Here is a recap of the major activities that happened in Africa in the last 7 days. You can see the video here.
- The African Development Bank has approved an EUR 88 million loan to Cameroon to help finance a COVID-19 response
- Nestle SA is working with more than 2,000 Ugandan coffee farmers to produce and market coffee from Uganda’s Rwenzori region. Nespresso is selling limited-edition capsules in the US & UK markets.
- Currency devaluation in Zambia is inflating its expenditure by approximately $1.11 billion this year as the currency weakens. This is piling on more pressure on a nation already struggling with huge debt.
- Partners in the $20 billion Mozambique LNG project led by Total have received a $2.25 billion guarantee from the Mozambique government.
- Somalia received a $55 million grant from The World Bank to support the country’s economic recovery.
- Djibouti announced it is setting up a sovereign wealth fund for both domestic and regional investments with the objective of raising $1.5 billion by 2030.
- After the completion of Total Oil’s 1/3 acquisition of Tullow Oil’s stake in the East African Crude Oil Pipeline (EACOP) increasing Total’s stake to a 2/3 majority. Negotiations for a Host Government Agreement (HGA) is expected to start soon.
- South Sudan received a $4 million grant from the African Development Bank. This is to support the country’s fragile health system to support its emergency response to the Covid-19.
- Egypt received a $5.2 billion stand-by arrangement from The International Monetary Fund of which $2 billion will be disbursed immediately and the remaining funds phased over two reviews.
- President Abdelmadjid Tebboune from Algerian reshuffled the government replacing six key ministers of agriculture, energy, finance, higher education, transport and tourism.
- Morocco received a $500 million loan from The World Bank to help improve access for SME’s to online finance and government services.
- Tunisia received loans amounting to EUR 350 million from France to deal with the COVID-19 crisis.
- The Botswana government indicated that it will need $3.40 billion over the next two and a half years to revive its economy and to cover budget deficits.
- NAMIBIA will be the first Southern African country to open its borders to international tourists.
- On July 1, Ivory Coast will open its airports to international flights after allowing domestic flights from June 26.
- OCP Group in Morocco is investing in a fertilizer plant in Ghana and an ammonia plant in Nigeria. Both these projects will be commission by 2024 boosting the Group’s output by 2 million tons per annum.
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