The Editorial Team |

Egyptian pound under pressure

Recent FX reserve losses highlight that external pressures on Egyptian pounds ( EGP) have not yet materially abated. But still, it is anticipated that Central Bank of Egypt (CBE) will keep EGP stable in the run-up to the March Economic Summit. Mobilizing enough GCC external aid and international investments will likely be crucial to support EGP further out, given the still large external funding needs and the upcoming parliamentary elections. Political economy matters suggest EGP…

China to invest in Africa’s mega infrastructure projects

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The African Union and China have recently agreed to on an ambitious transport infrastructure blueprint, aiming to link the capitals of all 54 states of the African continent via motorways, rail and air links. Promoting the development of a mature system of transport infrastructure in Africa will be extremely beneficial to China, guaranteeing it access to natural resources and markets on the continent, Chatham House Asia Program Associate Fellow James Edward Hoare told Sputnik on…

Africa Finance Corporation initiates $900m power project in Ghana

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Africa Finance Corporation (AFC), last week, effected the ground-breaking of the $900 million Kpone Independent Power Project (Kpone IPP) in Ghana, implemented by the Cenpower Generation Company Limited. AFC is the lead project developer, mandated lead arranger and largest equity investor in Kpone IPP, which reached financial close in December 2014. The ceremony was attended by Ghanaian Vice President KwesiAmissah-Arthur, Minister of Power Dr. KwabenaDonkor, and Robert Dwamena, Managing Director of the Electricity Company of…

Boosting Solar Energy Capacity in Africa

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Sub-Saharan Africa is rich in energy resources but its potential remains mostly untapped. Despite the abundance of sunlight, solar projects have been developed slowly and often inefficiently.Weak competition and high transaction costs are some of the obstacles that hamper the progress of the technology.In a continent where most people live without electricity, expanding the supply of energy has become an imperative that cannot be delayed. To meet projected demand, Africa needs to increase its power-generation…

Kenya: Devolution and Infrastructure Boost Growth and Shared Prosperity

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Devolution and increased investment in infrastructure are improving Kenya’s prospects for growth and shared prosperity, says a new World Bank Group report released today.The Kenya Public Expenditure Review (PER) for December 2014, Decision Time: Spend More or Spend Smart, says the country is making progress in the right direction, despite emerging fiscal pressure. It identifies the transformative impact of devolution and increased investment in infrastructure as key factors contributing to broad-based growth.Kenya’s economy has recovered from the…

Who Gains and Who Loses from Plunging Oil Prices?

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Judging by the futures market, where the price of oil for delivery in August 2015 is US$56 per barrel, there is little optimism about a recovery in oil prices. With cheap oil looking like it is here to stay, the latest Quarterly Economic Bulletin offers a breakdown by country of the potential regional consequences. Here are the highlights: Gulf Cooperation Council (Loss) oil and gas revenues in 2013 accounted for over half of the Gulf economies’ GDP and 75%…

Kenya gets $700 million IMF’s insurance finance

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The IMF Executive Board approved February 2 a financing package for Kenya of about $700 million that the East African country’s authorities plan to use as insurance against external shocks. This financing is precautionary, as Kenya plans not to draw on it unless the balance of payments comes under pressure. The financing package approved by the Board involves “blended access”—combined general and concessional resources comprising a $504.3 million Stand-By Arrangement and a $194 million arrangement…

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