Economy -
  • SBIT opens branch in Niger
    18 march 2004 23:36:00
    Niamey- Niger (PANA) -- Acting Prime Minister Sabiou Dadi Gaoh officially opened the Niger branch of the Sahel-Saharan Bank for Investment and Trade (SBIT) here Wednesday, in the presence of the Secretary General of the Community of Sahel-Saharan States (CENSAD), Mohamed El Madani. Full text...

  • Depositors panic as banks collapse in Zimbabwe
    18 march 2004 22:50:00
    Harare- Zimbabwe (PANA) -- Depositors in Zimbabwe swarmed banks Thursday to withdraw their money, after the collapse of several banks. Full text...

  • Mali, donors to discuss poverty reduction strategy
    18 march 2004 22:34:00
    Bamako- Mali (PANA) -- A Malian delegation led by Prime Minister Hamed Mohamed Hamani would on 30 and 31 March meet with donor representatives in Geneva, Switzerland in a roundtable discussion on the country's Poverty Reduction Strategy Paper (PRSP), official sources affirmed here Thursday. Full text...

  • Air Seychelles suspends flights to Comoros
    18 march 2004 22:13:00
    Saint-Denis- Reunion (PANA) -- Air Seychelles said Thursday it was suspending its weekly links to Comoros and Mayotte starting 6 April, partly due to the harsh competition from Reunion's Air Austral. Full text...

  • Morocco, Peru sign cooperation agreement
    18 march 2004 22:03:00
    Rabat- Morocco (PANA) -- Morocco and Peru have signed a framework agreement for cooperation on tourism development, aimed at increasing the flow of tourists between the two countries and promoting a better knowledge of Moroccan and Peruvian culture. Full text...

  • WTO director general expected in Benin
    18 march 2004 21:52:00
    Cotonou- Benin (PANA) -- World Trade Organisation (WTO) director general Supachai Panitchpakdi begins a working visit to Benin on 22 March, officials said here Thursday. Full text...

  • Insurgency wreaks havoc on Ivorian economy
    18 march 2004 21:43:00
    Abidjan- Cote d'Ivoire (PANA) -- Finance and the Economy minister Bohoun Bouabre conceded here this week that Cote d'Ivoire has since the insurgency that broke out on 19 September 2002 lost 6. Full text...

  • Madarail stakes on fuel transportation in Madagascar
    18 march 2004 21:18:00
    Antananarivo- Madagascar (PANA) -- Madarail company, which revamped Madagascar's national rail network has indicated plans to transport at least 50 percent of petroleum products imported into the country, averaging 150,000 cubic metre per year. Full text...

  • US treasury under-secretary in Niger
    18 march 2004 21:08:00
    Niamey- Niger (PANA) -- US treasury under-secretary in charge of international affairs John Taylor arrived here Thursday to begin a two-day working visit to inspect World Bank-funded projects in Niger. Full text...

  • AFESD funds water supply in Nouakchott
    18 march 2004 20:48:00
    Nouakchott- Mauritania (PANA) -- The Arab Fund for Economic and Social Development (AFESD) has granted Mauritania a loan of 100 million US dollars to finance potable water supply to the capital from River Senegal. Full text...

  • Mozambique seizes two pirate boats
    18 march 2004 20:46:00
    Maputo- Mozambique (PANA) -- Mozambican inspectors have impounded two pirate fishing boats, one Chinese and one Indonesian caught plundering marine resources near the Indian Ocean coast of Sofala, according to a report on Mozambican Television (TVM). Full text...

  • Mozambique to process its own tobacco by 2005
    18 march 2004 19:48:00
    Maputo- Mozambique (PANA) -- With effect from 2005, tobacco locally-grown in Mozambique will be processed in the western province of Tete instead of being exported to Malawi for that purpose, a senior official has affirmed here. Full text...

  • Mozambique cuts down diesel prices
    18 march 2004 19:18:00
    Maputo- Mozambque (PANA) -- Mozambique's mineral resources and energy ministry on Thursday announced a 4. Full text...

  • Kenyan pipeline to spend US$15 million on security
    18 march 2004 19:08:00
    Nairobi- Kenya (PANA) -- Kenya Pipeline Corporation is planning an ambitious computerisation plan to the seal off loopholes through which vandals occasion losses of 12 million Shilling to the company annually. Full text...

  • Accra hosts West African summit Friday
    18 march 2004 18:52:00
    Accra- Ghana (PANA) -- Heads of State and Government from the Economic Community of West African States (ECOWAS) assemble in Accra on Friday for a Summit that would also be attended by World Bank president James D Wolfensohn. Full text...

  • Kenya organises investment conference next week
    18 march 2004 18:09:00
    Nairobi- Kenya (PANA) -- An international conference opens here next Tuesday to show-case Kenya as an investment destination, two cabinet ministers have announced. Full text...

  • Kenya seeks renegotiation of Nile Treaty
    18 march 2004 16:23:00
    Nairobi- Kenya (PANA) -- Vice President Moody Awori of Kenya Thursday underscored the need to revise the colonial-era pact which continues to bar many riparian countries from using waters of the Nile River. Full text...

