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Egyptian healthtech Almouneer raises $3.6m seed to scalebehe

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Israel's war : Israel blocked half of March food convoys, UN - Al

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

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Youssef Salem, the Chief Financial Officer of <a href="https://www.swvl.com/" rel="noopener noreferrer" target="_blank">Swvl</a> for smart transport, announced that the company achieved its profitability targets in 2023. Swvl is now looking to enhance its profits further through cautious expansions in 2024.Salem informed Daily News Egypt that the company has initiated the rehiring of some previously laid-off employees. Additionally, Swvl is implementing a strategic plan for measured expansion in key markets, with a specific focus on the Saudi market.In 2022, Swvl reduced its workforce by about one-third to achieve profitability and cut costs. This workforce reduction aimed to make the company profitable in 2023 instead of the initially projected 2024. Swvl implemented various operational and administrative measures, leveraging technology to streamline workflows and enhance overall company performance, expediting the journey to profitability.

Daba Finance/Embattled Swvl rehires employees after first-ever profit

Zawya

Embattled Swvl rehires employees after first-ever profit

The <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">Nigerian Exchange Limited</a> (NGX) wrapped up the initial week of 2024 on a positive note, driven by a consistent surge in investor confidence towards listed companies. This positive momentum has fueled optimism for a potentially bullish market in 2024, leading to a 6.54% increase in the All-Share index, closing at 79,664.66 points.Except for the NGX Growth and NGX Sovereign Bond Indices, which experienced depreciation of 6.38% and 1.21%, respectively, all other indices concluded higher. The NGX ASeM index remained unchanged.Market analysts anticipate a continuation of the bullish trend in 2024, citing the eventful and positive performance of the stock market in 2023. They foresee further improvements as more companies consider listing and engaging in public offerings.

Daba Finance/Investors gain over $2bn as Nigerian stocks surge 6.54%

Nairametrics

Investors gain over $2bn as Nigerian stocks surge 6.54%

The <a href="https://www.bvm-ac.org/" rel="noopener noreferrer" target="_blank">BVMAC</a>, the <a href="https://dabafinance.com/en/learn/blogs/west-african-regional-stock-exchange-the-brvm-crossed-xof-8trn-13bn-for-the-first-time-in-history" rel="noopener noreferrer" target="_blank">regional stock exchange for CEMAC zone</a> countries, concluded 2023 with a floating market capitalization of 66.447 billion FCFA, marking a modest 4.2% year-on-year increase compared to the significant 76% surge in 2022 when it stood at 63.734 billion FCFA. This marginal growth is primarily attributed to the initial public offering (IPO) of SCG-Ré on January 26, 2023, involving 250,000 equity securities. Additionally, the rise in share prices for SOCAPALM (+6.1%), BANGE (+0.18%), and SAFACAM (+8.1%) contributed to the overall increase. However, the market capitalization of SEMC experienced a 2.2% decline, settling at 1.762 billion FCFA, down from 1.803 billion FCFA a year earlier. La Régionale's share price remained unchanged at 42,500 FCFA over the year.

Daba Finance/BVMAC closed 2023 with 4% gain

Sika Finance

BVMAC closed 2023 with 4% gain in market capitalization

Emerging markets are anticipating their most significant election year in decades, with investors closely monitoring fiscal discipline and potential populist shifts that may impact markets and introduce uncertainty to key economies.In 2024, countries representing over half of the global population and contributing more than 60% to the global economic output are scheduled for elections. That includes 16 African countries. The election year begins with crucial votes in Taiwan in January, carrying geopolitical significance, and concludes with elections in Ghana in December, where the country is grappling with a sovereign debt crisis.David Lubin, an associate fellow at <a href="https://www.chathamhouse.org/" rel="noopener noreferrer" target="_blank">Chatham House</a> and former head of emerging market economics at Citi, describes this election year as unprecedented and highlights recent surprises in elections, such as those in Argentina and Poland. The outcomes of these elections could have profound implications for the economic landscape of emerging markets.

Daba Finance/Emerging markets brace for wave of elections in 2024

CNBC Africa

Emerging markets brace for wave of elections in 2024

<a href="https://www.thestcgroup.co.uk/" rel="noopener noreferrer" target="_blank">STC Group</a> subsidiary <a href="https://center3.com/" rel="noopener noreferrer" target="_blank">center3</a> is set to acquire <a href="https://www.cmcnetworks.com/" rel="noopener noreferrer" target="_blank">CMC Networks</a>, a global service provider specializing in networking solutions across Africa and the Middle East. CMC Networks operates in over 110 service locations, serving 51 out of 54 countries in Africa and 12 countries in the Middle East, along with regional hubs in key interconnect locations globally.This acquisition aligns with center3's strategic vision for growth and expansion in the Middle East and African markets. It signifies a significant move in enhancing the company's market presence and expanding its offerings in these dynamic and rapidly growing regions.CMC Networks is currently owned by the <a href="https://www.carlyle.com/geography/africa" rel="noopener noreferrer" target="_blank">Carlyle Sub-Saharan Africa Fund</a> (CSSAF), and the acquisition will support center3's efforts to strengthen its position in the telecommunications sector.

Daba Finance/Center3 acquires CMC Networks

Center3 acquires CMC Networks to expand in Africa and Middle East

U.S. prosecutors have disclosed details of criminal charges against Odogwu Dozy Mmobuosi, the founder and CEO of <a href="https://www.tingogroup.com/" rel="noopener noreferrer" target="_blank">Tingo Group</a>, a <a href="https://www.nasdaq.com/" rel="noopener noreferrer" target="_blank">Nasdaq</a>-listed "agri-fintech" startup. Mmobuosi is accused of reporting fictitious revenues and assets totaling hundreds of millions of dollars for three companies under his control.The charges against him include conspiracy, securities fraud, and making false filings with the <a href="https://www.sec.gov/" rel="noopener noreferrer" target="_blank">Securities and Exchange Commission</a> (SEC). If convicted on all charges, Mmobuosi could face a maximum sentence of 45 years. Prosecutors have reported that Mmobuosi is currently at large.According to the indictment, Mmobuosi allegedly "orchestrated a scheme to enrich himself by falsely representing that Nigerian companies he founded, Tingo Mobile and Tingo Foods, were operational, profitable businesses generating hundreds of millions of dollars in revenue, respectively."

Daba Finance/Tingo's Dozy Mmobuosi charged with securities fraud

TechCabal

Tingo's Dozy Mmobuosi charged with securities fraud

In Africa, many startups have increasingly turned to debt as a means to finance their growth. The amount of debt raised reached $1.1 billion, reflecting a significant YoY growth of +47%. In contrast, equity funding during the same period experienced a decline of -57%.In 2022, startups in Africa secured 19 cents of debt for every $1 of equity raised. However, in 2023, this ratio increased to 65 cents, with debt comprising 38% of all funding raised, a notable surge from 16% in 2022.Despite a -39% YoY decline in funding on the continent, this performance is viewed relatively positively in the context of a global slowdown in venture capital activity. In 2023, 500 startups raised at least $100k in Africa, compared to 821 in 2022, representing a -39% YoY decrease.

Daba Finance/Venture debt in Africa grows 47%

The Big Deal

Venture debt in Africa grew 47% in 2023 amid funding slowdown

The Africa Stablecoin Consortium (ASC), comprised of Nigerian financial institutions, fintechs, and blockchain experts, is gearing up to launch a compliant Nigeria Naira stablecoin (cNGN) on February 27, 2024.&nbsp;The consortium made this announcement in a statement, noting that the launch of cNGN is facilitated by the <a href="https://dabafinance.com/en/news/nigeria-lifts-ban-on-crypto-trading-after-two-years" rel="noopener noreferrer" target="_blank">Regulatory Sandbox recently introduced</a> by the <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank of Nigeria</a> (CBN).&nbsp;cNGN stablecoin is expected to bring about a transformation in financial transactions, offering a secure and compliant means for individuals to transact and engage with their money. The consortium expressed its commitment to enhancing the security and seamlessness of financial interactions through this project.

