Search

The article reports that the African Development Bank (AfDB) has approved a loan worth 30 million U.S. dollars to finance the rehabilitation project for reviving the Oku Iboku Pulp and Paper Mill in Akwa Ibom and Cross River States in south-eastern Nigeria.

The article focuses on Sappi, a forest products and paper producer based in South Africa. The company is one of the largest industrial groups on the Johannesburg Stock Exchange, with annual sales of $5 billion. Sappi reported a pretax loss of $224 million in the 2005 financial year. International ratings agencies have downgraded its debt.

Sierra Leone on July 1st introduced a new family of banknotes, stripping three zeros off the leone, in a bid to restore confidence in the inflation-hit national currency. "We have removed three zeros from our banknotes, but the money yesterday is the same value as today", President Julius Maada Bio said at ceremonies at the central bank where the new bills were unveiled. "Our current currency is too big to fit into a wallet and we spend too much money printing oversized banknotes", Kelfala Murana Kallon, the central bank governor, told reporters in August 2021 as he announced the move. [Extracted from the article]

The article focuses on the Draft Green Paper on Land Reform of South Africa. The paper has received approval for publication for gathering public comments. It notes that the paper seeks to generate ideas and responses policy issues regarding land reform, one concerns government investment in transforming land relations. Key areas of the paper are given which include vision for land reform, principles for land reform as well as challenges and constraints.

Reports that the Togo-based Hyundai OAZ has established a factory in Lome to produce paper and other products for photographic laboratories.

Reports on the performance of the paper and packaging industry in South Africa as of August 2004. Plans of paper and packaging firm Mondi to sell a 42 percent stake in its South African packaging business to investment firm Shanduka.

The article reports on several African figures named in the Panama Papers or leaked tax documents in April 2016 which include Clive Khulubuse Zuma, the nephew of South African President Jacob Zuma, and John Addo Kufuor, the son of former Ghana President John Agyekum Kufuor.

The article reports that the government of China released a white paper entitled "China-Africa Economic and Trade Cooperation" which highlights the latest achievements and provides information on trade development, investment expansion, and other areas of cooperation between China and Africa.

Discusses the demonetarization to be carried out in eight nations in the Franc Zone of West Africa between September and December 2003. Introduction of a new design of banknotes; Proliferation of dirty money in circulation.

The article reports that the central bank of Zimbabwe has introduced three new higher denomination bank notes as the country battles record inflation rate of more than 230 million percent. The new 100,000 Zim dollar (Z$), Z$500,000 and Z$1,000,000 would enter circulation to make it easier and more convenient for the public to trade.

The article reports that the Zimbabwe Central bank has introduced a new Z$500 million bank note and put into circulation special checks for farmers up to $50 billion. The central bank's move was made in response to raging inflation, which stood at 165,000 percent in February 2008. The farmer's checks in Z$5-billion, Z$25-billion and Z$50-billion denominations launched in the form of bank notes would be used in the same way as cash in daily transactions. Ministry of Finance sources were quoted predicting annual inflation to reach 1,200,000 percent in may 2008.

The article presents a report on new currency in Sudan. Sudan is replacing its dinar currency with Sundanese pound which will cost the country one hundred fifty million dollars. The pound was introduced on January 10, 2007 and the use of the dinar was stopped on June 30, 2007. The replacement of the dinar came after peace settlements between north and south Sudan. The dinar was replaced due to its perceived relation to the Islamist government of Khartoum. One Sundanese pound is equivalent to one hundred dinar and comes in six denominations.

Reports on the introduction of two new banknotes in Mozambique in September 2003.

The 2024 African Development Bank (AfDB) annual meetings took place in Nairobi, Kenya, under the theme of "transforming Africa." Kenyan President William Ruto criticized the global financial system for imposing higher borrowing rates on African countries due to an "unjust" system. AfDB President Akinwumi Adesina echoed this sentiment and emphasized the need for double-digit economic growth to address poverty and create jobs. The AfDB approved a $117 billion General Callable Capital Increase to meet development finance needs and maintain lending capacity. The Bank also approved Morocco's Country Strategy Paper for 2024-2029, focusing on inclusive growth and resilience to external shocks. The AfDB has supported various initiatives in Morocco, including improving access to drinking water, modernizing health infrastructure, enhancing transportation, and developing renewable energy sources. Furthermore, the Bank has committed $2 billion over 10 years to clean cooking solutions in Africa, with the aim of primarily benefiting women and children. Additionally, the AfDB has granted loans to Ethiopia to boost youth and women-led businesses, Mauritius to support economic recovery post-COVID-19, and Zimbabwe to enhance intra-African trade. [Extracted from the article]

