Category: INTERNATIONAL
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Kenya:Bank targets SMEs with Sh1.5bn Indian credit line
IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme. Managing director Karen Kandie told the Business Daily that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce operational costs would be considered. Ms…
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Kenya:City Shuttle sues bank in Sh100m bus loans row
Nairobi-based transport firm City Star Shuttle has sued Sidian Bank to stop the auction of four mass transit buses it bought last year following a dispute over repayment of a Sh100 million loan the lender advanced to finance the purchase. City Star Shuttle claims that Sidian Bank has threatened to auction the four mass transit…
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Egypt sees about $1bn foreign inflows since rate boost
Egypt received about $1bn in foreign inflows since the central bank raised interest rates by 200 basis points to curb inflation. The country had $448m in “foreign investment inflows” on Thursday and $400m on Sunday, state-run news agency MENA reported, citing Central Bank Governor Tarek Amer. He didn’t specify the form for the investments, but…
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Sudan: Minister of Trade Reviews With Egyptian Ambassador Ways to Overcome Impediments Facing Trade Between the Two Countries
Minister of Commerce Hatim Al-Sir has discussed with the Egyptian Ambassador in Khartoum Osama Shaltout ways to overcome the obstacles facing the trade operations. The Minister of Commerce, during his meeting with the Egyptian ambassador to Sudan Wednesday, stressed keenness of the government of Sudan to develop relations with the Egyptian government and expand trade…
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Nigeria: CBN to Mop Up N1.2 Trillion in 12 Weeks
The Central Bank of Nigeria (CBN) will, this week, commence plans to mop up N1.23 trillion in the next 12 weeks. The apex bank disclosed this through its third quarterly Treasury Bills Issuance programme released on Friday. The programme revealed that the CBN will issue treasury bills (bills) worth N1.23 trillion from Wednesday, June 15…
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Nigeria: 26 Airlines Fail to Complete NCAA Certification Process
No fewer than 26 airlines have discontinued the process for the acquisition of the Air Operator Certificate (AOC) over stringent conditions set by the Nigeria Civil Aviation Authority (NCAA), it has been revealed. This is just as the NCAA debunked insinuations in some quarters that some airlines borrowed aircraft to complete their certification process. Spokesman…
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Kenya:Tycoons in bitter clash over Sh4.1bn planes deal
The vicious boardroom wars that have threatened to stall operations of charter airline Bluebird Aviation have now entangled two rival firms in a fresh dispute over three planes valued at $40 million (Sh4.1 billion). Bluebird co-founder Yusuf Abdi Adan has filed two fresh suits seeking to block the transfer of an airplane (model Dash 8-106…
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IMF may grant Zambia $1.3 billion funding package
The International Monetary Fund (IMF) may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender’s mission chief said on Saturday. A decision will be made by the IMF board in August, Tsidi Tsikata told a joint news conference with the Zambian…
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Tanzania signs $154 mln contract with Chinese firm to expand main port
Tanzania’s government signed a $154 million contract on Saturday with the state-run China Harbour Engineering Company (CHEC) to expand the main port in the commercial capital, Dar es Salaam. Tanzania is seeking financing for infrastructure projects as part of its plans to transform the country into a regional transport and trade hub. Under the contract…
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South Africa’s Sibanye says 178 illegal miners now arrested at strike-hit Cooke mine
South Africa’s Sibanye Gold said on Monday that 178 illegal miners have now been arrested at its Cooke operations since the start of a violent wildcat strike last Tuesday. A company source, who declined to be identified because he is not authorized to speak on the record, also said the strike was continuing. The strike…