The Editorial Team |

Mozambique searches for options to stabilize debt

MAPUTO (Capital Markets in Africa) – Mozambique will take “all necessary steps” to put its debt on a sustainable path in order to qualify for a resumption of International Monetary Fund aid, the country’s Finance Ministry said. The government wants its creditors — which include bondholders and other lenders — to organize into a single committee to start negotiations about debt restructuring, the ministry said in an e-mailed statement Thursday, responding to earlier reports that it…

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

Egypt’s longer suspension of capital gains tax will spur more investment

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CAIRO (Reuters) – The head of Egypt’s stock exchange said on Wednesday the decision to extend the suspension of capital gains tax on shares will attract investment and boost IPOs in the market. Egypt’s Supreme Investment Council opted on Tuesday to prolong for three years a freeze of a 10 percent tax on gains from shares first imposed in July 2014 as part of moves to replenish depleted state coffers. Egyptian blue chip shares rose on…

Sell Pressure on Large Cap Stocks Drags Nigerian Share Index Lower

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LAGOS (Capital Markets in Africa) – The Nigerian All Share Index recorded a loss at the end of trading today, shedding 11bps to close at 27,223.08 points on account of sell pressure on large cap stocks. Price depreciation in ETI (-4.9%), NIGERIAN BREWERIES (-0.7%), GUARANTY (-0.8%) and TOTAL (-3.6%) dragged market performance. Accordingly, investors lost N10.1bn as market capitalization trimmed to N9.4tn. Activity level was mixed as volume traded improved 8.5% to 202.7m units while…

Liberia Seeks $1.3 Billion to Revive Economy

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MONROVIA (Capital Markets in Africa) – Liberia will need $1.3 billion to revive an economy that was ravaged by a slump in its key export commodities and the worst-ever Ebola epidemic, Finance and Development Planning Minister Boima Kamara said. The West African nation will invest in energy projects to spur its manufacturing sector while prioritizing agriculture after economic expansion almost came to a standstill over the past three years, Kamara said in an interview in the capital, Monrovia….

Scatec Solar and Norfund sign Power Purchase Agreement for Mozambique’s Solar Plant

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MAPUTO (Capital Markets in Africa) – Scatec Solar and Norfund have signed the Power Purchase Agreement securing the sale of solar power over a 25 year period to the state owned utility Electricidade de Mozambique (EDM). The agreement was signed at a ceremony in Maputo yesterday in the presence of the Norwegian Minister of Foreign Affairs, Mr Børge Brende, the Mozambican Minister of Mineral Resources and Energy, Mrs Letícia Klemens as well as Dr Mateus…

Nigerian Senate rejects Buhari’s plan to borrow $30 billion abroad

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LAGOS (Capital Markets in Africa) – Nigeria’s Senate rejected President Muhammadu Buhari’s plan for foreign borrowing of $30 billion through 2018 on technical grounds, without debating it. In a letter presented to the Senate last week, President Buhari said he planned to use $11.3 billion of the funds for government projects and programs and $10.7 billion for “special national infrastructure projects.” As a result, Buhari asked the Senate to immediately approve $575 million that the World Bank pledged in loans…

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