Finance | - Part 138

Afreximbank and Ecobank agree US$500m programme for African trade and investment promotion

LOME (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. The cooperation between the two institutions will support efforts at promoting intra-African…

Africa’s richest man Dangote plans rice mill in Nigeria to tap growing demand

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LAGOS (Capital Markets in Africa) – Dangote Group, controlled by Africa’s richest man Aliko Dangote, plans to launch a rice mill with a farm scheme in Nigeria to tap growing demand for paddy in Africa’s biggest economy, the company said on Monday. Rice demand in Nigeria hit 6.3 million metric tonnes (MT) in 2015, with 2.3 million metric tonnes produced at home, leaving the country reliant on imports, according to the agriculture ministry. Dangote Group…

Egypt making good progress in IMF programme, Lagarde says

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CAIRO (Capital Markets in Africa) – Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday. In November, Cairo agreed on the three-year loan deal with IMF, which involved tough economic reforms, such as cutting its budget deficit and floating the Egyptian pound. The currency plunged as low as around 19.50…

Nigeria aims to present reform plan in Feb for $1 bln World Bank loan

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LAGOS (Capital Markets in Africa) – Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014, has been in talks with the Washington-based lender for a year to secure a…

Nigeria sells US$1 billion to Eurobond Market Despite Investors’ Naira Concern

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LAGOS (Capital Markets in Africa) – Nigeria returned to international capital markets for the first time since 2013 and sold US$1 billion of 15-year bonds at 7.875 percent, which is below the initial target of about 8.5 percent. The US$ 1 billion Eurobond was approved by the Nigeria’s parliament to help finance its budget deficit -mainly for capital expenditures. Nigeria’s economic growth and U.S. dollar earnings are likely to gradually improve in 2017, supported by…

UAE’s Dana Gas freezes Egypt investments over debts

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CAIRO (Capital Markets in Africa) – Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said. Political and economic turbulence in Egypt and Iraqi Kurdistan mean Dana has struggled to secure revenues in either country, once again hitting its profit on Thursday. Dana posted a $7 million net profit in the three months to Dec. 31,…

Zambia’s 2016 investment pledges up marginally to $3.4 billion

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LUSAKA (Capital Markets in Africa) – Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was…

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