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Africa

Zambia Struggles with $7 Billion Debt Burden Despite Previous Deals

Despite an earlier agreement with bilateral lenders handling over $6 billion in debt, Zambia still needs to pay down about $7 billion. The nations sea

Despite an earlier agreement with bilateral lenders handling over $6 billion in debt, Zambia still needs to pay down about $7 billion. The nations search for relief is made more difficult by the outstanding debt that commercial banks and bondholders owe. Despite Zambias best efforts, official creditors, led by France, China, and South Africa, rejected a plan to restructure $3 billion in debt with bondholders last October. This disparity highlights how difficult it will be for Zambia to escape its financial predicament. China has maintained its position as Africas top commercial partner for the past 15 years, with trade expected to reach $282 billion in 2023. Exhibitions such as the Made in Africa expo highlight how African nations, like Cameroon, prioritize industrialization initiatives to lessen their dependency on selling raw materials. Read More..

B2B Tech News | 7 hours ago         

Rising Unemployment in South Africa Heightens Pressure on ANC Ahead of Elections

With 7.9 million unemployed people, South Africas unemployment rate increased by 46,000 from the previous quarter to 32.1% in Q4 2023. Ahead of the ne

With 7.9 million unemployed people, South Africas unemployment rate increased by 46,000 from the previous quarter to 32.1% in Q4 2023. Ahead of the next elections, this presents a severe threat to the African National Congress ANC, which is now in power. The startling 59.4% youth unemployment rate exacerbates worries about job growth. Over several decades, the ANCs support has gradually decreased due to broken promises about economic progress. According to polls, the ANC could receive less than 50% of the vote in the national election, which might lead to the firstever instance of coalition government at the federal level. To subvert ANC supremacy, the Democratic Alliance is considering establishing alliances. The election date is still pending it is anticipated to occur in May or August. Read More..

B2B Tech News | 4 days ago         

Mining Indaba Highlights Urgent Need for Local Banks to Finance African Projects

The Mining Indaba this year made clear how important it is for regional banks to back more mining projects in Africa, especially those that foreign le

The Mining Indaba this year made clear how important it is for regional banks to back more mining projects in Africa, especially those that foreign lenders deem riskier. In 2022, Africa spent less than 10 per cent of the worldwide average on mining exploration, although possessing 30 per cent of the worlds mineral reserves. This was mainly because of challenges in obtaining money from outside sources. Local financial institutions are encouraged to fill this need as interest in African mining grows. The secondlargest bank in the Democratic Republic of the Congo, EquityBCDC, spoke with Celestin Mukeba Muntuabu, Managing Director, about his banks plans for African mining. Meanwhile, highinterest rates are anticipated to continue in 2024, burdening African borrowers even more—who spend a substantial amount of their export revenues on external debt repayment. Additionally, Tanzania faces a sugar shortage, prompting regulators to approve imports and plans to boost local production. Read More..

B2B Tech News | 4 days ago         

Nigerias Naira Hits Record Lows Amidst Stock Market Decline

The Naira saw historic lows on Nigerias official and black markets on Monday, while the stock market saw its worst oneday drop in more than a year. Th

The Naira saw historic lows on Nigerias official and black markets on Monday, while the stock market saw its worst oneday drop in more than a year. The Naira dropped to 1,712 per dollar despite Central Bank Governor Olayemi Cardosos assertions of increased foreign currency availability. This decrease comes after a recent survey revealed that inflation, caused mainly by rising food costs, is nearly 30% yearly. The worsthit sectors on Nigerias AllShare Index were industrial, consumer goods, and financial shares, which fell 3.15 per cent. Cardoso increased open market rates to combat economic difficulties and draw investors to government notes in the face of rising inflation. Still, the fall of the Naira implies that more changes would be required. Read More..

B2B Tech News | 4 days ago         

DRC Calls for Modern Investors to Boost Mineral Sector Growth

At the 30th Mining Indaba summit in South Africa, the Director General of the Democratic Republic of the Congos Regulatory Authority for Subcontractin

At the 30th Mining Indaba summit in South Africa, the Director General of the Democratic Republic of the Congos Regulatory Authority for Subcontracting in the Private industry emphasised that the country actively seeks contemporary investors to join its mineral industry. While expressing a preference for partners that share its objective of sustainable economic progress, the nation is open to all investors. Miguel Kashal Katemb singled out Canadian mining behemoth Ivanhoe Mines as an exemplar of a "modern investor." The Democratic Republic of Congo DRC seeks to distribute its mining wealth fairly, focusing on entrepreneurship and job development under President Félix Tshisekedi. Read More..

B2B Tech News | 5 days ago         

U.S. Pledges Additional Funding to Enhance Metal Exports from Central Africa

The United States commits further finance to the Lobito Corridor, enabling Zambia and other countries in Central Africas Copperbelt to export copper.

The United States commits further finance to the Lobito Corridor, enabling Zambia and other countries in Central Africas Copperbelt to export copper. Amos Hochstein, the US energy ambassador, emphasises how crucial it is to avoid South Africas logistical roadblocks for exports of copper and cobalt, which are essential to the energy revolution. With plans for additional investment, a group led by Trafigura, MotaEngil, and Vecturis SA was able to acquire a 30year railway services concession. Hochstein said that $250 million will be allocated for the Angola phase, and he expects a comparable amount for the Zambia phase. The project, supported by over $1 billion raised with partners including the Africa Finance Corporation, intends to have operational rail by 2028. Read More..

B2B Tech News | 6 days ago         

African Mining Indaba 2024 Kicks Off in Cape Town, Focusing on Investment in Mining Sector

With an emphasis on investment in the mining industry in Africa, the African Mining Indaba 2024 gets underway in Cape Town. The conversation centres o

With an emphasis on investment in the mining industry in Africa, the African Mining Indaba 2024 gets underway in Cape Town. The conversation centres on metals necessary for the energy shift in the next 20 years, the demand for minerals like cobalt and lithium might climb sixfold. Experts anticipate a turnaround in the trend, despite a recent reduction in exploration spending, because of the increased need for minerals in the energy transition. The programme highlights the importance of Environmental, Social, and Governance ESG standards for developing sustainable mining in Africa. It is anticipated that the Democratic Republic of Congo, a significant participant in the production of green metals, will attend the Indaba. Read More..

B2B Tech News | 18 days ago         

Tunisia Seeks Direct Purchase of $2.25 Billion in Bonds from its Central Bank

Tunisia is contemplating borrowing billions from its central bank in an unprecedented effort to address budget shortfalls and its economic problems. T

Tunisia is contemplating borrowing billions from its central bank in an unprecedented effort to address budget shortfalls and its economic problems. To address a $3.2 billion budget gap, the government has asked the central bank to buy interestfree bonds up to a $2.25 billion value directly. Nonetheless, worries have been expressed over the possible effects on inflation, the independence of the central bank, and the trust of foreign lenders and investors. Tunisia has difficulty borrowing money from conventional lenders, such as the International Monetary Fund IMF, whose proposed $1.9 billion rescue is currently on hold. Experts caution that this might increase the danger of inflation and damage the central banks reputation Read More..

B2B Tech News | 22 days ago         



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