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Africa

International Day of Family Remittances Celebrates Global Economic Impact

The UNs International Fund for Agricultural Development IFAD created the International Day of Family Remittances IDFR to highlight remittances vital r

The UNs International Fund for Agricultural Development IFAD created the International Day of Family Remittances IDFR to highlight remittances vital role in world economies. Remittance flows have quintupled over the last 20 years, reaching sizeable amounts that support millions, particularly in rural regions confronting poverty and climatic issues. 1.4 billion persons worldwide are still unbanked despite these advancements, with women being disproportionately impacted. Even though they have decreased from 9.7% to 6.2% since 2009, remittance expenses still surpass the 3% objective set by the UN under the Sustainable Development Goals. Although access has increased due to digitalization, there are still issues, particularly in nations like Kenya, where expenses are still high despite significant inflows. IDFR events highlight these issues and celebrate migrant contributions while urging continued efforts to reduce costs and enhance financial inclusion through remittances. Read More..

B2B Tech News | 19 hours ago         

Global Activists Converge in Puglia for G7 Protest Preparation

In preparation for Saturdays demonstration against the G7 conference in Borgo Egnazia, hosted by Italian Premier Giorgia Meloni, dozens of foreign pro

In preparation for Saturdays demonstration against the G7 conference in Borgo Egnazia, hosted by Italian Premier Giorgia Meloni, dozens of foreign protestors convened in Puglia. At one of the three campsites selected, Fattizze dArneo, activists are making banners and having talks about summit subjects. Reforested by a community at odds with the Porsche Technical Centre nearby, the land has symbolic value. The Global South has significant challenges due to climate change, frequently made worse by G7 and Global North nations, as Ugandan campaigner Nicholas Omonuk noted. The G7—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—will debate economic policies and security concerns. The summit will cover global conflicts, artificial intelligence, Africas difficulties, climate change, and China. Read More..

B2B Tech News | 1 days ago         

Senegal Launches Inaugural Offshore Oil Project at Sangomar Fields

Senegals first offshore oil project, Woodside Energy, has gone into production, a significant development for the countrys economic future. The projec

Senegals first offshore oil project, Woodside Energy, has gone into production, a significant development for the countrys economic future. The project, situated near the Sangomar oil resources 100 kilometres offshore, aims to produce 100,000 barrels of oil per day. This comes after Senegals successful exploration campaign in 2014, which sparked expectations for significant financial advantages from oil and gas extraction. Nonetheless, with a new administration taking office this year, there is a renewed emphasis on amending current agreements with foreign companies that have been judged unfavourable. President Bassirou Diomaye Faye strongly emphasises openness and plans to audit the mining, oil, and gas industries to guarantee that Senegal receives equitable advantages. Read More..

B2B Tech News | 6 days ago         

President Tinubu Vows to Push Ahead with Economic Reforms Despite Challenges

President Bola Tinubu of Nigeria acknowledged the countrys difficulties but reiterated his commitment to economic reforms in his Democracy Day speech.

President Bola Tinubu of Nigeria acknowledged the countrys difficulties but reiterated his commitment to economic reforms in his Democracy Day speech. After taking office for a year, Tinubu spoke about the difficulties brought on by recent policy adjustments, such as eliminating fuel subsidies and currency depreciation, which increased inflation to more than 33% by April. He underlined how necessary these measures are to solve persistent economic problems and build a strong basis for future expansion. According to Tinubu, a new minimum salary will also be implemented as part of more significant initiatives to guarantee equitable pay and economic opportunities for all Nigerians. He promised that as his administration pursues its reform programme, it would continue to be receptive to public concerns. Read More..

B2B Tech News | 6 days ago         

Egypts Central Bank Stabilizes Interest Rates at 27.75% Following Consecutive Hikes

After two consecutive raises of 800 basis points, Egypts Central Bank stabilised interest rates in 2024 for the first time, with rates currently stand

After two consecutive raises of 800 basis points, Egypts Central Bank stabilised interest rates in 2024 for the first time, with rates currently standing at 27.75%. In May, inflation dropped from 32.5% in April to 28.1% due to the governments decision to liberalise the exchange rate of the Egyptian pound in May. The Central Banks monetary tightening strategy, which has reduced inflation and stabilised currency rates, is credited for this stability. As inflationary pressures lessen, forecasts call for additional inflation reduction through 2024, with a notable fall expected in the first half of 2025. This success has been aided by recent policies that target excess liquidity and the parallel currency market, offsetting the significant inflation of the previous year brought on by the fast expansion of the money supply. Read More..

B2B Tech News | 7 days ago         

AfDB Annual Meetings in Nairobi Focus on Financial System Reforms and Climate Challenges

The African Development Bank AfDB held annual Nairobi meetings addressing climate concerns and global financial system changes. AfDB has to raise capi

The African Development Bank AfDB held annual Nairobi meetings addressing climate concerns and global financial system changes. AfDB has to raise capital to $318 billion to keep its tripleA rating, which is required to enter lowrate markets. Kenyan President William Ruto promoted the inclusion of land, mining, and renewable energy sources in the GDP of African governments. Inclusive green growth, resilient economies, energy access, and agricultural transformation are the main priorities of the AfDBs strategy. The AfDB prioritises cooperation and creative financing methods to treble private sector financing by 2033. It also advocates for establishing an African rating organisation to overcome unjust international ratings. AfDB highlights Africas potential despite obstacles during its 60th anniversary celebrations. Read More..

B2B Tech News | 7 days ago         

Central Bank of Congo Mandates Exclusive Use of Francs for Electronic Payments

To strengthen the Congolese franc and lessen dependency on the US dollar, the Central Bank of the Congo BCC has ordered that all Electronic Payment Te

To strengthen the Congolese franc and lessen dependency on the US dollar, the Central Bank of the Congo BCC has ordered that all Electronic Payment Terminals EPTs in the Democratic Republic of the Congo DRC only take Congolese francs. This action aligns with the initiatives to counter dollarization and advance financial inclusion that former Finance Minister Nicolas Kazadi spearheaded. The economy is becoming increasingly dollarized because just 13% of EPTs currently take francs. The BCCs policy supports previous steps requiring pricing and state payments in the national currency. Furthermore, all bank cards will be integrated by the "switch monétique" programme, which will increase the cost of dollar transactions and encourage the usage of the franc. However, experts like economist AL Kitenge say longterm success in depolarizing the economy still depends on stability. Read More..

B2B Tech News | 12 days ago         

KoreaAfrica Summit Paves the Way for Enhanced Cooperation

Representatives from 48 African countries gather for the first KoreaAfrica summit to strengthen trade, investment, and technological collaboration. To

Representatives from 48 African countries gather for the first KoreaAfrica summit to strengthen trade, investment, and technological collaboration. To improve supply chain resilience, South Korea strongly emphasises collaborations involving minerals and resources, especially in vital industries like battery manufacturing. To support South Korean commerce and investment in Africa, commitments have been made to increase official development assistance to $10 billion by 2030 and to provide $14 billion in export finance. Even though South Koreas imports and exports from Africa account for less than 2 per cent of its total, its outreach indicates a strategic involvement that corresponds with North Koreas diplomatic manoeuvres. Read More..

B2B Tech News | 12 days ago         



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