Finance | - Part 185

Kenya gets $700 million IMF’s insurance finance

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…

Nigeria to borrow N90billion in bonds

Posted on by The Editorial Team

Nigeria plans to raise 90 billion naira ($475 mln) in sovereign bonds with maturities ranging between five and 20 years at its next regular auction on Feb. 11, the Debt Management Office (DMO) said on Tuesday.The debt office said it will auction 35 billion naira worth of the 5-year bond, 30 billion naira of the 10-year paper and 25 billion of the 20-year debt note, using the Dutch Auction System. The 5-year debt note is…

Why Intra-African Trade Matters: Working Locally to go Global

Posted on by The Editorial Team

Economic integration efforts have a long history in Africa. The large number of preferential trade agreements signed in the past five decades has led to a “spaghetti bowl” of intertwined and overlapping regional organizations. Every African country is a party to at least one regional economic agreement, and many are members of five or more. Despite these efforts, intra-African trade remains low. Regional exports are less than 10 per cent of Africa’s total merchandise exports,…

Kenya’s manufacturers laud efforts to enhance intra-Africa trade

Posted on by The Editorial Team

Kenya’s manufacturers have praised efforts being made by the government to secure additional market, enhance intra-African trade and boost the country’s exports through regional trade blocks. The Kenya Association of Manufacturers (KAM), which organised a forum in Nairobi to review the progress on the Tripartite Free Trade Area (TFTA) negotiations and its impact on business, lauded the ministry of foreign affairs for engaging the private sector in the talks. KAM Executive Officer in charge of…

Intra-Africa trade: Going beyond political commitments

Posted on by The Editorial Team

Among Africa’s policy wonks, underperforming trade across the continent is a favoured subject. To unravel the puzzle, they reel off facts and figures at conferences and workshops, pinpoint trade hurdles to overcome and point to the vast opportunities that lie ahead if only African countries could integrate their economies. It’s an interesting debate but with little to show for it until now. The problem is partly the mismatch between the high political ambitions African leaders…

Building Infrastructure to Spur Inter-African Trade and Tourism

Posted on by The Editorial Team

African Heads of States and Governments recognize the potential contribution of tourism to the growth and transformation of the continent, given that Africa is endowed with rich and diverse cultures, landscapes, and biodiversity. Consequently, tourism is one of the strategic areas in the New Partnership for Economic Development (NEPAD) framework, and is identified there as a key driver for socio-economic growth. To foster the development of tourism in the continent, the NEPAD Tourism Action Plan…

West Africa: New railway network aims to boost inter-regional trade

Posted on by The Editorial Team

On the dual carriageway linking the main airport to downtown Niamey, the capital of Niger, workers are busy digging trenches in the middle of the island separating the lanes, and laying tracks where rows of lampposts once stood. They are racing against the clock to build a thousand-kilometre stretch of a regional network that will connect Niamey to the West African seaport of Cotonou, Benin. The project is expected to be completed by the end…

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