Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of June 15th
James Mwangi of Kenya's Equity Bank Named World Entrepreneur of the YearErnst & Young has selected Dr. James Mwangi, CEO of Kenya’s Equity Bank Limited, as its World Entrepreneur of the Year from among 59 finalists across 51 countries. His accomplishments at the Bank are also highlighted in brief.
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Broadband to Reach 80 Percent of African Citizens by 2020At the Information and Communication Technology Indaba conference, African ministers reaffirmed their commitment to improving communications infrastructure on the continent, aiming to extend broadband coverage to 80 percent of Africans by 2020.
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South Africa $35 Billion Rail Plan to Unlock MineralsIn order to tap into mineral resources in South Africa estimated by Citigroup in 2010 to be worth $2.5 trillion, President Jacob Zuma has begun a massive new expansion and renovation of the country’s railways, ports, and fuel pipelines.
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Source: Bloomberg BusinessWeek
JP Morgan Brings Escrow Service to South AfricaJP Morgan Treasury Services announced that escrow services will now be available in South Africa, under local law, in South African Rand and other foreign currencies. This is part of an expansion into sub-Saharan Africa that includes adding new JP Morgan representative offices in Nigeria, Ghana, and Kenya. Read More »
Source: Business Live (South Africa)
IBM Looks to Africa’s Mobile FutureMweene Monze, IBM Executive Architect at IBM Software Group in South Africa, explains IBM’s plans for Africa in the future, where they currently have more than 20 offices open. He expresses the opinion that Africa will be able to technologically leapfrog more developed nations, taking advantage of developments in mobile IT infrastructure. Read More »
Source: Atlanta Black Star
AfDB Approves $8.5 Bn for Infrastructure, OthersThe African Development Bank extended 36 percent more loans in 2011 than in 2010. This support went primarily to improving infrastructure, as well as to establishing good governance, promoting exports, stimulating the creation of financial systems throughout the continent, and other projects. Read More »
Source: This Day Live (Nigeria)
Brazil Competes with China, India to Invest in AfricaCNN provides an overview of trade development between Brazil and Africa, which has grown over 500 percent since 2000, culminating in Brazil’s top investment bank BTG Pactual recently creating the world’s largest investment fund for Africa, worth over $1 billion. Read More »
CBN Offers 75 Percent Loan Guarantees to FarmersAttempting to stimulate agribusiness in the country, the Central Bank of Nigeria has offered to guarantee 75 percent of loans to local farmers that are provided by Deposit Money Banks. This program operates under the NIRSAL (Nigerian Incentive-Based Risk Sharing in Agricultural Lending), an existing public-private partnership scheme. Read More »
Source: The Nation (Nigeria)
Pan-African Airline Dream Faces Tough Take-OffA former industry minister from booming West Africa’s state of Togo is attempting to create a pan-African airline in the spirit of Air Afrique (his airline, ASKY, already reaches 17 countries). He, and other small African airlines, however, must compete with global airlines that control 70 percent of air traffic to the continent, and face many other challenges. Read More »
Stakeholders Optimistic as FG Outlines Programme for $256Bn Agric SectorAt the BusinessDay Agribusiness Food Security Summit 2012, participants from the Nigerian Ministry of Agriculture unveiled a broad program that intends to make Nigeria into a global leader in the sector. Other participants also revealed many smaller plans related to Nigerian agribusiness. Read More »
Source: Business Day (Nigeria)