The Editorial Team |

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

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…

South Africa’s M&R exits infrastructure sector with $23 million sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Murray and Roberts (M&R) has sold its infrastructure and building business for 314 million rand ($23 million) as part of its drive to focus on projects for the global natural resources sector, it said on Tuesday. The engineering and construction group said in a statement it sold the business to Firefly Investments, which represents a consortium led by Southern Palace Group of Companies Proprietary Limited, a black-owned…

Zimbabwe’s President Mugabe decrees regulations paving way for bond notes

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HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe has side-stepped parliament to issue a decree clearing the way for the introduction of “bond notes” that have raised fears of a return to a domestic currency abandoned in 2009 as hyperinflation crippled the economy. The bond notes are meant to ease biting cash shortages that have gripped the southern African nation since March but have helped fuel anti-government protests in recent months. Mugabe late…

IMF sees Zambia’s 2016 economic growth steady at 3 percent

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LUSAKA (Capital Markets in Africa) – Zambia’s economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh, the International Monetary Fund (IMF) said on Tuesday. The IMF’s forecast was similar to the government’s own growth estimate for 2016. The economy expanded by 2.9 percent in 2015. The IMF Mission Chief to Zambia Tsidi Tsikata said resolute policy action such as the removal of…

South Africa doing well if you strip out growth, Moody’s Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody’s representative said on Tuesday. Moody’s rates South Africa two notches above sub investment grade with a negative outlook and is due to publish its next review in December. Fellow ratings firms S&P’s and Fitch have the country just a step above junk. The three agencies have…

South African rand’s upbeat mood to be short-lived, volatile 2017 expected

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JOHANNESBURG (Reuters) – The South African rand’s gains after fraud charges against the finance minister were dropped will be short-lived, a poll showed, as concerns about possible credit rating downgrades and an African National Congress leadership election weigh. The rand is expected to weaken around 8 percent to 14.65 per dollar in 12 months, according to a Reuters poll taken before prosecutors dropped fraud charges against Pravin Gordhan on Monday. South Africa’s currency broke on…

AfricInvest exits Tunisia’s Cotugrain Hortimag

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TUNIS (Capital Markets in Africa) – AfricInvest, a Pan-African midcap private equity firms, announced that its Maghreb Private Equity Fund II (MPEF II) has successfully sold its 20.06% stake in the Group Cotugrain Hortimag (Cotugrain Hortimag) to a consortium composed of BIAT Capital Risque (the private equity fund of BIAT, a leading private-sector bank in Tunisia) and the company’s owner, Mr. Adel Ghariani. Cotugrain Hortimag is a Tunisia-based leader in the production of seeds, fresh…

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