Reuters Africa Business

Afreximbank rolls out $3 billion credit line to cut Africa’s fuel imports

29 Apr 2025

By Colleen Goko (Reuters) -African Export-Import Bank has rolled out a $3 billion revolving credit line that will enable African and Caribbean buyers to source petrol, diesel, jet fuel and other products from refineries on the continent more easily. The bank expects the facility to provide $10–14 billion of trade finance over its first three …

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Ugandan leader meets Starlink to discuss entry to East African nation

29 Apr 2025

KAMPALA (Reuters) – Ugandan President Yoweri Museveni said on Tuesday that he had a “productive meeting” with the representatives of tech billionaire Elon Musk’s Starlink, which is looking to establish a presence in the East African country. A unit of SpaceX, the satellite internet company is rapidly expanding its services on the African continent and …

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Ugandan leader meets Starlink to discuss entry to East African nation

29 Apr 2025

KAMPALA (Reuters) -Ugandan President Yoweri Museveni said on Tuesday that he had a “productive meeting” with the representatives of tech billionaire Elon Musk’s Starlink, which is looking to establish a presence in the East African country. A unit of SpaceX, the satellite internet company is rapidly expanding its services on the African continent and is …

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Former Shell oil traders set up trading house with focus on Africa, sources say

29 Apr 2025

By Dmitry Zhdannikov LONDON (Reuters) – Several former traders from oil major Shell have set up trading house Atmin, backed by Afreximbank, to focus on African oil trading, two trading sources familiar with the development said. The move takes place as oil majors and Western banks retreat from Africa and the continent is facing a …

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Explainer-Will Africa’s financial stability fund rise to the debt challenge?

29 Apr 2025

By Duncan Miriri NAIROBI (Reuters) -Angola will use its chairmanship of the African Union this year to advance the creation of a continental financial stability mechanism, its finance minister said, to cushion economies from sliding into a liquidity crisis due to external debt repayments. Here are some key aspects of the proposed African Financing Stability …

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Uganda shilling strengthens due to month-end charity inflows

29 Apr 2025

KAMPALA (Reuters) -The Uganda shilling strengthened slightly on Tuesday, bolstered by month-end inflows of hard currency from charities, according to traders. As of 0801 GMT, commercial banks quoted the shilling at 3,660/3,670, an improvement from Monday’s close of 3,665/3,675. (Reporting by Elias Biryabarema; Editing by Bate Felix)

Kenyan shilling steady amid scant activity

29 Apr 2025

NAIROBI (Reuters) -The Kenyan Shilling was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides. As of 0745 GMT, commercial banks quoted the shilling at 129.00/129.50, unchanged from Monday’s closing rate. (Reporting by Elias Biryabarema; Editing by Bate Felix)

Landlocked Burkina, Mali, Niger back sea access through Morocco

29 Apr 2025

By Ahmed Eljechtimi RABAT (Reuters) -Foreign ministers of military-ruled Sahel states of Burkina Faso, Mali and Niger said on Monday they endorse an initiative offering them access to global trade through Morocco’s Atlantic ports, Morocco’s state news agency reported. The foreign ministers expressed their countries’ position during a meeting with Morocco’s King Mohammed VI in …

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Wall St closes mixed, gold rebounds amid trade fog; earnings, data loom

28 Apr 2025

By Stephen Culp NEW YORK (Reuters) -The S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data. Tech sector weakness pulled …

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Gabon secures backing for local debt reprofiling, new financing

28 Apr 2025

DAKAR (Reuters) -Gabon has the backing of around 10 financial institutions to extend the maturities of regional market debt and access fresh financing, the Central African oil producer’s public accounts ministry said on Monday. Brice Oligui Nguema was elected president of Gabon earlier this month in a poll many hoped would end a year and …

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