Finance | - Part 134

Nigeria to `Easily’ Get $3.5 Billion Foreign Debt, Moody’s Says

LAGOS (Capital Markets in Africa) – Nigeria will easily achieve its target of $3.5 billion foreign borrowing in 2017 as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service said. “The international financial institutions are ready to support Nigeria,” Aurelien Mali, a vice president and senior analytical adviser for Africa at the ratings company, said by phone on Wednesday. “As long as its project-based lending, the funding…

Old Mutual puts China insurance joint venture stake on block

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual has put up for sale its 50 percent stake in a Chinese insurance joint venture, people with direct knowledge of the matter said, as part of a revamp of the Anglo-South African financial group and amid a tough market for foreign insurers in China. Old Mutual, which is working with financial advisers on the stake sale plan, could sell its holding in the 13-year-old life insurance joint venture…

Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

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LAGOS (Capital Markets in Africa) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday. The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister. The loan facility is…

South African Treasury Boss Says He Has Requested Early Exit

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s Treasury, Lungisa Fuzile, said on Wednesday he has asked to leave government in May, one year before his contract expires, but that his departure was unlikely to trigger an exodus of other top officials. He has discussed his departure with Finance Minister Malusi Gigaba and may delay his exit if necessary to ensure a smooth transition and preserve the institutional integrity of the Treasury, Fuzile, who is the…

South Africa’s finmin Gigaba to take “tough, unpopular choices” to grow economy

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s new Finance Minister Malusi Gigaba said on Monday he would pursue “tough and unpopular choices” to oversee economic growth and a redistribution of wealth to the country’s black majority and help grow a flagging economy. Africa’s most industrialised economy faces the risk of being downgraded to junk status owing to weak growth and the political upheavals after it got a reprieve last year. The economy grew by 0.3…

Ghana $2.2 bln debt sale boosts Central Bank reserves by one-third

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ACCRA (Capital Markets in Africa) – Ghana has raised $2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by one-third, transaction leads and central bank sources said on Monday. Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources. The cedi fell to a record low of 4.7420 to the dollar last month but rallied to 4.2750 by noon (1200 GMT) on Monday, down…

AfDB Approves a USD 450 million Trade Finance Package for Afreximbank

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ABIDJAN (Capital Markets in Africa) – The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, May 29, 2017 a USD 450 million Trade Finance Package for the African Export–Import Bank (Afreximbank). The facility consists of a 3-year USD 150 million unfunded Risk Participation Agreement (guarantees) and a 4-year USD 300 million Trade Finance Line of Credit. This composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of…

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