Germany pledges $4.3 billion ‘green’ investment in Africa
The German government has pledged to invest 4 billion euros ($4.37 billion) in African green energy projects until 2030.
Zambia’s debt restructuring bid stalled over more relief demands
Zambia’s efforts to restructure its debt have been dealt a major blow as official creditors have rejected a revised deal to rework $3 billion of Eurobonds. The country’s official creditor committee (OCC), which includes China, Japan, and the Paris Club of creditor nations, said that the deal did not offer comparable relief to both commercial and official creditors.
IMF mulls mega loan program for Egypt amidst Gaza war
The International Monetary Fund (IMF) is considering a mega loan program to help Gaza recover from the economic fallout of the recent war. The war has caused widespread damage to Gaza’s infrastructure and economy, and the IMF’s loan would help to rebuild and revitalize the Gaza economy.
Nigeria moves to resolve $1.3 billion ExxonMobil dispute with Seplat
Nigeria’s government meets with Seplat Energy to resolve a two-year stalemate over ExxonMobil’s $1.3 billion oil asset sale.
IMF greenlights loan of almost $1 billion for Kenya
Next year, Kenya is also facing a $2-billion eurobond repayment obligation
Ghana’s Cocobod effort to secure syndicated loan still on-going
Cocobod plans to borrow $1.2 billion for this season, of which $800 million will come from a syndicate of lenders and $400 million from other sources
Oil prices surge after Federal Reserve chair’s rate hike comment
Israeli-Palestinian conflict’s intensification continues to drive up oil prices
China International Import Expo opens in Shanghai
Over a thousand government, business representatives from various countries attend opening ceremony
South Africa urges lengthy extension of US duty-free access
President Cyril Ramaphosa says AGOA cornerstone of US-Africa commercial relationship for more than 2 decades
Egypt raises petrol prices in second increase this year
Liter price of diesel remained unchanged at 8.25 Egyptian pounds
Uganda agrees petroleum importation deal with Bahrain firm
Uganda’s cabinet has already approved the changes to the petroleum law.
World Bank warns of ‘dual shock’ in commodities
“As a result of the escalation of the recent conflict in the Middle East.”
US warns businesses of risks in Uganda, citing anti-LGBTQ law
The United States on Monday issued a business advisory for Uganda, saying that businesses faced potential risks in the African country.
Chinese overseas investments to increase amid geopolitical risk
Chinese manufacturers may save on tariffs, logistics costs, benefit from greater supply chain flexibility, says rating agency
DP World of UAE inks port agreements with Tanzania
TPA director general Plasduce Mbossa stated that the contracts will undergo a review every five years
DRC: Turkish builders ‘faster than the Chinese’
The people of Kinshasa cannot believe the speed at which a Turkish company has built an imposing financial complex in the heart of the capital.
Nigeria, China Sign MoU For Projects Worth $2 Billion
Nigeria’s National Agency and three Chinese partners have signed Memoranda of Understanding for new projects valued at $2 billion.
Rising fuel costs propel inflation upward in South Africa
The national statistics agency, StatsSA, reported that annual consumer price inflation escalated to 5.4 percent last month
World Bank and IMF focus on African prosperity
“A prosperous 21st century is only possible with a prosperous Africa,” said Kristalina Georgieva, Managing Director of the IMF.
Egypt’s annual inflation eases to 38% in September
Growth of consumer price inflation in Egypt slowed to 38% in September, with continued high prices in food, transportation, energy, and health
World Bank sees economic growth in North Africa slowing to 1.9%
Economic growth in region forecast to accelerate to 3.5% next year
Sub-Saharan Africa to see 2.5% growth in 2023: World Bank
Region’s economic growth projected to increase to 3.7% in 2024, 4.1% in 2025
Sudanese economy faces challenging repercussions as war rages
Estimates indicate that the economic cost of the war in Sudan since its outbreak until now has reached $10 billion
Ethiopia, EU sign €650M financial support agreement
Multi-annual program aims to support green growth, inclusive human development
World steel output ticks up 2.2% in August
Top steel producer China sees 3.2% hike in August’s reading of 86.4M tons
Turkey’s trade with Africa surpasses $40 billion
The trade volume between Turkey and the African continent exceeded 40 billion dollars in 2022
Oil prices drop $1 ahead of Fed interest rate decision
The Federal Reserve’s interest rate decision is scheduled to be announced at 1800 GMT