The Editorial Team |

Egypt to issue $2 bln in international bonds, roadshow in Nov

CAIRO (Capital Markets in Africa) – Egypt will issue roughly $2 billion in international bonds, less than previously announced, and will begin a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy said on Monday. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that…

Guinea inks $770 mln contract with Chinese firm to develop main port

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CONAKRY (Capital Markets in Africa) – China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea’s government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer. Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure in the eastern zone of the port, providing parking for up to 600 trucks….

Zimbabwe growth to quicken to 4.8 pct in 2017

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HARARE (Capital Markets in Africa) – Zimbabwe expects economic growth to quicken to 4.8 percent in 2017 from 1.2 percent this year on improved agriculture production and higher global commodity prices, the Treasury said in a budget strategy document. The southern African nation is in the throes of its worst financial crisis since it switched its currency for the U.S. dollar, and its plans to introduce local bank notes next month have helped fuel protests…

South Africa: Nisela Capital Purchases GENREC for $13million

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JOHANNESBURG (Capital Markets in Africa) – Nisela Capital, a private equity and advisory firm based in South Africa, has purchased GENREC Engineering from JSE-listed Murry and Roberts Holdings (an engineering and construction group) for R185 million, (approximately about $13.3 million). Murray & Roberts notes that the transaction with Nisela Capital, is still subject to certain conditions precedent and regulatory approvals. The transaction is not classified as a categorised transaction according to section 9 of the…

Ghanaian microfinance institution attracts investment from Goodwell Investment

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ACCRA (Capital Markets in Africa) – Goodwell Investments, through its fund Goodwell MDC III, has invested in Innovative Microfinance Ltd. (IML), a microfinance institution operating in Northern Ghana. The investment will help IML extend its reach with 5 additional branches in the Northern, the Upper East and the Upper West Regions. IML aims to become the leading microfinance organization supporting micro enterprises in these poor, rural areas, where financial inclusion rates are very low. IML…

Ghana govt says revises 2017 GDP forecast down to 7.0-7.4 pct

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ACCRA (Capital Markets in Africa) – Ghana is revising its forecast for gross domestic product growth in 2017 to 7.0-7.4 percent from a previous forecast of above 8 percent, Finance Minister Seth Terkper said on Monday. Government spending remains within targets set by the International Monetary Fund under a three-year programme to stabilize the economy, despite an approaching Dec. 7 presidential election, Terkper told reporters. “Expenditures are within the IMF programme targets …. We are…

World Bank Raises 2017 Oil Price Forecast at $55 per barrel

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LAGOS (Capital Markets in Africa) – The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase than anticipated in July. The…

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