Africa Foresees 400m Partnerships to Transform Lives

Aug 4 , 2024


[ssba-buttons]

Africa is poised for a 400 million euro initiative on food security, small and medium-scale enterprise and infrastructure growth over five years. The initiative is announced by Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), and the African Development Bank Group to bolster private sector growth in Africa. The partnership aims to drive economic growth on the continent by supporting strategic projects, promoting information exchange, and facilitating joint investment opportunities. Each institution will contribute up to 200 million euros, which will be funnelled into Africa's economy through private equity and venture capital funds focused on  Additionally, the platform aims to mobilise an extra 350 million euros from other sources, bringing the total investment pool to 750 million euros. The African Development Bank Group, which manages the largest dedicated private equity and venture capital fund-of-funds in Africa with over 1.36 billion dollars committed to 74 funds, welcomed the partnership. President Akinwumi Adesina expressed his support by saying that they plan to leverage this strategic partnership to scale up investment in Funds in Africa and give greater confidence to global and African institutional investors to also scale up their investments.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...