Rental scheme company Rent4Less by Alpha Mead raises US$1 million private placement bond

NIGERIA – Rent4Less by Alpha Mead, a rental scheme designed to provide a flexible and convenient option for middle income Nigerians to rent homes, has raised a fixed-rate series one US$1 million private placement bond. The Senior Secured Private bond, issued by Alpha Mead is another milestone in the series of the company’s expansion strategies to increase access to shelter…

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IFC and East Africa Bank unveils US$5m trade finance guarantee to support businesses in Djibouti

DJIBOUTI – The International Finance Corporation (IFC), a member of the World Bank Group, has announced a US$5 million trade finance guarantee facility to Djibouti- based East Africa Bank (EAB) to help local companies engage in cross-border trade. The support is a vital engine of economic growth that has been strained by the COVID-19 pandemic, IFC’s trade finance facility guarantee…

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AfDB, SEC Ghana launch US$400,000 project to strengthen capital markets

GHANA – The African Development Bank Group (AfDB) and the Securities and Exchange Commission (SEC) of Ghana have launched a US$400,000 project to strengthen the development of Ghanaian capital markets. This follows the signing of a grant agreement to develop a risk-based supervisory solution for the local capital market. The grant, from the African Development Bank’s Capital Markets Development Trust…

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OPEC Fund extends US$50m for poverty reduction in Tanzania

TANZANIA – The OPEC Fund for International Development (the OPEC Fund) has signed a US$50 million loan with Tanzania to finance the ‘Fourth Tanzania Poverty Reduction Project’.   The project will build rural infrastructure to boost economic opportunities and improve access to social services for more than 900,000 people. Although Tanzania has made progress in reducing poverty over the past…

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Madagascar reaches deal with IMF for US$320m financing

MADAGASCAR – The government of Madagascar has reached a staff-level agreement with the International Monetary Fund (IMF) for the disbursement of US$320 million to support the country’s economic reforms. In an official statement, the Fund said the new deal is an Extended Credit Facility set up to assist the country in the implementation of its economic reforms whose  goal is to…

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Kenya in first recession since 2000 as Covid-19 ravages the economy

KENYA – Kenya slid into a recession for the first time in two decades in the third quarter of 2020 as measures introduced by the East African nation to slow the spread of the Covid-19 pandemic continued to hurt output. Gross domestic product in East Africa’s biggest economy fell 1.1% compared with a year earlier, after shrinking a revised 5.5%…

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Kenya-UK sign trade agreement to promote regional trade

KENYA – Kenya and the United Kingdom have signed a strategic Economic Partnership Agreement (EPA), following the conclusion of recent negotiations between the two countries. The agreement, to secure the mutual interests of the two partners after Brexit, replicates the effects of the East African Community (EPA) with the European Union that facilitates EAC exports, free of duties and quotas,…

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Moody’s downgrades Uganda’s economy to Ba3

UGANDA – Moody’s global rating agency has adjusted Uganda’s economic strength downwards by one notch to “ba3” from “ba2 stable’’ due to relatively low productivity and high transport costs. In its annual  annual credit analysis of Uganda done on October 7, 2020, Moody’s explained that Uganda’s economic strength is assessed as “ba3” to reflect the economy’s small size and low…

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