Author: Kudret

Egypt’s central bank has moved to lower borrowing costs, trimming key interest rates by 100 basis points in a bid to support its disinflation agenda and navigate economic headwinds. Following its latest Monetary Policy Committee (MPC) meeting, the Central Bank of Egypt (CBE) announced Thursday that the overnight deposit rate has been reduced to 24%, the overnight lending rate to 25%, and the main operation rate to 24.5%. The discount rate was also cut by 100 basis points, now standing at 24.5%. The rate adjustments reflect the bank’s evaluation of recent economic developments both domestically and globally. The CBE cited…

In a landmark diplomatic achievement, Mauritius has officially reclaimed sovereignty over the Chagos Archipelago, ending more than five decades of British control. The historic agreement, signed on Thursday between the governments of Mauritius and the United Kingdom, marks a decisive victory for Mauritius in its long-standing dispute over the islands. Prime Minister Navin Ramgoolam hailed the accord as a “great victory” and a pivotal milestone in the nation’s post-colonial journey. Speaking in a televised address, Ramgoolam emphasized the significance of the deal as the culmination of a struggle that has lasted over 60 years. “This marks one of the final…

Uganda has entered into an $800 million financing agreement with the Islamic Development Bank (IsDB) to support critical infrastructure projects aimed at enhancing the country’s economic connectivity and trade capacity, the Ministry of Finance announced on Wednesday. At the heart of the agreement is the construction of a railway line that will integrate Uganda’s transport network with Kenya’s Standard Gauge Railway (SGR), enabling seamless access to the Indian Ocean through the strategic port of Mombasa. This development is poised to strengthen Uganda’s position as a key player in East African trade, addressing the challenges posed by its landlocked status. The…

Mauritius has faced a significant setback after a British High Court temporarily blocked the United Kingdom from transferring sovereignty over the Chagos Islands. The court issued an injunction just hours before the planned agreement was due to be signed on Thursday. The UK had agreed to return control of the strategically important Indian Ocean archipelago to Mauritius. The islands, including Diego Garcia—home to a vital naval and bomber base—were set to be handed back, while the UK would retain use of the military base under a lease lasting at least 99 years. The United States, which relies heavily on the…

The Niger State House of Assembly has formally approved a N70 billion bond request from Governor Umaru Bago, paving the way for major investments in infrastructure and social services across the state. The approval was granted during a plenary session held on Tuesday in Minna, following the submission of a report by the House Committee on Finance. The committee had earlier reviewed the bond proposal and recommended its passage. Presenting the report, Committee Chairman Aliyu Wushishi explained that the N70 billion bond forms part of a larger N100 billion private bond issuance programme scheduled to span ten years. Members of…

South Africa has temporarily suspended the importation of live poultry, eggs, and both fresh and frozen poultry meat originating from Brazil due to an outbreak of highly pathogenic avian influenza (HPAI). The suspension was prompted by a formal notification issued by Brazil’s Ministry of Agriculture and Livestock on 15 May 2025. According to the report, the H5N1 virus — specifically from clade 2.3.4.4b — was identified in a flock of breeding chickens at a facility in Montenegro, a municipality located in the state of Rio Grande do Sul. In response, South Africa’s Department of Agriculture, Land Reform and Rural Development…

Nigeria and Tanzania have reinforced their commitment to regional maritime cooperation through a strategic partnership focused on regulatory alignment, capacity development, and security enhancement. During a high-level visit by the Tanzania Shipping Agencies Corporation (TASAC) to the Nigerian Maritime Administration and Safety Agency (NIMASA), both sides agreed to deepen collaboration in areas including seafarer certification, flag and port state inspections, digital transformation, and enforcement of cabotage laws. Leading the Tanzanian delegation was TASAC Vice Chairperson Rukia D. Shante, who commended Nigeria’s maritime reforms and pledged her country’s support for Nigeria’s bid to join Category C of the International Maritime Organisation…

President Cyril Ramaphosa has been commended across Africa for his composed and diplomatic approach during a recent encounter with U.S. President Donald Trump in Washington, where Trump reiterated controversial and unsubstantiated claims about violence targeting white farmers in South Africa. The South African leader’s visit to the United States was intended to revive and strengthen bilateral relations that have cooled since Trump assumed office. Ramaphosa’s delegation included well-known white South African sports personalities, signaling an emphasis on cultural and economic cooperation. The president aimed to focus discussions on expanding trade ties and mutual interests, but the meeting took a sharp…

