Sierra Leone has revealed plans for the construction of a seaport. John Tambi, Head of the Presidential Infrastructural Initiative (PII), said talks are in advanced stages for the implementation of the project. The facility, which will be located near the village of Niti, on the island of Bonthe, about 150 km south of Freetown, will integrate an industrial free-trade zone. The feasibility study,...

Rwanda Education Board (REB) announced the government plans to increase internet connectivity in public schools to 62% by the end of 2020, from 52% currently. The rate is expected to reach 100% by 2024, thanks to the envisaged investment of $5 million. During an interview with The New Times on July 13, Christine Niyizamwiyitira, Head of ICT in Education department at REB, said the...

The government of Algeria aims to save $20 billion by the end of this year through the implementation of new economic and financial reforms. The information was reported following a council of ministers held on July 13. According to President Abdelmadjid Tebboune (pictured), the reforms target the banking, tax, and commercial sectors. In the coming years, actions will focus on accelerating...

Nigerian startup TradeDepot, which offers product distribution solutions for retailers and consumers, received additional financing of $10 million to expand its activity in and outside Nigeria. Participants in this investment cycle led by the venture capital firm Partech are the International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative, and MSA Capital. Since 2016,...

Naftali Elude Mzota, a driver for the Impala Shuttle Company in Tanzania, has been driving between Tanzania and Kenya for over 23 years. Asked about the difficulties of crossing the border, Mzota sighs. "Customs clearance used to be a real challenge here, because there were two borders. You had to go through at the Tanzanian immigration office, and then repeat the exercise on the Kenyan side. It...

The tourism and industrial sectors in North Africa are likely to be hardest hit by the COVID-19 pandemic, according to the 2020 edition of the North Africa Economic Outlook report, published on Tuesday by the African Development Bank. Faced with an unparalleled crisis, the region’s countries implemented health and budget measures to curb the spread of the virus and protect their populations....

Senegal's incumbent telecommunications operator, Sonatel, announces that it has closed early its public bond issue launched on 15 June on the financial market of the West African Economic and Monetary Union (Uemoa). The operation, which involved the issue of 10 million dematerialized bonds at a unit price of CFA10,000, was oversubscribed at more than 120% five days before its deadline of 15 July...

The Federal government of Nigeria could lose gains on Treasury bills (short-term loans), due to the decision by the central bank to cut foreign exchange access for corn imports. CBN says the measure aims to support local production, stimulate rapid economic recovery, safeguard rural livelihoods, and increase jobs lost due to the coronavirus pandemic. This initiative will not please investors who...

Tunisia has undertaken to negotiate a rescheduling of its debt with several international creditors. The measure is aimed at easing the pressure on the Maghreb country's economy. According to Investment Minister Slim Azzabi (pictured), negotiations are being conducted with Saudi Arabia, Qatar, France, and Italy, four of Tunisia's main partners. The authorities are hoping that these countries...

The International Monetary Fund (IMF) announced on July 13 it has approved the disbursement of $68 million in favor of Chad. This loan, the second of its kind from the IMF as part of the fight against Covid-19, will help the country meet its urgent budget and balance of payments needs stemming from the global downturn that came with the pandemic. It is granted under the Rapid Credit...