The Green Climate Fund (GCF) is making a significant splash in Africa, pledging a combined $309.3 million to Madagascar, Somalia, and Ghana to combat climate change and strengthen their economies. This news comes on the heels of the GCF’s 38th Board of Directors meeting in Kigali, Rwanda, where a total of $1.26 billion in climate […]

Eskom’s Chief Financial Officer (CFO) is slated to lead discussions at the upcoming Invest in Africa Energy (IAE) forum in Paris, reinforcing the utility’s dedication to fortifying South Africa’s energy landscape through strategic collaborations with private investors. Set for May 14-15, 2024, the IAE forum serves as a pivotal platform for fostering cooperation between African […]

Cairo, Egypt: Egypt’s financial sector witnessed a pivotal development today as the country resumed its local currency treasury bond auctions after a four-month hiatus. The Central Bank of Egypt, aiming to gauge market response, offered 2.5 billion Egyptian pounds ($51 million) in three-year bonds and 250 million pounds in five-year bonds. Last week’s devaluation of […]

Bamburi Cement has successfully concluded the sale of its entire stake in Hima Cement, its Ugandan subsidiary, fetching an estimated $84 million. This strategic move has investors eyeing the possibility of a special dividend. The sale, finalized on March 5, involved offloading Bamburi’s 70 percent stake to a consortium led by Sarrai Group and Rwimi […]

Uber Technologies Inc. is currently engaged in discussions to invest in Moove, an African auto-financing startup. Sources familiar with the matter suggest that Uber’s potential investment could range between $75 million and $100 million, as part of a larger funding round. The proposed investment would significantly enhance Moove’s valuation, potentially reaching around $750 million, a […]

In a strategic move to invigorate Egypt’s burgeoning start-up ecosystem, Sawari Ventures, a prominent venture capital firm headquartered in Cairo, has announced the launch of a $150 million fund dedicated to fostering innovation and growth within the country. Led by CEO and Co-founder Hani Al Sanbati, Sawari Ventures aims to allocate its resources across key […]

Kingdom Holding Company (KHC), a prominent Saudi conglomerate, has finalized the sale of its esteemed residential complex, Kingdom City, for SAR 900 million ($240 million). The transaction, completed with a real estate fund associated with Alawwal Investment, underscores KHC’s strategic realignment in the Saudi real estate sector. Nestled in Riyadh’s Al Rabie neighborhood, Kingdom City […]

Moody’s, the renowned credit rating agency, has unveiled its latest assessments for nine banking sectors across Africa, showcasing a mixed bag of prospects with four sectors marked with a negative outlook, three with a stable outlook, and two with a positive outlook. The evaluations provided by Moody’s take into account various local factors including operating […]

The trading floor witnessed a somber atmosphere today as Access Holdings’ share price plummeted by 6.26% following the untimely demise of Herbert Wigwe, leaving shareholders mourning the loss of the esteemed leader. After a bearish week that saw Access Holdings experiencing a 2.25% decline, the stock’s share price took another hit, shedding N1.55 to close […]

Mauritius, foreign direct investment (FDI) inflows surged by 27% to 23.1 billion rupees ($503 million) in the nine months leading up to September compared to the previous year. This notable rise was primarily propelled by increased property sales, reflecting the nation’s appeal to international investors. Real estate transactions dominated the investment landscape, constituting a substantial […]