zimbabThe government of Zimbabwe has laid off over 3000 workers, as President Emmerson Mnangagwa tries to make good on its promise to cut the bloated civil service. The move comes a month after the southern African nation’s Minister of Finance announced an intention to cut the salaries of cabinet ministers and senior civil servants by […]
China’s foreign minister, Wang Yi, on Thursday said Beijing will continue supplying loans to African governments despite accusations that China’s increased investments on the continent are aimed at gaining political influence. Wang Yi made the statement after a closed-door meeting with his Ethiopian counterpart WorkinehGebeyehu in the Ethiopian capital Addis Ababa. “China upholds the principle […]
The European Investment Bank has formally agreed a total of €495 million of new financing for three projects to support sustainable transport, clean energy and internet access projects in North, West and East Africa. The three projects, signed at the summit attended by heads of state and government from across Africa and Europe, earlier this […]
The European Commission has allocated additional €5 million to address the urgent needs of Burundian refugees living in neighboring countries. For 2018, the EU’s total humanitarian response to the Burundi regional refugee crisis therefore amounts to €13 million, the commission said in a press release. The European Union is closely monitoring the Burundi crisis and […]
Germany will extend the African Legal Support Facility (ALSF) a €4 million grant. The related was signed recently between the ALSF and German KfW Development Bank. This assistance builds on a 2016 Memorandum of Understanding between the two institutions under which ALSF was given a grant of €5 million. This financial assistance will support ALSF’s […]
The Executive Board of the International Monetary Fund (IMF) has completed the third review of the 3-year economic program (2017-19) under the Extended Credit Facility (ECF) for Cameroon and granted the country about $76.3 million. According to the Washington-based lender, it is crucial for Cameroon to address revenue shortfalls and contain investment spending in order […]
The African Development Bank, as part of its Initiative to Support Access to Women in Africa (AFAWA), in partnership with Entreprenarium, has launched training sessions for 200 women entrepreneurs in Côte d’Ivoire. Masterclasses in business management and financial planning will be conducted by Entreprenarium at the Bank’s premises, benefiting 100 women entrepreneurs. A second masterclass […]
The International Fund for Agricultural Development (IFAD) will support the Angolan Government in the implementation of the Agricultural Recovery Project, with a $7.6 million financing, to be implemented in eight municipalities in the provinces of Benguela, Cunene and Huíla. This was revealed during a meeting between the Minister of Agriculture and Forestry, Marcos Alexandre Nhunga, […]
As a continuation of the first phase of the Program to Support Competitiveness and Economic Growth in Cameroon (PACCE I), the Board of Directors of the African Development Bank has approved a loan of €150 million to start the second phase of this initiative. This comprehensive reform program is a three-year budget support operation running […]
Vneshtorgbank, Russian Foreign Trade Bank, mistakenly assigned a $12 billion loan to the Central African Republic. The loan was mentioned in a quarterly VTB financial report published by the Russian central bank. In that report, there was a chart listing VTB’s outstanding loans to a dozen countries. In the chart, next to the Central African […]
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