Corruption is nothing new and it’s certainly not unique to Africa. When I worked in the World Bank’s East Africa office back in 1991, it was not just common to see multi-national companies in developed countries pay bribes to secure lucrative projects in Africa.
The World Bank and Egypt signed a US$ 1.15 billion loan agreement today to support ongoing reforms that have helped stabilize the economy, mobilized US$17 billion in private investments in the energy sector and enabled the transfer of fiscal resources to social protection programs.
African economists attending the 12th African Economic Conference in Addis Ababa, Ethiopia, have called for more radical monetary policy reforms and an overhaul of the tax policy regime in most countries.
ECOWAS Ministers of Finance have validated draft integration instruments meant to enhance a common customs framework for the region.
The Board of Directors of the African Development Bank has approved the new Country Strategy Paper (CSP) for the Central African Republic , which will serve as a reference framework for Bank interventions between 2017 and 2021 and support the country's National Recovery and Peacebuilding Plan .
Senegal’s new International Blaise Diagne Airport (AIBD), a 525 million euro infrastructure masterpiece, co-financed with the African Development Bank has been unveiled.
The Secretary General of the Arab Maghreb Union, Dr Taieb Baccouche and senior official are on three days visit to the COMESA Secretariat to discuss possible areas of co-operation between the two regional economic groupings.
World Bank and Government of Rwanda sign agreement to enable financially sustainable expansion of electricity services
The World Bank Group and the Government of Rwanda have signed a $125 million Financing Agreement for the First Programmatic Energy Sector Development Policy operation.
The President and CEO of the Dannish group Haldor Topsoe has announced the construction of a factory in Soyo municipality, Zaire province with the capacity to produce two million tons of fertilizer per year.
The United States and Egypt have met under the bilateral Trade and Investment Council.
The Government of Nigeria, the Swiss Federal Council and the World Bank have signed an agreement on the repatriation and monitoring of $321 million of funds illicitly acquired by the family of former President, General Sani Abacha.
[South Africa] The Department of Trade and Industry creates 800 jobs with $4million investment in Dursot All Joy
The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says the grant of almost R50 million, $4million, from the Department of Trade and Industry (the dti) has contributed to the creation of 300 permanent and 500 contract jobs in Modjadjiskloof, Limpopo.
In the 2017 Global Innovation Index, institutions that nurture and support the flourishing of innovation, regardless of whether it is research-based or not, were identified as critical to industrial growth.
Following on from the Government of Sierra Leone’s signing of the 25-year Power Purchase and Implementation Agreements with Joule Africa in August 2017, these important project documents have now been ratified by the Sierra Leone Parliament.
The SMB-Winning consortium , a major player in the bauxite sector, has presented to His Excellency Alpha Condé, President of the Republic of Guinea, a project to build an alumina refinery in Guinea
It is critical for African countries to strategically integrate and link urbanization to their national development priorities, plans and visions if urbanization is to contribute to structural transformation and economic development.
Millennium Challenge Corporation Vice President for Compact Operations Robert Blau has marked the closeout of the MCC Cape Verde Compact at a ceremony with Prime Minister Ulisses Correia e Silva and U.S. Ambassador to Cape Verde Donald Heflin.
The Board of Directors of the African Development Bank Group (AfDB) has approved a $ 14 million grant and a partial credit guarantee from the African Development Bank (AfDB) Facility.
Africa’s smallholder farmers are the apex of agricultural output in the continent contributing a staggering 75percent of all agricultural production and creating millions of jobs in the process.
Kenya President Uhuru Kenyatta has announced that any African wishing to visit the country will be eligible to receive a visa on arrival.
The construction of the new port and logistics hub in Tema will have huge benefits for the Ghanaian economy and the livelihoods of Ghanaian people when opened in 2019.
The Acting Chief Executive Officer of Trade Investment Africa at the Department of Trade and Industry, Ms Lerato Mataboge says it is vital for South Africa and Angola to renew and strengthen their economic partnership.
Equity and Equality are two distinctive terms often used interchangeably but have two very different meanings.
The World Bank has launched its seventh edition of Madagascar’s economic update.
