November 2022 / Focus Africa

$31 billion Investment commitments secured by the African Development Bank at the recently concluded Africa Investment Forum. The financing will target projects in a number of priority sectors, including the development of agriculture processing zones. (Reuters)

85,000 ounces Gold produced in Nigeria since the Segilola Gold Mine was commissioned in December 2021. The West African country is now working to merge mainstream activities artisanal miners into legal system for effective management. (Punch Nigeria)

30 Hotels Marriott International plans to open across Africa by 2024. The company's expansion, which will add more than 5000 rooms to its stock, is attributed to growth of travel and tourism sector on the continent. (Africa Business Communities)

$50 million Credit issued by Africa Development Bank to First City Monument Bank to support access to finance for small and medium-sized and women-empowered enterprises in Nigeria. The credit will focus on the agribusiness, manufacturing, healthcare and renewable sectors. (CEO Business Africa)

930 Homes to be powered by an emerging market technology company that launched the first-of-its-kind distributed mini-grid in Rwanda. The 120-KWp solar mini-grid project is set to deliver clean, affordable and reliable power to homes, schools, business and clinics. (ESI Africa)

21% Increase recorded for gold production in Zimbabwe's Blanket Mine, pushing the company's production to 59,726 ounces in the first three quarters of the year, compared to 48,872 ounces in the same period of 2021. Gross profit for the period also jumped to $50.5 million, up from $40 million the year before. (The Harald)

$225 million Facility launched by IFC to strengthen venture capital ecosystems in Africa and other regions. This platform will also receive additional $50 million from Blended Finance Facility International Development Association's Private Sector window, which helps de-risk investments in low-income countries. (Disrupt Africa)

37,000 tonnes Avocados expected to be produced annually by Ruvuma Region in Tanzania. This increase in production will rely on strategic plans put in place to enable farmers grow avocados as a third cash crop. (Daily News)

1650 MW Hydropower construction project approved in Nigeria for an estimated cost of $3 billion, making it one of the biggest power projects in the country. The plant will be funded under a public-private partnership arrangement even as private sector financing for the industry is growing. (The Africa Report)

$3 billion  Financing set aside by Standard Bank to fund renewable energy projects around Africa for the next three years. The funds will be used for solar and wind projects across the 20 markets the bank operates. (Africa Business Communities)

10,000 tonnes Maize arrived at the port of Mombasa in Kenya as the East African country re-opens the duty-free window for grain imports. The shipment will help to address the shortage of maize in the country that has seen flour prices skyrocket. (Business Daily Africa)

20% Of public transport buses in Rwanda to be converted to electric vehicles by 2030. This initiative will promote sustainable mobility in both cities and rural areas and reduce carbon emissions. (The New Times)

African countries intend to discontinue the granting of tax waivers and incentives to high-net-worth individuals (HNWIs) and multinationals.

The African Tax Administration Forum (ATAF) is developing a proposal to the African Union (AU) for an African minimum domestic tax. The minimum tax would aim to counteract revenue leakages and illicit financial flows out of Africa, resulting from granting tax waivers to certain companies that pay their taxes in other jurisdictions.

The proposal was announced by the Executive Secretary of the ATAF at the 7th ATAF General Assembly held from 31 October to 4 November 2022, in Lagos, Nigeria.