Here is your weekly wrap-up of African FinTech and Investment news, brought to you by Monetix.io. Get the insights and references you need to navigate business in the African market.

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• African Development Bank Group Approves $252.83 Million Loan to Uganda for Road Network Improvement and Economic Growth
• Nigeria’s leader presented a $34.8 billion spending plan for 2024 to federal lawmakers, prioritizing the economy and security.
• Africa Finance Corporation Inks a Long-term $350 Million Line of Credit Agreement with the AfDB to Support Infrastructure Projects

The African fintech industry continues to grow and innovate, with several recent developments highlighting the potential of digital finance in the region.

African Development Bank Group Approves $252.83 Million Loan to Uganda for Road Network Improvement and Economic Growth

The African Development Bank Group has approved a $252.83 million loan to Uganda for the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi roads, aiming to enhance rural transport connectivity and regional integration. The project includes complementary initiatives such as road improvements in small towns, non-motorized traffic facilities, street lighting, regional bus terminus, market stalls, and flood protection. This infrastructure development is expected to reduce costs, improve logistics efficiency, and benefit agricultural communities and refugee camps in northwestern Uganda, ultimately fostering economic growth and trade facilitation. Learn more.

Nigeria’s leader presented a $34.8 billion spending plan for 2024 to federal lawmakers, prioritizing the economy and security.

Nigeria’s President Bola Tinubu presented a 27.5 trillion naira ($34.8 billion) spending plan for 2024, emphasizing economic stabilization and addressing security concerns. The proposed budget aims to sustain a foundation for sustainable development, projecting a 3.76% economic growth. Priorities include infrastructure, social welfare programs, and bolstering security forces to combat extremism. However, challenges persist, with a significant portion allocated to servicing high debt, limiting financing for key projects. Tinubu also pledges to enhance transparency, accountability, and collaboration with development partners and the private sector to improve government effectiveness. Learn more.

Africa Finance Corporation Inks a Long-term $350 Million Line of Credit Agreement with the AfDB to Support Infrastructure Projects

Africa Finance Corporation (AFC) and the African Development Bank (AfDB) have inked a $350 million long-term credit agreement, signed on the sidelines of COP28 Summit, marking a significant milestone in their longstanding collaboration. The funds will empower AFC to mobilize additional resources for infrastructure projects in key sectors, fostering economic growth, job creation, and improved quality of life across Africa. This partnership exemplifies a shared commitment to sustainable development and economic empowerment, harnessing the strengths of both institutions to address Africa’s infrastructure deficit and propel industrialization, job creation, and overall economic expansion. Learn more.