Daba Finance/Nigerian banks, fintechs to launch naira stablecoin in February

Nigerian banks, fintechs to launch naira stablecoin in February

Egypt-based edtech company&nbsp;<a href="https://www.ischooltech.com/" rel="noopener noreferrer" target="_blank">iSchool</a>&nbsp;has raised $4.5 million in a funding round led by&nbsp;<a href="https://venturewave.com/" rel="noopener noreferrer" target="_blank">VentureWave Capital</a>, an Irish venture capital firm. Other contributors to the funding round include&nbsp;<a href="https://onestopcap.com/" rel="noopener noreferrer" target="_blank">OneStop Capital</a>&nbsp;UK,&nbsp;<a href="https://www.webit.network/en/" rel="noopener noreferrer" target="_blank">Webit Investment Network</a>, and&nbsp;<a href="https://www.oraseyacapital.com/" rel="noopener noreferrer" target="_blank">Oraseya Capital</a>, the venture capital arm of the&nbsp;<a href="https://www.diez.ae/" rel="noopener noreferrer" target="_blank">Dubai Integrated Economic Zones Authority</a>.Founded in 2018, iSchool specializes in providing live gamified classes led by coding instructors for students aged six to 18. The curriculum covers a wide range of topics, including AI, VR, app development, game development, and web development.The newly secured funding will be utilized to expedite iSchool's expansion plans into six additional countries within the MENA (Middle East and North Africa) region. Additionally, the funds will support technological scaling for the online coding platform and pave the way for the extension of its gamified online classroom app service throughout Sub-Saharan Africa.

Daba Finance/iSchool secures $4.5m for MENA expansion

Disrupt Africa

Egyptian edtech iSchool secures $4.5m for MENA expansion

Private sector activity in South Africa contracted in December, reflecting a greater impact on businesses due to the port gridlock issues affecting the country's ports, according to a recent survey.The <a href="https://www.spglobal.com/en/" rel="noopener noreferrer" target="_blank">S&amp;P Global</a> South Africa Purchasing Managers’ Index (PMI) dropped to 49.0 in December, down from 50.0 in November. A reading above 50 indicates growth in activity.The port crisis in Durban had a significant impact on supply chains, inventories, output, and demand. The survey revealed that delivery times lengthened at the sharpest rate in nearly two years. The challenges in the port infrastructure have contributed to a contraction in private sector activity in South Africa.

Daba Finance/South Africa’s business activity declines amid port gridlock

South Africa’s business activity declines amid port gridlock

<a href="https://www.westafricanresources.com/" rel="noopener noreferrer" target="_blank">West African Resources</a> has secured a $100 million loan from <a href="https://coris.bank/en/" rel="noopener noreferrer" target="_blank">Coris Bank International</a> and asset manager <a href="https://sprott.com/what-we-do/resource-financing/resource-lending/" rel="noopener noreferrer" target="_blank">Sprott Resource Lending</a> for the development of the Kiakia gold project in Burkina Faso.&nbsp;The loan is the first tranche of a credit facility expected to reach $265 million and will be utilized to accelerate the development of the Kiakia gold project and support other projects undertaken by West African Resources.&nbsp;The Kiakia project is considered world-class and is anticipated to have a significant economic and social impact on the communities in the Manga region while contributing substantially to Burkina Faso's GDP. Idrissa Nassa, the President of Coris, expressed pride in providing local financing for the Kiakia gold project.

Daba Finance/West African Resources gets $100m for Burkina gold project

West African Resources gets $100m for Burkina gold project

The Egyptian government has set a target to achieve an <a href="https://dabafinance.com/en/news/zambia-inflation-nears-2-year-high-amid-currency-troubles" rel="noopener noreferrer" target="_blank">inflation</a> rate below 10% in 2025, as Prime Minister Mostafa Madbouly announced in a press conference on January 3rd. Madbouly expressed confidence that Egypt would recover from the successive crises it faced between 2024 and 2025.The ongoing economic reforms in <a href="https://dabafinance.com/en/news/egyptian-stock-market-sees-biggest-annual-return-since-2016" rel="noopener noreferrer" target="_blank">Egypt</a> aim to enhance the economy's resilience to global shocks, with the government allocating EGP 342 billion (~$11 billion) from the public treasury to subsidize five commodities and services. This marks a significant increase from the EGP 100 billion allocated two years ago.Madbouly acknowledged the challenges faced by Egyptian citizens and emphasized that considering the difficulty of the current situation, the government has decided to implement a gradual increase in electricity bills over five years.

Daba Finance/Egypt targets inflation rate of less than 10% by 2025

Egypt targets inflation rate of less than 10% by 2025

Cameroonian fintech startup <a href="https://koree.africa/en/" rel="noopener noreferrer" target="_blank">Koree</a> has successfully raised $200,000 in a pre-seed funding round. The investment was led by Tunde Akinnuwa, co-founder at <a href="https://www.tryduplo.com/" rel="noopener noreferrer" target="_blank">Duplo</a>, and featured participation from various backers, including <a href="http://cameroonangelsnetwork.com/" rel="noopener noreferrer" target="_blank">Cameroon Angels Network</a>, <a href="https://catalytic-africa.com/" rel="noopener noreferrer" target="_blank">Catalytic Africa</a>, <a href="https://www.digitalafrica.com.ng/" rel="noopener noreferrer" target="_blank">Digital Africa</a>, and other private investors.Koree aims to address the challenge of spare change in cash-based economies by introducing a card and digital wallet solution that enables merchants to return customers' spare change. The fintech platform also allows these merchants to establish loyalty programs, offering customers the opportunity to earn cashback rewards.The raised funds will be utilized to expand Koree's network of merchants, scale its user base, and ultimately achieve product-market fit, as outlined by Magalie Gauze-Sanga, the founder of Koree.

Daba Finance/Cameroonian fintech Koree closes $200k pre-seed

Cameroonian fintech Koree closes $200k pre-seed round

The <a href="https://www.nse.co.ke/" rel="noopener noreferrer" target="_blank">Nairobi Securities Exchange</a> (NSE) ended 2023 with a fourth consecutive year of net foreign outflows. This trend has been influenced by attractive returns in other asset classes and external developed markets, as per data from the NSE.In the 11 months leading up to November 2023, foreign investors withdrew a net amount of Sh20.04 billion (~$127 million) from the NSE, bringing the cumulative net sales since the beginning of 2020 to Sh83.3 billion. The last time the market recorded a net inflow position was in 2019, at Sh1.32 billion.Foreign investors appear to be seeking better returns elsewhere, both within Kenya and in global markets. A significant factor contributing to these outflows has been the rate increases in the United States, the United Kingdom, and the European Union. <a href="https://dabafinance.com/en/news/zambia-inflation-nears-2-year-high-amid-currency-troubles" rel="noopener noreferrer" target="_blank">High inflation</a> from mid-2022 in these regions compelled central banks to tighten monetary policy, influencing the flow of money and impacting investor preferences.

Daba Finance/Foreign capital flee Nairobi bourse for 4th straight year

African Markets

Foreign capital flee Nairobi bourse for 4th straight year

In the <a href="https://www.dse.co.tz/" rel="noopener noreferrer" target="_blank">Dar es Salaam Stock Exchange</a> (DSE), <a href="https://nicol.co.tz/" rel="noopener noreferrer" target="_blank">NICOL</a> (National Investments Company Limited) and <a href="https://www.nmbbank.co.tz/" rel="noopener noreferrer" target="_blank">NMB Bank</a> stocks emerged as top performers, recording the best return of over 50% in the past year. NICOL, which is a closed-end fund heavily invested in NMB shares, outshone others with a total return of 67%, according to Orbit Securities' weekly synopsis.The strong performance of NICOL and NMB significantly contributed to the positive momentum in the banking, finance, and investment stocks. This sector witnessed an average weighted return of 34%, as indicated by the Banking, Finance, and Investment Index for the past year.In a surprising move, <a href="https://ticts.simplybook.me/v2/" rel="noopener noreferrer" target="_blank">TICL</a> (Tanzania International Container Terminal Services Limited), a closed-end fund, conducted a rights issue, drawing considerable attention and becoming one of the most actively traded counters, especially in the fourth quarter of the previous year, as reported by Orbit Securities.

Daba Finance/NICOL, NMB post over 50% returns

NICOL, NMB post over 50% returns to drive Dar banking index

In <a href="https://dabafinance.com/en/learn/blogs/2023-recap-major-themes-in-african-tech" rel="noopener noreferrer" target="_blank">2023</a>, African startups secured a total funding of $2.9 billion, marking the lowest amount since 2020's $2.1 billion. This represents a 39% decrease from the around $4.6 billion total recorded in 2022, according to data from funding tracker <a href="https://thebigdeal.substack.com/" rel="noopener noreferrer" target="_blank">Africa: The Big Deal</a>.The <a href="https://dabafinance.com/en/learn/blogs/2023-recap-major-themes-in-african-tech" rel="noopener noreferrer" target="_blank">funding landscape</a> for African startups witnessed a quarter-on-quarter decline throughout 2023. TechCabal reports that it started with $1.2 billion raised in Q1, followed by $877.8 million in Q2 and a further drop to $492.7 million in Q3. However, there was a slight increase in Q4, where startups raised $551.2 million.It's important to note that this <a href="https://dabafinance.com/en/learn/blogs/2023-recap-major-themes-in-african-tech" rel="noopener noreferrer" target="_blank">decline in venture funding</a> is not unique to Africa; it aligns with a global trend. According to Crunchbase, the flow of venture capital funding has been consistently decreasing since January 2022, which was the last time global tech funding exceeded $60 billion per month.

