Ethiopia considers sale of minority stakes in telecoms, airline to foreign investors

Ethiopia is opening the state-owned telecommunications company and airline to foreign investors for the first time, a move that indicates new Prime Minister Abiy Ahmed is more receptive to outside interests in Africa’s second-most populous nation. According to Bloomberg’s report seen by business a.m., Ethiopia will sell minority stakes to foreign and domestic investors in […]

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

The African Development Bank (AfDB) said it has scaled up industrialization pace on the continent as it has delivered improved business access to transport, energy and skills in the past year. The development bank made the disclosure Thursday in its Annual Development Effectiveness Review (ADER) released at the Bank’s annual meetings in Busan, South Korea. […]

Verve, UBA partner to support Zambia’s subsidy disbursement programme

Verve International has signed a partnership agreement with the United Bank for Africa to deliver cost-effective prepaid cards to farmers under the Zambian Ministry of Agriculture’s FISP programme. It was gathered that as part of the partnership deal, UBA will issue Verve prepaid cards in the next season of the Farmers Input Support Programme, an […]

IDB to finance Iraqi infrastructure with $500m – president

Ahmed Mohamed Ali al-Madani, the president of Islamic Development Bank (IDB), said the bank is ready to finance Iraq infrastructure with $500 million, The president said this in Kuwait on Wednesday, according to Reuters. Donors and investors have gathered in Kuwait to discuss efforts to rebuild Iraq’s economy and infrastructure as it emerges from a devastating conflict […]

Namibia GDP growth seen accelerating to 2.2% this year- finance minister

Calle Schlettwein, Namibia’s finance minister said on Friday that the country’s economic growth is expected to accelerate to 2.2 percent this year from an estimated 1.6 percent growth in 2016, supported by higher commodity prices. “We expect improvement due to rising commodity prices although some of the revenue increases might be offset by an (unfavourable) exchange […]

EU aims 2025 Balkans expansion to check Russia, China rising influence

The European Union has indicated that it hopes to add some of the continent’s poorest countries to its bloc in order to check the influence of Russia, China and Turkey in the Balkans. The EU’s executive branch on Tuesday set a target date of 2025 for some of the Balkan countries to join. Membership would […]

China unveils plan for world’s biggest carbon-trading market

China unveiled its plan for a national carbon market, creating the world’s biggest trading system for the climate-warming emissions. The market will initially involve only the power sector, National Development and Reform Commission Vice Chairman Zhang Yong said Tuesday at a briefing in Beijing. While that’s a pullback from a previous plan to include eight […]

South African rand, bank stocks rally on hopes of Ramaphosa victory

South African assets rallied early Monday as investor hopes grew that pro-reform candidate Cyril Ramaphosa was likely to have secured a victory in the ruling ANC’s knife-edge leadership contest. According to Financial Times (FT) report, the rand suffered a bumpy start to the day as it became clear that the vote would go down to […]

South Korea building a $35bn city designed to eliminate the need for cars

When residents of the International Business District (IBD) in Songdo, South Korea go to work, pick up their kids from school, or shop for groceries, driving is optional, according to a World Economic Forum (WEF) report. That’s because the $35 billion district — currently a work-in-progress about the size of downtown Boston — was designed […]