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World Bank sees Mozambique economy growing 5.7% on average between 2022 and 2024

World Bank sees Mozambique economy growing 5.7% on average between 2022 and 2024

ECONOMIC growth in Mozambique is expected to accelerate in the medium term, averaging 5.7% between 2022 and 2024, as demand recovers and the economy benefits from the start of liquefied natural gas production this year, the World Bank said. The start of LNG production at the offshore Coral project and the expected resumption of other LNG projects would help spur the southeast African nation's growth, the World Bank said in a statement. The Coral LNG project, operated by Italy's Eni, processes natural gas from Area 4 resources in the Rovuma Basin, off Mozambique's coast. It began pumping gas last week,…
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UK watchdog fines Ghana International Bank for poor controls

UK watchdog fines Ghana International Bank for poor controls

BRITAIN'S Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. Between January 2012 and December 2016 the bank did not adequately perform the additional anti-money laundering checks required, the FCA said. "No evidence of actual money laundering was detected, though the risk of money laundering as a result of these deficient systems was significant," the FCA statement said, adding that…
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Egypt and Saudi Arabia sign 14 deals worth $7.7 billion, Saudi minister says

Egypt and Saudi Arabia sign 14 deals worth $7.7 billion, Saudi minister says

EGYPT and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman, Egypt's General Authority for Investment and Free Zones said in a statement on Tuesday. Saudi Arabia has provided billions of dollars in financial support since Egypt's President Abdel Fattah al-Sisi came to power, and the new round of investments comes as Cairo struggles with the economic knock-on effects of the Ukraine war. Even before the Ukraine war hiked commodity prices, hit tourism revenues and prompted investors to exit emerging markets, there were…
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Nigeria’s sovereign fund to pivot to asset management, CEO says

Nigeria’s sovereign fund to pivot to asset management, CEO says

AHMED ELJECHTIMI NIGERIA'S Sovereign Investment Authority (NSIA) is seeking to take over underperforming government assets, including a power plant, as it transitions into an asset management firm, CEO Uche Orji said. "We are looking at many industrial projects and government-owned enterprises that are either moribund or not performing sub-optimally," Orji told Reuters on the sidelines of the launch of the Africa Sovereign Investors Forum (ASIF) by nine funds. NSIA's growth strategy was to take these assets and revitalise them, he said. Orji cited "advanced discussions" with the government to take over a power plant that was 85% complete "but required…
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Lenders pledge $26.1 billion to Ivory Coast 2021-25 plan

Lenders pledge $26.1 billion to Ivory Coast 2021-25 plan

MULTILATERAL and bilateral lenders made a series of pledges to support Ivory Coast's 2021-25 Development Plan totalling $26.1 billion, Prime Minister Patrick Achi said. The West Africa Development Bank pledged 1 billion euros, the African Development Bank $4.3 billion, the World Bank $8.7 billion and the Islamic Development Bank $2 billion. The European Union pledged 6 billion euros, and France pledged more than 4 billion euros. Leaders of Ivory Coast, one of West Africa's largest economies and the world's top cocoa producer, held a consultative meeting with investors and development partners in the administrative capital Abidjan on Wednesday to raise…
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No monologues allowed and dancing to ‘I Will Survive’: how the WTO’s ‘Geneva Package’ was won

No monologues allowed and dancing to ‘I Will Survive’: how the WTO’s ‘Geneva Package’ was won

EMMA FARGE SINCE Ngozi Okonjo-Iweala took over as head of the World Trade Organization last year, one of her main bugbears has been the negotiating style of member countries, which she says is ineffective, inflexible and needs to change. The WTO, a global organisation that regulates international trade, is often accused of being outdated and unproductive, criticisms Okonjo-Iweala has sought to address directly since taking the helm as its director-general. "You have to talk to each other. And that means there has to be compromised; no one side will get 100 % of what they want," Okonjo-Iweala chided at the…
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Lebanon says ‘final’ gas deal with Egypt to be signed June 21

Lebanon says ‘final’ gas deal with Egypt to be signed June 21

TIMOUR AZHARI LEBANON will sign a "final" agreement to import gas from Egypt on June 21, its energy ministry told Reuters, after months of delays to a plan viewed as critical to boosting power supplies for Lebanon's stricken economy. The plan, first floated in summer of 2021, is part of a U.S.-backed effort to address Lebanon's crippling electricity shortages using Egyptian gas supplied via Jordan and Syria. A U.S. official said earlier this week that final approval of the agreement between the countries would allow Washington to evaluate whether the deal was in compliance with U.S. sanctions on Syria, after…
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IMF sees Nigeria GDP growing 3.4% in 2022, inflation staying high

IMF sees Nigeria GDP growing 3.4% in 2022, inflation staying high

NIGERIA’S real GDP growth is broadening to all sectors except oil but inflation remains elevated, the International Monetary Fund said after a team held meetings with the Nigerian authorities from June 6 to 10. “Regarding the economic outlook, GDP growth is projected at 3.4 percent (y/y) in 2022 while inflation is expected to remain elevated,” the IMF said in a statement. 
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Nairobi adds new infrastructure, incentives to its “silicon savannah” drawcard

Nairobi adds new infrastructure, incentives to its “silicon savannah” drawcard

CONRAD ONYANGO, BIRD STORY AGENCY KENYA’S tech startup ecosystem - amongst the hottest on the continent - is looking to attract even more overseas interest as the country launches an International Financial Centre and giant tech firms renew their interest in East Africa's Silicon Savannah. The International Financial Centre in Nairobi is slated to officially launch in mid-June, offering foreign investors in the financial sector special deals - including taxes and immigration incentives - and space in the new building. Firms seeking to join the centre are required to pay a certification fee of Ksh. 1 million (around 8,620 US…
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