Nasr Automotive partners China’s Dongfeng for reconstruction of its factory to produce electric cars

EGYPT – Nasr Automotive Manufacturing Company, of the Ministry of Public Enterprise, has signed two agreements with China’s Dongfeng Motor Corporation to reconstruct its factory to produce the first electric car in Egypt. In a press conference, El Nasr Automotive CEO and Managing Director Hany El Kholy said that the first electric vehicle will be produced in Egypt at the beginning of 2022. El Kholy said that the percentage of local components in Egyptian electric vehicles will reach 58%. He added that El Nasr has contracted with the Chinese company…

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China’s LONGi solar appoints Maryzad to be distributor and partner in Africa

EGYPT – LONGi, a Chinese manufacturer of photovoltaics and a developer of solar projects, has announced the appointment of Maryzad, a Saudi-Egyptian company founded in 2012, as a new major distributor and partner, leveraging its strengths in the field of solar, alternative and renewable energy as it expands its presence in Africa. Water requirements in Egypt have grown over recent years due to an increase in population, improving living standards and agricultural expansion, agriculture currently accounting for the largest share of the country’s total water consumption. “Solar energy is the…

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China extends ban on Ethiopian Airlines flights till end of the year

ETHIOPIA – China has extended the ban on Ethiopian Airlines flight from Addis Ababa to Shanghai Pudong until the end of 2020, citing the increased number of passengers on the flights who have tested positive for COVID-19. In August this year, Ethiopian Airlines received its first temporary suspension after six people tested positive for the virus. However, the ban lasted only one week, and China has now enforced the second ban after five passengers on flight ET684 on 6th October 2020 tested positive for the virus. On 13th October, another…

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IMF to give Angola $6.2 billion 3-year debt relief.

ANGOLA – The International Monetary Fund (IMF) has revealed that Angola will receive $6.2 billion in debt relief over the next three years following agreements lined up with three of its major creditors. According to a report, the IMF mentioned that although Angola’s debt is sustainable, significant vulnerabilities remain while “debt dynamics are highly sensitive to further oil-price volatility.” The government, however, said that it would further seek debt relief as much as possible. In a lettered comment, the government said, “to the extent that unforeseen risks to achieving the medium-term…

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AFD and TDB partners to open US$150m line credit to finance infrastructure in East Africa

AFRICA – The French Development Agency (AFD), a public financial institution, has recently signed a partnership with the Trade and Development Bank (TDB) of Eastern and Southern Africa, a commercial bank owned by the member states of the Common Market for Eastern and Southern Africa (COMESA), the World Bank and China. The two development banks have just signed an agreement to open a US$150 million line of credit to finance the construction of sustainable infrastructure in East Africa. The agreement was initiated by Admassu Tadesse, Chairman and CEO of the…

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China opens first African cocoa trading center to meet rising demand

GHANA – An African cocoa trading center has been opened in Hunan Province, Central China to connect the world’s leading cocoa producing region to China’s fast-growing appetite for chocolate. The marketing center, according to CGTN Africa, will start by selling cocoa mainly from Ghana before bringing in products from more African countries. “I am confident that every tasty chocolate enjoyed in China has some quantity of Ghana’s premium cocoa as part of its ingredients,” said Edward Boateng, Ghana’s ambassador to China, adding that the West African country is working with the Asian…

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Kunlum agrees to sell popular social app Grindr for US$608m

CHINA – Chinese gaming company Beijing Kunlun Tech Co Ltd has said that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, to San Vicente Acquisition LLC for about $608.5 million. Based in West Hollywood, California, Grindr has over 4.5 million daily active users, and describes itself as the world’s largest social networking app for gay, bisexual, transgender and queer people. The app, originally developed in Los Angeles, raised national security concerns after it was acquired by Beijing Kunlun in 2016 for $93…

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Coronavirus exposes Nigeria’s reliance on China, spells doom for an already strained economy

NIGERIA – The raging Coronavirus has ravaged economies through out the world, the worst hit being China which has been forced to effect far-reaching containment measures that have not only hurt its economies but those of others that rely on China for exports and imports. Nigeria is among some of the major economies in Africa that heavily rely on China and it is expected to be among the worst hit in the continent. According to a Punch Nigeria report, China accounts for around a quarter of Nigerian imports, greasing much…

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Coronavirus disrupts world trade, wipes US$50bn off global exports- UNCTAD

GLOBAL – The slowdown of manufacturing in China due to the Coronavirus (COVID19) outbreak is disrupting world trade and could result in a $50 billion decrease in exports across global value chains, according to new UNCTAD estimates. UNCTAD (the UN Conference on Trade and Development) attributes this decline partly to the virus containment measures in China – where the outbreak emerged in late December. The UN body says that these measures have already caused a “substantial decline in output” and as a result adversely affecting global trade. Those worst hit…

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Royal Air Maroc’s new Casablanca-Beijing Flight to improve ties between Morocco and China

Royal Air Maroc

MOROCCO – The newly launched Casablanca-Beijing flight by Morocco’s national air carrier, Royal Air Maroc is expected to improve trade and diplomatic ties between the Maghreb country and its Asian counterpart. A Royal Air Maroc plane has already made the first nonstop flight between Morocco and China, taking off from Casablanca Mohammed V International Airport on Thursday, January 16, at 5 pm, and landing at Beijing Daxing International Airport on Friday at 11:55 am (local time). On board the 13-hour-long RAM flight to China was a large delegation of Moroccan…

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