Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses
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Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses

Seychelles’ financial woes may ease in the coming days as the International Monetary Fund (IMF) has approved the second disbursement of $34 million. The announcement came as cabinet ministers decided that employees of state-owned enterprises will not receive any bonuses or incentives for 2021. The disbursement by IMF is part of the 32 month extended…

East Africa’s investors lobby pushes for elimination of non-tariff barriers
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East Africa’s investors lobby pushes for elimination of non-tariff barriers

The East African Business Council (EABC) is pushing for a bilateral meeting to eliminate all remaining non-tariff barriers between Kenya and Uganda so as to further accelerate post-COVID economic recovery and foster integration across the wider region. According to this apex body that represents interests of investors and businesses in the region, a quick convening…

Kenyan startup Wowzi secures $3.2 Million to help creators monetize their social media accounts
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Kenyan startup Wowzi secures $3.2 Million to help creators monetize their social media accounts

Wowzi, an internet-based Kenyan startup, has secured a total of $3.2 million financing from the Africa-focused venture capital firm 4DX Ventures, part of which includes a recently concluded $2 million seed round. Launched in 2020, Wowzi is an online marketplace that democratises influence, connecting everyday social media users with big brands, and enabling nano and…

African Development Bank approves $170 million loan for Nigeria’s digital and creative enterprises
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African Development Bank approves $170 million loan for Nigeria’s digital and creative enterprises

The African Development Bank’s board of directors have approved a $170 million loan to finance a newly-launched digital and creative enterprises programme in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is an initiative by the Federal Government of Nigeria to promote investment in digital and creative industries. It targets more than 68…

This Kenyan fintech will spend $4 million on building a virtual bank for credit unions
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This Kenyan fintech will spend $4 million on building a virtual bank for credit unions

Kwara, a Nairobi-based fintech, has raised $4 million seed capital to build a neobank app that will enable individuals to sign up with their preferred credit unions and access various financial services. Kwara was launched in 2019 to aid credit unions, commonly known as SACCOs, in Kenya shift to digital platforms by providing them with…

South Africa’s economy shrinks by 1.5% in wake of travel bans and riots
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South Africa’s economy shrinks by 1.5% in wake of travel bans and riots

Twin pressures of tight COVID-19 restrictions and the spate of civil disorder that rocked the country in July contributed to South Africa’s economy contracting in the fourth quarter. According to Statistics South Africa (SSA), GDP slumped by 1.5% eroding some of the hard-fought gains the country had made in the proceeding two quarters. The worst…

Africa’s rush to protect startups
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Africa’s rush to protect startups

Nations across the globe and mostly in Africa are rushing to pass laws designed to support and promote homegrown innovation. Africa has made great strides recently in fulfilling its dream of becoming a launchpad for innovative high technology companies. In 2020 alone, Nigeria and Kenya were the hotspots of venture capital investments with the countries…

IMF warns of ‘economic collapse’ unless rich countries extend debt relief
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IMF warns of ‘economic collapse’ unless rich countries extend debt relief

The International Monetary Fund has called on the world’s largest economies to extend debt relief, warning of an economic catastrophe in developing countries without such help. The G20 Debt Service Suspension Initiative (DSSI) expires at the end of the year, and without a renewal, developing countries would face financial pressure and spending cuts. The spread…

Why Tanzania is planning to launch its digital currency
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Why Tanzania is planning to launch its digital currency

Tanzania’s Central Bank has announced plans to roll out its digital currency, following in the footsteps of Nigeria and a global wave of adoption of cryptocurrencies. In preparation for this major step, the Bank of Tanzania is currently strengthening the knowledge and capacity of its officers on digital currencies. “To ensure that our country is…

China pulls vaccine diplomacy trick with promise to provide $1billion vaccines to Africa
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China pulls vaccine diplomacy trick with promise to provide $1billion vaccines to Africa

Chinese President Xi Jinping has pledged to provide 1 billion COVID-19 vaccine doses to African countries and invest $10 billion across the next three years. The vaccine pledge was made during a speech via video link to the China-Africa summit in Dakar, Senegal, and it comes at a time when concerns are mounting over the…

Can Uganda stop China taking over its only international airport?
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Can Uganda stop China taking over its only international airport?

