The Editorial Team

Africa Finance Corporation’s Total Assets Grow by 20% to US$7.36 Billion in 2020

LAGOS (Capital Markets in Africa) – Africa Finance Corporation, one of Africa’s biggest investors in infrastructure development, has delivered a 20% growth in total assets during the 2020 pandemic year. AFC’s audited financial statements for 2020 calendar year show strong and continued growth, with total assets reaching US $7.36 billion on Dec. 31, compared with US$ 6.12 billion a year earlier. Amidst the tough economic climate, asset growth was largely driven by the robust pipeline…

Africa Seeks $25 Billion for Climate Adaptation, Green Recovery

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LAGOS (Capital Markets in Africa) — African nations aim to double funding for climate change adaptation projects to $25 billion over five years as they look to foster a green recovery from the economic damage wrought by the coronavirus pandemic. The continent most vulnerable to environmental shifts has already secured $12.5 billion from the African Development Bank for a newly launched Africa Adaptation Acceleration Program and expects to secure the balance at the next two…

Nigerian Banks Deny Owing MTN Nigeria and Other Telcos

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LAGOS (Capital Markets in Africa) — Nigerian banks are not indebted to MTN Nigeria and other phone companies for using telecommunication platforms to provide payment services, a bank chief executive said. “There is no such thing as an obligation due from banks to telcos,” Herbert Wigwe, chief executive officer of Access Bank Plc, said on an investor call in Lagos. “We chose not to make a public statement out of it because it is not appropriate for…

Ethiopia Seeks Market-Friendly Solution to Debt Restructuring

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ADDIS ABABA (Capital Markets in Africa) — Ethiopia’s government wants to find a “market friendly” solution for a planned debt restructuring to ensure it has access to the markets for more capital in coming years, State Minister for Finance Eyob Tekalign Tolina said. Eyob set out the state’s intentions on a call with investors on Thursday to discuss the proposed reorganization of Ethiopia’s loans under a Group-of-20 initiative. “We want this liability exercise to not…

Don’t Lend Our Government, Debt-Weary Kenyans Demand of IMF

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NAIROBI (Capital Markets in Africa) — The International Monetary Fund has walked into a storm of social-media criticism after approving a $2.34 billion three-year financing package for Kenya. Some citizens in East Africa’s biggest economy don’t want any more loans for their government, saying a lot of the cash will be embezzled by state officials, and are signing online petitions to the Washington-based lender. “Previous loans to the Kenya government have not been prudently utilized…

Mozambique Needs to Send an S.O.S. to Stop ISIS: Bobby Ghosh

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MAPUTO (Capital Markets in Africa) — Mozambique’s President Filipe Nyusi has finally softened his stiff-necked resistance to foreign assistance in the fight against an Islamist insurgency in the country’s north. Help has been at hand for many months — from other African nations as well as from the U.S. and Europe — but Nyusi would have none of it. Instead, he put his faith in private security firms from Russia and South Africa. On Thursday,…

MTN Group Values Mobile-Money Arm at $5 Billion, Considers IPO

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JOHANNEBURG (Bloomberg) — MTN Group Ltd. is valuing its mobile-money arm at about $5 billion, joining African wireless carriers planning to list these businesses in a region that has more mobile-money accounts than anywhere else in the world. MTN’s valuation of its unit follows Mastercard Inc. and TPG Holdings LPinvesting $300 million in Airtel Africa’s mobile-money business at a $2.65 billion value. “With similar valuations to that of Airtel, our valuation would sit at 75 billion rand, or…

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