Experts in port management, policy makers and financiers from across Africa are exploring how to reshape policy and harness the benefits that accrue from maximizing the comparative advantages of land linked countries.
The Economic Commission for Africa is focusing on essential components of structural transformation, such as sustainable investment in infrastructures and new industries.
The Management of the Nigerian National Petroleum Corporation is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain.
Africa Day, held on 15 November within COP23 in Bonn, was the springboard for the official launch of Africa NDC Hub, the African Platform for Nationally Determined Contributions (NDCs).
John Pombe Magufuli, President of Tanzania and Yoweri Kaguta Museveni President of Uganda and Amb. Liberat Mfumukeko, East African Community Secretary General have launched Mutukula One Stop Border Post (OSBP) located on the Uganda- Tanzania border.
Mastercard enables a new era of payments in Egypt through innovation, collaboration and digitization
Guided by its vision of a cashless world and since the beginning of its operations in the country, Mastercard has made financial inclusion one of its top priorities in Egypt.
East African Community receives $1.2 million from AfDB to finance multinational road between Uganda and Tanzania
The African Development Bank East Africa Regional Resource Centre (EARC), and the East African Community (EAC) have signed a financing agreement of $1.2 million to finance the Project Preparation Phase of three key Multinational Road Sections between Masaka in Uganda to Kumunazi in Tanzania.
The Board of Directors of the African Development Bank Group (AfDB) has approved $ 25 million in Kwacha equivalent to Zambia National Building Society (ZNBS).
The Government of Rwanda has joined the African Access Initiative (AAI), an international public-private alliance addressing Africa’s escalating cancer crisis.
Jean-Christophe Quémard, Executive Vice President, Africa-Middle East of Groupe PSA, has co-signed an agreement in Algiers with the Algerian project partners to create an Oran-based manufacturing company to build cars for the Algerian market.
Fifteen out of the 19 COMESA Member States as now fully in the regional Free Trade Area with only four countries remaining.
South Africa and the Democratic Republic of Congo have committed to remove hurdles that hinder business interactions between business people of the two countries.
The Republic of Mauritius has launched a US$191 million project supported by the Green Climate Fund (GCF) and the United Nations Development Programme (UNDP).
The Republic of Benin (Benin) has become the 17th Member State of Africa Finance Corporation (AFC), Africa's premier infrastructure development finance institution.
The UK has doubled the amount of export finance it is making available to support UK-Ethiopia bilateral trade.
Kenya exported passion fruits in the 90s and early 2000 but since 2003, decline in production started because of pest management challenges.
South Africa prioritizes Association of Southeast Asian Nations in its export diversification strategy
The Deputy Minister of Trade and Industry says South Africa’s export market diversification strategy has identified the Association of Southeast Asian Nations economic bloc as one of the priority markets for the country’s exports.
Water is becoming an increasingly paradoxical subject; mainly because it is a universal basic need without which there would be no life, and yet, it is fast becoming the foremost depleted and scarce resource in the world.
Tourism is now emerging as a dynamic sector for economic growth and development in Eastern Africa.
Africa can be the world’s breadbasket, numerous studies have suggested, painting a picture of a continent poised to emerge as a key supplier of food in a globe where population explosion and food price spikes are taking a toll on farmland produce.
The Government of Zambia has launched its National Financial Inclusion Strategy, and its Financial Sector Development Policy, and Financial Capability Survey Report with support from the World Bank Group.
Suez Canal Economic Zone Authority and DP World sign agreement for development of economic zone in Sokhna, Egypt
Admiral Mohab Mamish Chairman of the Suez Canal Authority and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, have signed a partnership to develop an integrated industrial and residential zone at Sokhna in Egypt.
[Tunisia] European Investment Bank, Banque de l'Habitat sign $140 million credit facility to boost business financing
The European Investment Bank and Banque de l'Habitat have signed a new line of credit to strengthen access to bank financing for Tunisian companies, supporting more than 250 SMEs and over 1,600 jobs in Tunisia.
