NAIROBI (Reuters) – The African Development Bank will lend Kenya about $600 million this year for budget support, agriculture and infrastructure projects Nnenna Nwabufo, the bank’s director general for East Africa said on Friday. The bank has over the past 10 years lent $4 billion to Kenya for electricity transmission and road building among other …
AfDB to lend Kenya about $600 million this year for budget support Read More »
(Reuters) – South African private sector activity rose slightly in May as the coastal province of KwaZulu-Natal started recovering from severe floods, lifting demand and reducing supply chain delays, a survey showed on Friday. The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to 50.7 in May from 50.3 in April, remaining above the …
South African business activity picks up slightly in May – PMI Read More »
(Reuters) – South Africa signed agreements on Thursday with Norway-based renewable energy company Scatec for three solar and battery storage projects that it hopes will start to ease a crippling electricity shortage. The projects form part of a much-delayed emergency procurement round launched two years ago in response to severe power cuts by struggling state-owned …
South Africa signs deals with Scatec in long-delayed power programme Read More »
By Duncan Miriri NANYUKI, Kenya (Reuters) – Kenya’s biggest telecoms operator Safaricom has launched a virtual payment card with Visa Inc, offering the more than 30 million users of its M-Pesa payments system access to global e-commerce platforms. The M-Pesa Global Pay Visa Virtual card will allow users to securely pay for goods and services …
Kenya’s Safaricom, Visa offer virtual card for global transactions Read More »
(Reuters) -The South African rand strengthened on Thursday as the dollar ceded some of the ground it had gained in recent sessions, while mining firms helped the local bourse close in positive territory. At 1555 GMT, the rand traded at 15.4850 against the dollar, 0.7% stronger than its previous close. The dollar index, which measures …
S.African rand firms as dollar retreats; miners lift bourse Read More »
DAKAR (Reuters) -The European Investment Bank (EIB) committed 75 million euros ($80 million) on Thursday to finance construction of a new facility in Senegal that will produce COVID-19 and other vaccines for use across Africa. The plant, run by the Dakar-based Institut Pasteur, is intended to help Africa reduce its dependence on vaccine imports, which …
New vaccine plant in Senegal gets 75 million euros from EIB Read More »
ABUJA (Reuters) – Nigeria’s Titan Trust Bank has completed the acquisition of 93.41% of Union Bank shares from existing core investors following receipt of regulatory approvals, Union Bank said on Thursday. Union Bank said Titan Trust acquired the stake from a consortium of investors led by Union Global Partners and Atlas Mara, the African investment …
Nigeria’s Titan Trust Bank buys majority stake in Union Bank Read More »
By Promit Mukherjee JOHANNESBURG (Reuters) – A consortium of Abu Dhabi’s Masdar and Egypt’s Infinity Energy is set to buy a majority stake in Lekela Power from private equity house Actis, three sources directly linked to the sale said, in a deal that could be worth close to $1 billion. The sale, which would be …
Exclusive-UAE-Egypt consortium set to buy African renewables firm Lekela – sources Read More »
ABUJA (Reuters) – Nigeria’s regional governments owe huge amounts in tax arrears, the country’s revenue service head said on Thursday, threatening to block the states from the bond market or receiving bank loans. The Federal Inland Revenue Service (FIRS) Chairman Muhammad Nami said some regional governments had not remitted taxes deducted from payments to contractors …
Nigeria’s tax chief warns could block states owing taxes from bond market Read More »
By Elias Biryabarema KAMPALA (Reuters) -Uganda’s central bank raised its key lending rate on Thursday in a move that deputy governor Michael Atingi-Ego said was to keep inflation and demand pressures in check. The bank raised the rate to 7.5% from 6.5% in its first hike since October 2018, partly triggered by a 6.3% surge …
Uganda hikes rates for first time since October 2018 to tame inflation Read More »
