The Editorial Team |

IMF says Mozambique president to cooperate on debt audit

MAPUTO, Capital Markets in Africa: The president of Mozambique on Thursday pledged to work with the International Monetary Fund on the terms of an international audit of its public debt, the IMF said in a statement. President Filipe Nyusi met with IMF Managing Director Christine Lagarde in Washington, where Nyusi visted to try to reassure international institutions and investors over a debt scandal involving more than $2 billion in secret loans that came to light…

Moody’s Puts 5 South African State Firms on Downgrade Review

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Johannesburg, Capital Markets in Africa: Moody’s Investors Service has placed five South African state-owned companies on review for a downgrade due to concerns about governance and the political environment. The foreign currency long-term issuer ratings of Eskom Holdings SOC Ltd., the Development Bank of Southern Africa, Industrial Development Corp., the South African National Roads Agency Ltd. and the Land and Agricultural Development Bank were all placed on review for downgrade, the rating company said in separate statements Wednesday. Eskom’s rating…

Zambia’s Lungu Appoints Felix Mutati as His Finance Minister

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LUSAKA, Capital Markets in Africa: Zambian President Edgar Lungu named part of his new cabinet, nominating accountant and ex-commerce and trade minister Felix Mutati as finance minister, the presidency said. Mutati, along with the rest of the partial cabinet Lungu announced, are scheduled to be sworn in Thursday, the presidency said in an e-mailed statement on Wednesday. Mutati, 57, will need to steady an economy that’s expanding at the slowest pace since 1998, where inflation is hovering near 20…

Interest Rate Caps Boon for Big Kenyan Banks, Equity CEO Says

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NAIROBI, Capital Markets in Africa: A decision to cap Kenyan interest rates may favor the biggest banks as small lenders will struggle to raise cheap deposits to fund lending, according to Equity Group Holdings Ltd. Chief Executive Officer James Mwangi. At least 30 of Kenya’s 42 lenders may have difficulty paying the minimum for deposits as demanded by a new law on interest rates that came into effect on Sept. 14. The legislation limits borrowing costs…

Africa Finance Corp. Plans More Eurobonds for Infrastructure

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LAGOS, Capital Markets in Africa: The Africa Finance Corp., a development-finance institution that funds infrastructure on the continent, plans to sell more Eurobonds to support energy-generation and logistics projects. The Lagos, Nigeria-based lender, which has financed projects in 26 African countries, has scope to borrow more offshore in its $1.5 billion funding strategy after raising 100 million Swiss francs ($103 million) in a debut three-year Eurobond in July, said Ini Urua, senior vice president for east and…

Congo to Appoint Caretaker Government Until Delayed Election

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CONGO, Capital Markets in Africa: Democratic Republic of Congo elections will be delayed until the voter register is updated and a new government will be appointed to run the nation until the vote, a joint delegation of the ruling party and some opposition members said. President Joseph Kabila will remain in power until the vote is held and will in the meantime reorganize the government to include representatives of the opposition, ruling party member and Justice Minister Alexis Thambwe told reporters in…

Private Equity | Virgin Active-Owner Brait Seeks London Listing, New Funding

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Johannesburg, Capital Market in Africa: Brait SE, the South African investment company that owns U.K. chains Virgin Active and New Look, plans to trade its shares on the London Stock Exchange and will consider selling new equity to fund future deals. A capital raising could take place at the same time as the proposed London listing, the company, whose biggest shareholder is South African billionaire Christo Wiese, said in a statement on Wednesday. Brait plans to move its…

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