Amid fears of losing its main gateway to the outside world, Uganda has stepped up efforts to amend a loan agreement it signed with China in 2015. Back then, the land-locked country had launched an ambitious 20-year civil aviation master plan, which included the upgrade of its only international airport in Entebbe. The refurbished airport…

Uncovering Nigeria’s plan to issue cash handouts worth $5.8billion to poor people
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Uncovering Nigeria’s plan to issue cash handouts worth $5.8billion to poor people

Nigeria’s federal government will remove a controversial fuel subsidy scheme and replace it with transport grants of 5000 naira ($12.20) each to nearly 40 million poor people every month. Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, Minister of Finance, Budget and National Planning Zainab Ahmed, said the transport…

In a sign of warming ties, IMF gives Tanzania interest-free $372.4 million loan
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In a sign of warming ties, IMF gives Tanzania interest-free $372.4 million loan

Tanzania’s request to the International Monetary Fund to provide it with a $372.4 million loan to support COVID-19 pandemic relief measures has been approved. The loan will be issued through the Washington-based lender’s Rapid Credit Facility (RCF), and is part of a $567.25 million package released in September under a blended RCF/Rapid Financing Instrument (RFI)…

IMF declines Zimbabwe’s loan request citing “unsustainable” debt levels
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IMF declines Zimbabwe’s loan request citing “unsustainable” debt levels

The International Monetary Fund has declined Zimbabwe’s request for financial support and called for authorities to revamp the country’s unsustainable debt and outstanding official external arrears. The announcement follows a month-long mission to the southern African country that ran from October 16 to November 16 of 2021. IMF noted the significant efforts by President Emerson…

The conundrum of African banking: Why British banks are leaving
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The conundrum of African banking: Why British banks are leaving

The 1960s were characterized by the pulling out of British colonial forces as several Anglophone countries gained their independence. However, today, another withdrawal is happening. And it is the banks not troops or administrators that are taking off. The withdrawal of British banks from the continent may appear surprising to many especially as it comes…

Is Tanzania headed towards a debt crisis?
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Is Tanzania headed towards a debt crisis?

Tanzania will borrow at least $2.34 billion from foreign lenders to finance its proposed 2022/2023 budget of $17.1 billion, a plan that risks sliding the East African nation into the red zone of countries with a heavy burden of public debt. According to Finance Minster Mwigulu Nchemba, 7.7% ($1.32 billion) of next financial year’s budget…

Inside America’s plan to counter China’s Belt and Road Initiative
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Inside America’s plan to counter China’s Belt and Road Initiative

The United States of America will invest in five to 10 large infrastructure projects around the world in January, as part of a wider G-7 initiative to counter the growing dominance of China. U.S. President Joe Biden launched his Build Back Better World, or B3W, plan during the June G-7 summit, with the goal of…

Zimbabwe could become first African country to adopt bitcoin as legal tender
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Zimbabwe could become first African country to adopt bitcoin as legal tender

Zimbabwe’s government is exploring the use of cryptocurrencies in legal payment services, with the hope of bettering its economy. The use of bitcoin is not a new idea, but it has been gathering steam from businesses and government officials. When President Emerson Mnagangwa came into power in 2017, there was wide expectation of economic relief…

UN unveils new finance mechanism to save African governments $11bn in borrowing costs
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UN unveils new finance mechanism to save African governments $11bn in borrowing costs

The United Nations has launched a new finance mechanism that will save African governments nearly $11 billion in borrowing costs, while bolstering climate friendly investments and sustainable development. The mechanism, known as the Liquidity and Sustainability Facility (LSF), was launched on the sidelines of COP26, the global climate conference ongoing in Glasgow, Scotland. LSF will…

One tiny country in West Africa is betting on human capital in the race for foreign investment
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One tiny country in West Africa is betting on human capital in the race for foreign investment

(This is a transcript of the podcast posted on Tuesday, August 31st, 2021. You can listen to the podcast by clicking on this link https://www.buzzsprout.com/1655965/9116950) DUMI JERE: Greetings ladies and gentlemen. Welcome to this week’s episode of The Weekly Beat. Firstly, I’m coming to you from Johannesburg in South Africa. Joining me is Maggie Mutesi,…