The Editorial Team |

World Bank Commits $75 Billion for Globe’s Poorest Countries

LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

AB InBev to Sell Stake in Distell to South African Fund PIC

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JOHANNESBURG (Capital Markets in Africa) – Anheuser-Busch InBev NV agreed to sell SABMiller Plc’s stake in South African drinks maker Distell Group Ltd. to Africa’s largest pension administrator, clearing another regulatory hurdle in the brewing industry’s biggest-ever deal. The Public Investment Corp. will buy the 26.4 percent stake in the maker of Amarula liquor and Klipdrift brandy, the Leuven-based company said in a statement Thursday, without disclosing the price. The holding is worth 8.92 billion rand ($640 million), based on…

Angola’s Access to Dollars Dries Up as Foreign Banks Halt Supply

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LUANDA (Capital Markets in Africa) – All foreign banks have stopped providing dollar clearing in Angola, which vies with Nigeria as Africa’s largest crude oil producer, according to court papers filed in South Africa by Standard Bank Group Ltd. A single European bank that had been providing the service, which wasn’t identified in the submission, has pulled out of the country, Standard Bank said in the documents, which were submitted to the Pretoria High Court on Wednesday. The…

Nigeria flags oil output rise ahead of debt deal with majors

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ABUJA (Capital Markets in Africa) – Nigeria’s oil production has risen to close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe Kachikwu said ahead of the expected signing of a deal over repayments of $5.1 billion in debt from joint venture projects. Kachikwu is due to sign the deal later on Thursday with oil majors ExxonMobil, Royal Dutch Shell, Eni and Chevron. Nigeria has struggled with debt to oil majors amid the…

Nigeria cuts size of domestic bond auction as yields rise

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LAGOS (Capital Markets in Africa) – Nigeria sold far fewer bonds than it offered on Wednesday, as investors worried about rising inflation demanded higher yields from a government looking to spend its way out of recession. Africa’s largest economy raised 69.2 billion naira ($227 mln) in bonds maturing in five, 10 and 20 years’ time, less than the 95 billion naira it had wanted. Investors were demanding yields of up to 18 percent for the…

South Africa’s Rand Merchant buys 30 pct stake in UK insurer Hastings

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LONDON (Reuters) – South Africa’s Rand Merchant Investment Holdings ramped up its presence in the British insurance market on Wednesday with the purchase of a 30 percent stake in Hastings, driving the UK firm’s shares to 2-1/2 month highs. Hastings, which listed just over a year ago, has made headway in a competitive sector by focusing on selling motor insurance via price comparison websites. Hastings Investco, the firm’s main shareholder, and other individual shareholders are…

AfDB invests $20 million in Sudan’s water and sanitation project

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SUDAN (Capital Markets in Africa) – In collaboration with the UK Department of International Development (DfID), the African Development Bank (AfDB) concluded a project identification mission to Port Sudan on December 13, 2016. The mission sought to hold discussions with authorities and stakeholders on the possibility for the AfDB to finance the Port Sudan Priority Water and Sanitation (PSPWS) project as part of its joint efforts with DfID to address Port Sudan’s short-, medium- and…

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