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On Wednesday, Dec. 4, President Joe Biden announced $600 million in new funding to support the Lobito Trans-Africa Corridor’s rail infrastructure. The Lobito Trans-Africa Corridor is a series of railway networks connecting the Central African Copperbelt to the Angolan port of Lobito. Known as the Benguela Railway , the rail line is essential for transporting goods to global markets. According to the White House, the investment will support key sectors in the region, including agriculture, clean energy, transportation and logistics, supply chains, as well as health and digital access. “The United States understands how we invest in Africa is just as important as how much we invest in Africa,” Biden said, as Bloomberg reported . “To help Africa lead the way. We need more capital and more infrastructure to deal with these real solutions. That’s why we’re here today.” The U.S. has invested $2.9 billion in Angola’s energy, infrastructure, and telecommunications sectors. Earlier this...
Individuals interested in investing in exclusive markets in the continent of Africa now have the chance. daba , an abbreviation for “Democratizing Access to Business in Africa” and pays homage to a shovel-like tool used for agriculture in Ivory Coast, was co-founded by American-based entrepreneurs – Boum III Jr and Anthony Miclet. Established as Africa’s first social investment application, daba’s mission is to make investing in Africa possible for investors of any level. Based on a press release, Boum and Anthony realized that much of the world’s fastest-growing economies but has a significant lack of investment avenues for retail investors creating a solid foundation for increased interest in Africa as an investment destination . “Now is truly an opportune time to invest in Africa,” said Anthony, who serves as the Head of Product and co-founder of daba alongside Boum. “With recent cultural and economic trends, a lot of eyes are on the continent. It’s safe to say the world is...
United Bank for Africa (UBA) has collaborated with the award-winning U.S. -based FinTech powerhouse Ovamba Solutions Inc. to provide modern solutions to Cameroon’s small and medium-sized business customers. UBA has engaged with Ovamba’s flagship innovation, “Growth-As-A-Service,” a TradeTech solution designed for businesses involved in trade, imports, and manufacturing. Ovamba — founded in 2013 — began operations in Cameroon in 2014 and focuses on making business growth simpler. “Ovamba provides short-term capital to micro, small and medium-sized businesses in Africa, emerging markets and the GCC for trade, inventory purchases and growth. The capital is provided by International investors from the US, U.K. and Japan,” according to their website. They were inspired by how the under-developed business ecosystem was exacerbating the problem of access to capital. Ovamba’s technology aims to give creative freedom of innovation to markets and demographics previously restricted by...