The Editorial Team |

Egypt Moves to End State Monopoly of Natural Gas Market

CAIRO (Capital Markets in Africa) – Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas market to competition. It also allows for the eventual import of natural…

Fitch affirms African Development Bank at ‘AAA’; outlook stable

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ABIDJAN (Capital Markets in Africa) – Fitch Ratings has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook and Short- Term IDR at ‘F1+’. The ‘AAA’ rating primarily reflects extraordinary support from AfDB’s shareholders, assessed by Fitch at ‘aaa’, which provides a three-notch uplift over the bank’s intrinsic rating. AfDB enjoys strong support from its 80 member states, which include 26 non-African countries with high average ratings….

Top-Performing Arab Economy Balks at Currency Float on Egypt

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CAIRO (Capital Markets in Africa) – In five decades of importing steel wires, Zahar Benmoussa’s company never worried about currency risks — until Morocco announced plans to float the dirham. “For the first time in our history, we started to hedge” in the currency market, said Benmoussa, managing director at Casablanca-based Grillages Marocains. Across Morocco, fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in its reserves in…

Ethiopia’s credit profile balances high growth and low debt costs against range of challenges

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s B1 rating and stable outlook reflects its strengths, including high growth levels and low debt-servicing costs, set against challenges such as high inflation, low per capita income, low foreign exchange reserves and a weak institutional framework, Moody’s Investors Service says in an annual report today. The report, “Government of Ethiopia – B1 Stable, Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report…

Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

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NAIROBI (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the East African Development Bank’s (EADB or the bank) Baa3 long-term issuer rating and maintained the stable outlook. EADB is a regional multilateral bank that serves the East African Community (EAC) with the aim of promoting sustainable socio-economic development as well as the regional integration of its shareholder member states: Uganda (B2 stable), Kenya (B1 stable), Tanzania (unrated) and Rwanda (B2 stable). It…

Nigerian All-Share Index Drops 2.71%, Biggest since 1 June 2016

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the second day, dropping 2.71 percent, or 998.59 to 35,866.12. The move was the biggest since falling 2.75 percent on June 1, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 5 percent. Cement Co. Northern Nigeria Plc decreased 9.7 percent, the biggest loss. Dangote Sugar Refinery Plc rose 10…

Congo Regulator to Open Up $500 Million Insurance Industry

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s insurance regulator is preparing to open up an industry for the first time that could be worth as much as $500 million a year to investors. The newly created Insurance Regulatory Authority, known by the French acronym ARCA, received interest from at least 16 companies after requesting letters of intent in June, Managing Director Eric Mboma said, declining to identify individual firms. It will seek…

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