The French group Bouygues Immobilier will shut down activities in Morocco, L'Economiste reported on July 2. The group, which is expected to announce its final decision by the end of this year, has already dismissed many of its employees. But, it will complete its latest project before leaving the country. This includes the construction of Les Faubourgs d'Anfa residences, in Casablanca...

The government of Ethiopia plans to generate about 3 million jobs during the 2019-20 financial year, PM Abiy Ahmed (photo) said while addressing the parliament. The official plans to reach this target with the implementation of reforms that will further open up the economy for foreign investment. Reforms were decided a few weeks ago and will focus on sectors including finance, telecoms and...

Investment in transport facilities on the continent should increase by about 46.4% next year, analysis firm Global Data revealed this week. According to the study, this type of investment would reach $69 billion in 2020 from $47.1 billion this year, driven by monies pumped in the railway sector. Targeted projects make over 110,000 km in length (54,110 km for roads, 55,345 km for...

The Ivorian economy is forecasted to hit a 7.5% growth this year, roughly the same level as last year (7.4%), the International Monetary Fund said in its July 1st report. According to the report, the strong growth outlook is underpinned by a continuously improving business environment, big investment and sustained private consumption. With a performance deemed satisfactory under the fifth...

Gift Machengete (photo), Director General of Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), announces the upcoming entry of new telecom operators into the national market.On the sidelines of a Parliamentary Committee on Information and Communication Technology, Postal and Courier Services workshop held in Nyanga, Mr. Machengete announced Zimbabwe will soon license new...

SEAF Morocco Growth Fund (SMGF), an investment fund that targets high growth potential companies in North Africa, announced it has invested in the brokerage firm SOS Crédit.This operation is SMGF’s third investment since it was launched in April last year. The fund will support the expansion of SOS Crédit in Morocco and on the international market.“This partnership will enable us achieve...

The International Finance Corporation (IFC) announces it is investing $60 million to acquire 10% stake in mining company Sierra Rutile Limited.The financial institution in charge of the private sector in developing countries will make an initial investment of $20 million to finance Sierra Rutile Limited's mining activities. Then, additional $40 million will support the company’s...

During the 3-day Economic and Trade Exhibition recently held in Changsha, China, as part of the China-Africa Partnership, a total of $20.8 billion worth of deals were concluded, Xinhua reports.More than 84 agreements were signed in sectors such as agriculture, trade, and tourism. Trade between China and Africa significantly increased in the past years and the organization of the Changsha...

U.S. firm Mercer just issued its 25th Cost of Living Survey that ranks the most expensive cities in the world. The survey ranked 209 cities, including 42 in Africa.Ndjamena, Chad, which ranks 11th in the world, comes first in Africa’s top 10. It is followed by Victoria (in Seychelles, 14th worldwide), Kinshasa (in DRC, 22nd worldwide), Libreville (in Gabon, 24th worldwide).The cities of Lagos...

South Africa’s Absa Bank Limited announced it is getting $500 million syndicated loan from Standard Chartered and Bank of America Merrill Lynch. Repayment period is two years with a one-year extension option. Interest rate is 1.05% per annum. According to the financial director of Absa Group Ltd., Jason Quinn, the loan will be used to fund the bank’s credit portfolio and its other...