Ethiopia
Ministerial Session of Organization of African, Caribbean, and Pacific States Commences
The 114th Council of Ministers Session of the Organization of the African, Caribbean, and Pacific States has commenced its ordinary session. Read More

Progress Bank Under Formation
Progress Bank started to sell shares after acquiring permission from the National Bank of Ethiopia. The organizing committee of the Bank gave a press conference last week on and revealed that the Bank was officially launched at Friendship Park. Read More

Ethiopian Envoy in Japan Discusses investment with Toyota Tsusho Corporation Officials
Tefera Derbew, Ambassador of Ethiopia to Japan, has met with Toyota Tsusho Corporation officials to discuss investment opportunities in the East African nation. Read More

Kenya
CBK Set to Regulate Financial Super-Apps
The Central Bank of Kenya says it will start regulating financial super apps such as Safaricom’s M-Pesa and Craft Silicon’s Little, with the regulator saying the platforms have the potential to account for more transactions that have traditionally been handled by banks directly. Read More

Costly Eurobond Worries Kenya Ahead of New Issue
Kenya is reviewing its external borrowing options after its Eurobond yields hit double digits, signaling the high finance cost the country faces if it were to sell a new international bond. Read More

Proportion of Good Roads Rises to 60 Percent
The proportion of roads in good condition increased to 60 percent in the financial year 2020/21 up from 40 percent in the year 2018/19, a report by the Kenya Roads Board has said. Read More

Unique Mobile Phone Subscriptions Rise to 33.5 Million
The number of mobile subscribers in Kenya rose to 33.5 million last year, representing an uptake of 61 percent. Total mobile customers had grown by about 610,000 from 32.94 million in 2020 when the penetration rate also stood at 61 percent of the total population. Read More

Egypt
Egypt’s Food Industries Investment Records EGP 250 Billion
Mohamed Anwar, a member of the Chamber of Food Industries at Federation of Egyptian Industries, stated that food safety in Egypt is progressing at a good pace, and there is a great demand from factories to register with the Egyptian Food Safety Authority. Read More

Ezz Steel Ranks Top Producer in Africa and Arab Region in 2021
Ezz Steel has topped the steel producers’ list in Africa and the Arab world, for the second consecutive year, as per the Top Steelmakers List in 2021 published by the World Steel Association. Read More

USAID Invests USD 39 Million in Women’s Economic, Social Empowerment Programme in Egypt
The US Agency for International Development launched the Women’s Economic and Social Empowerment Program with the goal of providing 200,000 women in seven Egyptian governorates with increased employment opportunities; leadership roles; access to digital financial, health, and legal services; and psychological support for survivors of violence. Read More

Madbouly Signs MoU to Produce Electric Braids for Cars in Egypt
Prime Minister Mostafa Madbouly witnessed the signing ceremony of a memorandum of understanding between the General Authority for Investment and Free Zones and Japan’s Sumitomo. Read More

Morocco
Report: Supporting SMEs Is Key to Expanding Morocco’s Middle Class
There is a consensus among politicians in Morocco and elsewhere that Small and Medium-Sized Businesses (SMEs) are the “backbone” of the economy. Read More

Morocco’s Offshore Wind Potential Can Meet 17 Times of Its Power Demand
As Morocco aspires to increase its wind capacity by 4.2 GW by 2030, the country’s offshore wind potential is capable of meeting more than 17.3 of its current power demands. Read More

Canadian Mining Company Elcora Acquires 7 Research Licenses in Morocco
Elcora, a company specializing in mining and refining battery materials, has announced acquiring seven new research licenses for Vanadinite, a rare mineral with a wide range of industrial applications. Read More

STMicroelectronics Opens New Plant for Electric Car Parts in Morocco
STMicroelectronics, a French-Italian company specializing in the manufacturing of electronics and semiconductors, inaugurated today a new production line for electric parts in its plant in Bouskoura, located in the Casablanca-Settat region. Read More

Matching Grant Excites Tourism Sector Players
Ministry of Tourism, Culture and Wildlife says it hopes to see increased and expanded operations in the tourism sector following the award of matching grants to selected players. Read More

AfDB Dangles MWK 30 Billion for Private Sector
The African Development Bank (AfDB) says it is keen on extending about USD 30 million  worth of trade finance guarantees to the country’s major financial players over the next few months. Read More

Experts, Government Speak on Export Proceeds Law
The Ministry of Finance has gazetted the Exchange Control (Repatriation and Export Proceeds and Operations of Foreign Currency Denominated Accounts) Regulations of 2022 that are expected to bring sanity in the foreign currency market. Read More

Mozambique
Transitex Set to Boost Trade Between Mozambique and India
Transitex recently opened an office in New Delhi, with the aim of boosting trade between Mozambique and India. The company says that coal and pulses are among India’s main interests in Mozambique. Read More

South Africa
Godongwana Rails at Lack of Requests for ZAR 1 Billion Flood Aid Despite Need in KZN
Nearly two months have elapsed since KwaZulu-Natal, the Eastern Cape and the Northwest were hit by devastating floods, but the Treasury has still not received any properly supported requests from provincial or municipal governments for the R1bn immediately available through grants. Read More

South Africa Coal Exports Slump Despite Supply Crunch
South Africa achieved disappointing coal export volumes during the first four months of 2022 even as a global energy crunch and a lack of new coal volumes supported high international coal prices. Read More

Godongwana Eyes Tapping oil Reserves Again to Plug ZAR 4.5 Billion Gap
The Treasury is considering selling more strategic oil reserves or making budget adjustments to fund new measures to curb rising fuel prices, just more than a week after the country outlined plans to extend the reduction in the general fuel levy at an additional cost of R4.5bn. Read More

Fuel Retailers Dismiss Deregulation as the Answer to Record-High Prices
The Fuel Retailers Association has scotched talk that deregulation will help reduce record-high fuel prices, and said the move would compound the problems facing fuel retailers. Read More