Africa’s Capital Flight Crisis: A $587 Billion Drain Undermining the Continent’s Development Potential
Africa loses over $587 billion annually due to capital flight. Illicit financial flows account for approximately $90 billion lost each year.
AfDB-Backed TechPark CV Turns Cabo Verde into a Cyber Island
TechPark CV was inaugurated on May 5 by Prime Minister Ulisses Correia e Silva and AfDB President Dr. Akinwumi Adesina. The project is backed by the African Development Bank with €45.5 million in support, totaling €51.85 million.
$69 Million Fund Launched to Boost DeepTech Innovation in Francophone Africa
A $69 million innovation fund has been unveiled to support DeepTech ventures in Francophone Africa. The fund aims to finance 1,000 innovation-driven projects over the next five years across OAPI’s 17 member countries.
3 Risks African Startups Face Scaling Operations
Funding for African startups has decreased by 50% to $1.1 billion in 2024, with high borrowing costs complicating cash flow management. Twiga Foods has effectively managed cash flow by negotiating supplier terms and adopting subscription-based revenue models.
Mozambique Partners with AFD Bank To Launch Drones to Boost Disaster Preparedness
The African Development Bank, Mozambique’s government, and Korea’s Busan Technopark launched a drone-based disaster management initiative. Mozambique is recognized as one of Africa’s most disaster-prone countries, frequently affected by floods and cyclones.
