The financial services landscape holds more opportunity in Africa than it does in other regions. That may seem a bold statement to make, but while all eyes are usually turned to the US, Europe and China when it comes to financial innovation, Africa is silently growing much faster in the background.
Top 5 Oil and Gas Projects in the UAE: 2022
ABiQ tracks oil and gas projects across the UAE. As per the project tracking platform ABiQ, there are over $70 billion of active Oil and Gas projects in the UAE. ABiQ estimates that the UAE will spend $8.5 billion in 2022 on various Oil and Gas projects that are currently under construction.
New currency weights for SDR valuation basket set by IMF
The new currency weights for the Special Drawing Rights (SDR) valuation basket was determined by the IMF Executive Board
PAPSS and BUNA will collaborate to build a payment gateway for MEA
To improve trade between the African continent and Middle Eastern Countries, Afreximbank and the African Union will support the development of a payment gateway between PAPPS and BUNA.
The AfDB launched an AUD155 million social bond
The African Development Bank has successfully launched an AUD155 million social bond that will mature in October 2032. The bond will fund the continent’s most pressing social development needs.
World Bank to provide $200 million for Ghana Digital Acceleration Project
The World Bank approved $200 million to help the government of Ghana catalyse its digital transformation under the Ghana Digital Acceleration Project.
Central African Republic adopts bitcoin as official and legal tender
On 26 April 2022, the Central African Republic became only the second country after El Salvador to adopt Bitcoin as its official and legal tender.
$15 million for ADFI to aid digital financial solutions for women-owned SMEs
The African Digital Financial Inclusion Facility (ADFI) will receive $15 million to make digital financial solutions more inclusive for women-owned small and medium enterprises in Africa
South Africa released Phase 1 of the National Infrastructure Plan 2050
South Africa’s ministry of Public Works released phase 1 of the National Infrastructure plan 2050. Deteriorating infrastructure, widespread damage from devastating floods and poverty are some of the issues being addressed
UNESCO launches a $45 million renewable project in Zimbabwe
A new USD 45 million renewable energy project for Zimbabwe is scheduled to start this month and run for four years
€9.8 million equity investment to support VC investments in African start-ups
The AfDB and EU will invest €9.8 million in the Cathay-AfricInvest Innovation fund to support African start-up businesses
Ghana’s AWM project will receive €44.7 million from the EU and the FDA
The Agricultural Water Management Project (AWMP) is one of the interventions government facilitated to mitigate the impact of perennial drought, a significant setback impeding the prospects of the agrarian economy in the five Northern regions of Ghana
AfDB and ADFD signs MOU at Dubai EXPO 2020
The African Development Bank and the Abu Dhabi Fund for Development signed a Memorandum of Understanding at the Dubai EXPO 2020
DBSA announced the first debt drawdown for Redstone CSP
The Development Bank of Southern Africa has announced that the Redstone Concentrated Solar Power Project has completed its first debt drawdown.
The IFC has invested $15 million in Egypt’s Algebra Ventures’ Fund II
Algebra Ventures is Egypt’s leading technology venture capital firm. According to its website, it has invested over $300 million in its portfolio companies
South Africa’s employment swings from Full-time employment to Part-time
Statistics South Africa’s Quarterly Employment Statistics (QES) report for December 2021, released in March 2022, shows a “trade-off” between part-time and full-time employment in South Africa in 2021.
IFC and EF-MSME signs funding agreement
The International Finance Corporation (IFC) and the Egyptian Federation for Medium, Small and Micro Enterprise Finance are partnering to improve access to finance for 41 microfinance institutions in Egypt.
Chinese funding dominated Africa’s project market in 2021
Despite disruptions of the COVID-19 pandemic, Africa started construction on more than $160 billion worth of projects in 2021. The Export-Import Bank of China is funding projects worth more than $15 billion that started construction work in 2021.
European countries investing in Africa
Africa shows tremendous potential, having the youngest and the fastest-growing middle class in the world. The continent is teeming with the potential for large-scale investments.
Top 5 Projects in Ghana
By comparison, Ghana is has one of the most active construction markets in Africa. There are more than $40 billion of active construction projects of which more than 40 per cent is transport infrastructure.
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