Finance & Banking
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Stanbic Bank cuts interest rate to 19.50 percent
KAMPALA, October 30, 2024 — Uganda’s largest bank by assets, Stanbic Bank, has reduced its local currency prime lending rate [PLR] to 19.50 percent from 19.75 percent, effective December 1, 2024. This…
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MDBs sign US$ 1bln exchange exposure agreement to increase development lending capacity to African nations
WASHINGTON, DC., October 28, 2024 — The African Development Bank (AfDB] and the Asian Development Bank [ADB] have signed a US$ 1 billion exchange exposure agreement [EEA] aimed at enhancing the African…
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Widespread progress in African financial markets
KAMPALA, October 25, 2024 — There have been clear improvements across countries in the Absa Africa Financial Markets Index 2024. Scores have risen for 23 countries [82 percent], which is the highest…
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World Bank Group advances Gender Strategy, unveils economic opportunity ambition
WASHINGTON, Oct, 24, 2024 – The World Bank Group today took the first steps toward implementing Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities…
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Ruto confirms support for SACCO movement in meeting with credit union leaders
NAIROBI, October 24, 2024 —Kenyan President, William Ruto recently confirmed cooperatives are central to his government’s priorities and that he wants to see the Savings and Credit Cooperative [SACCO] movement in Kenya…
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Global Credit Union membership surpasses 411mln
MADISON, Wis., October 24, 2024 — World Council of Credit Unions’ [WOCCU] 2023 Statistical Report shows membership in the global credit union movement topped 411 million, while assets surpassed US$ 3.7 trillion last…
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Afreximbank to double Creative Africa Nexus funding to US$ 2bln to boost Africa’s creative economy
ALGIERS, October 21, 2024 — President and Chairman of the Board of Directors of Afreximbank, Pro. Benedict Oramah, has announced that Afreximbank will increase its funding to the Creative Africa Nexus [CANEX]…
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IFC and Absa provide trade facility to Valency to support thousands of farmers in Africa
SINGAPORE, October 13, 2024 – The International Finance Corporation [ IFC ], a member of the World Bank Group, and Absa Group Limited, a South Africa based bank, acting through its Corporate…
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AFC Returns to Global Debt Capital Markets with Oversubscribed Five-Year US$ 500mln Eurobond
LAGOS, October 5, 2024 — Africa Finance Corporation [ AFC ], the continent’s leading infrastructure solutions provider has announced an outstanding return to the global debt capital markets, successfully issuing a US$500…
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IFC invests in Equator Africa Fund I to support African climate sector tech businesses
NAIROBI, October 4, 2024 –The International Finance Corporation [ IFC ] is to invest in Equator Africa Fund I, marking its first-ever investment in a venture capital fund entirely focused on supporting…
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