South Africa's Plans for a New State Power Company Take Shape
South Africa is forging ahead with a plan to create a new state-owned power company by converting three coal-fired plants into gas-burning generators to ease the nation’s energy crisis. State [...]
Zambia Receives $1.3 Billion IMF Bailout, Marking Progress for the G-20 Debt Plan
Zambia has won International Monetary Fund board approval for a $1.3 billion support package, an important step toward the nation restructuring its debt and a boost for the global effort [...]Ghana's Cedi Hits an All Time Low Against the Dollar
Ghana’s currency dropped past 10 to a dollar for the first time as investors await a financing deal with the International Monetary Fund. The cedi has dropped more than 38% [...]
AFC Japan's Mizuho Bank Sign MoU for Sustainable Economic Growth in Africa Asia
Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, and Mizuho Bank, a leading global bank with one of the largest customer bases in Japan, have signed a [...]TradeMark East Africa Appoints David Beer as New CEO
The TradeMark East Africa (TMEA) board has appointed David Beer as its new Chief Executive Officer (CEO) with effect from 1st September 2022. The former British High Commissioner to Malawi [...]NCBA Invests $16.6 Million in Tanzanian Subsidiary
NCBA Group has announced plans to invest $16.6 million in its Tanzanian subsidiary this year, seeking to increase its capital that was famished by losses and a rise in defaults due [...]Four Foreign Funds Buy 40% Stake in MKOPA
Four foreign funds have bought an estimated 40% stake in asset finance fintech, MKopa for an undisclosed value through a debt swap deal. Generation Investment Management, CDC, and LGT Lightrock—a [...]Nigeria's Economy Grows 3.5% in Q2 2022
Economic growth in Nigeria, Africa’s biggest crude producer, accelerated faster than expected in the second quarter, driven by growth in the non-oil sector. Nigeria’s economy grew 3.5% year-on-year in the [...]China's Wankang Group to Invest $311 Million to Build a Float Glass Factory in Tanzania
China's Jack Feng of Wankang Group, is set to invest more than $311 million US dollars to build in an ultra-modern float glass manufacturing factory in Mkiu Village Mkuranga District, [...]Kenyan founded Fintech Pezesha Targets New Markets After Raising $11m in Pre-Series A Round
Kenyan founded Pan-African embedded finance Fintech Pezesha has raised a pre-series A funding round of $11 Million in a mix of $6 million equity and $5 million debt. The round [...]Safaricom Ethiopia Begins Large Scale Customer Pilot of its Network in Dire Dawa
Safaricom Ethiopia has begun a large-scale customer pilot of its network in Dire Dawa City. This is part of the company's phased city-by-city regional network roll-out and service tests building [...]DRC Rations Jet Fuel amidst Supply Shortages
The Democratic Republic of Congo (DRC) has begun rationing jet fuel following a severe shortage that has left it struggling with a pile-up of planes in Kinshasa. In a statement on [...]
