Finance | - Part 118

India Exim Bank’s $100 Million Funds Nigeria Power Projects

LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

City of Lights Takes Up Green-Bond Mantle as Acceptance Widens

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LAGOS (Capital Markets in Africa) – Paris, where 195 countries reached an international climate accord, is lending its name to a bond market that touts sustainable development, cleaner air and even affordable housing. The City of Lights is the latest entrant to a market HSBC Bank Plc forecasts will expand by $180 billion in 2018, representing a 44 percent increase over this year’s sales and bringing the amount outstanding to $463 billion. France’s capital wants to use…

Angola Sovereign Wealth Fund Denies Claims Investments Illegal

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LUANDA (Capital Markets in Africa) – Angola’s Sovereign Wealth Fund said all its operations are legitimate and denied allegations based on the so-called Paradise Papers about how its $5 billion of capital is invested. “A series of articles have been published in a certain section of the media with unfounded allegations and incorrect information about Fundo Soberano de Angola,” the fund said in a statement on its website on Tuesday. “We would like to reiterate that…

Tanzanian Helium Discovery May Be Double Initial Estimate

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DAR ES SALAAM (Capital Markets in Africa) – Helium resources discovered in Tanzania last year may be almost twice as large as first thought, helping address possible future shortages of the gas used in medical scanners and nuclear energy when production begins, possibly as early as 2020, the exploration company said. Researchers working with Lisbon-based Helium One Ltd. calculated the Rukwa gas field in southwestern Tanzania could contain as much as 98.9 billion cubic feet of the resource, Chief Executive…

South African Airways Seeks Investor to Revive Its Fortunes

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will revive a plan to seek an equity partner that’s able to provide cash and operational savings to help turn around the state airline, according to its new chief executive officer. A strategic investor would ideally come from within the aviation industry, CEO Vuyani Jarana, 47, said in an interview at Bloomberg’s Johannesburg office on Monday. That will enable unprofitable SAA to share costs, improve customer service…

Noble Group Buys Into African Project Amid Default Concerns

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LILONGWE (Capital Markets in Africa) – Noble Group Limited may be losing money on Asian operations, selling assets in the U.S., and battling concerns it’ll default, but the Hong Kong-based commodity trader has decided that now’s the right time to boost its presence in Africa with a bet on the electric vehicle boom. The company is investing 500,000 pounds ($655,000) in an obscure mining project in Malawi, emerging as Mkango Resources Ltd.’s top shareholder, according to statements from…

South African Airways Meeting Banks to Discuss Debt Rollover

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will meet a group of domestic lenders on Tuesday to negotiate the refinancing of about 6 billion rand ($423 million) in outstanding loans, according to its new chief executive officer. The banks have in principle agreed to extend the loan terms, Vuyani Jarana, who took the helm at the loss-making airline on Nov. 1, said during an interview at Bloomberg’s Johannesburg office on Monday. The group is…

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