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.
Africa is standing before a small window of opportunity to grow future-ready leaders equipped to take on a new era of industry.
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.
Power Africa announced the launch of its Southern African Energy Program this week in Cape Town, South Africa. This announcement came as representatives from Power Africa, a U.S. government-led initiative, and the U.S. Mission in South Africa participated in African Utility Week and the Gas to Power World Congress.
Partnership Africa Canada has announced the Just Gold project has successfully implemented a system to trace legal and conflict-free artisanal gold in the Democratic Republic of Congo.
International Finance Corporation has announced a $10 million loan to Fertiplant East Africa Ltd to enable the company to set up a fertilizer plant in Kenya. The plant will supply locally produced fertilizer at affordable prices, helping farmers improve crop yields and their incomes.
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.
[Zimbabwe] Oxygen Energy Private Limited receives $965,000 for off grid solar rooftop project on buildings
The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa (SEFA) has approved a US$ 965,000 grant to Oxygen Energy Private Limited to support the preparation of a bankable business case for the development of a 20MW off-grid solar PV rooftop project on buildings owned and managed by Old Mutual Property Group Zimbabwe countrywide.
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.
Tucked away over 50 kilometers north of the capital Kampala, Chinese technicians continue to set up the first agricultural industrial park in the East African country of Uganda.
Notwithstanding the current economic and socio-political uncertainty, numerous companies in Africa are still positive about the growth potential of the continent.
African leaders must build a new more 'human economy' to tackle inequality and poverty, Oxfam has said ahead of the World Economic Forum (WEF) on Africa. The meeting will bring political and business leaders together from across the continent to discuss how to achieve inclusive growth.
Africa50, the pan-African infrastructure investment platform has announced the appointment of Koffi Klousseh as Director of Project Development.
According to EY’s latest Africa Attractiveness report, heightened geopolitical uncertainty and “multispeed” growth across Africa present a mixed FDI picture for the continent.
Agence Française de Développement (AFD) in partnership with Kenya Association of Manufacturers (KAM) held a high level workshop on Sustainable Use of Natural Resources and Energy Finance Programme (SUNREF) East Africa to discuss among other things, the opportunities and challenges of SUNREF since its inception in Kenya in 2011.
AFRI-RES, a unique facility to support climate proofing of Africa’s long-lived infrastructure investments, was given significant impetus with the formal approval of funding of 5 million Euros by the Nordic Development Fund (NDF) for its programme activities.
Africa Reinsurance Corporation and IFC, a member of the World Bank Group have partnered to support a technical workshop on risk modelling and strategic decision-making for index insurance products.
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 African Development Bank is pleased to announce the appointment of Mr. Charles O. Boamah as Senior Vice-President of the African Development Bank Group, effective immediately.
Measuring how efficiently water is used in agriculture, particularly in water-scarce African countries, is going high-tech with the help of a new tool developed by FAO.
[Angola] AfDB country support strategy focuses on Agricultural Transformation, Infrastructure Development in the next five years
The Board of Directors of the African Development Bank Group (AfDB) has approved the Bank’s Angola Country Strategy Paper (CSP) to guide its interventions in the country in the next five years, focusing on Inclusive growth through agricultural transformation and supporting sustainable infrastructure development.
This week, more than 138,000 vaccinators will fan out across five African countries in the Lake Chad area in a push to eliminate polio in Africa and rid the world of this terrible disease forever.
Given the long history of drought in this continent, I believe that it is time we stop viewing it as an exogenous shock and more as a structural problem that we can address with our own abundant resources.
Kenya's leading grower and exporter of cut flowers, Oserian Development Company, has signed its workers to a mobile health insurance scheme becoming the first flower firm globally and large employer in the agricultural sector in Kenya to embrace e-health.
Africa50, the pan-African infrastructure investment platform capitalized by the African Development Bank, 23 African countries, and two African Central Banks, is pleased to announce the appointment of Carole Wamuyu Wainaina as Chief Operating Officer.
As part of activities to mark its 100th anniversary this year, Nigerian financial institution, Union Bank, has announced a partnership with Co-Creation Hub (CCHub) to launch its Centenary Innovation Challenge.
Economic growth in Sub-Saharan Africa is rebounding in 2017 after registering the worst decline in more than two decades in 2016, according to the new Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank.
