Author: citibusinessnews
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Enterprise Mauritius team in SA
MAURITIAN business representatives descended on Durban on Monday, and will be in Johannesburg later this week, to promote the country’s trade opportunities in textile manufacturing, accessories, jewellery, and agricultural products. The Enterprise Mauritius team said it was already talking to big chains, such as Mr Price, Ackermans and Reebok about manufacturing in the Indian Ocean…
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Angola’s crude output tied up to pay for big loans
Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil-sector development to healthcare in one of Africa’s largest oil-exporting nations. Following a trend also seen in Iraq, Kazakhstan, Russia and Venezuela, Angola has tied up…
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Four-million Zimbabweans need food aid resulting from drought
HARARE — The number of Zimbabweans requiring food aid has risen to four million, up from three million initially, a state-owned newspaper said on Tuesday, as the country grapples with its worst drought in more than two decades. An El Nino-induced drought has hit Zimbabwe hard and last month it appealed for $1.6bn in aid…
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Kenya secures Sh152bn IMF loan
The executive board of the International Monetary Fund (IMF) has approved a new Sh151 billion ($1.5bn) precautionary loan for Kenya for a period of two years to help the country mitigate shocks. This follows conclusion of talks between IMF officials and government on replacing a similar stand-by credit arrangement whose tenure ended early this year.…
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Postbank eyes credit market in last quarter of 2016
Postbank is now eyeing the last quarter of 2016 to start issuing loans. Postbank acting managing director Anne Karanja said Tuesday the institution is in the process of preparing its human capital to back its lending operations planned for the last quarter of this year. “We anticipate to start giving loans before end year. We…
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Atlas changes name after raising Sh500m in UK
Atlas Development shareholders have approved a change of name for the NSE-listed firm and the issuance of 600 million shares sold in a private placement in London last month. Atlas raised $5 million (Sh501 million) in the private placement done on February 16, with the funds earmarked to finance the feasibility study and initial construction…
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KenGen woos financiers to its mega power investments
Kenya Electricity Generating Company (KenGen) has received several commitments for the financing of its various projects as it seeks to spend a total of Sh140 billion ($1.4 billion) in the period to 2019 to meet the surging power demand. Some international development and donor agencies are proposing to finance some of the projects with KenGen…
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Ethiopia: Change in Investment Culture Elicits Strategic Positioning
Back in 2011, the late Prime Minister, Meles Zenawi, made a rather notable remark in the presence of selected and influential businesspeople, gathered at his office, off Lorenzo Liezaz Street. In what could be considered an insightful analysis of wealth creation dynamics in the country, Meles argued that local businesspeople were being fooled to continue…
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Ghana’s second Karpower ship to arrive in September
Ghana’s second Karpower ship is expected into the country by the end of the September 2016. [contextly_sidebar id=”WmvFpVvRTEfnTBuuqLuJ1GKpk1ynoXza”]This is according to the Executive Director, business development, Karpower ship company limited. The second powership will also have the capacity of producing 225 megawatts of power but is expandable up to 450 megawatts. This comes after the…
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SMEs record marginal growth due to stability of cedi
Small and Medium Enterprises have expressed satisfaction over the stability of the cedi for some weeks now. The cedi which has stabilized for quite some time now after depreciating by about 15 percent to the dollar as at September 2015, has aided in the smooth running and managing of businesses. [contextly_sidebar id=”LSPtvWyWI9YeoBbDD6dFXHgbdbHrEjtK”]According to SME owners,…