Browsing: Asia

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

Africa is considered largely the main source of natural resources needed to support and sustain the economic growth of developed and emerging developing countries, and, as noted above, the engagement is often concentrated in a few countries, particularly where they have strategic interests.

African countries do not have adequate capacity to engage emerging developing economies individually.

According to Aileen Kwa, Coordinator, Trade for Development Programme, South Centre, one of the Commonwealth’s mission is to reduce poverty in its member countries, especially the developing ones.

But looking at the poverty levels in Africa, they have been high over the last 30 years, at 74 per cent and 73 per cent in 1981 and 2005, respectively, despite policy reforms undertaken over that period. When translated into absolute numbers, the number of people living on less than US$ 2 per day increased from 295 million in 1981 to about 556 million in 2005.…

A few African countries have also imposed similar restrictions on entry into their territories. The southern African countries include Lesotho, Botswana, Zimbabwe, Mozambique, Namibia and Eswatini.
Russia and South Africa, which later joined in 2011, are both members of the BRICS, and since the outbreak of the coronavirus in December 2020, have discussed some aspects as well as the prospects for collaborative work in fighting the disease.
Russia and South Africa previously proposed localizing production of Russian vaccines, but the key setback was that the vaccines were yet to be approved by the World Health Organization. As a result, there were neither concrete practical results nor effective collaboration between the two countries.…

The pursuit of a greener earth and universal reliance on renewable presents a unique dilemma for countries in Sub Saharan Africa which rely heavily on energy provided by coal, shale, and other fossil fuels but also their economic livelihoods depend on the black gold.
The elimination of coal and related energy sources would severely prejudice economies that constitute SSA which are still developing or emerging.
It is against this background that the outgoing Chief Executive of the largest coal miner on the JSE, who is also the President of the Minerals Council is on record for saying that African countries should be allowed to make the transition from fossil fuels to greener renewable energies at their own pace. …

South Africa remains one of the most important trading partners for Zimbabwe; with Zimbabwe importing 40% of its total imports and exporting 75% of its total exports to South Africa.

Since 2007, South Africa has always maintained a trade surplus with Zimbabwe with the surplus widening over the review period mainly attributed to the economic instability experienced in Zimbabwe and the volatility of the South African Rand to the US dollar.

But with the violent events that unfolded in South Africa this past week continually present renewed purpose for some serious soul searching by Zimbabwe’s economic decision makers on how to model the economy out of the dependency on its neighbor to the south for raw materials and other essentials, according to the economic experts.

South Africa’s KwaZulu Natal and Gauteng provinces the two strategic economic areas broke into mayhem last week as looters ransacked major retail shops, banks and …

The diplomatic ties between the two neighboring countries of Kenya and Somalia has been a bone of contention for months now, this is after Somalia severed diplomatic ties with Kenya in dead of night of December 14, 2020 citing interference and violation of her sovereignty and territorial integrity.

In announcement, Somalia Minister of Information Osman Abukar Dubbe said that cutting ties with Kenya at around 1:40 am Mogadishu time on state-run SNTV, hours after President Uhuru held talks with break-away Somaliland President Muse Bihi at State House, Nairobi, he said that Mogadishu will withdraw all its diplomats from Kenya and has ordered Kenyan diplomats to leave the country within 7 days.

But while everything to restore the diplomacy sanity between the two warrying nations proved to be a difficult thing Qatar stepped in overseeing the mediation of the whole process, in an interview Deputy Prime Minister and Minister of Foreign …

While Nigeria is the largest exporter for Sesame seeds, there’s still a lot of untapped potential of the lucrative export business this even as the seeds demand increases  globally.

According to United states market based research report known as Hexa Research the Global sesame seeds market size is expected to hit $17.77 billion by 2025.

The fueling market demand was associated with its Increased application of the product as an anti-oxidant in various pharmaceutical formulations.

With the world production of Sesame seeds estimated to be 4. 8 million tonnes, ten [10] countries accounts for over 80% of it which includes Myanmar, India, China, Tanzania, Sudan, Ethiopia, Nigeria, Burkina Faso, Uganda, and Niger.

Africa, accounts for over 45 per cent of the crop, and in the last 10 years has become as a fast-growing supplier of sesame seed in the world market.

Of the Sesame seeds global production, over two million …

Tourism and Hospitality management group, Rainbow Tourism Group (RTG) is upbeat of positive performance going forward offsetting the negative impacts of the Covid-19 pandemic in FY2020.

The Rainbow Tourism group which is located in Zimbabwe, has an extensive portfolio of owner-managed or leased hotels and conference facilities in Zimbabwe and Mozambique, as well as a tour operator company.

As countries implement Covid-19 vaccinations to its residents as part of efforts to limit the spread and severity of the pandemic, the group is hopeful of the economic recovery with anticipation healing on the travel and tourism sector across the globe.

“The tourism industry was adversely affected by the Covid-19 pandemic. While the current situation is likely to persist into early 2021, we remain confident that the tourism industry will in time rebound and set the hotel business on a path towards recovery.

“A glimmer of hope has come from the ongoing …

With the covid-19 coronavirus global crisis affecting, Africa could be hit harder with a heavy and durable economic toll.

This hit will threaten progress and prospects, widen inequalities between and within countries and worsen current fragilities.

To survive this, the Economic Commission for Africa (ECA) says that African countries need support in preparing for the health crisis, and for the economic fallout.

Coronavirus: African leaders stuck with neglected, outdated healthcare systems

“The measures being taken in Asia, Europe and North America such as physical (social) distancing and regular hand washing will be a particular challenge for countries with limited internet connectivity, dense populations, unequal access to water and limited social safety nets,” notes ECA.

In line with the steps being taken across the globe, African countries are preparing for the worst effects of this pandemic.

To help Africa survive the crisis, ECA says that the G20 must support an immediate …