8 July 2022
Eastern Africa
Ethiopia Approves BIRR 786.6 Billion
The Ethiopian Parliament approved BIRR 786.6 billion (approx. USD 15 billion) total budget for the 2015 Ethiopian budget year that begins 8 July 2022. Read More

Green Legacy, Basin Development Blessings to Downstream Countries, Neighbors: Water & Energy Minister
Ethiopia’s Green Legacy Initiative and watershed development activities have brought blessings to the low riparian countries and neighboring countries, Water and Energy Minister Habtamu Itefa said. Read More

WB Pledges to Provide USD 5.7 Billion Support for Ethiopia in Coming Three Years
The World Bank (WB) has pledged to provide USD 5.7 Billion support for Ethiopia in the coming three years. Read More

Safaricom to Start Commercial Operations in Ethiopia Next Month
Safaricom announced that it will start commercial services in Ethiopia in August. The company, part of the Vodafone group, has been under mounting pressure over its failure to meet previous launch target in April 2022. Read more 

Farmers to Pay New Tax in Fresh Treasury Policy
Small-scale farmers will start paying a presumptive tax if the Treasury’s proposals that seek to recruit more taxpayers to meet revenue collection targets are adopted. Read More

Kenya Wants Share of Maize Imports from Region Raised
Kenya is seeking to limit Zambia, Tanzania and Uganda from exporting maize to other countries at its expense in fresh efforts to curb the surge in maize flour prices, ease inflation and the squeeze on household budgets. Read More

Spying Tools, Tech Drive KRA to Collect KES 2 Trillion in Revenue
Aggressive tax collection and recovery measures by the Kenya Revenue Authority (KRA) raised revenue collection by a fifth in the year to June 2022, the highest ever annual growth margin recorded by the agency. Read More

AfDB to Decide Fate of KES 17.5 Billion Loan for Nakuru-Nairobi Road
The board of the African Development Bank (AfDB) will meet next week to decide on plans to fund the construction of the KES 180 billion (approx USD 1.5 billion) upgrade of the Nairobi-Nakuru highway. Read More

Calls Grow for Govt to Do More on Food Security
There is a need to urgently devise ways to significantly boost food productivity if the country is to achieve its food security targets, experts and farmers say. Read More

PURA Offers Tips for Winning Oil, Gas Tenders
The Petroleum Upstream Regulatory Authority (PURA) has advised Tanzanian service providers and suppliers registered on Common Qualification System (CQS) to acquire International Organization for Standardization (ISO) certificates so that they grab lucrative deals in the oil and gas sector. Read More

NMB Urges Entrepreneurs Grab Loans Opportunities
NMB Bank has encouraged business people in the Lake zones to grab loan opportunities that can help them invest in modern fishing boats, thus enhancing their contribution to economic growth. Read More

Vodacom M-Pesa Customers to Benefit from ‘Imeitika Campaign’
Vodacom Tanzania has launched a new campaign dubbed ‘M-Pesa Imeitia’ that aims to encourage Tanzanians to use M-Pesa digital services for transactions, insurance, health, lending, and saving International money transfers, and more for inclusion. Read More

Why DRC Market is Exciting to CRDB
CRDB Bank has said it will champion social development in the Democratic Republic of Congo (DRC) with a USD 30 million subsidiary. Read More

Uganda, Iran Discuss Expansion of Trade Ties
Iran's Deputy Foreign Minister for Economic Diplomacy Mehdi Safari, heading a delegation, visits Kampala to discuss finding ways to increase bilateral interactions. Read More
Northern Africa
Syria & Algeria Finance Ministers Discuss Relations, Latest Developments

Foreign and Expatriates Minister, Faisal al-Mekdad, discussed with his Algerian counterpart, Ramtane Lamamra, the means of activating and developing mechanisms of cooperation between the two brotherly countries. Read More

