Finance | - Part 137

Solar Project in Mali Gets Loan From African Development Bank

BAMAKO (Capital Markets in Africa) – The African Development Bank approved a concessional loan for a 33-megawatt solar project in southeast Mali that’s being built by Norwegian renewable energy company Scatec Solar ASA and U.S. development institutions International Finance Corp. and Power Africa. The Segou solar plant is expected to supply about 5 percent of the African country’s electricity, equivalent to 60,000 households, according to a statement on Scatec’s website. The partners have signed a 25-year power purchase agreement with…

GM plans to sell stake in East African unit to Isuzu

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NAIROBI (Capital Markets in Africa) – General Motors Co on Tuesday said it plans to sell its majority ownership stake in General Motors East Africa to its Japanese partner Isuzu Motors Ltd, as the U.S. carmaker continues to streamline by exiting non-core operations. Isuzu will acquire GM’s 57.7 percent stake in the unit in Kenya, which produces trucks under the Isuzu brand and sells imported Chevrolet-brand vehicles. More than 90 percent of the vehicles sold…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

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LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

Afreximbank Targets $1.5 Billion Support for Burkina Faso’s Five-Year Plan

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Ouagadougou (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) will arrange up to $1.5 billion in multi-sourced finance to support projects and initiatives under Burkina Faso’s five- year National Economic and Social Development Plan (PNDES), Bank President Dr. Benedict Oramah has announced in Ouagadougou. Speaking on Tuesday after a meeting with Roch Marc Christian Kaboré, President of Burkina Faso, Dr. Oramah, said that the support would target activities aimed at building capacity in…

IFC and West African Development Bank Support Housing Finance

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LAGOS (Capital Markets in Africa) – IFC, a member of the World Bank Group, today announced a financing agreement with the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire, the regional mortgage refinancing company, to address the pressing need for affordable housing in the West African Economic and Monetary Union (UEMOA) zone. IFC is providing an equity investment of 1.25 billion CFA franc ($2 million) in CRRH-UEMOA. CRRH-UEMOA, a regional initiative launched…

Nigeria not sure yet how much to borrow from World Bank

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LAGOS (Capital Markets in Africa) – Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion. “The figure will depend on the (2017)…

IMF may consider extending Ghana aid deal, says its Ghana country head

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) may consider extending its three-year aid deal with Ghana if the new government requests an extension, the Washington-based lender said on Wednesday. The West African country is more than halfway through a $918 million programme signed in April 2015 to restore fiscal balance to an economy dogged by deficits, high public debt and inflation. The government of Nana Akufo-Addo, which took office in January…

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