Browsing: African Development Bank (AfDB)

The government of Tanzania has received 1.3tri/- as Covid-19 relief package from the International Monetary Fund (IMF). Now the government has announced plans to implement a score of projects that will be financed with this fund in a move it says, will help the private sector’s liquidity.

As part of its own fiscal policies to cushion the economy from the negative effects of the global pandemic, the government, through the Central Bank has also released another 1tri/- to commercial banks in a bid to increase their lending capacity.

With these funds, the Central Bank released funding and IMF funding that goes into implementing national projects, the private sector is empowered to borrow and win project tenders and as such increase money circulation in the economy.

The strategy is meant to back the economy which had slowed down due to reduced demand which in turn reduced produced production stagnating the whole …

The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), the World Bank Group and the African Development Bank (www.AfDB.org) have jointly published a new version of the Manual on Exchange of Information (https://bit.ly/3CovIgS), in order to support tax authorities.

Exchange of information (EOI) is an essential tool for tax authorities worldwide to ensure that all taxpayers pay the correct amount of tax.

The previous edition of the manual, issued in 2013 by the Global Forum and the World Bank Group, was dedicated to exchange of information on request and spontaneous exchange of information. This new edition covers a broader range of exchange-of-information tools, such as tax examinations allowing two or more jurisdictions to conduct simultaneous audits of person(s) of common or complementary interest, or tax examinations abroad to collect information in a foreign jurisdiction.

The manual can easily be tailored to …

Four critical universities best practices for fostering graduate employability are of interest: Industry partnerships, Aligning university education with a country’s development plans, Regular university curriculum reviews, and Strengthening quality assurance systems.

However, while Universities work to better prepare graduates for the workforce, it is imperative for the government and the private sector to step in and increase the employability of graduates who are already in the workforce.…

Even though East Africa’s two economic giants Kenya and Tanzania are seen as business rivals, the two conduct enormous trade between each other and least of all not been the trade of the staple, corn.

According to the UN COMTRADE database on international trade, Kenya exports to Tanzania clocked USD 294.94 last year (2020). In fact, Tanzania has now bypassed Uganda to become Kenya’s largest export market in East Africa.

Reports show that the US imported goods from Kenya worth $41.8 million in June this year and guess which country comes next, Tanzania recording an amazing $31.6 million of Kenyan imports followed by Uganda at  US$28.3 million.

Reciprocating the deal, Kenya is now accepting Tanzania’s maize into the country after a long period standoff where Kenya had banned the import of Tanzanian corn. Kenya placed a ban on Tanzanian maize for alleged contamination of  Mycotoxins.

Mycotoxins are poisonous compounds produced …

On the bright side, even with the credit growth slowdown, it remained positive, growth still maintained and upward trajectory. This is also for both domestic credit extended to the private sector as well as the central government too.

Growth is expected to improve as the global economy normalizes over time but meanwhile, the government, through the central bank is instituting measures to increase liquidity and reduce lending rates, which in turn is expected to allow the private sector to have increased access to credit.

As part of these fiscal measures, the BoT has already issued TShs1 trillion to commercial lenders to help beef up their lending capacity and to do so at lower interest rates. This in turn is meant to encourage the private sector to borrow and increase production.…

The Lesotho Revenue Authority is set to receive a loan of $4.25 million from the African Development Bank Group to provide digital tax services, including e-taxation and e-payment that will broaden the country’s tax base and boost government revenue.

In a statement, AfDB says the funds will be sourced from the African Development Fund, the Group’s concessional lending window and will go to support the Supplemental Financing of the Lesotho Tax Modernization Project.

The project follows the Lesotho Tax Modernization Project (LTMP) approved in November 2017, and for which the African Development Bank Group provided $7.09 million, in financing.

The financing will especially be used to procure and install e-taxation, e-payment, and e-invoicing software and hardware and to integrate financial institutions and mobile money providers into e-payment systems.

Kenya, Lesotho sign three deals to ramp up bilateral ties

According to the Bank’s Director of Governance and Financial Management Coordination, Abdoulaye …

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a €39 million (46.3M USD) loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon.

The package comprises €20 million (23.7 million USD) from the African Development Bank, €10 million (11.87 million USD)from the Africa Growing Together Fund and €9 million (10.7 M USD) in concessional financing from the Sustainable Energy Fund for Africa, a special multi-donor fund managed by the African Development Bank.

Additional financing to meet the project’s €133.8 million (158.9M USD) budget will come from the International Finance Corporation of the World Bank Group, the Canada-IFC Program for Renewable Energy in Africa, the Development Bank of Southern Africa and the Emerging Africa Infrastructure Development Fund. The loan funds will be disbursed to Asonha Énergie S.A., a company created to manage the project.

Also Read: Tanzania’ Largest Gold Producer To Increase Investment…

The Republic of Burundi has a new president, it has taken steps to rebuild regional and international relations and its economy is starting to pull up, as such, leaders of the East African Community (EAC) are vouching in favor of the country and imploring the European Union, it is time to lift sanctions.d

The European Union (EU) imposed sanctions against the Republic of Burundi back in 2015 when the late President Pierre Nkurunziza extended his tenure in office seeking a third term. At that time, army officials in the country are reported to have attempted a coupe that did not succeed.

Speaking to the press mid this week, the Secretary-General of the East African Community (EAC), Hon. Dr. Peter Mathuki appealed to the European Union (EU) member states to lift sanctions against Burundi saying, ‘the country has opened a new page and was ready to move forward. (https://www.tnsdiamonds.com/) …

Forbes recently. released a list of Africa’s top dollar musicians and here is the list in descending order.

1. Youssou N’Dour (Senegal) – Net worth $145

Youssou N’Dour, AKA Youssou Madjiguéne Ndour, is a Senegalese singer, songwriter, composer, occasional actor, businessman, and, wait for it, a politician too. Yes, Africa’s wealthiest musician is shooting for the executive office and is not the only one on the list with aspirations of becoming their country’s president.

Youssou owns the biggest media house in Senegal with radio and Tv stations. He also boasts vast investments in real estate.

1. Akon – net worth $80 million

World fames Akon is Africa’s second richest musician. Born Aliaume Damala Badara Akon Thiam, the US based star is also originally from Senegal. Akon who is also an actor and a businessman, has accumulated wealth from a diverse range of investments.

Akon writes songs and produces …

The government of Tanzania is working on a blue print to increase sell of the country’s agro-produce by setting up bonded warehouses in foreign markets in a bid to boost sells.

The bonded warehouses will for starters be piloted in China and Saudi Arabia and are expected to ease access to markets for agro-produce.

Well first things first. What is a bonded warehouse? These are building or other secured areas in which dutiable goods may be stored or even manufacturing without payment of duty.

Bonded warehouses provide specialized storage services such as deep freezers for perishables as well as bulk liquid storage. They also allow for commodity processing and make up an integral part of the global supply chain by giving the importer opportunity to bring in raw goods, process, package and then sell the final …