The Editorial Team |

Nigerian Central Bank Keeps Key Policy Rate Unchanged at 14%

LAGOS (Capital Markets in Africa) – Nigeria left its benchmark interest rate unchanged for a fourth consecutive meeting to balance lifting the economy out of its worst slump in 25 years with fighting inflation that’s at almost double the government’s target. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of all 17 economists surveyed by Bloomberg. While inflation in Africa’s…

Morocco’s central bank keeps interest rate at 2.25%

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RABAT (Capital Markets in Africa) – Morocco’s central bank maintained its key monetary policy rate at 2.25 percent and raised its forecast for inflation and growth slightly this year due to improved domestic demand and a rise in imported inflation. The Bank Al-Maghrib (BAM), which cut its rate by 25 basis points a year ago in response to declining inflation, added monetary conditions tightened slightly last year due to an appreciation of the real effective…

Tanzania gets $2.4 bln infrastructure projects loan from World Bank

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DAR AS SALAAM (Capital Markets in Africa) – The World Bank will lend Tanzania $2.4 billion over the next three years to finance infrastructure projects, the bank’s president Jim Yong Kim said on Monday. Tanzania is seeking to finance for infrastructure projects as part of its plans to transforming the country into a regional transport and trade hub. “Tanzania will be able to access an estimated $2.4 billion in concessional financing, an increase of half a…

Kenya says has drawn down $800 mln syndicated loan

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NAIROBI (Capital Markets in Africa) – Kenya has signed an $800 million syndicated loan with four international lenders and the government has already drawn down the sum, a senior Treasury official said on Monday President Uhuru Kenyatta, who faces re-election in August, has raised borrowing since taking power in April 2013. Last week, he dismissed criticism of the higher borrowing, saying it was funding development in the East African nation. In January, the Nairobi government…

Egypt’s CIB completes $40 mln sale of investment banking unit

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CAIRO (Capital Markets in Africa) – Egypt’s largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million). Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It…

Nigerian central bank head urges cooperation on monetary, fiscal policy

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LAGOS (Capital Markets in Africa) – Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday. OPEC…

Anglo’s Billionaire Investor Puts Mining on Cusp of M&A Era

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal’s surprise move into Anglo American Plc suggests the mining industry may be on the cusp of a new wave of deals. For years, Anglo has been the subject of takeover speculation and during the worst of the commodities crisis, it seemed on the verge of a breakup. It spent last year getting back on firmer footing, but the 2 billion pound ($2.4 billion) investment by one-time Anglo suitor Agarwal has sparked…

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