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- Saudi Islamic Development Bank to the rescue of Uganda with $295 million loan
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Banking
- 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 …
- 19 African Heads of State seek to triple IDA’s financing capacity to $279 billion by 2030.
- IDA remains [Africa’s] most dependable source of capital, with every dollar of donor financing enabling an additional $3.5 in capital market leverage to amplify development impacts: President Ruto
- We are united by a shared vision for the future of Africa—a continent rich in diversity, culture, and potential, thanks to its young people and natural resources: The World Bank Group President Ajay Banga.
In a historic gathering of 19 African Heads of State and government in Nairobi, Kenya’s President William Ruto has ramped up calls for increased concessional financing from the World Bank’s International Development Association (IDA).
The rallying call, which was made during the International Development Association (IDA21) for Africa Heads of State Summit held at the Kenyatta International Convention Centre (KICC) in Nairobi, reverberated with urgency and determination.
President Ruto’s plea sought …
- 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 …
Standard Bank, Africa’s largest lender by assets, reported a remarkable surge in interim profit, demonstrating resilience in the face of adversity. The bank’s prudent approach and high-interest rates acted as countermeasures against escalating bad loans, resulting in a notable boost in profitability.…
- With Tanzania’s urbanization on the rise, the need for affordable housing finance is increasing.
- High-interest rates and lack of affordable housing remain the prime constraints facing Tanzania’s mortgage market.
- There are 32 banks offering mortgage facilities, down from 33 following acquisition of First National Bank Tanzania Ltd by Exim Bank Tanzania Ltd.
In the sun-soaked expanses of Tanzania, a housing revolution is unfurling, led by an unlikely conductor: interest rates. The symphony of change echoes the crescendo of demands for affordable housing, reverberating from the National Housing Corporation (NHC).
With Tanzania’s urbanization quickening its pulse, the need for housing finance surges alongside the ascent of metropolitan dreams.
In a nation where growth is as tangible as the earth beneath, the NHC’s data reveals an urgent anthem: a staggering demand for three million housing units, sprouting at a rate of 200,000 annually. This wave is in sync with the rapid urbanization …
- In 2021, 76 percent of adults had an account at a bank or regulated institution
- Financing will enable African nations to expand portfolio of digital financial solutions and initiatives
- The facility will be housed and managed by the African Development Bank,
India will contribute $2 million to the Africa Digital Financial Inclusion Facility (ADFI), in an effort to break the barrier to growth and spur uptake of digital financial solutions.
The facility will be housed and managed by the African Development Bank. It will mainly focus on accelerating financial inclusion in Africa, India said.
India is recognised globally for the success of its digital public payments system. The country’s collaboration with ADFI enables the facility to learn from best practices and help scale up initiative. The program aims to meet the needs of financially excluded and underserved people in Africa.
Africa yet to fully benefit from inclusion
Despite the growing …
- Uganda Auditor-General says out of $27.7 million meant for SACCOs under the Emyooga programme only $21.8 million was disbursed.
- Lawmakers say failure of Microfinance Support Centre staff to follow due diligence in loan disbursement was indicative of incompetence.
- Parliament tasks MSC officials to detail the efforts put in place to ensure that the intended beneficiaries receive the funding.
A report by the Auditor-General has revealed that Uganda’s Microfinance Support Centre (MSC) failed to absorb a total of $5.87 million (USh21.2 billion) of the Emyooga grant during the 2021/22 financial year.
In his report to Parliament, the Auditor-General observed that out of $27.7 million meant for SACCOs under the Emyooga programme, only $21.8 million was disbursed.
In a meeting on July 25, with officials from the Microfinance Support Centre (MSC), legislators on the Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) queried the way the funds were used.…
- The Central Bank of Kenya says tea exports posted a 13 percent year-on-year increase.
- As for the direction of trade, imports from China accounted for 21 percent of Kenya’s total imports.
- Goods exported to Africa in the fourth quarter of 2022 amounted to USD 729 million or 41 percent of the total exports.
Kenya’s current account balance has narrowed to $966 million due to the increase in remittances sent by Kenyans living abroad and a renewed demand for tea from traditional markets the Country’s Central Bank has said.
This figure represents a decline from the previous quarter’s balance of $1,557 million that was reported at the end of 2021.
The current account balance is a crucial component of the country’s overall financial inflow and outflow record, forming part of the balance of payments, which reflects all transactions made by Kenya with its trading partners.
Growth in exports of key goods
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- South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy.
- The government estimates that between $2 billion and $8.3 billion is laundered annually through local financial institutions.
- Banks in South Africa must find a new way to prove identity to prevent money laundering and cyberattacks.
South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy, an undertaking that banks can help to rescue the country from the grey list. In January 2025, the global anti-money laundering watchdog, the Financial Action Task Force will review its decision to greylist South Africa. The agency will interrogate the public and private sector measures taken by the country to address its concerns.
The nation will have to present a workable, scalable plan to stop fraud, money laundering, and other financial crimes. Failure to do so will have severe negative economic …
