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Zimbabwe Aims To Clear World Bank, AfDB Arrears In 12 months – Minister

Zimbabwe Aims To Clear World Bank, AfDB Arrears In 12 months – Minister

Zimbabwe aims to clear its $2 billion arrears with the World Bank and African Development Bank in the next 12 months, after securing the support of international creditors and donor countries, Finance Minister Mthuli Ncube said on Friday. Zimbabwe has struggled to access international credit since defaulting on its debts to global lenders two decades […]

Nigeria’s Senate Approves $2.8 Billion of Eurobonds for Projects

Nigeria’s Senate Approves $2.8 Billion of Eurobonds for Projects

  Nigeria’s Senate approved President Muhammadu Buhari’s request to issue $2.8 billion of Eurobonds.  The proceeds will help to fund some infrastructure projects under this year’s spending plan, Senate President Bukola Saraki said during a plenary session Wednesday in the West African nation’s capital, Abuja. It also approved raising a separate $82.5 million to refinance […]

Shelves Empty as Specter of Hyperinflation Stalks Zimbabwe

Shelves Empty as Specter of Hyperinflation Stalks Zimbabwe

Austin Mushanguri shakes his head in dejection and walks away from the fridges in an affluent supermarket in Zimbabwe’s capital after reading a sign saying he can only buy one bottle of beer instead of the dozen he’d hoped for. Similar scenes are playing out across the southern African nation, where foreign-exchange shortages and austerity […]

New Geothermal Plant Nearly Ready – KenGen

New Geothermal Plant Nearly Ready – KenGen

KenGen’s new 165.4-megawatt (MW) capacity plant powered by geothermal steam is three quarters complete and on schedule for commissioning next July, Kenya’s main electricity producer said on Friday. Geothermal steam, hot underground steam found in the Rift Valley which is used to drive turbines for electricity production, is the second biggest source of Kenya’s annual […]

Deliberate Train Fires Cost South African Rail Service $42.5 mln

Deliberate Train Fires Cost South African Rail Service $42.5 mln

South Africa’s state-owned rail service PRASA has lost around 636 million rand ($42.5 million) over the past three and a half years due to deliberate train fires, parliament heard on Tuesday. Most of the fires have occurred in the Western Cape province, which accounted for 71 percent or 451 million rand in damages, a report […]

MTN Documents May Cut $8.1 Billion Nigerian Claim, Emefiele Says

MTN Documents May Cut $8.1 Billion Nigerian Claim, Emefiele Says

MTN Group Ltd. and its bankers have provided more documents that may reduce Nigeria’s $8.1 billion claim on the South African wireless carrier, which could be resolved soon, Central Bank of Nigeria Governor Godwin Emefiele said. The central bank alleged in late August that MTN and four banks — Standard Chartered Plc, Citigroup Inc., Stanbic […]

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN has received a counterclaim from Nigeria’s central bank to its request for an order to stop the bank forcing it to repatriate $8.1 billion it claims was illegally sent out of the country, the South African telecom’s lawyer said on Friday. MTN has received the central bank’s response to its court filing, Wole Olanipekun […]

S.Africa’s Ramaphosa Announces Plan To Reduce Sky-High Unemployment

S.Africa’s Ramaphosa Announces Plan To Reduce Sky-High Unemployment

South African President Cyril Ramaphosa announced a package of reforms on Thursday which he said would create 275,000 more jobs a year, in a bid to bring down sky-high unemployment and improve his own track record on the economy. More than two decades after the end of white minority rule, South Africa still has one […]

Marriott International To Increase Its Africa Hotels

Marriott International To Increase Its Africa Hotels

Marriott International plans to increase its hotels in Africa by 50 percent in the next five years, opening new facilities in markets where it already operates and venturing into new ones like Mozambique, the company said on Monday. Global hotel chains have been increasing their investments in Africa in recent years to take advantage of […]

South Africa’s Eskom Gets $205 mln Loan From African Development Bank

South Africa’s Eskom Gets $205 mln Loan From African Development Bank

South African state-owned power firm Eskom will get a 2.9 billion rand ($205 million) loan from the African Development Bank to upgrade and expand its transmission network, the bank said on Thursday.   The loan will fund the construction of 555 kilometres of transmission lines in the KwaZulu-Natal and Mpumalanga provinces, as well as the […]