Business & Economy Africa | News Updates

  • Secretary-General of the Union of Arab Chambers  Khaled Hanafi has called for establishing a joint economic zone between Egypt and Greece that would be for the interest of both countries in addition to developing maritime and touristic cooperation.
  • Morocco’s economy is bracing for the impacts of three shocks: Two years of drought, the stagnation of economic activity due to COVID-19, and a global recession. These shocks will play a role in shaping Morocco’s economic future, Minister of Economy Mohamed Bechaaboun explained during a government council meeting.
  • Equity Bank Kenya has secured USD 50 million (KES 5 billion) loan from the private sector arm of the World Bank for onward lending to small and medium-sized firms crippled by the Covid-19 pandemic.
  • Vodacom Tanzania’s international money transfer service netted TZS 102 billion (approx. USD 43.9 billion) between March and June 2020, to cement the growth in the overseas money transfer platform.
  • The French Chamber of Commerce and Industry in Egypt has organized Business-to-Business (B2B) meetings between Egyptian and French companies via E-mission service which is provided by the chamber to enable Egyptian companies to produce fruits and vegetables to export their crops to France.
  • Morocco is set to create more than 120,000 direct and indirect jobs over the next three years, Head of Government Saad Eddine El Othmani announced. The country is also expected to attract over MAD 10 billion (USD 1.06 billion) in foreign direct investments and become a regional and African leader, he added.
  • The savings and credit co-operatives (SACCOs) regulator has capped the spending of non-deposit taking SACCOs at up to half of previous year’s budgets after Covid-19 scuttled annual general meetings where current year spending plans were to be approved.
  • Supermarket chain Tuskys is seeking to sell a majority stake to a consortium made up of a private equity firm and an undisclosed foreign retailer as part of efforts to raise cash to pay suppliers and win back their confidence.
  • Rwanda Coffee Farmers Federation has secured Rwf60 million (approx. USD 63,000) in funding for adopt internationally accepted coffee packaging bags that will enable them to leverage coffee export on global markets.