Facebook to open Lagos office
Facebook will open a software programming office in Lagos in 2021. The move marks the first time the US social media giant will have a team of engineers on the continent, five years after it opened its first advertising office in South Africa. The new office will focus on building “products for the future of Africa, and the rest of the world, with Africans at the helm”, Facebook said.
World Bank launches Africa climate change strategy
The World Bank has launched a multi-billion dollar Africa climate change strategy for the next six years in a bid to kick-start green growth hampered by Covid-19. The Next Generation Africa Climate Business Plan aims to train 10m farmers in climatesmart agriculture, expand landscape management over 60m hectares in 20 countries, increase renewable energy generation capacity from 28 GW to 38 GW, and equip at least 30 cities with low-carbon, compact urban planning.
Kenya unveils diaspora investment fund
Kenya has introduced its first licensed investment fund for citizens living overseas in a bid to channel diaspora funds into development projects. Kenyans abroad can now make investments through the African Diaspora Asset Managers which has been granted the first licence of its kind. Almost 3m Kenyans living mostly in North America and Europe sent an estimated $3bn in remittances to Kenya last year. The fund allows payments to be made using Kenya’s mobile money platform M-Pesa, enabling investments as little as $5.
Angola negotiates debt relief
Angola is negotiating $6.2bn of debt relief over the next three years with three of its major creditors, which include Chinese banks and government agencies, according to the IMF. The country has been hit hard by the decline in oil prices and has sought relief from the G20. “To the extent that unforeseen risks to achieving the medium-term debt target materialise, we will act to mitigate those risks, including by seeking additional debt relief from a wider group of creditors,” the Angolan government said in a statement.