File Photo/Somali Times Somalia has secured a $4.5 billion debt write-off from global lenders, marking the culmination of a decade-long process of negotiations and reforms. Read: Somalia’s corruption is widespread throughout the regime The nation, which is just settling into the East African Community (EAC) after its admission two weeks ago, has been exempted from

Michael Jordan. Photo: wikimedia commons/Bryan Horowitz By Face2Face Africa NBA legend Michael Jordan has fallen out of the list of 1,000 richest billionaires despite his staggering net worth of $3 billion. He joined the exclusive list in October following the sale of his controlling stake in the Charlotte Hornets, a professional basketball team, valued at

Mozambique President Filipe Jacinto Nyusi addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. Photographer Eduardo Munoz/File Photo By Reuters Mozambique has approved an ambitious new energy transition plan until 2050, hoping to attract investments of some $80 billion to boost renewable energy capacity and increase electricity

By Reuters Kenya’s President William Ruto said on Thursday the government was poised to privatise 35 state companies and was looking at a further 100 firms after enacting a law last month to cut down on bureaucracy. Kenya last privatised a state-owned company in 2008 when it issued an IPO for 25% of the shares

By Reuters The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country’s strained finances. The bank said in a statement that the total amount was subject to the approval of its executive directors and other factors

People shop on Oxford Street in London, Britain April 10, 2023. Photographer Anna Gordon/File Photo By Reuters British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday, in a new warning sign for the economy. Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline

Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. Picture taken December 12, 2021. Photographer Ahmed Yosri/File Photo By Reuters The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. Photographer Toby Melville/File Photo By Reuters UK stocks inched lower on Monday led by a drop in shares of real estate investment trusts, while investors awaited key economic data to assess the strength of the British economy. The

Kenya’s National Treasury and Economic Planning Prof Njuguna Ndung’u (C), Rwanda Central Bank Governor John Rwangombwa (R) and looking on, South Sudan Finance and Economic Planning Minister,Dier Tong Ngor during the East Africa Constituency Ministers and Governors Meeting at IMF Headquarters in Washington DC, USA on April 15, 2023. Photo/Pool By The East African The

Signage of the World Bank. Photo/Pool By Business Daily Africa The size of Kenya’s debt from the World Bank crossed Ksh1.5 trillion ($9.99 billion) in June on increased disbursements and depreciation of the shilling. Fresh data published by the Central Bank of Kenya shows Kenya’s outstanding loan to the multilateral lender stood at Ksh1.57 trillion