Damen to Launch its Mobile Wallet App in Partnership with BKN 301
Damen e-Payment, has chosen BKN301, a fintech company that develops payment services and Banking-as-a-Service functionalities, and Cashflo, BKN301’s exclusive Egyptian partner, to fully digitise its product infrastructure, expand its offering with innovative services and improve the user experience through its technology platform.  Read More

EIB Announces Supporting Egypt’s Green, Sustainable Projects
Vice President of the European Investment Bank (EIB) Gelsomina Vigliotti visited Cairo to discuss with Egyptian officials areas of cooperation, follow up on ongoing projects, and discuss projects in the pipeline. Read More

Committee to be Formed to Follow Up on Hotels, Tourist Establishments in Sharm El-Sheikh Ahead of COP27
Minister of Tourism and Antiquities Khaled El-Anany issued a ministerial decision to form a committee to follow up on the preparations of hotels and tourist facilities in Sharm El-Sheikh ahead of the UN Conference of Parties on Climate Change (COP27) that will be held this November. Read More

GlobalCorp Launches Ollin Finance in the Egyptian Market
Global Corp, a leading non-banking financial institution in Egypt, announced the launch of its new B2C platform for lifestyle financing under the brand name ‘Ollin’. Read More

Forbes Features Two Moroccan CEOs as Leading Regional Figures
Forbes has included two Moroccan businessmen in the Middle East edition of its “Top 100 CEOs in The Middle East 2022” list, which featured Mohamed El Kettani, CEO of Attijariwafa Bank and Mohamed Karim Mounir, CEO of Banque Centrale Populaire. Read More

Foreign Exchange Market: ‘Positive’ Start to Operation Marhaba 2022
In its “Weekly Mad Insights - Currencies” report, Attijari Global Research (AGR) announced a “positive” start to Operation Marhaba at the start of the summer season, predicting a liquidity effect, a fall in nominal interest rates due to an expansion in the money supply, that is favorable to the Moroccan dirham. Read More

Royal Air Maroc, ONMT Pledge to Promote Morocco
Morocco’s national carrier Royal Air Maroc and the Moroccan National Tourist Office (ONMT) have teamed up to promote the kingdom as a prime travel destination. Read More

Huawei Enters Partnership to Support Digital Tourism in Morocco
The Moroccan Tourism Engineering Company (SMIT) and China’s technology giant Huawei signed an agreement to support a digital transformation in Morocco to develop small businesses and tourism startups. Read More
Southern Africa
Tobacco Transport Charges Up 40 Percent
The Ministry of Agriculture has approved a 40 percent raise in tobacco transport charges in the wake of the recent fuel prices hike and the recent 25 percent devaluation of the Kwacha. Read More

Local Farmers Set to Benefit from Productivity Initiative
Smallholder farmers from Malawi and three other sub-Saharan Africa countries are set to boost their productivity and food security benefit from a partnership between ETC Group and World Bank Group member International Finance Corporation  Read More

Rotary Club of Blantyre Inducts New President
The Rotary Club of Blantyre inducted Zondwayo Mafuleka as its new president at a function held at Ryalls Hotel in Blantyre. Mafuleka takes over from Chifwayi Chirambo, who steered the club for the past year. Read More

Umodzi Holdings Records First Profit
Umodzi Holdings, which owns BICC, Malawi Square, President Hotel and Presidential Villas, has said it has posted its first ever profit since it was established around 2013. Read More

India, Mozambique Review Ties, Exchange Views on Global Developments
India and Mozambique reviewed the multi-faceted bilateral relationship including political exchanges, development partnership projects, defence and security cooperation during the second round of Foreign Office Consultations held here. Read More

Mozambique: HCB Power Plant to Undergo First Rehabilitation in 47 Years – Notícias Report
Hidroeléctrica de Cahora Bassa (HCB) has just begun rehabilitation of the power plant’s five generators and substation, vital components of the hydroelectric facility. Read More

Mozambique Cooperation with Eni Important – Mattarella in Maputo
It is important that Mozambique oil and gas companies are set to step up their cooperation with Italian fuels giant Eni, President Sergio Mattarella said on a visit to Maputo. Read More

