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Gambia gets $500 mln from Afreximbank

The African Export Import Bank (Afreximbank) on Tuesday announced the disbursement of $500 million to revamp the impoverished Gambian economy. This financial support will allow the West African smallest nation to regain its marks after 22 years of isolation, due to the dire human rights record of ex-president Yahya Jammeh. “We would be doing integrated […]

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AfDB releases $750 million loan to support Namibia

African Development Bank on Friday released $750 million loan to finance budget deficit and infrastructure projects in Namibia, Finance Minister Calle Schlettwein said. According to Reuters, Namibia, which registered one of the highest average growth rates in Africa over the past 20 years, is facing a severe cash crunch that has resulted in budget cuts, […]

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IMF team to visit DR Congo as economic crisis deepens

International Monetary Fund Managing Director, Christine Lagarde on Thursday proposed a visit of IMF officials in Democratic Republic of Congo to check the state of the central African nation’s economic crisis, the finance minister told Reuters. According to Finance minister Henri Yav, the head of the international lender addressed a letter to the Head of […]

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Sweden grants $1.35 million to Zimbabwe, warns to track funds

Swedish government on Wednesday offered a $1.35 million grant to Zimbabwe, to help the drought-hit Southern African nation to boost its Culture Fund. Addressing government officials gathered to witness the ceremony, Sweden’s head of development cooperation in Zimbabwe, Maria Selin, has warned against diversion of funds, adding that they want to track their money wherever […]

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Nigeria’s anti-graft watchdog recovers $53.6m in Q1 2017

The Nigerian anti-graft Watchdog, the Economic and Financial Crimes Commission (EFCC) on Sunday said it has recovered over $53.6 million in the last four months. According to the Acting Head of the agency, Ibrahim Magu, the EFCC recorded 62 convictions in the first quarter of 2017. “Apart from several other recoveries running into several billions […]

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World Bank trims Sub-Saharan Africa growth projection

The World Bank cut its growth projection for sub-Saharan Africa this year after a tumultuous period in 2016. According to the bank, Sub-Saharan Africa is projected to grow at a moderate rate of 2.6 percent in 2017. Growth this year will be “better than the 1.3 percent in 2016, the lowest in two decades, but […]

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Ivory Coast to reduce 2017 Budget on low cocoa prices

Ivorian President Alassane Ouattara on Wednesday announced plans to cut the 2017 budget of the west-African nation by 10 percent due to a sharp drop in world prices of cocoa. According to Ouattara the decision to cut spending was taken during a visit this month by an International Monetary Fund delegation. “Excluding salaries, we were […]

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Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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Rwanda launches ‘TecHouse’ to drive its financial innovation agenda

Bank of Kigali Limited, Rwanda’s largest commercial lender, has launched ‘BkTecHouse’, a new technology company that will provide IT solutions in banking, education, agriculture and health in the East-African nation. The move follows the launch of another subsidiary, BK General Insurance, earlier this month. According to Bank of Kigali’s CEO, the new digital solutions company, […]

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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 […]

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