President Ellen Johnson Sirleaf has officially launched the Small Business Administration (SBA) Business Opportunities through Support Services (BOSS) center at the Ministry of Commerce.
The Committee of the Governors of Central Banks of ECOWAS Member States led by its chairman, Mr. Godwin Emiefele of the Central Bank of Nigeria (CBN), have called for greater synergy between the West African Monetary Agency (WAMA) and ECOWAS in the bid to attain a single currency in the region.
Kenya Urban Roads Authority General Manager Daniel Muchiri has told CNN’s Building Bridges programme of the huge financial losses Kenya’s capital is experiencing as traffic jams grind the city to a halt.
Global trade enabler DP World will develop a greenfield economic free zone in Somaliland to complement the development of the Port of Berbera, which has seen record container volumes under DP World management.
During the first half of the year, Rwanda recorded a low growth rate of 2.9% on average mainly due to low growth of the industry and services sectors as activity in construction recorded a deceleration of -5.5%.
The U.S. Government’s Millennium Challenge Corporation (MCC) and the Government of the Republic of Côte d’Ivoire have signed a five-year, $524.7 million compact to spur economic growth and reduce poverty in Côte d’Ivoire.
COMESA Secretariat has developed a regional Youth Internship and Volunteer Programme whose overall objective is to increase youth employment of decent and productive jobs for young graduates.
The Board of Directors of the African Development Bank Group has approved a loan of $141 million to Tunisia, intended to finance the second phase of the Regional Development Support Program.
The Government of the People’s Republic of China has agreed to support customs modernization project in Uganda with a grant worth $ 30m.
Kenya Association of Manufacturers (KAM) in partnership with TradeMark East Africa have launched an online portal in a quest to provide investors in the country with up to date data on the sector.
Tunisia plans to increase its trade with other African countries in general, and with the Economic Community of West African States (ECOWAS) in particular.
COMESA and the International Organization on Migration (IOM) have resolved to give fresh impetus towards the implementation of programmes on the free movement of people across the region.
In a launch the African Trade Insurance Agency’s (ATI) Chief Executive Officer, George Otieno, officially announced the availability of ATI’s financial solutions in Zimbabwe.
Guinea, Mauritania, Senegal and the Seychelles have informed the FiTI Secretariat of their desire to join the Fisheries Transparency Initiative (FiTI).
African cities must adopt holistic approach to tourism growth, Mastercard Global Destinations Cities Index
Tourism has been a catalyst for economic growth in Africa. The sector is especially important now when governments are seeking out ways to drive diversification as part of their growth strategies.
Rwanda has emerged over the past decade as one of Africa's more innovative economies, a new UNCTAD report says.
Comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises.
The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.
The United Nations Industrial Development Organization’s (UNIDO) South African Low Carbon Transport (LCT) Project has announced the extension of project activities in the Northwest Province.
Russia and Nigeria have signed an agreement on the construction of a nuclear power plant, as well as a multipurpose nuclear research center in Nigeria, according to Russia's Rosatom state nuclear corporation.
The Government of Liberia through the National Identification Registry will officially launch and dedicate Liberia’s National Biometric Identification System today, October 30, at the registry’s headquarters in Monrovia.
The World Bank has announced a $350 million program to support wide-ranging reforms of financial intermediation in Morocco.
Uganda’s Minister of Foreign Affairs, Hon. Sam Kutesa has said that the private sector is the key driver for sustained economic growth which Uganda continues to promote in both domestic and foreign direct investment.
Despite the significant contribution of the mining sector to the economy of Ghana, the country is far from tapping its full potential in creating strong and sustainable linkages, both within the mining sector and more broadly with other industrial activities.
Nestlé Cameroon and the Ministry of Public Health have organized a forum on the theme: “responding to the nutritional challenges in Cameroon."
The Government of Zimbabwe and the Zimbabwe Reconstruction Fund (ZIMREF) have launched the Public Expenditure and Financial Accountability (PEFA) (2017/2018) assessment and evaluation method.
The Ministry of Mines and Hydrocarbons of Equatorial Guinea, Hess Corporation and its license partners have reached a $220-million settlement on tax issues related to the companies’ interests in two producing oilfields, Ceiba and Okume.
