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World Bank trims Sub-Saharan Africa growth projection

The World Bank cut its growth projection for sub-Saharan Africa this year after a tumultuous period in 2016. According to the bank, Sub-Saharan Africa is projected to grow at a moderate rate of 2.6 percent in 2017. Growth this year will be “better than the 1.3 percent in 2016, the lowest in two decades, but […]

Ivory Coast to reduce 2017 Budget on low cocoa prices

Ivorian President Alassane Ouattara on Wednesday announced plans to cut the 2017 budget of the west-African nation by 10 percent due to a sharp drop in world prices of cocoa. According to Ouattara the decision to cut spending was taken during a visit this month by an International Monetary Fund delegation. “Excluding salaries, we were […]

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Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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Rwanda launches ‘TecHouse’ to drive its financial innovation agenda

Bank of Kigali Limited, Rwanda’s largest commercial lender, has launched ‘BkTecHouse’, a new technology company that will provide IT solutions in banking, education, agriculture and health in the East-African nation. The move follows the launch of another subsidiary, BK General Insurance, earlier this month. According to Bank of Kigali’s CEO, the new digital solutions company, […]

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Egypt: WB disburses $1 billion in financial assistance

The World Bank has allocated $1 billion in financial assistance to Egypt as the North African seeks to revive its ailing economy hit by the 2011 political upheaval. According to  Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti,  “The government [Egypt] has taken important steps in implementing key policy and institutional […]

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World Bank to release $57 billion for projects in Sub-Saharan Africa

The World Bank this week pledged to commit a record $57 billion to finance projects in sub-Saharan Africa. According to the head of the Washington-based lender, about $45 billion of the package will come from the bank’s International Development association (IDA), the Bank’s special fund for the poorest nations. An estimated $8 billion dedicated to […]

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Nigeria will overcome recession in 2017 – Budget Minister

Nigeria’s Budget Minister, Udoma Udo Udoma, on Wednesday said the Government is determined to bring the country out of its first recession in a quarter of a century. Nigeria, the African most populous nation, has slipped into recession last year for the first time in over 20 years after rebels renewed attacks, hitting oil production […]

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Ghana predicts 6.5 percent budget deficit for 2017

Ghana’s Finance Minister Ken Ofori-Atta on Thursday said the government aims to reduce its budget deficit and inflation in 2017 as it plans to stabilize the economy. Presenting the government’s first budget to Parliament, Ken Ofori-Atta said the government plans to cut the budget deficit to 6.5 percent of gross domestic product in 2017 from […]

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UN expert urges lenders to act as Tunisia seeks foreign investment

A UN independent expert on foreign debt and human rights on Wednesday encouraged international lenders to lend additional support to Tunisia, which is struggling to revamp its ailing economy. Tunisia has been lauded as the sole political success story of the Arab Spring for its democratic transition, but the North African country has made slow […]

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Uganda eyes 5.5% GDP in the year ending June 2018

Uganda’s economy boosted by lower borrowing costs and higher oil sector investments will grow by 5.5 percent in the year to June 2018, a budget paper on Monday showed. According to the budget framework, growth will be supported by a recovery in private sector credit due to the easing of monetary policy. Issuance of crude […]

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