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Ethiopia clinches initial deal with official creditors amid bondholder standoff

21 Mar 2025

By Dawit Endeshaw and Duncan Miriri ADDIS ABABA (Reuters) -Ethiopia has reached an agreement in principle with its official creditors on restructuring $8.4 billion of debt, the finance ministry said on Friday, adding it hoped the deal could boost difficult talks with other creditors including bondholders. The East African nation opted to restructure its external …

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Key events in Ethiopia’s journey towards debt restructuring

21 Mar 2025

By Duncan Miriri NAIROBI (Reuters) -Ethiopia has reached an initial deal with its official creditors on a debt treatment, it said on Friday, a key step towards completing a restructuring process that started four years ago. Here is a timeline of key events in Ethiopia’s debt restructuring:    * November 2020: War breaks out in the …

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Ugandan parliament approves $190 million loan to pay power distributor Umeme

21 Mar 2025

KAMPALA (Reuters) – Uganda’s parliament has approved a government request to borrow $190 million from Stanbic Bank to compensate power distributor Umeme Limited for unrecovered investments after its concession expires, the energy minister said. “Parliament has approved our request as @GovUganda (government) to borrow $190 million from Stanbic Bank for the buyout of Umeme,” Ruth …

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Morocco plans $1.5 billion expansion of Casablanca airport ahead of 2030 World Cup

20 Mar 2025

By Ahmed Eljechtimi RABAT (Reuters) – Morocco plans to invest 15 billion dirhams ($1.55 billion) to build a new terminal at its largest airport, Casablanca, to triple passenger numbers by the time Morocco co-hosts the 2030 soccer World Cup, its airports authority said on Thursday. The new terminal will serve as an African hub and …

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AFRICA-FX-Zambia’s kwacha to weaken, other African currencies seen stable

20 Mar 2025

KAMPALA (Reuters) – Zambia’s kwacha currency is expected to weaken against the U.S. dollar in the coming week, while Kenya’s shilling, Nigeria’s naira, Ghana’s cedi and Uganda’s shilling are seen holding steady, traders said. KENYA Kenya’s shilling is seen trading stable in the coming days, drawing support from inflows of hard currency from non-governmental organisations …

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Chinese textile maker Sunrise to build two plants in Morocco

20 Mar 2025

RABAT (Reuters) – Chinese textile company Sunrise Group will invest 2.3 billion dirhams ($240 million) to build two textile plants in Morocco, the Moroccan government said on Thursday after signing the deal. The plants in Fez and Skhirate, near Rabat, will be Sunrise’s first manufacturing sites in Morocco. They will produce yarn, fabrics and clothing …

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South Africa pauses rate cuts as trade and budget risks overshadow low inflation

20 Mar 2025

By Sfundo Parakozov, Kopano Gumbi and Alexander Winning PRETORIA (Reuters) -South Africa’s central bank paused its rate-cutting cycle on Thursday as risks stemming from U.S. President Donald Trump’s global trade war and the country’s deadlocked national budget overshadow its success keeping inflation low. The South African Reserve Bank’s split decision to keep the repo rate …

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China’s CCECC to invest $1.4 billion in Tanzania-Zambia railway

20 Mar 2025

By Duncan Miriri NAIROBI (Reuters) -The China Civil Engineering Construction Corporation (CCECC) will invest $1.4 billion to upgrade the Tanzania-Zambia railway, the line’s operator said on Thursday, improving a key route for copper exports from central Africa. The railway, widely known by its initials, TAZARA, also offers a way to bypass logistics bottlenecks in South …

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South African rand weakens as interest rate held steady as expected

20 Mar 2025

JOHANNESBURG (Reuters) -South Africa’s rand remained on the back foot on Thursday after the country’s central bank left its main interest rate unchanged as expected. At 1352 GMT, the rand traded at 18.22 against the dollar, about 0.5% weaker than its previous close. The dollar last traded up about 0.7% against a basket of other …

South African rand weakens as interest rate held steady as expected Read More »

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