In the African Region which alone bears 40% of the population suffering from NTDs, great strides have been made in the past years. Togo has just eliminated Lymphatic Filariasis as a public health problem.
[Column] Brett Parker: Between East & West, Africa's economic transformation will create a third centre of global power
What a difference a century makes. If we stepped back in time to a hundred years ago we'd find a primitive China; a Middle East that had yet to discover the riches of oil and most of Southeast Asia consisted of countries that were barely distinguishable from medieval societies.
The World Bank’s Board has approved a $150 million credit to enhance the contribution of the mining sector to the Nigerian economy.
Africa has a bright future ahead of it. Productivity and growth will improve as African economies continue to place more emphasis on services and manufacturing, pursue commodity production, and achieve quick gains in agriculture and light industry.
East Africa's economy has continued to grow despite the adverse effects of drought being felt across the region according to ICAEW's (the Institute of Chartered Accountants in England and Wales) latest report.
Small & Medium Businesses can contribute up to 80% of jobs in an emerging economy such as Kenya - Sage regional director, East Africa
The party that emerges as the winner of Kenya’s general election, to be held on 8 August, has an opportunity to supercharge job creation and economic growth by adopting policies that help Small & Medium Businesses to thrive.
The focus section of the latest edition of the Kenya Economic Update by World Bank has been dedicated to analyzing Kenya’s housing market and the policies that can be put in place to make housing more affordable for many Kenyans, as stipulated in the Constitution of Kenya 2010 and the National Development Plan, Vision 2030 Strategy.
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.
Over 25,000 cocoa farmers in Ghana have been registered with a high tech purchasing model championed by agricultural multinational Cargill that allows them to sell directly to the company therefore reaping higher market value for their produce.
More than 300 Kenyan farmers have received GlobalG.A.P. certification - opening the door to the European market - with support from the International Trade Centre (ITC).
A five-year, $13 million collaboration between Michigan State University and The MasterCard Foundation will help 15,000 young people access employment and entrepreneurship opportunities in the fast-growing horticulture, aquaculture, poultry, cassava and oilseed sectors in Tanzania and Nigeria.
Notwithstanding the negative growth recorded in 2016, the real estate sector is expected to grow at an average rate of 5.39 per cent between 2017-2020.
The amount of businesses embracing an online strategy is driving an urgent review of legacy infrastructure according to Michele McCann, business development manager, Teraco.
With economic expansion and a booming population, the demand for energy in Ghana is far higher than current capacity. Now a new report from engineering experts at Brunel University London and the University of Education, Winneba, could shape conversation on the cheapest and greenest energy solutions for the decades ahead.
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.
[Column] Bob Koigi: Why Africa should pay more attention to recommendations of just concluded Post harvest conference
Kenya recently hosted the continent to a first of its kind meet, to deliberate the biting concern of food lost after harvest, a gathering that came with life changing recommendations capable of taming a situation blamed for over 40 per cent of all food lost in Africa.
Factoring services can bridge the gap in the financing of SMEs in Africa by addressing the challenges they face in accessing funding for business activities, says Kanayo Awani, Managing Director of the Intra-African Trade Initiative of the African Export-Import Bank.
IFC, a member of the World Bank Group, signed a $16.5 million investment with Standard Chartered Bank Cameroon.
The USAID/Ghana Sustainable Fisheries Management Project (SFMP), a US Government funded food security project which seeks to rebuild Ghana’s marine fish stock has signed a partnership agreement with the Fisheries Commission and Mobile Network Operator, Tigo.
U.S. Department of State and Edison Electric Institute launch the Africa Utility Power Sector Exchange
The U.S. Department of State in partnership with the Edison Electric Institute (EEI) officially launched the African Utility Power Sector Exchange (AUPSE) today with a summit in Washington, D.C. attended by African and U.S. utility Chief Executive Officers (CEO).
Private universities and schools are mushrooming across Africa, as parents increasingly seek a quality education for their children outside of the state offering - a move which is largely attributable to the rapid growth of the middle class on the continent.
In 2017 and beyond, Africa will find itself at the heart of a new space race centred on satellite connectivity. According to Michèle Scanlon, New Business Development at Gondwana International Networks (GIN), “The race is on for full coverage of Africa with High Throughput Satellite (HTS) service.
