Finance | - Part 139

UAE’s Dana Gas freezes Egypt investments over debts

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

Posted on by The Editorial Team

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…

Botswana gets offer for struggling BCL mines

Posted on by The Editorial Team

GABORONE (Capital Markets in Africa) – Botswana’s high court agreed on Tuesday to delay the provisional liquidation of state-owned BCL Mine Ltd after lawyers representing the liquidator KPMG said they had received an offer to buy its mothballed mines, which produce copper and nickel. While the lawyers declined to name the company making the offer, a source close to the process told Reuters a company from the United Arab Emirates had put forward an offer…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

IsDB pledges to support the growth of private sector in Guinea

Posted on by The Editorial Team

Conakry (Capital Markets in Africa) – The Islamic Development Bank (IsDB) has pledged to support the growth of the private sector in the Republic of Guinea. The statement was made by the IsDB Vice President (Sector Operations), Dr. Mansur Muhtar at the opening ceremony of the Private Sector Forum jointly organized by the Government of Guinea and IsDB Group. The Prime Minister of Guinea, Mr. Mamady Youla chaired the Forum in the capital Conakry. The…

AfDB says gives Comoros $20 mln for road network

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NAIROBI (Reuters) – The African Development Bank is giving Comoros a $20.4 million grant to help it improve and expand its road networks, a move that will boost its agriculture and tourism sectors. The islands have few natural resources and largely rely on exports such as cloves and vanilla, remittances from citizens working abroad and foreign aid to finance development projects. AfDB said the money will be disbursed over five years. “The project will focus…

Uganda negotiating $2.3 bln loan with China to fund rail line

Posted on by The Editorial Team

KAMPALA (Capital Markets in Africa) – Uganda is negotiating a $2.3 billion loan with China’s Exim Bank to fund an initial 273 km stretch of rail line the east African country is planning to build for faster and cheaper transportation, an official said on Thursday. Landlocked Uganda eventually wants to construct a 1,700 km standard gauge railway network to connect with similar lines being built in neighbouring Kenya. The rail links are expected to help…

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