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By Abdul Rahman Suagibu – NEW AFRICA DAILY NEWS, Freetown, Sierra Leone- CAPE VERDE, Board of Directors of the African Development Bank on 16th December, 2019 validated €20 million loan to rejuvenate the private sector’s role in Cape Verde’s economic growth.  This will supplement the second phase of the Private Sector Competitiveness and Local Economic Development Programme (PSC-LED-II).  The programme will extend fiscal 2019 budget support to the government of Cabo Verde as it undertakes reforms to boost domestic productivity and the country’s overall economy. Distinctive developments of PSC-LED-II include promoting the competitiveness environment by means of the relation of a revised commercial companies code, key legislation for judicial insolvency as well as a strategy of...

BY ANIN AGYEI- NEW AFRICA DAILY NEWS, Accra- GHANA, RUMOURED fuel price increment by the National Petroleum Authority (NPA) at the fuel pumps has been halted through the intervention of the President of Ghana, Nana Addo Dankwa Akufo-Addo. The NPA had earlier on Monday morning, December 16, 2019, serve notice directing oil marketing companies to effect a 4 pesewa adjustment in the price of fuel. The development angered a cross-session of Ghanaians notable among them was the Chamber of Petroleum Consumers (COPEC) who issue a threat of legal action against the move by the NPA if the action is not withdrawn. “We have been informed that the President and the Chief of Staff have all intervened and the increment has been withdrawn,” the leader of COPEC, Mr. Duncan Amoah stated. Earlier, Mr....

By Abdul Rahman Suagibu – NEW AFRICA DAILY  NEWS, Freetown, Sierra Leone- ANGOLA,  newest Luaxe Diamond Deposit will commence mining arbitration in the midpoint of next year. And would produce one million carats of diamonds worth $90 million next year according to Alrosia-Diamond Producer. Catoca and Alrosa – Angola’s state controlled diamond miner found Luaxe’s Luele pipe in 2013. In furtherance, Catoca has spent $200 million in studying and developing research has said, the pipe may turn out to be the largest discovery in the industry in sixty-years. ‘’It will be one of the largest deposits in the world’’, Vladimir Marchenko – Alrosa’s Deputy Chief Executive in charge of its Africa Business pronounced to the media. Alrosa’s specialists finished reviewing a sample of Luaxe’s...

By Abdul Rahman Suagibu – NEW AFRICA DAILY NEWS, Freetown, Sierra Leone- FRANCE, The French Development Agency (AFD) is bent on providing $30 Million via the African Guarantee Fund for Small and Medium Sized Enterprises (AGF), in order to accelerate access credit to small and medium sized enterprises (SMEs) throughout Africa. AFD Chief Executive Officer – Mr. Rémy Rioux and AGF Group Chief Executive Officer – Mr. Félix Bikpo, validated a sub participation agreement of $30 million in Paris on 28th November, 2019. The sub participation agreement confirmed between duo, will help to widen the mutual unobstructed action between the two parties, by extension offering AGF with a counter guarantee of $30 million, by making proper utilization of the ARIZ risk-sharing mechanism: a...