Angolan Foreign Minister Tete Antonio has dismissed any suggestion that African countries could serve as a destination for displaced Palestinians, stating that such proposals are fundamentally at odds with the values of the African Union (AU). Speaking in Brussels on Wednesday after the third European Union–African Union ministerial meeting, Antonio emphasized that Africa cannot accept attempts to shift the Palestinian crisis onto its soil. “The African Union cannot be happy when there is talk of relocating Palestinians to Africa,” he said during a joint press conference alongside EU foreign policy chief Kaja Kallas. “We strongly support the two-state solution and…

In a significant boost to North Africa’s industrial push, Egypt has signed a $123 million agreement with Chinese automaker Jetour to locally assemble and manufacture vehicles in partnership with the Cairo-based El-Kasrawy Group. The deal, formalized in the presence of Prime Minister Mostafa Madbouly at the Cabinet headquarters in the New Administrative Capital, will pave the way for the production of Jetour’s T1 and T2 models on Egyptian soil. Officials hailed the agreement as a milestone in Egypt’s vision to anchor itself as a key automotive hub in Africa and the broader Middle East. “This is more than a business…

Uganda has opened its flagship tourism event, the Pearl of Africa Tourism Expo, as the East African nation intensifies efforts to revive and scale its tourism industry following post-pandemic recovery. The three-day event, which commenced Wednesday in Kampala, brings together tourism stakeholders, investors, and media representatives from across Africa and beyond. Organized by the Uganda Tourism Board (UTB), the expo has drawn over 450 exhibitors from at least 50 countries, showcasing Uganda’s bid to reassert itself as a premier destination on the continent. Speaking at the official opening, Prime Minister Robinah Nabbanja, standing in for President Yoweri Museveni, called the…

The African Union (AU) is steadily advancing its path toward financial autonomy, with over two dozen member states taking concrete steps to implement the landmark Kigali Decision on Financing the Union, a move that is reshaping the continent’s approach to self-reliance. Adopted in 2016, the Kigali Decision introduced a 0.2% levy on eligible imports as a sustainable source of funding for AU activities. By the end of 2018, 25 countries had begun integrating the policy into their national systems, with 16 having fully implemented the levy. Of those, 14 applied the funds toward their AU contributions that year—an unprecedented shift…

The South African rand remained near a five-month high early Wednesday as markets braced for Finance Minister Enoch Godongwana’s third budget presentation and a significant diplomatic encounter between President Cyril Ramaphosa and U.S. President Donald Trump. Trading at 0650 GMT, the rand stood at 17.9525 against the U.S. dollar, down 0.2% on the day but close to levels last seen in mid-December. The currency’s relative stability reflects investor caution ahead of the budget unveiling at 1200 GMT, following the collapse of two earlier versions amid coalition disagreements. Key concerns center on how Minister Godongwana will address a 75 billion rand…

The National Union of Metalworkers of South Africa (NUMSA) has issued a stark warning over reports that Japanese automaker Nissan may shut down its manufacturing facility in Gauteng, potentially putting more than 20,000 jobs at risk. Irvin Jim, NUMSA’s general secretary, confirmed the union’s plans to meet with Nissan management to seek clarity on the company’s intentions. “We remain committed to defending jobs in this vital sector and will engage with Nissan to protect our members’ livelihoods,” Jim said. The warning follows reports that Nissan intends to close several plants globally, including sites in South Africa, India, and Argentina, as…

President Abdel Fattah Sisi has officially kicked off Egypt’s 2025 wheat harvest at the “Future of Egypt” agricultural zone, a vast project in the Dabaa Corridor linking Cairo to the North Coast. The occasion also marked the inauguration of the first phase of a new industrial city, signaling Cairo’s commitment to integrated agricultural and industrial expansion. The president used the platform to announce an ambitious plan to cultivate 800,000 feddans of land by September. He stressed that turning this goal into reality requires swift collaboration between government institutions and the private sector, with infrastructure works expected to wrap up by…

Algeria is poised to receive $3 billion in financing from the Islamic Development Bank (IsDB) over the next three years, a major boost aimed at accelerating key infrastructure and development initiatives across the country. Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank, made the announcement during an interview with Algeria’s Ennahar TV on Monday. He stated that the funding will support a series of strategic projects, including a significant expansion of Algeria’s railway network. According to Al Jasser, the railway projects are a central element of President Abdelmadjid Tebboune’s broader economic vision, which seeks to improve connectivity between…