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Browsing: Egypt
- Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks
- In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rate
- US monetary tightening could slow due to banking turmoil, weakening demand for the dollar.
Major central banks in Africa are preparing to raise interest rates in order to combat persistent inflation and prevent a sell-off in their assets exacerbated by an uncertain financial system following the recent collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG.
Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks.
In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rates. Six smaller African
- Zimbabwe is experiencing crippling power outages characterized by black-outs that can extend to as much as 19 hours a day.
- The electricity shortage is now common place with South Africa recently announcing Stage 6 power cuts.
- The debt capital markets, specifically the issuance of green bonds is a possible solution to rolling black-outs.
Zimbabwe is in the middle of a power crisis that can be attributed to the low water levels at the country’s Kariba Dam which has in times past been used to supplement the country’s power needs. Power outages are a part of every day living in the country.
However, the latest power crisis seems to be more intense threatening to scupper economic growth. Businesses and citizens have had to adjust to erratic power supply schedules. It is now commonplace for people to wake up at midnight to iron their clothes and use their electric appliances as this …
Speaking on the first day of COP27 in Egypt, Dr. Adesina said the funding would strengthen collective efforts to build climate resilience for African countries which are suffering from increasing frequencies of droughts, floods and cyclones that are devastating economies in Africa.
The Glasgow Climate Pact included a commitment from donors to double adaptation finance in 2025 from 2019 levels. Earlier, Sunak announced that the UK will surpass that target and triple adaptation funding from £500 million in 2019 to £1.5 billion in 2025. The funding package provided to AfDB will be part of this commitment.
The Netherlands has also announced that it will contribute to the CAW alongside the UK funding. The Foreign Secretary has called on other countries to contribute over the coming months.
Sunak also confirmed during the COP27 in Egypt that the UK is delivering the target of spending £11.6 billion on International Climate Finance (ICF) …
The CBE also announced in a statement that it will begin a process of phasing out Letters of credit (LCs) for import finance by December 2022.
Egyptian Prime Minister Mostafa Madbouly announced an exceptional bonus to public employees and pensioners of the state administrative apparatus and state-affiliated companies at a value of EGP 300 to meet the cost of living. The government also froze household electricity prices through June 2023.
The National bank of Egypt (NBE) issued new three-year-maturity saving certificates with an annual yield of 17.25 per cent.
Banque Misr also has raised the annual yield of the three-year saving certificates to 17.25 per cent.…
The Julius Nyerere Hydropower dam is an ambitious energy project and one of its kind across East Africa, with the capacity to generate 2,115 megawatts. The project cost $2.6 billion and is currently the most significant contract handled by Egyptian companies in Africa.
In August, it was reported by the Tanzanian Minister of Energy, January Makamba, that construction of the dam reached 67.18 per cent. The real work on the ground kickstarted in December 2018, which spanned out Tanzania’s government’s ambition to enrich its energy capacity from all fronts.
Further, the dam is 131 meters high and 1,025 meters long at the summit. The constructors managed to complete the tasks 687 days after the diversion of the river in November 2020 (Tanzania Times).
Tanzania’s electricity generation is comprised of several sources. Hence the dam stands to vitalize power availability and change the state of installed capacity. At least 48 per …
According to an article by Maritime Executive published August 17, 2022, since May Senegal and Germany have been working together to fast-track the completion of the BP-led Greater Tortue Ahmeyim (GTA) LNG project. The offshore field straddles the border between Senegal and Mauritania and is set to produce 2.5 million tons of LNG in the first phase. Plans call for output to double to 5 million tons in the second phase.
Earlier, Kosmos Energy, which is developing the GTA field with BP, said phase one is 80 percent complete. Senegal is now reporting that it will be ready to export its first LNG cargo to Europe in 2024 when production at Tortue Gas project is scheduled to start.
“Senegal will be able to sell its quota to Europe, especially Germany already, in the second half of 2024,” Mamadou Fall Kane, deputy permanent secretary of COZ-Petrogas, the government committee that monitors …
- The African Fertiliser and Agribusiness Partnership (AFAP) notes that over 40 per cent of African soils face nutrient depletion because of failure to apply sufficient levels of fertilisers
- Farmers in most countries are increasing their application levels, with the fertiliser application rate in Sub-Saharan Africa expected to increase to 22 kilograms per hectare by the end of 2022
- In Africa, the production of the material is concentrated in the northern parts of the continent
A study by the African Development Bank Group in 2019 revealed that most African countries depend on imported fertilisers for agricultural production.
The imports are mainly due to the lack of low-cost raw materials for production, low utilisation and high capital requirements for investment in production facilities.
According to the African Fertiliser and Agribusiness Partnership (AFAP), over 40 per cent of African soils face nutrient depletion, partly because of a failure to apply sufficient levels of