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Billions of dollars in remittances flowed to Africa in 2017 – Report

The World Bank and other development partners have revealed that the total money transfers by African migrants to their region or country of origin surged from $34 billion in 2016 to $38 billion, in 2017. The amount includes intra-African transfers. According the Word Bank’s report “Migration and Remittances: Recent Developments and Prospects”, released on April […]

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Mauritius’ SBM Bank completes acquisition of Kenya’s Chase Bank

Mauritius’ banking group SBM Holdings will inject an additional $60 million into Kenya’s Chase Bank in a month’s time, SBM Holdings Chairman Kee Chong Li Kwong Wing told a news conference on Tuesday. Kenya’s Chase Bank has been in receivership since April 2016 after failing to meet its financial obligations. He said SBM had already […]

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Congo has “met” criteria for an IMF deal

Congo Republic over the weekend said it fulfilled the criteria for a deal with the International Monetary Fund (IMF) to revamp its debt-crippled economy. The Washington-based fund last year proposed a program to restore the macroeconomic stability of Congo. The Central African nation’s debt, which stood at $9.14 billion or around 110 percent of GDP, […]

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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 […]

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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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