In a statement released on Monday, the Central Bank of the Democratic Republic of Congo said it would raise its benchmark rate from 14% to 20% to stabilize local currency, Congolese franc, as it is too volatile. “In order to face the growing exchange rate and reduce increase of local prices, the Central Bank of Congo has once again reinforced its monetary policy,” the statement...

Dual-listed West African Resources inked a deal to raise C$15 million (about $11.3 million) to advance its Sanbrado gold project in Burkina Faso. The deal was signed with Sprott Capital Partners which will act as the lead underwriter for the purchase of 46.8 million ordinary shares at a $C0.32 per share. According to the terms of the agreement, the underwriters will have the option to...

As it plans to restart its operations at the end of the year, Air Senegal ordered at the Bourget Airshow, the first two planes of its fleet. These are two ATR 72-600 worth €50 million each. The money for the planes was secured through loan which the Senegalese government contracted from Coface and SACE, two insurance-credit firms respectively French and Italian. The planes which have a...

Two years after entering the Moroccan market, Bahreini firm Terra Solar exits the country, selling its local subsidiary, Terra Solar Morocco. In 2015, the group said it wished to develop in the Kingdom 16 PV solar plants, each having a production capacity of 25MW. A project which would have made the company one of Morocco’s main solar power providers. However, nothing was done since the...

The government of Zimbabwe and Sakunda Holdings signed a $478 million agreement with CBZ Bank, Barclays and Ecobank to finance agricultural activities during the 2017-18 summer season, Reuters reported. Maize and soya production are mainly concerned. To this end, the government plans to start distributing between July and September, seeds, fertilizers and chemical products to farmers ahead...

In Angola, the kwanza will not be devaluated, any soon at least. This was announced by the governor of the Central Bank of Angloa, Valter Filipe da Silva, at the end of joint session of economic commission and the commission for the real economy of the council of ministers. The governor explained that inflation which exceeded more than 40% has considerably decreased over the past months. "That...

Telecom Egypt’s Chief Executive Director, Ahmed El Beheiry, revealed on June 22 that the firm is about to take a $720.22 million loan. The company’s board approved the loan conditions and it will be paid back over the next eight years. The loan will be used to improve infrastructures and develop mobile internet services. Telecom Egypt made the announcement regarding the loan a day after...

Etisalat Nigeria and Comptel Corporation have launched a time-based mobile data solution called BlazeOn, in the Nigerian market. Powered by Comptel’s FWD solution, BlazeOn allows internet users to know how much mobile data they consume while browsing or streaming. FWD is a cloud-based solution that allows contextual and time-based data packages to be purchased directly from end user...

The volume of trade between Nigeria and Mexico rose from $166.5 million in 2012 to $600 million in 2016, Deputy Head of Mission of the Mexican Embassy, Rodrigo Tenorio, revealed in Abuja. “Though the figure may be small but in reality it is a huge transaction that we have in the last 15 years which was $45 million. What that means is that it has grown more than 500 times and...

Germany-based solar developer, Soventix, and Gentec EPC, a pioneer in the Nigerian energy industry, have together formed a joint venture to develop solar projects across Nigeria. Called Soventix Hybrid Limited, the first phase of the joint venture will focus on industrial rooftop solar applications that will synchronize with existing generators or grid power systems. This will allow industries...