Features | - Part 216

Kenyan Senate Passes Controversial Electoral Law Amendments

NAIROBI (Capital Markets in Africa) – The Kenyan Senate passed contentious amendments to nation’s election laws that the opposition says could aid the ruling party rig a ballot to be held in August. The amendments to the electoral law provide for a manual mechanism for voter registration and results transmission as a fall-back plan should electronic methods fail. The Coalition for Reforms and Democracy, Kenya’s main political opposition group, says the changes may open the electoral…

Uganda gets $151 mln loan from African Development Bank for toll road

Posted on by The Editorial Team

KAMPALA (Capital Markets in Africa) – Uganda will expand a major road linking its capital Kampala with Rwanda after signing a deal on Thursday for a $151 million loan from the African Development Bank (AfDB). The 40-year loan will partly finance a new 23 km, 4-lane toll road to help de-congest traffic on an existing road, the finance ministry and AfDB said, adding the government would fund the remainder of the $192 million project. In recent…

President Buhari Faces Spreading Opposition as Nigerian Economy Slumps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Yusuf Rabiu went door-to-door urging people in the northern Nigerian city of Kano to vote for President Muhammadu Buhari in last year’s elections. Now he’s regretting his decision. “We expected him to solve our economic problems,” Rabiu, a 36-year-old hat seller, said at the city’s Kurmi market as a group of friends nodded in agreement. “I didn’t know voting for him would mean more hunger, more suffering.” After ending the 16-year reign…

Gambia’s Jammeh Rebukes Regional Leaders for Opposition Support

Posted on by The Editorial Team

BANJUL (Capital Markets in Africa) – Gambian President Yahya Jammeh said he will refuse a request from regional leaders to step down after losing this month’s election to opposition leader Adama Barrow, describing the intervention from neighboring heads of states as unacceptable interference. Leaders of the Economic Community of West African States pledged last weekend to take all the necessary measures to ensure that Barrow’s victory will stand and undertook to attend his inauguration in January when the incumbent’s term…

AfDB signs US$ 500 million, 2nd tranche of budget support loan for Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II. The loan, which was approved by the Bank’s Board of Executive Directors on 13th December 2016, is the second tranche of a three-year, US$ 1.5 billion programmatic series, covering the fiscal years 2015/16 to 2017/18 (July-June). It builds on the first phase of the…

U.S. charges Nigerian with role in cyber scam targeting thousands

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more than three weeks after the FBI said he was arrested at a Houston airport….

World Bank Commits $75 Billion for Globe’s Poorest Countries

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

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