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- Saudi Islamic Development Bank to the rescue of Uganda with $295 million loan
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Africa
- The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
- Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
- The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation
Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.
The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
- She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
- AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.
This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …
The United Kingdom (UK) has played a key role in participating in commercial investments in Africa in major production areas with varying results.…
Africa’s road infrastructure remains essential for landlocked countries, where opening manufacturing zones are needed. Reliable road transport is required for businesses to import and export goods, complete orders, and procure supplies.…
- In renewing the commitments to end Malaria and Neglected Tropical Diseases (NTDs) by 2030, Commonwealth heads pledged over $4 billion
- Heads recognised that global financial support to halt and reverse biodiversity loss in the ocean and on land remains insufficient
- Dedicating a ‘living land’ in respective countries would reinforce commitment to keep the rise in global average temperature below 2 degrees Celsius above pre-industrial levels
The week-long Rwanda-hosted Commonwealth Wealth Heads of Government Meeting 2022 (CHOGM) came to a close in Kigali on June 25, 2022.
The summit which is held every two years – last held in 2018 in the UK due to the pandemic – was themed “Delivering a Common Future: Connecting, Innovating and Transforming”, the first post COVID-19.
The summit was attended by over 50 heads of government and joined by business, philanthropy, royal and civil society leaders to reaffirm shared values and agree on actions …
- China’s GDP is central to the global economy and especially in Africa
- The Asian country’s economy is integrated with nearly every sphere of global trade from manufacturing to finance and mining
- This means that when China does well economically so do African countries
The AFCFTA will transform Africa if it can be implemented.
China is an integral part of the global economic matrix. The Asian behemoth is responsible for the economic well-being of a litany of countries in the world.
Much of the economic growth enjoyed by numerous countries owes itself to and is sponsored by China’s economic activity either in whole or in part. China’s mass urbanization gave a spark to producers of natural commodities who continue to rely on the Asian country’s appetite for these natural resources for their income.
China went from being a pure-play communist republic to a hybrid capitalistic society of sorts owing to its …
The most significant concern is Africa’s susceptibility to growing inflation in developed and developing economies, given the continent’s reliance on imports.…
Oliver Chidawu had been the founding shareholder of an outfit called Heritage Investment Bank, and Douglas Munatsi was the founder of First Merchant Bank. Chidawu, in that period, also acquired a substantial portfolio of shares of companies listed on the Zimbabwe Stock Exchange. His portfolio comprised furniture retail and manufacturing companies as well as the manufacture and distribution of agricultural inputs.
In the 2000s, Chidawu was at his zenith. He had a portfolio of thriving businesses and had board seats on several Zimbabwe Stock Exchange listed companies like ABC Holdings Limited, Zimplow Limited, and Bindura Nickel Corporation.
Things started to go badly in the 2010s. Chidawu had made an unsuccessful expansion of his construction outfit to the United Kingdom. A difficult business environment coupled with expensive and unsustainable loans saw the businessman lose some of his prized interests.…
