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World Bank Supports Efforts to Upgrade Djibouti Slums

The World Bank Friday approved an International Development Association (IDA) package of $20 million to support Djibouti’s efforts to improve the living conditions for residents of urban areas, achieve its Zero Slum strategy. Funded with a US$20 million from IDA, the World Bank’s fund for the poorest countries, combining credit and grant, the Integrated Slum […]

Kenya to raise $2.8 bln from Eurobond, loans

Kenya is looking forward to raise $2.8 billion from Eurobonds in the coming months. This will be Kenya’s third Eurobond quest since 2014. The country plans to raise $2.8 billion despite the International Monetary Fund’s concerns that the country is at risk of over-indebtedness. The Washington-based lender urged the state to refinance debt using concessional […]

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Ethiopia gets $1.2 bln loans, grants from World Bank

The World Bank has approved $1.2 billion in grants and loans to Ethiopia, the Washington-based lender said in a statement. According to the bank, the $600 million grant and $600 million loan will finance reforms in the financial sector and improve investment climate. The financial boost will also help promote public-private partnerships to improve efficiency […]

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Nigeria: Controversy over a video of Kano governor ‘collecting $5m bribe’

Kano state governor, Abdullahi Umar Ganduje, is the subject of a parliamentary probe following reports alleging he had received from contractors bribes amounting to $5 million. The information has been released by Ace Nigerian journalist Jafar Jafar who has insisted on the authenticity of a video that showed a governor taking monies said to be […]

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Oragroup seeks $100 million for expansion plan in 12 countries

The pan-African banking group Oragroup is planning to raise $100 million in the biggest initial public offering for West Africa’s regional stock exchange located in Abidjan, Côte d’Ivoire. The subscription of the Togolese lender to BRVM will take place from October 29 to November 16. Oragroup plans to open 20% of its share capital as […]

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Zimbabwe to clear World Bank, AfDB arrears in 12 months

Zimbabwe said over the weekend it aims to clear its $2 billion arrears with the World Bank and African Development Bank in the next 12 months. According to Finance Minister Mthuli Ncube, the arrears clearance program had the backing of the United States, which maintains sanctions against Zimbabwe. The southern African nation has struggled to […]

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EU to provide €100 million to Somalia

The EU and Somalia signed Sunday (Oct. 14) an agreement to provide €100 million to the Somali budget over the next two and a half years. These funds will support the Federal Government’s reforms to build a unified, federal state. Somalia is on a positive track towards stability and growth. The EU’s move to budget […]

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IMF cuts Ghana’s 2018 GDP growth to 6.3%

The International Monetary Fund (IMF) has revised downwards its earlier 6.8 per cent Gross Domestic Product (GDP) projection for Ghana economy 2018 to 6.3 per cent. In its latest World Economic Outlook Report on World Economy and Financial Surveys, the Washington-based fund said the economic growth will, however, be higher at 7.6 per cent in […]

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South Africa gets $35 bln in investment pledges to revive ailing economy

South Africa got investment commitments of $35 billion as part of plans to attract $100 billion over the next five years to revive the country’s flagging economy, said presidential economic advisor on Wednesday. President Cyril Ramaphosa’s appointed a team of business and finance experts earlier this year to scour the globe for $100 billion in […]

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Nigeria: Buhari asks lawmakers to approve $2.79 bln Eurobond

Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond. According to Buhari, the Eurobond will help Africa’s most populous nation implement its new external borrowing that had already been approved in the 2018 budget to help cope with the budget deficit and fund infrastructure projects. In its […]

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