The Editorial Team |

AfDB Plans $1.1 Billion Loans, Grants to Drought-Hit Countries

South Sudan (Capital Markets in Africa) – The African Development Bank is considering providing $1.1 billion of loans and grants to countries affected by drought and famine. The funding will be discussed at a meeting of the Abidjan, Ivory Coast-based lender’s board on Wednesday, Gabriel Negatu, the bank’s head for East Africa, said in an interview in the Kenyan capital, Nairobi. The money will be provided to war-torn South Sudan, where a famine was declared in February, as well…

If Bond Market Could Decide, Egypt Would Be Set for Upgrade

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CAIRO (Capital Markets in Africa) – With its finances in tatters, a credit upgrade was out of the question for Egypt before it secured an IMF loan agreement. Fast-forward six months, and it’s already won promotion in the bond market. Egypt’s dollar bonds have sprung back this year, driving its borrowing costs to the lowest level since 2015. That has lifted the market perception of Egyptian risk above that of some ratings assessors. The nation’s…

Voter Fatigue May Doom Kenyan Opposition Presidential Nominee

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NAIROBI (Capital Markets in Africa) – Former Kenyan Prime Minister Raila Odinga’s three previous presidential election losses may hamstring his ability to generate enough public enthusiasm to mount a serious challenge to President Uhuru Kenyatta in this year’s election. Less than half of the supporters of the opposition National Super Alliance agree with the choice of Odinga, 72, and former Vice President Kalonzo Musyoka as its flag-bearers, the Nairobi-based Star newspaper reported Friday, citing an Ipsos poll. It’s the same ticket that…

Dangote Cement Profit Rises as Price Gains Offset Lower Volumes

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material and Nigeria’s biggest company, said first-quarter profit rose 34 percent as a price increase offset lower volumes sold and operations on the rest of the continent helped bolster sales. Net income increased to 70.6 billion naira ($220 million) in the three months through March, compared with 52.8 billion naira a year earlier, the Lagos-based company said in a statement on Friday….

Ivory Coast Economy Remains ‘Solid’ Despite Challenges, PM Says

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ABIDJAN (Capital Markets in Africa) – Ivory Coast’s economy is strong despite challenges including a slump in cocoa prices and social unrest, according to Prime Minister Amadou Gon Coulibaly. “The fundamentals of the Ivorian economy are solid, as evidenced by the growth that we’re experiencing,” Coulibaly said in an interview on state TV late Thursday. “But we’re confronted with numerous challenges.” The government of the world’s biggest cocoa producer cut this year’s budget by a 10th…

South Africa Trade Surplus Surges to 11.4 Billion Rand in March

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade surplus more than doubled in March as the exports of mining produce surged. The 11.4 billion-rand ($860 million) surplus compares with February’s revised 4.8 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Friday. The median of six economist estimates compiled by Bloomberg was for a surplus of 6.2 billion rand. Relief on the trade balance eases pressure on the current account, the broadest measure…

Moody’s to Visit South Africa in Coming Weeks, Buthelezi Says

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JOHANNESBURG (Capital Markets in Africa) – A team from Moody’s Investors Service will visit South Africa in the coming weeks after the ratings company put the nation on review for a downgrade early this month, Deputy Finance Minister Sfiso Buthelezi said. The National Treasury has concluded an international roadshow and will give an update on its outcomes at a later date, Buthelezi told reporters in Johannesburg on Friday. Buthelezi was appointed on March 31 as part of a…

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