Iran has extended a 40-million-euro line of credit to Zimbabwe to finance energy, banking and industrial projects in the African country, a diplomatic source says.
The funds would be used to rehabilitate the country's main power station to increase electricity supplies and reduce rationing, the Panafrican news agency quoted Zimbabwe's Ambassador to Iran as saying on Thursday.
Iran gives Zimbabwe 40mn euro credit
BP to drill off coast of Libya
The oil giant BP will start drilling off the Libyan coast soon, amid intense pressure over the company's involvement with the Lockerbie case.
The deep-water drilling will take place in the Gulf of Sirte off the northern coast of Libya within a few weeks, the Financial Times reported on Saturday.
Nigeria, Turkey vow to up trade ties
Nigerian President Goodluck Jonathan and his Turkish counterpart Abdullah Gul have vowed to expand economic cooperation between their countries.
On the sidelines of a summit of the Group of Eight Developing Countries (D8) in Abuja, the two leaders held trade talks to pave the way for further joint investments.
World Cup boosts S Africa economy
The World Cup is boosting business confidence in South Africa despite a gloomy global outlook for Africa's biggest economy. Some analysts say they expect the football tournament to yield long-term benefits. One South African industry in particular has been quick to capitalise on the tournament as Al Jazeera's Haru Mutasa reports.
China, Nigeria Sign $8 bn deal
China signs a deal with Nigeria to construct a refinery in the commercial hub of Lagos, worth eight billion dollars.
Nigeria is undersupplied in fuel and electricity despite being one of the world's largest oil producers. Rampant corruption is hampering the functioning of the country's refineries, with most of them malfunctioning.
Nike launches South Africa football training centre
Nike's invested millions of dollars into building a state of the art football training centre based in the township of Soweto near Johannesburg. The idea is to offer 20000 young footballers a year training and advice to develop their talents at the same time as testing and education into HIV and AIDS. Al Jazeera's Louise Potter reports from Johannesburg.
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