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Banking / Investment in Africa

  • South Africa’s central bank says has not instructed banks on ties with KPMG

    SOUTH AFRICA, 2017/10/17 South Africa’s central bank said on Friday it has not instructed banks on how to transaction with KPMG next the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma.
  • Moody’s set to downgrade 3 top banks

    KENYA, 2017/10/17 World ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating deficit situation. The agency said it had placed on review for downgrade the B1 world scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya Limited (Equity Bank) , and Co-operative Bank of Kenya Limited (Co-op Bank).
  • South Africa: Intra-African investments key for economic growth-Zuma

    SOUTH AFRICA, 2017/10/16 Visiting South African President Jacob Zuma, who ended his national visit to Zambia on Friday, has said that intra-African investments were critical to Africa’s next economic increase, and his country was ready to contribute meaningfully to increase the levels of investments while growing intra-Africa trade.Addressing the Zambia-South Africa Business Forum held in Lusaka in Zambia themed “Towards Increased Trade and Investment Cooperation,” Zuma said his government in 2016, through the Ministry of Trade and Industry, created Trade Invest Africa which, part others, establishes sourcing linkages with African trading partners as its contribution to facilitating the imports of African price-added manufactured products into South Africa.
  • IMF and World Bank members must stop rise of economic non-order

    UNITED STATES, 2017/09/23 Next month, at the same time as finance ministers and central bank governors from additional than 180 nations gather in Washington DC for the annual meetings of the International Monetary Fund and the World Bank, they will confront a world economic order under increasing strain. Having failed to deliver the inclusive economic prosperity of which it is capable, that order is subject to growing doubts – and mounting challenges. Barring a course correction, the risks that today’s order will yield to a world economic non-order will only intensify.
  • GTBank records an increase in Profit Before Tax for the fiscal year

    NIGERIA, 2017/09/09 Guaranty Trust Bank (GTB) has recorded an 18 % increase in Profit Before Tax (PBT) for the fiscal half-year that ended on June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017. The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six % from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one % to N1.966 trillion from N1.986 trillion in December 2016.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Saudi billionaire to invest $800 million in Egypt tourism

    EGYPT, 2017/09/02 Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest additional than $800 million in hotels in Egypt, the investment ministry in Cairo said on Monday. The announcement came next parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy.
  • Letshego chief aims to lead race for African financial inclusion

    BOTSWANA, 2017/08/23 In sub-Saharan Africa about 326 million adults do not use formal or semi-formal financial services. This unbanked group, according to consultancy McKinsey, offers innovative finance providers with a peerless increase opportunity. Indeed, momentum is building behind Africa’s financial inclusion schedule; mobile money operators are on the rise, commercial banks are launching microfinance units, and governments are pushing to formalise economic activity in their respective markets.
  • Nigeria: Dangote, Niger Sign $450m Pact in Rice, Sugar Today

    NIGERIA, 2017/08/18 A Memorandum of Considerate between Dangote Group and Niger National government would be signed today for a $450million investment in sugar and rice production, the Executive Director, Corporate Services of Dangote Group, Dr. Mansur Ahmed, has disclosed. Speaking at the Niger National Investment Summit yesterday, in Minna, Ahmed, who represented the Chairman and CEO of the group, Alhaji Aliko Dangote, said the company would establish a large scale Rice Processing Mill that would off take and process over 200,000 metric tons of paddy rice from out growers within the next three years.
  • Tanzania: Bill Gates Donates Sh777 Billion to Tanzania

    TANZANIA, 2017/08/12 Bill and Melinda Gates Foundation has set aside Sh777 billion to finance development projects in Agriculture, Health and Data Communication Technology (ICT) sectors in the country. This was said on Thursday by the co-chair of the foundation Mr Bill Gates at the National Home in a little while next his conference with President John Magufuli.