Africa business news

Here are some recent Africa business news updates:

Economic Updates

• The African Development Bank (AfDB) has approved a $1.5 billion loan to support Nigeria's economic recovery and growth. (Source: Bloomberg)
• The International Monetary Fund (IMF) has projected that Africa's economic growth will slow down to 3.4% in 2023 due to global economic challenges. (Source: Reuters)
• The African Union (AU) has launched a new initiative to promote intra-African trade and investment, aiming to increase trade among African countries by 50% by 2025. (Source: African Union)

Company News

• South African retail giant, Shoprite, has announced plans to exit the Nigerian market due to declining sales and profitability. (Source: Business Day)
• Kenyan e-commerce company, Jumia, has reported a 44% increase in revenue in the third quarter of 2022, driven by growth in its food delivery and logistics businesses. (Source: Jumia)
• Egyptian cement company, Suez Cement, has signed a deal with the Egyptian government to supply cement for the construction of a new highway project. (Source: Daily News Egypt)

Investment and Funding

• The African Development Bank has launched a new fund to support the development of Africa's renewable energy sector, with a target of raising $1 billion in funding. (Source: African Development Bank)
• The World Bank has approved a $150 million loan to support the development of the agricultural sector in Ghana. (Source: World Bank)
• The African Export-Import Bank (Afreximbank) has signed a deal with the African Union to provide $1 billion in funding for the development of Africa's pharmaceutical industry. (Source: Afreximbank)

Infrastructure Development

• The African Union has launched a new initiative to develop a high-speed rail network across Africa, with a target of completing the project by 2030. (Source: African Union)
• The Egyptian government has announced plans to invest $10 billion in the development of a new industrial zone in the Suez Canal region. (Source: Daily News Egypt)
• The South African government has launched a new initiative to develop a high-speed rail network between Johannesburg and Cape Town, with a target of completing the project by 2030. (Source: Business Day)

Technology and Innovation

• The African Development Bank has launched a new initiative to support the development of Africa's fintech sector, with a target of raising $100 million in funding. (Source: African Development Bank)
• The World Bank has launched a new initiative to support the development of Africa's digital economy, with a target of raising $500 million in funding. (Source: World Bank)
• The African Union has launched a new initiative to promote the use of artificial intelligence and robotics in Africa, with a target of training 1 million young Africans in AI and robotics by 2025. (Source: African Union)

These are just a few examples of the many business news updates from Africa.