loan

In a decisive move, the House of Representatives has greenlit President Bola Tinubu's proposal for a substantial external loan totaling $6 billion, primarily designed to address fiscal deficits and support critical infrastructure initiatives. This approval facilitates the federal government’s ability to secure financing from international lenders based in the United Arab Emirates and the United Kingdom. The comprehensive financial package encompasses a significant $5 billion Total Return Swap arrangement with First Abu…

A high-stakes push by European Union leaders at a Brussels summit fell short, leaving Hungarian Prime Minister Viktor Orban’s veto on a €90 billion EU loan for Ukraine firmly in place, officials said. "They tried. They failed," one European official said of the efforts by other EU leaders to convince Mr Orban at a summit in Brussels. The loan was signed off by EU leaders in December, but Mr Orban — who keeps cordial ties with Russia and has clashed with Ukrainian President Volodymyr Zelensky — has stalled its rollout, citing…

BRUSSELS — President Volodymyr Zelensky warned Thursday that Ukraine will have to significantly cut drone production next year — and halt long-range strikes on Russian energy infrastructure — if European Union leaders fail to unlock a first loan backed by frozen Russian assets at a summit in Brussels. Ukraine faces a foreign aid shortfall of €45–50 billion in 2025 and is due to run out of money early next year, Zelensky said. “Without it, there will be a big problem for Ukraine,” he told reporters, adding he would press EU…

EU leaders agreed to provide Ukraine a €90 billion loan to cover looming budget shortfalls after more than a day of talks in Brussels, but they failed to unite behind a plan to tap frozen Russian assets to finance the support. The deal offers Kyiv a financial lifeline as the government braces for a cash crunch expected to hit by April and as U.S. President Donald Trump urges a quick settlement to end Russia’s war. EU chief Antonio Costa announced the outcome on X, saying, “We have a deal. Decision to provide 90 billion euros…

Britain steps in to shore up Jaguar Land Rover — but the fix poses bigger questions After nearly a month of halted production following a crippling cyberattack, Britain is turning to a familiar — if politically sensitive — tool: a government-backed guarantee to unlock private lending for Jaguar Land Rover’s supply chain. The move, announced by the business ministry, aims to steady suppliers and protect jobs in the wake of an industrial shock that has rippled through communities from the West Midlands to Merseyside. What…

 The Somali administration has greenlit a federal budget of $1.34 billion for 2025. This represents a hefty 24.4% uptick from last year’s allocation of $1.079 billion. This financial boost stems from an uptick in local earnings and the need to tackle ongoing expenses, with homegrown revenue expected to hit $429.4 million, up 24% from $346.2 million in 2024.Taking a gander at the 2025 budgets of East African Community (EAC) nations:Kenya: $31.9 billion (up by 3.1% from 2024/25) Uganda: $19.61 billion (a whopping 36% increase)…

A glimpse of the International Monetary Fund's HQ in D.C., U.S., captured on April 8, 2019. Photo credits © REUTERS/Yuri Gripas/File Photo. Inquiries for rights, contact us. Good news from the IMF! The Ethiopian government gets a green light for the $3.4 billion aid package, with $340.7 million unlocked. The folks at the IMF board gave a thumbs-up last Friday for the initial review of the deal. This backing stems from Ethiopia's summer deal, culminating in a four-year financial arrangement. The country's journey towards…

Kenya's telecom titan, Safaricom (SCOM.NR), shared on Tuesday that it secured 15 billion shillings (around $116.73 million) from the second round of a sustainability-oriented loan procured from a coalition of local banks. This telecom heavyweight, partially owned by South Africa's Vodacom (VODJ.J) and Britain's Vodafone (VOD.L), initiated this green loan project last year, netting a comparable sum in its initial phase. The fresh funding will be funneled into various eco-friendly initiatives, notably transforming its…

Kenya’s administration is on the cusp of securing a hefty $1.5 billion loan from the United Arab Emirates at an 8.2% interest rate, aiming to address the financial shortfall plaguing the East African nation, a source in the know told Reuters. "Kenya is broadening its budget support sources," noted the insider, hinting that "the deal is practically in the bag." The finance ministry and central bank of the UAE didn't immediately respond to requests for a statement. Kenya's Finance Minister John Mbadi and top ministry…

The French Authorities and Société Générale have simply concluded an settlement to grant loans of as much as EUR 2 million (greater than FRF 1.3 billion) to small and medium-sized enterprises. Oxygen for these communities which might be going by way of tough occasions. These loans embody the Choose Africa Resilience assure. as…