The Editorial Team |

Uganda gets $151 mln loan from African Development Bank for toll road

KAMPALA (Capital Markets in Africa) – Uganda will expand a major road linking its capital Kampala with Rwanda after signing a deal on Thursday for a $151 million loan from the African Development Bank (AfDB). The 40-year loan will partly finance a new 23 km, 4-lane toll road to help de-congest traffic on an existing road, the finance ministry and AfDB said, adding the government would fund the remainder of the $192 million project. In recent…

Actis sells remaining stake in Umeme via capital markets offering

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Actis, a leading growth markets investor, today announced a full exit of its remaining 14.3% stake in Uganda’s principal electricity distribution and supply business, Umeme Ltd, via the Ugandan and Kenyan capital markets. Actis originally invested in Umeme when it was privatised in 2005 and has now fully exited its stake following a planned phasing of the process. In November 2012, UHL sold 39.9% of its stake in Umeme…

Benin Seeks to Spend $15 Billion Next 5 Years to Boost Economy

Posted on by The Editorial Team

PORT-NOVO (Capital Markets in Africa) – Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, an amount that the government seeks to raise by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund…

Flour Mills, Nigeria benefits from Dollar Scarcity

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the U.S. currency buy more food products locally. “Everyone is trying to see how to source locally and that is good’’ for Nigerian farmers and processors, Managing Director Paul Gbededo said in a Dec. 16 interview at the company’s corporate headquarters in Lagos,…

President Buhari Faces Spreading Opposition as Nigerian Economy Slumps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Yusuf Rabiu went door-to-door urging people in the northern Nigerian city of Kano to vote for President Muhammadu Buhari in last year’s elections. Now he’s regretting his decision. “We expected him to solve our economic problems,” Rabiu, a 36-year-old hat seller, said at the city’s Kurmi market as a group of friends nodded in agreement. “I didn’t know voting for him would mean more hunger, more suffering.” After ending the 16-year reign…

South African Bank Stocks Beating Rivals May Find 2017 Tougher

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa was a bright spot for banks on the continent in 2016, with stocks shrugging off the nation’s economic woes to head for the third-best performance in the past decade. Next year the picture may not be as rosy. The nation’s banks index rose 25 percent this year as rate increases boosted lending income, commodities rose and the rand rebounded. In Nigeria, 15 banks fell 33 percent on average and 11…

Gambia’s Jammeh Rebukes Regional Leaders for Opposition Support

Posted on by The Editorial Team

BANJUL (Capital Markets in Africa) – Gambian President Yahya Jammeh said he will refuse a request from regional leaders to step down after losing this month’s election to opposition leader Adama Barrow, describing the intervention from neighboring heads of states as unacceptable interference. Leaders of the Economic Community of West African States pledged last weekend to take all the necessary measures to ensure that Barrow’s victory will stand and undertook to attend his inauguration in January when the incumbent’s term…

« 1 … 768 769 770 771 772 … 1,073 »