LAST WEEK IN AFRICA: AFC Secures $320M, China Removes Tariffs & Uganda Eyes 7% Growth

AFC Strikes $320 Million Deal for Lobito Corridor Development
Africa Finance Corporation (AFC) is finalizing a $320 million financing agreement with Italy to develop the Lobito Corridor, an essential rail and port infrastructure project in Angola. The corridor is designed to support copper and cobalt exports from Zambia and the Democratic Republic of Congo. With over $1 billion already raised this year, AFC plans to mobilize $2 - 3 billion annually to fast-track transport infrastructure across the continent.

China Eliminates Tariffs on African Exports
In a landmark trade policy shift, China announced the removal of all tariffs on exports from 53 African countries with which it has diplomatic relations. This measure, intended to strengthen China-Africa trade ties, could reduce China's $62 billion trade surplus with the continent (as of 2023). The move is expected to benefit middle-income nations such as South Africa, Egypt, and Nigeria by enhancing their export competitiveness in the Chinese market.

Uganda Projects 7% GDP Growth for 2025/26 Fiscal Year
Uganda’s Finance Minister, Matia Kasaija, stated that the country expects its economy to expand by at least 7% in the 2025/26 fiscal year. This bullish forecast is driven by the anticipated start of crude oil production in 2025, a development expected to significantly boost national revenue. According to the IMF, successful oil output could push Uganda’s GDP growth into double digits in subsequent years.

Jemilat Saad

Junior Economist

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LAST WEEK IN AFRICA: Dollar Alternative Grows, South Africa Inflation Stable & Nigeria’s Prices Ease

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LAST WEEK IN AFRICA: Egypt Cuts Interest Rates, Gold Boosts South African Markets & Uganda Secures $800M For Infrastructure