AFC Commits $1.3 Million to Nigeria for COVID-19
The Africa Finance Corporation (AFC) has committed $1.3 million to Nigeria's private sector to help in the fight against COVID-19. The private sector, in conjunction with the Central Bank of [...]
Ethiopia Opens Mobile Money Services to Telecoms
Ethiopia's Central Bank announced it will allow non-financial institutions to offer mobile money services. The move will see telecoms venture into the lucrative industry which a study by Ethio Telecom [...]
Somalia’s $1.4 Billion Debt Cancelled by Paris Club Creditors
The representatives of the Paris Club Creditors have agreed, together with the government of Somalia, to cancel 67% of the latter's debt, translating to $1.4 billion. This debt restructuring is [...]Somalia Gains Membership in MIGA
Somalia becomes the latest nation to join the Multilateral Investment Guarantee Agency (MIGA), following normalization of its financial relationship with the World Bank. Somalia is the Agency's 182nd member, thereby gaining [...]Afrexim Bank Unveils Emergency Fund for African Countries
Afrexim Bank (The African Export Import Bank) has set up a $3 billion emergency fund to help African countries survive economic disruptions caused by COVID-19 pandemic. According to Afrexim, the [...]US-Africa Business Summit Postponed over COVID-19
The 13th US-Africa Business Summit, initially slated for 9th to 12th June 2020 in Morocco, has been postponed over concerns of the COVID-19 pandemic. The government of Morocco, in conjunction [...]Moody's Downgrades South Africa Credit Rating to Junk
Ratings agency Moody's downgraded South Africa credit rating to junk' on Friday. The company maintains a negative outlook. South Africa's recession has deepened in the wake of COVID19 pandemic that [...]AfDB Sells $3 Billion Fight COVID-19 Bond
The African Development Bank (AfDB) has sold a three-year $3 billion bond as part of its efforts to offer financial supports to countries and businesses fighting against the global COVID-19 [...]World Bank and IMF Call On Suspension of Debt Payments from Poorest Countries
The World Bank Group (WBG) and the International Monetary Fund have issued a joint statement to bilateral creditors requesting debt relief for the poorest countries. The financial institutions called on [...]Kenya Tanzania to Remove Trade Barriers
Kenya and Tanzania are seeking to remove trade barriers between them, a move that aims to boost cross border trade. The two countries had scheduled a meeting in April to [...]Africa Urgently Needs $100 Billion Stimulus Package UN
Africa needs $100 billion stimulus package in order to survive the global COVID-19 pandemic. The United Nations is urging multilateral lenders and investors to help African countries by waiving debt-servicing [...]South Africa Cuts Prime Rate to 6-Year Low
The South African Reserve Bank monetary policy committee voted to lower the interest rate by one percentage point to 5.25%. This is the biggest cut in more than a decade [...]
