Get to know major highlights and updates on African business opportunities, developments and events for the week.
OPEC Fund for International Development supports Africa Finance Corporation (AFC) with a $50m loan for Africa’s post-Covid recovery
This bond represents the first direct financing co-operation between the two institutions. AFC is a financial institution with 28 member countries, established to provide financing and private sector-driven solutions for infrastructure, natural resources and industrial projects across Africa. To date, AFC has invested over $8.4bn in projects within 35 African countries. The OPEC Fund signed a cooperation agreement with AFC in 2017, and this loan marks the beginning of collaboration on the ground.
The African region has immense potential for trade and investment, including engineering and pharmaceutical products: Dawood
While at a consultative meeting with the officials of the Trade Development Authority of Pakistan (TDAP), Abdul Rasak Dawood, advisor to the prime minister on commerce & investment expressed his appreciation on the trade promotion measures being taken under the Ministry of Commerce (MOC)’s Look Africa Policy initiative.
Investors gain N259 billion as MTN Nigeria, Airtel Africa, and WAPCO top the stock market list
The Nigerian Stock Exchange continued on a positive note, as the All-Share Index improved by 1.21% to close at 41,584.94 index points. Consequently, Month-to-Date and Year-to-Date return increased to 3.24% as market capitalisation stands at N21.494 trillion, having added N259 billion bringing to a total volume of 467 million units of shares, valued at N5.56 billion exchanged hands in 5,990 deals.
Google: Expansion of Africa’s digital footprint accelerates digital growth in Africa
American technology giant, Google, has expressed satisfaction at the pace of digital expansion in Africa since the outbreak of the coronavirus pandemic. According to Google’s CEO, the global technology enterprise would continue to invest in fighting the spread of coronavirus globally.
1000 African developers set to be trained at the cryptocurrency continuing education for 2021 Q1
The world’s leading cryptocurrency exchange, Binance, plans to equip up to 1000 African Blockchain developers with the right skills to build their first DApps on the Binance Smart Chain (BSC) network within the first quarter of 2021.
Jua Kickstarter Fund for African entrepreneurs doubles in size to $2m
Jua Kickstarter Fund has now doubled in size after a further US$1 million was pledged by US-based angel investing and mentorship firm SIMBA Global Startups – bringing the total investment amount available to US$2 million. The added capital will allow the fund to make more significant investments in enterprises and fund more businesses.
Africa’s free trade bloc could significantly boost UK-Africa trade and investment flows
Since the effect of AfCFTA on January 1st, and a combined GDP of $3.3 trillion and a market of 1.2 billion people, there are new opportunities for the UK and Africa to strengthen their trade and investment ties.
African proverb of the week:
“When A Lion Roars, He Does Not Catch Game.”
Fun Fact:
Africa is the world’s second-largest continent covering about over 30 million square kilometres.
We are your dependable and trusted partner for African market entry and global PEO services. We are a division of ‘The Workforce Group’ – an African management consulting firm providing clients across diverse sectors and nations with a comprehensive collection of business and HR solutions.
At African Ally, we are committed to being partners with our clients on their journey to win in the African market. We provide business advisory support required for setting up and establishing operations within the local regulations and employment laws, therefore mitigating unforeseen risks and pitfalls of establishing a business in new terrain. We also manage recruitment and onboarding services, serviced office spaces, vendor management, procurement, travel, immigration and logistics support on behalf of our clients.
Over the last 16 years of doing business and growing our footprint in eleven African countries so far, we have observed that access to this level of support by clients trying to invest and do business in Africa can make the significant difference between their success and failure so this is why we do what we do, and it has earned us a reputation of being a reliable and dependable ally.
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