The Governor of the National Bank of Angola (NBA), José de Lima Massano, recently announced at an extraordinary meeting of the Monetary Policy Committee that Angola's net international foreign exchange reserves are estimated at $10 billion, which guarantees the country 7 months of imports.He explained that with measures taken to develop the foreign exchange market, the country made great...

State-owned Bank of Cairo signed with Micro, Small and Medium Enterprise Development Agency (MSMEDA) a loan agreement for an amount of EGP500 million ($30.9 million). As part of this deal, Bank of Cairo will provide loans of up to EGP30,000 at affordable interest rates to about 50,000 microenterprises listed by MSMEDA. The money will be granted under the Bedaity financing project, an initiative...

The education sector in Ghana will receive $150 million in aid from the World Bank, the institution announced last week. The financing is part of the Ghana Accountability for Learning Outcomes Project (GALOP) which aims to support teaching and learning through modern in-service teacher training, and provision of learning materials. It targets over 2.3 million children including 1.2 million...

Mobile operator MTN Benin has tasked the Swedish network and telecommunications company to carry out the extension and modernization of its mobile phone network across the country. A $120 million (71 billion CFA Francs) agreement was signed in that regard on October 24 by Stephen Blewett, Managing Director of MTN Benin, and Mame Banda Sene, Ericsson's West Africa representative. According...

Moroccan Bank of Commerce and Industry (BMCI), 66.74% controlled by French BNP Paribas, has obtained a green light from the Moroccan Capital Market Authority (AMMC) to issue a subordinated bond for a maximum amount of MAD500 million ($51.8 million). The operation includes 5,000 subordinated bond securities with a par value of MAD100,000. Investors will have the choice between two tranches of...

The European Union is giving Zimbabwe $58 million (€53 million) to improve its primary health care system and address the most urgent health needs, the institution said on October 28. The aid will enable communities affected by the Cyclones Idai and Kenneth, a few months ago, to strengthen their capacity to cope with food and nutrition security shocks. “This new package of €53...

Mauritania signed with the Arab Fund for Economic and Social Development (AFESD) a loan agreement worth $170.8 million to finance the construction of 4 road lots on the Tidjikja-Kiffa-Sélibaby-Mali border line.The related agreement was initialed on Friday 25 October 2019 in Nouakchott by the Minister of Economy and Industry, Sheikh El Kebir Moulaye Taher, and the legal advisor to the MD of...

American firm Oracle, specialized in enterprise software products, announces many technological investments in South Africa by the end of the year. First, the company plans to open Future Ready Labs, its first laboratory in Africa, in Johannesburg in November.The infrastructure will serve as an exhibition framework to help local industry players realize the potential of cloud technology. If the...

Kenya’s Mombasa port has mobilized an amount of KSh20 billion to upgrade four berths, allowing it to now handle both container cargoes and goods not packed in containers, Daniel Manduku, MD of the Kenya Ports Authority -KPA-, announced. The investment, backed by the European Investment Bank (EIB) and the French Development Agency (AFD), is motivated by the growing demand for freight in the...

At the end of September this year, Tunisian company Ateliers Mécaniques du Sahel (AMS) posted a local revenue of TND3.4 million, down 45% compared to the TND6.3 million the same period last year. The Tunis Stock Exchange-listed company, specialized in sanitary fittings and stainless steel household items, explained the poor performance is linked to the strong increase in imports of Turkish...