Category: Africa
-
Rwanda: Moroccan Bank Expresses Interest in Bank of Kigali
Morocco’s Banque Centrale Populaire is currently in negotiations with the Bank of Kigali on the possibility of acquiring a stake in the local bank. Bank of Kigali’s Chief Executive Officer Dr. Diane Karusisi confirmed the development, saying the Moroccan bank has expressed interest which they are evaluating to determine how well it fits within their…
-
Kenya: Falling food prices offer little relief from inflation
Inflation is likely to remain in the double-digit zone in the next month even as fresh food and fuel prices fall, market watchers have said. Analysts at Commercial Bank of Africa, Genghis Capital and Cytonn Investments say the inflation rate in June is likely to fall by less than a percentage point and should remain…
-
Despite weak oil prices, OPEC still pockets more dollars
With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this…
-
Nigeria: Govt to Strengthen Trade, Economic Cooperation With Tunisia
Minister of Foreign Affairs Geoffrey Onyeama has expressed Nigeria’s desire to further strengthen and expand cooperation with Tunisia especially in the area of trade and investment. This is contained in a statement released by the minister’s media aide, Sarah Sanda on Sunday in Abuja. The minister made this known when he visited Tunisian President, Béji…
-
Morocco: IFC and Proparco Invest in Pioneering Moroccan Green Bond to Boost Renewable Energy
IFC, a member of the World Bank Group, and Proparco, a subsidiary of Agence Française de Développement (AFD) devoted to private sector financing, are investing €100 million and €35 million, respectively, in the first green bond issuance by Banque Centrale Populaire (BCP), to promote sustainable, environment friendly projects in the country. This is the first…
-
Nigeria: Govt to Strengthen Economic Ties With Tunisia
The Federal Government has expressed readiness to expand economic cooperation with Tunisia, Foreign Affairs minister, Geoffrey Onyeama has said. The minister, who led top government officials to the Federal Republic of Tunisia, stated this weekend at the Carthage Palace, where they were received by the country’s President Béji Caied Essebsi. Onyeama, in a statement by…
-
Kenya:Treasury bill uptake lower as bond sold
Treasury bills subscription dropped further to average 103.75 per cent last week as most investors focused on the recently reopened 4.9 years Treasury bond. The overall subscription rate dropped from 155.4 per cent recorded the previous week. Subscription rate for 91-, 182-, and 364-day government papers floated by the Central Bank of Kenya (CBK) in…
-
Tanzania revenue forecast too optimistic, could delay projects, says IMF
Tanzania may have to delay the construction of some of its major infrastructure projects because its revenue expectations for 2017/18 are “potentially over-optimistic”, the International Monetary Fund said on Monday. The country plans to increase spending in its budget for the fiscal year ending June 2018 by 7.3 per cent to Tsh31.71 trillion ($14.21 billion,…
-
IMF approves three-year, $666 million loan deal for Cameroon
The International Monetary Fund’s executive board on Monday approved a $666 million, three-year extended credit facility for Cameroon to support economic and financial reforms, an IMF statement said. The nations of central Africa’s CEMAC currency union have struggled in the face of low oil prices, which have slashed state revenues. Cameroon has also been forced…
-
DRC hikes key rate to 20% to stabilise franc: central bank
Democratic Republic of Congo raised its key interest rate to 20 percent from 14 percent on Monday as it sought to stabilise its volatile franc currency, the central bank said in a statement. The Congolese franc has lost half of its value against the dollar over the past year due to low tax revenues from…