Rwanda secures $1B funding deal with South Korea
In May, Rwanda’s government indicated that 1.32 trillion Rwandan francs ($1.02 billion) in the 2024/25 budget would come from external loans
Uganda has started exporting oil to Kenya after Tanzania
Uganda aims to produce 200,000 barrels of oil per day by 2025 upon completion of the project.
Moroccan court uphold $630 million fine for Maroc Telecom
Moroccan appeals court upheld a record fine against Maroc Telecom for hindering competition.
Nigerian oil regulator approves significant asset sales to local firms
Nigeria’s upstream oil regulator has approved key onshore asset sales to Oando and Project Odinmim, with Exxon Mobil and Shell’s sales still awaiting approval.
IMF approves final disbursement for Congo’s loan program
Further collaboration hinges on transparency in military expenditures and public recording of Sicomines mining project finances.
Top global firms thrill investors in early 2024
While Microsoft dominates as most valuable firm worldwide, AI chipmaker Nvidia becomes best-performing company in equity markets
Zambia receives $208 million boost to combat its worst drought
As Zambia faces its worst drought in years, the World Bank steps in with a $208 million grant to support affected households and strengthen social protection programs.
Egypt’s TMG to invest $21 billion in luxury Mediterranean resort
TMG’s SouthMED resort offers luxury living at Egypt’s stunning north coast. With $21 billion invested, expect world-class facilities and amenities.
OPEC pumps more than planned in June, Iran oil sales continue
OPEC oil output increased in June despite production cuts by some members, with rising supply from Nigeria and Iran offsetting the planned reductions.
Egypt ups gas production to meet summer electricity needs
To combat rising summer electricity demand, Egypt boosts gas production and secures 21 LNG cargoes.
Ivory Coast to revamp mining code for higher state profits
Ivory Coast revamps its mining code to increase state profits from the flourishing gold sector.
Saudi Aramco uncovers new oil, gas reserves
Saudi Arabia’s state oil company, Saudi Aramco, discovered seven new oil and gas deposits in the Eastern Province and the Empty Quarter.
Daily power cuts plague Egypt as heatwave intensifies
Daily power cuts grip Egypt, causing frustration and hardship as scorching temperatures strain the country’s energy grid.
IMF approves $360M payout to Ghana after second review
Ghana’s central bank expects the funds within two days
Drought dims Zimbabwe’s growth, IMF sees rebound next year
Zimbabwe’s economic growth is expected to slow in 2024 as the country grapples with a severe El Niño-induced drought.
Germany, Morocco forge alliance for green hydrogen, renewables
Germany and Morocco establish a climate and energy alliance to develop renewable energy and green hydrogen production in Morocco to meet Germany’s clean energy goals.
Niger mulls oil route via Chad post-Benin dispute
The 1,930-kilometer (1,200-mile) pipeline runs from Niger’s Chinese-built Agadem oil field to the port of Cotonou in Benin.
Nigeria eyes red meat, soybeans exports to Saudi Arabia
Nigeria seeks to address dollar shortages by potentially supplying Saudi Arabia with 200,000 tonnes of red meat and 1 million tonnes of soybeans annually.
World Bank: Remittances to Grow Faster in 2024
Downside risks include weak economic growth in migrant-hosting countries, volatility in oil prices, currency exchange rates, says report
IMF OKs $569M disbursement for Zambia, boosting its aid package
Zambia receives a much-needed boost as the IMF approves funding and increases its aid package to combat a devastating drought.
Climate activists target China over East Africa oil pipeline
The project has drawn criticism for its impact on the environment and local communities.
South Africa challenges EU citrus import rules at WTO
South Africa challenges the European Union’s citrus import regulations at the World Trade Organization.
Morocco cuts interest rate as inflation falls
Morocco’s central bank reduced interest rates to counter falling inflation but predicts slightly lower economic growth due to a decrease in farming output.
Egypt scrambles for fuel to end summer power cuts
Egypt plans to import $1.18 billion worth of fuel to address persistent power cuts caused by heatwaves and foreign currency shortages.
Bitcoin plummets below $60,000 amid intensifying crypto selloff
World’s largest cryptocurrency erases all gains since beginning of May
Egypt receives €1 billion boost from the European Union
Egypt and the EU are finalizing a €1 billion macro-financial assistance agreement, adding to a larger EU funding package and World Bank support for the country.
Ghana strikes debt relief deal with bondholders
Ghana reaches a crucial agreement with bondholders to restructure $1.3 billion in debt, taking a significant step towards overcoming its financial challenges.
