In Côte d’Ivoire, the united party known as Rassemblement des Houphouetistes pour la Démocratie et la Paix (RHDP) was officially created, following a constituent general meeting held July 16 at Hôtel Ivoire d’Abidjan.     The long-awaited party announced to be the leading political force, resulting from the union of several major parties including the Democratic Party of...

Congolese mobile operator Congo Telecom will benefit from technical support from Spanish firm Applus specializing in testing, inspection and certification, to launch its 5G service. Matt Stead, Applus’ Africa Business and Development Director, while meeting on July 16 the Congolese Minister of Posts and Telecommunications, Léon Juste Ibombo, expressed the firm’s desire to collaborate with...

Egypt’s local banks are at risk of government over-indebtedness, data from the Institute for international Finance showed. Last year, Egypt was the world’s second-largest borrower from local banks, after China. Public debt interests to be paid in 2018 and 2019 are an average of 8% of GDP. Meanwhile, budget deficit stood at 6% of GDP.  The debt level worsened in Q1 2018. At the end...

Following a definitive feasibility study (DFS) of its Achmmach tin deposit (Morocco), published July 16, Kasbah Resources plans to launch the project’s construction work in 2019 and start production the following year. To this end, the company engaged negotiations with partners to secure funding and offtake agreements, as well as identify a suitable contractor capable of conducting underground...

Citi is pleased to announce the appointment of Gordon Acha as Citi Country Officer (CCO) for Cameroon. Gordon will report to Citi Cameroon Board of Directors chaired by Khady Dior Ndiaye, Citi Country Officer for Côte d’Ivoire and Citi Business Head for French West & Central Africa. Gordon has over 23 years of Institutional Banking experience covering the United States, Cameroon, Côte...

In the H1 2018 revenue performance report, Nigeria’s Federal Inland Revenue Service (FIRS) announced that it raised more than N2.5 trillion (about $7 billion) in tax revenue from January to June 2018. This represents a strong success as the tax administration already realized 75% of its total target for 2018 in just six months. In addition, the figure reflects an increase by 42%...

African Import-Export Bank (Afreximbank) will approve $500 million in financing to Angola, Samuel Loum head of the bank’s credit and analysis division said. According to information relayed by Macauhub, the resource will mainly be used to develop civil aviation sectors and support the finance sector. Authorities hope the move will boost both sectors’ takeoff in a context where the...

Islamic Development Bank (IBD) committed CFA170 billion to support rice sector in 10 African countries. Sidy Mohamed Ould Taleb, IDB Regional Director, told APS. “The scheme aims to boost rice production and productivity as well as the development of national and regional businesses along the efficient value chain with strong private sector participation,” he said. The project’s phase...

During the 2018-19 season, Benin’s government plans to boost cotton output to 700,000 tons, up from the record level of 597,986 tons over 530,145 ha achieved a year earlier. This was announced June 14 by Tamou Gani Badou, head of the national federation of rural cotton growers’ cooperatives. Main production area was Banikoara district which delivered 142,741 tons, about 24 percent of...

Saudi Arabia announces it would invest $10 billion in South Africa. According to Bloomberg which reported the news giving no further details, this new financing mainly targets energy sector and other key sectors. Authorities said more funding details would be given by October during an investment summit that will be held in the country. Let’s note that this financing is timely as...