In the Democratic Republic of Congo, the Central Bank announced on Dec. 26 it scaled down GDP growth for 2016 to 2.5%, from 4.3% previously. The institution revealed this in a report published on its website which was relayed by Reuters. According to the document, the scale down was mainly driven by a fall in prices of commodities. DR Congo, Africa’s leading copper producer currently...

Mining firm SEMAFO announced it has received the approval of the Burkina’s government regarding its application for an exploitation mining permit for its Natougou gold project. With the licence, the company will start developing the project within set deadlines. Construction will commence in the next few weeks and production is expected to start in the second quarter of 2018. The Natougou...

Algeria’s Sonatrach Group has revealed intentions to increase output of natural gas and crude oil by 20% in the next four years as new projects comes online. According to the company’s vice president of exploration and production, Salah Mekmouche, Sonatrach will bring into production the Tiguentourine, In Salah and Timimoune natural gas projects as well as oil wells of the Berkine basin,...

FINACTU is pleased to have been chosen by the Board of Directors of the Congolese ARC insurance company to support it in its strategic thinking and in achieving its upcoming years’ financing plan. The ARC company (Congolese Insurance and Reinsurance companies) has a quite particular place in the insurance market of the CIMA zone: it is indeed the first insurer in the area in terms of turnover,...

World Bank has agreed to lend Zambia more than $100 million to help it curb health risks associated to environmental mining pollution. The loan will also support the country’s economic diversification. “The project is very significant for Zambia because it will contribute to clean up some parts of the old mining town of Kabwe which still has unacceptably high levels of lead in the...

Algeria’s trade deficit reached $17.2 billion over the first 11 months of 2016 against $15.39 billion over the same period in 2015, shows data released on December 20 by the National Centre for Customs’ Statistics and IT (CNIS in French). Between January 1 and November 30, 3016, exports stood at $25.58 billion, against $32.06 billion in 2015, over the same period, thus...

The government of Togo announced that the draft proposal for the land regulation was discussed at the council of ministers held on December 20, 2016. The discussions aimed to insure that the bill, which is to be examined by the parliamentary, is reviewed to “insure that its components meet international standards”. “The main texts constituting the backbone of the actual land regulation...

Sustainable Energy Fund for Africa (SEFA) granted $993,000 to power developer Earth Energy Co Ltd for preliminary works for the development of a 20 MW biomass gasification project. The funding will allow the Ugandan company to conduct preliminary studies such as technical and environmental feasibility studies as well as assess the project’s social impact. The infrastructure, which will...

Nigerian fintech Paystack which focuses on facilitating digital payment announced the closing of fundraising operation to launch its activities in Nigeria. Through the process, the firm raised $1.3 million which it will use to build its team of engineers in Lagos, boost its marketing and sales operations, and accelerate product development and customers’ integration. Funds were obtained...

Kenya launched on December the construction of a cruise ship terminal at the Port of Mombasa to boost tourism which represents about 10% of its GDP. “We are very keen on improving our port in this area to attract more passenger vessels and fully exploit the great potential that exists in our Blue Economy,”  said Mombasa seaport’s managing director, Catherine Mturi, Reuters...