Mauritius Commercial Bank to loan Senegal $60 million for power generation
Mauritius Commercial Bank Ltd (MCB) will support Senegal’s efforts to improve its electricity supply with a $60 million facility in a syndicated project that cost $140 million to complete MCB is not only a co-mandated lead arranger but has also provided the highest loan commitment. The project finance facility will...
Coronavirus: Trade in Africa recorded $5B financial outflow in first quarter of 2020
Despite tough global financial situation triggered by Covid-19 pandemic, there was massive portfolio outflows from Africa estimated to be above $5 billion in the first quarter of 2020. A new continent-wide survey on trade finance shows that over $3.1 billion left the South African market alone. South Africa is the...
GM pork to be on your plate soon, but its makers have transplant organs in mind
The first genetically engineered pig products could soon be coming to a dinner plate – or pharmacy – near you. Late last year, the US Food and Drug Administration (FDA) authorised a facility in northern Iowa to raise hogs that lack the gene needed to produce galactose-α-1,3-galactose (α-Gal), a sugar...
Kenya’s President Kenyatta commissions new Equity-BCDC bank in Kinshasa
President of Kenya Uhuru Kenyatta on Wednesday commissioned the new Equity-BCDC in the Democratic Republic of Congo (DRC), a subsidiary of Kenya’s Equity Group Holdings Plc. President Kenyatta also toured the bank’s headquarters at the towering 18-floor Equity Centre in Kinshasa, which will also serve as the head office for...
Employees top list of fraudsters in business in sub-Saharan Africa, research firm finds
The greatest threat to business in Sub-Sahara today is the employees, research findings released by international research and data firm SNG Thornton, show. Employees, who are often underpaid, overworked and undervalued are the fault-lines through which businesses and companies make losses in the form of money, data or squandered man-hours....
Kenyan and Ugandan truckdrivers boycott South Sudan roads to protest killings
South Sudan is bracing for a sharp rise in consumer goods prices after more than 3,000 drivers from Kenya and Uganda went on strike to protest spiralling insecurity on roads that link the frontier town of Nimule to the capital Juba, and towns further north. The protest follows a spate...
Africa’s ‘Blue Economy’ remains untapped, set to be in hands of foreign powers
African governments have the ability to significantly impact the investment environment and investors will look to the way they are planning, regulating, owning and operating their ports. They will also take the country’s stability, security and perceived corruption levels into account. Experienced investors will certainly consider how individual governments have...
Angola nears Africa oil giant status with 57 billion barrels and 27 trillion cubic feet of gas
Italian oil and gas mining giant ENI has announced discovery of new deposits in Angola, elevating the southwestern African nation to one of the leading producers on the continent south of the Sahara Desert. ENI announced the discovery on April 6 in its Block 15/06 concession offshore Angola, to underline...
New book on Africa’s energy gets ‘thriller’ reception on American financial markets
The publication of Billions at Play: The Future of African Energy and Making Deals, a resourceful and bold book on Africa’s oil and gas industry has kicked up investment interest in Africa by American business community that now perceives Africa as a viable alternative to the traditional Middle East and...
In fiery social media war, irate Kenyans petition IMF to deny their ‘eating thieves’ loans
Four hashtags sum up Kenyan’s frustration with President Uhuru Kenyatta’s handling of the economy: #NoLoantoKenya, #UhuruMalizaUende, #ThiefOfTheLoans, #IMFStopLoaningKenya. In threads under these hashtags, the angry public gives their verdict on an administration that was nine years ago romanticised as the springboard to economic dynamism in digital age, to leave office....
