Finance | - Part 177

Tanzania signs up for customs deal alongside Kenya, Uganda and Rwanda

Dar es Salaam, Tanzania (Capital Markets in Africa):- Tanzania has joined Kenya, Uganda and Rwanda in fast tracking the movement of goods along the main corridors (Northern and Central) under the customs seals in the COMESA region. This follows the signing of an inter-surety agreement by Tanzania’s National Insurance Corporation (NICT) to join the COMESA Regional Transit Guarantee (RCTG) scheme thereby allowing the country to issue regional customs bond guarantees. The RCTG Scheme is a customs transit…

Tanzania gets $45 mln World Bank loan to improve mining sector

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – The World Bank has approved a $45 million loan for Tanzania, Africa’s fourth-biggest gold producer, to help improve its mining sector especially among small-scale producers. The funds will help to create a viable domestic mining industry in poor, rural areas where unregulated artisanal and small-scale mining takes place, Philippe Dongier, the Bank’s country director for Tanzania, said in a statement. The project will train small-scale miners in jewellery-making and help…

Investors stake NGN 2tn on Nigerian telecoms sector in four years

Posted on by The Editorial Team

Foreign direct investors have staked USD 10bn (about NGN 2tn) on the Nigerian telecommunications industry in the last four years, the Nigerian Communications Commission (NCC) has said. The Executive Vice Chairman, NCC, Dr. Eugene Juwah, said this in a presentation he made at a forum with journalists in Abuja on Thursday 07 May 2015. Juwah, who was represented at the forum by the Director of Public Affairs, NCC, Mr. Tony Ojobo, also said that internet…

Poking the Panda does not serve EAC

Posted on by The Editorial Team

The Tanzania government recently revealed that total Chinese investments in the country had surpassed $4 billion. China, the home of the Giant Panda, has indeed become a reliable ally in helping develop several African countries. True, there maybe one or two differences here and there, especially when it comes to competing with local traders and industrial relations, but on the whole relations have not been too bad. More important, the Chinese continue to be generous…

BADEA provides financial assistance to BOAD

Posted on by The Editorial Team

Lome, Togo (Capital Markets in Africa):- Messrs. Christian ADOVELANDE, President of the West African Development Bank (BOAD) and Abdelaziz KHELEF, Director General of the Arab Bank for Economic Development in Africa (BADEA), have signed an agreement under which BADEA has provided to BOAD a credit facility of USD 20 million, or around FCFA 12 billion. These resources will enable BOAD to finance imports of goods from Arab countries by WAEMU member States. “This financial assistance will help…

Ghanaian bank capital adequacy at 17.9% says IMF

Posted on by The Editorial Team

Accra, Ghana (Capital Markets in Africa):– According to the International Monetary Fund (IMF), the risk-weighted capital adequacy ratio of banks operating in Ghana reached 17.9% at the end of 2014 relative to 18.5% at end-2013 and 18.6% at end-2012; while the banks’ Tier-One capital ratio stood at 15.3% at end-2014, up from 14.7% at end-2013 and down from 16.4% at end-2012. The sector’s core liquid assets were equivalent to 26.8% of total assets at the end of 2014 relative to…

AfDB Staked $200 Million for Africas Renewable Energy

Posted on by The Editorial Team

The African Development Bank (AfDB)’s fund portfolio for renewable energies in Africa increased by 10 per cent to US$200 million in the last five years. According to the 2014 report launched by the bank on Monday, the portfolio size multiplied by 10 during the last five years and was now worth more than $200 million. Most project funding has been implemented by the Global Environment Facility (GEF) through AfDB since 2008. The report said the…

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