AfDB approves €235.8m loan for Kenya’s dam

The African Development Bank (AfDB) has approved two loans worth €235.763 million to the Kenyan government for the construction of a multi-purpose dam (Thwake dam), that will store water, produce electricity and enable irrigation. The 80.5m high multi-purpose dam which is to be constructed on Thwake River in southern Kenya, will have a storage capacity […]

Africa’s renewable opportunities, progress get everyone interested and talking

Africa

After the International Energy Agency (IEA) said that renewables in sub-Saharan Africa alone would increase electricity capacity from 35 gigawatts (GW) to 65 gigawatts (GW), with solar power in Nigeria, hydro in Ethiopia and wind in South Africa leading, and that it would increase by 70 percent, international experts have reflected on this promising industry […]

Kenya inflation hits 11 months high over new fuel tax

Kenyan Inflation

Kenyan inflation rose to its highest rate in nearly a year in September, the statistics office said on Friday, reflecting the impact of a new value added tax on fuel. President Uhuru Kenyatta’s government, which is struggling to boost expenditure while cutting its budget deficit, introduced a 16 percent tax on petroleum products at the […]

South African President Ramaphosa unveils plan for ailing economy

Cyril Ramaphosa

South Africa’s president, Cyril Ramaphosa has announced plans on Friday to set up a multi-billion-dollar funds for infrastructural development in order to revive the country’s ailing economy. Speaking a day after the central bank disappointed some in his ruling African National Congress (ANC) party by not cutting interest rates, Cyril Ramaphosa said the government needed […]

AfDB board approves non-sovereign operations policy

AfDB

The African Development Bank Group has announce that its board of directors has approved its policy on non-sovereign operations (NSO). The policy represents the framework within which the AfDB through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility requirements on non-concessional […]

South African Payments start-up, Yoco, raises $16m

Yoco

South African fintech start-up Yoco raised $16 million from international and local investors in a private funding round, it said Thursday. Yoco offers a card reader and app, which allow users to turn smartphones into payment terminals and the company, started in 2015, is targeting small businesses that do not currently accept cards. Only seven […]

Afreximbank unveils programme to aid African banks in international transactions

Afreximbank

The African Export-Import Bank (Afreximbank) says it has set up a trade finance facilitation programme to mitigate the stringent compliance and regulatory requirements imposed by international banks on African banks for trade confirmation lines. A statement on Tuesday by Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, quoted Amr […]