Senegal has embarked on a significant milestone with the commencement of production at its first offshore oil project, announced by Australian energy firm Woodside Energy on Tuesday. The production vessel is situated approximately 100 kilometers (60 miles) offshore at the Sangomar oil fields, with a target of producing 100,000 barrels of oil per day. “This […]

Fidelity Bank Nigeria Plc has received a substantial financial boost from the African Export-Import Bank (Afreximbank) to aid its expansion strategy. The $40 million disbursement, sourced from Afreximbank’s intra-African investment facility, signifies a strategic collaboration aimed at facilitating Fidelity Bank’s acquisition and recapitalization of Union Bank UK. The funds, divided into two tranches of $20 […]

 HSBC Egypt has announced the launch of a new fund valued at EGP 1.5 billion (approximately $31.5 million) to support small and medium-sized enterprises (SMEs) in the fintech sector. This initiative is part of HSBC’s broader strategy to foster technological innovation and economic growth in Egypt. The fund, expected to be operational by the third […]

The African Development Bank (AfDB) is calling for a $25 billion replenishment of its African Development Fund and more favorable lending terms to help the continent recover from the economic impacts of the COVID-19 pandemic and global interest rate hikes. AfDB President Akinwumi Adesina highlighted the urgent need for international support to avoid what he […]

Africa, despite its pressing energy needs, is set to receive a mere 2% of the $2 trillion global clean energy investment projected for 2024, a recent report by the International Energy Association (IEA) reveals. With clean energy investments worldwide expected to reach $2 trillion, Africa’s share amounts to approximately $40 billion, a fraction of the […]

In a significant development for the African media industry, Sub-Saharan pay-TV leader Multichoice has endorsed a US$2.9 billion takeover offer from French media giant Canal+. This acquisition, expected to be finalized by April 2025 pending regulatory approvals, marks a pivotal shift in the continent’s broadcasting landscape. Strategic Consolidation Canal+, owned by Vivendi, already holds a […]

At the 2024 Korea–Africa Business Summit, Samsung stands out as a prominent player, joining forces with government officials, business leaders, and economic experts from 48 countries to address key trade and investment agendas. Focused on themes like industrial development, trade expansion, and climate action, the summit provides an ideal platform for Samsung to showcase its […]

OneClickDrive, a leading car rental marketplace based in Dubai, has announced its expansion into Morocco, marking its first entry into the African market. This strategic move aims to tap into the growing demand for car rentals in the region, particularly among tourists drawn to Morocco’s rich cultural heritage and scenic landscapes. Since its inception, OneClickDrive […]

Absa Group, a leading financial services provider in Africa, has inaugurated its subsidiary office in Beijing, China, as part of its global expansion strategy. The move aims to forge stronger ties between Chinese corporations and African markets. CEO of Absa China, Klaus-Dieter Kaempfer, outlined the bank’s objective to nurture relationships with key stakeholders, including state-owned […]

The European Investment Bank’s (EIB) global arm has injected €25 million into Amethis Fund III, aimed at fostering sustainable growth in African businesses. Targeting medium-sized enterprises, the fund focuses on sectors vital to low- and middle-income populations, including healthcare, logistics, manufacturing, and agribusiness. Aligned with the EU’s Global Gateway strategy, the investment seeks to address […]