The week that was June 26th, 2020

Jun 30, 2020 | Algeria, Djibouti, Kenya, Mozambique, Somalia, Tunisia, Zambia

A recap of the major activities that happened in Africa in the last 7 days.

Here is a recap of the major activities that happened in Africa in the last 7 days. You can see the video here

Central Africa

  • The African Development Bank has approved an EUR 88 million loan to Cameroon to help finance a COVID-19 response

Eastern Africa

  • 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.

Northern Africa

  • 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.

Southern Africa

  • 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.

Western Africa

  • 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.

Interested in knowing more, get in touch.

Still have questions?

Our team is ready to help.

Get access to trusted and valuable data to inform your business decisions and open opportunities for growth.