Business and economy: Top news headlines from across Africa on November 03, 2016

Kenya’s private sector fell to a four-month low of 52 in October from 53.5 posted in September, signaling a slowdown in private sector growth, and was close to the record low seen in June (51.5). This is according to Stanbic Bank Purchasing Managers’ Index (PMI™) data released on Thursday.

South Africa’s rand held firm against the dollar on Thursday, trading at 13.4200 per dollar by 1548 GMT, a 0.5% gain over Wednesday’s close of 13.4900, buoyed by a court ruling that reaffirmed the judiciary’s independence and eased investors’ worries about political interference in running state institutions.

Tanzania: Construction of an over TZS 600bn water project to cater for an industry boom in Mtwara Region is scheduled to start this financial year, the government affirmed on Tuesday 1 November, reports the Tanzania Daily News. China will finance the project through a soft loan.

Egypt has devalued its currency by 48 percent, meeting an important demand set by the International Monetary Fund (IMF) in exchange for a $13bn loan over three years to overhaul the country’s economy.

Nigeria: The African Development Bank (AfDB) has approved $600 million loan as the first tranche of a one-billion-dollar budget support to help finance Nigeria’s economic governance, diversification and competitiveness programme.