Morocco’s Bank al Maghrib reported that for the first time since 2008 the cost of risk dropped in the banking sector. This was revealed in a press release detailing banking developments in 2017. This situation occured in a context when, thanks to an economy upswing, banking credit grew by 3.2%. However, this trend reflects a less significant growth (2.6%) in financing for non-financial...

In Côte d’Ivoire, the local subsidiary of French group Société Générale, launches a new Price Fluctuation Coverage Product designed for cocoa producers. This offer from WAEMU’s largest bank comes in a context where the sector is still suffering from a sharp drop in farm-gate prices, due to failure on the delivery system. According to auditing firm KPMG, the new offer is expected to...

Russia’s Nordgold announced last weekend that its 2018 exploration plan is rapidly advancing at Taparko mine in Burkina Faso, and it’s on track to achieve its objectives of replacing mined gold and increasing resources. While in 2017, exploration activity added more than 200,000 oz to Taparko’s Mineral Resources and 100,000 oz to the ore reserves, the company plans higher levels in 2018...

In Zimbabwe, tobacco sales broke a new record reaching 237,100 tons in the 2017-18 season, 200 tons more than the previous record of 236,900 tons in 2000. According to Reuters which reported the news July 20, this good performance achieved a week before the end of the season was spurred by a growing demand in China, main leaf importer, and a rebound in private investments. This reflects strong...

Mustang resources published Maiden Resources Declaration for its Caula vanadium/graphite mine in Mozambique, reporting 22 million tons of measured resources at 0.37% vanadium pentoxide (V2O5). This translates into 81,600 tons of vanadium, thus 180 million pounds. According to MD Bernard Olivier, the combination of graphite and vanadium resources shows that “the Caula resource translates...

Nigeria’s Debt Management Office (DMO) plans to issue N208 billion ($682 million) worth of green bonds before the end of the year, the environment minister Ibrahim Jibril (photo) said July 20. “Debt Management Office plans a Sovereign Green Bond program,” he said, commenting on the listing of this Sovereign Green Bond, which is the country’s first ever certified green bond on the...

Industrial Development Corporation of South Africa Ltd (IDCSA) approved $30 million in financing to the Agricultural Bank of Zimbabwe (Agribank) to support the agricultural sector. The resource will mainly be directed to firms specialized in fertilizer production as well as soya, milk and oilseed oil production companies. According to Sam Malaba, Agribank's MD, this credit line will also...

The African Development Bank has approved a US$20 million loan to the Uganda Development Bank Limited (UDBL), the first development finance institution established by the Government of Uganda in 1972. The financial package comprises of a 10-year US$15 million Sovereign Guaranteed Line of Credit for on-lending to projects in various sectors and a US$5 million Non-Sovereign Line of Credit to...

Major world sugar exporters asked the EU, India and Pakistan (main traders) to cut public subsidies, Global Sugar Alliance for Sugar Trade Reform and Liberalization revealed. The association said the subsidies foster an over-production which leads to a decline in global price well below production cost, even in the most efficient producer countries. “Global Sugar Alliance Members have...

Since July 18, Tunisia officially became the 20th member of the Common Market for Eastern and Southern Africa (COMESA). This membership is set to enter into effect during the member-countries’ Heads of Government and State Summit, which started July 19 in Lusaka (Zambia). According to Khemaïes Jhinaoui, Tunisian minister of foreign affairs, “once this membership is approved, Tunisia gets...