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Burkina Faso seeks 10 billion FCFA on WAEMU Capital Market

Burkina Faso is planning to mobilize 10 billion FCFA in the public securities market of the West African Economic and Monetary Union (WAEMU). The operation should be launched this Wednesday, November 6, says UMOA-Securities in an information note. WAEMU is an organization whose mission is to bring about the economic integration of the member states […]

Botswana’s president pledges to diversify economy away from diamonds

Botswana’s President Mokgweetsi Masisi, who was sworn in for a five-year term this weekend, promised, in his inaugural speech, to drive a transformation of Botswana’s economy, creating more jobs and countering excessive dependence on diamonds that threatens to knock it off course. He said Botswana would move from a minerals-led to a knowledge-based economy, and […]

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Zimbabwe to introduce new currency

The Central Bank of Zimbabwe will soon introduce some notes and coins in Zimbabwean dollar in the next two weeks, local media reported. Central bank governor John Mangudya said the move is part of the latest steps to restore a domestic currency in the Southern African nation. The central bank did not provide information on […]

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IMF unveils a new loan tranche of $34.6 million for Togo

The Executive Board of the International Monetary Fund (IMF) has approved a new three-year arrangement for Togo under the Extended Credit Facility (ECF). The $ 34.6 million loan will support the country’s economic and financial reforms. The disbursement of the US $34.6 million, brings the total disbursements under the arrangement to about US$207.8 million, according […]

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Cabo Verde predicts 5.0% economic growth in 2019 and 2020

Cabo Verde’s economy is expected to grow at a rate close to 5.0% in 2019 and 2020, according to forecasts from the archipelago’s central bank included in the monetary policy report. This forecast is lower than the 5.2% growth announced last April, for this year. According to the Central Bank, the macroeconomic environment of the […]

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Corruption: Equatorial Guinea’s ex-army chief jailed for 18 years

In Equatorial Guinea, a military court has sentenced former Chief of Staff Ruslan Hermes Nguema Oyana to 18 years in prison for embezzlement of public funds. The court also ordered Colonel Oyana to reimburse the 38 million CFA francs (about €58,000) embezzled. Last year, President Teodoro Obiang Nguema, who has ruled the oil-rich country with […]

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Cameroon: World Bank allocates $200 million to support development policies

The International Development Association (IDA), a subsidiary of the World Bank which offers concessional loans and grants to the world’s poorest developing countries, has signed an agreement with the government of Cameroon, to provide a loan of $200 million (about 117, 744 billion FCFA) to the central African nation. The agreement is part of the […]

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Benin gets $87.4 million from Germany

Germany will provide $87.4 million to Benin to finance development projects, the Beninese Ministry of Foreign Affairs said in a statement posted on its website. According to the statement, this resource allocation will support the sectors of drinking water and sanitation, agriculture, and good governance. The German government’s commitment on this last point should focus […]

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Nigeria fines 12 banks for failing to meet loan deadline

The Central Bank of Nigeria has fined 12 commercial banks, including the local subsidiary of US Citigroup, a total of 500 billion Naira ($1.4 billion), for failing to increase loans to meet a regulatory target. According to the central bank, the banks failed to comply with the minimum loan-to-deposit ratio of 60% set at the […]

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Tanzania: WB releases $4.5 million for drinking water supply to 165 villages

The World Bank has awarded a $4.5 million grant to Tanzania to build drinking water supply networks using solar off-grid systems in rural areas. Only 50 percent of Tanzania’s population of 53 million have access to an improved source of safe water, and only 34 percent of Tanzania’s population has access to improved sanitation. Under […]

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