Daba Finance/Startup funding in Africa dipped 39% to $2.9bn in 2023

Startup funding in Africa dipped 39% to $2.9bn in 2023

The bullish momentum of the <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">Nigerian Exchange Limited</a> (NGX) continued <a href="https://dabafinance.com/en/news/ngx-benchmark-index-tops-75000-points-in-first-day-rally" rel="noopener noreferrer" target="_blank">one day after crossing the 75,000 mark</a>, with the All-Share Index appreciating by 2.04%. This translated to a gain of 1,546.69 points, reaching a new level of 77,537.57 points.Equities experienced substantial gains, contributing to an increase of N847 billion in market capitalization, pushing it to N42.430 trillion. Notable contributors to these gains were <a href="https://sugar.dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Sugar</a>, <a href="https://www.ubagroup.com/" rel="noopener noreferrer" target="_blank">UBA</a>, and <a href="https://www.nasconplc.com/" rel="noopener noreferrer" target="_blank">NASCON</a>, each recording a 10% increase.Market turnover witnessed an uptick in terms of volume traded, reaching 927.558 million units compared to the previous day's 515.807 million units. There was also an appreciation in terms of value, with a total of N10.69 billion, compared to the previous day's N5.57 billion. The overall performance indicates a sustained positive sentiment in the market, with notable gains in key equities driving the bullish run.

Daba Finance/NGX benchmark index crosses 77,000 points

Dangote, UBA drive NGX benchmark index over 77,000 points

Morocco has significantly increased its reliance on renewable energy in recent years, reaching 18.1% in 2022, as reported by Abdul Latif Bardash, Chairman of Morocco’s National Electricity Regulatory Authority. The volume of electricity generated from solar power and other renewable sources amounted to around 7,489 gigawatts (GW) in 2022.During a year-end Parliament session, Bardash emphasized the country's commitment to further expanding the share of renewable sources in its energy mix. He highlighted that Morocco's total power production experienced a growth of around 4.5%, reaching 41.4 terawatts in 2022.&nbsp;Additionally, there was a noteworthy decline of nearly 11.5% in gas consumption within the electricity sector, indicating a shift towards cleaner and more sustainable energy practices in the country. Morocco's progress in renewable energy showcases a positive trajectory towards a greener and more environmentally friendly energy landscape.

Daba Finance/Morocco’s renewable energy production peaks at 18%

Morocco’s renewable energy production peaks at 18%

The <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">NGX</a> (Nigerian Exchange Limited) kicked off the new year on a remarkably bullish note, with the All-Share Index surging past the 75,000 mark. The All-Share Index demonstrated a substantial gain of 1.63%, soaring by 1,217.11 points to reach a closing figure of 75,990.88 points.On the first trading day of the year, equities witnessed a notable increase of N663 billion (~$670 million) in market capitalization, culminating in a closing value of N41.583 trillion. The market's positive momentum was predominantly fueled by the robust performance of blue-chip stocks, including <a href="https://airtel.africa/" rel="noopener noreferrer" target="_blank">AIRTELAFRI</a>, <a href="https://www.buacement.com/" rel="noopener noreferrer" target="_blank">BUACEMENT</a>, and <a href="https://www.zenithbank.com/" rel="noopener noreferrer" target="_blank">ZENITHBANK</a>, which registered gains of 5.99%, 5.15%, and 0.91%, respectively.Trading volume experienced an uptick, reaching 515.807 million units, compared to the 368.629 million units recorded in the previous trading session. However, there was a decline in terms of trading value, with a depreciation to N5.57 billion from the previous figure of N12.82 billion. The overall performance of the NGX on the first day of the year indicates a strong bullish sentiment, driven by significant gains in key stocks.

Daba Finance/NGX benchmark index tops 75,000 points

NGX benchmark index tops 75,000 points in first-day rally

The <a href="https://www.brvm.org/" rel="noopener noreferrer" target="_blank">BRVM</a> (Bourse Régionale des Valeurs Mobilières) has experienced a sluggish start in the year 2024. Notably, key market indices, including the BRVM Composite index (-0.64% at 212.77 points), BRVM 30 (-0.76% at 107.03 points), and BRVM Prestige (-0.79% at 100.67 points), registered declines in the closing of the first trading session.This negative performance is attributed to the decrease in <a href="https://www.orange.ci/" rel="noopener noreferrer" target="_blank">Orange CI</a> (-2.75% at 10,600 FCFA), the second-largest capitalization on the BRVM, along with a decline in the <a href="https://www.orabank.net/fr" rel="noopener noreferrer" target="_blank">Oragroup</a> share. This downturn may be linked to a consolidation phase following previous market performances.Notable securities in the flop 3 of this listing include <a href="https://www.orabank.net/fr" rel="noopener noreferrer" target="_blank">Oragroup</a> (-5.49% at 2,495 FCFA), <a href="https://www.alios-finance.com/" rel="noopener noreferrer" target="_blank">Alios Finance</a> (-3.47% at 1,250 FCFA), and <a href="https://www.sicable.ci/" rel="noopener noreferrer" target="_blank">Sicable</a> (-3.15% at 1,075 FCFA). Despite a general decline with 22 decreases compared to 9 increases, certain stocks demonstrated significant gains. Noteworthy performers include <a href="https://www.servair.fr/en/" rel="noopener noreferrer" target="_blank">Servair</a> (+6.77% at 1,420 FCFA), <a href="https://www.uniwax.com/en/" rel="noopener noreferrer" target="_blank">Uniwax</a> (+6.54% at 570 FCFA), and <a href="https://www.brvm.org/en/rapports-societe-cotes/bernabe-ci" rel="noopener noreferrer" target="_blank">Bernabé</a> (+5.00% at 1,050 FCFA).

Daba Finance/BRVM closes its first trading session of 2024 in the red

BRVM closes its first trading session of 2024 in the red

The Ministry of International Cooperation in Egypt has inked a developmental financing agreement with the <a href="https://www.eib.org/en/index" rel="noopener noreferrer" target="_blank">European Investment Bank</a> (EIB) valued at $148 million. Additionally, Egypt has secured a grant of $34 million from the EIB, as per a press release.These funds are earmarked for the Sustainable Green Industry project under the auspices of the Ministry of Environment. The project is managed by the Environmental Affairs Agency and executed by the National Bank of Egypt (NBE). Minister of International Cooperation, Rania El-Mashat, emphasized that the initiative is geared towards supporting the green transformation in the industrial sector, aligning with climate change and environmental sustainability objectives.The project's scope encompasses all governorates in Egypt, with a primary focus on industrial sites and areas affected by pollution. The aim is to mitigate the adverse effects on residents and the surrounding environment. The allocated funds will be utilized to provide loans to companies operating in the industrial sector, encouraging the implementation of investment plans in key areas.

Daba Finance/Egypt secures $182m from EIB

Egypt secures $182m from EIB for green project

On Sunday, most stock markets in the Middle East closed on a positive note, with Egypt's index achieving its most significant annual gain since 2016. Investors, seeking protection against high inflation and a weakened domestic currency, contributed to this positive trend.Egypt's blue-chip index recorded a 0.8% increase, bringing its total gains for 2023 to an impressive 70.5%. <a href="https://www.cibeg.com/" rel="noopener noreferrer" target="_blank">Commercial International Bank</a>, the leading lender, saw a 75% increase, while the tobacco monopoly <a href="https://www.easternegypt.com/?lang=en" rel="noopener noreferrer" target="_blank">Eastern Company</a> concluded the year with a 98.5% higher valuation compared to the beginning of 2023.The backdrop for these gains includes a two-year upward trajectory in Egypt's annual inflation, reaching a record 38% in September. Additionally, the country's currency has experienced significant depreciation in recent months, falling to around 50 pounds to the US dollar on the black market, compared to the official rate of 30.85 pounds.

