Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

The Sahelo-Saharan Bank mobilizes CFAF 640 million to finance the activities of PME-PMI which are fighting against Covid-19

BSIC has set up a financial mechanism to support small and medium-sized businesses whose activities contribute to the fight against Covid-19. The 643 million FCFA available will be allocated to the projects of 28 SMEs-SMIs in the 14 countries where the bank is located.

The Sahelo-Saharan Bank mobilizes CFAF 640 million to finance the activities of PME-PMI which are fighting against Covid-19

The BSIC (Sahelo Saharan Bank for Investment and Trade) is launching a call for projects aiming to support SMEs-SMIs and micro-enterprises oriented towards the production of equipment or accessories intended for the prevention and fight against the pandemic of Covid-19.

In detail, the announcement targets young entrepreneurs in the group’s 14 countries, including Togo. It will finance 2 projects per country, up to 35,000 euros (about 23 million FCFA) per project.




The financial institution based in the Togolese capital will support 28 projects, with total funding of around CFAF 643 million, which will have to be granted on flexible terms.

Applications for this announcement must reach the headquarters of the Togo branch in Lomé no later than Friday, July 24.