  • Arab Monetary Fund reaffirms support for Mauritania
    18 march 2004 15:37:00
    Nouakchott- Mauritania (PANA) -- The Arab Monetary Fund (AMF) stands ready to back Mauritania's poverty alleviation programme, the Mauritanian News Agency reported here Thursday quoting the visiting chairman of AMF board, Jassem El Mennai. Full text...

  • Mauritania treats 200,000 ha infested by locusts
    18 march 2004 13:49:00
    Nouakchott- Mauritania (PANA) -- Mauritania's Rural Development and Environment Minister, Ahmed Ould Ahmedou has confirmed that the services in charge of combating migratory locusts have treated 200,000 hectares of the 500,000 hectares of land infested by the pests. Full text...

  • Zimbabwe bank pulls out of Zambia
    18 march 2004 12:46:00
    Harare- Zimbabwe (PANA) -- A Zimbabwean bank Thursday said it had pulled out of Zambia, after shareholders of a local bank in which it holds a 25 percent stake refused to give it majority shares. Full text...

  • Uganda apex bank issues third bond
    18 march 2004 11:42:00
    Kampala- Uganda (PANA) -- Bank of Uganda (BOU), the country's apex bank, Thursday issued a five-year bond valued at 20 billion shillings (about US$10. Full text...

  • Norway seeks investment in Nigerian oil sector
    18 march 2004 10:45:00
    Abuja- Nigeria (PANA) -- A 13-member Norwegian parliamentary standing committee on energy and environment has indicated the country's interest in investing in Nigeria's oil and gas sector. Full text...

  • Malawi conglomerate to list in South Africa, Botswana
    17 march 2004 22:49:00
    Blantyre- Malawi (PANA) -- Malawi's largest conglomerate, Press Corporation Limited (PCL) has indicated plans to list on the Botswana Stock Exchange and the Johannesburg Stock Exchange with a view to accessing regional and international capital markets. Full text...

  • Ugandan farmers gleeful over drop in vanilla scarcity
    17 march 2004 20:52:00
    Kampala- Uganda (PANA) -- With prices set to rise in the wake of production drops in Madagascar, which is the world's leading producer of vanilla, elated Ugandan growers are rubbing their fingers ahead of the next harvest in early July. Full text...

  • SBIT inaugurates Burkinabe branch
    17 march 2004 20:09:00
    Ouagadougou- Burkina Faso (PANA) -- The Burkinabe branch of the Sahel-Saharan Trade and Investment Bank (SBIC) was officially inaugurated here on Tuesday, with Prime Minster Paramanga Ernest Yonli chairing the function. Full text...

  • Bank of Mozambique ready to finance micro-projects
    17 march 2004 19:56:00
    Maputo- Mozambique (PANA) -- Bank of Mozambique governor Adriano Maleiane told parliament here Wednesday that US$12 million is now available to finance institutions willing to provide micro-credit services in remote rural areas. Full text...

  • Kenya tightens conditions for fixed line phone operators
    17 march 2004 19:52:00
    Nairobi- Kenya (PANA) -- The Communication Commission of Kenya (CCK) has issued new conditions to five multinational companies bidding for the country's second national fixed line telephone operator. Full text...

  • Nouakchott runs short on fuel supplies
    17 march 2004 18:55:00
    Nouakchott- Mauritania (PANA) -- Motorists formed long queues at filling stations here Wednesday, as the Mauritanian capital remained in grip of a protracted fuel scarcity stretching way back last month. Full text...

  • Seven new hotels announced in Morocco
    17 march 2004 18:43:00
    Rabat- Morocco (PANA) -- The Moroccan subsidiary of the French Accor Group specialised in the hotel business has indicated it was investing 30 million euro in a project to open seven new hotels in Morocco next year. Full text...

  • Ivorian sugar industry in jeopardy
    17 march 2004 18:26:00
    Abidjan- Cote d'Ivoire (PANA) -- The sugar industry in Cote d'Ivoire, especially the two major sugar plants in the north of the country is in jeopardy, the National Union of Ivorian Sugar Industry Workers (SYNATSUCI) conceded here Tuesday at the close of a seminar. Full text...

  • Fuel prices shoot up again in Malawi
    17 march 2004 15:07:00
    Blantyre- Malawi (PANA) -- Authorities here Wednesday blamed price fluctuations on the international oil market for another increase in the pump prices of fuel in Malawi, the second in three months. Full text...

  • SA bank joins Malawian consortium in telecoms deal
    17 march 2004 12:53:00
    Blantyre- Malawi (PANA) -- The Development Bank of South Africa (DBSA) has joined a consortium led by Malawi's largest conglomerate, the Press Corporation Limited (PCL), to buy the Malawi Telecommunications Limited (MTL), as a financier. Full text...

  • Malaysian group to invest $200 million in Nigeria
    17 march 2004 12:24:00
    Lagos- Nigeria (PANA) -- A Malaysian group has indicated interest in investing about $200 million in the maritime sector of the Nigerian economy, according to Precious Sekibo, Nigeria's Minister of State for Transport. Full text...

