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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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Zimbabwe issues $50mln treasury bond to finance irrigation

Zimbabwe’s government plans to issue a three-year $50 million bond to finance irrigation infrastructure in the Southern African nation, the state-run Herald newspaper reported. “The Government of Zimbabwe is issuing an irrigation infrastructure Treasury Bond with a face value of $50 million to contribute towards Command Agriculture through funding of development of irrigation infrastructure,” it […]

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Gabon: Government to create 30,000 jobs by 2019

Gabonese authorities on Monday unveiled plan to create about 30,000 jobs in various fields over the period 2017-2019 under the Economic Recovery Plan (ERP), local media reported. The jobs will focus on digital economy, infrastructure, mining, hydrocarbons, agriculture, forestry, tourism, among others. This plan is in line with the objectives of the Gabonese authorities, which […]

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South Africa’s April inflation falls to 5.3 percent

Consumer Price Inflation (CPI) decelerated from 6.1 percent, year-on-year in March to 5.3 percent in April, Statistics South Africa announced on Wednesday. The South African Central Bank, which is due to announce its latest interest rates this week, targets annual CPI of between 3 percent and 6 percent. Food and non-alcoholic beverages decreased from 1.5 […]

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Africa’s economy to grow by 3.4 % in 2017 – Report

Africa’s economy will grow by 3.4 percent in 2017, and 4.3 percent in 2018. The modest recovery from the worst performance in more than two decades last year will be driven by better oil production and commodities. This came in an Economic Outlook report, co-authored by the African Development Bank, the Organization for Economic Cooperation […]

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Cape Verde boosts economic ties with China

Chinese Foreign Minister Wang Yi this weekend announced major development projects in Cape Verde as the two nations are looking to further deepen bilateral ties. Visiting the West-African Archipelago, Wang Yi told reporters that the two countries agreed to work towards developing the Island’s marine economy. China welcomes Cape Verde to participate in the “Belt […]

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