South Africa agreed to sell a majority stake in the country’s grounded national carrier to a local jet-leasing company and private-equity firm, ridding the government of an entity that has long been a drain on state finances, Bloomberg News reported. A consortium comprised of Johannesburg-based Global Airways, which owns recently launched domestic airline Lift, and private-equity firm Harith General Partners will take a 51% shareholding in South African Airways, Public Enterprises Minister Pravin Gordhan said on Friday. The government will retain a minority stake.

South Africa’s government is set to announce that it has found a strategic equity partner for state-owned carrier South African Airways, Bloomberg News reported. Details of the announcement are expected on Friday morning. Public Enterprises Minister Pravin Gordhan was scheduled to brief the media on the matter Thursday, before postponing to the following day. The expected announcement comes about six weeks after the airline emerged from lengthy bankruptcy proceedings, having reduced its workforce by almost 80% and cut liabilities.

South Africa’s official unemployment rate rose to a new high in the first quarter as the construction and trade industries shed jobs, Bloomberg News reported. The jobless rate rose to 32.6% from 32.5% in the three months through December, Statistics South Africa said Tuesday in a report released in the capital, Pretoria. That’s the highest number on record. Unemployment according to the expanded definition, which includes people who were available for work but not looking for a job, rose to 43.2% from 42.6% the previous quarter.

Eskom Holdings SOC Ltd., the beleaguered South African state power utility, reduced its debt by almost a fifth after repaying matured loans and benefiting from a more favorable exchange rate, Public Enterprises Minister Pravin Gordhan said, Bloomberg News reported. Debt fell to 401 billion rand ($29 billion) at the end of March, from 484 billion rand a year earlier, Gordhan said in a webcast speech to lawmakers on Tuesday. The utility has yet to release its financial results for the year.

Offshore drilling rig contractor Maersk Drilling said on Thursday it saw some signs of market recovery as it reported that orders in the first quarter were at the highest level in more than three years, Reuters reported. The company, which had already on Wednesday lifted its 2021 earnings guidance, said it added $730 million in new contracts in the first quarter, including a $370 million contract awarded by Tullow off Ghana. That was the highest level of new contracts since the fourth quarter of 2017. Maersk Drilling's shares, which have risen 40% this year, rose 2% on Thursday.

Sudan got assurances billions of dollars of external debt will be canceled after the clearing of its arrears with the International Monetary Fund, a boost for the impoverished African country emerging from decades of dictatorship, Bloomberg News reported. France, Germany and Norway were among countries signaling their readiness to forgo repayment at a Monday conference in Paris that showcased Sudan’s return to the international community.

Sudan’s leaders are in Paris to drum up international investment as they try to slash the country’s $60 billion of debt, a vital step in turning around a ravaged economy, Bloomberg News reported. France is offering a $1.5 billion bridge loan that will help clear Sudan’s arrears with the International Monetary Fund, Finance Minister Bruno Le Maire told a business forum Monday. President Emmanuel Macron later in the day opened a conference to support Sudan attended by its Prime Minister Abdalla Hamdok and dozens of other Sudanese officials.

Sasol Ltd. agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt, Bloomberg News reported. The deal rounds out an accelerated asset-sale program that has helped Sasol reduce borrowings that ballooned amid cost overruns at a giant U.S. chemicals project and call off a proposed $2 billion share sale. The company started hunting for a buyer for its pipeline shares last year as it examined ways to bolster its finances amid mounting pressure from creditors.

CDC Group, the U.K. government’s development investment arm, is taking a step to help bridge what it estimates is a funding gap of as much as $31 billion that Africa’s agriculture and food industry faces each year, Bloomberg News reported. The 73-year-old institution is channeling $100 million to small-holder African farmers through export and trading company ETG, and is seeking other partners to help it deploy more capital to the sector.