IMF and ratings companies had warned that the country’s debt burden is becoming excessive.
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The sector’s potential for national development and wealth creation have not been harnessed.
The IMF projected a rate of GDP growth of around 4-5 percent in the medium term, should current policies continue.
The acquisition is also part of a strategic shift towards areas that offer the most demand, including flour milling in West Africa
More than one-quarter of people under 25 are unemployed, and many Algerians work in the country’s vast informal sector.
A $150 million external loan is expected to be sourced from the African Development Bank for use on rural electrification projects
The two countries make up 50 per cent of total trade on the African continent.
The airline was also forced to divest operations in Tanzania, its home market, after battling tough trading conditions there.
Africa, has about 50 listed refining projects, and if completed, would add nearly 5mb/d of new refining capacity to the continent.
According to official statements, $500million will be deposited in the country’s Central Bank. The rest of the funding will be delivered in food