Daba Finance/Egyptian stock market sees biggest annual return since 2016

Egyptian stock market sees biggest annual return since 2016

<a href="https://bitcoin.org/en/" rel="noopener noreferrer" target="_blank">Bitcoin</a> has reached a milestone by exceeding $45,000, marking its highest value in nearly two years. This surge is attributed to growing expectations of approval for an exchange-traded fund (ETF) directly investing in the leading cryptocurrency.&nbsp;Experiencing a 4.3% increase, Bitcoin attained its highest level since April 6, 2022, reaching $45,355 as of 12:25 p.m. Singapore time. Concurrently, other cryptocurrencies demonstrated positive momentum, with <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer" target="_blank">Ether</a>, the second-largest token, registering a 2.6% rise.&nbsp;Bitcoin's value has escalated by more than 20% since the beginning of December, fueled by the approaching January 10 deadline for the US <a href="https://www.sec.gov/" rel="noopener noreferrer" target="_blank">Securities and Exchange Commission</a> to approve a spot ETF for Bitcoin potentially.

Daba Finance/Bitcoin price surpasses $45k

Bloomberg

Bitcoin price surpasses $45k after 160% gain in 2023

As of the end of December, Nigeria's foreign exchange reserves hit a six-year low, standing at $32.87 billion. This decline was primarily driven by the <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">central bank</a>'s active selling of dollars to support the struggling local currency.In response to the naira's depreciation, the <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank" style="font-family: &quot;Euclid Circular A&quot;; background-color: rgb(255, 255, 255);">Central Bank of Nigeria</a> (CBN) took measures to defend the currency, depleting its foreign exchange reserves. These reserves reached a peak of $47.63 billion in June 2018 and were significantly reduced by December, reaching a level last seen in September 2017 at $32.16 billion.A combination of factors, including a backlog of unsettled forwards, unfulfilled commitments for dollar inflows, and a two-decade high in inflation, contributed to a challenging year for the naira. The local unit lost over 50% of its value in 2023, ranking as one worst-performing global currencies during that period.

Daba Finance/Nigeria’s FX reserves are down to 6-year low as naira falls

Reuters

Nigeria’s FX reserves are down to 6-year low amid plunging currency

Kenya's economic growth exceeded expectations in the third quarter, driven by a rebound in agricultural output following years of drought and a thriving tourism sector. According to the <a href="https://www.knbs.or.ke/" rel="noopener noreferrer" target="_blank">Kenya National Bureau of Statistics</a>, gross domestic product (GDP) expanded by 5.9% in the three months through September compared to the same period the previous year.&nbsp;This growth surpassed the <a href="https://www.centralbank.go.ke/" rel="noopener noreferrer" target="_blank">central bank</a>'s forecast of 5.6% and outpaced the revised figures of 5.5% in the previous quarter and 4.3% a year earlier. Additionally, in December, consumer prices experienced the slowest pace of increase in almost two years.&nbsp;This moderation in inflation provides some relief for Kenya's economy, which has faced challenges. The accelerated economic growth and the slowdown in inflation suggest positive developments that may contribute to the overall economic recovery in the East African nation.

Daba Finance/Kenya's GDP exceeds Q3 forecasts

Kenya's GDP exceeds Q3 forecasts on agriculture rebound

The <a href="https://infobrics.org/" rel="noopener noreferrer" target="_blank">BRICS</a> group of emerging-market nations is set to double its membership, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt joining on January 1, according to South Africa's envoy to the bloc.&nbsp;The current BRICS members—Brazil, Russia, India, China, and South Africa—extended invitations in August to six other nations. Argentina was the only country to decline the invitation. The term "BRIC" was originally coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India, and China.&nbsp;The BRICS countries, with the inclusion of South Africa in 2010, account for more than 40% of the world's population and approximately 26% of the global economy. The expansion of the BRICS group reflects a broader representation of major economies from different regions, further solidifying its significance in the global economic landscape.

Daba Finance/Egypt, Ethiopia set to join BRICS

The Times

Egypt, Ethiopia set to join BRICS in January as bloc expands

<a href="https://www.bii.co.uk/en/" rel="noopener noreferrer" target="_blank">British International Investment</a> (BII), the UK's development finance institution and impact investor, has announced a follow-on investment in <a href="https://www.divercity.co.za/" rel="noopener noreferrer" target="_blank">Divercity Urban Property Group</a>. This additional investment is part of Divercity's latest fundraising round of around $30 million.Divercity is a low-cost housing platform based in South Africa, focusing on providing housing in well-located but underinvested neighborhoods in major cities. BII initially invested in Diversity in 2021. Since the initial investment, Divercity has completed nearly 2,700 residential homes and has contracted more than 2,000 units. In this fundraising round, BII is joined by new investors, including Proparco and 27four Investment Managers, highlighting the collaborative effort to support sustainable and inclusive urban development in South Africa. The follow-on investment is expected to facilitate the delivery of an additional 2,500 units by 2027.

Daba Finance/BII makes follow-on investment in South Africa’s Divercity

Africa PE News

BII makes follow-on investment in South Africa’s Divercity

<a href="https://www.fitchratings.com/" rel="noopener noreferrer" target="_blank">Fitch Ratings</a> downgraded Ethiopia's only international government bond from "near default" to "default" after the East African country <a href="https://dabafinance.com/en/news/ethiopia-coupon-miss-sees-it-become-africa-latest-defaulter" rel="noopener noreferrer" target="_blank">failed to make a $33 million coupon payment</a> on its $1 billion Eurobond. The payment was originally due on December 11, but a 14-day grace period extended the deadline until the following Tuesday.As a result of the missed payment, Fitch also lowered Ethiopia's long-term foreign currency rating to "RD" (Restricted Default) from "C." The agency does not assign outlooks to sovereigns rated "CCC+" or below. This development marks Ethiopia as <a href="https://dabafinance.com/en/news/ethiopia-coupon-miss-sees-it-become-africa-latest-defaulter" rel="noopener noreferrer" target="_blank">Africa's third default</a> in as many years. <a href="https://www.spglobal.com/ratings/en/" rel="noopener noreferrer" target="_blank">S&amp;P</a> (Standard &amp; Poor's) had also downgraded Ethiopia's long- and short-term foreign currency sovereign ratings earlier in the same month. The downgrades reflect challenges in Ethiopia's financial situation and its ability to meet its international debt obligations.

Daba Finance/Fitch cuts Ethiopia's Eurobond to 'default'

Fitch cuts Ethiopia's Eurobond to 'default' after missed payment

The United Arab Emirates (UAE) has concluded negotiations for a bilateral trade agreement with the Republic of Congo, marking the second such deal with an African state in a week. This achievement follows the recent announcement of a trade deal with Mauritius, making it the first such agreement with an African country.Thani Al Zeyoudi, the UAE's trade minister, expressed on X (formerly Twitter), "The breadth of the UAE’s trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville – a thriving economy in West-Central Africa and valued trade and investment partner."Since 2021, the UAE has actively pursued Comprehensive Economic Partnership Agreements, focusing on bilateral trade, investment, and cooperation deals. These efforts align with the UAE's strategy to diversify income sources and enhance collaboration across various economic sectors. The recent agreements underscore the UAE's commitment to expanding its trade network and strengthening economic ties with African nations.

Daba Finance/UAE reaches trade agreement with Congo

UAE reaches trade agreement with Congo, after Mauritius

<a href="https://www.bat.com/" rel="noopener noreferrer" target="_blank">British American Tobacco</a> Plc's Nigerian units have been fined $110 million by the country's antitrust agency, the <a href="https://fccpc.gov.ng/" rel="noopener noreferrer" target="_blank">Federal Competition &amp; Consumer Protection Commission</a>. The fine follows a three-year investigation into the practices of the <a href="https://www.luckystrike.com/" rel="noopener noreferrer" target="_blank">Lucky Strike</a> maker, revealing violations of competition laws.The investigation found that the tobacco company penalized retailers who provided equal visibility in stores to rival brands. As part of the resolution, BAT has agreed to pay the $110 million fine.Additionally, the company will be subject to monitoring by the commission for two years, ensuring the implementation of appropriate behavioral and business practice modifications. This enforcement action reflects the Nigerian government's commitment to maintaining fair competition within the market and protecting consumers' interests.

Daba Finance/British American Tobacco to pay $110m fine in Nigeria antitrust probe

British American Tobacco to pay $110m fine in Nigeria antitrust probe

In 2024, Botswana is set to permit its currency, the <a href="https://www.investopedia.com/terms/forex/b/bwp-botswana-pula.asp" rel="noopener noreferrer" target="_blank">pula</a>, to weaken by 1.51% against a basket of other currencies. This decision is based on the expectation that local inflation will surpass the price growth in the economies of Botswana's trading partners. The process, known as an annual downward crawl, mirrors the rate observed in the previous year and will involve incremental, daily adjustments accumulating to a 1.51% depreciation over the year until December.According to the statement from the Finance Ministry on Thursday, the need for this downward adjustment in the pula is attributed to the country's weak production capacity and overall economic productivity. The ministry notes that this strategy is also viewed as inflationary, with potential implications for price competitiveness.

