The pace of the world's second largest economy, China, in the post-pandemic period is slowing as Beijing tries to reduce corporate debt especially in real estate, the favorite investment vehicle for Chinese families. For the past ten years, China has advocated an economic model based on domestic consumption at the expense of exports and...
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Mozambique: Oxford Economics says $200M write-off does not guarantee sustainable debt
The consultancy Oxford Economics Africa has considered that the pardon of $200 million of Mozambique's debt by Credit Suisse, in the context of hidden debts, is positive, but insufficient to put the debt on a sustainable trajectory. "While Credit Suisse's agreement to forgive some of the debt is positive for Mozambique, 200 million...
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G20 mobilizes $100 billion from the IMF for Africa
Overall it is about $100 billion that G20 countries have pledged to channel to African countries to address the crisis caused by the Covid-19 pandemic. "We welcome the recent pledges of donations amounting to about $45 billion as a step towards...
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November 1, 2021November 1, 2021Latest, National, Social Responsibility, Living
Mozambican writer creates cultural center worth literary prize
The young Mozambican writer Otildo Guido (23) created a cultural center in Inharrime district, in Inhambane province, with the value of the Fernando Leite Couto Literary Award in partnership with the City Council of Óbidos (Portugal), so that the local population can have access to literature. Guido said he decided to invest in...
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Afreximbank increases its capital by $6.5 billion
The African Export-Import Bank (Afreximbank) recently announced that it will inject $6.5 billion into its capital in order to expand its capacity to provide development services to Africa's recently pandemic-stricken economies. "This is a historic moment for the Bank; it represents a great opportunity to deepen the...
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ENI announces three new oil and gas discoveries in Egypt
Italian oil and gas multinational ENI, announced last week the discovery of three new oil and gas deposits in the Meleiha and southwest Meleiha concessions in Egypt's Western Desert. A note from Egypt's oil ministry confirmed the new discoveries, revealing that the deposits contain about 50...
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Africa: Agricultural production could fall by 80% by 2050, says IFAD study
Climate change is having huge impacts on the world and especially on the African continent. A study by the International Fund for Agricultural Development (IFAD) says that in African countries agricultural production could drop by 80% by 2050 due, to climate change. The IFAD report proves that if no changes are made in agricultural practices or policies...
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November 1, 2021November 1, 2021Latest, World, Technology & Innovation
Mayyan, the search engine that exalts Africa
The Senegalese-Malian entrepreneur Moussa Touré recently launched a search engine for development projects on the African continent called Mayyan. The platform, launched last year, funds projects through users' searches, and thus aims to make each user participate in the continent's development. "With 20 surveys and...
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November 1, 2021November 1, 2021Latest, National, Social Responsibility, Living
Nokia will plant trees in Mozambique for every smartphone sold
The Finnish company HMD Global, which develops cell phones under the Nokia brand, recently announced that it will plant a tree in Mozambique or Madagascar for every smartphone sold. This is a new initiative from Nokia, in partnership with Ecologi, called "Lets Plant Together" which commits to plant new trees at the same rate...
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South Africa extends military presence in Mozambique for another three months
South African President Cyril Ramaphosa has confirmed that the 1,495 military personnel deployed to Mozambique as part of the Southern African Development Community (SAMIM) mission will remain there for another three months.