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Ghana’s central bank merges five ailing banks

The Bank of Ghana (BoG) on Wednesday announced that it has revoked the licenses of five banks and put them together as Consolidated Bank Ghana Limited. According to the central bank, the move is to create space for the banks to consolidate their operations with the other entities after December 31st 2018. The Governor of […]

EU Announces New €2 Million Assistance for Refugees, Host Communities in Uganda

The European Union’s Civil Protection and Humanitarian Aid Operations department (ECHO) confirmed last week fresh funding worth €2 million to the International Organization for Migration (IOM) to support refugees and host communities in western and northwestern Uganda. The UN Migration Agency will use the funds to deliver life-saving interventions on Water, Sanitation and Hygiene (WASH) […]

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BRICS bank Okays $600 mln loans for South Africa, China

The BRICS Development Bank has approved loans of $300 million for energy projects in South Africa and $300 million for a transportation project in China. The BRICS group established in 2006 by five major emerging national economies – Brazil, Russia, India, China and South Africa – aims to enhance cooperation between member countries and also […]

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Namibia gets $218 million loan from AfDB

Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the Bank. The loan facility will support the budget for the fiscal year 2018/19. The AfDB ’s intervention will support measures to improve revenue collection, enhance efficiency in public spending, and improve debt management. […]

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Nigeria: Beijing-based Oil Company to invest $3 bln in oilfield operations

China National Offshore Oil Corp (CNOOC) has pledged to invest about $3billion in its existing oil and gas operations in Nigeria, the Nigerian National Petroleum Corporation (NNPC) stated on Sunday. Yuan Guangyu, the Chief Executive Officer of the Beijing-based Corporation, made the pledge when he led a team of CNOOC top executives on a visit […]

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South Africa: Saudi Arabia pledges $10bn energy-focused investment

Saudi Arabia will invest $10 billion in South African economy in the coming years with a key focus on the energy sector, President’s Cyril Ramaphosa’s spokeswoman announced Thursday. Khusela Diko in a phone call to Bloomberg said the Saudi intention was expressed during President Ramaphosa’s visit to the kingdom this week. “Most of it will […]

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Nigeria’s Parliament to probe state oil company over ‘under-remittances’

Nigerian lawmakers of the lower house on Tuesday voted a motion to investigate state oil firm over ‘insufficient’ remittances to government coffers. The move comes a month after Finance Minister Kemi Adeosun said that the amount the Nigerian National Petroleum Corporation was transferring to the government was “unacceptable.” NNPC short-changed the government by 100 billion […]

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World Bank approves $455 million loan for Tanzania power projects

The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) program to boost access to power for the country’s southern regions.    The new International Development Association (IDA) helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic […]

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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, […]

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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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