BUSINESS - The African Mirror

Mar

27

2024

BRICS development bank aims to make $5 bln in loans in 2024

BUSINESS, BRICS NEWS

THE New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about $5 billion in loans this year, its vice president, Zhou Qiangwu, said. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum. Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members. Headquartered in Shanghai, the NDB was set up in 2015 by Brazil, Russia,…

Mar

26

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

Kigali is Africa’s fastest rising international financial centre

BUSINESS

RWANDA’S deliberate move to carve a niche in sustainable finance is helping to grow Kigali as Africa’s next significant International Financial Centre. The capital city has climbed up 18 spots, the highest in Africa and third highest globally, in the 35th edition of the Global Financial Centers Index (GFCI) rankings, placing it third in Africa and 67th globally. “The greatest improvements were seen by Sao Paulo — up 21 places, Wellington up 15, and Reykjavik and Kigali up 14 places,” the publishers of the index reported. Kigali has also been identified as one of two African centres, alongside Casablanca, likely…

Mar

24

2024

By MARCO AQUINO and FELIX NJINI

DRC overtakes Peru on copper output, still behind on exports

BUSINESS

THE Democratic Republic of the Congo (DRC) overtook Peru as the world's second-largest copper producer in 2023, though it still lags behind the South American country in exports, official data from both nations show. DRC produced about 2.84 million tons of copper last year, the country's central bank reported. Peru's output was 2.76 million tons, the Andean country's mining and energy ministry said. DRC has been reeling in Peru's No. 2 copper spot over recent years, with flagging mining investment in Peru linked to red tape and recent political turmoil and protests. Chile remains the distant top producer of the red metal.…

Mar

24

2024

By The African Mirror

Senegal’s Ba criticises rival’s national currency plan as bad for investment

BUSINESS

THE presidential candidate for Senegal's ruling coalition, former Prime Minister Amadou Ba, warned on Friday that an opponent's proposal to introduce a national currency could discourage investors, a prospect the country could not afford. "Raising the debate around currency right now causes jitters among investors. Tomorrow, investors are going to wait and see before investing," Ba told journalists in Dakar. "Our economic and social situation does not allow us to create these kinds of uncertainty." Ba, 62, is facing 18 other candidates in Senegal's presidential election on Sunday. No frontrunner has emerged, but the opposition has seen strong momentum behind Bassirou…

Mar

23

2024

By The African Mirror

Egypt raises wide range of fuel prices, official gazette says

BUSINESS

EGYPT raised prices on a wide range of fuel products, the official gazette said, pressing ahead with a promise it made to the International Monetary Fund (IMF) more than a year ago as part of a $3 billion financial support agreement. In a letter of intent signed in November 2022, Egypt said it would allow most fuel product prices to rise to bring domestic prices more in line with those in international energy markets. It also promised to make up for a slowdown in such increases over the previous year. But it subsequently hiked prices only once, in March 2023.…

Mar

20

2024

By RACHEL SAVAGE

Senegal’s election: What is at stake for investors?

BUSINESS

INTERNATIONAL investors will be closely monitoring the presidential election in Senegal, scheduled for March 24, after delays incited widespread protests. The country, usually one of coup-prone West Africa's most stable democracies, has been gripped by tension since early February, when President Macky Sall tried to postpone the vote that had been due to take place on Feb. 25 by 10 months, leading to warnings of democratic backsliding. WHAT ARE INVESTORS FOCUSED ON? Senegal has about $4.2 billion of outstanding international bonds, two issued in euros and three in U.S. dollars. For investors in those bonds, the current focus is on whether the presidential vote will be…

Mar

20

2024

By AHMED ELJECHTIMI

Morocco reports first legal cannabis harvest of 294 metric tons

BUSINESS

MOROCCO'S first legal cannabis harvest was 294 metric tons in 2023 after the country approved its cultivation and export for medicine and industrial uses, cannabis regulator ANRAC said. The harvest was made by 32 cooperatives that brought together 430 farmers covering 277 hectares in the northern Rif mountain areas of Al Houceima, Taounat and Chefchaouen, ANRAC said in an email to Reuters. The United Nations drugs agency says about 47,000 hectares of the Rif are devoted to cannabis output, roughly a third of the amount in 2003 after government crackdowns. This year, the regulator is examining applications by 1,500 farmers…

Mar

19

2024

By The African Mirror

Egyptian Natural Gas Holding to expand in Saudi Arabia

BUSINESS

THE Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with initial capital of SAR 2 million ($530,000), Egypt's Ministry of Petroleum said. Owned 80% by EGAS, the newly established natural gas company "Modern Gas" Saudi Arabia is part of the Egyptian firm's strategy for offshore expansion, especially in Gulf Cooperation Council (GCC) countries, aimed at attracting foreign currency inflows into Egypt. Egypt is striving to attract foreign currency inflows to address a shortage that has curbed local business activity and led to backlogs at ports and delays in payments for commodities. Since early 2022, when…

Mar

18

2024

By PATRICK WERR

EU to bolster Egypt ties with billions of euros in funding

BUSINESS

THE European Union announced a 7.4 billion euro ($8.06 billion) funding package and an upgraded relationship with Egypt, part of a push to stem migrant flows to Europe that has been criticised by rights groups. The agreement, which lifts the European Union's relationship with Egypt to a "strategic partnership", was announced as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade, and security while delivering grants, loans and other funding over the next three years to support Egypt's faltering economy. The proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros…

Mar

17

2024

By KOPANO GUMBI and BHARGAV ACHARYA

South African president extends central bank governor’s term, appoints new deputy

BUSINESS

SOUTH African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday. "The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank," the presidency said in a statement. Kganyago's term was extended to 2029, which will make him one of the longest-serving governors in democratic South Africa. He was first appointed in 2014. Modise, who is currently a deputy director-general in the National Treasury, will start her role on…