Ethiopia
ADB Board Approves 1.5 billion USD Facility to Avert Food Crisis in African Countries
The African Development Bank Group’s Board of Directors has approved a 1.5 billion USD facility to help African countries avert a looming food crisis. Read More

Ambassador Mulu Confers with Czech Director of Chamber of Commerce
Ethiopia’s Ambassador Extraordinary and Plenipotentiary to Germany, Czech Republic, Poland, Slovak Republic and designate to Ukraine, Mulu Solomon had a meeting with Jiri Hansl, Director of Czech Chamber of Commerce. Read More

USD 10 Million Workers Dormitory at Bole Lemi IP Inaugurated
A South Korean company, Shints Garments, inaugurated dormitory buildings that could accommodate 3,300 workers at Bole Lemi Industrial Park. The company built the housing and other facilities needed for at a cost of 10 million US dollars. Read More

Kenya
KRA on The Spot Over Excise Taxes Revision
Distributors of alcoholic drinks have accused the Kenya Revenue Authority (KRA) of adjusting excise duty rates on about 30 products upwards in spite of a court order suspending implementation. Read More

British Fund Plans KES 81 Billion Investments in Kenya
Kenya’s private firms could get investments amounting to KES 81.4 billion (USD 700 million) over the next five years from British International Investment, which previously traded as CDC Group. Read More

Moderna Looks Beyond Covid Vaccines for Kenya Factory
The government now says Moderna's KES 57.5 billion (approx. USD 138 million) vaccine plant will have a crucial role to play in the fight against other diseases beyond the Covid 19 pandemic amid global glut of coronavirus vaccines. Read More

Gamblers Win KES 380 Billion Through SportPesa Bets
Kenyan gamblers won KES 380.53 billion (approx. USD 3.3 billion) in betting payouts from SportPesa between November 2013 and June 2019 when the company operated under Pevans East Africa, underscoring the scale of the prizes that are fueling the betting craze. Read More

Rwanda
Experts Seek Collaboration to Drive Progress for Africa’s Creative, Knowledge Sectors
Ahead of the 2022 Africa Soft Power Summit in Kigali, Rwanda, leading stakeholders across Africa’s creative and knowledge industries have called for increased collaboration towards advancement of the continent’s creative and knowledge eco-system. Read More

Tanzania
Fight Against Malaria Intensified as New Laboratory Launched
Tanzania has beefed up its fight against malaria following launching of genomics laboratory for conducting molecular surveillance including research to monitor changes in parasites population and antimalarial drug resistance. Read More

Uganda
No Subsidies, No Tax Cuts
President Yoweri Museveni has Said Uganda Cannot Take the Risk of Cutting Subsidies and Removing Taxes from Imported Products. Read More

Kabaale International Airport to be Ready in Next 9 Months
Kabaale International Airport in Hoima, Uganda’s second international airport now under construction is due for completion nine months from now, according to the contractors. Read More

UNBS Warns Consumers to Check for Quality, Quantity as Prices Shoot Up
The Uganda National Bureau of Standards, UNBS has cautioned the public against deceptive traders who are taking advantage of the unstable commodity prices to fleece them. Read More

Health, Education Take Largest Share in KES 48 Trillion (approx. USD 13 billion) Approved Uganda Budget
Uganda’s UGX 48.13 trillion (approx. USD 13 billion) National Budget has been approved by Parliament. The approved budget has increased by UGX 5 trillion (approx. USD 1.4 billion) from the current financial year budget. Read More

Egypt
Egypt's development financing agreements with EIB worth EUR 300 Million Since Beginning of 2022
The development financing agreements signed between Egypt and the European Investment Bank, at the beginning of 2022, amounted to EUR 300 million, in addition to managing two grants from the European Union worth EUR 24 million, according to the Ministry of International Cooperation. Read More

BNP Paribas Expects Egypt to Raise Interest Rates by 200 bps
Analysts at BNP Paribas expect the Central Bank of Egypt to increase interest rates by 200 basis points (bps) in an emergency meeting this week ahead of the scheduled meeting on 19 May, according to a research note. Read More

IMF Expects Egypt’s Public Debt to Decline to Its Pre-Pandemic Levels By 2026
The International Monetary Fund expects that the ratio of public debt to GDP in Egypt would decline to pre-pandemic levels by 2025 or 2026. Read More

