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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 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]

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.

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 discusses the World Bank loans in Central African Republic in Africa. The author mentions that International Developmeny Association will provide a grants-in-aid amounting to $7.9 million. He explains that the main purpose of the grant is to provide support to the implementation of the country's Poverty Reduction Strategy Paper. The author also mentions that the grant focuses on strengthening public finance management. He explains that the grant also aims to improve public sector and economic governance.

The article reports about the bank profits in Rwanda. This paper discusses the economic growth in the country which forms a strong backdrop in commercial banks. The second-biggest bank in Rwanda, Rwanda Commercial Bank has had a steady growth in its customer base and this boosted growth in performance. Pre-tax profits are reported. Competition in rolling out new products has improved and customers are more attracted to invest. Profits has improved and continuously rose. The bank is owned by Actis but the government still owns a part.

Speaking soon after the Board approval, the Bank's Director for Financial Sector Development, Stefan Nalletamby, stated: "We are excited about finalising this facility with TDB which will aid TDB in scaling-up its trade finance offerings across the COMESA region and help meet the ever-increasing trade finance gap. The deal will enable African banks and their small and medium-sized enterprise (SME) clients to participate more in regional and international trade. The grant will focus on three areas: institutional strengthening of the AfCFTA Secretariat; private sector support to implement the AfCFTA, and support of climate-resilient regional and continental value chains to boost intra-Africa trade. [Extracted from the article]

The article discusses concerns on South Africa's future political stability, negative investment climate and relatively high labour costs. It indicates that the foreign-currency long-term deposit ratings of its 5 largest local banks including Standard Bank, Absa and Nedbank were downgraded to Baa1. It notes that its wildcat strikes has put pressure on its exports as its imports become more expensive. It cites the Marikana incident as a wake-up call for the government to act on service delivery.

The article reports that the United States Agency for International Development in cooperation with two Nigerian banks, has introduced a $15 mortgage and small/medium scale businesses loan in Nigeria. The loan is aimed to provide long-term credit to business operators with partner banks, Fidelity Bank and Zenith Bank.

The article presents a 2014 economic outlook for Zimbabwe as of September 2013. The World Bank notes that the country is struggling with international and local factors that are impeding its growth potential. Growth projection for 2013 was revised from 4 to 3 percent. World Bank officials say that worsening macroeconomic indicators and heightened banking volatility are adding to economic uncertainty in the country.

The article reports that 25 banks in Zimbabwe did not have the minimum capital required by law at the end of 2011, which is based on the statement issued by Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono. According to Gono, non-compliant institutions can finalize their recapitalization initiatives or consummate their mergers and acquisitions until February 14, 2012. The author adds that two merchant and three commercial banks risk closure because they lack the required capital.

The article reports on the effects of the decreased in oil prices on the banks in Angola that lends money freely to the elite such as the Banco de Poupança e Crédito (BPC), considered to be the biggest public lender in the country.

The article reports that Central Bank of Nigeria has lifted a suspension of nine banks from foreign exchange trading for failing to remit money from the oil industry to the government, as of October 2016.

The newly approved project complements the ongoing EAC payment and settlement systems integration project (EAC-PSSIP) and support to South Sudan, which is closely aligned with the 4th EAC development strategy (2011/12 - 2015/16) and the EAC common market protocol, which emphasises trade facilitation, a single market in financial services, an EAC monetary union, and infrastructure connectivity into regional development initiatives. Implementation of the new project will commence during the 2019/2020 financial year, and the EAC secretariat will coordinate project implementation, in close collaboration with the Central Bank of South Sudan. B KCB Group Expansion: b KCB Group will boost its investments in South Sudan with the aim of nearly doubling its individual customers by the end of 2020, the group's Managing Director Roba Waqo Jaldesa disclosed on August 8th. [Extracted from the article]

The article reports that the African Development Bank (AfDB) and global investment institution Nomura completed the terms of secondary distribution of AfDB's educational support notes to Japanese retail investors. The notes have a three-year tenor and are denominated in the Brazilian currency. Nomura underwrites the education support notes. This is considered to be the first partnership that the two organizations have undertaken in the field.

The article reports on the opening of the National Credit Bank in South Sudan, which an investment bank opened by former International Monetary Fund (IMF) chief Dominique Strauss-Kahn that according to Central Bank Governor Kornelio Koriom Mayik comes at the right time in terms of investing in the country's oil, mineral, agricultural and livestock industries.

The article predicts the growth of Kenya's economy after the Supreme Court upheld the election of Uhuru Kenyatta as the country's fourth president on March 30, 2013. Prime Minister Raila Odinga has accepted the court's decision and appealed to his supporters to keep the peace. It details how the uncertainty over the election's outcome adversely affected foreign investments and key sectors in the country, particularly banking and tourism.

