July 19, 2018
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July 18, 2018

Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank for his oil refinery project in Nigeria.

The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s"...

July 18, 2018

The Embassy of the Republic of Sudan in the Kingdom of Saudi Arabia has announced the opening of it's first-ever visa application centre in the world in Riyadh in partnership with VFS Global.

Apart from visa processing, VFS Global will also offer legalisation services at the new Sudan Visa Application Centre.

Opening the new centre officially, the Ambassador of the Republic"...

July 18, 2018

The United States has issued yet another warning to African nations over the risk of being laden with unsustainable debt through large-scale infrastructure projects that are not economically viable.

The criticism issued by the head of the U.S. Overseas Private Investment Corporation (OPIC) on Monday, comes as Washington seeks to ramp up development finance in the face of China’s global ambitions.

Unveiled"...

July 18, 2018

Kenya’s telecommunications company Safaricom is negotiating with the Ethiopian government to introduce its popular M-Pesa mobile money service to neighbouring Ethiopia, a market of 100 million people, two sources said on Tuesday.

Britain’s Vodafone, Safaricom’s parent company, will license the use of the M-Pesa trade name to an Ethiopia-based bank while Safaricom will host the servers in Nairobi, one telecoms industry source told Reuters.

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July 18, 2018

Uganda’s finance ministry has revised the controversial mobile money taxes, adopting the reduction of the levy from 1% to 0.5%, adding that it will only be levied on withdrawals only and not ‘sending, receiving and depositing’ money as earlier passed by the country’s parliament.

The parliament last month passed the Excise Duty (Amendment) Bill 2018 that introduced a levy of 200 shillings ($0.05) per day for access to a range"...

July 18, 2018

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 3 billion ($167.46 million) in treasury bonds Monday.

The T-bonds were offered in two installments, with the first valued at LE 1.2 billion with a 10-year term and the second worth LE 1.7 billion with a five-year term.

On 10 June, The Egyptian Ministry of Finance canceled bids to sell three- and eight-year bonds worth LE 3.5 billion after banks and investors had asked for high interest rates.

Assistant Minister"...