Daba Finance/Botswana to devalue currency by in 2024

Botswana to devalue currency by in 2024 due to inflation

<a href="https://dabafinance.com/en/news/nigeria-lifts-ban-on-crypto-trading-after-two-years" rel="noopener noreferrer" target="_blank">Nigeria</a> is poised to initiate the delivery of gas to <a href="https://dabafinance.com/en/news/south-african-inflation-slows-on-cooling-fuel-prices" rel="noopener noreferrer" target="_blank">South Africa</a>, marking a historic milestone in the trade relations between the two nations. Talks between Riverside LNG, a Lagos-based energy firm, and counterparts in South Africa are underway, and if successful, this venture will mark the first time such a trade has occurred between the two countries.David Ige, the CEO of Riverside LNG, mentioned in an interview that they are likely to finalize another segment of the market, securing an off-take agreement for South Africa early in the year. He emphasized the significant growth in the gas market within a radius of about 3,000 nautical miles of Nigeria, encompassing southern Africa, western Africa, northwest Europe, the Caribbean, and South America.This development comes after Riverside LNG, in November, entered into a pact with Johannes Scheutze Energy Import AG in Germany, focusing on renewable energy and a gas export deal valued at $500 million.

Daba Finance/Nigerian firm plans first-ever gas supply deal to South Africa

Nigerian firm plans first-ever gas supply deal to South Africa

<a href="https://www.linkedin.com/company/qardy?trk=companies_directory" rel="noopener noreferrer" target="_blank">Qardy</a>, an Egyptian startup serving as a marketplace and aggregator for debt financing, has formed a partnership with <a href="https://cashcall.net/" rel="noopener noreferrer" target="_blank">CashCall</a> to provide support for micro, small, and medium enterprises (MSMEs). Established in July 2022, Qardy specializes in facilitating loans for MSMEs, aspiring to become the "Amazon of lending."CashCall, Qardy's new partner, operates an inclusive financial multi-purpose platform through B2B, B2C, and B2M modules. The platform offers a variety of solutions, including a payment network, gateway, aggregation, open finance hub, request to pay, and a cashless app.This collaboration aims to provide advanced solutions tailored to the financial requirements of CashCall's merchants and customers, offering them access to a diverse range of customized financial instruments. Qardy has chosen <a href="https://cashcall.net/" rel="noopener noreferrer" target="_blank">CashCall</a> for its AI competency center, dedicated to analyzing user data and behavior to enhance the financial services it provides.

Daba Finance/Egyptian startup Qardy partners Cashcall

Egyptian startup Qardy partners Cashcall to finance small businesses

In December, Zambia experienced its highest <a href="https://dabafinance.com/en/news/zambia-inflation-hits-20-month-high-as-currency-woes-persist" rel="noopener noreferrer" target="_blank">inflation rate</a> in nearly two years, primarily driven by the currency's significant depreciation since the country's status as Africa's inaugural pandemic-era sovereign defaulter in 2020.&nbsp;This <a href="https://dabafinance.com/en/news/zambia-inflation-hits-20-month-high-as-currency-woes-persist" rel="noopener noreferrer" target="_blank">depreciation</a> increased the costs of imported goods, such as cereals and meat. Consumer prices rose by 13.1% compared to the previous year, a slight uptick from the 12.9% recorded in November, according to Statistician-General Mulenga Musepa's announcement in Lusaka on Thursday.&nbsp;The average <a href="https://dabafinance.com/en/news/zambia-inflation-hits-20-month-high-as-currency-woes-persist" rel="noopener noreferrer" target="_blank">inflation rate</a> for the year stands at 10.9%, aligning with the central bank's projections. Notably, costs experienced a 1% increase during the month. The surge in inflation is primarily attributed to food prices, while non-food prices saw a modest deceleration, influenced by stable fuel prices in December.

Daba Finance/Zambia inflation nears 2-year high

Zambia inflation nears 2-year high amid currency troubles

<a href="https://www.ampersand.solar/" rel="noopener noreferrer" target="_blank">Ampersand</a> has raised $19.5 million in a funding round led by the <a href="https://eif.vc/" rel="noopener noreferrer" target="_blank">Ecosystem Integrity Fund</a> (EIF) and participation from <a href="https://acumen.org/" rel="noopener noreferrer" target="_blank">Acumen</a> and the <a href="https://www.charitynavigator.org/ein/853866180" rel="noopener noreferrer" target="_blank">Hard Edged Hope Fund</a>. This is in addition to a $7.5 million debt facility from Cygnum Capital's <a href="https://www.agg-fund.com/" rel="noopener noreferrer" target="_blank">Africa Go Green Fund</a> which also includes a S.A.F.E. round featuring several investors.Founded in Kigali, Rwanda, in 2016, <a href="https://www.ampersand.solar/" rel="noopener noreferrer" target="_blank">Ampersand</a> introduced electric motorcycles to Africa in May 2019. With an impressive four-year track record, the company's motorcycles have collectively covered 180 million kilometers, preventing 8,000 tons of carbon emissions. It currently caters to 1,700 electric motorcycle riders through battery swaps. These riders collectively traverse 1.4 million kilometers weekly in Kigali and Nairobi, facilitated by 140,000 monthly battery swaps.The equity funds secured by <a href="https://www.ampersand.solar/" rel="noopener noreferrer" target="_blank">Ampersand</a> will be directed towards expediting product development, while a combination of debt and equity will support the expansion of Ampersand's battery swap network. Research and development efforts will concentrate on enhancing Ampersand's next-generation batteries and battery-swap technology.

EIN News

Rwanda’s Ampersand raises $19.5m to scale EV transport

<a href="https://www.statssa.gov.za/" rel="noopener noreferrer" target="_blank">Statistics South Africa</a>'s recent release of international arrival figures for January to November 2023 indicates a notable upswing in the momentum of South Africa's tourism sector. The total international tourist arrivals reached 7.6 million, showcasing a remarkable 51.8% increase compared to the corresponding period in 2022.While this recovery toward pre-COVID-19 levels is promising, the performance is still 17.6% lower when compared to the same period in 2019. Nevertheless, the data suggests that the tourism sector is effectively driving travel to South Africa, fostering cultural exchanges, and contributing to inclusive economic growth.In the first eleven months of 2023, <a href="https://dabafinance.com/en/news/south-african-inflation-slows-on-cooling-fuel-prices" rel="noopener noreferrer" target="_blank">South Africa</a> welcomed 5.8 million visitors from the rest of the African continent, constituting a significant 75.5% of all arrivals, a substantial increase from the same period in 2022.

Daba Finance/South Africa sees major surge in foreign tourist arrivals

South Africa sees major surge in foreign tourist arrivals

The day after Christmas, the <a href="https://www.brvm.org/" rel="noopener noreferrer" target="_blank">BRVM</a> (Bourse Régionale des Valeurs Mobilières) stock market experienced a 0.26% decline in its Composite Index, which settled at 211.54 points. This contraction can be attributed to a predominance of decreases (20 declines against 10 increases).Also, the presence of <a href="https://www.orange.ci/" rel="noopener noreferrer" target="_blank">Orange CI</a> (-1.87% at 10,500 FCFA) among the regressions, offset the performance of <a href="https://sonetel.com/en/sign-up/" rel="noopener noreferrer" target="_blank">Sonatel</a> (+1.74% at 17,795 FCFA). In sync with the Composite Index, the BRVM 30 Index also showed a decline of 0.24%, settling at 106.40 points, while the BRVM Prestige improved slightly (+0.02% at 100.18 points).&nbsp;It's noteworthy that shares of Sonatel, the BRVM giant in terms of capitalization, continued their upward trajectory, reaching a new high in the last 5 years. Throughout this session, the total cumulative volume amounted to 821.4 million FCFA, with the majority observed in Sonatel, accounting for 73.52% of daily activity.

Daba Finance/BRVM kicks off final trading week of the year negative

BRVM kicks off final trading week of the year negative

The yield on Kenya's Eurobond due in June experienced a decline to the lowest level in about a month after the deadline for a coupon payment had passed. The yield dropped by 64 basis points to 13.513% in Nairobi at 2:26 p.m., according to data from Bloomberg.&nbsp;<a href="https://dabafinance.com/en/news/kenya-moves-closer-to-sealing-eu-partnership-agreement" rel="noopener noreferrer" target="_blank">Kenya</a> had until December 24 to make the interest payment for the $2 billion debt issued nearly 10 years ago at a rate of 6.875%. The price of the maturing Eurobond has demonstrated volatility in secondary market trading as investors seek a potential premium.&nbsp;The 10-year sovereign bond, issued in June 2014 and traded on the Irish stock market, has witnessed weekly yield fluctuations of more than a percentage point since the start of November. In contrast, the other five outstanding Eurobond issues, maturing between 2027 and 2048, have experienced more modest yield movements.