The article looks at the economy of Libya after the uprising against long-time dictator Mouammar Gaddafy on February 17, 2011 escalated into a full civil war that ended with his ouster and death in October 2011. It notes that oil production bounced back quickly after Gadaffy's fall and the real gross domestic product (GDP) growth in Libya is expected to be 12.2 % in 2012 and 16.7 % in 2013. The weak banking sector and the uncertainty facing the hotel and housing sector are also cited.

The article reports on the result of a study conducted by Goldman Sachs and JP Morgan suggesting that South African bank remain isolated from the global banking crisis but this does not yet present a good buying opportunity. The researchers believe that local banks are still at the beginning of the turn in the cycle and not towards the end.

The article reports on the opening of Banco Terra, the first bank that focuses particularly on agriculture and countryside in Mozambique. The bank, which was inaugurated by the region's President Armando Guebuza, is the inspiration of the Mozambican investment company, GAPI. Meantime, GAPI chairperson and deputy chair of the said bank, Antonio Souto, states that the initial capital for the bank is said to be Meticais 185 million or about $7.7 million and he expects an increase of around 50%.

The article reports on the plan of Morocco to open capital accounts and adopt a flexible exchange rate. The country has started relaxing restrictions on moving money abroad that helped avoid a flight of capital when banks were hit by bad debts. According to the article, reforms have strengthened the banking sector and non-performing loans declined to 6.5 percent of total loans from 19 percent in 2004. Meanwhile, interest rates have declined, non-farm economic growth is accelerating and foreign investment growing. The government of Morocco has predicted an annual economic growth of 6.3 percent.

The article reports on the positive ratings of the Zenith Bank Plc in Nigeria by independent investor relations firms. The ratings suggested that Zenith Bank is a good choice since it offers both medium, and long-term investment. According to the author, a statement from the bank declared that the positive ratings was a result of their performance which are based on primary data, the Nigerian Stick Exchange, and the prospectus which are validated by stockholders, and investors. The Zenith Bank has N130bn hybrid offer, which has a profit growth of 66 percent in half a year.

The article reports that Afric-Invest Financial Sector Fund is a high-risk high-potential-return mutual fund focused on the developing countries and post-war nations of sub-Saharan Africa and launched by Tunisia-based private equity group Tuninvest. The Afric-Invest will invest in financial institutions as well as enterprises and activities in the financial services industry, including banking, consumer credit, insurance, leasing, and asset management. Investments within Afric-Invest have a high development impact.

The article reports on the increase in Arab and North African investments in the developing country of Algeria. Five banks that are backed by Middle East North Africa (MENA) investors are expected to open in the capital Algiers. Members of MENA include Qatar, United Arab Emirates, Morocco, Tunisia, and Lebanon. The "North Africa Journal" reveals that Arab corporations have expanded into the services industries in Algeria. Arab investments take the form of participation in existing business enterprises or equity stake acquisitions.

The article reports on the expansion plan of South Africa-based Standard Bank. It is aiming for a greater international retail presence in Indian market and gain momentum at the banking industry. Standard Bank has also built a corporate and investment banking and commodities trading conglomerate across the world. According to bank analyst Mervin Naidoo, the company is priming itself for growth internationally.

The article offers news briefs related to banking and finance in Africa. The African Development Bank has launched its first bond issue designated in the Nigerian naira, worth $100 million with one year maturity and 9.25% fixed coupon. The new initiative of Barclays Bank PLC will grant African Central Banks access to a $717 million fund it projects to enter into a new investment business and stock-brokerage. Over $150 billion a year is lost in Africa because of tax avoidance by western banks.

The article reports on the turmoil created by the Reserve Bank of Zimbabwe's currency changeover deadline on the market amid concerns that many institutions will not meet it. It reveals that the central bank has been under immense pressure to extend an arbitrary August 21, 2006 deadline for banks and shops to get rid of all old bearer checks.

The article reports developments related to the finance and banking sectors in Zimbabwe in 2006. The country's inflation rate has continued to increase, reaching 1,193.5 percent in May. Banks are beginning to allocate money on May 26 allowing clients to withdraw only Zim$5 million to prevent the trouble of crowding. The Zimbabwe government has inked a US$50 million fuel financing deal with BNP Paribas SA and Loita Capital Partners company on May 31.

The article reports on the implementation of reforms by the African Development Bank (ADB) which are aimed at brining about a more effective development institution able to galvanize Africa's agenda on trade, debt, overseas development assistance, and the emerging positive developments on the continent. According to Donald Kaberuka, president of ADB, while launching the reforms they would ensure that the ADB becomes an effective development and solid financial institution.

Reports on developments following the 2004 requirement of Charles Soludo, governor of the Central Bank of Nigeria, for banks to increase their minimum capital base or face being banned from holding public-sector deposits and participating in the foreign exchange markets. Controversy over the marketing methods of banks to attract depositors; Objectives of Soludo's directive; Preliminary consent for the merger of United Bank for Africa and Standard Trust Bank.

