The African Development Bank has concluded its bid to co-finance the construction of Mozambique's integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. The Mozambique LNG Area 1 Project, estimated to cost over $20 billion, is ranked Africa's single largest foreign direct investment to date. It comprises a global team of...

The International Monetary Fund announced in a July 20 statement it has agreed to write off up to $7.6 million of Burundi’s debt. The move aims to help the country face the coronavirus crisis and the socio-economic challenges that came with it. It is part of the Catastrophe Containment and Relief (CCR) Trust, and is expected to "help free up resources for public sector health needs...

Bellal Mekkid, CEO of mobile operator Mobilis, announces the company will start experimenting 5G technology across the country from August 2020. He said this on July 18, 2020, during the launch of a parental control service called “MobiliS@fe,” designed to help parents control and monitor their children's use of the Internet. The manager said all the necessary means will be made available...

The Spanish branch of Moroccan banking group Bank of Africa is facing a fine of €1.67 million imposed by the Bank of Spain. In a statement issued on July 17, the regulator explained that these sanctions decided since September 2019 are the result of “serious infringements” committed by BMCE Bank International (BBI) and its managers. Indeed, the subsidiary is registered as an active...

Fitch Ratings, the global credit rating agency, has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’, with stable outlook. According to the agency, “the ‘AAA’ rating of the AfDB is driven by extraordinary support it receives from its shareholders, which Fitch Ratings assesses at ‘aaa’”. It judged the Bank’s risk management policies...

Sudan needs $283 million to meet the urgent needs caused by the coronavirus pandemic, according to a statement by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA). The resources will be used to provide food, water, sanitation, health, and protection services to the most vulnerable populations. The UN estimates that more than 9.6 million Sudanese (nearly a...

The President of the Federal Republic of Nigeria, Muhammadu Buhari (pictured), has set up a steering committee to monitor and speed up the digital identification of all Nigerians. The World Bank-backed project is entering its active phase with the creation on 17 July 2020, by the Head of State, of the implementation committee whose presidency has been entrusted to the secretary of the government...

Kenya can still afford 5 years of a budget deficit in the current state of its public finances, according to the FY2020-21 Budget Act. The projected budget deficit, which is the surplus of government expenditures to be made when budget revenue is lower, will be KSh600 billion Kenyan shillings ($5.57 billion). This level of deficit is in line with the average of the previous 5 fiscal years and...

The Mauritian government has already disbursed Rs 10.6 billion ($265 million) into its program to support jobs threatened by the covid-19 pandemic. The information was revealed in a recent press release by the Minister of Finance, Renganaden Padayachy (pictured). According to the authorities, the funds were aimed at implementing two employment assistance programs for businesses and self-employed...

15 deals in the Africa Investment Forum’s portfolio, valued at $3.79 billion earmarked to address COVID-19 impacts Increased and decisive investment will be the channel for Africa’s economic recovery post COVID-19, partners of the Africa Investment Forum said on Friday, expressing confidence in the continent’s potential to rebound from the ongoing health and economic crises.“Africa...