Finance | - Part 148

Guinea inks $770 mln contract with Chinese firm to develop main port

CONAKRY (Capital Markets in Africa) – China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea’s government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer. Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure in the eastern zone of the port, providing parking for up to 600 trucks….

Nigeria needs more time to negotiate rail project with GE

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ABUJA (Capital Markets in Africa) – Nigeria needs more time to negotiate a railway concession project with U.S. company General Electric, the country’s transport minister said on Wednesday. Both sides have confirmed talks on GE being granted a railway concession in Nigeria worth around $2 billion but no details have emerged yet. “GE is proposing a two-year rehabilitation of the rail tracks to be carried out by them and to have a concession period of 25…

Gabon: ICD and DCF of Gabon sign an MoU

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ABIDJAN (Capital Markets in Africa) – Mr. Khaled Al-Aboodi, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), a member of Islamic Development Bank Group, and Mr. Alain Ditona Moussavou CEO of Deposit and Consignments Fund (DCF), signed a Memorandum of Understanding (MoU) to launch an investment fund to support the financing of SMEs in Gabon and Central Africa. The two institutions are determined to bring a solution to the…

African Trade Insurance Agency (ATI) officially open for business in Ethiopia and Zimbabwe

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NAIROBI, Kenya, October 19, 2016/ — At a press conference, the CEO of the African Trade Insurance Agency (ATI), George Otieno, along with H.E. Dina Mufti, the Ethiopian Ambassador and Gabriel Negatu, Regional Director, African Development Bank announced today that it is ready to begin covering transactions in Ethiopia and Zimbabwe. After a year-long process that was supported with funds from the African Development Bank, both countries are now members. The announcement will give investors…

Orange Egypt signs 4G licence deal worth $484 mln

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CAIRO (Capital Markets in Africa) – Orange Egypt signed a licence deal on Thursday, paying $484 million to operate fourth-generation mobile phone services in the country of 90 million after the government agreed to offer it additional spectrum. Egypt is selling four 4G licences as part of a long-awaited plan to reform the telecoms sector and to raise money for stretched government finances. The country’s three existing mobile phone operators – Orange, Vodafone and Etisalat –…

IFC Launches New Platform to Mobilize $5 Billion for Infrastructure Investments in Emerging Markets

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LAGOS (Capital Markets in Africa) – IFC, a member of the World Bank Group, has launched an innovative program that aims to raise $5 billion from global institutional investors to modernize infrastructure in emerging markets over the next five years, opening up a new stream of capital flows to improve power, water, transportation, and telecommunications systems in developing countries. The initiative, called MCPP Infrastructure, builds on the success of IFC’s Managed Co-Lending Portfolio Program, a…

Zimbabwe tax agency says local bank notes plan worsens liquidity

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HARARE (Capital Markets in Africa) – Zimbabwe’s tax agency on Friday said the planned introduction of local bank notes had brought uncertainty and worsened cash shortages as consumers hold onto their dollars. The Reserve Bank of Zimbabwe said last month “bond notes” would be introduced at the end of this month, raising fears of a return to a domestic currency abandoned in 2009 as hyperinflation soared out of control, leaving Zimbabweans using the U.S. dollar. Central…

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