IMF Approves $56 Billion Debt Relief for Sudan
The International Monetary Fund (IMF) has approved close to $56 billion in debt relief for Sudan, accepting the country into the Highly Indebted Poor Countries (HIPC) initiative. This is alongside [...]
European Investment Bank to Invest $95 Million in Geothermal Power in East Africa
The European Investment Bank (EIB) has agreed to invest $95 million (KSh10.2 billion) in geothermal power projects in East Africa. Some of the countries set benefit from the investment are; [...]
Somaliland Opens New Terminal at Berbera Port
In conjunction with Dubai Ports World (DP World), Somaliland has opened a new terminal at Berbera Port, seeking to be a major trade gateway for a landlocked Ethiopia. Ethiopia currently [...]EAC Floats $91.7 Million Budget for 2021/22 Financial Year
The East African Community (EAC) has tabled a $91.7 million budget for the 2021/22 financial year. According to the EAC council of ministers, $54.1 million (59%) will be contributed equally [...]Rwanda Legalizes Marijuana for Medical Use
The Rwanda National Assembly has passed a bill that legalizes the cultivation, processing, distribution and use of cannabis and cannabis products (marijuana) for medical use, with effect from 28th June [...]$10 Billion Bagamoyo Port to be Revived in Tanzania
Tanzania has announced plans to revive a$10 billion stalled Bagamoyo portproject on the country's eastern coast, in coordination with China Merchants Holdings International and Oman's State General Reserve Fund. Tanzania [...]Google Rolls Out $6 Million Programme to Support African Startups
Google has rolled out three programmes worth $6 million, seeking to support women and young entrepreneurs and innovators in at least thirteen African countries. In the first programme, the firm [...]South African Firm Seeks to Acquire 84.2 Million Shares in Liberty Kenya
Liberty Holdings, a leading South African financial services company and a major shareholder in Liberty Kenya Holdings seeks to purchase an additional 84.2 million shares in Liberty Kenya Holdings through [...]World Bank Approves $292 Million for Zanzibar's Infrastructure Projects
The World Bank has approved a $292 million fund for infrastructure projects in Zanzibar, in the wake of Tanzania’s decision to opt for donor funding for mega projects. This will [...]Mozambique to Sell Majority Stake in $2.4 Billion Mphanda Nkuwa Hydropower Dam
Mozambique has announced plans to sell a majority stake in the planned $2.4 billion Mphanda Nkuwa hydropower, which is set to be one of the biggest in southern Africa. The [...]Egypt’s Trella Raises $42 Million in Series A Funding
Egypt's Trella has raised $42 million in a Series A funding round comprised of equity and debt. The round includes $12 million as debt financing and $30 million in equity [...]Rockefeller Foundation, IFC Partner to Increase Energy Access in Sub-Sahara Africa
70% of homes in Sub-Saharan Africa lack electricity connection. The Rockefeller Foundation, one of the most famous philanthropies, has partnered with the International Finance Corporation (IFC) to invest in renewable [...]
