Features | - Part 234

EGYPT: The Gateway for International Private Equity Investment into Africa

LAGOS, Nigeria, Capital Markets in Africa: Located at the North Eastern gate of Africa, Egypt is considered the gateway to African markets in terms of both investments flows, and target exports destinations. Together with the 90 million plus citizens, its professionally sophisticated financial sector adds to its comparative advantage as an appealing destination for investment flows, mandated towards both the local market and the neighbouring African countries, known for their huge investment potential. In spite…

Mozambique Cuts 2016 Growth Forecast, Raises Inflation Outlook

Posted on by The Editorial Team

Mozambique, Capital Markets in Africa: Mozambique revised its 2016 budget, cutting its growth forecasts as some donors suspended aid after the government admitted to hiding more than $1.4 billion in debt. The country’s cut its gross domestic product growth forecast to 4.5 percent from 7 percent earlier, Finance Minister Adriano Maleiane said in the capital, Maputo, Thursday, following an extraordinary cabinet meeting to approve the State Budget Review. State revenue is projected to decline to…

Private Equity in Africa: A Force for Good

Posted on by The Editorial Team

“What improves the circumstances of the greater part can never be regarded as an inconvenience to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”- Adam Smith, The Wealth of Nations Although Adam Smith, often referred to as the father of modern capitalism, may have not have been a proponent of businesses pursuing charitable activities, he clearly believed in a society…

Fitch: Angola’s Move to End IMF Talks Increases External Risks

Posted on by The Editorial Team

ANGOLA, Capital Markets in Africa: The Angolan government’s decision to discontinue talks with the IMF on a potential loan increases risks to the sovereign’s external financing position if no other sources of external funding are available, Fitch Ratings says. We identified deteriorating external dynamics as a rating sensitivity when we revised the Outlook on Angola’s ‘B+’ sovereign rating to Negative from Stable in March. The IMF said last week that Angola wanted to halt talks…

Citigroup, JPMorgan Favour Zambia’s Dollar Debt in Bet on IMF Aid

Posted on by The Editorial Team

ZAMBIA, Nigeria, Capital Markets in Africa: Citigroup Inc. and JPMorgan Chase & Co. are among investors stocking up on Zambian dollar debt, anticipating that a growth revival and an International Monetary Fund aid package will help the southern African nation plug its yawning budget deficit. Citigroup started adding Zambian debt on June 10, while JPMorgan moved its holding of the nation’s dollar bonds to overweight, seeing room to “earn considerable pickup” amid signs of an improving economy….

Angolan Bonds Plunge as President Warns of Debt Payment Struggle

Posted on by The Editorial Team

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…

Venezuela Mess Prods China to Reassess Africa Lending Spree

Posted on by The Editorial Team

NIGERIA, Capital Markets in Africa: The threat of Venezuela defaulting on Chinese debt is putting pressure on Beijing to reassess how easily it doles out money to commodity-dependent nations, especially those in Africa. As low oil prices ravage Venezuela’s economy and embattled leader Nicolas Maduro seeks better terms on Chinese loans, China is paying greater attention to things like fiscal stability and political risk in overseas lending. Increasing such scrutiny could complicate President Xi Jinping’s pledge to spread $60 billion in aid across Africa over the next three years,…

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