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Google and Oracle ramp up cloud in Africa to tap $180bn e-Conomy

Google and Oracle ramp up cloud in Africa to tap $180bn e-Conomy

CLOUD-NATIVE startups in Africa are luring big tech firms to ramp up spending on cloud facilities as demand for cloud services that comply with data protection laws grows. McKinsey forecasts a global cloud value of $3 trillion in 2025, with $797 billion of this value sitting in Africa and Europe. In the same period, the International Finance Corporation (IFC) statistics forecast the continent’s e-Conomy to hit $180 billion, 5.2% of its GDP. Google’s Cloud director, Niral Patel cited the IFC figures, highlighting the burgeoning opportunities for cloud services in Africa. On Friday, February 2, Google Cloud announced that it has…
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Projects funded by the World Bank Group’s private sector arm fuel violent conflict – it’s time to reform the system

Projects funded by the World Bank Group’s private sector arm fuel violent conflict – it’s time to reform the system

TO what extent does private investment help developing countries to reduce conflict and violence and to achieve the Sustainable Development Goals? This is a hotly debated issue. Most international institutions such as the World Bank Group take the stance that the problem is not enough private investment. So they mobilise public resources to subsidise and protect private sector actors with the goal of greatly increasing foreign direct investment. Meanwhile, community, labour and human rights advocates – particularly in fragile and conflict-affected countries – tend instead to see the dominant patterns of foreign direct investment as part of a continuing history…
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IFC loans Morocco’s OCP $106 million to build two solar power plants

IFC loans Morocco’s OCP $106 million to build two solar power plants

MOROCCO'S state-owned phosphates and fertiliser producer OCP said it had signed an agreement with the International Finance Corporation (IFC), the World Bank's investment arm, on a 100 million-euro ($106 million) loan to build two solar plants to increase production of low-carbon fertilizers. The two photovoltaic plants will be located in the mining areas of Khouribga and Benguerir with a combined capacity of 400 megawatts and a storage capacity of up to 100 megawatt-hours, OCP said in a statement. This green loan is the second offered by the IFC to OCP within a year after a similar 100 million-euro loan last…
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Ethiopia’s second telco license likely to ignite global investor interest

Ethiopia’s second telco license likely to ignite global investor interest

ETHIOPIA'S July 1 unveiling of a tender for a second new telecommunications license opens Africa's second-largest market to more competition and comes after its market-liberalising test run with Safaricom hit pay dirt. "There are several positive developments occurring in the Ethiopian telecommunications sector since the beginning of the liberalisation process," the Ethiopian Communications Authority said in a request for qualifications (RFQ) notice. The tender follows regional mobile giant MTN's unsuccessful attempt in 2021 to secure a license despite placing a substantial US$600 million bid. The staggering size of the bid underscored the appeal of Ethiopia's mobile phone and internet market,…
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Rwanda and partners to seek further 300 million euros for climate resilience

Rwanda and partners to seek further 300 million euros for climate resilience

RWANDA and international development banks plan to raise an extra 300 million euros ($328.86 million) to help the country adapt to a changing climate, the International Monetary Fund (IMF) said. In April, the IMF said it had allowed for a disbursement of $98.6 million of an initial $319 million. It said on Thursday, the new support would build on that and the Rwandan government's fund-raising efforts would be helped by France's Agence Française de Développement (AFD), the European Investment Bank (EIB), Italy's Cassa Depositi e Prestiti (CDP), and the International Finance Corporation (IFC). The proceeds will help businesses in Rwanda to access…
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