Zambia has signed an $825 million deal with China Railway Construction Corp for the modernization of railways in the south of the country, the company said yesterday March 3. The project will last 8 years and concerns a total of 648.26 km of existing lines, including the Stone-Kafue Bridge (420.67 km), Livingstone-Mulobezi (162.95 km) and Masuku-Choma (64.34 km). No information is given...

South Africa’s economy has officially entered a new recession for the second time in two years, the national statistics office (Stats SA) announced. Data show that in the fourth quarter in 2019, the economy shrank by 1.4%, after a 0.8% decline the previous quarter. This scenario is the consequence of a slowdown in 7 out of the 10 key sectors over the year. In the fourth quarter, agriculture...

After three years of recession, the Namibian economy is expected to get back on a positive growth trend this year. The good news was reported following an IMF mission to the country last 24 to 28 February as part of the organization’s regular surveillance activities. Driven by the acceleration of mining production and drought mitigation recorded last year, Namibia's economic growth is expected...

Senegal has just recorded a second case of coronavirus less than 48 hours after the first case was confirmed. The announcement was made Tuesday, March 3, 2020, by the Ministry of Health. The patient is a French resident aged 80 years, living in Sarcelles, in the Paris suburbs, who arrived in Senegal on February 29, 2020. The man was confirmed following a medical consultation on March 2, 2020 at...

The investment holding company RMK Group which operates in diversified sectors such as real estate, food and automotive services, has increased its interest in the capital of its subsidiary M2M Group to 64.7%, from 51% previously. The buyer does not make any comment but local media report that the transaction involved the acquisition of 88.72 new shares. Listed on the Casablanca stock exchange,...

Tangerine Life Insurance, which provides digital financial and insurance solutions in Nigeria, has acquired a majority stake in the capital of ARM Life Insurance Plc, a life insurance firm operation in the Nigerian market. The amount invested in this transaction was not disclosed. “The acquisition will provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM...

Africa-based fund manager Coronation Asset Management has become the second largest investor in SPAR, a Dutch retailer listed on the Johannesburg Stock Exchange and active in several African countries. Coronation now owns 16% of the company's capital, up from 4.8% previously. The amount of the transaction was not disclosed, but market data suggests that the fund manager acquired nearly 16.6...

British telecom group Vodafone announced an investment of $25 million in Texas-based satellite manufacturer AST & Science. The US firm wants to launch the world’s first low earth orbit, low latency satellite network- called SpaceMobile- capable of connecting directly to a smartphone. The network's signal will help to strengthen the telecom coverage of a partner mobile operator. For...

Nigeria’s Federal Executive Council (FEC) approved $80 million for the construction of two roads linking two Northern states to the border with Niger. The first road to be built (47 km) links Balle-Kardula in the state of Sokoto to the Niger border. It is valued at N9.5 billion (about $26 million) and work is expected to last 24 months. The project is entrusted to Messrs North Sea...

Zambia will receive $389 million in financial assistance from the United States to advance fight against AIDS, the Ministry of Health said this week. The funding is part of the U.S. President's Emergency Plan for AIDS Relief (PEPFAR), launched in 2003 by President George W. Bush. “The U.S. government, through PEPFAR, is a strategic partner in Zambia's National HIV response which has...