The European Business Council for Africa

Sovereign wealth funds are gaining ground in Africa, although urgent financial reforms are needed to boost foreign investment following the Covid-19 pandemic. This is according to economic experts speaking during the second day of the 2021 African Economic Conference in Cabo Verde.

Studies presented during one of the sessions on Friday highlighted the progress made in some countries over the past few decades to improve policies. Experts argue that more work is needed to diversify and deepen financial markets so as to expand beyond commercial banks.

Munashe Matambo, Associate Research Scientist at the Zimbabwe-based Scientific and Industrial Research and Development Centre, said there are at least 117 sovereign wealth funds currently operating or in the pipeline around the world, managing $9.1 trillion – 10% of global GDP.

A common crypto currency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday.

But the continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable, panellists said during a discussion on reforming Africa’s financial system.

Anouar Hassoune, Professor of Finance and CEO of the West Africa Rating Agency, believes that a common crypto currency will ease the cost of doing business and give the continent an identity.

The Board of Directors of the African Development Bank Group has approved $217 million in loans to fund a project that will improve road transport services in Kenya’s northeastern region.

The loans comprise $75 million from the non-concessional window of the Bank Group and $142 million from the concessional lending division, known as the African Development Fund. The Kenyan government will contribute $6.3 million. The $223.3 million project covers the 740 km Isiolo-Mandera corridor and will enhance regional integration and trade between Kenya, Somalia, and Ethiopia. About 867,000 people who reside around the project area are expected to benefit from the initiative.

The African Development Bank’s African Natural Resources Centre and the Sustainable Energy Fund for Africa have hosted the first in a series of webinars discussing the potential of Africa’s blue economy.

The webinar, held on November 23, centered around a study on the potential of offshore renewable energy in Africa commissioned by the African Natural Resources Centre as part of a series to inform policymaking, planning, and investment in blue economy strategies in Africa. The findings were presented by Linus Hammar from Octopus Ink Research & Analysis, Sweden.

The audience was treated to an analysis of the potential of the offshore renewable energy that Africa possesses, beginning with an overview of coastal and island countries and prospects for commercial development.

Le Groupe de la Banque africaine de développement et la Banque nationale pour le développement économique (BNDE) du Sénégal ont signé, le 25 novembre dernier, à Dakar, un accord de financement de près de 15 milliards de francs CFA (22,5 millions d’euros) pour renforcer les capacités de financement du secteur agricole et des petites et moyennes entreprises.

Le financement est une ligne de crédit composée comme suit : 15 millions d’euros de la Banque africaine de développement et 7,5 millions d’Africa Growing Together Fund, un fonds de financement de projets de développement, garantis ou non garantis par l’État, hébergé par la Banque.

Speech delivered by Commissioner for Equality, Helena Dalli, on the situation in the country

Thank you President, Honourable Members of the European Parliament,

The European Union is following closely the human rights situation in Cameroon, a country situated in a fragile region, taking its due share of the burden, hosting refugees fleeing from the Central African Republic and Nigeria.

There are two persistent violent crises within Cameroon, in the so-called 'Anglophone regions' and in the Far North.

Speech delivered by Commissioner for Equality, Helena Dalli, on the current situation in Somalia

Thank you, President.

Today I have four points of concern to make:

Firstly, we continue to witness political and security tensions in Somalia that have created delays in the electoral process and overall reform dynamics, notably security transition.

While we welcome news that Somalia’s leaders appear to have resolved their differences, we urge them to refocus on national priorities and work to overcome political hurdles; we urge for the finalisation of a credible electoral process by the end of 2021 in line with the electoral model consensually agreed respecting the 30% minimum quota for women.

The High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the European Commission, Josep Borrell, met with the Vice-President of the Libyan Presidency Council Musa Al-Koni in Brussels on Wednesday.

The meeting took place one month before the start of Libyan elections on 24 December. High Representative Borrell welcomed the efforts of Vice-President Al-Koni and of the Presidency Council to organise and proceed with the elections. In just over a year, Libyans have agreed on a ceasefire and a road map leading to the formation of temporary authorities and then elections. The High Representative reaffirmed the EU’s readiness to provide all available support to facilitate the holding of free, fair, inclusive and credible presidential and parliamentary elections. In this regard, he announced the upcoming deployment of an EU Electoral Expert Mission on the ground, ahead of the elections on 24 December.

Plusieurs hauts dirigeants africains ont appelé à « transformer le rêve en réalité » lors du forum des affaires sur les batteries et véhicules électriques en Afrique, appelé « DRC-Africa Business Forum », qui s’est ouvert, mercredi à Kinshasa, en République démocratique du Congo (RDC).

Le président de la RDC, Félix Tshisekedi, a inauguré le forum aux côtés de son homologue zambien, Hakainde Hichilema, de représentants des chefs d’État du Gabon et du Maroc, et du président du Groupe de la Banque africaine de développement, Dr Akinwumi A. Adesina, dont l’institution est partenaire de l’événement.

The U.K. government this week urged its citizens to leave Ethiopia immediately due to the risks from its escalating civil conflict, following similar warnings by the likes of Germany, France, the U.S., and Turkey.


This comes just over a year into fighting between the federal government and forces in its northern Tigray state - originally aimed at neutralizing the Tigray People's Liberation Front. It has left thousands dead, displaced at least 2m people according to the UN, while threatening to further escalate already simmering ethnic tensions.


Prime minister Abiy Ahmed declared this week that he would personally lead the war effort from the front, following reports that rebel forces - which have announced a coalition to remove his government - have gained the upper hand over government troops, and could attack the capital Addis Ababa.