Africa Brief: Zimbabwe loan, Africa trade & investment, Egypt: IMF loan and more
Business Watch: DA seeks answers on R900m loan to Zimbabwe
The standing committee on finance agreed yesterday to ask Finance Minister Pravin Gordhan to appear before it to provide more detail on the R900 million loans reportedly extended to Zimbabwe to assist with its upcoming national election. There are three main issues that urgently need to be clarified: the motivation for the loan, the terms of the repayment and any conditionality attached to it.
For the full story, read Business Watch: DA seeks answers on R900m loan to Zimbabwe, by Peter Delonno, published by The Star, Business Report on 17 April 2013.
Africa Trade & Investment 2013: IDC anticipates fast growth in Africa
There are so many industries and markets where nothing currently exists outside the informal sector. Already, many large South African retailers and banks have already been in Africa a decade or more and are difficult to compete with because they’re so well established. The current growth in Africa is by now well known, as is its higher margins – and it’s well understood it’s off an extremely low base. However, if China is anything to go by things can happen very fast when it starts happening at all. To encourage this trend, since the early 2000s the Industrial Development Corporation (IDC) has changed its mandate from embracing just South Africa to firstly the Southern African Development Community (SADC) and subsequently all Africa.
For the full story, read Africa Trade & Investment 2013: IDC anticipates fast growth in Africa, by Eamonn Ryan, published by The Star, Business Report on 17 April 2013.
Africa Trade & Investment 2013: Black gold fuels modern day frontier towns
Tete in northern Mozambique is experiencing a modern day gold rush – for black gold in this case. Thousands of professional engineers and miners have been pouring in, as have hundreds of trucks – and the town until recently had just one hotel, and a single carriage bridge over the Zambezi River (with not one other bridge in virtually a thousand kilometres of one of the biggest rivers in Africa).
For the full story, read Africa Trade & Investment 2013: Black gold fuels modern day frontier towns by Eamonn Ryan, published by The Star, Business Report on 17 April 2013.
Egypt: $4.8bn IMF loan talks in progress
Egypt expected to conclude a $4.8 billion (R39.2bn) International Monetary Fund (IMF) loan deal within two months and was in talks for additional budget support worth about $lbn from the World Bank and the African Development Bank, Prime Minister Hisham Kandil said yesterday Saudi Arabia and Qatar have pledged billions of dollars to help Egypt. Kuwait had already made a “reconnaissance visit”.
For the full story, read EGYPT: $4.8bn IMF loan talks in progress by Reuters, published by The Star, Business Report on 17 April 2013.
IMF predicts Africa growth spurt in 2014
SUB-SAHARAN Africa would grow faster than previously forecast next year, driven by growth in SA, as the global economic recovery strengthens, the International Monetary Fund (IMF) said in its World Economic Outlook report released yesterday. The region’s economy would grow 6.1% in 2014, more than the previous estimate of 5.7% and the 5.6% projected growth for this year, the Washington-based IMF report said. The global economy would expand 4% next year, up from 3.3% in 2013.
For the full story, read IMF predicts Africa growth spurt in 2014 by Bloomberg, Reuters, published by Business Day on 17 April 2013.