A delegation from the London Stock Exchange Group has visited Cairo to support Egypt’s Stock Exchange development and connect Egyptian Government and companies to London markets.
Cameroon and United Nations Industrial Development Organization (UNIDO) have signed the “Inclusive Development and Entrepreneurship for All (IDEA) – Private Sector Development Support Programme (PADSP) for Cameroon” and its related Trust Fund Agreement.
African multinationals join forces within the AfroChampions Club to foster Africa’s growth and development
The AfroChampions Initiative has just taken a new step with the official creation of the AfroChampions Club, a new platform to mobilise African multinationals to accelerate the economic integration of the continent.
ECOWAS Ministers in charge of Telecommunications and ICT have approved the free regional roaming regulation for ECOWAS Member countries.
South Africa’s Minister in the Presidency, Mr. Jeff Radebe, has announced the appointment of the new Statistician-General and Head of Statistics South Africa (Stats SA), Mr. Risenga Maluleke.
By 2035, half of Africa's population will be urban, compared to just one third in 1990. This rapid urbanization creates growing challenges in terms of infrastructure and services’ needs, but it can also be a driver of industrial development on the continent, under the right policy framework.
The Board of Directors of the African Development Bank Group (AfDB) has approved Sudan’s Country Brief 2017-2019, designed to help the country build resilience and address core issues of fragility.
The newly launched Mozambique Country programme by UNIDO has been lauded by the country’s Minister of Industry and Commerce, Max Tonela saying it would establish “the conditions to stimulate structural transformation."
Africa Finance Corporation signs master cooperation agreement with International Finance Corporation
Africa Finance Corporation (AFC) has this month become the 30th member of the Master Cooperation Agreement (MCA) at the World Bank's Annual Meetings in Washington DC.
[Column] Daniel Monehin: Policy and regulation should bolster innovation to ensure financial inclusion is achieved
Walk through bustling marketplaces in Africa and you will see a substantial amount of money changing hands, as merchants and consumers haggle over the goods and services.
The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) for Block EG-24 offshore Rio Muni, Equatorial Guinea.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$ 45 million Murabaha Financing Agreement with the government of The Gambia.
The increase in the demand for the South African wines in Russia provides a good opportunity for the local companies to penetrate the Russian market.
The Maritime Security Programme (MASE) under the Governance, Peace and Security Unit at COMESA Secretariat recently conducted an intensive training on Financial Investigation and Asset Recovery for 25 participants from the region.
African Development Bank urges African leaders to make agriculture attractive to young Africans and stem migration
On the occasion of the 2017 World Food Day, the African Development Bank has highlighted how Africa’s food security depends on attracting young people to agriculture and agribusiness.
In order to achieve our economic goals as envisioned in the 2030 development blue-print, we need to be deliberate in creating an export push for our local goods.
The Commonwealth Secretariat and the African Development Bank Group (AfDB) have pledged to work closer together to help billions of people.
In 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria.
Africa’s migrant resources, which amount to more than $110 billion, could be a major source of funding for key infrastructure projects across the continent if properly harnessed.
Expanding and deepening financial markets across Africa is a central condition for the next stage of the continent's development. That is a key conclusion of the Africa Financial Markets Index.
The Gauteng Province and GE have signed a Memorandum of Understanding (MoU) to collaborate on projects in the key economic sectors of Energy and Healthcare.
The European Investment Bank (EIB) will support private equity investment across Ethiopia though support for the new $100m Cepheus Growth Capital Fund.
British Environment Secretary Michael Gove has proposed a ban on ivory sales to help bring an end to elephant poaching.
The Northern States Governors Forum (NSGF) has selected GE Healthcare, a global provider of transformational medical technologies and services, as a long-term partner to revitalize healthcare infrastructure in the Northern States.
On average fertilizer use most African countries is less than 10 percent of the world’s average with fertilizer access by especially smallholder farmers seems to be the biggest headache.
The World Bank has approved a $15 million International Development Association to help Togo address critical economic governance and public financial management challenges.