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Libya central bank to impose fees on foreign currencies

Officials of Libya’s internationally recognized government have agreed to a three-track reform process including a proposal to impose fees on foreign currency transactions in the North African country, Africanews reported. The move, according to the central bank, is meant to tackle the wide gap between the official exchange rate of 1.4 dinars to the dollar, […]

IFC gives BOA $60M to support SMEs in 8 African countries

The International Finance Cooperation, a member of the World Bank Group, announced earlier this week a $60 million investment in a regional risk-sharing facility to support Bank of Africa Group’s lending to small and medium enterprises in eight African countries, facilitating growth and job creation in the region. IFC’s investment will cover as much as […]

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Burkina Faso: BOAD grants $72M for development projects

The West African Development Bank (BOAD) approved a $72 million financing to Burkina Faso for the implementation of development projects, Xinhua reported, quoting official sources. The amount will be steered towards water and local development projects under the National Economic and Social Development Plan (PNDES) initiated by the government. $18 million will thus be earmarked […]

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Kenya proposes new corporate tax rate, highest in East Africa

Kenya’s treasury has proposed a 35 percent corporate tax for companies on annual income of more than $4.9 million, the highest corporate income tax rate in East Africa. The draft bill published by the Treasury said it had reviewed the income tax act and proposed changes to “make it productive” and help finance President Uhuru […]

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Liberia reduces import taxes by half on over 2,000 commodities

Liberian President George Weah on Wednesday announced plans to reduce import taxes on more than 2,000 commodities to combat rising inflation in the West African nation. According to the Ministry of Information, the decision will see the reduction of taxes on a large number of goods imported onto the Liberian market. The President has instructed […]

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EBRD Distinguishes Morocco for Agricultural Sustainability

Morocco received the 2018 sustainability award of the European Bank for Reconstruction and Development (EBRD) for its project to protect the irrigated plain of Saiss. The project, funded by the EBRD, stood out amid 55 competing submissions vying for the prize. The prize was awarded at EBRD’s general assembly to secretary general of the agriculture […]

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African nations at risk of debt distress despite growth – IMF

The International Monetary Fund on Tuesday warned that Sub-Saharan African nations are at growing risk of debt distress. This came in the IMF regional economic report and the outlook for Sub-Saharan Africa released on Tuesday. According to the Washington-based Fund, Sub-Saharan Africa’s rate of economic expansion would rise to 3.4 per cent this year, up […]

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China inks 15 bln yuan currency swap agreement with Nigeria

China’s central bank on Thursday signed a three-year bilateral currency swap agreement with Nigeria. The agreement will allow the two nations to swap a total of $2.35 billion over the next three years. The move is aimed at facilitating bilateral trade and investment of both sides, the People’s Bank of China (PBOC) said on its […]

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Kenya’s economic growth to rebound in 2018

Kenya’s economy is expected to grow 5.8 percent this year compared with an estimated 4.8 percent in 2017, thanks to drought cut and less political risk after last year’s presidential election, Finance Minister Henry Rotich said on Wednesday. According to Rotich, the economy of the East African nation will benefit from increased investment in key […]

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Billions of dollars in remittances flowed to Africa in 2017 – Report

The World Bank and other development partners have revealed that the total money transfers by African migrants to their region or country of origin surged from $34 billion in 2016 to $38 billion, in 2017. The amount includes intra-African transfers. According the Word Bank’s report “Migration and Remittances: Recent Developments and Prospects”, released on April […]

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