- Rwanda is regarded as the fastest growing economy and most advanced country in Africa. Rwanda is considered to be on the right path to development with an economy advancing 8.4% y-o-y in Q1-2019.
- China Eximbank, Export-Import Bank of China, has expressed interest in extending financial support to Rwanda private sector to access long-term loans at a low interest rate.
- The World Bank has raised the red flag over the high cost at which Kenya and other African countries are borrowing commercial loans, warning of future repayment difficulties if the debts are not invested in productive projects.
- The Kenyan shilling strengthened against the dollar last Thursday due to banks unwinding their long dollar positions amid reduced dollar demand from oil and merchandise importers.
- The Treasury has posted its domestic borrowing plan for this year by offering investors 40 BN KES (390.4 MM USD) bond with a 15-year tenor. The Central Bank of Kenya (CBK) announced that the sale of the bond will be open until July 23.
- Uganda average inflation closed at 3.1% in 2018/2019 compared to 3.4% in 2017/2018. Inflation has been contained in the last two years below 5%, which means that movement of prices of goods and services has been minimal.
- Ugandan Government will offer Chinese companies and individuals investing in Uganda various tax incentives and free land offerings to help mitigate job creation and youth unemployment.
- Zambia and Zimbabwe will start building the 2,400 MW Batoka Gorge hydro power plant in 2020 which involves construction of a dam, powerhouses, roads, transmission infrastructure and houses in both countries.
- Kenyan President Uhuru Kenyatta and the Tanzanian President John Magufuli agreed to explore trading in natural gas, which companies including Equinor ASA are looking to develop for export.
- The Zimbabwean government is ready to raise civil servants' wages for the second time in three months after a labor group threatened protests.
- South Sudan government will not celebrate the 9th July Independence Day due to the absence of funds to conduct this at the national level. However, the president will deliver his usual Independence Day message to the nation.
- Nigeria and Benin signed the new African Continental Free Trade Area at an African Union summit in Niger. This leaves only Eritrea as the only AU nation still yet to join the pact.
- Trading at the Nairobi Securities Exchange (NSE) derivatives market kicked off last Thursday, with the official launch expected on July 11. Geoffrey Odundo, NSE chief executive, stated that the derivative market named NEXT which trades equity index futures and single stock futures, provides new opportunities for investors, enabling them to better diversify their portfolios, manage risk, and deploy capital more efficiently.
- The Nigerian Stock Exchange (NSE) is considering using blockchain and distributed ledger technology (DLT) to raise capital, in a bid to align the country's capital market to developing financial technologies (FinTech).
- Banking group I&M Holdings has invested an additional 1.8 BN KES (17.56 MM USD) in its fully owned Kenyan subsidiary whose operations expanded following the acquisition of Giro Commercial Bank.
- Equity Group is set to add 2,641 new employees on its payroll with the acquisition of stakes in four regional banks from the London-listed Atlas Mara, raising the Kenyan multinational's total staff count to nearly 9,000.
- Soft drinks maker Coca-Cola has launched four new beverages targeting sports people and the health conscious in order to attract consumers turning away from its sugary drinks. The new products include Coke plus Coffee, Minute Maid Nutri defenses and Powerade, a soft drink targeting sports people.
- Three financial institutions, including two foreign and one local bank, have applied to offer Islamic banking in Uganda. One of the applicants is currently offering traditional banking services in Uganda while the other two are entities outside Uganda.
- Premier African Minerals Ltd has agreed to lend 1.35 MM USD to MN Holdings Ltd, the owner and operator of the Otjozondu manganese mining project in Namibia.
- De Beers Group announced the launch of a three-year 315,000 USD partnership with WomEng to develop the next generation of highly skilled women engineers in South Africa, Namibia and Botswana.
- Dutch company NOTS Solar Lamps will invest 70 MM USD over 5 years in Rwanda in order to accelerate the provision of electricity to the lowest income families in the country.
- Zimbabwe State-owned power utility, ZESA Holdings, which is implementing severe power cuts, needs 14 MM USD for monthly electricity imports from the regional power market.