South Africa’s Gigaba Calms investor fears pledging accelerated and “inclusive growth” for the Investment Community

South Africa’s Gigaba Calms investor fears pledging accelerated and “inclusive growth” for the Investment Community

JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance minister has sought to allay investor fears over his pledge of “radical economic transformation”, toning down the rhetoric just over a month into the job to talk more of “inclusive growth”. Malusi Gigaba, appointed after President Jacob Zuma sacked his predecessor Pravin Gordhan in a move that rattled markets, has backed Zuma’s aim of redistributing wealth to poor blacks. While investors want the ruling African National…

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Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

LAGOS (Capital Markets in Africa) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday. The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister. The loan facility is…

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South Africa’s finmin Gigaba to take “tough, unpopular choices” to grow economy

South Africa’s finmin Gigaba to take “tough, unpopular choices” to grow economy

JOHANNESBURG (Capital Markets in Africa) – South Africa’s new Finance Minister Malusi Gigaba said on Monday he would pursue “tough and unpopular choices” to oversee economic growth and a redistribution of wealth to the country’s black majority and help grow a flagging economy. Africa’s most industrialised economy faces the risk of being downgraded to junk status owing to weak growth and the political upheavals after it got a reprieve last year. The economy grew by 0.3…

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Zuma’s Night of Long Knives Risks ANC Split, Credit Rating

Zuma’s Night of Long Knives Risks ANC Split, Credit Rating

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma fired Finance Minister Pravin Gordhan and made sweeping changes to his administration in a high-stakes power play that may threaten his own presidency and place the nation’s investment-grade credit rating at risk. Zuma replaced Gordhan, with whom he feuded over state finances, with Home Affairs Minister Malusi Gigaba, who has no financial or business experience. He also named lawmaker Sfiso Buthelezi to take over from Mcebisi Jonas as deputy finance minister. The…

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