Author: Caroline Muriuki

The European Bank for Reconstruction and Development (EBRD) mobilized €300 million worth of loans to three public enterprises in Morocco to help them recover from the COVID-19 crisis.

The enterprises set to benefit from the loan are the National Company of Highways of Morocco (ADM), the National Airports Office (ONDA) and the National Office for Electricity and Drinking Water (ONEE).

According to a joint press release from EBRD and the Ministry of Economy and Finance, the cooperation with EBRDD is part of efforts undertaken by the ministry to support Public Enterprises and Establishments to counter the impacts of Covid-19 crisis. The ministry is focusing on mobilizing funds for the cash for needs.

The funds will also support technical assistance to help the three entities modernize their governance.

The €300 million loans were signed Morocco’s minister of Economy and Finance Mohamed Benchaâboun on behalf of the three entities.

Benchaaboun …

The European Investment Bank (EIB) and the Crédit Agricole du Maroc Moroccan bank (CAM) signed an agreement of €200 million to support companies in Morocco in the bio-economy and agriculture sector.

The grant was signed in the presence of Aziz Akhannouch, the Moroccan Minister of Agriculture, Fisheries, Rural Development, Water and Forests, the European Investment Bank (EIB) and CAM, represented respectively by Emma Navarro, Vice-President and Tariq Sijilmassi, Chairman of the Management Board.

The grant is also intended to accompany Morocco’s ‘Green Generation 2020-2030’ which is Morocco’s new agricultural development strategy that aims to double the country’s agricultural GDP and agricultural exports. This strategy aims to create 350,000 jobs in the next 10 years.

According to the statement, EIB and Credit Agricole are targeting “productive investments that generate jobs and added value, fully in line with the ambitions of “Green Generation 2020-2030”.

According to a joint press release from EIB …

Morocco’s Gross Domestic Product (GDP) is expected to fall by 6.3 per cent this year before recovering quickly and rebounding by 4.7 per cent in 2021 according to Morocco’s central bank, Bank Al-Maghrib.

According to Bank Al-Maghrib, like all countries around the world, the Moroccan economy has been affected by COVID-19 pandemic and the lockdown measures put in place to prevent the spread of the deadly virus.

While continuing to monitor the economic and financial situation closely in the country and at the international level, the bank decided to maintain its key rate unchanged at 1.5 per cent.

As a result of higher volatile food prices, the Moroccan Consumer Price Index rose by 0.9 per cent in August after its stagnation in the second quarter and its slight year-on-year decline in July.

The central bank also added that inflation is expected to continue evolving at low levels, averaging 0.4 per …

Rwanda, Uganda and Tanzania have joined forces to connect stock markets electronically.

The project which is funded by world bank means that the three countries will operate a single market with a view of reducing the cost and time of trading in shares of companies listed on markets across the borders.

The three states are to start trading before the end of this year after interconnecting their trading systems and hooking it to the EAC Capital Markets Infrastructure (CMI) Information Technology platform.

With this new singe stock market, investors in the three states will buy and sell shares of companies listed in any of the countries without going through different stockbrokers.

Taking 3.28 per cent of the value of the transactions, Ugandan stockbrokers take the largest share of the stock trading commission not only within East Africa but in the entire African continent.

Brokerage commission on equity trading in Rwanda …

The World Bank approved $150 million to Rwanda to help improve access to modern energy for households, enterprises and public institutions

The grant will also help enhance the efficiency of electricity services in the country. The grant will be given as $75 million as grant funding and the other $75 million as a loan.

The Rwanda Energy Access and Quality Improvement Project (EAQIP) is aiming to improve the country’s progress towards achieving UN Sustainable Development Goal 7 (SDG7) to ensure access to affordable, sustainable, reliable and modern energy for the county’s citizens.

It also aims at contributing to Rwanda’s vision of reducing reliance on cooking fuel by 50 per cent.

