In only four years, the total amount of funds granted to Côte d'Ivoire by the World Bank rocketed by 400%. This was observed during the 7th review of the bank’s portfolio in the country, held June 24.“Financing provided by the World Bank went up from $600 million (XOF300 billion) in 2015, to nearly $2.4 billion (XOF1,200 billion) in June 2019, increasing by about 400%,” said...

Côte d’Ivoire reached a deal with China to write-off a XOF20 billion (about $34.6 million) debt and, at the same time, received XOF18 billion (about $31.2 million) in donation from the Middle Kingdom.The paper was signed June 24 on the sidelines of a meeting that aims to evaluate progress in actions decided during the Beijing Summit under the Forum on China-Africa Cooperation...

Kenya’s Stanbic Bank announces it is making available to businesswomen a financing worth KSh20 billion ($195.8 million) to empower and support their activity. Monies are granted under the “Dare to Aspire Dare to Achieve -DADA-” program the bank recently launched, and will be available from next year. Amount to be received by each lady depends on the activity sector. According to MD...

Telecom company KaiOS Tehnologies announced June 21 it has secured the support of French group Orange in raising $50 million to improve Internet access in Africa. With this sum, KaiOs will reinforce its footprint on the growing market of smartphones; a market that should enable 827 million African people have access to digital services. “We are looking forward to developing more...

Economic growth in Mozambique is forecasted to enter the double-digit lane as from 2023, the International Monetary Fund -IMF- reported June 21. According to the international body, this will be motivated by the start of natural gas production in the Rovuma basin by the consortium led by Italian multinational oil company ENI. “In the mid-run, Mozambique’s economy should drastically improve...

The government of Gabon has chosen Attijari Securities Central Africa (ASCA), subsidiary of Moroccan Attijariwafa Bank, to arrange its public offering on the capital market in H2 2019, sources revealed. The country seeks XAF100 billion with an interest rate of 6.25% for a 5-year period of maturity to interested investors. ASCA's involvement comes within the framework of a mandate to...

The government of Egypt forecasts budget deficit to be 7.2% of GDP, and economic growth to be 6% during the financial year 2019-20. This is featured in the State budget adopted June 24 by the parliament.For the FY2018-19, that ends June 30, the government planned an 8.4% deficit and a 5.6% economic growth. This year, the State budget provided for a debt-to-GDP ratio of 89% at end-June 2020,...

Tunisia will benefit from €150 million granted by the European Union to implement its economy reviving program. The information was reported June 24 by the European Commission.This new support is in line with the second macro-financial assistance program (MFA II) granted to Tunisia following the terrorist attack wave in 2015; attacks that contributed to plunging the economy of the North...

Mozambique has entered into an agreement with the US to boost trade relations with the country and “remove investment barriers,” Macauhub reports. The document was signed on the sidelines of the U.S-Africa Business Summit held in Maputo, Mozambique, last week. It covers several key sectors of the Mozambican economy, namely agriculture, fisheries, tourism, energy and...

Around the world, there are repeated calls for a new approach to international corporate taxation. In March 2019, the IMF joined the callers. To justify this support for such reform, Christine Lagarde, the IMF’s managing director, pointed out the unfairness of the international taxation system. According to the managing director, this unfairness is excruciated by “the surge of very profitable...