Finance | - Part 145

Dubai-based firm forms $1.6 bln steel plant JV in Algeria

ALGIERS (Capital Markets in Africa) – Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 billion steel factory in Algeria, boosting the North African country’s drive to diversify its economy and attract foreign investment. Emarat Dzayer Steel Company will be a joint venture between Algeria’s state-linked Groupe Imetal, which will hold a 51 percent stake in the business through two subsidiaries, and 49 percent held by Emarat…

Equatorial Resources aims to invest $1.2 bln in Congo iron project

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BRAZZAVILLE (Capital Markets in Africa) – Africa-focused Australian mining company Equatorial Resources Ltd will aim to invest around $1.2 billion to develop its Badondo iron ore project in Republic of Congo, the company said. John Welborn, a non-executive director of Equatorial Resources and chief executive of its Congolese unit Congo Mining Exploration Ltd, met Prime Minister Clement Mouamba on Tuesday and submitted an application for a mining license. “The recent improvement in the price of iron…

Nigeria needs billions in new investment to raise oil output, producer says

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LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

Bridging the Gap Between Sustainable Infrastructure Development and Finance

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LAGOS (Capital Markets in Africa) – We live in an age of fundamental infrastructure development. Roads, ports, energy generating facilities, water and waste management systems etc. will be key to ensuring increased connectivity between rural and urban areas in the future. They will also play a vital role to give local and regional markets better access to the global economy, increase the circulation of goods, services and people, and thereby improve economic and social development….

Egypt’s budget deficit narrows in first quarter

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CAIRO (Capital Markets in Africa) – Egypt’s budget deficit in the first quarter of 2016/17 narrowed to 2.4 percent from 2.8 percent in the same period a year earlier, two government sources told Reuters on Tuesday. “The total deficit for the first quarter of the year was around 76.816 billion Egyptian pounds ($4.47 billion) from 78.280 billion a year earlier,” one of the sources said. Egypt’s financial year starts in July. Both sources said the…

South African pension fund seeks central bank approval to increase Barclays Africa stake

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JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest pension fund, Public Investment Corporation, has sought approval from South Africa’s central bank to raise its stake in Barclays Africa, two sources with direct knowledge of the matter said. Barclays Africa’s parent, Barclays Plc, wants to reduce its holding to below 20 percent, which would make it an equity investment rather than a subsidiary. The plan is part of a broader sale by the British bank of…

Woodside takes $US350 million stake in Senegal offshore oil deal

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DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

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