“The proposed project is well-timed to build on the World Bank’s decade-long support to the Government’s energy sector agenda. It will contribute directly to Rwanda’s push toward universal energy access by 2024 and universal access to clean cooking by 2030”, …

Uhuru Kenyatta, President Kenya emphasized the importance of housing and construction sector in the post-Covid recovery plans during the Shelter Afrique’s 39th AGM and Symposium in Nairobi.

Reading a speech on his behalf at the opening ceremony, the Cabinet Secretary Infrastructure, roads, housing and urban development, Mr James Macharia, Uhuru Kenyatta said despite the severe impact the sector has experienced due to economic slowdown, the sector can rebound quickly.

“The construction sector can therefore be targeted to lead the rebound in the broader economy. Economic history teaches us that the construction sector, including housing construction, has been very effective in driving economic recovery. Housing construction provides excellent opportunities for job creation,” President Kenyatta said, adding that while the construction sector requires significant capital, record-low interest rates have made the cost of financing construction projects remarkably affordable.

“The affordable housing agenda should remain front and centre in the economic recovery debate …

Who is Patrice Motsepe

Patrice Motsepe is a South African billionaire born on 28 January 1962 in Pretoria, South Africa. He is the founder and executive chairman of African Rainbow Minerals, which deals with gold, ferrous metals, base metals, and platinum. Patrice Motsepe also sits on several company boards, including being the deputy chairman of Sanlam and non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company.

Motsepe became the first black partner at law firm Bowman Gilfillan in Johannesburg in 1994, he founded Future mining which provided contract mining services that included the cleaning of gold dust from inside mine shafts for the Vaal Reefs Gold mine and implemented a system of worker remuneration that combined a low base salary with a profit-sharing bonus.

Patrice Motsepe Net Worth

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In 2020, Motsepe was ranked as the 1,307th-wealthiest person in the world by Forbes, with a …

The World Bank has unveiled a detailed roadmap aimed at helping countries in sub-Saharan Africa to address climate change and poverty.

The plan is titled the Next Generation Africa Climate Business Plan (NG-ACBP).

According to the World Bank’s plan, it urges countries to seize the opportunity to scale-up climate resilience to redouble efforts to increase energy access,  grow their economies and reduce poverty and take advantage of sustainable and innovative approaches to leapfrog into greener development pathways.

As part of the plan over the next six years, the World Bank will focus on five key areas namely clean energy, food security, green and resilient cities, environmental stability and climate shocks.

The bank aims to expand integrated landscape management over 60 million hectares in 20 countries, train 10 million farmers on climate-smart agricultural approaches, increase renewable energy generation capacity from 28GW to 38GW so as to increase access to clean electricity …

The European Investment Bank (EIB) board of directors approved $14.9 billion to finance post-pandemic recovery projects and climate action around the world. 

The new financing includes more than $3.67 billion of COVID-19 related investment aimed at strengthening public services, improving public health and back investment into companies in sectors hardest hit by the pandemic. 

The bank has approved $23.8 billion since the pandemic began to enable public and private partners around the world to address challenges in health, social and economic aspects. 

The EIB board of directors agreed to back investment in telecommunications, agriculture, housing, water and urban development across Asia, Europe, Africa, and Latin America. 

Werner Hoyer, EIB President said fighting climate change and tackling the pandemic has to go hand-in-hand to achieve a green recovery. He also said that this money would be invested in sustainability and innovation efforts and be used to minimize the impact of climate …

Who is Koos Bekker

Jacobus Petrus Bekker alias Koos Bekker is a South African Billionaire born in 1952 in Potchefstroom, South Africa. He graduated from Stellenbosch University with degrees in Literature and Law. He then enrolled in Wits University, where he pursued law studies. He is also an MBA graduate of Columbia University in the United States.

Bekker is one of the earliest South African millionaires and probably generally among African millionaires that have stood the test of the country’s economic times. This is one of the core reasons why he is often called the Rupert Murdoch of South Africa.

Koos Bekker Net Worth

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Koos Bekker current net worth in 2020 stands at $ 2.4 billion ranking him among South African billionaires as well as African billionaires

His company has seen him invest in newspapers, the Internet, books, magazines, and education. He has invested beyond the African …