- The central bank of Mozambique has reported a rise in the level of debt owed by county’s private sector.
A reported by the Bank of Mozambique said the financial sector was owned US$168 million in the first quarter of this year by the private sector.
However, the Bank of Mozambique said in its analysis that most of the debt register was as a result of requests for credit by the retail sector in foreign currency. The Bank, according to local reports, also listed the sector to have taken at least 25.2 percent of total credit, while industry recorded 17.9 percent and private activities took 17.4 percent.
The bank of Mozambique said that the expansion of private sector debt in the period had been due to both requests for loans in foreign currency - around US$52 million - and a rise in loans in local currency, reports said.
“The agricultural and tourism industry sectors in the first quarter posted a drop in loans of around 3.6 and 6 percentage points, respectively, against the same period of 2008,” local reports quoted the central bank document.
Reports further said the central bank’s document puts the private sector’s debts to banks operating in Mozambique, at an estimated figure of around US$1.852 billion.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.