China and Sao Tomé & Principe concluded three financing and cooperation agreements (a $29 million donation included) for social projects, Patrice Trovoada (photo), Sao Tomé’s prime minister informed. According to the official’s statements reported by Macauhub, the funds should help create a Confucius Institute in collaboration with Sao Tomé and Principe’s public university....

The Canadian investment holding Fairfax Africa, was granted a $90 million revolving loan, sources close to the firm reveal. The firm illustrated itself in 2017 with about $158.3 million investment in Atlas Mara, a bank holding, to acquire 43.3% of its equity and become an indirect shareholder of Union Bank, one of the most important banks listed on the Nigerian Stock Exchange and Atlas...

Egypt has concluded two financing agreements worth $3 billion with the International Islamic Trade Finance Corporation (ITFC), the corporation indicated in a release last week. These funds should help Egypt implement projects in its key sectors. The first agreement worth $1 billion should help supply essentials to about 67 million citizens. As for the second agreement worth $2...

 Savannah Petroleum has launched drilling activities at Zomo-1 oil well, its fifth drilling programme at the PSC R3 / R4 block in Agadem, Niger.   The activities were launched on September 8, 2018, and should last between 30 to 35 days. Like the other oil wells of the programme, Zomo-1 was launched to assess the oil potential of Sokor Alternances. The drilling platform should be...

Cradle Arc announced that its subsidiary Caracal Gold Mali has concluded a joint venture agreement with Indiana Resources for Kossanto West’s exploration and development. The 137 km2  gold project includes Kobokoto East and Koussikoto permits.   Under the terms of the agreement, Indiana Resources will finance the activities until the pre-feasibility studies are conducted and will own...

Huwaei announces that it will set a regional logistics center in Morocco. The infrastructure will be built in Tanger Med, the port of the town presented as an international logistics hub connected to 180 ports in the world. Once operational, the regional center will provide Huawei some advantages over its competitors. It can for instance quickly send its products to countries near Morocco....

Zambia is planning to reduce its budget deficit to 5.1% of GDP in the three coming years, the country’s finance minister indicated yesterday September 7, 2018. According to news published by Reuters, this is part of the country’s strategy to improve its economic performance. Zambia also wants to stabilize inflation to 6%-8% and increase domestic revenues to at least 19% of GDP. This...

Since September 6, 2018, clients of SONATEL, the main telecommunications service provider in Senegal, have been experiencing  LTE Advanced internet. The incumbent operator which is not far from providing the 5G mobile network is moving forward in its ambition to cover the whole territory with high-speed internet connetion. It announced that since main towns have been covered with the 4G, all...

This week, Randgold Resources announced the resumption of its activities at Tongon gold mine in Côte d’Ivoire following the lifting of a lock-out imposed on the workers after a long illegal strike. According to a statement published by the company, the management, workers, community leaders, and the government reached an agreement under which, the workers will be “re-employed in phases...

It is time African accounting and finance experts contribute to the fight against corruption. This was the key point of the speech delivered by Senegal’s minister in charge of budget Birima Mangara (photo) during the 8th African Accounting and Finance Conference (September 5-7, 2018).  “As accounting and finance experts, you know the motives and consequences of corruption and, you...