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Tanzania: World Bank lifts aid embargo, approves new loan

The World Bank has approved a $450 million loan to Tanzania, the bank said on Friday. The move comes a year after the Bretton-wood institution sanctioned the East African nation because of concern over government policies including a law that made it illegal to question official statistics and expelling pregnant girls from public schools. The […]

TICAD7: Angola negotiates $400 million funding from Japan

Angola is negotiating $400 million in funding from Japan and a related MoU was signed Wednesday in Yokohama between the two countries on the sidelines of the seventh edition of the Tokyo International Conference on the Development of Africa (TICAD VII). The new funding should be provided by the Japan Bank for International Cooperation (JBIC). […]

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Nigeria: Buhari appoints cabinet amid dwindling revenues

Nigeria’s President Muhammadu Buhari swore members of his cabinet into office on Wednesday with Zainab Ahmed returning to the Finance Ministry and newcomer Timipre Sylva heading up the key Petroleum Ministry as junior minister. According to local media, Buhari will continue as petroleum minister, but Timipre Sylva, former governor of the oil-rich Bayelsa State, will […]

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Angola to privatize 86% of its public companies by 2022

The Angolan government plans to privatize 86% of its public companies by 2022.   According to Macauhub news agency, citing Vera Daves de Sousa, Secretary of State for Finance and Treasury of the Angolan Government, the State has sold 171 of its 195 public enterprises to private investors. Eighty of them should be sold by […]

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Electricity: Zimbabwe gets $42.5 million from Exim Bank of India

Exim Bank of India has approved $42.5 million in financing to improve electricity supply in Zimbabwe. The loan, to be repaid within 20 years, will reduce the current energy deficit of more than 1000 MW. According to local media, the loan will be provided in two phases. The first amount, valued at $23 million, will […]

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S&P upgrades Rwanda’s rating to B+ on strong economic prospects

Standard and Poor’s (S&P) Global Ratings has raised its long-term sovereign credit rating on Rwanda to ‘B+’ from ‘B’. The outlook is stable. At the same time, it affirmed its short-term sovereign credit rating at ‘B’. We also revised the transfer and convertibility (T&C) assessment to ‘B+’ from ‘B’, the rating agency said in a […]

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AfDB approves financial package for Ethiopia-Djibouti road corridor

The African Development Bank (AfDB) has approved a financial package worth over $100 million for the construction of a road transport corridor between Ethiopia and neighboring Djibouti, the pan African lender said in a statement. According to the statement, the project’s total cost of $255 million, comprises an AfDB grant of $98 million to Ethiopia […]

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Gambia issues new banknotes without Jammeh’s features

The Gambian Government has unveiled new currency notes without the features of former President Yahya Jammeh. The new notes include the 5, 10, 20, 50, 100 and 200 denominations and none carries the image of the former president, which has been replaced by a poultry believed to be one of the national birds. According to […]

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Gambia issues new banknotes without Jammeh’s features

The Gambian Government has unveiled new currency notes without the features of former President Yahya Jammeh. The new notes include the 5, 10, 20, 50, 100 and 200 denominations and none carries the image of the former president, which has been replaced by a poultry believed to be one of the national birds. According to […]

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China Yunhong Group to invest over $300 million in Burkina Faso

In Burkina Faso, Chinese industrial giant, China Yunhong Group plans to invest about 200 billion FCFA (about $336.6 million) over the next five years in the West African nation. The information was disclosed during a meeting between the company’s CEO, Li Yubao, and President Roch Marc Christian Kaboré. Li Yubao said his group’s planned investments […]

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