Reuters Africa Business

NAIROBI (Reuters) – The World Bank’s private investment arm, the International Finance Corporation (IFC), said on Thursday it planned to inject up to $160 million in equity into telecoms firm Safaricom Ethiopia to help fund its capital expenditure. Safaricom Ethiopia, partly owned by Kenyan telecoms operator Safaricom, started phased operations in August in the country’s …

World Bank’s IFC says it plans to invest $160 million in Safaricom Ethiopia Read More »

MILAN (Reuters) – Nigeria will be able to send more liquefied natural gas (LNG) to Europe by next winter, Oil Minister Timipre Sylva said on Wednesday at the Gastech conference in Milan. As Europe seeks alternatives to dwindling supplies of Russian gas, the minister said that security issues are delaying deliveries of more gas at …

Nigeria to send more LNG to Europe by next winter Read More »

(Refiles to remove repeated text in second paragraph) By Chris Mfula LUSAKA (Reuters) – The International Monetary Fund (IMF) does not anticipate any relief for Zambia after the end of a 2022-2025 debt programme, its mission chief Allison Holland said at a briefing on Wednesday. Zambia is seeking $8.4 billion of debt relief from 2022 …

IMF anticipates no further relief needed for Zambia post-debt programme Read More »

JOHANNESBURG (Reuters) – South African fashion retailer TFG reported a 21.6% rise in half-year turnover on Wednesday, as affluent customers snapped up dresses and shoes. Higher-income consumers have largely shrugged off the impact of inflation to spend on discretionary goods including apparel and bags, buoyed by their savings during the lockdowns. The company also tapped …

South African fashion retailer TFG buoyed by strong demand Read More »

MILAN (Reuters) – Italian energy group Eni said on Wednesday it had agreed to acquire BP’s business in Algeria, including two major gas fields. Eni said it would take BP’s stakes in the In Salah and In Amenas gas fields in southern Algeria, confirming what sources had told Reuters earlier this year. Together with the …

Eni buys BP’s business in Algeria to secure more African gas Read More »

JOHANNESBURG (Reuters) – South African insurer Discovery Ltd reported a 74% jump in full-year profit on Wednesday, benefiting from falling COVID-19 mortality claims and return to more normal business. The company posted a headline earnings per share (HEPS), the main measure of corporate profit in South Africa, of 792.4 cents ($0.4562) for the year ended …

S.African insurer Discovery posts 74% jump in profit Read More »

By Rachel Savage and Marc Jones LONDON (Reuters) -Zambia is seeking $8.4 billion of debt relief from 2022 to 2025, the International Monetary Fund said on Tuesday in a report on the first African nation to default on its debt in the pandemic era. Zambia needs to bring down its debt service-to-revenue ratio to 14% …

IMF: Zambia to seek $8.4 billion debt relief for 2022-25 Read More »