Ethiopia: Fitch Ratings has upgraded Ethiopia’s local currency issuer default rating to ‘CCC+’ from ‘CCC-‘, driven by easing financial pressures and improved macroeconomic stability. According to Africa News Agency, the upgrade is driven by reforms by the National Bank of Ethiopia, including the adoption of a market-based exchange rate, facilitating greater economic transparency and increasing … Read more
Zimbabwe: On 30 October, the Government of Zimbabwe and the European Union signed four financial agreements totaling £75 million to support the country’s development. The agreements aim to facilitate a green transition by bolstering agricultural value chains, renewable energy initiatives, biodiversity conservation, and community resilience. Additionally, the agreements focus on enhancing transparency, promoting gender equality, … Read more
Morocco: Acwa Power and Gotion Power Morocco have signed an agreement to develop a 500 MW wind power plant and a 2,000 MWh storage system, supplying the Gotion electric vehicle battery plant, operational in 2026. This project, with an initial investment of $800 million, is part of Morocco’s energy transition strategy. According to Africa News … Read more
Riyadh: At the New Africa Summit held in Saudi Arabia, the Kingdom unveiled plans to invest $45 billion in sub-Saharan Africa over the next five years. This significant financial commitment is spearheaded by Minister of Finance Mohammed bin Abdullah Al-Jadaan. The initiative is set to focus on transforming infrastructure, energy, and innovation sectors, with the … Read more
