News | - Part 64

Morocco reduces euro’s weighting in its currency basket

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

Mali sees growth slipping to 5 pct range in 2015: finance minister

Posted on by The Editorial Team

BAMAKO (Reuters) – Mali’s economic growth will slow this year after reaching 7.2 percent in 2014 due to increased cotton production, although it should still top 5 percent, the finance minister said on Thursday. The West African nation, one of the region’s leading cotton producers, saw raw cotton output jump to 550,000 tonnes in 2014 from 440,000 the previous year after the government increased input subsidies and lowered the price of fertilizers. “It’s this increase…

Cameroon power firm to spend $60 mln on improving supplies in 2015

Posted on by The Editorial Team

YAOUNDE (Reuters) – Cameroon power company eneo plans to invest 37.5 billion CFA francs ($62 million) in 2015, its general manager said on state radio on Tuesday, as it seeks to improve the reliability of the country’s power supply.The central African oil and cocoa producer suffers from regular blackouts, especially in the dry season as water levels in hydroelectric reservoirs dwindle. Cameroon has vowed to improve electricity supplies as part of a broad economic plan…

Kenya sells $260 mln of 12-yr infrastructure bond at extended sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s central bank sold 24.02 billion shillings ($259.96 million) worth of a 12-year infrastructure bond in an extended sale in which it aimed to raise up to 25 billion shillings. The bond was first auctioned on March 25, when its weighted average yield rose slightly to 11.556 percent from 11.263 percent at a previous sale in October. At the extended sale on Wednesday all the bids for the bond were allotted at…

South Africa’s net reserves fall to $41.275 bln in March

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JOHANNESBURG (Reuters) – South Africa’s net gold and foreign exchange reserves fell to $41.275 billion in March from $41.923 billion in February, data from the Reserve Bank showed on Thursday. Gross reserves were also down at $46.437 billion from $47.19 billion and the forward position, which represents the central bank’s unsettled or swap transactions, fell to $2.702 billion from $2.771

Benin, Niger finalise terms of Bollore’s 1 bln euro rail link

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NIAMEY (Reuters) – Niger and Benin signed a deal on Tuesday to finalise the terms of the construction and operation of a railway linking Niamey with the port of Cotonou, expected to be finished in the middle of next year.French firm Bollore will cover the entire 1.07 billion euro cost of building the rail link, according to the terms of the deal.”We have created the conditions to guarantee the harmonious, diligent and efficient operation of…

Seychelles: AfDB Approves US$ 26 million for Mahe Water Project

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Seychelles (Capital Market in Africa) — The African Development Bank Group (AfDB) has allocated a loan and a grant amounting to US$ 25.995 million dollars to finance a water project in Mahe in the Seychelles. The Mahe Sustainable Water Augmentation Project (MSWAP) approved by the AfDB Board on Wednesday, 1 April 2015, in Abidjan, seeks to promote the country’s economic development by improving water supply capacity and resilience against climate change. The project aims at…

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