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Infrastructure | Ethiopia Plans $8 Billion Investment in Clean Energy

Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia plans to install almost 13,000 megawatts of renewable energy over five years in a bid to bring power to three out of every four citizens who currently live without electricity, a top government official said. “Currently we have an installed capacity of about 4,200 megawatts,” said Motuma Mekassa, Ethiopia’s electricity minister, in an interview at the Africa Energy Forum in London. It will cost “at least” $8…

Private Equity | Harith, Africa Finance Merge $3.3 Billion Assets to Boost Growth

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LAGOS, Nigeria, Capital Markets in Africa: Africa Finance Corp. and Harith General Partners Pty Limited. merged their African power assets in a bid to promote growth across the continent. The new entity’s portfolio will be valued at $3.3 billion and have 1.3 gigawatts of capacity in operation and under development, according to a joint e-mailed statement from the development institution and private equity company. The joint venture, which provides energy to 30 million people in 10…

Nigeria’s Naira Pulls Back From Record Low as Stocks Advance

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira gained on the second day of trading without a peg after the central bank spent more than $4 billion on Monday to clear pent-up demand for foreign currency. Stocks advanced and dollar-bond yields fell to 10-month lows. The currency of Africa’s biggest economy strengthened 0.7 percent to 280.5 per dollar by 10:44 a.m. in Lagos, the commercial capital, after declining as much as 1.4 percent earlier to a record…

Kenya | NIC of Kenya to Acquire Assets of Collapsed Lender Imperial

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NAIROBI, Kenya, Capital Markets in Africa: NIC Bank Limited, Kenya’s ninth-biggest lender by market value, will acquire the deposits and some of the assets of collapsed lender Imperial Bank Ltd., central bank Governor Patrick Njoroge said. The Nairobi-based bank will conduct due diligence on Imperial, which was placed under statutory management in October, and will absorb most of its branches and staff, Njoroge told reporters Tuesday in the capital, Nairobi. The acquisition of the assets was agreed with the…

Africa’s Richest Person Drops $3.7 Billion on Plunging Naira

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LAGOS, Nigeria, Capital Markets in Africa Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar. Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote Cement…

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

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Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

Kenyan Central Bank Signals Rates on Hold as Inflation Slows

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank signaled it will keep interest rates unchanged after inflation slowed to within the government’s target range. The bank last month cut its benchmark lending rate by one percentage point to 10.5 percent, the first reduction in three years, as consumer-price growth eased to 5 percent, the slowest pace since June 2013. Inflation will probably remain steady even as fuel costs rise and after the Treasury announced tax increases…

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