The African Development Bank (AfDB) has approved the Country Strategy Paper (CSP) for Zambia for 2024-2029. The CSP focuses on two priority areas: boosting the development of the private sector through investments in infrastructure and developing the country's agricultural value chain. The Bank's interventions will include expanding the road and rail network, improving access to water and sanitation facilities, and supporting the agricultural sector. In addition, the AfDB has signed a loan agreement with the Fonds d'équipement communal (FEC) in Morocco to fund sustainable infrastructure projects, and a Trade Finance Transaction Guarantee Facility with NMB Bank Limited Zimbabwe to unlock trade finance opportunities for Zimbabwean small and medium-sized enterprises. These initiatives aim to improve livelihoods, create job opportunities, and support economic growth in the respective countries. [Extracted from the article]

On the same day Privinvest served its papers on Nyusi, B Swiss b bank Credit Suisse was being fined $475m for "fraudulently misleading investors" and corruption over its part in issuing the loans. President Filipe Nyusi is being sued in London by a firm at the centre of a $2 billion loan scandal that plunged his nation into financial crisis. The deals were made before Nyusi was elected and Privinvest has denied bribery to win the contracts, arguing its payments were political donations that were legal in Mozambique at the time. [Extracted from the article]

The sale, only the second by Rwanda, at an interest rate of 5.5%, follows lower than expected interest rates on paper issued by B Ghana b and B Benin b in July, and dollar debt sales by B Cameroon, Kenya b and B Senegal b in June. But emerging markets analysts Tellmer say that there is "generally strong investor buy-in to Rwanda's growth and reform story, despite a high and rising debt burden" adding that "we view the issuance as a positive signal for Rwanda's debt management". Rwanda became the latest African sovereign to benefit from money markets issuing US$620m of international bonds on August 2nd. [Extracted from the article]

The African Development Bank (AfDB) has signed a €100m risk-sharing agreement with Attijariwafa bank Europe to strengthen businesses and trade across Africa. This agreement is expected to catalyze nearly €500m worth of trade for companies operating in over twenty African countries, diversify production capacity, generate higher tax revenues, and create new jobs. The AfDB has also formalized a new Financial Framework Partnership Agreement with the European Commission to boost investments in infrastructure projects in Africa, with the EU supporting the African continent with €150bn worth of investments. Additionally, the AfDB has approved investments in Seedstars Africa Ventures, a venture capital fund that focuses on innovative African businesses, and launched projects to bolster food security in Burkina Faso and support the development of the Democratic Republic of Congo. Lastly, the AfDB has approved a new five-year Country Strategy Paper for Kenya, focusing on private sector-driven growth through infrastructure development, strategic reforms, and human capital development, and pledged increased financing to South Sudan to address its development needs. [Extracted from the article]

The African Development Bank (AfDB) has revised its macroeconomic forecast for Africa, citing inflationary pressures and challenges such as Covid-19, geopolitical tensions, climate shocks, and limited fiscal space. Inflation is projected to average 18.5% and 17.1% in 2023 and 2024, respectively. The bank recommends implementing restrictive monetary and fiscal policies to contain inflation in the short term, while also investing in human capital and infrastructure for long-term sustainable development. The AfDB has introduced a $1 billion insurance facility to protect farmers from climate change impacts and received pledges of over $175 million for climate-aligned infrastructure projects. The Africa Investment Forum generated significant investment interest, and Germany has pledged €4 billion for Africa's green energy. The AfDB is prioritizing private sector development and has approved a Country Strategy Paper for Malawi, focusing on economic infrastructure and agriculture value chains. The Bank has also granted loans to several countries to support economic recovery and development programs. [Extracted from the article]

I (Rwandan franc 1000 = £0.77/$0.96/€0.90) i B The aim is to return growth to pre-pandemic levels. b The government of Rwanda is expected to spend an estimated Rwandan francs 4,658.4bn in the next fiscal year (2022/2023), representing an increase of Rwf217.8bn or 4.7% compared to Rwf4,440.6bn of the revised budget of the current fiscal year. The disclosure was made on May 19th by Uzziel Ndagijimana, minister of finance and economic planning, while presenting the 2022-2023 Budget Framework Paper, and the annual budget estimates to both chambers of parliament. While presenting the proposed financial plan to legislators, Ndagijimana said that the next financial year budget, which will start on July 1st, 2022, will focus on the implementation of government strategies meant to resuscitate the economy from the Covid-19 pandemic so that it reaches the pre-pandemic growth level. [Extracted from the article]

