Reuters Africa Business Archives - Page 860 of 921

Investment in African energy needed to aid quitting Russian supply – EIB

22 Jun 2022 22 Jun 2022

By Noah Browning BRUSSELS (Reuters) – Europe must step up its investment in renewable energy in Africa to soften the global energy crunch since Russia’s invasion of Ukraine, European Investment Bank vice president Ambroise Fayolle said on Tuesday. The European Union’s lending arm is encouraging investment in solar, wind and hydrogen energy and will not …

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IMF aims for new Ethiopia funding talks ‘as soon as possible’

22 Jun 2022 22 Jun 2022

NAIROBI (Reuters) – The International Monetary Fund (IMF) wants to start talks with Ethiopia for a funding programme as soon as conditions permit, the fund said on Tuesday. The Horn of Africa nation asked the IMF for a new loan programme late last year, just as France and China convened a creditor committee to try …

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Kenya senate votes to raise debt ceiling by 1 trillion shillings

22 Jun 2022 22 Jun 2022

NAIROBI (Reuters) – Kenya’s senate on Tuesday approved a government proposal to raise the country’s debt ceiling by one trillion Kenyan shillings ($8.52 billion), bringing it up to 10 trillion Kenyan shillings ($85 billion), its speaker said. Total debt stands close to a current ceiling of nine trillion shillings, meaning the government could run out …

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Ghana ‘soul-searching’ over turning to IMF:central bank governor

22 Jun 2022 22 Jun 2022

By Rachel Savage LONDON (Reuters) – Ghana is in a phase of “soul-searching” about whether to turn to the International Monetary Fund (IMF) for help and residents want policymakers to explore alternatives first, the country’s central bank governor said on Tuesday. “Ghana has been to the IMF on 17 occasions and is still in this …

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Egypt, Saudi Arabia ink deals worth $7.7 billion on crown prince’s visit

21 Jun 2022 21 Jun 2022

CAIRO (Reuters) -Egypt and Saudi Arabia signaled their intention to strengthen economic ties on Tuesday during a visit to Cairo by Saudi de facto ruler Crown Prince Mohammed bin Salman, announcing deals worth $7.7 billion. Saudi Arabia has already provided billions in support since Egypt’s President Abdel Fattah al-Sisi came to power in 2014, and …

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South African rand strengths amid broad dollar weakness

21 Jun 2022 21 Jun 2022

(Reuters) -The South African rand strengthened against a broadly weaker dollar on Tuesday, although worries lingered over aggressive interest hikes from global central banks. At 1603 GMT, the rand traded at 15.8700 against the dollar, 1.09% stronger than its previous close. The dollar index, which tracks the greenback against six other major currencies, weakened slightly …

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Morocco holds interest rate at record low, prioritising growth

21 Jun 2022 21 Jun 2022

RABAT (Reuters) -Morocco’s central bank left its benchmark interest rate at a record low of 1.5% on Tuesday, saying its accommodative monetary policy was necessary to spur economic growth and that inflation would ease next year. Driven by food and energy prices, inflation is expected to reach 5% this year before coming down to 2% …

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Shell says its Nigeria asset sale not affected by court ruling

21 Jun 2022 21 Jun 2022

ABUJA (Reuters) -Shell Plc has said its planned sale of onshore assets in Nigeria will go ahead and was not affected by a Supreme Court ruling in a case in which a Niger Delta community is seeking compensation for a 2019 oil spill. Bamidele Odugbesan, spokesman for Shell in Nigeria, said the June 16 Supreme …

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Exclusive-UAE to build Red Sea port in Sudan in $6 billion investment package

21 Jun 2022 21 Jun 2022

By Nafisa Eltahir CAIRO (Reuters) -The United Arab Emirates will build a new Red Sea port in Sudan as part of a $6 billion investment package, DAL group chairman Osama Daoud Abdellatif, a partner in the deal, told Reuters. Abdellatif said the package includes a free trade zone, a large agricultural project and an imminent …

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Glencore UK subsidiary pleads guilty to bribery in Africa

21 Jun 2022 21 Jun 2022

By Kirstin Ridley LONDON (Reuters) -A British subsidiary of mining and trading giant Glencore on Tuesday formally pleaded guilty to seven counts of bribery in connection with oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. At a Southwark Crown Court hearing in London, Glencore Energy admitted to paying more than $28 …

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