Finance | - Part 129

Credit Suisse Disputes Fees Shown in Kroll Mozambique Audit

MAPUTO (Capital Markets in Africa) – Credit Suisse Group AG, which helped arrange the majority of the $2 billion in Mozambique state-backed loans that plunged the country’s economy into crisis, disputed that it received more than $160 million in fees for arranging the financing. The bank was responding to Kroll LLC’s audit report into the loans that said it and Russia’s VTB Bank PJSC were paid almost $200 million in arrangement and contractor fees. The investigation showed that Mozambican…

Burkina Faso Gets Solar Plant After Energy Policy Change

Posted on by The Editorial Team

OUAGADOUGOU (Capital Markets in Africa) – Burkina Faso signed an agreement to build a solar plant in the first such deal after the West African nation adopted legislation that authorizes private investment in the energy sector. Windiga Energy Inc. of Canada will install 85,000 photovoltaic panels to generate about 20 megawatts in the north-western outskirts of the capital, Ouagadougou, the country’s energy minister, Alfa Omar Dissa, told reporters after the signing ceremony on Tuesday. The project…

Dangote Cement May Shut Ethiopian Plant Over Mining Disputes

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ADDIS ABABA (Capital Markets in Africa) – Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, said it may shut its operations in Ethiopia if authorities in the central state of Oromia don’t reverse an order to cement makers to hand over control of some parts of their businesses to local young people. Oromia state’s East Shewa Zone administration wants the Nigerian company to outsource its pumice, sand and clay mines to youth groups or…

Nigeria Rolls Out $2 Billion Brazil-Like Social-Welfare Plan

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LAGOS (Capital Markets in Africa) – Nigeria is rolling out its first national social-welfare program modeled partly on Brazil’s Bolsa Familia in a bid to boost a weak economy and curb poverty by giving cash to its poorest citizens and ensuring their children go to school. The government of Africa’s most-populous nation is investing 500 billion naira ($1.5 billion) in the initiative this year and is talking to the World Bank about a $500 million…

South African Airways in Talks With Banks as Deadline Looms

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JOHANNESBURG (Capital Markets in Africa) – South African Airways is in talks with lenders about reviewing the terms of 9 billion-rand ($692 million) worth of loans due at the end of the month, and may have to tap government debt guarantees that are keeping the state-owned airline in operation. One bank has told SAA that it wants to be repaid by the end-June deadline, the Johannesburg-based carrier said Monday, without giving further details. Standard Chartered Plc refused…

Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s

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ADDIS ABABA (Capital Markets in Africa) – Ethiopian Airlines Enterprise plans to buy 10 of Airbus SE’s newest A350 wide-body jets in a transaction worth more than $3 billion at advertised prices, according to people familiar with the plan. The deal is set to be announced this week at the Paris Air Show, according to the people, who asked not to be named as the order negotiations are private. Ethiopian will take the mid-sized A350-900 version of the plane,…

South African Airways May Test State Guarantees, Opposition Says

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JOHANNESBURG (Capital Markets in Africa) – South African Airways, the country’s state-owned airline, may be close to calling in 19.1 billion rand ($1.5 billion) in government debt guarantees after missing loan repayment dates, according to the Democratic Alliance, an opposition political party. The airline, which hasn’t made a profit since 2011, has 8.9 billion rand of debt payable in the 2018 fiscal year, the DA said, citing data from parliament’s Standing Committee on Finance. SAA…

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