Daba Finance/Kenya Eurobond yield at month’s low

Kenya Eurobond yield at month’s low as maturity nears

Egyptian tech-focused venture capital firm and incubator, <a href="https://www.tvencubator.com/" rel="noopener noreferrer" target="_blank">T-vencubator</a>, has launched its operations, with a focus on investing in <a href="https://dabafinance.com/en/news/egypt-based-ischool-bags-funding-for-global-expansion" rel="noopener noreferrer" target="_blank">startups in Egypt</a>.T-Vencubator aims to provide a supportive platform for startups to thrive with a mission that centers around using technology to solve everyday problems. It introduces a "Vencubation" model, described as a unique blend of venture capital and incubation.<a href="https://www.linkedin.com/in/reem-safy-30609b177/?originalSubdomain=eg" rel="noopener noreferrer" target="_blank">Reem Safy</a>, the CEO of T-Vencubator, emphasized the belief that technology can potentially solve many of Egypt's challenges. She stated, "We're not just putting money into startups; we're investing in exceptional talents shaping Egypt's future."

Daba Finance/New early-stage VC firm launches to back startups in Egypt

Wamda

New early-stage VC firm launches to back startups in Egypt

In a notable turn of events, shareholders of Nigeria-based <a href="https://sugar.dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Sugar Refinery</a> are experiencing relief as the company's share price has witnessed an uptick, showing a remarkable 258% year-to-date increase as of December 21. This surge is indicative of positive prospects for the future, offering a ray of hope after a challenging five-year period characterized by an overall decline in share value.The preceding five years have been less favorable for Dangote Sugar shareholders, with a 21% decline in share value during this period. In 2022 alone, the share price saw a 7.76% decrease, trailing behind the broader market returns of 19.98%.It is crucial to highlight that despite the share price decline, the company's earnings have seen substantial growth. Over the past five years, Dangote Sugar achieved impressive earnings per share growth, boasting a compound annual growth rate of 19.5%. This positive earnings trajectory may contribute to the renewed confidence reflected in the recent uptick in share price.

Daba Finance/Dangote Sugar stock up 258% YTD

Dangote Sugar stock up 258% YTD despite macro headwinds

The Monetary Policy Committee (MPC) of the <a href="https://www.cbe.org.eg/en/" rel="noopener noreferrer" target="_blank">Central Bank of Egypt</a> (CBE) opted to maintain interest rates at its final meeting of 2023. The overnight deposit rate and overnight lending rate were held steady at 19.25% and 20.25%, respectively. Furthermore, the main operation rate and the discount rate remained unchanged at 19.75%.The decision was influenced by global economic factors, with the CBE noting a slowdown in global economic growth and a downward revision of the outlook compared to the previous meeting. This was attributed to the continued impact of policy rate increases by major central banks on demand. Additionally, key international commodity prices, particularly energy, had declined due to reduced speculation over oil supply shortages and subdued global demand.The CBE acknowledged that mounting geopolitical tensions had heightened uncertainty in the inflation outlook, particularly concerning oil prices. The bank stated its commitment to assessing the overall impact of previously implemented tightening policies and their transmission to the economy through a data-driven approach.

Egypt central bank keeps interest rates steady as growth dips

Egyptian holiday home fractional ownership company <a href="https://www.seqoon.com/" rel="noopener noreferrer" target="_blank">Seqoon</a> has expanded into the UAE market, unveiling its premier properties in Dubai. Launched in 2022 by <a href="https://www.linkedin.com/in/omar-eldessouky-2b72801a9?originalSubdomain=eg" rel="noopener noreferrer" target="_blank">Omar Eldessouky</a> and <a href="https://www.linkedin.com/in/mohamed-el-khatieb-6b19a6169/?originalSubdomain=eg" rel="noopener noreferrer" target="_blank">Mohamed El Khatieb</a>, Seqoon offers users the opportunity to own shares ranging from one-eighth to one-half of a vacation home.Seqoon's approach aims to overcome affordability barriers, providing users with a seamless and hassle-free method to own portions of luxury real estate. Following a $500,000 pre-seed funding round in October 2022, the company has expanded its presence in various destinations in Egypt, including El Gouna and the North Coast.The move into Dubai marks Seqoon's first international expansion, signaling its commitment to becoming a leading platform for holiday home buyers in the region. Mohamed El Khatieb expressed excitement about introducing Seqoon's innovative model to Dubai, emphasizing the alignment of Dubai's dynamic real estate market and thriving tourism with Seqoon's mission of making property ownership more accessible and enjoyable.

Egypt's Seqoon expands fractional home ownership service to Dubai

On Tuesday, Ethiopia marked Africa's <a href="https://dabafinance.com/en/news/ethiopia-to-meet-bondholders-this-week-as-default-looms" rel="noopener noreferrer" target="_blank">third default</a> in as many years by failing to fulfill a $33 million coupon payment on its sole $1 billion international government bond.The country, ranked as Africa's second most populous, had <a href="https://dabafinance.com/en/news/ethiopia-to-meet-bondholders-this-week-as-default-looms" rel="noopener noreferrer" target="_blank">declared its intention</a> to formally enter default earlier in the month, citing severe financial challenges resulting from the aftermath of the COVID-19 pandemic and a concluded two-year civil war in November 2022.Although the payment was initially due on December 11, <a href="https://dabafinance.com/en/news/ethiopia-to-meet-bondholders-this-week-as-default-looms" rel="noopener noreferrer" target="_blank">Ethiopia</a> technically had until Tuesday to submit the funds, thanks to a 14-day 'grace period'. According to Reuters, as of the close of business on Friday, December 22, the final international banking working day before the grace period lapsed, bondholders had not received the coupon payment.

Daba Finance/Ethiopia defaults on Eurobond coupon payment

Ethiopia’s coupon miss sees it become Africa's latest defaulter

After a hiatus of over nine years due to political and security challenges, Libya's <a href="https://dabafinance.com/en/news/ghana-stock-exchange-receives-iso-certifications" rel="noopener noreferrer" target="_blank">Stock Market</a> reopened in the capital, Tripoli, on Monday. The event was commemorated with a ceremony attended by the Prime Minister of the Government of National Unity, Abdulhamid al-Dbeibah, and the Chairman of the Board of Directors, Bashir Mohamed Ashour, alongside other dignitaries.Prime Minister al-Dbeibah underscored the significance of the stock market as a crucial economic instrument. He noted, "The importance of the stock market is embodied in doubling the gross domestic product and helping to close the budget deficit, which reduces the burden on the state’s general budget."Ashour, the Chairman of the Board, stressed that the success of the market would be contingent on the "stability and development of the various sectors of the state." The reopening marks a milestone for Libya, signaling efforts toward economic revitalization and stability in the region.

Daba Finance/Libya’s stock market resumes trading after 9-year closure

Libya’s stock market resumes trading after 9-year closure

<a href="https://www.imaginario.ai/" rel="noopener noreferrer" target="_blank">Imaginario AI</a>, a Tunisian startup leveraging artificial intelligence for video and audio content processing, has secured a pre-seed funding round of $1 million. The funding was led by <a href="https://216capital.vc/" rel="noopener noreferrer" target="_blank">216 Capital</a>, with participation from <a href="https://www.bluelakevc.com/" rel="noopener noreferrer" target="_blank">Blue Lake VC</a>, <a href="https://www.earthling.vc/" rel="noopener noreferrer" target="_blank">Earthling Ventures</a>, <a href="https://corporate.comcast.com/company/nbcuniversal" rel="noopener noreferrer" target="_blank">Comcast NBCUniversal</a>, <a href="https://www.techstars.com/" rel="noopener noreferrer" target="_blank">Techstars</a>, and a group of business angels.Established in 2021, Imaginario provides AI-driven solutions for the processing of video and audio content, with the capability to efficiently manage large datasets, streamlining and expediting the creation and comprehension processes for multimedia content for marketers and content creators.Noteworthy Hollywood studios and media companies such as <a href="https://www.warnerbros.com/" rel="noopener noreferrer" target="_blank">Warner Bros</a>. <a href="http://www.discoverychannelafrica.com/" rel="noopener noreferrer" target="_blank">Discovery</a>, <a href="https://www.universalpictures.com/" rel="noopener noreferrer" target="_blank">Universal Pictures</a>, and <a href="https://www.cineverse.com/" rel="noopener noreferrer" target="_blank">Cineverse</a> have attested that Imaginario AI has contributed to saving over 60% of search and creation time. The funding will help the startup to solidify its developmental efforts and extend its engineering and sales teams across the United States, Europe, and the MENA region.

