Author: Editorial Staff

THE South African energy minister, Mmamoloko Kubayi, has declared that the government is still committed to rollout the nuclear energy expansion forming part of the country’s energy mix. Kubayi noted in a press statement that this is to ensure energy security, adding that government is committed to the provision of reliable and sustainable electricity supply, as part of reducing carbon emissions. Kubayi recently led a delegation to the 9th International Forum ATOMEXPO in Moscow, Russia. According to the statement, during discussions the minister reiterated his department’s openness and transparency, as well as to engage all spheres of government and the…

ANNOYING and unwanted spam calls are on the rise around the globe, with Truecaller’s Truecaller Insights: Top 20 Countries Affected by Spam Calls in 2017 report revealing that within large markets such as India, the US, and Brazil, the average Truecaller user receives more than 20 spam calls each month. African countries are not excluded from the increase in spam calls and SMSs, and people within markets such as Nigeria and Kenya can just as easily be targeted. In fact, South Africa, Nigeria, and Egypt are all in the top 10 most affected countries. Globally, there are common categories that…

WITH 3.3 percent of its GDP from internet-related activities, Senegal does more than many Western countries, including France and Germany, to bolster its digital economy. With the development of its online platform, TeleDAc, the Senegalese government wants to strengthen the effectiveness of public action and bring the administration closer to its users, especially through online access to the public service. ‘Eighty percent of the work of an administration consists in sharing information with users as well as with the other services of the state. In this respect, the implementation of TeleDAc is essential for the modernisation and effectiveness of public…

THE significant economic benefits to host countries of the influential Africa Hotel Investment Forum (AHIF) have been quantified in an independent assessment by the international audit, tax and advisory experts, Grant Thornton. The total contribution to African economies is estimated at $16.8 million and since inception, it is estimated that AHIF has been responsible for deals cumulatively worth over $4bn. The headline figures include direct, indirect and induced financial benefits – accepted economic multipliers – and run from the first AHIF in Morocco in 2011 to Rwanda last year. On average, hosting an AHIF event brings a million dollars in…

A spate of new capital projects should help Djibouti increase overseas visits in the coming years, as the government continues to prioritise spending on tourism development. Among the biggest developments under way is a new $200 million airport, which is currently under construction at Ras Siyyan in the Obock region of north Djibouti. The Ahmed Dini Ahmed International Airport is being financed via a Chinese development loan agreement and built by China Civil Engineering Construction Corporation. Construction started in January 2015, and the facility is expected to accommodate 350,000 passengers when it opens by the end of this year, with…

AS African countries move inexorably toward rapid urbanisation, with populations in the various capital cities set to grow massively, the issue of security will be one of the major problems to deal with. Researchers predict that in 2030, Lagos, Cairo and Kinshasa will each have to cater for over 20 million people, while Luanda, Dar es Salaam and Johannesburg will have crossed the 10 million mark. By 2035, close to 30 million people could live in Lagos alone, turning Nigeria’s commercial hub into the largest megacity on the continent. When it comes to investments in infrastructure, industrial and commercial structures,…

THE Cairo-based African Export-Import Bank (Afreximbank) holds its 24th Annual General Meeting from  June 28 to  July 1 in Kigali, Rwanda. In this exclusive interview Afreximbank’s chief economist, Hippolyte Fofack, spoke to Africa Briefing’s Stephen Williams, about this major event. Mr Fofack, please could you outline just why this AGM is so important and who will be in attendance? HF: In addition to shareholders of the Bank, we are expecting senior government officials, Ministers, and Central Bank Governors from across Africa. In addition, we expect the CEOs of major banks, DFIs, non-bank private/public sector players and NGOs from across the…

THE South African Reserve Bank has not received any official communication from Zimbabwean authorities for the adoption of the South African rand as the main unit of trade, Jabulani Sikhakhane, the divisional head of communications at the Bank, has said. A severe US dollar shortage in Zimbabwe has persisted for more than a year and has forced banks to impose daily withdrawal limits of about $50. The use of international bank cards outside the country has also been suspended by some banks, such as Standard Chartered. “Bond notes”, which authorities introduced in November last year as a stop-gap measure to…

THE African Development Bank has approved a $100 million facility to finance Export Trading Group (ETG’s) soft commodity value chain operations in sub-Saharan Africa. This Soft Commodity Finance Facility (SCFF) is one of the core trade finance instruments in the Bank, innovatively structured to provide pre- and post-shipment finance along various stages of ETG’s commodity value chain operations in the 17 countries expected to benefit from the initiative. This intervention will help local farmers and soft commodity suppliers grow their revenues and produce quality crops for export. Specifically, the facility will be used to finance the procurement of identified agricultural…

THE African Development Bank (AfDB) has approved a $15 million investment in Shore Capital Fund III, a multinational private equity fund which promotes financial inclusion by supporting financial institutions serving Africa’s low income and emerging middle-class communities. With a target capitalisation of $150 million, the Fund will provide growth capital and capacity building to inclusive financial institutions such as Small Business Banks (SBBs), microfinance institutions (MFIs), insurance providers, leasing companies, housing finance companies and financial technology providers. ShoreCap III will focus exclusively on sub-Saharan Africa (SSA), and intends to invest in 15 financial institutions with an average ticket size of…