The African Development Bank (AfDB) has entered into a Risk Participation Agreement with Attijariwafa bank in Morocco, providing €100 million to support local banks in financing small and medium-sized enterprises (SMEs) in Africa. This agreement aims to address the reduction in commitment levels from international banks due to perceived high African risk. The AfDB has also approved a Country Strategy Paper for Congo, focusing on sustainable infrastructure development, value chains, and human capital improvement. Additionally, Egypt has issued a 3-year Sustainability Panda Bond worth RMB 3.5 billion with the support of the AfDB, becoming the first African country to tap into Chinese capital markets. South Africa's Absa Group Limited has received financial support from the AfDB for sustainable lending activities, including support for women and youth-owned enterprises. The AfDB has also provided loans to Cameroon for road infrastructure development and to Ghana for fiscal consolidation and economic recovery. [Extracted from the article]

On April 4th Zimbabwe's central bank announced that it had raised its benchmark interest rate to 80% in a bid to rein in inflation worsened by the war in B Ukraine b . The central bank also announced on April 6th that it will introduce a new 100-dollar note, its highest paper money denomination, according to a government notice, but the bill is just enough to buy a half a loaf of bread. The Reserve Bank of Zimbabwe said it had "noted that global inflation was on the increase as a consequence of the on-going Russia-Ukraine conflict which had secondary pass-through effects on domestic and international prices". [Extracted from the article]

This publication presents updates on economic and business conditions in Africa as of September 15, 2013. Miners at Harmony Gold has accepted a final wage offer which effectively ends the gold miners' strike in South Africa. The governments of Rwanda and Tanzania have stepped up their claims to the resource-rich Great Lakes region. The Chinese government has released the white paper entitled "China-Africa Economic and Trade Cooperation."

The article reports that a mass crossing of more than 200 migrants scaled the triple fence surrounding Spain's North African enclave of Melilla on February 28, 2014 according to the Spanish government. It discusses the migration policy launched in Rabat, Morocco for halting deportations to Algeria and offering to regularise the papers of people residing illegally in Morocco. It discusses the 2014 boat accident that happened in the Gulf of Aden involving refugees and migrants.

I (Zimbabwe $100 = £0.24 / $0.31 / €0.26) i B Ncube is optimistic that high growth will return in 2021. b The 2021 Budget Strategy Paper, themed I "Building Resilience and Economic Recovery Post Covid-19" i , was launched by Finance and Economic Development Minister Mthuli Ncube in Harare on October 16th. Zimbabwe has reopened most sectors of its economy after a six-month lockdown due to the Covid-19 pandemic. The budget comes as the economy is gradually recovering from the Covid-19-induced business shutdown and as partial dollarisation is helping to recalibrate the economy from years of currency distortions, costly consumption subsidies and high levels of inflation. [Extracted from the article]

The article offers information on the paper "Cashew agro-business in Casamance: Strengths, constraints and prospects of industrialisation," by Sene Abdourahmane Mbade which focuses on the nut value chain in Senegal.

The article offers news and updates related to the African Development Bank (AfDB). The bank received a Triple A rating from Japan Credit Rating Agency on its listed outstanding debts. The bank also received a triple A rating from three rating agencies, like the Moody's and Fitch Inc. A Joint Country Partnership Strategy Paper by the AfDB and World Bank was approved on July 22, 2009.

B The president hopes his renewables plan will rescue the power utility and reboot the economy. b A forthcoming white paper proposing the division of Eskom into a generating and a separate distribution company will spark opposition from the African National Congress (ANC) if it recommends the sale of state assets. Although Ramaphosa's green energy plan would not solve the short-term need for a bail-out, it would provide a more coherent vision for a country wracked by the erosion of state institutions and political factionalism. [Extracted from the article]

The article reports on the expanding bilateral trade relations between China and Africa. In a white paper released on December 23, 2010, the Chinese government spoke of the revitalized development of trade, investment, infrastructure, and capacity building in the continent. It also lauded the enhanced cooperation in finance and tourism between both sides. However, African governments are concerned with the influx of Chinese workers and technology transfer.

The article reports that a four-year interline agreement between British Airways (BA) and Rwandair Express, Rwanda's national airline, will terminate on May 31, 2008 because BA will phase out paper tickets, effective June 2008. According to BA Commercial Agreements Manager Gary Wallace, while they will continue to accept paper tickets signed by Rwandair up to May 31, 2008, they will not renew the interline deal. He added that BA will prioritize implementation of interline e-tickets on the basis of the value of interline traffic between BA and other carriers involved.

The article reports on the announcement by Portuguese pulp and paper group Portucel Soporcel on July 20, 2015 that it is setting up the biggest eucalyptus nursery in Africa.

