Foreign

UGANDA has entered into an agreement with a business association from the United Arab Emirates (UAE) to construct a new international airport, President Yoweri Museveni’s office announced on Friday. This development marks Uganda’s third international airport and extends the UAE’s economic involvement in the region beyond its existing interests in …

NAMIBIA has become a focal point for oil exploration following several significant discoveries along its coastline in recent years. While the country has not yet commenced oil or gas production, major oil companies, including TotalEnergies and Shell, have uncovered reserves estimated at 2.6 billion barrels, with production anticipated to begin around 2030. …

THE African Export-Import Bank (Afreximbank) has signed an indicative term sheet with APD-Cameroon for the development and operation of a new port terminal in Douala, Cameroon, estimated to cost EUR210 million. According to the agreement, the financing will be divided into two tranches in Euro and Central African Francs (XAF), …

GHANA has reached a preliminary agreement with its bondholders to restructure $13bn in international debt, according to three sources who spoke to Reuters. This follows a recently finalised deal with official creditors. Key agreement details: Bondholders will face a principal haircut of up to 37 percent. Bond maturities will be extended. …

BURKINA Faso’s military leader, Ibrahim Traore, appeared on national television on Thursday to refute claims of a mutiny within the army. This follows a recent al Qaeda-linked insurgent attack that resulted in the deaths of over 100 soldiers near the Niger border. Response to the attack Traore, commenting for the …

THE IMF announced on Thursday that its executive board has approved a funding package for Tanzania amounting to $786.2 million to aid in addressing climate change. Additionally, a separate review has been completed, allowing for the disbursement of $149.4 million for budget support. Commitment to economic reforms The IMF stated …

NIGER has revoked the operating licence of French nuclear fuel producer Orano at one of the world’s biggest uranium mines, the company said Thursday, in a move that highlighted tensions between France and the African country’s ruling junta. Orano said it had been excluded from the Imouraren mine in northern …

NORTH Korea and Russia have pledged to use all available means to provide immediate military assistance in the event the other is attacked, according to the text of a new landmark defence pact agreed by the two autocratic nations. Russia’s President Vladimir Putin and North Korea’s leader Kim Jong Un …

For African businesses looking to tap into China’s vast manufacturing power and supplier base, making fast and affordable cross-border payments is crucial yet challenging. Delayed payments can bring supply chains and operations to a grinding halt, while excessive fees eat directly into profits. Transferring funds from Africa to China has …

This question wasn’t even directed toward President Joe Biden, but his determination to get in an answer created a revealing moment about the war in Ukraine, Russian President Vladimir Putin’s and deepening US tensions with China. Ukrainian President Volodymyr Zelensky was asked at a press conference in Italy last week …