World Bank to Give Zimbabwe Virus Lifeline Despite Arrears

World Bank to Give Zimbabwe Virus Lifeline Despite Arrears

HARARE (Capital Markets in Africa) — Zimbabwe will get $7 million from the World Bank to fight the coronavirus pandemic despite being in arrears with the Washington-based lender. The lender will mobilize $5 million from its Global Financing Facility Trust Fund to support the nation’s health response to the outbreak and redirect about $2 million from its ongoing Zimbabwe Idai Recovery Project to support affected communities, a World Bank spokesperson said in an emailed response…

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Ethiopian Airlines Ready to Be Savior to Fellow African Carriers

Ethiopian Airlines Ready to Be Savior to Fellow African Carriers

ADDIS ABABA (Capital Markets in Africa) — Ethiopian Airlines Group is prepared to come to the rescue of stricken carriers around Africa, even as the continent’s biggest airline deals with its own mounting losses and grounded planes due to the Covid-19 pandemic. Talks are underway with the government of Mauritius about the revival of the island nation’s state carrier, which was put into administration last month, Ethiopian Chief Executive Officer Tewolde GebreMariam said in an interview on Tuesday. And…

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Africa has a question for Beijing: will you forgive us our debt?

Africa has a question for Beijing: will you forgive us our debt?

LAGOS  (Capital Markets in Africa) — Chinese state banks have poured billions into the continent as part of the controversial belt and road infrastructure scheme. But it is unclear how Beijing will respond to calls for debt relief amid the economic fallout from the Covid-19 pandemic. African states expect a devastating impact on their economies this year from the Covid-19 pandemic and are appealing for relief from repayments on billions of dollars in outstanding debt…

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Uganda Seeks 330 Million Euros From Spanish Fund for Railways

Uganda Seeks 330 Million Euros From Spanish Fund for Railways

KAMPALA (Capital Markets in Africa) — Uganda plans to borrow 330 million euros ($361 million) from Spain’s Corporate Internationalisation Fund to refurbish its colonial-era meter-gauge railway, the Ministry of Finance said. At least 24.6 million euros will fund the first rehabilitation phase, the ministry said in a statement without providing details. The government of East Africa’s third-biggest economy received financing proposals from the Spanish government and other European Club Association members, it said. Uganda wants…

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Kenya in Talks on Debt Relief, Pension-Interest Payments Freeze

Kenya in Talks on Debt Relief, Pension-Interest Payments Freeze

NAIROBI (Capital Markets in Africa) — Kenya is exploring debt-relief options with lenders and considering a proposal by an industry body to freeze interest payments on pension assets, as the state seeks more money to deal with the coronavirus pandemic. Talks are underway with creditors who may opt to delay payments due this year, Treasury Principal Secretary Julius Muia said by phone on Friday. He declined to identify the lenders but specified that the talks…

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Egypt’s Business Activity Crashes as Gulf Downturns Persist

Egypt’s Business Activity Crashes as Gulf Downturns Persist

CAIRO (Capital Markets in Africa) — Business conditions in the Arab world’s three largest economies deteriorated further last month amid shutdowns from the coronavirus and a plunge in commodity prices. Non-oil private sector activity collapsed at an unprecedented pace in Egypt and suffered another record setback in the United Arab Emirates, according to Purchasing Managers’ Index surveys compiled by IHS Markit. Business conditions in Saudi Arabia also remained below the threshold of 50 that separates…

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Tanzania Suspends Medical Chief After Leader Queries Virus Data

Tanzania Suspends Medical Chief After Leader Queries Virus Data

DAR ES SALAAM (Capital Markets in Africa) — Tanzania suspended the head of the national medical laboratory, a day after President John Magufuli questioned its coronavirus case figures and said the outbreak isn’t as bad as reported. The removal of Nyambura Moremi, director of the National Health Laboratory Quality Assurance and Training Centre, comes amid mounting criticism of Magufuli’s response to the pandemic. The 60-year-old leader has refused to impose a lockdown and allowed churches…

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