The Editorial Team |

Egypt’s current account hits deficit of $2.9 bln in Oct-Dec quarter

CAIRO (Reuters) – Egypt’s current account deficit widened to $2.9 billion in the three months to December from $1.4 billion in the same period the previous year, according to Reuters calculations. The deficit stood at $4.3 billion in the first half of the fiscal year which began on July 1, compared with a deficit of $866 million in the same period a year before, the central bank said on Thursday. The deficit was driven by…

What can $300 billion buy in Egypt? A new capital or a pipedream

Posted on by The Editorial Team

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

IMF puts Tanzania’s economic growth above 7 pct in 2014

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s gross domestic product expanded by more than 7 percent in 2014, with falling oil prices expected to further buoy the economy this year, the International Monetary Fund said on Thursday. The IMF despite a strong growth outlook for 2015, the east African nation must keep a tight rein on public spending due to revenue collection shortfalls and a reduction in financial aid. Donors have withheld more than three-quarters of…

MOPCO in talks to hire financial advisor for IPO

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State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

African Market Watch: Wed, 18th March 2015

Posted on by The Editorial Team

BRVM [he Regional Stock Exchange, Cote d’Ivoire]: BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index gained 0.27% to close at 268.47pts and BRVM Composite index gained 0.04% to 264.32pts against 264.21pts previously. The equity market capitalization was recorded at XOF 6 522.15 billion, Likewise, the traded value was recorded at XOF 812.95 million and total volumes recorded at 150 410 shares in 157…

Senegal to issue $500 mln to $1 bln in international bonds

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DAKAR, March 18 (Reuters) – Senegal plans to issue between $500 million and $1 billion in debt in international markets this year starting from June to cover its budget needs, an economic adviser to President Macky Sall said on Wednesday. Mamadou Fall Kane said the West African country’s government was concerned by the strength of the dollar and would use currency swaps to hedge its exposure on dollar-denominated debt. Senegal, a member of the eight-nation…

Tanzania to get $380 mln loans from India for water projects

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania will receive a total of $380 million in loans from India to finance two major water projects in the east African nation, the president’s office said on Tuesday. India’s government has offered $100 million to improve water supply in the commercial capital Dar es Salaam and $280 million to help supply water from Lake Victoria to Tabora, Nzega and Igunga towns, the presidency said in a statement. Earlier this…

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