Debt Archives - Gambeta News

THE POOR ARE GETTING POORER IN THIS COVID ERA AS CHAD STRUGGLES WITH DEBTS

Posted on February 8, 2021February 8, 2021 by Gambeta News

Chad has requested that a “common framework” be set up between the Paris Club and the G20 for the treatment of debt. These donors will probably extend the moratorium enjoyed by some fifty countries, mostly African, until the end of 2021. This is the first initiative of its kind under the “common framework” set up in 2020 between the G20 – under Saudi chairmanship – and the Paris Club to address the insolvency risks of the…

KENYA TO BORROW US$ 4.1 BILLION FOR EXPANSION OF ECONOMY

Posted on October 14, 2019 by Gambeta News

Kenyan Lawmakers set to borrow funds but is that the right thing for the nation economy?? Kenyan lawmakers has given the green light for the country to borrow US$4.1 billion (422 billion shillings) from external lenders. This fund will help the nation in term of expanding its economy by increasing public investment in infrastructure, manufacturing, education, health and energy. During their met, they also approved the National Treasury’s proposed debt limit of 9 trillion shillings….

GHANA GOVERNMENT TO RELEASE FUND FOR OUTSTANDING ROAD DEBT

Posted on May 13, 2019 by Gambeta News

Outstanding Road debt set to be paid after fund collaboration between Ministry of Roads and Highways and Ghana Cocoa Board. Plans are in motion from Ghana Government to release US$1billion to pay debt for road construction. This was announced by the Minister of Roads and Highways, Kwasi Amoako-Attah during a three-day strategic management workshop. During the event ‘Ghana Beyond Aid: Strategies for sustainable investment and road asset preservation’, the minister said funding for road project…

ETHIOPIA SIGNS BILLION DOLLAR ENERGY INVESTMENT

Posted on April 29, 2019 by Gambeta News

Ethiopia’s indebtedness to China grows following energy investment Following a meeting with State Grid Corporation of China, PM Abiy Ahmed oversaw the signing of a US$1.8 billion investment agreement which covers provision of electric power transmission and distribution lines. The project will supply power for up to 16 industrial parks; the Addis Ababa to Djibouti 2nd railway line and for different cities in the country. This agreement will facilitate not only uninterrupted power supply but…

CHINA FUNDS KENYA’S DATA CENTRE AND HIGHWAY WITH US$666m

Posted on April 29, 2019April 29, 2019 by Gambeta News

Kenya’s data centre and highway gets US$666m China funding. A data centre and highway in Kenya have received 67.5 billion shillings (US$666 million) as funding from China. The funds were issued at Beijing where Kenya’s President Uhuru Kenyatta attended the second Belt and Road Forum. President Uhuru Kenyatta today witnessed the signing of two project delivery agreements totalling to Sh 67.5 billion through concessional financing and Public Private Partnership (PPP).#KenyaChinaRelations pic.twitter.com/jbHT9WsMF4 — State House Kenya…

CHINA ANNOUNCES PART CANCELLATION OF MOZAMBIQUE’S DEBT

Posted on October 30, 2017 by Gambeta News

China forgives part of Mozambique’s debt During a ceremony in Maputo, where Mozambique’s Deputy Foreign Minister Nyeleti Mondlane and the Chinese ambassador, Su Jian, signed various economic and technical cooperation agreements, it was announced that the interest on Chinese loans that should have been paid by the end of this year by Mozambique which amounted to 239.26 million yuans (about 36 million US dollars, at current exchange rates), have been pardoned. According to Mondlane, the debt cancellation was of…

DANGOTE CEMENT CONSIDERS ISSUING EURO BONDS

Posted on October 20, 2017 by Gambeta News

Dangote Cement is considering issuing Euro bonds in other to raise funds for its short term debts. According to the Chief Financial Officer (CFO), Brian Egan, Dangote cement is considering issuing Euro bonds or a local debt issue in other to raise funds for its debt. The company is planning to move away from its N389 billion debt of which 70% is on short term facility and from its parent company Dangote Industries Limited. The company is considering Euro…

Guinea Bissau reduces debt by 90%

Posted on October 4, 2017October 4, 2017 by Gambeta News

Support from ASLF helps Guinea Bissau reduce debt to Export-Import Bank of China (Exim Bank) by 90%. The African Legal Support Facility (ALSF) assisted the Guinea Bissau Government during an outstanding debt negotiation with China’s Export-Import Bank (Exim Bank) in Singapore. This assistance resulted to a series of settlement and debt-restructuring that saw both parties (i.e Guinea Bissau and Exim Bank) agreeing to a 90% reduction in the outstanding debt obligation. This reduction which have saved…