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Private Equity | CDC Group makes new investment in Africa Internet Group

LONDON, Capital Markets in Africa: CDC Group, the UK’s development finance institution, announced a EUR50mn equity investment in Africa Internet Group (AIG). AIG is the parent company of Jumia, Africa’s leading e-commerce firm, as well as nine other online consumer businesses operating in 23 countries across the continent. AIG currently connects more than 50,000 local and international companies with millions of African consumers. CDC’s capital will help AIG improve its existing operations and expand into…

Angolan Bonds Plunge as President Warns of Debt Payment Struggle

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ANGOLA, Capital Markets in Africa: Yields on Angolan Eurobonds soared after the leader of Africa’s largest oil producer said the country is struggling to meet its debt payments because of the crash in crude prices. Revenues are “barely enough” to pay off debt owed by the government and Sonangol, the state oil company, President Jose Eduardo dos Santos said at a meeting of the ruling MPLA party, according to a broadcast on state TV Friday. The central…

Angola Raises Rates to a Record as IMF Loan Talks Called Off in June

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Luanda, Angola, Capital Markets in Africa: Angola’s central bank raised its benchmark interest rate to a record 16 percent, the third increase this year, as the International Monetary Fund said the southern African nation called off loan talks to help steady the oil-producing nation’s economy. The Banco Nacional de Angola increased the key lending rate from 14 percent after a meeting of its Monetary Policy Committee in the capital, Luanda, on Thursday. The bank has increased the rate by five percentage…

Investment | AFC fuels expansion at New Age with new investment

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LAGOS, Nigeria, Capital Markets in Africa: Africa Finance Corporation (AFC) has announced that it is acting as lead arranger for an up to US$425mn senior mezzanine facility for New Age (African Global Energy) Limited (New Age), a privately held oil and gas exploration, development, and production company with assets primarily across Africa, to enable the company to further develop its existing assets and expand operations. AFC is investing US$75mn in the deal. AFC and the…

Ghana Cedi Falls Second Month as Growth Spurs Dollar Demand

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GHANA, Capital Markets in Africa: Ghana’s cedi is heading for a second straight month of losses against the dollar as acceleration in economic growth boosts demand for dollars to pay for imports. The currency of the world’s second-biggest cocoa producer weakened 3 percent in June after sliding 0.7 percent in May, the first instance of back-to-back monthly losses since November. The cedi fell 1 percent to 3.9550 per dollar by 11:55 a.m. on Thursday in…

Kenya Will Begin Constructing Its Crude Oil Pipeline in 2018

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KENYA, Capital Markets in Africa: Kenya will start the construction of an 865-kilometer (538-mile) crude oil pipeline linking fields in its northern region to a new port being built along its Indian Ocean coastline within two years, a government official said. The government is evaluating bids for the pipeline’s design and will award a so-called front-end engineering design contract in October, Ministry of Energy and Petroleum Principal Secretary Andrew Kamau said. “Once we have the pipeline design, the engineering,…

Mozambique’s Foreign Investment Slumps by 35% in First Quarter

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MOZAMBIQUE, Capital Markets in Africa: Foreign investment flows into Mozambique fell 35 percent in the first quarter, putting pressure on the nation’s balance of payments and exchange rate, Finance Minister Adriano Maleaine said. Investors brought in $650 million in the first three months compared with $1 billion a year ago, Maleiane told members of the ruling Mozambique Liberation Front, or Frelimo, on Wednesday in the capital, Maputo. “Foreign direct investment used to be an important source of…

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