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AfDB to launch 12 new projects to support SMEs in 6 African countries

The African Development Bank (AfDB) will launch twelve new projects to support agribusiness SMEs in 6 African countries, The Bank said in a statement. The projects will be funded by the AfDB’s Agriculture Fast Track Fund (AFT) in Ghana, Ethiopia, Malawi, Nigeria, Mozambique and Burkina Faso. According to the Bank, the $28.8 million envelope will […]

Afreximbank to invest $25 billion to promote Intra-African trade

On the sidelines of the launch last week of the African Continental Free Trade Area, Afreximbank has pledged $25 billion over Five Years to upgrade Intra-African Trade. The announcement was made by Afreximbank President Benedict Oramah who said about $25 billion will be disbursed to support intra-African trade during the five coming years ending in […]

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Mauritania inks nearly $17 million loan agreement with IMF

The International Monetary Fund (IMF) has concluded an agreement of $16.56 million with Mauritania as the West African nation’s economic recovery has been confirmed with growth estimated at 3.5% in 2017 and 2018. According to the international lender, the Sahel nation’s international reserves reached $849 million at the end of 2017 and the budget achieved […]

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Mining: Zambia uncovers $8bn tax scam

Zambia’s tax agency plans to conduct audits on all mining companies in the southern African nation, running back six years after uncovering that a prominent mining company has used a scam over a five year period to avoid paying $8bn tax. Dozens of mining companies operate in Zambia, Africa’s second largest copper producer. The Zambian […]

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São Tomé and Príncipe gets $10 million boost from the World Bank

The World Bank will provide about $10 million to finance social projects in São Tomé and Príncipe. The projects will help the West African archipelago reduce social inequalities and fight poverty in the next 5 years, Éric Sapatéro, a World Bank official said. Half the amount will finance social housing projects, while the other five […]

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Rwanda: Central bank predicts healthy economic growth in 2018

Rwanda’s economy will grow 6.5 percent in 2018, the central bank of the East African nation said on Tuesday. According to John Rwangombwa, governor of National Bank of Rwanda, the inflation rate is expected to be around 5.0 percent in 2018, slightly up from 4.9 percent last year. He said the country’s total formal export […]

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Africa: Mauritius attracts 90% of India’s foreign direct investment

The Indian think tank group, Observer Research Foundation, in a research note published on February 21 revealed that one single country has collected 90% of Indian direct investment flows to Africa between 2008 and 2016. According to the think tank, Mauritius received $47.6 billion Indian investments during the period, becoming the only African country where […]

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ECOWAS will meet its 2020 single currency deadline – Heads of State

ECOWAS will meet its 2020 single currency deadline – Heads of State

Members of the Presidential Task Force on the ECOWAS Single Currency Program on Wednesday reaffirmed their political will to introduce a single currency in the West African region by 2020. In a Communiqué issued at the end of the 5th  Presidential Task Force meeting in Ghana, the leaders of the regional bloc reaffirmed their commitment […]

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Morocco’s BCP lands in Mauritius, Madagascar

Groupe BPCE, the second largest banking group in France on Monday announced the signing of an agreement providing for the divestment of 100% of Banque des Mascareignes to  Banque Centrale Populaire Group, one of Morocco’s three biggest lenders. The agreement concerns the divestment by BPCE International of Banque des Mascareignes based in Mauritius, and its […]

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China tops Kenya’s international lenders – Treasury

China has invested Sh520 billion ($5,202.37 million) in Kenya in 2017, making Beijing the top partner that advanced bilateral loans to the East African nation, latest data from the Treasury show. China has become the lender of choice for Kenya in the last ten years and funded major infrastructural projects like the standard gauge railway […]

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