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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 […]

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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Morocco Enacts its Membership in Afreximbank

Morocco has enacted its membership in the Cairo-based African Export–Import Bank or Afreximbank by publishing in the latest official gazette the Convention establishing Afreximbank. Morocco promulgated in 2011 a law approving the principle of the country’s accession to the Convention establishing Afreximbank and deposited in September 2013 the ratification instruments of the Convention. Afreximbank, founded […]

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Three African countries listed among world’s most powerful economies by 2050

Price Waterhouse Coopers published rankings of 32 future power economies by 2050. In the report, titled “The long view: how will the global economic order change by 2050?” three African nations, Nigeria, Egypt and South Africa are forecast to be 14th, 15th, and 27th respectively. The report used by macroeconomists takes into account the various […]

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Less than 1% of Naira Notes are Fake – Nigeria’s Reserve Bank

The Central Bank of Nigeria (CBN) on Tuesday said less than one percent of the west-African nation’s local currency in circulation is fake. The reserve Bank made the statement in response to a claim by a former deputy governor of the Bank who earlier said 20% of the currency used by Africa’s most populous nation […]

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EU launches $47 billion fund for Africa

The European Union this week launched a $47 billion development fund for Africa. The African Economic Development Fund is to help accelerate African countries economic growth and most importantly, reduce the migrant numbers moving into Europe. The fund is also going to help the digital industry in Nigeria which the EU sees as one of […]

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