Category: INTERNATIONAL
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Egypt: Mahlab, Awqaf Minister Discuss Best Ways to Invest Awqaf Funds
Presidential Assistant for National and Strategic Projects Ibrahim Mahlab met Awqaf Minister Mohamed Mokhtar Gomaa to discuss the best ways to invest the endowment Funds, the Awqaf Ministry said in a statement on Tuesday 7/6/2016. During the meeting, they agreed to draw up a plan to remove encroachments on the Awqaf lands. – Source: All…
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Nigeria plans to put up to $1.7 billion into capital projects in coming days
Nigeria’s government will next week pump much of the 350 billion naira ($1.76 billion) earmarked for capital projects this quarter into Africa’s biggest economy, the budget minister said on Wednesday. The spending is part of efforts by the OPEC member to stimulate an economy that contracted by 0.4 percent in the first quarter of the…
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Nigeria: NNPC Lifts N1.2 Trillion Crude Oil in 12 Months
The value of the domestic crude oil purchased by the Nigerian National Petroleum Corporation (NNPC) between April 2015 and April 2016 was $1.8 billion (N1.2 trillion). Besides, the combined value of output by the three refineries (at import parity price) for the month of April 2016 amounted to ₦28.57 billion while the associated crude plus…
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Rwanda says eyeing $200 mln worth of short-term facility from IMF
Rwanda said on Wednesday it had asked the International Monetary Fund to offer it a short term facility worth $200 million to help fend off foreign exchange risks in case the country’s reserves dwindled. The central African state has previously said it had approached the IMF for help but had not revealed the amount involved.…
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Egypt: International Cooperation Minister Discusses Slum Development With AfDB
Minister of International Cooperation Sahr Nasr held a meeting on Tuesday 7/6/2016 with a group of officials from the African Development Bank Group (AfDB) to discuss slum development projects in Egypt in cooperation with Housing Ministry. During the meeting, Nasr stressed that Cairo is keen on speeding up the development of slums and improvement of…
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Egypt: Sisi Urges More Efforts to Meet Citizens’ Foreign Currency Needs
President Abdel Fattah El Sisi called on Tuesday 7/6/2016 for continuing efforts to provide foreign currency to meet the needs of citizens in the Egyptian markets. Sisi made his call during his meeting with Governor of the Central Bank of Egypt (CBE) Tarek Amer. At the meeting, Amer reviewed the CBE’s efforts that led to…
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Nigeria: CBN, Banks Working to Curb Mass Sack
The Central Bank of Nigeria (CBN) through its Bankers’ Committee said on Thursday it was working hard to minimise the rate of mass sacking in banks within the shortest time possible. The Managing Director, Standard Chartered Bank, Bola Adelola, said the mass sacking in the sector was part of the issues discussed during committee’s meeting.…
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Kenya: Safaricom partnership takes on Uber with taxi hailing app
Kenya’s largest telecommunications firm Safaricom has partnered with Craftsilicon, one of the top local IT companies, in the launch of an online taxi-hailing app that is expected to take on American rival Uber. Safaricom chief executive Bob Collymore Thursday told Reuters News that Safaricom would partner with Littlecabs, which earlier this week told the Business…
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Kenya: Rotich’s budget comes with hidden consumer tax pain
The Treasury yesterday confirmed that excise duty will next month be adjusted for inflation as provided for in last year’s Finance Bill, making it a hidden source of tax pain that the minister, Henry Rotich, chose to say little about on Wednesday. Mr Rotich, the Treasury Secretary, largely steered clear of the provision that is…
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Mozambique president dismisses finance minister
Mozambique President Filipe Nyusi on Thursday fired Finance Minister Adriano Maleiane, who has been embroiled in more than two weeks of negotiations with Russia’s VTB Bank over a late $178 million loan repayment. A statement from Nyusi’s office gave no reason for the dismissal and did not say who would be replacing Maleiane. Mozambique Asset…