  • Nigeria reaps fortune from high oil prices
    17 march 2004 10:46:00
    Lagos- Nigeria (PANA) -- The increasing price of crude oil in the international market has translated into good fortune for Nigeria, as the country realised $573. Full text...

  • African ministers focus role of trade in development
    17 march 2004 10:02:00
    Addis Ababa- Ethiopia (PANA) -- Mainstreaming Trade Policy in National Development Strategies will be the theme of this year's sessions of the UN Economic Commission for Africa (ECA) and the annual conference of African Finance, Planning and Economic Development ministers scheduled 18-22 May in Kampala, Uganda, the ECA announced Wednesday. Full text...

  • BSIC opens branch in Dakar
    16 march 2004 22:02:00
    Dakar- Senegal (PANA) -- The African Bank for Development and Trade (BSIC) mooted by the Community of Sahel-Saharan States (CEN-SAD) has opened a branch in Dakar with a start-up capital of 2,000 million CFA francs. Full text...

  • Japan writes off Uganda's debt of US$57.2 million
    16 march 2004 17:49:00
    Kampala- Uganda (PANA) -- Uganda's current debt burden of over four billion dollars grew a little lighter after Japan cancelled US$57. Full text...

  • Africa energy week holds in Abuja March
    16 march 2004 17:15:00
    Abuja- Nigeria (PANA) -- The 2004 Africa Energy Week congress and exhibitions convene in Nigeria's capital city of Abuja 22-26 March, organisers said here Tuesday. Full text...

  • Nigerian Senate passes 2004 budget
    16 march 2004 16:39:00
    Lagos- Nigeria (PANA) -- Nigeria's upper legislative chamber, the Senate, Tuesday passed the 2004 Appropriation bill, reducing the budget from 1. Full text...

  • Uganda runs risk of losing AGOA status
    16 march 2004 16:39:00
    Kampala- Uganda (PANA) -- Uganda's non-compliance with international labour laws and standards could jeopardise the East African nation's status under the US African Growth Opportunities Act (AGOA), international trade unionists have warned. Full text...

  • World Bank chief executive arrives Nigeria Wednesday
    16 march 2004 14:50:00
    Lagos- Nigeria (PANA) -- World Bank president James Wolfensohn is expected to arrive in Abuja Wednesday at the start of a three-day visit to Nigeria, bank officials said in the Nigerian capital Tuesday. Full text...

  • Kenyan meat processing plant goes on line June
    16 march 2004 13:39:00
    Nairobi- Kenya (PANA) -- A meat processing plant owned by the Kenya Meat Commission (KMC) is expected to resume operations by June this year after a decade of dormancy, Livestock Development minister Joseph Munyao announced here Tuesday. Full text...

  • WTO seeks to step up trade regulations in Africa
    16 march 2004 09:41:00
    Tunis- Tunisia (PANA) -- World Trade Organisation (WTO) deputy director general Kipkorir Aly Azad Rana arrived here Monday on a three-day working visit to pursue multilateral discussions on the results of the Doha Conference. Full text...

  • Annual inflation rate drops in Zimbabwe
    16 march 2004 08:20:00
    Harare- Zimbabwe (PANA) -- Year-on-year inflation in Zimbabwe dropped 20. Full text...

  • IMF team arrives in Zimbabwe
    16 march 2004 08:08:00
    Harare- Zimbabwe (PANA) -- A team of International Monetary Fund (IMF) officials arrived in Zimbabwe Tuesday for talks with the government on the economy and longstanding debt arrears. Full text...

  • WB opens centre for North African, Mideast studies
    15 march 2004 22:58:00
    Paris- France (PANA) -- A centre for the exchange and transfer of knowledge on North Africa and the Middle East (MENA) was opened Monday in Marseilles, southern France by the World Bank. Full text...

  • HFC sustains grip on Ghanaian bourse
    15 march 2004 19:21:00
    Accra- Ghana (PANA) -- Huge investor interest in the shares of Home Finance Company (HFC) catapulted its share price Monday to 8,600 cedis, registering a 600-cedi gain over last Friday's close. Full text...

  • Mozambique, Rwanda build co-operation mechanisms
    15 march 2004 19:18:00
    Maputo- Mozambique (PANA) -- Mozambican President Joaquim Chissano and his visiting Rwandan counterpart Paul Kagame expressed in Maputo on Monday a strong desire on both sides to establish co- operation mechanisms in different areas, including agriculture, health, science and technology, energy, and tourism, among others. Full text...

  • World Bank chief executive due in Accra
    15 march 2004 19:13:00
    Accra- Ghana (PANA) -- World Bank president James D Wolfensohn is due here next Friday for a three-day official visit to Ghana, in the course of which he take part in a summit meeting of the Economic Community of West African States (ECOWAS). Full text...

  • US Treasury official winds up Kigali trip
    15 march 2004 18:59:00
    Kigali- Rwanda (PANA) -- US Under Secretary for International Affairs John Taylor wound up a two-day visit here Monday evening after assessing progress in projects in Rwanda financed by the World Bank. Full text...

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