China, Mozambique Vow to Advance Belt and Road Cooperation
China stands ready to actively participate in cooperation with Mozambique under the Belt and Road Initiative, senior Chinese diplomat Yang Jiechi said. Read More

South Africa
SA Needs Hundreds of Small Power Producers to Apply for Permits, says Solidarity
One of the unions that represent workers at Eskom believes SA’s energy crisis can be alleviated by “small power producers applying in their hundreds for generation permits”.  Read More

Airlines Clamber for Comair’s Share as Ticket Prices Soar
Some of SA’s major airlines are moving quickly to fill the gap left by Comair, the operator of Kulula and British Airways in SA, after it tumbled into provisional liquidation last month. Read More

Remgro Offer for Mediclinic is a ‘Done Deal’
New offer promises to give shareholders a return of nearly 50 percent since the beginning of the year. Read More
President Hakainde Hichilema Invites Italian Investment
Zambian President Hakainde Hichilema has urged Italian investors to explore business opportunities in the production of electric car parts through partnerships with Zambian investors. Read More

IMF chief Georgieva: Creditors of Common Framework Countries to Meet in July
Official creditors of Zambia, Chad and Ethiopia are set to meet in July, according to International Monetary Fund (IMF) chief Kristalina Georgieva, in a bid to promote efforts to overhaul their debt burdens. Read More

Minigrids Expanding Energy Access in Burkina Faso, Liberia and Zambia
The Beyond the Grid Fund for Africa (BGFA) programme has signed four further agreements with off-grid energy service companies in Burkina Faso, Liberia and Zambia to support the expansion and scale-up of minigrid connections and sales of high-quality solar home systems. Read More

People Want to See Less Punitive Taxes in the Next National Budget-JCTR
The Ministry of Finance and National Planning recently called for proposals as it formulates the 2023 National Budget which is expected to be unveiled in the last quarter of this year. Read More
Western Africa

Cote D’Ivoire
CEO CZ Meets Ivory Coast President As Binance Pursues Aggressive Expansion
Binance founder and CEO Changpeng Zhao, “CZ” held a consultative meeting with various officials in Côte d’Ivoire as his crypto exchange seeks to expand its presence in Africa. Read More

Akufo-Addo launches USD 10 Million Ghana Tourism Development Project
President Akufo-Addo has launched a USD 10 million Ghana Tourism Development Project to support Small and Medium Enterprises (SMEs) in the tourism value chain in Ghana. Read More

High Debt, Low Revenue Dominate Day 2 of IMF-Government Discussions
Ongoing discussions with the International Monetary Fund (IMF) entered day two with the country's debt and revenue situations taking center stage. Read More

Cocoa Farmers Want GIZ-SMS Project Extended
Cocoa farmers in the Ashanti Region have appealed for the just-ended GIZ-SMS Covid-19 response project, to be extended in order for more farmers to benefit from the social intervention program. Read More

Ghana’s Ambassador to Russia Commends Yango for Contributing to Ghana’s Ride-Hailing Sector
A ride-hailing service provider, Yango, has been commended for its significant contribution to the growth of the country’s digital transport system. Read More
DMO lists USD 1.25 Billion Eurobond on NGX, FMDQ
The Debt Management Office on Thursday listed 8.375 percent USD 1.25 billion Eurobond on the Nigerian Exchange and the FMDQ Securities Exchange. Read More

Cocoa Firm Empowers 150,000 Farmers in Ondo
About 150,000 cocoa farmers have been empowered in Ondo State by Johnvents Industries, a cocoa processing firm. Read More

Nigeria Secures Lion’s Share of USD 65 Billion World Bank Funding
The Federal Government of Nigeria, secured the biggest share of the USD 65 billion funding from the World Bank’s International Development Association to African countries. Read More

Firm Unveils Solution to Boost Transport Management
SoftAlliance has launched a technology solution in the transport sector tagged Traffic Enforce. According to a statement, the firm is specialised in developing solutions aimed at using technology to enhance traffic management and enforce regulations. Read More
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