Finance | - Part 132

Uganda says seeking $500 million loan from China for roads in oil area

KAMPALA (Capital Markets in Africa) – Uganda says it has asked China for a $500 million loan to help build almost 600 km (360 miles) of roads in the country’s oil-rich west, amid criticism over heavy borrowing that has ballooned the country’s debt. Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the Democratic Republic of Congo. However, lack of infrastructure, such as roads…

Egypt targeting $9 bln in foreign financing in FY 2017-18

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CAIRO (Capital Markets in Africa) – Egypt is targeting $9 billion in foreign financing in the 2017-18 fiscal year, Deputy Finance Minister Ahmed Kouchouk told Reuters on Wednesday. The financing will be divided between $3 billion obtained from debt markets and $5 billion to $6 billion from international finance institutions, he said. Egypt agreed with the International Monetary Fund in November on a $12 billion, three-year loan programme to support government efforts to reduce its…

Nigeria’s government revenues fall in February due to lower oil prices

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ABUJA (Capital Markets in Africa) – Nigeria’s distributable government revenues fell to 429.127 billion naira in February from 465.19 billion naira in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. Average oil prices fell to $44.74 from $49.57 per barrel in…

Tanzania gets $2.4 bln infrastructure projects loan from World Bank

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DAR AS SALAAM (Capital Markets in Africa) – The World Bank will lend Tanzania $2.4 billion over the next three years to finance infrastructure projects, the bank’s president Jim Yong Kim said on Monday. Tanzania is seeking to finance for infrastructure projects as part of its plans to transforming the country into a regional transport and trade hub. “Tanzania will be able to access an estimated $2.4 billion in concessional financing, an increase of half a…

Kenya says has drawn down $800 mln syndicated loan

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NAIROBI (Capital Markets in Africa) – Kenya has signed an $800 million syndicated loan with four international lenders and the government has already drawn down the sum, a senior Treasury official said on Monday President Uhuru Kenyatta, who faces re-election in August, has raised borrowing since taking power in April 2013. Last week, he dismissed criticism of the higher borrowing, saying it was funding development in the East African nation. In January, the Nairobi government…

Anglo’s Billionaire Investor Puts Mining on Cusp of M&A Era

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal’s surprise move into Anglo American Plc suggests the mining industry may be on the cusp of a new wave of deals. For years, Anglo has been the subject of takeover speculation and during the worst of the commodities crisis, it seemed on the verge of a breakup. It spent last year getting back on firmer footing, but the 2 billion pound ($2.4 billion) investment by one-time Anglo suitor Agarwal has sparked…

China’s Sinopec nears deal to buy Chevron’s South African assets

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LAGOS (Capital Markets in Africa) – China’s Sinopec is nearing a deal to buy Chevron’s South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said. China Petroleum and Chemical Corp, or Sinopec, Asia’s largest oil refiner, was the last bidder remaining, and close to a deal with Chevron after an auction that spanned more than a year for its refinery,…

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