African Development Bank grants $218 million loan to Namibia, what you need to know

WINDHOEK (Reuters) – Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget deficit, the finance ministry said on Thursday.

The southern African nation’s economy contracted in the final two quarters of 2017, and by 0.1 percent in the first quarter OF 2018. Its credit rating was cut to subinvestment late last year by Fitch over concerns of a deteriorating fiscal position.

Reporting by Nyasha Nyaungwa; Writing by Mfuneko Toyana; Editing by James Macharia

Related Content

The Day After COVID-19: Overcoming the Novel Coronavirus double jeopardy in Central Africa

Amidst the suffering and the havoc caused by COVID-19, we witnessed the best of mankind. Former enemies forgot old quarrels and came together for the common good, some sanctions were waived for humanitarian reasons and fighting stopped temporarily.

“Broad is the road that leads to destruction,” bleak words in a bleak budget from Tito Mboweni.

"Enter through the narrow gate for wide is the gate and broad is the road that leads to destruction and many find it. The narrow road is the one that leads to life and few can find it

S&P gives AfDB AAA Rating.

“The stable outlook reflects our expectation that, over the next two years, AfDB will prudently manage its capital while maintaining solid levels of high-quality liquidity assets and robust funding,” S&P Global said in a statement.

AfDB boosts Nigeria’s COVID-19 fight with $288.5mn

As Nigeria continues the grapple with the COVID-19 shock, Africa’s largest economy has received a new boost of $288.5 million from the African Development Bank to help reduce the impact of the pandemic on people and businesses. This comes as the bank recently concluded its country strategy paper for Nigeria for the next 4 years. Ebrima Faal, Senior Director of the Nigeria Country Department, of the African Development Bank joins CNBC Africa’s Kenneth Igbomor to share more details on the bank’s plan and strategy for Nigeria.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Rwanda, USAID sign over $643.8 mn deal to support trans-formative development

Rwanda has signed a financing agreement with the USAID worth about $643.8 million to support Rwanda’s development efforts in the next five years. Moreover, Rwanda Convention Bureau announced the reopening of meetings and conferences. Edwin Ashimwe, Journalist with The New times joins CNBC Africa for more.

How COVID-19 is reshaping Kenya’s education system

On the continent, there has been an increased awareness of the impact of cultural practices on educational achievement that has challenged the education systems. In Kenya, the government is investing in all forms of education; however, experts have noted that for the rise of automation and technological advancements to be effective, an updated skill set is required. Ayub Odida, Researcher at ACAL Consulting joins CNBC Africa for more.

Old Mutual appoints new CEO

“We are delighted at Iain’s appointment. Over the last year, Iain has worked to steer Old Mutual through some significant leadership and operational challenges, demonstrating resilience and an acute sense of business acumen aligned to the Group’s values, purpose, and strategy. On behalf of the Board, we wish to thank him for his contribution during this time. We are confident that he will continue to galvanise the organisation around the delivery of its strategy and purpose and we look forward to working with him in this regard,” says Old Mutual Chairperson, Trevor Manuel.

The African entrepreneur who made it by streaming sweet music to the locked down.

LUANDA (Reuters) - When the Angolan government imposed its coronavirus lockdown in late March, local entrepreneur and innovator Claudio Kiala saw a...

Partner Content

Sanlam launches urgent job-preservation initiative in response to COVID-19

Sanlam Investments is responding to the COVID-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to...

Is Market Volatility Here For The Foreseeable Future?

Content provided by CompareForexBrokers Prior to understanding why market volatility might be here to stay for the foreseeable future,...

Trending Now

Zimbabwe’s Landela agrees to buy state-owned gold mines, seeks more assets

HARARE (Reuters) - Zimbabwe’s Landela Mining Venture has reached agreements to take over and revive four idle state-owned gold mines and is...

How Zimbabwe farmers will be trained how to farm with a scheme from Belarus with love

When the farm invasions were unleashed by the people in power in 2000, it led to bloodshed and random confiscation that reaped a bitter harvest of lost production and exports that persists until this day. That year with all of its fumbling fury fuelled with the idea that to get rich you merely had to own a farm, is always seen as a turning point for the industry. It created a large slice of the country’s GDP and as it fell, so did the fortunes of Zimbabwe.

South Africa’s National Treasury says “no further action” to bailout SAA airline

CAPE TOWN (Reuters) - South Africa’s National Treasury said on Friday there was “no further action” planned to bailout struggling national airline...

Fitch expresses doubt over SA’s debt consolidation plans

Just last week finance minister Tito Mboweni outlined the emergency budget to nurse South Africa through the Covid-19 crisis. A big part of this budget was a plan for South Africa to get its debt under control within four years. Fitch Ratings, the agency that downgraded South Africa in April doubts whether South Africa can do this. CNBC Africa’s Chris Bishop spoke to Jan Friederich, Senior Director of Fitch Ratings for more.
- Advertisement -