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AfDB Calls For Bridging Of Africa’s Capital, Bankable Projects

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AfDB Calls For Bridging Of Africa's Capital, Bankable Projects

The Africa Development Bank (AfDB) says there is the need to bridge the gap between Africa’s available capital and bankable projects since it requires between 600 and billion dollars annually for development.

AfDB’s “African Economic Outlook 2018’’, financing Africa’s development report notes that out of the said amount, between 130 billion dollars and 170 billion dollars was needed for infrastructure yearly.

The AfDB, however, said it was working with other multilateral development partners and stakeholders to tackle the continent’s massive infrastructure and development needs.

To this end, the bank said it had concluded plans to organise its First Africa Investment Forum (AIF).

The bank said that the Forum, an innovative investment market place would bring together project sponsors, pension funds, Sovereign Wealth Funds, private investors, and policy makers.

According to the bank, the Forum will also bring together private equity firms, and heads of governments to raise capital to advance Africa’s economic transformation agenda.

It said that the Forum would be 100 per cent transaction-based, with focus on structuring deals, screening and enhancing projects, as well as attracting co-investors.

The bank noted that the Forum, scheduled to hold between Nov. 7 and Nov. 9, in Johannesburg, would also facilitate transactions to unlock Africa’s multi-billion dollar investment opportunities.

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Tunisia’s Parliament Approves New 2019 Budget With No New Taxes

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Tunisia's Parliament Approves New 2019 Budget With No New Taxes

Tunisia’s parliament has approved a 2019 budget imposing no new taxes on individuals and easing the burden on some sectors after years of tax hikes that have stoked public anger and at times violent protests.

The budget, adopted by 113 votes out of 217, projected a fall in the deficit to 3.9 percent of the gross domestic product next year, from about 5 percent expected this year.

Prime minister Youssef Chahed said earlier this year that 2018 would be the last difficult year for Tunisians, but his government remains under pressure from the international monetary fund to trim the budget deficit by cutting subsidies and reforming the bloated public sector.

Budget analysts expect Tunisia’s economy to grow by 3.1 percent next year, up from an estimated 2.6 percent this year.

The government will cut taxes in half next year to thirteen and a half percent for companies operating in sectors including technology, textiles, engineering, and pharmaceuticals.

Taxes on bank profits were raised from 35 to 40 percent.

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Experts Support Trade Multilateralism

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Experts Support Trade Multilateralism

Several experts from different countries have voiced their support for multilateralism in trade.  They particularly pointed to china’s actions to promote cooperation based on win-win results.

Sanusha Naidu, a foreign policy analyst based in South Africa, said the recent G-20 summit has told the world the significance of multilateralism in trade which has played an active role for the global economy.

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African News

Saudi Arabia To Invest 100m Euros In Africa’s Sahel Region

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Saudi Arabia To Invest 100m Euros In Africa's Sahel Region

Saudi Arabia has pledged 100 million euros  to support priority investment programs in Africa’s Sahel region.

Saudi’s state minister for African affairs Ahmed Qattan made the announcement at a donors meeting for the five-member Sahel group, held in the Mauritanian capital Nouakchott. The other countries making up the Sahel group are Burkina Faso, Chad, Mali and Niger.

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