South Africa-based e-commerce logistics startup Pargo has taken a significant step toward becoming a dominant force in African logistics by expanding into the Egyptian market. The expansion follows a successful $4 million funding round led by 3Capital Ventures, alongside investors such as Endeavor, SAAD Investment Holdings, and UW Ventures. Established in 2014 by co-founders Derk […]
Kenyan electric vehicle (EV) manufacturer BasiGo has successfully closed a $42 million funding round aimed at scaling its electric bus operations across East Africa. The funding round was led by Africa50, a pan-African infrastructure investor and asset manager, signaling a significant step forward in the region’s transition towards clean energy transportation. The funding comprises $24 […]
Saudi Arabia has successfully raised nearly SAR 8 billion (approximately $2.08 billion) through its latest multi-tranche sukuk offering, demonstrating the kingdom’s commitment to diversifying its funding sources and tapping into Islamic finance markets. The issuance, part of Saudi Arabia’s broader efforts to leverage sukuk (Islamic bonds) as a tool for capital generation, was denominated in […]
The United States has reinforced its commitment to Zambia by approving a substantial $458 million grant aimed at enhancing Zambia’s agricultural infrastructure and market access. This investment is being made under the US Millennium Challenge Corporation (MCC) and is aligned with the larger regional efforts to develop the Lobito Corridor, a strategic transportation and trade […]
Micro, small, and medium enterprises (MSMEs) in Kenya are set to benefit from a strategic partnership aimed at enhancing cybersecurity measures. In a collaborative effort between Safaricom, Cloudflare, and East African systems integrator Copy Cat, these businesses will gain access to affordable and advanced cybersecurity services tailored to their specific needs. The importance of this […]
In a significant move to further strengthen its market position, Flexential, a leading provider of secure and scalable data center solutions, has announced a major strategic investment from Morgan Stanley Infrastructure Partners (MSIP). This substantial investment, which is also supported by the continued backing of GI Partners, marks a pivotal moment in Flexential’s growth trajectory, […]
Rwanda is making strides toward becoming a significant player in the global pharmaceutical industry, with its Social Security Board (RSSB) embarking on a third attempt to invest in the sector. This initiative involves deploying pension funds into a high-potential yet uncertain industry, demonstrating Rwanda’s commitment to achieving both economic growth and improved healthcare outcomes. The […]
Kenyan President William Ruto has called upon commercial banks to join the Pan-African Payments and Settlement System (PAPSS) in order to minimize dependence on the U.S. dollar for intra-African trade transactions. His statements came during the official launch of Kenya’s Micro, Small, and Medium Enterprises (MSME) Accelerator Programme and the release of the Banking Industry […]
The financial world is experiencing a seismic shift as the U.S. Securities and Exchange Commission (SEC) granted approval for eleven Bitcoin Exchange-Traded Funds (ETFs) on October 18, 2024. These ETFs, which will trade on both the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE), represent a historic milestone in the integration […]
The long-awaited sale of ExxonMobil’s onshore assets in Nigeria to Seplat Energy has finally received regulatory approval, marking a major milestone in Nigeria’s oil industry. This deal, valued at $1.28 billion, has been under intense scrutiny and awaiting approval for over two years since it was first announced in February 2022. The approval signals the […]
The financial stability of Kenya, a key economic hub in East Africa, has come under scrutiny as the nation's foreign...
In a significant revision to its economic outlook, J.P. Morgan now expects the U.S. Federal Reserve to cut interest rates...
In a landmark development for its economy, Nigeria's crude oil production has officially crossed the 1.8 million barrels per day...
In a major development for Nairobi's urban landscape, the European Investment Bank (EIB), through its specialized development arm, EIB Global,...
