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Morocco’s BCP Group Teams up with IFC to Boost Economic Development in Sub-Saharan Africa

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 […]

AfDB, IsDB to Inject $2 billion in Africa

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 […]

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Mali: economy to post 5.3% growth in 2017

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% […]

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US congress to okay $525 million deal with Côte d’Ivoire

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 […]

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Electricity: Cameroon and Deutsche Bank ink FCFA 30 billion deal

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 […]

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AU secures $150 mln to boost Africa’s geothermal energy

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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IMF approves $666 mln loan for Cameroon

The International Monetary Fund executive board on Monday approved a $666 million, three-year extended credit facility for Cameroon to support economic and financial reforms in the Central African nation. “Having initially shown resilience owing to its greater diversification, the Cameroonian economy is now facing decelerating growth, declining fiscal and external buffers, and rapidly-rising public debt,” […]

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Niger to raise FCFA 40 billion on UEMOA market

The government of Niger intends to raise about FCFA 40 billion on the financial market of the West African Economic and Monetary Union (UEMOA), through assimilable bonds on Wednesday, June 28, Dakar-based UMOA-Titres Agency reported. Each bond certificate would have a nominal value of 10,000 FCFA with a single interest rate of 6.00%, it said. […]

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South Africa’s recession will end soon – Jacob Zuma

Embattled South Africa’s President Jacob Zuma on Thursday said he was confident that the Southern African Biggest economy will emerge soon from its recession. South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of 2017. “This situation is […]

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Djibouti to launch digital currency

The Central Bank of Djibouti will soon launch its digital currency, the state-run television (RTD) announced. The Bank’s Governor, Ahmed Osman Ali, said the project falls in the framework of the modernization plan of Djibouti’s financial system, being conducted with the support of the World Bank. With the digital currency, Djibouti will fully take advantage […]

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