Economy and Business | News and Updates – Africa

  • Freight charges at the Jomo Kenyatta International Airport (JKIA) have come down by almost half due to increased capacity of airlines amid declining demand for cargo, giving exporters a huge boost. JKIA has witnessed a sharp growth in capacity over the last one month, with the number of cargo airlines now standing at almost 12 from a low of 3 when the Covid-19 outbreak struck. https://bit.ly/36MDqmF
  • Tea exports to the top three markets declined significantly in the first quarter as the world grappled with the Covid-19 pandemic and its impact on global trade. Data from the Tea Directorate shows that exports to Pakistan dipped 15 percent while Egypt and the United Kingdom recorded declines of 10 percent each, pointing to reduced orders and demand impacting negatively on prices. https://bit.ly/3dsmSTy
  • Algeria expects its budget deficit for 2020 to reach 10.4 percent of gross domestic product, up from a previous forecast of 7.2 percent, due to lower revenues from oil and gas, Finance Minister Abderrahmane Raouya said on Tuesday. The government has projected oil and gas export revenue for 2020 at USD 17.7 billion, against a USD 35.2 billion forecast announced before the outbreak of the novel coronavirus that caused a sharp slide in global crude prices, Raouaya told parliament. https://bit.ly/2ZTmFEG
  • Morocco is the fourth-most regionally-integrated country in Africa, according to the 2019 Africa Regional Integration Index published by the UN Economic Commission for Africa, the African Development Bank, and the African Union. The  country ranked first continentally in terms of macroeconomic integration. The dimension takes into consideration three main indicators: Regional inflation differential, regional convertibility of currency, and number of bilateral investment treaties in force. https://bit.ly/3ezpXRN
  • Tanzania on Thursday signed a loan agreement with France to finance water supply projects that will benefit some 770,000 people in the country’s Morogoro municipality. The French government will extend the loan worth about USD 76 million to Tanzania through its French Development Agency, said Dotto James, the Permanent Secretary in the Ministry of Finance and Planning who signed the agreement on behalf of Tanzania. https://bit.ly/2TXkuMI
  • Algeria decided on Thursday to extend a lockdown aimed at stemming the spread of the novel coronavirus for another 15 days. The partial lockdown in 44 provinces will be extended until 15 June 2020, the government said in a statement. https://bit.ly/2MjTcvE
  • Burkina Faso and Morocco have become the latest markets to be added to the list of countries Orange France customers can send direct financial transfers to. The international transfer service launched in the new markets on 8 and 20 May respectively, following earlier releases in Madagascar, Ivory Coast, Guinea and Mali. The Orange Money France app now facilitates transfers at any time of the day to accounts held in Burkina Faso and Morocco, sending funds in real time, directly to the recipient’s Orange Money account. https://bit.ly/2TZOjfH
  • Rand Merchant Bank (RMB) confirmed on Thursday that it is part of a consortium of banks providing USD 15 billion funding for French energy major Total’s Mozambique liquefied natural gas project. Sources told Reuters last week that Total had secured USD 14.4 billion in funding for the project with a group of about 20 lenders. RMB, owned by FirstRand Bank, said the signing of USD 15 billion in financing was scheduled for June. https://bit.ly/3dnJowu
  • Health concerns amid the Covid-19 pandemic could have informed renewed demand for low-density buildings with townhouses dominating the property market to edge out lowly priced apartments. The quarter one Housing Price Index report by Kenya Bankers Association indicates a change of heart among property seekers who sought townhouses unlike in the past when apartments were popular due to proximity to urban centres and price friendliness. https://bit.ly/2XJv2jA
  • National fish production could double following the introduction of sardine fish species known as Isambaza into two twin lakes of Burera and Ruhondo in Northern Province. Sardine fish were only available in Lake Kivu. Now, after trials the fish species will, for the first time, be harvested for the other two northern lakes beginning June this year, according to Solange Uwituze, the Deputy Director General of Animal Research and Technology Transfer at Rwanda Agriculture and Animal Resources Development Board. https://bit.ly/3gCsxIF