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Zimbabwe lays off over 3,000 civil servants

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 […]

Chinese FM welcomed in Ethiopia, dismisses Africa debt fears

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 […]

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EIB invests €495 million in transport, energy, internet across Africa

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 […]

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EU mobilizes additional €5 million for Burundi regional refugee crisis 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 has provided over €57 million in humanitarian funding since the crisis broke out in April 2015. The funding is mainly allocated to humanitarian organizations for the assistance to Burundian refugees in the region. “The region is suffering a largely forgotten and heavily underfunded refugee crisis. Most Burundian refugees currently seek refuge in Tanzania and Rwanda. But the majority of them lacks access to basic goods and services, including food,” said Commissioner for Humanitarian Aid and Crisis Management Christos Stylianides, adding it is for this reason that the EU is “scaling up its response in the region and providing much needed humanitarian assistance.” The additional support helps humanitarian organizations to provide assistance to Burundian refugees living in Tanzania and Rwanda. It particularly contributes to addressing previously unmet food, nutrition and protection needs. The Great Lakes region is characterized by a number of crises. In Burundi, an initially political crisis triggered a major socio-economic crisis and slowly turned into a humanitarian crisis. With about 400,000 Burundians seeking refuge in neighboring countries, the situation has a significant regional impact. The majority of Burundian refugees remain in Tanzania and rely on international assistance to meet their basic needs. The situation continues to be one of the world’s most under-funded humanitarian crises.

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 […]

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African Legal Support Facility receives €4 million from Germany

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 […]

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IMF approves $76.3mln credit facility for Cameroon

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 […]

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AfDB, Entreprenarium launch master classes for 200 women entrepreneurs

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 […]

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Angola: IFAD supports agriculture projects with $7.6 million

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, […]

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Cameroon receives €150 million from AfDB to support competitiveness, growth

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 […]

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Russian bank ‘mistakenly’ grants $12bn loans to CAR

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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