Finance | - Part 149

Orange Egypt signs 4G licence deal worth $484 mln

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

Posted on by The Editorial Team

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…

Abu Dhabi Airports to invest in redeveloping Seychelles airport

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Seychelles (Capital Markets in Africa) – State-owned Abu Dhabi Airports Co will invest in redeveloping the international airport at Mahe in the Seychelles as the Indian Ocean country expands its aviation and tourism sectors, officials said on Tuesday. “Our aim is to help to deliver an updated passenger terminal operating to the highest international standards,” Abu Dhabi Airports chairman Ali Majed al Mansoori told reporters, without giving details. The Seychelles signed an agreement for the…

Tanzania secures $259 mln funding for power grid link with Kenya

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania has secured $258.82 million from the African Development Bank and the Japan International Cooperation Agency for a high voltage electricity line to connect its national power grid to Kenya’s, its power utility said on Sunday. The 400 kilovolt (kV) line will be completed within two years and is part of efforts to deepen integration between the two countries’ economies, Tanzania’s TANESCO said in a statement on its…

Cautious Optimism for Investors in Sub-Saharan Africa Hotel Sector

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KIGALI (Capital Markets in Africa) – Investor sentiment for hotels in Sub-Saharan Africa remains positive despite economic headwinds in key markets, according to the latest JLL research (http://APO.af/4zhrDO) into the sector. The long-term outlook continues to be strong and is driven by positive economic, demographic and tourism trends, with all indicators pointing to continued hotel demand growth as the region’s economy and hotel sector continue to mature. Speaking at the Africa Hotel Investment Forum in Kigali,…

Marriott International Rapidly Expands its Footprint across Africa

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KIGALI (Capital Markets in Africa) – Marriott International continues its robust expansion across the African continent with news of brand-new signings of new properties in Cape Town, Nairobi, Cairo, and Mauritius. This announcement comes hot on the heels of Marriott’s recently completed acquisition of Starwood Hotels and Resorts, which has created the world’s largest hospitality. The transaction has increased Marriott’s distribution in Africa, thus affirming the company’s number one position across the continent. “The past…

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