order to meet the considerable demand for funding by black entrepreneurs.
Kenya has floated treasury bond worth $288 million to fund infrastructure projects coming two weeks after it cancelled a similar bid, Central Bank has said.
Kenya’s taxman the Kenya Revenue Authority is replacing the tax collecting platform Simba System and replacing it with a modern integrated customs management system as it cracks the whip on tax evasion.
Ethiopia's parliament has approved a $250 million loan agreement made with China's Export-Import (Exim) Bank to finance major infrastructure construction in the country.
IFC, a member of the World Bank Group, and Kenya’s Capital Markets Authority have announced a training program to familiarize directors and issuers with the Code of Corporate Governance Practices for Issuers of Securities to the Public.
World Bank and government of South Sudan launch first public private partnership initiative in the country
The World Bank Group and the Government of Sudan have launched Sudan’s first Public-Private Partnership (PPP) initiative. Through a grant from the Public-Private Infrastructure Advisory Facility (PPIAF), the PPP Support Program aims to strengthen the policy and regulatory environment for PPPs in Sudan.
The Ugandan private sector now has a chance to access over $20 million Skills Development Fund to grow their businesses.
Kenya’s economy is expected to grow between 5 and 5.6 percent in 2017, supported by increased government spending and resilient performance in transport, trade and tourism.