The Editorial Team |

Mozambique MPs Back State Guarantees for Previously Hidden Debt

MAPUTO (Capital Markets in Africa)- Mozambique’s parliament ratified a law that provides state guarantees for previously hidden loans of two state-owned companies that sparked a debt crisis in one of the world’s poorest countries. Lawmakers from the ruling Front for the Liberation of Mozambique approved the state accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique Asset Management took out in the prior two years. Opposition members left the…

Nigeria Senator Says Work on 2017 Budget Stalled by Police Raid

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the…

Nigeria’s Buhari Seeks Approval of $7 Billion Borrowing Plan

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari asked lawmakers to approve a plan for the government to borrow $7 billion through 2018 from abroad to develop railroads and support an economic recovery. The Export-Import Bank of China approved $6 billion of loans for railroad projects, including $3.5 billion to build a line connecting the commercial capital, Lagos, with the south eastern city of Calabar, according to a letter from Buhari to the lawmakers, which Bloomberg saw…

South Africa’s Nuclear Plans Stall as Process Ruled Unlawful

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa hasn’t complied with the constitution in seeking bidders for a nuclear-energy program and must cancel any deals that have already been signed, the Western Cape High Court ruled. The government must hold public hearings and debate the estimated 1 trillion-rand ($76 billion) program in Parliament, according to a ruling read out on Wednesday by Judge Lee Bozalek in a case brought by civil-society groups Earthlife Africa and…

World’s Deepest Devaluation Makes Egypt Assets RenCap’s Top Pick

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt is reaping the rewards of a painful devaluation. The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital Ltd.’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows. The…

Ivory Coast Said to Plan $1 Billion Eurobond Sale by End of July

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. The government is negotiating to sell bonds with 10-year maturity and the sale will probably happen in June or July, according to the people, who asked not to be…

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country. The restaurants are scheduled to begin serving in the capital, Addis Ababa, by November, franchisee Aschalew Belay said in an interview Monday. Aschalew’s company, Belayab Foods and Franchise, will run the local outlets of the Yum! Brands Inc. pizzeria and will have invested $5.5 million…

« 1 … 702 703 704 705 706 … 1,077 »