Egypt is Working on Facing the Repercussions of the Current Global Crisis: PM
Prime Minister Mostafa Madbouly said that the state is moving on various axes to face the repercussions of the current global crisis, as it is working on the availability of various commodities in the markets at reasonable prices. Read More

Morocco
Morocco and Other African Countries to Suffer from Price Hikes
A new report by Oxford Economics says that Morocco, along with other African countries, will experience disproportionate consequences of the global price hikes of food products. Read More

Tamwilcom: Morocco Launches Roadshow to Promote Financial Inclusion
Tamwilcom, a state-backed financing initiative for Moroccan businesses, started a nationwide roadshow on 19 May, to present its latest offering for small businesses across Morocco. Read More

More US Politicians Call for Suspending Tariffs on Moroccan Fertilizers
More American politicians are joining the call for suspending tariffs on Moroccan-made fertilizers to cushion the effect of soaring fertilizer prices on farmers and food prices. Read More

Amid Crisis, Algeria Considers Moroccan Development Policies
Algeria is taking inspiration from its western neighbor’s success as it is introducing a new economic model that closely mirrors Morocco’s. Read More

World Bank Sees Widened Fiscal Deficit
World Bank has projected the country’s fiscal deficit at 9.4 percent of the gross domestic product, a 2.3 percent jump from the previous year’s 7.1 percent deficit. Read More

RFA, Malga Disagree on Toll Gates Revenue
The Roads Fund Administration has put its foot down to cede some revenue generated from toll gates to local councils. Read More

Cama Wants Electricity Tariffs Reduced
Consumers Association of Malawi (Cama) has written Malawi Energy Regulatory Authority demanding a reduction of electricity tariffs following the exit of Aggreko in the power market. Read More

Saulos Chilima Assures on M1 Road Rehabilitation
Vice-President Saulos Chilima says M1 Road rehabilitation preparations are at an advanced stage. He said this at Mzuzu Mall Round-about Sunday, when hundreds of supporters welcomed him to the Northern Region. Read More

Mozambique
World Bank to Provide USD 300 Million for Budget Support
The World Bank country director for Mozambique, Idah Pswarayi-Riddihough, announced the figure at a Maputo press conference on 11 May, immediately after a meeting with the Minister of Economy and Finance, Max Tonela.  Read More

South Africa
Patel Shoots Down Calls for Suspension of Poultry Tariffs
Trade, industry & competition minister Ebrahim Patel has shot down calls for the removal of tariffs on all poultry imports saying such an “extreme” step would destroy local jobs. Read More

S&P Global Ratings Lifts SA’s Outlook to Positive
S&P Global Ratings surprised the market late on Friday when it lifted the outlook on SA’s sovereign credit rating to positive, highlighting favourable terms of trade. Read More

Dis-Chem Revenue Passes ZAR 30 Billion for the First Time as it Reports Change in Shopping Habits
Pharmacy retailer Dis-Chem reported strong revenue growth of 15.7 percent for the 12 months ended February 2022, exceeding ZAR 30 billion (approx. USD 1.9 billion) for the first time, with consumers resuming their pre-pandemic routines and shopping habits. Read More

National Treasury Welcomes Revised Credit Rating by S&P to Positive
National Treasury has welcomed South Africa’s revised credit rating by S&P Global Ratings to positive, saying this followed structural reforms in the economy, current account surplus and other initiatives to boost the economy. Read More

Nigeria
Opara Takes Over CIBN as 22nd President
Dr. Ken Opara has been sworn as the 22nd President/Chairman of the Council of the Chartered Institute of Bankers of Nigeria at an event attended by industry leaders, regulators and political office holders during which he pledged to restore the pride of banking professionals and make it attractive to Generation Z. Read More

Investors Stake NGN 31.8 Billion on Equities in One Week
A turnover of 3.021 billion shares worth NGN 31.8 billion (approx. USD 77 million) was recorded in 29,153 deals by investors on the floor of the Nigerian Exchange last week. Read More

Government Tasks Insurance Industry on Prompt Claims Payment
The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Lagos State Governor, Babajide Sanwo-Olu, have advised underwriters in the country to pay claims promptly to retain public confidence. Read More

BoI Records 75 Percent Profit Growth, Pays Shareholders NGN 7.89 Billion Dividend
The Bank of Industry recorded a 75 per cent increase in its Profit Before Tax to NGN 61.15 billion (approx. USD 148 million) in the 2021 financial period. The Chairman of BOI’s Board of Directors, Aliyu Dikko announced the results during the bank’s 62nd yearly general meeting in Abuja. Read More