Technology group Wärtsilä has joined hands with Solar Fire Concentration, a Finland based company, to launch a new off grid energy technology that aims to give back to the society by breaking the cost-barriers currently limiting the deployment of solar thermal technologies in local entrepreneurial applications in East Africa.
As Africa gears up for a tripling of electricity demand by 2030, a new Berkeley study maps out a viable strategy for developing wind and solar power while simultaneously reducing the continent’s reliance on fossil fuels and lowering power plant construction costs.
Maria Auma is a Ugandan entrepreneur and investment specialist. Her company, Blue Luxury Investments, specializes in connecting investors with viable businesses.
The President of the African Development Bank Group (AfDB) Akinwumi Adesina and Senior Official of the Bank will make a four-day official visit to India beginning on Thursday, March 30, 2017 to engage Indian authorities on cooperation and review facilities put in place for the 2017 Annual Meetings.
Kenya will establish a National Drought Emergency Fund (NDEF) to cushion areas affected by the drought in future, the Government has announced.
Hundreds of thousands of households around Kenya can look forward to being connected for the first time to the country's national electricity grid, thanks to a deal signed between the Government and European banks and development organisations.
Increased Infrastructure, Labour-Intensive Manufacturing Key to Africa’s Industrial Competitiveness - Afreximbank President
"At this stage, it might be better to import fabrics and transform them into garments or to produce and assemble other labour-intensive light-manufacturing goods rather than processing raw materials in a way that may not enable Africa to compete globally”.
Oxford professor Mark Graham, addressing the 4th UNI Africa Conference in Dakar, Senegal, warned of the danger of ‘parasitic capitalism’ where digital companies give little back to the places where they are embedded and platform workers are left to fend for themselves.
The World Bank has signed a new grant agreement with the Government of Ethiopia to improve the enabling environment for sustainable forest management, investments, and emissions reductions in the state of Oromia.
World Bank approves $200m credit to Nigeria to support agricultural productivity and improve livelihoods
The World Bank today approved a $200 million credit to further support the Government of Nigeria in its efforts to enhance agricultural productivity of small and medium scale farmers in participating states.
Tanzania’s digital lifestyle company, Tigo has continued to support the Tanzania government’s under-five birth registration initiative through an innovative mobile application that is massively accelerating provisioning of birth certificates for children under the age of five.
Farmers in Africa can create a trillion-dollar food market by 2030 if they expanded their access to more capital, better technology, irrigated land and grow high-value nutritious foods according to a very insightful World Bank report dubbed Growing Africa: Unlocking the Potential of Agribusiness report in Africa.
[Namibia] Industrias Alimentarias de Navarra targets farmers with asparagus growing to sate global demand
Industrias Alimentarias de Navarra (IAN) Grupo Alimentario a Spanish company intends to train farmers to in Namibia to grow asparagus which they will then sell to the company as it seeks to sate growing demand for the crop in the international market.
VOSS Water Norway partners with Voss Foundation to promote clean water, sanitation and hygiene initiatives in Sub-Saharan Africa
Over 300 million people in Sub-Saharan Africa lack access to clean water which is approximately the same as the population of the United States.
The World Bank today approved a $15 million grant to help the government provide access to income generating opportunities to targeted poor and vulnerable youth in Togo.
The Board of Directors of the African Development Bank (AfDB) has approved the conversion of the Africa Climate Change Fund (ACCF) – established in 2014 with €4.725 million from the Government of Germany – to a multi-donor trust fund.
Some 509 micro, small and medium enterprises development (MSME) owners graduated and received certificates of participation after attending two business development courses organized by the Seychelles Enterprise Promotion Agency
A phenomenal 92% of South Africans reveal they are willing to pay an above-average price for products that deliver higher quality, offer superior functioning (91%) or stand behind environmentally responsible (86%) or socially responsible (77%) principles.
With 120,000 units sold, almost all within the first six months of its October 2016 global launch, d.light's D30 Pay-Go solar home system is proving to be the fastest pay-as-you-go off-grid solar product to reach scale.
Tony Elumelu visited Ghana as the first stop of his UBA tour of Africa, propagating the ideal of Africapitalism.
The World Bank’s Board today approved a $200 million credit to support the Government of Nigeria’s response to the acute humanitarian and forced-displacement crisis triggered by the Boko Haram conflict in North East Nigeria. T
[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.
