In a significant move bolstering economic ties between China and Egypt, the China State Construction Engineering Corporation (CSCEC Group) has announced the grand opening of its state-of-the-art steel structures factory in Egypt. With an impressive investment of CNY 87.40 million ($12.06 million), the factory is poised to revolutionize the steel manufacturing landscape in the region. […]
Recent projections from the International Monetary Fund (IMF) indicate a notable shift in the economic landscape of sub-Saharan Africa, with Kenya positioned to overtake Angola and secure the fourth-largest economy status in the region. This forecast, extending until 2029, marks a significant milestone for Kenya, placing it behind economic powerhouses South Africa, Nigeria, and Ethiopia. […]
Riyadh, the vibrant capital of Saudi Arabia, is gearing up to host a pivotal event: the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development. Scheduled for April 28 and 29, this gathering is set to bring together more than 1000 global leaders, ranging from heads of state and government […]
Ahmed Zaki, Secretary-General of the Exporters Division at the Cairo Chamber of Commerce, is spearheading efforts to reinvigorate Egyptian exports through strategic initiatives aimed at enhancing competitiveness and stimulating growth. Zaki’s proposal calls for a comprehensive review of Egyptian export priorities, focusing on high-demand products in international markets. Central to his plan is a two-year […]
In a significant move towards sustainable transportation solutions, Kenya Power has announced a substantial investment of Ksh 258 million into electric vehicles (EVs) and associated charging infrastructure. The utility company has allocated Ksh 6.5 million to establish its second EV charging station at Stima Plaza, equipped with advanced technology to cater to the growing demand […]
A recent report from the United Nations Conference on Trade and Development (UNCTAD) forecasts a global economic slowdown to 2.6% in 2024, marking the third consecutive year of growth below pre-pandemic levels. This trend, hovering just above the 2.5% threshold associated with recession, highlights pressing issues overshadowed by current inflation concerns: trade disruptions, climate change […]
The naira’s recent surge against the US dollar came to a halt as it closed at N1,223/$ in the unofficial market on Monday. This pause follows a period of consistent gains by the Nigerian currency. In the black market, the US dollar was priced at N1,207 on Sunday, marking a notable 15 percent decrease from […]
In Kenya, economic growth has long been hailed as a beacon of progress, yet the latest insights from the World Bank’s Africa Pulse Report reveal a sobering reality: poverty remains entrenched despite strides in GDP expansion. While the period between 2005 and 2015 saw promising reductions in poverty and inequality, recent years have ushered in […]
Concerns over the economic stability of low-income countries have taken center stage as the International Monetary Fund (IMF) sheds light on the daunting fiscal hurdles they face. During recent IMF shareholder meetings, Managing Director Kristalina Georgieva underscored the imperative of addressing unsustainable debt burdens and fiscal challenges gripping these nations, exacerbated by the lingering effects […]
Akinwumi Adesina, President of the African Development Bank (ADB), sounded an alarm at the Semafor World Economy Summit regarding Africa’s mounting debt crisis. With the continent’s debt soaring to $824 billion in 2021, Adesina underscored the urgent need for transparency and accountability in managing these financial obligations. During the event, held on the sidelines of […]
Ethiopia has firmly established itself as Africa's second-largest destination for foreign direct investment, trailing only Egypt, in a development that...
India-based diversified conglomerate DCM Shriram Ltd has secured $90 million in financing from the International Finance Corporation (IFC) through the...
Chinese electric vehicle manufacturer BYD is preparing to launch its premium electric vehicle Denza Z9GT in Europe, introducing a new...
Japan has begun releasing oil from its emergency reserves as the global energy market faces renewed turmoil following the effective...