Daba Finance/Imaginario AI raises $1m pre-seed

Tunisia’s Imaginario AI raises $1m pre-seed for global expansion

The <a href="https://www.cbn.gov.ng/" rel="noopener noreferrer" target="_blank">Central Bank of Nigeria</a> (CBN) has unveiled guidelines for virtual assets, marking a significant shift that allows virtual assets service providers (VASPs), encompassing cryptocurrencies and crypto-assets organizations, to establish accounts with Nigerian banks.Issued to all banks and financial entities on December 22, 2023, the guidelines outline the conditions for virtual assets providers to open accounts. Despite this allowance, the CBN underscored that banks and financial institutions remain prohibited from holding, trading, or transacting in virtual currencies through their accounts.This development follows a two-year period during which the apex bank restricted banks and financial institutions from engaging in account operations for cryptocurrency service providers. The CBN clarified that the issuance of these guidelines is a response to current global trends, emphasizing the necessity of regulating the activities of virtual VASPs in the evolving financial landscape.

Daba Finance/Nigeria lifts ban on crypto banking

Nigeria lifts ban on crypto trading, banks to create naira stablecoin

<a href="https://bterenewables.com/" rel="noopener noreferrer" target="_blank">BTE Renewables</a> has concluded its sale to Engie and Meridiam. In this transaction, <a href="https://www.engie.com/en" rel="noopener noreferrer" target="_blank">Engie</a> has acquired BTE Renewables' operations in South Africa, while <a href="https://www.meridiam.com/" rel="noopener noreferrer" target="_blank">Meridiam</a> has taken over its operations in Kenya. The acquisition by Engie and Meridiam is from BTE Renewables' previous owner, Actis. The pan-African renewable energy platform, BTE Renewables, was established by Actis in 2017 through the acquisition of the <a href="https://kipetoenergy.co.ke/" rel="noopener noreferrer" target="_blank">Kipeto</a> wind project in Kenya during its development stage. BTE Renewables is dedicated to the pan-African region, with a primary focus on utility-scale wind and solar projects. As of now, the platform includes operational projects in both South Africa and Kenya.

Daba Finance/Actis fully exits BTE Renewables to Engie and Meridiam

Actis fully exits BTE Renewables to Engie and Meridiam

The <a href="https://www.imf.org/en/Home" rel="noopener noreferrer" target="_blank">IMF</a> board has granted immediate approval for a $187 million loan disbursement to Zambia, which is in the process of revising a restructuring proposal for $3 billion of bonds that was previously rejected by official creditors last month. This loan disbursement represents the third payout under Zambia's $1.3 billion Extended Credit Facility arrangement, which was approved in August 2022. According to a Q&amp;A document on the IMF's website, Zambian authorities are actively refining their Eurobond restructuring proposal to align with the comparability of treatment requirements set by official creditors. Despite notable progress, the IMF acknowledges that further adjustments are necessary to satisfy both program parameters and the comparability of treatment, as stipulated by official bilateral creditors.

Daba Finance/IMF releases $187m Zambia payout

IMF releases $187m Zambia payout amid $3bn bond revamp

<a href="https://www.ifc.org/en/home" rel="noopener noreferrer" target="_blank">IFC</a> has recently launched a 234 million Zambian kwacha bond, equivalent to around $10 million, to foster the development of Zambia's domestic capital markets. This initiative seeks to enhance access to local currency finance, providing a buffer for local businesses against the impact of currency fluctuations.The "Zambezi" bond, with a five-year amortizing structure, represents IFC's third issuance in this currency and marks the third instance of a nonresident issuer placing a bond in Zambia's domestic capital markets. Listed on the <a href="https://luse.co.zm/" rel="noopener noreferrer" target="_blank">Lusaka Stock Exchange</a>, the bond carries an 18% coupon, which is 4 percent lower than the comparable government bond. IFC had previously issued two "Zambezi" bonds, first in 2013 and more recently in August of the current year.The bond, distributed through private placement, will channel its proceeds into supporting IFC's local currency investment program within the country. Emphasizing the significance of increasing the availability of local currency financing, <a href="https://www.linkedin.com/in/martin-habel/?originalSubdomain=ke" rel="noopener noreferrer" target="_blank">Martin Habel</a>, Head of IFC Treasury Client Solutions in Africa, Europe, the Middle East, and Central Asia, highlighted that this is a crucial priority for IFC.

Daba Finance/IFC issues $10m Zambian kwacha bond

IFC issues $10m bond in Zambian kwacha for local currency finance

Toronto-based <a href="https://www.fyyne.com/" rel="noopener noreferrer" target="_blank">Fyyne</a>, a provider of a beauty services marketplace and business management tools for independent beauticians, has been acquired by Nigerian e-commerce firm <a href="https://www.getbumpa.com/" rel="noopener noreferrer" target="_blank">Bumpa</a>. The financial details of the deal, which was finalized this summer, remain undisclosed. This acquisition follows Fyyne's launch of its beauty tech platform and successful pre-seed funding round about a year and a half ago. Bumpa aims to leverage this strategic acquisition to support its expansion into new markets.Bumpa is actively working on a <a href="https://www.shopify.com/" rel="noopener noreferrer" target="_blank">Shopify</a>-like e-commerce platform designed to assist African small business owners in initiating, overseeing, and expanding their enterprises through mobile devices. Concurrently, with the acquisition, Fyyne has introduced a revamped version of its app powered by Bumpa.

Daba Finance/Nigeria's Bumpa acquires Fyyne

Techpoint Africa

Nigeria's Bumpa acquires Fyyne to expand into new markets

<a href="https://wasoko.com/" rel="noopener noreferrer" target="_blank">Wasoko</a>, a Kenyan e-commerce firm backed by <a href="https://www.tigerglobal.com/" rel="noopener noreferrer" target="_blank">Tiger Global Management</a>, is set to merge with its Egyptian counterpart, <a href="https://www.maxab.io/" rel="noopener noreferrer" target="_blank">MaxAB</a>. The goal is to connect consumer goods companies and Africa's informal traders, who deal in essential products such as rice, flour, and soap.The merged entity plans to leverage MaxAB's position as a one-stop supplier for a network of mom-and-pop stores in North Africa. This strategic move will enable the company to reach over 450,000 merchants across eight African countries, including Morocco, the Democratic Republic of Congo, Zambia, and key East African nations.While the valuation of the combined entity remains undisclosed, Wasoko secured $125 million in Series B funding last year, and MaxAB received $40 million in pre-Series B capital. Notably, both companies count 4DX Ventures Management among their investors.

Daba Finance/MaxAB, Wasoko in merger talks

TechCrunch

Africa’s largest e-retailers MaxAB, Wasoko in merger talks

In a historic trading session, the <a href="https://ngxgroup.com/" rel="noopener noreferrer" target="_blank">NGX</a> (Nigerian Exchange) surged past the 74,000 mark, with the All-Share Index experiencing a notable 1.21% increase, closing at 74,289.02 points on Thursday. This milestone was achieved just a day after the NGX surpassed the 73,000 mark, and the market capitalization of NGX exceeded N40 trillion (around $42 billion).Equities witnessed a substantial gain of N488 billion during the day, propelling the market cap to N40.652 trillion. Notable performers included <a href="https://ngxgroup.com/exchange/data/company-profile/?symbol=TRANSCORP&amp;directory=companydirectory&amp;tdate=2023-12-22T00:00:00" rel="noopener noreferrer" target="_blank">TRANSCORP</a>, <a href="https://ngxgroup.com/exchange/data/company-profile/?symbol=MULTIVERSE&amp;directory=companydirectory&amp;tdate=2023-12-22T00:00:00" rel="noopener noreferrer" target="_blank">MULTIVERSE</a>, and <a href="https://ngxgroup.com/exchange/data/company-profile/?symbol=INFINITY&amp;directory=companydirectory&amp;tdate=2023-12-22T00:00:00" rel="noopener noreferrer" target="_blank">INFINITY</a>, which continued their impressive streaks by gaining 10%, 9.96%, and 9.87%, respectively.In terms of trading activity, the volume reached 760.93 million units, a significant increase from the previous day's 411.21 million units. The total value of trades amounted to N13.03 billion, reflecting an uptick from the previous day's N12.83 billion.

