NAMIBIA
Lending rate held at 5.5%
Namibia’s central bank kept its main lending rate unchanged at 5.5 percent for the seventh consecutive time yesterday, saying economic growth was expected to continue this year, while inflation would remain at sustainable levels. In a statement posted on its website, the Bank of Namibia said growth this year was expected to be supported by the sustained rapid pace of construction and mining, as well as strong growth in consumer demand. “The performance of the Namibian economy remained broadly satisfactory during the first two months of 2014. Looking ahead, prospects for 2014 are encouraging,” said the bank, which raised its growth prediction for this year to 5.3 percent from 5 percent forecast in February. – Reuters
EAST AFRICA
Adviser sought for $4bn railway
Tanzania, Rwanda and Burundi are looking for an adviser to help them secure financing for a $4.13 billion (R43.4bn) railway project aimed at boosting cross-border trade. The line will link Tanzania’s port city of Dar es Salaam with the capital cities of landlocked Rwanda and Burundi. The Tanzanian transport ministry said the adviser would be required to assist the three governments in structuring the joint infrastructure deal, including investment options, marketing and providing risk advice. The deadline to submit bids is August 21. Tanzanian President Jakaya Kikwete said last week that the country planned to invest in new transport links to become a regional transport hub. – Reuters
ZIMBABWE
Shares decline for a sixth day
Zimbabwe stocks fell for a sixth day yesterday to the lowest since January last year as a slump in consumer spending cut company profits and uncertainty over government policy lingered. The Zimbabwe industrial index declined 1.5 percent yesterday, Harare-based brokerage IH Securities said. That extended losses this year to 18 percent, exceeding a 5 percent drop in Nigeria’s benchmark equities gauge. “There’s the obvious liquidity crunch that we see demonstrated in poor company results,” Lloyd Mlotshwa, an analyst at IH Securities, said. “Then foreign investors haven’t seen any policy change since the elections.” Delta, the country’s biggest brewer, said last week that lager sales fell 26 percent in the first quarter. Consumer spending slid about 30 percent in February, the finance ministry said on April 7. – Bloomberg