Tanzania’s economic growth slowed to 5.7 percent in the first quarter of this year from 6.8 percent previously, the statistics office of the East African nation said on Thursday. Tanzania’s annual GDP growth rate averaged 7% over the past 5 years, making it one of the 20 fastest growing economies in the world and beating […]
Fitch Ratings has confirmed the African Development Bank’s (AfDB’s) Issuer Default Rating (IDR) rating, keeping it at “AAA” with a stable outlook. AfDB enjoys strong support from its 80 member states, which include 26 non-African countries with high average ratings. Callable capital subscribed by member states rated ‘AAA’, the largest of which are the US, […]
The Chinese government has granted $89 million to the government of Benin for the supply of drinking water in the central region of the country, China news agency Xinhua reports. “This program aims to develop the production and distribution capacities in urban areas, peri-urban, of 11,800 localities without any functional modern water point,” Benin’s Foreign […]
World Bank Vice-President for Africa Makhtar Diop, who has just paid a visit to Conakry July 15-17, confirmed that Guinea will receive $574 million loan from the international financial institution in 2017 to finance over 12 projects in energy, mining, agriculture and infrastructure sectors. Last March the Bretton Woods institution already made available a first […]
Morocco’s Banque centrale populaire group (BCP) and the International Finance Corporation (IFC) signed in Casablanca, last week, a Memorandum of Understanding (MOU) to consolidate their long-term partnership in favor of the economic development and social progress in Morocco and sub-Saharan Africa. Signed by Mohamed Benchaaboun, Chairman of BCP Group, and Serge Devieux, IFC Director in […]
The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have agreed to jointly pull together the sum of $2 billion over the next three years to finance development projects in Africa, mainly in agriculture and food security, renewable energy, small and medium enterprises, and human development (health and education). To realize their shared […]
Malian economy is expected to grow by 5.3% this year and 5% the following year, the International Monetary Fund reported. These performances will be driven by the results recorded by the agricultural sector and by public expenditure in the West African nation, the Washington-based lender said. The inflation rate, meanwhile, is expected to reach 1% […]
The United States’ sponsored program, the Millennium Challenge Corporation (MCC), on Thursday submitted to the US Congress “for examination and consideration,” a budget proposal for the Compact program with Côte d’Ivoire amounting to $525 million. Education and transport are listed among the sectors that will receive the investments boost from the MCC budget. “These two […]
Cameroon has signed three credit agreements valued at FCFA 30.18 billion to boost electricity transmission networks in the country’s capital, Yaoundé, local media reported. The deal signed by Paul Motaze, the Cameroonian Minister of Economy and the Director of Operations of Deutsche Bank Spain, Antonio Navarro Escabias, covers 100% of insurance premiums, as well as […]
The African Union has mobilized about $150 million in geothermal energy development in East Africa, Chinese News Agency Xinhua reported. According to Rashid Ali Abdallah, Principal Energy officer at the Department of Infrastructure and Energy of the AU, Djibouti, Ethiopia, Burundi, Rwanda and Kenya are the countries initially targeted by the funds. “East Africa alone […]
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