Daba Finance/NGX crosses the 74,000-point mark

NGX crosses the 74,000-point mark, new all-time high

The <a href="https://www.worldbank.org/en/home" rel="noopener noreferrer" target="_blank">World Bank</a> has given its approval for two separate loans totaling approximately $1.14 billion to be allocated to Tanzania. The funds are earmarked to support the country's private sector, facilitate the development of its commercial capital, and address the challenges posed by climate change, according to the World Bank's statement.The first portion of the financing, amounting to $750 million and referred to as Development Policy Financing, is intended to support reforms aimed at expediting business licensing processes and enhancing access to affordable credit. These reforms are expected to accelerate the growth of the private sector in Tanzania.The second tranche, totaling $385 million, will be directed towards financing infrastructure projects and establishing institutions that will assist Dar es Salaam, Tanzania's commercial capital, in adapting to and mitigating the impacts of climate change, as highlighted by the World Bank.

Daba Finance/Tanzania to get $1.14bn from World Bank

Tanzania to get $1.14bn from World Bank in new loans

<a href="https://www.aiicoplc.com/" rel="noopener noreferrer" target="_blank">AIICO Insurance Plc</a> has become the second private domestic institutional investor in <a href="https://infracredit.ng/" rel="noopener noreferrer" target="_blank">InfraCredit</a>, following <a href="https://www.leadway.com/" rel="noopener noreferrer" target="_blank">Leadway Assurance</a> Plc's initial involvement. AIICO's investment, constituting 5% of InfraCredit's share capital, has bolstered the institution's paid-in capital to $175.14 million (N148.55 billion). This injection of capital has significantly increased InfraCredit's credit guarantee capacity to an impressive $875.7 million (N742.77 billion). AIICO Insurance's CEO, Babatunde Fajemirokun, emphasized the company's longstanding relationship with InfraCredit, having previously invested in InfraCredit guaranteed bonds and other financing arrangements promoted by the institution. This strategic move not only deepens AIICO's involvement in infrastructure financing but also strengthens InfraCredit's position in facilitating critical investments for infrastructure projects in Nigeria.

Daba Finance/AIICO acquires 5% stake in InfraCredit

Nigeria-based AIICO Insurance acquires 5% stake in InfraCredit

The <a href="https://gse.com.gh/" rel="noopener noreferrer" target="_blank">Ghana Stock Exchange</a> (GSE) has received certification for both the ISO 27001:2013 and ISO 22301:2019 standards from the <a href="https://www.iso.org/home.html" rel="noopener noreferrer" target="_blank">International Standards Organisation</a> (ISO). These certifications acknowledge the GSE's dedication to adhering to best practices in information security and business continuity management systems.Abena Amoah, the Managing Director of the GSE, expressed her satisfaction with achieving this significant milestone. She emphasized the teamwork and effort put forth by the GSE team during the rigorous evaluation process. Amoah stated, "The GSE remains committed to providing a secure and reliable platform for all market participants, enhancing investor confidence, and promoting Ghana as an attractive destination for investments."The GSE emphasized its ongoing commitment to continuous improvement in processes, personnel, and technology in alignment with these international standards. This commitment aims to ensure robust and dynamic operations in the capital market.

Daba Finance/Ghana Stock Exchange receives ISO certifications

Ghana Stock Exchange receives ISO certifications

The <a href="https://www.nse.co.ke/" rel="noopener noreferrer" target="_blank">Nairobi Securities Exchange</a> (NSE) is currently experiencing a prolonged bear run, leading three companies, including <a href="https://creditbank.co.ke/" rel="noopener noreferrer" target="_blank">Credit Bank</a>, to suspend their plans to list on the bourse due to concerns about the potential adverse pricing of their shares.The persistent bearish trend on the NSE has affected the majority of listed stocks, including those of prominent companies like <a href="https://www.safaricom.co.ke/" rel="noopener noreferrer" target="_blank">Safaricom</a>, <a href="https://kcbgroup.com/" rel="noopener noreferrer" target="_blank">KCB Group</a>, and <a href="https://www.eabl.com/" rel="noopener noreferrer" target="_blank">East African Breweries Plc</a> (EABL). Various factors, such as a flight of foreign investors, have contributed to the significant decline in stock prices.In general, companies typically prefer to go public during a bull market when they can offer shares at a premium valuation, allowing for stable or rising paper wealth for their shareholders post-listing. According to the Capital Markets Authority (CMA) two other unnamed companies in the food processing and mining sectors, have also decided to halt its planned listing due to the current market conditions.

Daba Finance/Firms suspend public listing in Kenya amid bear market

Firms suspend public listing in Kenya amid bear market

<a href="https://www.bkam.ma/en" rel="noopener noreferrer" target="_blank">Morocco's central bank</a> has announced that it will maintain its benchmark interest rate at 3% to ensure price stability. The decision was made during the bank's quarterly board meeting.According to the bank's statement following the meeting, inflation, primarily driven by food prices, is projected to average 6.1% for the current year, a slight decrease from the 6.6% recorded last year. In 2024, inflation is anticipated to further decrease to 2.4%, attributed to an expected decline in the prices of imported goods and the stability of food prices.Assuming an average cereals harvest, economic growth is expected to improve to 3.4% in the following year, following an expected growth rate of 2.1% for the current year.

Daba Finance/Morocco keeps benchmark interest rate at 3%

Moroccan central bank keeps benchmark interest rate at 3%

Egypt and the United Arab Emirates (UAE) have formally entered into a memorandum of understanding (MoU) to collaborate on the establishment of data centers, as per an official statement from the cabinet.The MoU was signed by the Egyptian Ministry of Communications and Information Technology and the Emirati Ministry of Investment. This agreement encompasses cooperation in investment for the development of data center projects in Egypt, starting with an initial capacity of 100 megawatts (MWs) for the first phase and a future targeted capacity of up to 1,000 MWs.Additionally, the MoU outlines the exchange of information related to these projects and commits both parties to collaborate on developing a joint work plan and mechanisms for monitoring the implementation of the agreement. This collaboration signifies a commitment to advancing digital infrastructure and fostering technological development in both Egypt and the UAE.

Daba Finance/Egypt, UAE seal agreement to develop data centers

Egypt, UAE seal agreement to develop data centers

<a href="https://www.africa50.com/" rel="noopener noreferrer" target="_blank">Africa50</a> and <a href="https://www.ameapower.com/" rel="noopener noreferrer" target="_blank">AMEA Power</a> have entered into a deal to collaborate on and invest in significant solar plant projects across five African countries: Senegal, Tunisia, Burkina Faso, Togo, and Chad. This partnership is aimed at supporting the continent's energy transition goals and was formalized during COP28 in Dubai.The Africa50 platform, backed by the <a href="https://www.afdb.org/en" rel="noopener noreferrer" target="_blank">African Development Bank</a> (AfDB) and African governments, will play a pivotal role in financing solar energy production in Africa. Teaming up with AMEA Power, an independent power producer based in Dubai, the two entities have committed to co-develop solar photovoltaic power plants in at least five African nations.Both parties will make co-investments to support the energy transition goals of the continent. Beyond the partnership's scope with Africa50, AMEA Power is also engaged in negotiations for concessions in several other African countries, including Gabon, the Democratic Republic of Congo (DRC), Djibouti, Egypt, Morocco, Uganda, and South Africa.

Daba Finance/Africa50, AMEA Power to co-invest in solar projects across Africa

Africa50, AMEA Power to co-invest in solar projects across Africa

<a href="https://www.biontech.com/int/en/home.html" rel="noopener noreferrer" target="_blank">BioNTech</a>, the manufacturer of COVID-19 vaccines, is targeting the commencement of production at its mRNA vaccine factory site in Rwanda by 2025, as per statements from company officials on Monday. This facility represents the first foreign company's <a href="https://www.genome.gov/genetics-glossary/messenger-rna" rel="noopener noreferrer" target="_blank">mRNA</a> vaccine manufacturing site on the African continent.The initial modular components of the German company's factory, designed from shipping containers, arrived at the construction site in Kigali in March and were subsequently assembled into structures known as BioNTainers.Ugur Sahin, the co-founder and CEO of BioNTech, emphasized, "Africa will have one of the most advanced manufacturing facilities in the world," and highlighted the versatility of BioNTainers in producing various mRNA vaccines. The company confirmed that it has fully financed the facility, committing a total of $150 million for this significant initiative.

Daba Finance/BioNTech to start making mRNA vaccine in Rwanda 2025

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