Angola will benefit from $487 million granted under the Extended Fund Facility agreed with the International Monetary Fund. The information was revealed by the institution in an official Jan. 11 statement. The financing will be used to pursue reforms undertaken in recent years by the Angolan government to get the economy back on track. Activities will focus on restoring the country’s...

The South African government says it will introduce a population-targeted universal revenue system by the end of this year. Speaking during the 109th anniversary of the ANC party, President Cyril Ramaphosa (pictured) said the project will help establish a social safety net for the poor people in the country and improve the existing social aid systems.   The basic income or universal...

Islamic finance assets could reach $3.7 trillion by 2024, according to an estimate by the Islamic Development Finance Corporation and Refinitiv, the data arm of Reuters Group. By the end of 2019, the global value of these assets governed by the economic laws of the Muslim religion reached $2.875 trillion, 69% of which is concentrated in the banking sector. From 2012 to 2019, Islamic...

Since January 1, 2021, the Zambian government stopped applying the 16% value-added tax on gasoline and diesel prices. According to authorities, the move follows the increase in fuel prices in this tough social context marked by a drought episode and the decline in the local currency. The decision is welcomed by the actors of the transport sector, who are still struggling to cope with the impacts...

The government of Egypt has selected 16 Small and Mid-sized Enterprises to run 15 digital projects within government bodies. The companies will be involved in four areas: quality management and testing, GG Web Services, content digitization, analysis, design, and project engineering. The announcement was made on January 9 by Amr Talaat (pictured), the Minister of Telecommunications. In the...

African Development Bank President Akinwumi A. Adesina has been announced as a champion of Africa’s Great Green Wall (GGW) initiative. The appointment was made at a forum held in the margins of the One Planet Summit 20201 to mobilise support for the ambitious project to plant an 8,000 km swathe of trees and other vegetation across the Sahara and Sahel regions of Africa. The green wall will act...

Algerian President Abdelmadjid Tebboune (pictured) returned to Germany yesterday to receive additional treatment against Covid-19 following a foot problem, we learned. The treatment of these complications, which are not "urgent", was already scheduled before the President's first return from Germany on December 29. However, in the meantime, his commitments did not allow such a move, a Presidency...

The Democratic Republic of Congo became the 45th African country to join the Silk Road Initiative. An MoU was initialed in that regard last week between the Chinese foreign minister, Wang Yi, and his Congolese counterpart, Marie Tumba Nzeza, when the Chinese envoy visited the African country. As a reminder, this initiative, which is valued at several trillion dollars, aims to link China to...

The European Investment Bank (EIB) agreed to grant the government of Egypt a loan worth €1.128 billion to support the rehabilitation and expansion of metro and tramway systems in Alexandria and Cairo. The deal was inked on December 29 between Raina Al-Mashat, the Egyptian minister of international cooperation, and Flavia Palanza, Director of Operations for Neighboring Countries at the...

The Sahel region's Great Green Wall Initiative received a major boost from the African Development Bank on Monday. During a forum hosted by French President Emmanuel Macron and His Royal Highness the Prince of Wales, the Bank pledged to assist in mobilising up to $6.5 billion over five years, to advance the landmark initiative. The resources will be made available through a range of...