According to the latest UNCTAD World Investment Report, FDI outflows from Egypt rose 14 percent annually to $390 million in 2023. In Africa, total FDI inflows saw a 3 percent decline year-on-year to $53 billion, primarily due to a decline in investments in Egypt and South Africa. In North Africa particularly, FDI inflows saw a 12 percent decline last year. Read: Egypt fulfills $25 billion debt obligations, representing 7 percent of GDP: IIFGlobal FDI trendsThe decline and stagnation of FDI inflows was not limited to Africa or Egypt alone. Post-pandemic, manufacturing FDI saw negative growth signaling a rising trend in regionalization and deglobalization despite strong global manufacturing activities.

Morocco and Turkey agreed to foster cooperation in the fields of mining and energy, including innovative fields such as green hydrogen. The deal was signed by Morocco’s energy minister Laila Benali and her Turkish peer Alparslan Bayraktar, who also agreed to cooperate on electricity distribution, decarbonization, and energy efficiency. Morocco and Turkey both face a surge on electricity demand as well as ambitious environmental goals, he said. Energy cooperation would add momentum to the growing ties between the two countries, said Benali, noting that Morocco is forging ahead in its renewable energy and natural gas plans. Morocco aims for renewable energy to represent 52% of its electricity mix before 2030 and plans to set up an LNG terminal in Nador’s port.

Thank you for visiting nature.com. You are using a browser version with limited support for CSS. To obtain the best experience, we recommend you use a more up to date browser (or turn off compatibility mode in Internet Explorer). In the meantime, to ensure continued support, we are displaying the site without styles and JavaScript.

The search giant also announced the 1,000 Languages Initiative, a commitment to build AI models that will support the 1,000 most spoken languages around the world, it said in a blog post. With the PaLM 2 large language model, Google is rolling out 110 new languages to Google Translate, in its largest expansion ever. Here are some of the newly supported languages in Google Translate:Afar is a tonal language spoken in Djibouti, Eritrea and Ethiopia. Cantonese has long been one of the most requested languages for Google Translate. It’s written in Latin script and Tifinagh script, both of which Google Translate supports.

This development will provide the necessary infrastructure to support the influx of SEZ enterprises and ensure we meet the demand for high-quality office space. It allows us to maintain a balanced financial structure, ensuring both stability and growth potential for Trific SEZ. This flexibility is crucial for large-scale developments like Trific SEZ, where capital requirements vary significantly. Trific SEZ, therefore, offers an ecosystem designed to provide businesses with a competitive edge. This exemption creates a more attractive investment environment for current and potential SEZ enterprises.

The private equity fund will invest in fast-growing SMEs, mainly in North Africa. The Tunis-based fund manager launched the fund as a successor to the Africa Industrialization Fund (AIF), which attracted investment from some of the same institutions, and closed in 2020 having raised $260m. Key sectorsThe new fund is a generalist private equity fund that will invest in fast-growing SMEs, mainly in North Africa, targeting sectors such as healthcare, education, manufacturing and processing, and business services. The fund will make majority or significant minority investments, aiming to take a hands-on, value-added approach to investee firms. Ralph Keitel, head of fund of funds investments at responsAbility, said his firm intended to scale up its efforts to drive economic development, create quality jobs, and promote sustainable growth in North Africa, with SIFEM’s support.

A statement from the DGSN-DGST notes that these meetings focused on assessing security cooperation between Morocco and Germany, discussing security issues of common interest, and addressing regional and international security challenges. The security during the organization of major sporting events was also part of the discussions between Hammouchi and the German officials. The discussions centered on cooperation mechanisms, and sharing expertise and technical assistance between the two parties in securing major events, the statement added. They examined the security equipment and measures put in place and visited the Police Operations Management Center that oversees safety and security protocols during this soccer event. These various visits are part of the advanced preparations of Moroccan security services for upcoming continental and international security and sporting events that the Kingdom is preparing to host, the statement emphasizes.

The country has an ambitious target of boosting the share of renewables in its energy mix to 42% by 2030. “Grids are a big challenge” for developers of larger electricity projects, he said. Cameroon EntryOn the wider continent, Infinity Power is targeting by 2030 to increase its capacity to 10 gigawatts from 1.3 gigawatts. Those projects, concentrated in Western Cameroon, may include solar, wind, battery storage and biomass facilities. Infinity Power is also looking to expand in South Africa after acquiring 60% of Amsterdam-based Lekela Power last year.

