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The Pan-African Economy in Brief: Saturday, January 23, 2021

Cameroon:
Record increase in bank loans in the third quarter of 2020:
During the months of August and September 2020, credits granted by Cameroonian commercial banks to the private sector increased by 54% and 50.5% respectively, according to information shared by the Institute of International Finance (IFF) with the Ecofin agency. These are the strongest monthly increases for this indicator since the data were analyzed, i.e. January 2017. At the same time, we note that in 2020, banks' commitments to the non-financial public sector increased by 1.7%. This is the largest increase since 2014. Also, outstanding commitments to general government in the balance sheet of commercial banks reached 18% in 2020, its highest level since 2014 as well.

Senegal:
FAR will sell its 15% interest in Sangomar oil to Woodside:
By blocking potential buyers of FAR's shares in Sangomar through its right of first refusal, Woodside is in a strong position to acquire them. It has just made an offer to FAR. The agreement is expected to be concluded at FAR's shareholders' meeting next month.

Kenya:
Loon, an Alphabet subsidiary, puts an end to its Internet balloon project:
Loon's stratospheric balloon Internet access service in Kenya, initiated in July 2020, is coming to an end. This is the result of the termination of the global project by the American company Loon, a Google sister company. Alastair Westgarth, Loon's CEO, announced it on Friday, January 22 in a message published on medium.com. "Although we have found a number of willing partners along the way, we haven't found a way to reduce costs enough to create a long-term sustainable business. Developing radical new technology is inherently risky," said Alastair Westgarth.