The African Development Bank’s Board of Directors has approved a $1.2 million grant to Ethiopia’s government to finance a feasibility study for construction of a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan. The grant, from the African Development Fund, the Bank Group's concessional-rate lending arm, would cover 35% of the total estimated $3.4 million...

Over the first three months of 2020, Algeria’s trade deficit grew by 26% YoY to $1.5 billion compared with $1.19 billion in Q1 2019. Figures were provided by the Directorate of Customs (DGD). Export revenues during the period reviewed slid by 24.85% to $7.62 billion, against $10.14 billion in Q1 2019. Hydrocarbons accounted for 92.40% of exports and...

The government of Morocco is constructing a bridge linking the city of Temara to the Rabat-Casablanca highway. The investment of MAD50 million (€4.6 million) is aimed at improving traffic flow on this 86 km corridor, which has a high traffic volume of 65,000 vehicles per day, with peaks of 85,000. Work started since September 2019 and is expected to be completed by the end of this year,...

Ivan Brown (pictured) was suspended as the head of Liberia’s telecoms regulator (LTA) following accusations of wrongdoing. The decision was announced on June 5 by President George Weah and Edwina Zarka was immediately appointed to act as MD in the meantime. The suspension of Ivan Brown comes at a time when the telecoms regulator is engaged in an intense battle with mobile phone operator Orange...

The African Development Bank has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures. The Feed Africa Response to COVID-19 (FAREC) paves the way for a comprehensive intervention to build resilience, sustainability and regional...

Standard Bank Group, which owns 60.18% of stake in its subsidiary Standard Bank Malawi, and other minority shareholders of the subsidiary will receive 7.1 billion Malawian Kwacha (about $9.6 million) in dividends for the financial year 2019. Despite the current health crisis due to the coronavirus pandemic, the country’s Central Bank did not oppose banks’ decision to distribute...

The Mauritian government adopted for the FY2020-21 a budget of $2.5 billion to revive its economy hit by the coronavirus pandemic. The announcement was made last week by the Finance Minister Renganaden Padayachy (pictured). The new Finance Act has a triple objective: revive the economy and investments in the country, implement key structural reforms, and improve the framework for inclusive...

Ghana’s Vice-President, Dr. Mahamudu Bawumia, will today launch a single digital payment platform on which citizens can now pay their taxes and other financial obligations. This platform (Ghana.GOV) is a new step forward toward achieving the government’s digital strategy. According to the information minister, Kojo Oppong Nkrumah (pictured), Ghana.GOV will provide a single point of access to...

The total outstanding doubtful loans in Kenya's banking sector reached KSh366 billion (about $3.4 billion) in late April, the highest level in 13 years. This information was provided by the governor of the country’s Central Bank. The consequences of the current coronavirus pandemic have been presented as the first cause of this situation. During its recent ordinary general meeting, Kenya...

Agri-Business Capital Fund (ABC Fund), a fund that targets companies in the agro-industrial value chain in developing countries, will support the expansion of soybean processing company Dragon Farming Limited in Ghana. ABC will provide €800,000 and technical assistance to the company, which markets finished soybean processing products to companies involved in animal care and...