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Uganda to borrow $1.89 billion amid looming debt crisis

Uganda said it plans to borrow about $1.89 billion from external lenders in the 2020/2021 fiscal year to partly finance its budget. According to the finance ministry, the funds will be in the “form of concessional and non-concessional” credit. Economic growth in 2020/2021 would stand at 6.2 per cent, driven by higher productivity in manufacturing, […]

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Tanzania gets AfDB’s $55 million facility to jumpstart private sector-led economic growth

The African Development Bank has approved a $55 million facility to strengthen implementation of reforms to enhance Tanzania’s economic competitiveness and private sector participation in the country’s growth. These critical reforms will lead to a more vibrant economy, which will improve the living conditions of Tanzanians, particularly the poor and vulnerable, and including women and […]

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ECOWAS endorses Adesina for second term as President of the AfDB

The Economic Community of West African States (ECOWAS) has endorsed the candidacy of African Development Bank President Akinwumi Adesina for a second term at the helm of the institution. The decision was announced at the end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, held on Saturday […]

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EU approves €59.3 million for structural reforms in Mali

The European Union (EU) has approved €59.3 million (FCFA 38,9 billions) to support two programs in Mali: The State Consolidation Support Program (SBC) and the sectoral reform contract for food security, nutrition and sustainable agriculture sectors (CRS-SANAD). Their main objective of the funds is to support the creation of an environment conducive to economic growth. […]

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AfDB approves $204 mln for Morocco’s Social Protection Program

The African Development Bank (AfDB) has approved funding of $204 million to improve social protection in Morocco, the international lender said in a statement. According to the Bank, the main objective of the program is to broaden social protection in Morocco to include people with disabilities, children, and vulnerable women. The funding will support Morocco’s […]

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South Sudan: US Imposes Sanctions on Two Cabinet Members

Washington has imposed sanctions on two member of the South Sudanese cabinet that it accused of fomenting conflict, the US Treasury Department announced. The sanctions were imposed on Martin Elia Lomuro, minister of cabinet affairs, and Kuol Manyang Juuk, minister of defense and veteran affairs. The United States accuses the two officials of fueling the […]

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Corruption: Angola recovers over $5bn in stolen assets

Angola, which shared the stage with the world’s most powerful oil-producing nations, has recovered more than $5 billion stolen from state coffers so far this year, Justice Minister Francisco Queiroz said. The money, including $3 billion stolen from the sovereign wealth fund, had been siphoned off by corruption and money-laundering, Queiroz told an international conference […]

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Ethiopia secures $3 bln funding from World Bank

Ethiopia’s Prime Minister Abiy Ahmed on Friday announced the Horn of Africa nation had got $3 billion funding from the World Bank. The World Bank funding announcement comes two days after the International Monetary Fund said it had reached a preliminary agreement for a $2.9 billion financing package to back the country’s complex economic reforms […]

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Public finances: Niger receives a €35 million grant from AFD

The French Development Agency (AFD) will grant Niger €35 million, or 23 billion FCFA, to support the Sahel country in implementing reforms in the management of public finances. This assistance, which is part of Domestic Resource Mobilization, will be spread over a six-year period. As a first step, €30 million will be allocated to the […]

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Morocco’s Central Bank Receives ISO 37001 Certification for Anti-Corruption System

Morocco’s central bank (Bank Al-Maghrib) was awarded the ISO 37001 certification for its Anti-Corruption Management System, for all its core business processes and support processes. The bank has received this certification following the audit conducted by Euro-Compliance in October 2019, Bank Al-Maghrib said in a press release. The awarding ceremony was held on Thursday in […]

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