The risk of transporting goods between the Democratic Republic of the Congo (DRC) and Zambia is set to reduce as work starts on a dry port at the border crossing between the two countries. Commissioning of construction of a $300m dry port at Kasumbalesa border post, on the DRC and Zambia border, has taken place and construction is expected to…
The World Bank Group’s Pandemic Emergency Financing Facility (PEF) has given its first financial commitment, approving a $12m grant towards the current Ebola response in the Democratic Republic of the Congo (DRC). The grant will support the surge in activities of the DRC government and international responders outlined under the approved three-month $56.8m Ebola response plan, released by the DRC…
Fitch Ratings has affirmed Cameroon’s long-term foreign-currency Issuer Default Rating (IDR) at B with a stable outlook, despite concerns about its political stability. It said Cameroon’s B ratings balance a low GDP per capita of $1,410 and weak business environment and governance indicators, against sustained economic growth and macroeconomic stability provided by membership of the Central African Economic and Monetary…
Republic of the Congo President Denis Nguesso has pledged that the country – which has suffered badly during the oil price collapse – will no longer sit on the sidelines and has applied for membership of the Organization of Petroleum Exporting Countries (OPEC). NJ Ayuk, CEO of Centurion Law Firm, said that in January, officials from Congo announced the country’s…
Looking in more depth at the Central African Economic and Monetary Community (CEMAC), a report from Fitch Ratings suggests there will be no breakup of the currency zone or devaluation of the CFA franc against the euro, thanks to strengthening of its external buffers in 2017. But, Fitch warns, the region remains vulnerable to any renewed decline in oil prices,…
The World Bank has approved a $25m International Development Association grant for the Central African Republic, to support its efforts to re-establish basic fiscal management and transparency and achieve economic recovery in the country. The Second State Consolidation Development Program is structured around two pillars: 1) Re-establishing basic fiscal management and transparency, which will help boost fiscal revenue, improve wage bill management,…
The Central African Economic and Monetary Community (CEMAC) remains vulnerable to a drop in oil prices although it has strengthened its external buffers, according to a new report from Fitch Ratings. It found international reserves appear to have bottomed out in June 2017, supported by International Monetary Fund (IMF) disbursements, fiscal adjustments and import contraction. Fitch adds that the regional…
Risk managers should be aware of strengthening trade links between South Africa and the Democratic Republic of Congo (DRC), after the two states committed to remove hurdles that hinder business interactions. At an Investment and Trade Initiative seminar, organised by the Department of Trade and Industry, South African Consul General in Lubumbashi, Andrew Maswanganye, said it is important for both…
The Central African Republic is performing “satisfactorily” with its International Monetary Fund (IMF) arrangement. The IMF has just released a second interim report on the deal, with Mitsuhiro Furusawa, deputy managing director and acting chair of the executive board at the IMF, saying: “Performance under the programme has been satisfactory despite the challenging security environment. “Along with ongoing efforts to…
A system to trace legal and conflict-free artisanal gold in the Democratic Republic of Congo (DRC) has been successfully launched to give more integrity to the supply chain out of the country. The Just Gold project began as a pilot in Ituri Province in 2015, but has now moved from the pilot stage, having proven a successful chain of custody…