The Editorial Team |

Standard Chartered Lends Tanzania $1.44 Billion for New Rail

DAR ES SALAM (Capital Markets in Africa) – Standard Chartered Plc will lend Tanzania 3.3 trillion shillings ($1.44 billion) for the construction of a section of a new standard-gauge railway between Morogoro and Makutupora, in the Dodoma region, the Finance Ministry said. The agreement follows a meeting between Finance Minister Philip Mpango and Chief Executive Officer Bill Winters in the commercial capital, Dar es Salaam, the ministry said in an emailed statement. The East African…

Millicom Tanzania Targets IPO as Ownership Dispute Settled

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DAR ES SALAAM (Capital Markets in Africa) – Millicom International Cellular SA’s Tanzanian unit is targeting an initial public offering “in the near future” after a court ruled in the company’s favour in an ownership dispute, Managing Director Simon Karikari said. Tanzania’s Appeal Court ruled in July that Luxembourg-based Millicom was Tigo Tanzania’s rightful owner, dismissing a case by Geneva-based Golden Globe International Services Ltd. and Quality Group Ltd. of Tanzania that laid claim to…

Uganda Social Fund Awards China Railway $110 Million Deal

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KAMPALA (Capital Markets in Africa) – Uganda’s state-controlled pension fund offered China Railway Group Ltd. a $110 million deal to construct a 32-story office tower in the capital, Kampala. Construction will begin next month and will be finished in two to three years, National Social Security Fund Chairman Patrick Byabakama Kaberenge said Tuesday in an interview. The project, which has been stalled for a decade, is part of NSSF’s plans to invest as much as…

Emerging Markets Face Reality Check Amid Turkey, Argentina Woes

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LAGOS (Capital Markets in Africa) – The rally in emerging markets waned as concern over a confidence crisis in places such as Turkey and Argentina reminded investors of the fragile landscape for the developing world. The lira led global losses as a central bank move on overnight borrowing limits failed to bolster investor sentiment. Argentine bonds slumped as the nation asked the International Monetary Fund to speed up payments, underscoring the need to reassure markets that it has enough…

In a Nod to Reforms, Moody’s Raises Egypt Credit Outlook

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CAIRO (Capital Markets in Africa) – Egypt’s credit outlook was raised from stable to positive by Moody’s Investors Service, which cited progress in implementing a program backed by the International Monetary Fund to bolster economic growth and repair public finances. The country’s long-term rating was kept at B3, six levels below investment grade. The positive outlook signals that a downgrade is currently very “unlikely,’’ Moody’s said in a statement late on Tuesday. “The substantial progress…

Italy Denies Reaching Out to ECB for Help on Bond Purchases

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LAGOS (Capital Markets in Africa) – Italian Deputy Prime Minister Luigi Di Maio denied Italy is looking for help from the European Central Bank after a media report suggested that the cabinet in Rome is reaching out to the Frankfurt-based institute for a new round of government-bond purchases. “We are not asking for any help from anyone, as there is no speculative attack” at present against Italy, he told reporters in Cairo on Wednesday during an official visit to…

Emerging-Market Gain Wanes on Trade as Moody’s Cuts Turkey Banks

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LAGOS (Capital Markets in Africa) – The rally in emerging markets lost momentum Tuesday as hopes for a U.S.-China trade breakthrough faded. The lira tumbled as Moody’s Investors Service downgraded several Turkish banks. Stocks pared gains, and the Vanguard FTSE Emerging Markets exchange-traded fund halted a back-to-back surge on speculation that the Trump administration is putting trade negotiations with China on the back burner while focusing first on resolving issues in North America. Every major Latin American currency…

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