The Editorial Team |

Kenya Airways CEO Seeks $500 Million From State to Survive Virus

NAIROBI (Capital Markets in Africa) — Kenya Airways Plc needs at least $500 million to ride out the coronavirus crisis after first-half revenue plunged almost 50%, Chief Executive Officer Allan Kilavuka said in an interview. The carrier, which is 49% state owned, must also be fully nationalized alongside Kenya Airports Authority, which runs the Nairobi hub, under a holding structure similar to that of regional leader Ethiopian Airlines Group, he said. “If we don’t restructure the airline,…

South African Government to Help Fund National Airline’s Rescue

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s government will provide initial funding to cover certain restructuring costs for the country’s insolvent airline, said Minister of Public Enterprises Pravin Gordhan. South African Airways needs about 10.5 billion rand ($650 million) to restart. Funding is needed for workers’ severance packages, to pay creditors and cover operational costs, the minister said in response to questions from Bloomberg News. “The money issue from the government side will be…

Chad Asks to Suspend Payments on Glencore Oil-Backed Loan

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CHAD (Capital Markets in Africa) — Chad asked Glencore Plc to suspend payments on its oil-for-cash loan this year, a move that could prove a precedent for private creditors worried about being dragged into a global debt-relief push for poor countries. After securing a $61 million debt waiver in June, sponsored by the Group of 20, the central African nation sent a letter to the world’s biggest commodity trader and other private lenders, asking them…

China’s Role in African Infrastructure

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LAGOS (Capital Markets in Africa) Chinese companies are unlikely to be challenged in the near term as they dominate Africa’s construction market with a 62% market share, even as the pandemic slows activity. The continent’s infrastructure growth potential could eventually attract European funds, we believe, as new common strategies are developed to provide partial funding and execute civil engineering projects. China’s Belt and Road Initiatives in Africa to Remain in Play Despite shifting financial resources…

Mali Junta Proposes Return to Democracy Within 18 Months

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BAMAKO (Capital Markets in Africa) — Mali’s military leadership on Saturday proposed a return to democracy within 18 months as they wrapped up talks with political parties and civil society leaders following a coup last month. Delegates proposed a transitional council and government led by an interim president, according to a proposal presented Saturday after three days of talks in the capital Bamako. A council appointed by the ruling junta would be charged with naming…

Africa’s Central Banks To Stay on Hold, Await Stimulus Effects

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LAGOS (Capital Markets in Africa) – With emergency stimulus done, for now, central banks across Sub-Saharan Africa (SSA) are likely to hold rates in the coming weeks despite higher inflation. That will allow for the full effects of stimulus measures to take place now that most restrictions have been lifted. The pause reflects their desire to strike a balance between maintaining price stability, reducing exchange-rate pressures, and stimulating the domestic economy. Central banks will continue…

After Two Decades of Rot, Zimbabwe Is Coming Apart at the Seams

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HARARE (Capital Markets in Africa) — In Zimbabwe, pregnant women are left alone in hospitals to give birth, taps have run dry in major urban centers, infrastructure has all but collapsed and more than half the population needs food aid. This is the toll that two decades of economic mismanagement have taken on a nation once considered one of Africa’s shining stars. Promises of an economic revival and more political freedom made by President Emmerson Mnangagwa,…

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