Djibouti claimed the concession agreement largely favoured the DP World, which operates a series of container terminals around the world. The London-based arbitration tribunal awarded DP World up to US$200m in financial damages suffered following the termination of its concession to operate three terminals at the Port of Djibouti.The arbitral tribunal of the London Court of International Arbitration (LCIA) settled the award claim for $200,752,000 in interim damages to DP World and joint venture company Doraleh Container Terminal, according to court papers. Djibouti: Djibouti has lost a landmark arbitration case against DP World after a prolonged case following its arbitrary termination of a concession agreement. [Extracted from the article]

Both China and African countries "have a right to development", the document said, referring to concerns that restrictions on fossil fuels will harm poor countries. I AFP (30/11) i reported that China promised to help African countries overcome Covid-related economic woes "without imposing its will", faced with accusations that it often plays a coercive role on the continent. The November 30th joint declaration said that China would not interfere in the "development path" set by African countries and that it would also refrain from "imposing its will on Africa". [Extracted from the article]

The article reports that Cape Verde has achieved the Middle Income Country (MIC) Status alongside with the approval of its 2009-2012 Country Strategy Paper (CSP) by the Board of Directors of the African Development Bank (AfDB). It explores the content of CSP, which is based on two strategic pillars that cater on good governance and infrastructure. Likewise, it details the role of the bank on the reforms geared for both frameworks including the provision of necessary supports.

The article discusses the report from the "BusinessDay" newspaper that Sudatel, Sudan's state-run telecommunications company has bought 70% stake. According to the paper, the terms of the deal has included that the shareholders of Intercellular, Nigerias private telephone operators, to get U.S. $10m while the Sudatel, gets an immediate loan of $10m and $30 million to other expenses. The paper also added that Sudatel has been obliged to invest $100 million a year into the expansion of Intercellular for the next five years.

The article reports on Benetton's plan to expand its investments in Tunisia's textile sector. It suggests that the expansion will increase employment opportunities in the sector, which accounts for around 35 percent of Tunisia's exports. The article discusses how the abolition of quotas on Asian textiles to the European Union market negatively affected Tunisia's textile exports.

The article reports on the cessation of Zimbabwe Iron and Steel Co.'s (Ziscosteel) production due to coal shortages and breakdown of key equipment. It discusses the concern that Ziscosteel could completely shut down any time if no urgent measures are taken. The company requires close to 300,000 tons of coal per month.

The article reports that Quality Chemicals' plant in Uganda will start manufacturing anti-retroviral and anti-malarial drugs by June 2007. Uganda President Yoweri Museveni has given Quality Chemicals 12 acres in Luzira Industrial Park. According to the company's chairman, Francis Kitaka, Uganda would be the second country in Africa to start manufacturing and exporting the drugs after South African company, Aspen Pharmacare.

The article discusses the highlights of the 2015 United Nations Climate Change Conference (COP 21) that was held in Paris, France from November 30 to December 15, 2015.

Somalia's cabinet has endorsed a $28m increase in the government's budget for 2022 to $699m, with most of the state's expenditure expected to be met by the international community, the privately-owned Goobjoog news website reported. (Goobjoog website 1/11) Puntland State Budget 2020-21 Approved: The president of Puntland State, Sa'id Abdullahi Deni, has presided over the weekly cabinet meeting in which the regional budget of $354,039,039 was approved. The cabinet also approved the military assistance policy and the Livestock Sanitation Act during the meeting, which was also attended by Vice-President Ahmed Elmi Osman Karash. [Extracted from the article]

The article reports that an Angolan administrative agency disclosed information regarding the size of petroleum reserves discovered by Australian corporation Roc Oil in the Massambalala oil field on the Cabinda enclave in Angola. Roc Oil's initial announcement pegged production from the reserves at 33 million barrels. The state agency revealed however that the oil field has a total reserve equivalent to 170 million barrels, which is five times the Roc Oil estimate. The agency pointed out that 54 million U.S. dollars are required for additional petroleum prospecting and engineering in Cabinda.

Information about several papers discussed at the annual meeting held by African Development Bank (ADB) in Shanghai, China on May 17, 2007 is presented. The event focused on the issues involving ADB reform, development financing, debt management and aid to vulnerable countries. The meeting featured several speakers including Donald Kaberuka.

Presents an annual index supplement to the journal "Africa Research Bulletin", from January 16, 2004 to January 15, 2005. Aerospace industry; Agriculture; Airports and services; Banking; Economic aid; Industrial relations.

The article offers news briefs on different industries in Africa as of April 1, 2014. The Nigerian conglomerate Dangote Group will invest 292.9 million U.S. dollars by building a cement factory in Yamba, southern Congo according to Dangote Chief Executive Officer (CEO) Aliko Dangote. The Chinese mining firm Fenxi plans to invest 500 million U.S. dollars in exploitation and production of coal in Kenya after obtaining approval from the Kenyan government.

The article discusses the highlights of the Second High Level Meeting of Africa-European Union (EU) Energy Partnership (AEEP) held in Addis Ababa, Ethiopia on February 13, 2014, wherein continued cooperation of stakeholders was discussed to ensure access to energy by Africans across the continent.