SMB marketplace specialist honoured among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology. Pax8, the technology marketplace linking partners, vendors and small to SMBs through AI-powered insights and comprehensive product support, has won the Global 2024 Microsoft Partner of the Year Award. The company was honoured among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology. “We are honoured and humbled to be named Microsoft’s Global Partner of the Year,” said Nick Heddy, President and Chief Commerce Officer, Pax8. “Congratulations to the winners and finalists of the 2024 Microsoft Partner of the Year Awards,” said Nicole Dezen, Chief Partner Officer and Corporate Vice President at Microsoft.

EBRD commits up to US$ 40 million to new fund raised by SPE CapitalFund supports mid-cap companies in Egypt, Morocco and TunisiaFund of up to US$ 350 million raised to support firms in African countriesThe European Bank for Reconstruction and Development (EBRD) is committing up to US$ 40 million to SPE PEF III (PEF III), the new fund raised by SPE Capital, to support mid-cap companies in Egypt, Morocco and Tunisia. SPE Capital is a prominent fund manager operating in Africa, able to deploy around US$ 500 million, including co-investments in more than 15 companies across the continent. This new EBRD investment follows the first made with SPE Capital, back in 2019-20, when the EBRD invested in SPE AIF I (AIF I) fund, the predecessor to PEF III. To date, through AIF I, SPE Capital has invested in nine companies across a broad range of sectors including healthcare, education, fast-moving consumer goods and food processing. Anne Fossemalle, EBRD Director for Private Equity Funds investment, said: “We are excited to support SPE Capital, a key strategic partner to the EBRD in the southern and eastern Mediterranean region, in their next phase of development, through our investment in PEF III.

At this year's ITM in Istanbul where the majority of visitors came from Turkey, the Karl Mayer Group once again demonstrated it is a reliable partner for its customers, especially in difficult times. Nevertheless, the Karl Mayer Group trade fair team was able to report successes. for gauge conversions, were very well received," says Axel Wintermeyer, Vice President Care Solutions at the Karl Mayer Group. There were also a number of discussions about the performance of Karl Mayer multiaxial machines, especially with representatives from the wind power industry. Karl Mayer has a particularly interesting composite machine for them in the product range with the new Max Glass Eco, which is optimized in terms of price-performance ratio.

South Africa-based cross-border money transfer startup Mama Money has partnered Access Bank and Paymentology, global leaders in banking and card issuing, to launch a new WhatsApp-powered bank card service. Mama Money offers international money transfers and banking services through a free mobile application, and is one of the fastest-growing money transfer operators, with over 720,000 users. Through Paymentology’s next-generation payment solution, the Mama Money Card also offers advanced security features that allow you to instantly freeze the card through WhatsApp in case of loss or theft. “The Mama Money Card represents a significant step in empowering communities, particularly in aiding migrants. By catering to the specific needs of a diverse customer base, Mama Money continues to dismantle financial barriers and promote inclusivity,” said Mathieu Coquillon, co-founder of Mama Money.

South African fintech startup Ukheshe has rebranded as EFT Corporation, following its acquisition of the company of the same name back in January, a move the company says will help position it as a “financial inclusion catalyst” on the continent. It has created an extensive range of micro-services that enable rapid digital transaction propositions for clients. In January, the company acquired EFT Corporation, a 23-year-old digital payments firm active in 35 African nations, from its parent company Loita Transaction Services (LXS), and it has now rebranded to that name. Ukheshe said the rebrand would combine its digital solutions with EFT Corporation’s reach under a single unified identity. “This rebrand marks the beginning of a new era of growth and possibilities for us as EFT Corporation.

This will build on the game's growing popularity in the US, which began with our inaugural season and the T20 World Cup.“Bringing the game to existing and new fans, with expert commentary from experienced voices and emerging talent, is what truly makes this sport great. We are excited to kick off the second season and entertain fans globally with the world’s best cricket on American soil. "In addition to the world-class matches, fans have several ticket options to choose from, with general admission tickets starting at $30 per person. Offering 360-degree comprehensive cricket coverage, Cricbuzz delivers ball-by-ball text commentary, compelling video analysis by the best cricket experts worldwide, timely news, match reports, editorials, statistics, rankings, and live match streaming in several regions. With over 125 million monthly active users globally and more than 495 million downloads as of January 2024, Cricbuzz is the largest single sport app in the world.- Ends –

Africa Energy Forum’s theme for 2024, Energy Systems of the Future – Balancing Africa’s Needs with Global Goals, saw speaker after speaker at the opening session touch on the concept of inter-regional connections. Clean energy investment in AfricaDriving the energy markets of the future in AfricaStill, his vision for Africa’s energy future is positive. It includes battery energy storage, power trading and marketing, especially in Southern and Western Africa. Hoffman sees collaboration as key to delivering the energy markets of the future that will meet customer needs. The proposed RLSF policy will cover the risk of payment default by the national utility, KPLC and Geothermal Development Corporation (GDC).