| Welcome to Next Africa, a twice-weekly newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. There was a decidedly more upbeat (or, at least, productive) mood at a high-level summit in Abidjan this week than in recent years. The annual Africa CEO Forum held its biggest edition yet, drawing about 2,800 delegates, including presidents, against the backdrop of economic and political turmoil. With the continent facing a worsening debt situation and concessional funding drying up, conversations centered on how to lure private capital, especially for projects that address the continent’s huge infrastructure needs.  The Alassane Ouattara bridge in Abidjan. Photographer: Issouf Sanogo/AFP/Getty Images “Blended finance” became the catchword in the meeting rooms in Ivory Coast’s commercial capital — using development finance to help derisk projects and give investors more confidence to put their money on the table. And there was more focus on finding solutions than dwelling on the risks they are meant to solve. That was highlighted by the relatively cordial public exchanges between the presidents of South Africa and Rwanda, who spoke on a panel together about peace in central Africa. Cyril Ramaphosa and Paul Kagame have clashed previously about Rwanda’s alleged role in a conflict in the Democratic Republic of Congo (Kagame denies the claim). The positivity is welcome, but outside the conference halls the reality is more somber.  WATCH: Ghanaian President John Mahama is interviewed by Bloomberg’s Jennifer Zabasajja at the forum. Mahama encouraged investment in the West African nation’s oil industry. Global markets remain tight for African funding and South Africa has a tough task ahead to persuade US President Donald Trump to ease tensions with his government, never mind finding a deal to lower planned tariffs. In eastern Congo, M23 rebels remain in control of major cities and Sudan’s civil war shows no sign of abating. Much-vaunted plans for a continent-wide trade deal to free up the movement of goods are also fading — only 17% of the respondents to a survey at this week’s meeting say they have seen any benefits from AfCFTA. Kagame’s criticism of the multiple forums seeking to end the fighting in Congo may well have been the clearest reminder of the still-fragmented approach to resolving Africa’s many, long-running challenges. — Yinka Ibukun Key stories and opinion:
Ghana’s Mahama Fine Tuning Measures to Quicken Crude Extraction
Rubio Prods Congo, Rwanda to Make Peace as Duo Agree to Deadline
Regional Body to Probe Congo Claims of Rwanda Mineral Smuggling
Africa’s Insularity Lets Foreign Powers Swoop In: Justice Malala Ramaphosa plans to hold talks with Trump in Washington on May 21, hoping to ease a simmering diplomatic row. Since starting his second term in January, the American leader has accused South Africa of orchestrating a genocide against White Afrikaner farmers and seizing their land, allegations echoed by his Pretoria-born billionaire backer Elon Musk. Washington has frozen most aid to the nation, announced tariffs on its exports and expelled its ambassador. The first cohort of minority groups offered refugee status arrived in the US on a charter flight this week.  White South Africans backing Trump’s claims of persecution outside the US embassy in Pretoria on Feb. 15. Photographer: Marco Longari/AFP/Getty Images Former Credit Suisse CEO Tidjane Thiam made a surprise return as leader of Ivory Coast’s main opposition party, days after he resigned from the post — a maneuver aimed at bypassing a challenge to his eligibility to fill the position. Thiam’s candidature as head of the Democratic Party of Ivory Coast was unopposed at a party congress on Wednesday. It’s unclear yet if he will be allowed to challenge for the presidency, though, as an appeal of an earlier court ruling that found him ineligible to vote is still pending. Incumbent Alassane Ouattara is widely expected to seek a fourth term in the October election. Trump’s cuts to overseas funding have had a marked impact on African startups, prompting a search for new backers. The upheaval has rattled investors, particularly because startups from the continent have historically relied on more support from the now dismantled agency, USAID, than their counterparts in other regions. US venture capital has also played a dominant role: prior to Trump’s inauguration, more than a third of the funding received by 39 startups surveyed by Bloomberg came from American sources. Stay tuned for the release on May 22 of Bloomberg’s inaugural Africa Startups to Watch list. The Democratic Republic of Congo is still deciding which policies to introduce to support cobalt prices when a current ban on exports of the battery metal ends. Congo, which accounts for about three-quarters of the global cobalt supply, blocked shipments of the metal in February, after prices slumped to historic lows. Now the nation is weighing up further options, including possible export quotas, for when the four-month embargo is lifted. Cobalt is used in rechargeable batteries including for electric vehicles as well as in the aerospace and defense industries. Libya’s capital has been gripped by its worst fighting in years, sparking fears the North African nation will be dragged into widespread conflict as the government cracks down on rival militias. Clashes in Tripoli between forces loyal to Prime Minister Abdulhamid Dbeibah and opposing fighters have left at least six people dead and dozens wounded over the past three days. The city’s airport and harbor were shuttered and war-weary Libyans hunkered down in their homes.  Destroyed vehicles following overnight clashes in Tripoli. Photographer: Mahmud Turkia/AFP/Getty Images Zimbabweans looking to migrate to the UK by obtaining care work are in a bind after its government announced plans to permanently scrap visas for that category of employees. Prime Minister Keir Starmer has been under pressure to reduce immigration due to the growing popularity of right-wing, anti-migrant challenger parties such as Nigel Farage’s Reform UK. India, Nigeria and Zimbabwe have been the three biggest sources of care workers migrating to the UK since it began offering them such visas. Separately, recent changes to UK immigration policy won’t do anything for people scammed while seeking jobs in the country. Next Africa Quiz — How many times has South Africa’s 2025 budget been rejected? Send your answers to gbell16@bloomberg.net.  In this week’s podcast, Jennifer Zabasajja talks with Bloomberg’s Anthony Osae-Brown about the growing popularity of Nollywood and why asset managers are now starting to take notice of the Nigerian film industry. Data Watch - Kenya’s dollar-buying spree has raised its foreign-exchange reserves to the highest yet — $10.3 billion.
- Sun King, the world’s largest off-grid solar company, secured a $80 million loan from the World Bank-backed International Finance Corp. and Stanbic IBTC Bank.
- Investor demand at South Africa’s weekly government-bond sale more than doubled as risk appetite improved globally after the US and China reached a deal to temporarily lower tariffs.
- Senegalese President Bassirou Diomaye Faye is seeking to attract $1.7 billion of investments to build digital infrastructure and create more job opportunities for the country’s youth.
Coming Up - May 19 Vodacom results
- May 20 Nigeria interest-rate decision
- May 21 Angola interest-rate decision, South Africa inflation data for April & retail sales for March, Ghana producer inflation data for April, South Africa finance minister’s budget speech
- May 22 Egypt interest-rate decision
- May 23 Zambia interest-rate decision
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