Finance | - Part 134

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

LUSAKA (Capital Markets in Africa) – Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. “At the moment we know that we can get up to $1.6 billion — if you ask me, I’d go for the maximum,” he said in an interview Monday in the capital, Lusaka. “Hopefully the program…

Potential Investment Potholes To Watch For In 2017

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Few could have predicted the confluence of factors that have shifted African markets in recent years. We’ve seen countries making earnest efforts to improve investment climates that have helped drive economic growth. We’ve seen large reductions in absolute poverty and growth in an African middle class with disposable income. We’ve seen the scale up of new technologies and the leapfrogging of legacy systems in areas such as banking, telecommunications,…

Nigeria to Sell More Eurobonds After Concessional Borrowing

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LAGOS (Capital Markets in Africa) – Nigeria considers selling more Eurobonds to help fund record-high spending plans that seek to lift the West African economy out of its worst slump in 25 years. The government raised $500 million last month and $1 billion in February in its first Eurobond sales since 2013. It also expects to receive the remaining $400 million of a $1 billion loan from the African Development Bank and is negotiating with…

French Drugs Maker Targets Africa With Nigerian Acquisition

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LAGOS (Capital Markets in Africa) – Biogaran SAS, a closely held French pharmaceuticals manufacturer, plans to tap into Nigeria’s $1.3 billion drugs market as a launchpad for its expansion into Africa, company President Pascal Briere said. The unit of France’s second-largest drug maker, Les Laboratoires Servier, last month acquired Nigeria’s Swipha Limited. after an initial $500,000 investment. Biogaran expects Nigeria’s pharmaceuticals industry to grow by more than 12 percent annually. “We found that Nigeria is well adapted for what we…

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

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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…

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