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EU to provide €100 million to Somalia

The EU and Somalia signed Sunday (Oct. 14) an agreement to provide €100 million to the Somali budget over the next two and a half years. These funds will support the Federal Government’s reforms to build a unified, federal state. Somalia is on a positive track towards stability and growth. The EU’s move to budget […]

Nigeria: Buhari asks lawmakers to approve $2.79 bln Eurobond

Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond. According to Buhari, the Eurobond will help Africa’s most populous nation implement its new external borrowing that had already been approved in the 2018 budget to help cope with the budget deficit and fund infrastructure projects. In its […]

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World Bank could suspend funding to Tanzania over new statistics law

The World Bank may suspend funding to Tanzania over a new legislation that would punish anyone who questions official statistics. According to the World Bank, the law would undermine the production of useful and high quality data. The international lender stated that the amendments could also have serious impacts on the generation and use of […]

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Growth in Sub-Saharan Africa Slower than Expected

Sub-Saharan African economies are still recovering from the slowdown in 2015-16, but growth is slower than expected, according to the October 2018 issue of Africa’s Pulse, the bi-annual analysis of the state of African economies by the World Bank. The average growth rate in the region is estimated at 2.7 percent in 2018, which represents […]

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Kenya’s external position is strong – IMF

The International Monetary Fund said Kenya’s external position is strong and it will continue to support its reform efforts through policy advice. Kenya secured a six-month extension for its stand-by credit arrangement of $989.8 million from the fund in March. The second review of the IMF-supported program has not been completed, and the program has […]

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Ethiopia inks $1 bln World Bank deal to support reforms

The new reformist Prime Minister of Ethiopia Ahmed Abiy has secured a $1 billion deal from the World Bank to continue the ongoing reforms in the Horn of Africa nation. The deal with the global financial institution had been reached because “of the reforms taking place in the country,” Abiy told the press in Addis […]

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Côte d’Ivoire to build its first biomass power station from cocoa waste

Côte d’Ivoire, the world’s top cocoa producer plans to build a 60 to 70 megawatts (MW) capacity biomass power generation plant running on waste from cocoa pods. The project is part of the West African nation’s aim to develop 424 MW of biomass power generation capacity by 2030. The country produces around 2 million tons […]

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World Bank approves $455 million loan for Tanzania power projects

The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) program to boost access to power for the country’s southern regions.    The new International Development Association (IDA) helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic […]

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African Development Bank debars CHINT Electric for 36 months for fraudulent practices

The African Development Bank Group (AfDB) announced on Monday the conclusion of a settlement agreement with CHINT Electric Co., Ltd., a power transmission and distribution equipment manufacturer and EPC contractor, debarring the Chinese company for 36 months for fraudulent practices An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that CHINT Electric […]

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Kagame appoints female CEO for national carrier RwandAir

Rwanda’s President Paul Kagame has appointed Yvonne Manzi Makolo as Chief Executive Officer (CEO) of Rwanda’s national carrier, RwandAir. Makolo’s appointment was part of a cabinet reshuffle announced over the weekend. Makolo has previously worked in the private sector since returning to Rwanda from Canada in 2003. She worked with a World Bank project; an […]

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