The Editorial Team |

South Africa Pension Funds Neglecting Private Equity Investments

Johannesburg, South Africa, Capital Markets in Africa — South African pension funds have mostly ignored investing in private equity because trustees aren’t familiar with the asset class despite rule changes five years ago allowing larger investments, according to bodies representing both parts of the industry. About 2.3 percent of the country’s $234 billion retirement pool in 2014 was invested in private equity, the Southern Africa Venture Capital and Private Equity Association said in a report on Tuesday, citing…

Private Equity | CDC Group Plc Acquires a 10.7% Stake in I&M Holdings, Kenya

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NAIROBI, Kenya, Capital Markets in Africa: CDC Group plc (CDC), the UK’s development finance institution, has announced it will take a 10.68 per cent equity stake in the Nairobi-headquartered banking group I&M Holdings (IMHL). The investment underlines CDC’s commitment to supporting lending to small and medium sized enterprises (SMEs) in East Africa. Founded in 1974, IMHL’s commercial banking operations in Kenya rank in the country’s top ten, serving more than 100,000 customers. Having embarked on…

Moody’s downgrades Zambia’s issuer rating to B3 with negative outlook

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Lusaka, Zambia, Capital Markets in Africa — Moody’s Investors Service (Moody’s) has today downgraded Zambia’s long-term issuer rating to B3 from B2 and changed the outlook to negative from stable. The downgrade on the issuer rating was driven by: Greater-than-anticipated fiscal slippages in 2016 leading to material liquidity pressures and significant challenges to finance the budget deficit; The prospects of further deterioration in Zambia’s debt matrix in a lower growth environment, with the government debt likely…

Devaluation Bets Send Egyptian Stocks Rising to August High

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CAIRO, Egypt, Capital Market in Africa — Egyptian stocks surged to an eight-month high on speculation that authorities will devalue the currency for the second time this year. Local investors fueled a fifth day of gains as a persistent dollar shortage forced the Egyptian pound to a record low in black market trading. The nation’s decision to weaken its currency by the most in 13 years last month has so far proved insufficient to attract foreign investment…

Investment | Eni to invest EUR 20 bilion in Africa over next four years, CEO says

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Lagos, Nigeria, Capital Markets in Africa — Italy’s Eni plans to invest about 20 billion euros ($22.5 billion) in Africa over the next fours, mostly in oil and gas, the company’s Chief Executive Officer Claudio Descalzi said on Friday. “That represents about 60 percent of our investments” (over that period) he said in a presentation at the International Energy Agency in Paris. Descalzi said Eni, which is involved in projects in 15 African countries, will…

Algeria launches local bond issue to offset energy earnings drop

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Algiers, Algeria, Capital Markets in Africa — Algeria’s first local bond issue in years was opened on Sunday with the government hoping to secure new financing sources after a sharp drop in world oil prices has cut energy earnings that make up 60 percent of its budget. Algeria’s government has already started to cut back some state-subsidised energy services, reduced its 2015 and 2016 public spending and frozen some infrastructure projects. The bond issue, with…

Infrastructure | The future of Africa lies inside Africa, AfDB President Says

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Addis Ababa, Capital Markets in Africa: “If we don’t fix Africa’s infrastructure financing gap – which we put at some US $60-70 billion a year – we will continue to take two percentage points off Africa’s annual growth rates. And we cannot allow that to happen,” said African Development Bank President Akinwumi Adesina at the first ever Global Infrastructure Forum in Washington on Saturday. Sharing a panel with the heads of nine other Multilateral Development Banks and…

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