The scalable loan instrument, arranged and structured by Citi with participation from leading development finance institutions and commercial lenders to help expand Kenyans’ access to finance to purchase green, affordable solar systems. The first-of-its-kind bank-led and entirely Kenyan-Shilling-denominated securitisation deal injects USD 130 million into Kenya’s off-grid solar energy sector; The four-year deal is issued under Sun King’s new Sustainable Financing Framework and is…
Category: finance
Ghana’s Economy and its IMF Engagements
In mid-May 2023 the International Monetary Fund (IMF) finally approved a US$3 billion 36-month arrangement with Ghana. It immediately disbursed the first tranche of US$600 million. This is the second time in the past eight years that the country has approached the IMF. And it’s the 17th time since independence in 1957 – that’s roughly…
Tinubu Hits the Ground Running
The new president of Africa’s largest democracy, Nigeria, has used his inaugural address to make a major policy announcement to ease pressure on government finances. Bola Tinubu said the decades-long subsidy on petroleum products was being scrapped. It is not clear when the new policy will kick in, but ending the subsidy will lead to…
Standard Bank
The continent’s largest bank becomes the first African bank to partner with DP World Trade Finance Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the…
Is African Debt as Perilous as Foreign Lenders Assume?
African governments say no. “The perception of risk continues to be higher than the actual risk,” argued Senegal’s President Macky Sall, speaking as chair of the African Union (au), in a speech to the un last year. He pointed an accusing finger at the credit-rating agencies. So did Ghana’s finance minister, Ken Ofori-Atta, in the…
IMF Calls on African Nations’ Creditors to Step Up Debt Relief Efforts
The head of the IMF’s Africa department has called for a significant increase in international support to help countries overcome a funding squeeze that is jeopardising the continent’s economic development. Abebe Selassie told the Financial Times that reform of the current mechanisms for dealing with unsustainable debts of African countries was “desperately needed”. Many have…
Climate Finance
To build resilience against climate change, the countries have outlined tangible ambitions for green growth, including plans to increase climate investment Africa contributes the least – less than 3% — to global warming, yet the continent is the most vulnerable to climate risks. To build resilience against climate change, the countries have outlined tangible ambitions…
Bybit Revs Up Its Sponsorship Game: Backing Safehouse Racegraph in Lamborghini Super Trofeo Asia
DUBAI, United Arab Emirates, 11 May 2023 -/African Media Agency(AMA)/- Bybit, the world’s third most visited crypto exchange, is proud to announce its official sponsorship of the Safehouse Racegraph Lamborghini team for Super Trofeo in Asia. This partnership is a thrilling new step for Bybit, as it continues to accelerate toward the future of finance. With…
Head of East African peacekeeping force in DRC resigns, citing harrassment
The Kenyan commander of the East African Community Regional Force deployed to halt the advance of an armed group in the eastern Democratic Republic of Congo has resigned. In his resignation letter, Major General Jeff Nyagah said he was leaving because of concerns for his safety after consistent harassment by forces he described as ‘mercenaries’.…
DRC: nearly $800 million a year escapes the public treasury
The Democratic Republic of Congo’s Inspectorate General of Finance (IGF) has revealed massive fraud in the public payroll department, where dozens of fictitious employees cost the state nearly $800 million a year. According to the findings of an audit of the government’s payroll, the IGF noted numerous irregularities, with tens of thousands of fictitious employees.…