Reports on the Bank of Ghana's implementation of institutional reforms to support the growth and the development of the capital market in Ghana. Capital market reforms; Introduction of a Central Securities Depository System; Comments of Deputy Governor of the Bank, Lionel Lare Dosoo, on the objectives of the institutional reforms.

Reports that the Nigerian Central Bank (CBN) has finally agreed that banks can handle the clearing of cheques among themselves. Banks approved for the purpose by the CBN and would begin inter-bank settlement operations from April 2004; Indication that CBN has come under severe criticism in recent times for failure to stem inflation effectively and manage the exchange rate of the national currency, the Naira; Stiff conditions for the new settlement banks.

Reports that the World Bank has ranked Algeria among the least indebted intermediate income developing countries. Classification based on the level of indebtedness and per capita income; Factors driving indebtedness down.

The article reports on the highly vulnerable economic outlook for Zimbabwe for 2012. It says that the clouded outlook is caused by several key factors including political disturbances, banking system instability and commodity price declines. According to World Bank country economist Nadia Pifferetti, the external position of the country remains precarious with an account deficit of 23.4 percent of gross domestic product (GDP).

The article discusses highlights of the "Sustainability Banking in Africa Report," published by the African Institute of Corporate Citizenship (AICC) with support from the United Nations Environment Programme Finance Initiative (UNEPFI).

The May 16-June 15, 2010 issue of "Africa Research Bulletin," Economic, Financial and Technical Series, is presented. It offers information on the 45th Annual Meetings of African Development Bank (AfDB) and the 36th Meetings of African Development Fund (ADF) held in Abidjan, Cote d'Ivoire in May 28, 2010. An overview of the economic outlook for Africa in 2010 is also provided.

The article reports that Banco BPI SA of Portugal has sold 49.9 percent of Angola-based Banco de Fomento Angola to mobile telephone operator Unitel Communications Inc. for $475 million. Banco de Fomento is the largest private bank in Angola while Unitel is the country's leading mobile telephone operator. The local banking system is predicted to experience strong growth in the coming years.

The article reports that the African Investment Bank, a bank established with Cape Verdian and Angolan capital, has begun operation in Cape Verde on October 1, 2008. The bank is expected to support the economies of the two countries by offering adequate financing to its customers. The bank has a total authorized capital of 90 million euros.

The article reports that the African Development Bank is extending lines of credit worth a total of $320 million to Standard Bank and Nedbank Ltd. of South Africa. The money will be used to provide long-term funding for infrastructure, industry and natural resources projects in Africa. The credit lines will enhance the banks' capital base.

The article reports that Kenya-based Equity Bank is hoping to use its cellular telephone banking solution to leverage its expansion into southern Sudan by the end of 2008. Bank chief executive James Mwangi has confirmed that Equity Bank had already obtained approvals from the Central Bank of Kenya and the Bank of Southern Sudan.

The article reports on the opinion of South African Reserve Bank Governor Tito Mboweni that the global financial turmoil posed a clear threat to South Africa's economy and markets although local banks were relatively isolated from the crisis. Local banks had little direct exposure to the U.S. subprime mortgage market.

The article reports that Nigeria's Access Bank has acquired a 75 percent share in Rwanda's Bancor Bank for $13.5 million as part of an accelerated expansion across sub-Saharan Africa. Deputy Managing Director Herbert Wigwe claims that Access Bank had allocated $175 million for its expansion plans across Africa.

The article focuses on "Farhang-e Ashti" newspaper's report on the establishment of the Iran-Uganda joint bank. According to the report, an independent bank will be established with the joint investment of the Iranian Export Development Bank and the Ugandan side in Kampala. The bank aims to make the work of the Iranian exporters easier and to provide financial resources for the tradesmen in Uganda.

The article reports that Attijariwafa Bank of Morocco will pay $90 million for a majority share in Banque Internationale pour le Mali (BIM). BIM Chairman Mamadou Igo Diarra confirms that the bank is the provisional buyer of 51 percent of BIM SA. BIM operates a money transfer business with a turnover of CFA francs 178 billion.

The article reports that the First Bank of Nigeria PLC's (FBN) subsidiary, FBN Bank Ltd. has opened a branch in Paris, France. Chairman Alhaji Umaru Abdul Mutallab explains that the launch of the Paris branch was an opportunity for FBN to provide its banking and financial services to the global community.

The article reports on a World Bank loan for Morocco. It mentions that a loan amounting to one hundred million dollars was approved by the International Bank for Reconstruction and Development (IBRD). The loan will be used to imrpove public administration including the management of resources. An overview of the report is provided.

The article reports on a World Bank loan for Egypt. A loan amounting to five hundred million dollars was approved by the International Bank for Reconstruction and Development for the improvement of financial systems in Egypt. The loan was approved on May 29, 2008 and will mature in thirty years. The article mentions that the Second Financial Sector Development Policy Loan will aid Egypt in the management of risks, the implementation of financial services, and the improvement of the private sector.