At the Africa CEO Forum currently ongoing in Geneva, AFD Group - in partnership with the European Union - unveiled the "African Renewable Energy Scale-Up facility", designed to boost private sector investment in on-grid and off-grid renewable energy production in Africa.
EdTech is the use of digital education technology to facilitate teaching and learning. It’s a rapidly expanding sector with enormous potential. Providers around the world are now incorporating education technology into their delivery strategies.
Ambassador Jean-Michel Dumond, Head of Delegation of the European Union to Sudan (EU) and Khaled El Mekwad, Representative of the United Nations Industrial Development Organization (UNIDO), have signed an agreement to implement a project to foster employment opportunities and economic growth in Sudan.
[Somaliland] Africa Water Facility sinks $3.2 million to build climate change resilience and reduce water stress
The African Water Facility (AWF) has held a launching ceremony and workshop to officially kick-start the Water Resources Management and Investment Plan project for Somaliland.
Despite increased political and financial volatility in South Africa, its cities fell within the top 100 of the world’s highest quality of living and remain attractive destinations for expanding business operations and sending expatriates on assignment, according to Mercer’s 19th annual Quality of Living survey.
International Finance Corporation, and CDC Group, the UK’s development finance institution, will invest up to $35 million in Africa Logistics Properties Holding (ALP), a developer and manager of modern, grade-A warehousing, filling an important gap in logistics infrastructure in the region.
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.
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.
Real Relief has announced the launch of Lifeshelter®, a unique shelter and rehousing solution based on an innovative concept that is ideal for rapid temporary rehousing in emergency situations, as well as being re-purposed for permanent housing.
Ministers from nine African nations (Morocco, Angola, Burundi, Central African Republic, Chad, Democratic Republic of Congo, Gabon, the Republic of the Congo and Rwanda) have today gathered in Oyo at the invitation of the President of the Republic of the Congo to sign a Memorandum of Understanding on the creation of the Congo Basin Blue Fund.
An array of population explosion, demand for food, and changes in weather are conspiring to defeat the food security resolve in the country.
National Microfinance Bank Pic (NMB) has signed a strategic partnership agreement with Mastercard to ensure the digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion.
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.
African Development Bank and Forest Investment Program sign loan with Form Ghana to restore Ghana’s forests
The African Development Bank (AfDB) and Climate Investment Funds’ Forest Investment Program (CIF FIP), have signed a $24-million loan agreement with Form Ghana Ltd., opening the door to commence the implementation of an innovative project on Public-Private Partnership
Merck, a leading science and technology company, today marks ‘International Women’s Day’ with the launch of ‘Merck More than a Mother’ and ‘Merck STEM for Girls and Women’ program for the first time in Liberia.
The African Development Bank (AfDB) Board of Directors has approved a senior concessional loan of $25 million to fund the Segou Solar PV Project, Mali’s first utility-scale solar photovoltaic (PV) power plant.
The African Development Bank and the Government of Sudan, in collaboration with the International Institute of Tropical Agriculture (IITA) have launched the ENABLE Youth Program in Sudan.
The World Bank has approved a $145.5 million loan to the Republic of Botswana for the Emergency Water Security and Efficiency Project.
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.
Merck empowers Kenyan women through ‘Merck More than a Mother’ and ‘Merck STEM for Women and Girls’ programs
Merck, a leading science and technology company, today announces their commitment to empower Kenyan women through their ‘Merck More than a Mother’ and the start of ‘Merck STEM for Women and Girls’ programs.
The German Federal Minister for Economic Cooperation and Development, Gerd Müller, has unveiled his Government’s proposed “Marshall Plan” with Africa at the African Development Bank Group (AfDB), saying the Plan can help resolve some of the challenges facing Africa.
Residents of eight rapidly urbanizing cities in Tanzania will benefit from funding to scale up infrastructure investments and promote growth, the World Bank Group announced today.
The B Team and Safaricom has announced plans to create The B Team - Eastern Africa, a new not-for-profit initiative, created by regional business leaders to catalyse a better way of doing business for the wellbeing of people and the planet - and responding to the specific challenges and opportunities of the Eastern African market.
Korede Ologun of Helix Securities Limited interviews with Africa Business Communities on past and present economic situation in Nigeria:
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 use of technology as a lever for resilience, the implementation of an inclusive and effective governance strategy, citizen participation from all of Dakar, the involvement of the private sector and the creation of a healthy living environment