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South Africa’s April inflation falls to 5.3 percent

Consumer Price Inflation (CPI) decelerated from 6.1 percent, year-on-year in March to 5.3 percent in April, Statistics South Africa announced on Wednesday. The South African Central Bank, which is due to announce its latest interest rates this week, targets annual CPI of between 3 percent and 6 percent. Food and non-alcoholic beverages decreased from 1.5 […]

Africa’s economy to grow by 3.4 % in 2017 – Report

Africa’s economy will grow by 3.4 percent in 2017, and 4.3 percent in 2018. The modest recovery from the worst performance in more than two decades last year will be driven by better oil production and commodities. This came in an Economic Outlook report, co-authored by the African Development Bank, the Organization for Economic Cooperation […]

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Cape Verde boosts economic ties with China

Chinese Foreign Minister Wang Yi this weekend announced major development projects in Cape Verde as the two nations are looking to further deepen bilateral ties. Visiting the West-African Archipelago, Wang Yi told reporters that the two countries agreed to work towards developing the Island’s marine economy. China welcomes Cape Verde to participate in the “Belt […]

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Chinese firm to build 120-MW wind farm in Ethiopia

China’s Dongfang Electric Corporation will build a 120-megawatt (MW) wind farm in Ethiopia’s Somali regional state, Chinese state-run news agency reported on Thursday. According to PR and Communication Director of the Ministry of Water, Irrigation and Energy, Bizuneh Tolcha, the project will be launched by the coming July. “The wind farm project is expected to […]

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Botswana: World Bank backs $ 145.5 mln water projects

The World Bank has approved $145.5 million loan to Botswana for water projects in the southern African nation, Kenneth Matambo, Minister of Finance, said. According to the minister, the project was prepared in response to the 2015-2016 El-Nino related droughts, which was rated extremely severe and considered the worst in the last 34 years. The […]

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Angola’s inflation slows to 34.8 percent

Angola’s inflation slowed to 34.8 percent year-on-year in April, data from the national statistics agency’s website show on Wednesday. According to the Agency, price in the oil-rich nation increases on a month-on-month basis slowed 1.8 percent in April compared to a 1.91 percent previously. Angola’s government last month indicated that inflation this year would ease […]

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Nigeria to fund budget deficit with foreign loans, Eurobonds

Nigeria will raise $3.5 billion in foreign loans including from international lenders and debt markets to fund the West African nation’s 2017 budget deficit, Reuters reported. According to the Budget Office Director General Ben Akabueze,  $2 billion of the foreign borrowings would come from concessionary loans with the balance of $1.5 billion from commercial markets […]

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Gambia gets $500 mln from Afreximbank

The African Export Import Bank (Afreximbank) on Tuesday announced the disbursement of $500 million to revamp the impoverished Gambian economy. This financial support will allow the West African smallest nation to regain its marks after 22 years of isolation, due to the dire human rights record of ex-president Yahya Jammeh. “We would be doing integrated […]

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AfDB releases $750 million loan to support Namibia

African Development Bank on Friday released $750 million loan to finance budget deficit and infrastructure projects in Namibia, Finance Minister Calle Schlettwein said. According to Reuters, Namibia, which registered one of the highest average growth rates in Africa over the past 20 years, is facing a severe cash crunch that has resulted in budget cuts, […]

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IMF team to visit DR Congo as economic crisis deepens

International Monetary Fund Managing Director, Christine Lagarde on Thursday proposed a visit of IMF officials in Democratic Republic of Congo to check the state of the central African nation’s economic crisis, the finance minister told Reuters. According to Finance minister Henri Yav, the head of the international lender addressed a letter to the Head of […]

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