In Africa, the war against the covid-19 pandemic is having a significant impact on economies. According to Ken Ofori-Atta (pictured)- Ghana's finance minister- China, Africa's largest trading partner, can do much more to help African countries relieve their debt. Figures revealed by the minister showed that Africa's debt to China amounts to about $145 billion, of which $8 billion is...

South African financial company Absa Group (ex-Barclays Africa) is being sued by Vodacom and could lose $286 million if the complainant wins. The information was given by the local media Techcentral. The case is about an alleged unauthorized merger-acquisition payment by Absa’s Tanzanian subsidiary from Vodacom’s accounts to Tanzania’s tax agency last year. In November 2018, the...

China Harbour Engineering Company (CHEC), the Chinese conglomerate which is also a stakeholder in the Lekki Deep Water Port Project in Nigeria, has made an equity contribution of $221.03 million to the project. The amount was disbursed on 30 March 2020, according to a press release published on the project site. This contribution, according to Nigerian authorities, shows CHEC's deep...

Upon the completion of the second review under the Extended Credit Facility signed with Sierra Leone, the International Monetary Fund has approved the immediate disbursement of SDR15.555 million, or about $21.13 million, in favor of the country. The new investment brings the amount disbursed under this arrangement to SDR46.665 million (about $63.39 million). According to the...

Israeli company Mitrelli Group, specialized in water supply and sanitation, secured a $160 million contract to implement 95 urban hydraulic systems in 95 regions in Côte d’Ivoire. The agreement was signed on April 3 in Abidjan. According to Ivorian authorities, this project is part of a vast project of CFA1,700 billion (about $2.9 billion) initiated by the government to intensify...

Rocket Internet, a company listed on the Frankfurt Stock Exchange, has sold its 11% stake in Jumia.com, an e-commerce company with a strong presence in Africa. The identity of the buyer is currently unknown, as is the amount received by the German company in this transaction. Rocket Internet raised about $196 million a year ago when it sold part of its interest in the company as part of the...

In an interview with KT Press on April 3, 2020, Rwanda's Minister of ICT and Innovation, Paula Ingabire (pictured), said the bankruptcy of satellite internet startup OneWeb will not affect the country. The minister was reassuring the public about the government's 2019 investment in OneWeb to launch the “Icyerekezo” satellite into space. Icyerekezo is expected to go into operation in April to...

The countries of the Islamic Cooperation Organization (OIC) will benefit from $300 million provided by the International Islamic Trade Finance Corporation (ITFC). In the related statement issued today April 6, the lender says the money will support the OIC countries that are most affected by the covid-19 pandemic. The financing is part of a mechanism called the COVID-19 Rapid Response...

The Board of Directors of the International Monetary Fund -IMF- approved on April 2, the disbursement of SDR80.1 million (about $109.4 million) under the rapid credit facility (RCF) arrangement with the government of Rwanda. The resource will meet the urgent needs of the country’s balance of payments in the current covid-19 crisis context. It will mostly support the most vulnerable...

Madagascar will benefit from $165.99 million from the International Monetary Fund under the Rapid Credit Facility (RCF) to pursue the fight against the novel coronavirus in the country. With more than 70 cases already recorded, the government is doing all possible to contain the spread of the virus with several barrier prevention measures, which however have a huge impact on the country’s...