News | - Part 60

Tanzania gets $45 mln World Bank loan to improve mining sector

DAR ES SALAAM (Reuters) – The World Bank has approved a $45 million loan for Tanzania, Africa’s fourth-biggest gold producer, to help improve its mining sector especially among small-scale producers. The funds will help to create a viable domestic mining industry in poor, rural areas where unregulated artisanal and small-scale mining takes place, Philippe Dongier, the Bank’s country director for Tanzania, said in a statement. The project will train small-scale miners in jewellery-making and help…

Rwanda exports projected to grow by 6%

Posted on by The Editorial Team

The government projects exports to rise from US$723.1 million earned in 2014 to $764.4 million in 2015 a projected 6% growth for this year. “Last year’s export performance of 3% was because of the performance of tea and minerals which were affected by low commodity prices at the international market,” Minister of Finance and Economic Planning Amb. Claver Gatete said. “We project imports in value terms to increase by 7% in 2015 and declining by…

Poking the Panda does not serve EAC

Posted on by The Editorial Team

The Tanzania government recently revealed that total Chinese investments in the country had surpassed $4 billion. China, the home of the Giant Panda, has indeed become a reliable ally in helping develop several African countries. True, there maybe one or two differences here and there, especially when it comes to competing with local traders and industrial relations, but on the whole relations have not been too bad. More important, the Chinese continue to be generous…

Democratic Republic of the Congo B3 rating balances economic fragility with healthy growth prospects

Posted on by The Editorial Team

The Democratic Republic of the Congo’s (DRC) B3 rating primarily reflects the country’s fragile economy and very low per capita income relative to its peers, Moody’s Investors Service says in its latest Credit Analysis for the country published this week. However, the country’s robust growth prospects mitigates some of these constraints. The annual report is available through the links at the end of this press release. The research is an update to the markets and…

BADEA provides financial assistance to BOAD

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Lome, Togo (Capital Markets in Africa):- Messrs. Christian ADOVELANDE, President of the West African Development Bank (BOAD) and Abdelaziz KHELEF, Director General of the Arab Bank for Economic Development in Africa (BADEA), have signed an agreement under which BADEA has provided to BOAD a credit facility of USD 20 million, or around FCFA 12 billion. These resources will enable BOAD to finance imports of goods from Arab countries by WAEMU member States. “This financial assistance will help…

Reserve Bank of Malawi Keeps Policy Rate at 25% as Inflation Ease in April

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LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 29 April 2015 to review recent global and domestic economic developments, and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent. The Malawi real GDP growth is estimated at 5.4 percent in 2015 from the previous projection of 5.8 percent. The downward revision has been necessitated by a contraction in…

New York Pension Fund to Invest up to 3% of its assets in Africa

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London (Capital Markets in Africa):- At a conference in London last week, Vicki Fuller, the Chief Investment Officer of the New York State Common Retirement Fund, revealed that it is planning to allocate as much as 3% of its assets, (approximately $5 billion), to investing in Africa over the next 5 years. Private equity, venture capital, infrastructure and real estate opportunities all look set to benefit. With priority being given to managers with offices in African…

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