The Kenyan government says it will reduce its borrowings on the capital market over the next three years to loosen public debt burden. The information was revealed by Geoffrey Mwau (pictured), the economic advisor to the Finance Minister. “We need to focus more on concessional borrowing... what we are doing is looking at scaling down our commercial borrowing up to a point where it is...

Tunisia’s leasing company Compagnie Internationale de Leasing (CIL) has secured €12 million, or $13.3 million, from French development financial institution Proparco to finance its expansion. This facility is part of the Choose Africa initiative, which aims to support nearly 10,000 small African businesses by 2022, with a total financial contribution of €2.5 billion from the...

Japan has granted 23 billion CFA Francs ($39 million) to support the construction of the maternal and child health service at the University Hospital Center (CHU) of Cocody in Abidjan, Côte d’Ivoire. The financing agreement was inked on 26 October 2019 by the Ivorian Minister of Economy and Finance, Adama Coulibaly, and Kojiro Fujino, resident representative of the Japan International...

The African Development Bank and the New Development Bank have signed an agreement to promote new impact projects to improve lives of millions of Africans. Under the deal, the New Development Bank −a multilateral development bank established by BRICS countries of Brazil, Russia, India, China and South Africa – will work with the African Development Bank to jointly identify, prepare and...

Russia’s fertilizer manufacturer Uralchem is pursuing its expansion across Africa, and after Zimbabwe and Zambia, the company is eyeing the Angolan market. A memorandum of understanding was signed in that regard by Uralchem and the Angolan Grupo Opaia SA on the sidelines of the Africa-Russia forum held October 22-24 in Sochi. Under this agreement, the Russian side will build a urea production...

The African Development Bank has appointed a group of renowned experts to the board of a continental initiative to mobilize financing for resilience to the negative impacts of climate change. The Bank established the interim executive board of the Adaptation Benefits Mechanism (ABM) on 4 October 2019. The ABM board is being assisted by an interim secretariat, which is placed in the Bank’s...

Russia will launch a $5 billion platform to improve its trade relations with Africa, the Russian news agency TASS reports.On the sidelines of the Sochi Summit, some African Heads of State and their Russian counterpart Vladimir Putin signed an agreement to set up a mechanism to finance trade agreements between their countries. The operation, which involves the Russian Export Center, Sberbank,...

Côte d'Ivoire's merchandise trade balance recorded a surplus of 724.3 billion CFA Francs ($1.22 billion) at the end of August this year, almost double (+91.1%) that of end August 2018, which was 379.048 billion CFA Francs ($643 million). Data was provided by the Ivorian Ministry of Economy and Finance. Over the period reviewed, exports totaled 4,994.480 billion CFA Francs ($8.4 billion), up...

The government of Burkina Faso announced it will dedicate a total of $144 million, or about 84.7 billion CFA Francs, for its water and sanitation sector over the period 2020 to 2022. The announcement was made this week by the water minister, Niouga Ambroise Ouédraogo (pictured), during the 2020-22 ministerial budget presentation. According to him, about 19.2 billion CFA Francs ($32.5...

“When the water was first released, we filled up our water containers, large and small, for the days ahead when the taps would go dry again. Surprisingly, the next day the taps were still flowing; they haven’t stopped since then” - Hauwa Sani, Housewife, Zaria City. For the first time in over 30 years, taps in 20,000 households in Zaria City in northern Nigeria are flowing with potable...